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TWO

SECTIONS

SECTION

ONE

flmmmr#
INCLUDING
Bank &

Quotation Section

Railway & Industrial Section

Electric

Railway Earnings Section

Bankers* Convention Section

State and

.>

DANA COMPANY.

Issued

VOL. 111.

NEW YOWK

Weekly

ENTERED ASSEOOND-CLASa MATTE* JUNE «,

NEW YORK,

$10.00 Per Year

Jf manual

CHARTERED

I87». AT THt POST OPP.OE AT NEW
YORK, NEW TOR

SEPTEMBER

»,

1822

1920.

NO. 2880.
Jftnanctal

HARVEY FISK & SONS
'r

COMPANY

"t~'

•

">

•

32 Nassau

fe;v.\

City Section

»01 Or MARC
».

financial

THE FARMERS'LOAN & TRUST

Railway Section

;;.'i-;.

'

The IiberiyNalioiial Bank

'•

■ ■.

St.

of NewYork

I

NEW YORK

CAPITAL

$5,000,000.00

SURPLUS.

16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41st Street

NEW

YORK

UNDIVIDED PROFITS.$2,200,000.00

UNITED STATES BONDS
NEW YORK
AND

MANAGEMENT
CARE

ESTATES

OF

CITY BONDS

Correspondents in all countries

OTHER CHOICE

Special facilities in Scandinavia

INVESTMENT SECURITIES

SECURITIES

OF

DOMESTIC AND

FOREIGN

Harris Forbes A Co

BANKING

FOREIGN
LETTERS

OF

10 Drapers Gardens, London, E. C,

Company

CREDIT

LETTERS

COMMERCIAL

Pine Street, Corner William
NEW YORK

The New York Trust

EXCHANGE

HARRIS,
HARRIS

TRUST

Act

pal

PARIS

York

Clearing

1874.

corporations and
Government, munici¬

Profits,

INVESTMENT

FOR

Li

fc

Cable Ad

$14,000,000
Established

BANK

railroad and public utility

,

Capital, Surplus and Undivided

House

SAVINGS

&

and

in

BONDS

New

Inc.

fiscal agents for munici¬

as

palities
deal

Member Federal Reserve System

& CO.,

CHIC

5th Avenue and 57th Street
LONDON

FORBES
BOSTON

26 Broad Street

ACCEPTANCES

and

.$5,000,000.00

on

-ess

Application

SABA, NEW YORK

Established 1892

,

John L. Williams & Sons
BANKERS

Edward B. Smith & Co

and Main Streets

Corner 8th

RICHMOND, VA.

Members New York and

Established 1810

Baltimore Correspondents:
R.
.

•.

LANCASTER
'.

.•

■

WILLIAMS &

•

•

CO., Inc.

The

;t

Mechanics

GARFIELD

STREET,

FIFTH
Crosses

Capital,

-

A

OF THE CITY OF NEW YORK

where

AVENU:

Surplus,

the

Metals

New York

Ph " adelphia

Chase National Bank

TP

the

Broadway

$1,000,008

Bank for

And

National Bank

National Bank
23rd

Philadelphia

Stock Exchanges

-

$1,000,000

Builders of Business

Capital, Surplus, Profits

City of New York
BROADWAY

57

$25,000,000

-

$15,000,000

Foreign Exchange

AMERICAN EXCHANGE

Bond

Trust

TAL
LUS AND PROFITS

T"

THE

CAF
SUJ

$237,000,000

Deposits, June 30, 1920

SITS

22,667,000

387,752,000

(June 30, 1920)

Service

OFFICERS

Department

HEPBURN,

BARTON

A.

Chairman of the Advisory

NATIONAL BANK

ALBERT H.

'%

NEW YORK

Resources

over

Chairman of the Board of Directors

SAMUEL

Letters of Credit

H.

CARL

J.

M.

C.

j

OF RAILROAD, GAS AND
1

Cashier

DIRECTORS
Newcomb Carlton

A. Barton

Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
William B. Thompson
Reeve Schley
j

Cannon
Hepburn
Albert H. Wiggin
John J. Mitchell

NO.

.Vice-President

ANDREWS

Henry

bonds

PHILADELPHIA, PA.
CHARTER

.Vice-President

DAHL

SCHLEY

ALFRED

Francis Ralston Welsh,

L —Vice-President

SCHMIDLAPP-..—.Vice-President

GERHARD
REEVE

Vice-President

MILLER

R.J TINKER

EDWARD

$175,000,000

FIRST NATIONAL BANK

President

ju.UGENE V. R. THAYER.

if*.

Foreign Exchange

Board

WIGGIN.

ELECTRIC

LIGHT AND POWER COMPANIES

Guy E. Tripp
James N. Hill

,

'

Daniel C. Jackling
Charles M. Schwab
Samuel II. Miller

Wm.

A.

LAW,

President




109-111

SOUTH

FOURTH

PHILADELPHIA

STREET

Kenneth F. Wood

Edward R. Tinker

II. Wendell Endicott

Edward T. Nichols

William M. Wood

1

THE CHRONICLE

II

of Jfa reign Cxcangefj

ainbejrtmeitt S?ou»esi anb ©ratoers

J. P. MORGAN & CO, Maitland, Cop pell
NEW YORK

&

DBEXEL

PHILADELPHIA

CO.,

Streets

MORGAN, GRENFELL&CO.,

LONDON

Orders executed for all Investment
Act

agents of
issue Loans.
as

Bills

of

Corporations and

V

CO.,

&

HARJES

The

Foreign Exchange,

NEW YORK

f

.

,

on

'

■

Commercial and Travellers

;"'V;

—

Provincial & Union
England, Ltd., London,

National

Bank of
*

Letters of Credit

Paris,

Messrs. Mallet Freres & Cie,

sold on Commission.

18 Broad SI

> BOSTON

Telegraphic Transfers,
of Credit
I*
" /

:

14 Place Vendome

Securities bought and

.

Letters

PARIS

Securities.

115 Devonshire SI

negotiate and

.

Exchange,

No. 22 Old Broad Street

MORGAN,

KIDDER, PEABODY & CO.

NEW YORK

Corner of 5th and Chestnut

i

& Co.

STREET

52 WILLIAM

of Broad

Wall Street, Corner

[VOL. 111.

and

Commercial Credits.

Principal Places in Mexico.

on

Cable Transfers.

Circular

Letters for Travelers, available
parts of the world.

Australasia.

Agents for the Bank of

In all

TRAVELERS' LETTERS OF CREDIT

BARING

& C0, LTD.

BROTHERS

LONDON

BROWN BROTHERS & CO.
NEW

Philadelphia

YORK',

Boston

August Belmont & Co.
43 EXCHANGE

ALEX. BROWN <fe

PLACE, NEW YORK

Members New York Stock Exchange.

SONS, Baltimore

Agents and Correspondents

Investment

and Vienna

London, Paris

Securities

for

' \

^

J. & W. Seligman &

of the world.

Draw bills of Exchange and

Co.

make Telegraphic

Transfers.

Credits

Commercial

/;V-7r;i''

Travelers

Available in all parts

Deposit Accounts

''

OF CREDIT

ISSUE LETTERS

Foreign Exchange

of the

ROTHSCHILD,

Messrs.

N2 54 Wall Street
purchase and sale of

Execute orders for the

Travelers' Credits

Bonds

Stocks.

and

NEW YORK

BROWN, SHIPLEY &

CO.

BORG & CO.,

SIMON

LONDON
Members of New

1. Suffern Tailer

York Stock Exchange

No. 46 Cedar Street

New York

-

-

James G. Wallace

Grenville Kane

HIGH-GRADE

TAILER i(D

INVESTMENT SECURITIES

Redmond &<Ia
Lawrence Turnure & Co.

York

10 Pine Street, New

64-66 Wall Street,

33

Pine St.

-

-

-

New York
Pittsburgh

Bldg.

Union Arcade

New York

Investment Securities

Investment securities bought and sold on com-

Travelers'

lion.

credits,

available

through¬

Investment Securities

out the United States, Cuba, Puerto Rico, Mexico,
.entral

America

Spain.

and

Make

collections

Members

In and issue drafts and cable transfers on above

Winslow, Lanier & Co.

countries.
London

59 CEDAR

NEW

STREET

YORK

London

Bankers:

Midland
Paris

Joint

City

&

Pittsburgh

New York and

Limited.

Bank,

Stock Exchanges

Heine & Co.

Bankers:

BANKERS.

HEIDELBACH, ICKELHEIMER & CO.
Deposits

Received

Allowed

on

Bought

Subject

37 William Street.

Securities

Deposits,

Sold

and

Interest

Draft,

to

on

MEMBERS

N.

Y.

STOCK

EXCHANGE.

Commission.

Execute orders for

Foreign Exchange, Letters of Credit

purchase and sale of

Stocks and Bonds.
7

Foreign Exchange Bought and Sold.

HUTH

& CO.
New York

30 Pine Street

Issue Commercial and Travelers' Credits

world.

Foreign Bonds & Investment

Securities,

Commercial Credits, Foreign

available in all parts of the

Bonds fox*
Investment

Exchange,

Schulz & Ruckgaber
27

New York

Street

Pine

Investment

Ksaii, Taylor &> Co.
NetV Ybrh.

iPiibshurfih.

Securities

Cable Transfers on

FRED5 HUTH & CO.,
and

on

<

London

the Continent of Europe

Foreign Exchange
Commercial

Credits issued in

Dollars.

Pounds

Sterling, Francs, Guilders, Pesetas. etG^

London Agents,

John Munroe & Co.
NEW

BOSTON

YORK

Messrs. Goschens & Cunliffe

BOISSEVAIN
52

Members of the New

Letters

of Credit

Commercial Credits.

for

Travelers

Foreign Exchange

Cable Transfers.

MUNROE &




CO..

CO.

York Stock Exchange

INVESTMENT SECURITIES

COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS.

Paris

&

ALDRED & CO.

BROADWAY, NEW YORK

PIERSON & CO.

Amsterdam, Holland.

40

Street

Wall
New

York

Fiscal Agents for

Public Utility and

Hydro-Electric

Companies

SEPT. 4 1920.]

THE

CHRONICLE

hi

Snbeshnent anb Jfinancfal Rouses

Goldman, Sachs & Co.
'

60 Wall Street

Lee, Higginson & Co.

NEW

YORK

137 So. La Salle Street

60

Investment Bankers

14

Montgomery Street

421 Chestnut Street

SAN FRANCISCO

Boston

PHILADELPHIA

INVESTMENT SECURITIES

24 Marietta Street

ST. LOUIS

ATLANTA, GA.

V

Title Insurance

Chicago

Building
ANGELES, CAL.

LOS

Members of New York and

Higginson & Co.

Stock

80, Lombard St.
Securities

MEMBERS

Chicago

Exchanges

NEW YORK

STOCK

EXCHANGE

Commercial Paper

•

London, E. C.

Millett, Roe&Hagen

BOSTON

411 Olive Street

New York

Congress Street

CHICAGO

bought and sold

commission

on

Foreign Exchange
Commercial

&

available

Travelers'

in

all

Letters
of the

parts

of

Credit

52 WILLIAM ST.

NEW YORK

world

Hornblower & Weeks
42

BROADWAY, NEW YORK

RAILWAY
Investment Securities

EQUIPMENT

BONDS

SBa<o>irft Tfemna Motes

MEMBERS
NEW YORK,
CHICAGO

BOSTON AND

STOCK

EXCHANGES

EVANS, STILLMAN & CO.
Mam

Direct

wires

to

all

Members New York Stock

principal markets
60

Boston

BROADWAY

NEW

Providence

r

Industrial

Bonds

Public

■.

:

••

BONDS

&

Preferred

Stocks

value due to the unprecedented

an

our

j

a

112

W.

ADAMS

ST..

Investment Securities
26

Exchange Place

New York

Members New York Stock Exchange

Investment Bankers

however,

advancing tendency and

to normal would

norma

fall in Foreign

indications,

Present

U. S. Government Bonds

Utility Securities

Counselman & Co.

selling considerably below their

Exchanges.

Robinson & Co.

Equipment Trust Certificates

GOVERNMENT

CHICAGO

return

yield unusual profits.

suggestions and Circular F. B.

Investment Securities

Underwritten

&

Bond & Goodwin
65

•• • •. -v.

• •

;

Underwriters & Distributors

1888

FOREIGN

Write for

Avenue and 43rd St.

Correspondent Offices in 50 Cities.

YORK

Portland
I

Established

point to

Offices National City Bank Building

Uptown Office : Fifth

Chicago

Detroit

are

Exchange

BROADWAY,

NEW

Conservative

Distributed

Investment Securities

YORK

Telephone 4600 Bowling Green

Yielding 6%

to

8%

Federal Securities

Ruzier

Co.

Corporation
38 South Dearborn Street

Peabody, floughteling & Co.

CHICAGO
Broad

&

EST. 1865

Sansom Streets

Baltimore

New

Washington

York

Incorporated—Successors to
N. W.

Distributors

Howe, Snow,
Corrigan & Berries
Investment
GRAND

SECURITIES SALES CO.

Bankers

RAPIDS,

B.

MICH.

H,

Collins,

President

HALSEY & CO. CHICAGO

CHICAGO

Investment Securities

PHILADELPHIA

YORK

DETROIT

BOSTON

MINNEAPOLIS

ST.

H. F. BACHMAN

& CO.

MILWAUKEE

LOUIS

64 PEACHTREE,

Established

Public Utility Bondc.

NEW YORK

NEW

INVESTMENT

ATLANTA

1866

Government, Municipal, Railroad
and

Chicago

Wilkes Barre

HALSEY, STUART & CO.

NEW

Underwriters

Pittsburgh

Lebanon

INC. 1918

10 So. La Salle St.

PHILADELPHIA

BANKERS

ORLEANS

BIRMINGHAM

JACKSONVILLE
CHARLOTTE

MEMPHIS

.

FiscalAjjeyt* for Cities and Corporations.
Members N. Y. and Phila. Stock Exchanges

1425 Walnut

61

St.,

PHILADELPHIA

h.

t.

holtz &

Broadway

NEW

YORK

co.

GOVERNMENT BONDS

HARPER

INVESTMENT

& TURNER

INVESTMENT

BONDS

RAILROAD AND FOREIGN

FOR INVESTMENT

BANKERS

STOCK EXCHANGE BUILDING

PHILADELPHIA

Colgate, Parker & Co.

Philadelphia Stock Exchange"

49 Wall

WALNUT STREET ABOVE BROAD

39

SOUTH LA SALLE STREET
CHICAGO




"

Members

Street,

New York

V

Jf mailt ia i

Jf I nan eta I

Electric

INVESTMENT
15

State Street,

BOSTON

-

NEW YORK

Light Enter¬

established

COMPANY

&

CHASE

BONDS

WE OFFER
v

Bankers

Dealers

Investment

and

Light Securities

Proven Power and

BOSTON

19 CONGRESS ST..

Correspondence Solicited

SPRINGFIELD

BALTIMORE

and

earnings.

SECURITIES

24 Broad Street,

,

Power

prises with records of

and Boston
Stock Exchanges

Members New York

jfinattttal

FINANCE

WE

ESTABROOK & CO.
,.

[VOL. 111.

CHRONICLE

THE

IV

PROVIDENCE

ELECTRIC BOND & SHARE CO.

Richardson, Hill & Co.

(Paid-Up Capital and Surplus
71

$24,000,000)
'

BROADWAY, NEW YORK

Arthur Lipper

jEstablished 1870

& Company

New Street and Exchange

MUNICIPAL
Investment Securities

NEW

AND RAILROAD

Place

YORK

|f|

BONDS

SECURITIES BOUGHT AND
50 Congress

For Conservative Investment

St.

ON

SOLD

COMMISSION

BOSTON

Boston Stock Exchange
Members New York Stock Exchange

Chicago Stock Exchange

R. L. Day
35

& Co.

Branch Offices

Members
N. Y. Stock Exchange

Congress St., Boston

Waldorf-Astoria Hotel,N.Y

Boosereit St Mm

Atlantic City, N. J.

Chicago Board of Trade

Correspondents

11 East 44th St., N. Y.

Saratoga Springs, N. Y.

Philadelphia Stock Exch.

New York

N. Y. Cotton Exchange

N.Y Coffee & Sugar Exch.

West End,

N. J.

Long Beach, N. Y.

REMICK, HODGES & CO.

Founded 1797

PARKINSON & BURR

Seasoned
Investments

We

Government and

Members of the New York and
Boston Stock Exchanges

Municipal Bonds

53 State Street

7 Wall Street

30 Pine Street

Specialize in

BOSTON

NEW YORK

William R.(ompton(o.

New York

INVESTMENT BONDS

14 Wall

Cochrane,Harper&Co.

W. F. Ladd & Co.

Cincinnati

NewiOrleans

Chicago

Securities

Investment

60 State

Street, New York

St. Louis

111

St.,

Broadway

E. HOWARD GEORGE & CO., Inc.

NEW YORK

BOSTON

Bankers

Investment

Investment
81

Securities

State

BOSTON, MASS.

Street

BONDS

Baker, Ayling & Young

New York

BOSTON
'

FOUNDED

Investment

Letters of

PHILADELPHIA

ESTABLISHED

1852

*

1865

Credit

Securities
Foreign
Exchange
^

Travelers' Checks

&JI

Correspondents Throughout

Co

5 Nassau

Krmitfj •NarftoB &Kul)tif

St., N. Y.

MEMBERS NEW YORK STOCK EXCHANGE
Deal in

the World.

KONIG

BROTHERS

CO.

&

Members New York
Equitable Building

Stock Exchange

New York

ICO Pearl Street, NEW YORK

Underlying Railroad Bonds
and

Tax-exempt Guaranteed & Preferred
Railroad &

New

Telegraph Co. Stocks

Commercial and

Travellers'

Letters of Credit
on

England

Industrial Securities

1

KONIG BROTHERS, LONDON '

Yielding 6^% to 8%

Watkins & Co.
7 Wall Street

NEWJfORK

and

J. MURRAY WALKER
65 Devonshire

Street




Boston

NEDERLANDSCKE HANDEL-MAATSCHAPPY
ROTTERDAM

Investment Securities

SEPT. 4 1920.]

THE CHRONICLE
Canadian

BANK OF MONTREAL THE CANADIAN BANK

Canadian

Established

Government and Municipal

Bonds

100 Years

over

CAPITAL PAID

-

bonds

offer

exceptional

oppor¬

$22,000,000

-

REST

These

22,000,000

PROFITS

UNDIVIDED

1,090,440

tunity for sound investment.
If pur¬
TOTAL ASSETS
chased
now
they
will
yield
from

'71/4%
•

571,150,138

$15,000,000

Sir Frederick

Manager, H. V. L. Jones.

New York Office, 16 Exchange Place
F. B. FRANCIS,
C. L. FOSTER,
Agents
C. J. STEPHENSON,

Bart., President.

Williams-Taylor

General

Manager, Sir John Aird.

Assistant General

Office—MONTREAL

Head

United States funds
Write for Particulars C-20

_-_-_-_-_--$15,000,000

President, Sir Edmund Walker, C.V.O., LL.D., D.C.L.

SIR CHARLES GORDON, G.B.E., Vice-Pres.

Principal and interest payable in

OFFICE, TORONTO

PAID UP CAPITAL

RESERVE

General

SIR VINCENT MEREDITH,

to 73/4%

OF COMMERCE.
HEAD

UP

Buy and Sell Sterling and Continental
Exchange and Cable Tirasfers.
Collections

Manager.

made at ail points.
and Agencies:

Branches

Wood, Gundy & Co.

At

Incorporated
14

WALL

STREET,

Toronto

NEW

YORK

London, Eng.

Montreal

In

London, England, and at Mexico City.

Bank

Paris,

of

Montreal,

(So

&

established 1289

-Member* Toronto Stock

Bxctuutge

(France),

In the United States—Mew

York, Chicago,
Spokane, San Francisco—-British American
Bank (owned and controlled by the Bank of
Montreal).

Banking and Exchange business
description transacted with Canada.
LONDON

OFFICE—2

E. O.

The Bank of England,
The Bank of Scotland,

Lloyd's Bank, Limited.

(Incorporated 1832)
PAID-UP

CAPITAL

$9,700,000

TOTAL ASSETS OVER—.

INVESTMENT BANKERS

18,000,000
220,000,000

Head Office, Halifax, N. S.
General Manager's Office, Toronto,

Ont.

300 branches throughout Canada, Newfoundland,
Cuba, Jamaica, Porto Rico, and in Boston, Chi¬

Tfetribife

Toronto

Street,

BRITAIN:

UNDIVIDED PROFITS OVER..

Securities
Montreal

Victoria UC.

every

RESERVE FUND AND

Limited

CSovcrnm<2nt, Municipal & Corporation.

^Btoadwaij

Lombard

BANKERS IN GREAT

of

THE BANK OF NOVA SCOTIA

United Financial Corporation

<3<aruadia.n

■

J

available in all parts of the world.

West
Indies,
British Guiana and West
Africa—The
Colonial
Bank
(in which an
interest is owned by the Bank of Montreal).

Jt'&'tAmcs

v

Travelers' Cheques and Letters of Credit issued

Throughout Canada and Newfoundland.

London

Montreal

Toronto

cago

Commercial and Travelers*

and New York.

Credits Issued, available in all parts of the world.
Bills on Canada or West Indian

Chicago

points favorably

negotiated
United

Affiliated with

Guaranty Trust

Co.

of

New York.

New

or

States.

collected by our branches in the
Correspondence invited.

York

Agency, 52 Wall Street.

H. F. Patterson, Agent.

Correspondents
in Great Britain

HEAD

THE

OFFICE, TORONTO

Bonds

ROYAL BANK OF CANADA

Bought—Sold—Quoted
Paid Up

CO.

St.

Street, Montreal

John

Capital--,

Reserve Fund & Undivided Profits

Montreal
Stock
Members
Exchange
Dealers
in
Canadian
Bond
Issues
17

Total

assets

__

$6,000,000
7,739,000
143,000,000

Established

Sir Edmund Osier,

Total

Clarence A. Bogert,
General Manager

CANADIAN

*

Offerings

London

SECURITIES

Branch, 73 Cornhill

CANADIAN

AND

FOUNDLAND,

McDonagh, Somers & Co.

TRAVELERS'

Dominion Bank Building

EXCHANGE

FOREIGN
AND

AND

LETTERS

OF

HOLT, President

S.

700 Branches throughout CANADA and

S. L. Jonas, Manager

BOUGHT

TORONTO,

HERBERT

SOLD

in

PORTO

CUBA,

NEW¬
RIOO

OOSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
DOMINICAN

Correspondence Invited

19,000,000
590,000,000

E. L. PEASE, Vice-Pres. & Man. Director
C. E. NEILL, General Manager

Request

on

$19,000,000
-

Assets

Head Office-----Montreal
SIR

New York?A
ork?Agency, 51 Broadway
01 oroi
C. S. Howard, Agent

„

1869

Capital Paid Up.
Reserve Funds

President

INVESTMENT

Midland

Bank, Ltd..

Royal Bank of Scotland,

The Dominion Bank

Canadian
Government,
Provin¬
cial, Municipal and Corporation

GREENSHIELDS &

London Joint City &

REPUBLIC,

HAITI,

HONDURAS and BRITISH GUIANA.

COMMERCIAL
CREDIT

CANADA

ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo.

URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Oataluna.
OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St
F. T. Walker, J. A. Beatson, E. B. Mclnerney
and J: D. Leavitt, Agents.
FRENCH AUXILIARY: The Royal Bank
of
LONDON

RURNETT,
v

R. C. Matthews & Co.

Canada

Rue

(France), PARIS, 28
Quatre- Septembre.

de

PORTEOUS
CANADIAN BONDS

M<mber»Montr»l Sto<£fxd\an$e
17 St.

STOCK

John

HERDMAN & COMPANY

Montreal

Street

Members Montreal Stock Exchange

AND BOND BROKERS

Bankers & Brokers

TORONTO

C. P. R. Bldg.

Dominion

otcottritattS

Express Building

MONTREAL

FEDDE
•

,

■

1

.

&

PASLEY
•

.

R. A.

Daly &

1

Co.

v

CANADIAN

Certifieb public accountants

GOVERNMENT,

MUNICIPAL

CANADIAN

•AND CORPORATION BONDS

New York

55 Liberty St.,

BONDS

Bank of Toronto Building

TORONTO, ONT.

GEORGE W. MYER,

JR.

Certified Public Accountant
31

NASSAU

ST.,

NEW YORK

Montreal Tramway 5s, 1941
Canadian Car & Foundry 6s,
Rio

de Janeiro

Principal

and

Tramway 5s,

Interest

Payable

in

1939
1935

New

York

and Canada

Audits, Investigations,
Estate

Accounting,

Income Tax Returns.
Telephone Hector 5441




All Canadian Issues Dealt In

TRUAX, HIGGINS CO.
Lewis Bldg.

Montreal, Can.

iCmilius
-

Jarvis & Co.

INVESTMENT BANKERS
Established 1891

JARVIS BLDG.

TORONTO, CAN.

[Vol. 111.

THE CHRONICLE

vi

jfattisa
Zealand

New

Australia and

LONDON

JOINT CITY & MIDLAND

BANK OF

The

McKENNA

Right Hon. R.

J-

$23,828,500

—

Liability of Proprietors.

*3,828,000

_

8. B. Murray,

Tyde, Esq..

8c

1,400

over

Agents

JUNE 30TH, 1920

>

Subscribed
BRANCHES
and
AGENCIES
in
the
Australian
States,
New Zealand,
Fiji, Papua
(New Guinea), and London. The Bank transacts
every description of Australian Banking Business.
Wool and other Produce Credits arranged.

Western

In

branches in

all

banking

A':

10,840,112

Paid-up Capital
Reserve Fund..

England

and

world.

the

AUTHORIZED CAPITAL
ISSUED

£20,000,000

CAPITAL

£14,210,356

-•

367,667,322
RESERVE FUND

C. 2.

EVERY

OVER

1,460

OFFICES

Address: The

& 66,

65

The Bank has 42 Branches in VICTORIA, 39 in
NEW SOUTH WALES, 19 in QUEENSLAND,

London, E. C., England

OFFICES

ATLANTIC

"Aquitania," "Imperator," "Mauretania"

ZEALAND.

LONDON COUNTY WESTMINSTER

Affiliated Banks:
BELFAST

Manager—W. J. Essame.

THE

THE

COMPANY,

BANKING

Over

Assistant Manager—W. A. Laing

Offices

110

CLYDESDALE

LIMITED

AND PARR'S BANK, UMITED

Ireland

in

BANK,

ESTABLISHED

LIMITED

Chairman:

Over 150 Offices in Scotland

Commercial Banking Company
of Sydney

£2,000,000

Reserve Fund

2,040,000

Reserve

International Banking Corporation

Reserve

Capital and Surplus

CITY."

Undivided

$10,000,000

Profits

500,000

Branches in:
India

£6,040,000

Straits

Capital
Capital

Paid-up

China

Java

Japan

(30th June, 1920.)
Deposit and other ac¬

Philippine Islands

Head

Branches and Agencies of the Bank
and

or

elsewhere.

collected.

Office,

Bills

Australasia

on

Sydney,

New

South

V

Birchtn

Lane,

Lombard

'

"

>

.

; "

/.'■

.

.

•

LOTHBURY, E. C. 2.

BRANCHES:

ANTWERP:
BRUSSELS:

;

•

>

John Rae

BELGIAN

San Francisco

Lyons

£322,646,806

-

"

F. J. Barthorpe

Wales

41, Place de Meir
114 and 116, Rue Royale

SPANISH BRANCHES:

London Office:

18,

counts

Foreign Branch Office: 82, Cornhill, E. C. 3.

Santo Domingo

London

Remittances cabled.

Current,

Chief General Managers:

Panama

Head Office,

£33,000,000
8,503,718
8,750,000

HEAD OFFICE: 41,

Settlements

Drafts payable on demand, and
Letters af
Credit are issued by the London Branch on the
Australia

Esq.

R. Hugh Tennant, Esq.

Authorized

WALL STREET, NEW YORK

2,000,000

Liability of Proprietors

1836

Leaf,

Deputy-Chairmen:

Incorporated in New South Wales.

Paid-up Capital

IN

Walter

Sir Montagu Turner,

~60

LIMITED
Established 1834,

Foreign Manager,

Old Broad Street, London, E. C. 2

16 in SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW

CORNHILL, LONDON, E.C.

BANKING

168, Fenchurch Street,

OVERSEAS BRANCH:

Total Issued Capital & Reserves. £10,130,000

OF

TRANSACTED

ENGLAND AND

IN

WALES

£7,500,000
Paid-up Capital £2,500,0001
To-—
Reserve
Fund._ £2,630,600jgether £5,130,000
Reserve Liability of Proprietors
£5,000,000

in

DESCRIPTION

BUSINESS

Incorporated 1880

Capital—

Head Office: 71

£296,059,132

HEAD OFFICE:

5, Threadneedle St., London, E.

Authorized and Issued.—

negotiated

£7,000,000

DEPOSITS

THE UNION BANK OF AUSTRALIA Limited
Established 1837

Wales

throughout

towns

10,840,112

...

Deposits

*9, THREADNEEDLE
STREET, E.C. 2

Ltd.

OFFICE:

London Office

Head Office

GEORGE STREET
SYDNEY

London

the

Bank,

£38,096,363

Capital

351

amalgamated

South

54, Lombard St., London, E. C., Eng.
and

K.B.E.,

RUSSELL FRENCH,
General Manager.

JOHN

Provincial

,

Aggregate Assets 31st March, 1920 $377,721,211
1

been

has

HEAD

E. W. Woolley, Esq.,

Esq^,

$64,082,000
Sir

which

Joint Managing Directors:

16,875,000

Reserve Fund
Reserve

LIMITED
with

Chairman:

(ESTABLISHED 1817.)
Paid-up Capital

'

BANK LIMITED

WALES

NEW SOUTH

BARCLAYS BANK

Street,

E.

Established

C.

Paseo de Gracia 8 & 10

BARCELQNIA:
1879

Gran Via 9

BILBOA:

MADRID: Avenida del Conde de Penalver 21 & 23

ROBERT BRUNNER

The Mercantile Bank of India Ltd.
Head
15 Gracechurch

and

78

rue

BRUSSELS,

£750,000
£785,794

BORDEAUX:

Belgium

Cable Address:

York

Agency,

R.

A.

Edlundh,

64

Wall

MARSEILLES:

Bankers to the Government in

If?

British

Head Office: 26, Bishopsgate, London, E. C.
Branches
in
India,
Burma,
Ceylon.
Kenya
Colony and at Aden
and
Zanzibar.
v

Capital
Paid-up Capital
Reserve Fund

£3,000,000
£1,500,000
£2,000,000
The Bank conducts every description of
banking
and exchange business.

39

CORNHILL,

UNDERTAKEN

_

5,000,000

$5=£l
IS

OF

STERLING.

HEREBY

INTEREST

GIVEN

allowed

that
for

the

Banca Italiana Di
with which

money

deposit are as follows:

on

At

3

to

7

Days'

Central

5Per

Cent.

Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.

America

Cable Address:

CHRISTOPHER

"Clerment"

English Scottish and Australian Bank, Ltd.
The
Head Office: 38 Lombard
St., London, E. C. 8
Subscribed Capital
-.£1,078,875
0
Paid-up Capital
539,437 10
Further Liability of Proprietors.
539,437 10
Reserve Fund
550,000
0

0

R.

NUGENT, Manager.

Remittances made by Telegraphic
Transfer,
Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.

35

Manager.

Capital

BANKING CORPORATION
Paid up Capital

Reserve

(Hong Kong Currency)...$15,000,000

Fund/In Gold...$15,000,0001

$36,000,000

I In Silver ..$21,000,000/

Reserve Liabilities of Proprietors
15,000,000
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,

NEGOTIATE OR COLLECT BILLS PAYABLE IN

CHINA. JAPAN, PHILIPPINES. STRAITS SET¬
TLEMENTS. INDIA.
WADE
GARDNER.
Agent, 34 Wall Street




$21,166,625

Paid-up Capital
Reserve Fund

($5=£1

Hong Kong & Shanghai

Paid

Credito

Up

Fund

Central Management

and Head Office:

ROME

EVERY

LONDON, E. C.

Cable Address—Natdis London.

Subscribed

Fully

Reserve

2,500,000

CORNHILL

Bills

E. M. JANION.

Capital

Special Letters of Credit Branch in Rome
(formerly Sebasti & Reali), 20 Piazza di Spagna.
Foreign Bfanches: FRANCE: Paris, 2 Rue le
Peletier angle Bould. des. Italiens; BRAZIL: Sao
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 399 Broadway.
Offices at Genoa, Milan,
Naples, Palermo,
Turin,
Trieste,
Venice,
Florence,
Bologna,
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agents: Barclay's Bank, Ltd..
168 Fenchurch Street, E. C.

Discount

0

0

Provincials
Lire 315,000,000
"
41,000,000
Deposit and Current Accounts
(May 31, 1919)
"2,696,000,000
di

Italiana

4,233,325

National

Company, Limited

0

Scontp

incorporated the

and the

Notice,

Societa

The

GUATEMALA,

are

Societa Bancaria Italiana

At Call, 5 Per Cent.

BANKERS

DUTIES

EXECUTOR AND TRUSTEE

Reserve Fund

RATES

Co.

represented by Branches or Agents in all
Principal Cities and Towns of the United King¬
has Correspondents throughout the World.

Capital Authorized & Subscribed $10,000,000
Capital Paid Up
5,000,000

NOTICE

&

The Bank is
dom and

Telegraphic Address, Udisco: London.

1

Clermont

cheques on the Ulster Bank will be collected
for Customers of this Bank, free of Commission.
the

of London, Limited

East

Subscribed

6, Rue Lafayette

All

The Union Discount Co.

Africa and Uganda.

.

Foreign

AFFILIATED IN IRELAND
ULSTER BANK LIMITED

Street

NATIONAL BANK OF INDIA Limited

Paris

22 & 24, Cours de 1'Intendance
29 Rue Cannebiere

NANTES:

Rennurb.

in

India, Burma, Ceylon, Straits Settle¬
ments, Federated Malay States, China, and Mauritius.
New

FRANCE

22, Place Vendome
37, Rue de la Republique

LYONS:

de la Loi

IN

Westminister &
Bank, Limited.

PARIS:

£1,500,609
£750,000

Reserve 1.lability of Shareholders
Reserve Fund and Undivided Profits

County,

Broker

Street, London

Capital Authorized and Subscribed
Capital Paid Up

Branches

AFFILIATED
London

Banker

Office

KIND

STERLING.)

OF

BANKING

BUSINESS

TRANSACTED.

NOTICE is hereby given that the RATES OF

INTEREST
as

allowed

for

money on

Deposit

are

follows:

5% per

annum at

Banco Espanol

call.

HEAD

5H% at 7 and 14 days notice.

Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
time to time; and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
from

PHILIP

HAROLD

A

WADE,

Manager.^

London

del Rio de La Plata

OFFICE, BUENOS AIRES

Office,

7 Fenchurch

St.,

E. C. 3

Capital & Reserves n legal 148,215,755=£12,939,472
All

classes of Argentine,

Spanish and

European banking business conducted.

THE CHRONICLE

SEPT. 4 1920.]

VII

Jforetgn

ifareigti

Jfotdgtt

Basildon House, Moorgate

EGYPT

of

St.

Established
FISCAL AGENTS FOR

Capital.

frs.

300,000,000

Public Utility

Surplus

frs.

62,000,000

Deposits

PARIS
YORK AGENTS

NEW

SPERLING & CO.,

INC.,

4

vpDNDON,

WILLIAM ST.,

E. C., 4, ENGLAND.

NATIONAL PROVINCIAL AND
Limited

MILAN

Office

Paid-up Capital

$31,200,000

($5—£1.)

Reserve Funds

*

.

UNION BANK OF ENGLAND

COMMERCIAL ITAUANA
Head

AGENCY

KING

7

THE

GENERAL BANKING BUSINESS

BANCA

^..£1,663,270

LONDON

the Rhenish Provinces

in

Branches

.£3,000,000

Fund

AND

6

270 Branches in France

BROADWAY.

120

Law

Egyptian

Capital, fully paid
Reserve

Head Office:

Hydro-Electric Companies

under

June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.

frs.2,600,000,000

and

s

.

Office—Cairo.

Head

Banque Nationale de Credit

London, E. C.

BANK

NATIONAL

CO.

SPERLING &

$11,640,000

SUBSCRIBED CAPITAL

AGENCY
165

NEW YORK,

IN

BROADWAY

London Office, 1 OLD BROAD

STREET, E.C.

Manager: E. Console.

Swiss BankCorporation

$36,195,205

Branches in Italy,

In Italy" of the Banque Francaise

et Italienne

l'Amerique du Sud.

llcRegent Street

ROTTERDAMSCHE

Waterloo Place S. W. 1

BANKVEREEN1GING
Capital paid up,
Surplus,

.

$24,000,000
$6,600,000

.

......

Rotterdam

Ayres,

Janeiro, San Paulo,
Societa
Commerciale
Tripoli.

Rio de

&c.

Santos,

Deposits,

.

.

$190,000,000

.

•

Amsterdam

,

.

The Hague

I

<

Buenos

Wales

and

joints in the Kingdom

principal

"Representatives in New York and Agents

Offices in England

numerous

43 Loth bury, E. C. 2

Branch

End

at all the

Office:

Head

with
London Off lot,

-

-

Bishopsgate, London, England,

15,

La Chaux-de-Fonds, Neuchatel

West

pour

$39,034,320

RESERVE_FUND

-

S. W.

Correspondents to the Italian Treasury.

54

-

Basle, Zurich, SL Gall, Geneva, Laosanne,

London Office of the
Italian State Railways, 12 Waterloo Place

West End Agency and
Regent St.,

$199,671,600

PAID-UP CAPITAL

CAPITAL AND

d'Oriente,

F.105,000,000

RESERVE FUND

COLLECTIONS

STANDARD BANK OF SOUTH AFRICA, Ltd
HEAD OFFICE,

LONDON, E. C.

Union De

FOREIGN EXCHANGE

Formerly Bank in Winterthur est. 1862

$50,000,000
Subscribed Capital
$31,250,000
Paid-up Capital & Reserve Fund- $18,812,500
Total
Resources
$306,125,415
Capita!

Authorized

Banques Suisses

LETTERS OF CREDIT

OF

PURCHASE AND SALE

Toggenburger Bank est. 1863

ZURICH

.

SHARES

STOCKS AND

*

and Agencies

350 Branches
South Africa.
*
Over

W.

H.

68

St.

Gall, Winterthur, Basle, Geneve,
Lausanne

Agent

MACINTYRE,

Wall

throughout

St.,

New

representing The Bank of New South
Wales with branches throughout Australasia.
Also

-

Every Description of Banking Business

CO.'S BANK.

"

RESERVES

52,600,000

BANKING BUSI

TRANSACTED.

•

.

THE HAGUE

Established

1871

•

STOCKRBOKERS

Credit Issued.

Exceed

Reserves

-

-

Offers to American banks and

$450,000,000 00

bankers its superior

facilities for the extension of trade

Funds._frs.

30,000,000

OFFICE

Zurich, Switzerland

Agency
E.

-

-

10 Wall St.

SAUNDERS, Agent.

Royal Bank of Scotland
Paid-up Capital..
Rest and Undivided Profits

—

and

has

-

St. Andrew Square,

Head

Stn5et,oNj

£2,000,000

Edinburgh

K. Wright.

3 Bishopsgate, E. C.2
Manager: Wm. Wallace.

London Office\

Glasgow Office

-

-

-

....

Head

Foreign Exchange
Documentary Business,




Letters of Credit

the

Egy tt

e. c. 2.

Throughout Scotland.

Every Description o
British, Colonial and
Foreign Banking Business Transacted. .
Correspondence Invited,.

OF SCOTLAND, Ltd
£5,500,000

Capital (Subscribed)
Paid up—

„

£5 paid..£1,250,000
500,000 "B ' shares of £1 each fully pald..£ 500,000

250,000 "A" shares of £20 each

$1,750,000

Exchange Square

Agent: Thomas Lillie.
ITS Branches

in

Established 1810
Office—EDINBURGH

Deposits
£36,071,162
MAGNUS IRVINE, Sec.
London Office—62 Lombard Street, E. C.
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
and every description of British, Colonial and Foreign
Banking and Exchange business transacted,
New York Agents—American Exchange Nat. Bank

Reserve

£1,000,000

ALEX. ROBB, Gen. Mgr.

^BANKING BUSINESS.

throughout

Branches

Alexandria,' Cairo,
&c.,
Office: Basildon House,
M°or„U

£35,548,823 THE COMMERCIAL BANK

Deposits...

•

years,

Country.
Also
at

£1,082,276

Cashier and General Manager: A.

Frauenfeld,
Geneva, Giaris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
•

1727.

Limited

Bank,

Incorporated by Royal Charter.
Offers every banking facility for transaction
with Greece, where it has been established for
80

Head Office

Branches at Basle, I Berne,

Capital (Paid Up)
2,900,000
Surplus and Undivided Profits—
1,295,569
Branches throughout Egypt, Morocco,
West Africa and
the Canary Islands.
Head Office, J7 & 18 Leadenhall St., London, E. C.
Manchester Office,
106-108 Portland Street
Liverpool Office, 25 Water Street
It. R. APPLEBY, Agent, 6 Wall Street, New York

Africa.

Incorporated by Royal Charter,

HEAD

110,000,000
7,250,000

Capital

Ionian
New York
R.

Capital paid up__fr». 100,000,000

and com¬

between this country and

merce

Established 1856

Authorized

Subscribed Capital

Booking and Travel Department.

SUISSE

EXCHANGE

$5—£1

Over 500 Branches in Africa

Telegraphic Transfers Effected.

CREDIT

FOREIGN

of SOUTH AFRICA, Ltd. BANK OF BRITISH WEST AFRICA, LTD

Negotiated and Collected

Drafts and Letters of

GENERAL

t•

Achilles-Amsterdam

ROTTERDAM

The NATIONAL BANK

Capital Paid up and\____Frs.
Fund
1

Reserve

•

..(

(Switzerland)

EVERY DESCRIPTION of

BillB of Exchange

\

AMSTERDAM

BANKERS AND

Founded 1755

NESS

..

Damrak

15,000,000

LIMITED

ZURICH

■.

•

Cable Address :

CAPITAL PAID UP_._Frs.70,000,000

and

*

80-81

Foreign Exchange, Documentary Credits.

LEU

Gilissen & Co

Arnold

and many more branches

York

THE CHRONICLE

vm

[Vol. Ill

Jfonfeer* anb ffltoktv# (feuteibe jBteto IJorfe
ST.

LOUIS

CHICAGO

CHICAGO

cni

■

'

i hi aamsssssss

A. G. Edwards & Sons

INC OHPOHATCD

New York Stock Exchange

Louis

Stock

GREAT LAKES

Exchange

Let

Olive St.

410

Bonds

Investment

Members

St.

"

'i

lilden oJilden

38

208

SERVICE

So.

La Salle

Street

CHICAGO

that means in all
Departments

show you what

us

Wall St.

NEW YORK

ST. LOUIS

Commercial

Savings

Trust

h=L

Foreign

SCOTT

& STITT

Member Federal Reserve System

,

INVESTMENT

MUNICIPAL

\

111

CORPORATION

110

BONDS

BONDS

SURPLUS, $3,600,000

CAPITAL AND
South

Dearborn

W.

Street

Monroe

St.

CHICAGO

Chicago

INDUSTRIAL
PREFERRED STOCKS

Greenebaum Sons
Lorenzo E. Anderson & Company
310

N.

8th

St.,

Louis

St.

ttanlr andTrustComtany
Southeast Corner La Salle and Madison Sts.

Municipal & Corporation Bonds
New York Stock

Exchange
New York Cotton Exchange
Members^ Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
(St. Louis Stock Exchange
Herndon Smith

Charles W. Moore

GENERAL

Capital

based always upon

$2,000,000

and Surplus,

expert verification

6% CHICAGO FIRST MORTGAGE BONDS
Suitable

for

Estates.

Trustees and

ofunderlyingassetr

Individuals

Write for Bond Circular C 25.

Oldest Banking House In Chicago.

BONDS

TIMBER

BANKING

332

so. Michigan Av.P Chig&g®

A State Bank

William H. Burg

SMITH, MOORE & CO.
INVESTMENT

A. O.

CINCINNATI

Slaughter & Co.

BONDS
Members

109 OLIVE

ST.,

ST.

LOUIS

SERVICE

$250,000.00

New York Stock Exchange

ST. LOUIS, MISSOURI

Chicago Stock Exchange
Chicago Board of Trade
110

WEST MONROE

AKRON, OHIO
5 h%

STREET

SCHOOL

CHICAGO, ILL.
Due

MARK C. STEINBERG & CO.

BONDS

1922 to 1936. to yield

FINANCIAL
Assessed valuation

Members New
Members

300

N.

St.

York

Louis

Net

Stock Exchange
Stock

Broadway

Exchange

Powell, Garard & Co.
SECURITIES

INVESTMENT

&

South

La

Savings

Bank & Trust Co.
Bond Department
CINCINNATI, OHIO

Salle Street

Chicago

CO.

New York

Philadelphia

St. Louis

& SAWYER

CHANNER

Investment Securities

INVESTMENT SECURITIES

OLIVE ST.

509

i

•

The Provident

Exchange
39

STIX

.$279,300,700
5,896,000

Population 200,000.

ST. LOUIS

Members St. Louis Stock

debt

5J^%.

STATEMENT.

ST.

LOUIS

SPRINGFIELD,

Municipal and

n^an

Corporation

BONDS

ILL.

Union

Trust

Bldg.,

CINCINNATI.

OHIO

_

Slocum, Eckardt & Company

SHAPKER, WALLER
134

SOUTH

INVESTMENTS

LA

& CO

Ohio Securities—Municipal Bonds
New York Stocks and Bonds

SALLE STREET

IN

DEALERS

CHICAGO

INVESTMENT SECURITIES
420

Ellicott Square

BUFFALO, N. Y.

TAYLQR, EWART & CO.

IRWIN, BALLMANN A CO.
328=330*332

INVESTMENT BANKERS

Matheny, Dixon, Cole & Co.
■

Walnut

CINCINNATI,
105

South

,l:

St.

OHIO

La Salle Street

CHICAGO

Ridgely-Farmers

SPRINGFIELD,

Bank

Bldg.,

ILLINOIS.

Municipal, Railroad and Public

DEALER

& Park District 4s

John Burnham & Co.
High Grade Investment Se¬
curities,

JOHN T. STEELE
BUFFALO, N. Y.

Convertible

Note

Issues, Bonds, Bank Shares,
Unlisted Securities.

41

Government, Municipal
and Corporation Bonds
SPECIALISTS

O HII O

CINCINNATI

TOLEDO

BUFFALO

Buffalo and Western

IN

Cincinnati Securities

Springfield (Illinois) Pleasure Drive¬
way

FRIEDLANDER

EDGAR

Utility Bonds

WE WILL BUY

South

La Salle

Successors

St.

David

&

Sons
1876.

Municipal, Railroad and Corporation Bonds
Toledo and

Securities

to

Robison Jr.

Bankers—Established

qHICAGO

IN

New York

TUCKER,ROBISON&CO.

F. WM. KRAFT,

Lawyer

Gardner

Building,

Ohio Securities
TOLEDO, OHIO

Specializing in Examination & Preparation of

County, Municipal and Corporation

IRVING

T.

LESSER

Bonds, Warrants and Securities and
Proceedings

STOCKS AND BONDS

Authorizing^Same.

Rooms 517-520,

Square




.

BUFFALO, N. Y.

MUNICIPAL BONDS

111 W. Monroe St.,

Harris Trust

4TB Ellicott

Graves, Blanchet & Thornburgh

Building

CHICAGO, ILLINOIS

GARDNER BUILDING

TOLEDO, OHIO

Sept. 4

THE CHRONICLE

1920.]

IX

Panfcer* anb probers <0utsrtbe Jfreto fgork
PITTSBURGH

MICHIGAN

LYON, SINGER & CO.

Wtoota, g>toan & Cbtoarbg Co.

INVESTMENT
Commonwealth

Members of Detroit Stock Exchange

Members Detroit Stock Exchange

BANKERS
PITTSBURGH

BIdg.,

Securities of

MICHIGAN

1

Inquiries Solicited in All Markets.
Stocks
Carried on Conservative Margins

Pittsburgh District

Pennsylvania Municipal Bonds

Charles A. Parcel Is & Co.
INVESTMENT SECURITIES

310

DETROIT, MICH.

Congress BIdg.,

PENOBSCOT BUILDING, DETROIT,

Geo. W.

Eberhardt & Co.

& Company

A. J. Hood

(Established 20 Years)

PITTSBURGH

OLIVER BUILDING,

MICHIGAN

Stocks, Bonds, Grain

:

SECURITIES

Specialize in

Stock Exchange

Members

New

Members

Pittsburgh Stock Exchange

Members

of

Board

Chicago

Detroit Stock Exchange

Members

BOUGHT—SOLD—QUOTED

and Provisions
York

Michigan Stocks and Bonds
DETROIT

PENOBSCOT BUILDING

Richard Brand Company
Specializing

& CO.

MASTEN

E.

GORDON, FORTIER & CO.

Members New York Stock Exchange
Boston Stock Exchange

1613,

Suite

MICHIGAN

DETROIT

WHITTLESEY, McLEAN & CQ.
Municipal Bonds Corporation Bonds

Office:
National Bank of West Virginia Building
,
Wheeling, W. Va.
Branch

Preferred Stocks
•
.

W. A.

F. N.

HAMLIfi &, CO.

Members Detroit

Boyle & Company, Int.

Motor Stocks,

Stock Exchange

Active Members of Detroit Stock
2054-56-58

J

:

•

;

DETROIT

BIdg.,

Penobscot

•

Exchange

Public Utilities & Oils

FINANCIAL

MATTERS

DETROIT, MICH.

BIdg.,

Penobscot

1010

Motor

Pittsburgh, Pa.

Union Arcade

INVESTMENT SECURITIES

W. Carson Dick & Company

All

Burdick-Thomas Company

Congress St., West

Members Detroit Stock

PA.

MICHIGAN

Exchange

FENT0N, CORRIGAN & BOYLE

Inc.,

KAY & CO.

Bankers

Investment

CITY

Penobscot BIdg.

256-262

DETROIT

DETROIT

UNION ARCADE BUILDING

KANSAS

Michigan Securities

Members Detroit Stock Exchange
47

INVESTMENT BONDS

PITTSBURGH,

Stocks

and

DANSARD HULL-BUMPUS COMPANY

390-395

BIdg., Detroit

Dime Bank Building

Telephone Cadillac 5050

Pittsburgh, Pa.

1721-3 Dime Bank

inquiries

Securities

Investment

Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange

323 Fourth Ave.,

Securities

Detroit

Trade

We invite your

A.

MICH.

INVESTMENT BANKERS
Grand Rapids

Detroit

Chicago

STREET & COMPANY

Underwrite and distribute entire issues
Municipal

& Corporate Bonds

Penobscot

Utility securities

DETROIT, MICH.

BIdg.

Exchange

Members Detroit Stock

Securities

Local

Missouri

City

Kansas

of Industrial and Public

HIGBIE

KEANE,

MUNICIPAL
INDIANAPOLIS

&

DETROIT

GRISWOLD ST.

67

CO.

BONDS

GEORGE M. WEST &
Established

Fletcher American Company

Detroit is the market for

INDIANAPOLIS

COMPANY

1893

DETROIT MOTOR STOCKS
Reo

Capital

-

Paige

-

Continental

$1,500,000

&

-

INVESTMENT BANKERS

Ford

Members Detroit Stock

JOEL STOCKARD & CO.
Write

us

for bids

Indianapolis

or

or

offerings

on any

Exchange

1

Members Detroit Stock Exchange
DETROIT, MICH.

Indiana Security.

A. W. Wallace & Company

COLUMBUS

Statistical Information

DETROIT, MICH

UNION TRUST BLDG.

Packard

Furnished.

CLAUDE MEEKER

INVESTMENT BANKERS

Investment Securities

BREED, ELLIOTT & HARRISON
Detroit

Cincinnati

Chicago

Specialist in Cities Service Issues

I

INDIANAPOLIS

Milwaukee

Tel. Cherry

East

8
71

Investment Securities

NEW YORK

NEWARK,

Corporation Securities

CITY

N. J.

F.

CONSERVATIVE

C. ANGER & CO.

INVESTMENT SECURITIES

The Union Trust Company
BOND

List upon

INDIANAPOLIS

FIREMEN'S

CO.

1252-54 Penobscot

Building

DETROIT, MICH.

INSURANCE BUILDING

NEWARK,

Indianapolis Bank Stocks

Loc^L Public Utility Bonds
Indiana Municipal Bonds

Investments

request

F. M. CHADBOURNE &

DEPARTMENT

2800

COLUMBUS, O.

St.,

Broad

Broadway,

Municipal Bonds
Indiana

DETROIT, MICH.

Penobscot BIdg.

N. J.

LOUISVILLE
,

I

Bought and Sold

JOHNSTON & COMPANY

NEWTON TODD
Local
1

Securities and

HARRIS, SMALL & LAWSON
INVESTMENT SECURITIES

INVESTMENT

SECURITIES

\

44

Indiana Corporation

Bonds and Stocks

415lLemcke BIdg.,




INDIANAPOLIS

CONGRESS

ST., W.

/#&

THE CHRONICLE,

X

[Vox,. 111.

jankers anb ^rofeersi ©uteibe J^cto gorfe
PACIFIC

COAST

PACIFIC

Howard Throckmorton

Pacific Coast Securities

CALIFORNIA SECURITIES

&

of MUNICIPALITIES AND

Municipal
Corporation

San

Boettcher, Porter

BONDS

Government
Bonds

DENVER

COAST

Company

CORPORATIONS
investment bankers
having substantial assets

Francisco

and

earning power.

Alaska Commercial Building

denver

Quotations and

SUTRO
INVESTMENT

on

Securities

Established

San

Furnished

Information

Pacific Coast

&

SAN FRANCISCO

PASADENA

western securities

CO.

Sugar Stocks

BROKERS

Francisco

GREGG, WHITEHEAD & CO.

San Frandsco Stock
and Bond Exchange

«*£

BROWN
DEALERS

Blankenhorn-Hnnter-Dnlin

&, CO.

denver

Company
municipal

nnmhq MORRIS

corporation
and district

dvjlnlo

Street, Corner California

THE

BROTHERS, Inc.

PREMIER MUNICIPAL BOND

CAPITAL

FRANCISCO, CALIFORNIA

ONE MILLION

Government
LOS ANGELES

California Securities

SAN

PASADENA

FRANCISCO
SAN

DIEGO

and

Established
Morris

Building

Company

Los Angeles,

We

California

&

PORTLAND, OREGON

-

-

SEATTLE, WASH.

Corporation

BONDS

CSTABUSHtD IBI2

Bonds

Quarter Century

HALL & COMPANY

specialize in California

Municipal

HOUSE

DOLLARS

Municipal

over a

No. 3, Central Building

\ronson and

,

PORTLAND, ORE.

BONDS

SAN

Investment Bankers

IN

Municipal and Corporation
300 Sansome

Specialty

a

Members

410 Montgomery St.

F. M.

ANGELES

LOS

1853

colorado

WILLIAM R. STAATS CO.

INVESTMENT BONDS

CLEVELAND

Local and Pacific Coast Securities

DRAKE,RILEY & THOMAS
Van Nuy« Building

The Gondii ng-Jones Company

LEWIS

BUILDING

PORTLAND, OREGON

LOS ANGELES

DULUTH, MINN.

STOCKS-BONDS-NOTES
Private Wires Coast to Coast
BANGOR BUILDING,

MINNESOTA

Correspondents Logan and Bryan

CLEVELAND

SECURITIES

A. H. Woollacott & Co.

Investment Bankers

Railroad, Municipal and

Stocks, Bonds, Grain, Cotton

OTIS & COMPANY

Corporation Bonds

,

228-262 I. W. Hellman Building
LOS

ANGELES

,

Members of New York, Cleveland, Chicago,
Detroit and Columbus Stock Exchanges,
New York Cotton Exchange,

W. M. Prindle & Company
Duluth, Minnesota

Chicago Board of Trade.

TORRANCE, MARSHALL & CO.

CLEVELAND
Boston
Columbus

Detroit
Toledo

Akron

Youngstown

Denver

Colorado Springs

■INNVAPOLII

Stocks

Cincinnati

Bonds

Acceptances

SHORT TERM

.rp-

California Securities
LOS ANGELES

Stevens & (Po.

CALIFORNIA

ESTABLISHED

NOTES

IQIO

^municipal railroad

RITTER COMMERCIAL TRUST
Unincorporated
CLEVELAND

BUFFALO

690 Euclid Ave.

Niagara Life Bldg.

A. E. LEWIS

<5L CO.

'corporation

Municipal, Public Utility, Railroad and
Corporation

Security Bldg.

Los

Angeles, Cal.

JUSTUS F. LOWE COMPANY
McKnight Building

KLIPPEL-WASHBURN-BERKLEY CO. R. H. MOULTON & COMPANY
CALIFORNIA

INVESTMENT SECURITIES

City Bldg.

Warren

American

i

Listed

-

-

Unlisted

Nat'l

Bank

MINNEAPOLIS

Specializing in

MUNICIPALS

Title Insurance Building,

CLEVELAND, O.
Dayton

'

ST.PAUL

MINNEAPOLIS

BONDS of the PACIFiC COAST

THE

2nd Floor National

bonds

commercial paper-/

LOS

Bldg.,

San

ANGELES

MINNESOTA CORPORATION ISSUES

Francisco

Bucyrus

MAX I.

\

-

KOSHLAND

Inactive

WILL

BUY

Minnesota & Ontario Pow. 1st 6s

River
Company
1st
6s
Red
River Lumber Co. 1st 5s
Minneapolis St. Ry. Extended 7s
Powell

Pacific Coast Securities

Stocks & Bonds

WE

Member

San Francisco

ALBERT FOYER
Leader News

Bldg.

Stock

Mills

■

SAN

and

Bond Exchange

WELLS-DICKEY COMPANY,

Building

Minneapolis

FRANCISCO

CLEVELAND, O.
NORFOLK, VA.

Hunter Glover & Company

CHAPMAN DE WOLFE CO.
351-363

SAN

Investment

Bonds

and

Stocks

Short Term Notes

Montgomery

FRANCISCO,

Stocks
Information

and

a

id

MOTTU &

Street,
CALIF.

Established

CO.

1892

floods

Quotations

on

all

Pacific

NORFOLK, VA.

60

.

Coast Securities

CLEVELAND




NEW

YORK

.

Members San Francisco Stock & Bond Exchange

investments

Broadway

©utsibe J?eto gorfe
$toktx&

Jianfects anb

&, COMPANY

-

-

STOCKS

BONDS

Graham. Parsons & Co.
111

411 CHESTNUT ST.

BANKERS
BIRMINGHAM,

PHILADELPHIA

PHILADELPHIA

ALABAMA

MARX

xi

the chronicle

SEPT. 4 1920.]

SHORT-TERM NOTES
ALA.

-

Southern Municipal

Parsly Bros. & Co.

and

BROADV4V
van

NEW

PHILADELPHIA

Investment Securities

BANKERS

Corporation Bonds

CHESTNUT ST^tET

1421

Issues of

CHATTANOOGA
members

and Purchase

Deal in

PHILADELPHIA

philadelphia stock

MUNICIPAL BONDS,

exchansi

BONDS, NOTES AND PREFERRED

LEWIS

BURKE & CO.

Jv'

■■

.*

,

RAILROADS,

Established 1865.

I

INDUSTRIAL

LOCAL,AND SOUTHERN

UTILITIES AND
CORPORATIONS
of

BlOREN-JMCtol-

SECURITIES

STOCKS

of

'v

ESTABLISHED VALUE

BANKERS

James

CHATTANOOGA

Building:

410

St.

Chestnut

Philadelphia

Cable Address "Grace,"

Philadelphia

Government,

3

J84AC0N

Municipal, Railroad and
Public Utility Securities

CONTINENTAL TRUST COMPANY
Southern Municipal

Members New York and Philadelphia
Stock Exchanges.

eOMZMreo.

Bonds

BANKERS

AND
MILWAUKEE

Guaranteed Stocks
MACON

321

GEORGIA

RICHER

EDGAR,
East

Water

and

CO.

&

Mason

Chestnut

Philadelphia

St.,

1837

Established

Streets

MILWAUKEE, WIS.
SPARTANBURG.

S. C,

Members New York and

Specializing

A.

M.

LAW &

CO., Inc.

DEALERS

WISCONSIN CORPORATION ISSUES

Stocks and

Bonds
a

Specialty

Financing of Milwaukee

SPARTANBURG, S. C.

Members Philadelphia Stock

and Wisconsin Industries.

BERLINER HANDELS GESELLSCHAFT
Berlin

W.

Investment

Land

SecuritiesJ

Behrenstrasse

32-33

H

&

™"

All kinds of banking business transacted.

Special attention given to foreign exchange and
documentary business.
Trade information furn¬

llandelges, Berlin.

Telephone Canal 4845

$99,000
New

First Wisconsin Company

Castle,

Due July

School 53^s

Pa.,

1,1935 to 1938, inclusive,
to return

5.10%

Investment Securities

ished.

Cable Address:

^

Bought and Sold.

M.144,500,000

reserves

Title Building

PHILADELPHIA

(Founded in 1856)

capital

Exchange

BANKERS

INVESTMENT

New York

BANK
P

Stock Exchanges

IN

Southern Textiles

Fully-paid

Philadelphia

WISCONSIN

MILWAUKEE

M. M. FREEMAN & CO.
Philadelphia

421 Chestnut Street

Telephone. Lombard 710

Lincoln Menny Oppenheimer
BANKERS
FRANKFORT-o-M., GERMANY
Cable Address

Frederick Peirce
Second Ward Securities Co.
Second Ward Savings Bank

Bldg.

INVEST¬

BONDS

& Co.

FOR

MENT

MILWAUKEE

"Openhym"

1431
108

INVESTMENT SECURITIES

So.

La

Chestnut

Street,

Philadelphia

Salle St.

CHICAGO

FOREIGN EXCHANGE

Specialists in
♦

Wisconsin

Adrian

Muller & Son

H.

OFFICE

No.

55

WILLIAM
Pine

Corner

and
/

CITY'

STREET

Street

BONDS

Regular Weekly Sales

MorrisEI0x&Co.

OF

Stocks

GERMAN

High Grade Investments

AUCTIONEERS

^

Municipals

and

Bonds

lwVESTM

MilwaukelWb.

eu>«

EVERY WEDNESDAY

for

CURITIES

pl.t wisconsin

PARKER

Immediate

PEN

at lowest

delivery

prices

—

At the Exchange Sales Rooms
14-16

r\

Over

O f\iV

80%

NATIONAL

8% Preferred

Vesey Street

Of

the

Banks in

vonPolenx & CaJnc

NewYork City uge

SAFETY

FOR THEIR

PAPER

Municipal Railroad^
Corporation Bonds

CHECKS
so

George La Monte & Son
61

Broadway




New York

Broad Street

-

New Yomtk

fMMK KCTM 8141—CABLE AOQtCSS

List

c

irivea

"BSmMEVT*

current oflerhigi.

60 Broadway • • *BoWling(jrem4)lO'4>
450West42nd St • 355 East l49thSt
NEWYORK

•

Chicago

•

Boston

Philadelphia Milwaukee

•

•

DenVcr

Berlin
as

[VOL. 111.

THE CHRONICLE

XII

Jftiunrtal

jfinanti&i

We

and offer the unsold portion of

own

$100,000

Ari

I

WeliKounty, Colorado, Consolidated School District No. 4

Note

6% Building Bonds
Dated August 15, 1920

Actual

Optional August 15, 1930

valuation,

estimated

Due August 15, 1940

„

Assessed valuation
Total bonded debt{

Unusual

Short Term

including this issue..

combining

$7,000,000
5,625,490
198,000

1—Valuable Conversion

The district is situated exactly half way between Greeley and Fort Collins

Features

and comprises twenty-four thousand acres of the richest irrigated and cultivated
land in Colorado.

PRICE:

101

and interest,

to

yield

2—A

6%%

Bosworth, Chanule & Company

Strong Sinking Fund

3—Common Stock

Rights

Investment Securities

17th and California Streets,

4—High Yield

Denver, Colorado

-

5—Exceptional Security
H.

BONDS

Bonds & Stocks
Tel. Han. 6570

Local to

and

Fully described in Circular CC-34

Mountague Vickers

RAtByllesby & Co.
Incorporated

49 Wall St.

Chicadc
>o
20d S.LaSall< St
le

NewYork

New^York

111

Broadway

GUARANTEED STOCKS

Brooklyn

ence

10

sser

St

StateiSreet:

30

City Investing Co.

THEODORE L. BRONSON & CO.
Members New York Stock Exchange
10 Wall

St., N. Y.

Mortgage Bond Co.
National

345 Fourth Ave.,

FRANK J.
71
AUGUSTA

JOHN W.

M.

DILLON

Broadway

NEW YORK, N.^Y

Tel. 6460 Bowling Green

Pennsylvania Tax

Free

Bonds

PAUL & CO.

Southern Securities
1886.

Members Philadelphia Stock Exchange

^

1421

Chestnut

We

E.

BUSH

Buy

Illinois

Central RR.

Security 4s, 1952

New

SOUTHERN SECURITIES
MILL

to

& CO.

Augusta, Ga.

COTTON

Wish

Street

PHILADELPHIA

WM.

PITTSBURGH, PA.

Amer. Wat. Wks. & Elec. 5s, 1934
West Penn System Securities

Gulf Oil Corporation 6s
Am. Fruit Growers 7s

DICKEY

Augusta, Ga.

Established

Glover & MacGregor

City Bank rights

Tel. Rector 7580

Jersey Municipal Bonds
Descriptive List

STOCKS

on

Request

J.S. RIPPEL & COMPANY

Hartshorne
25

18 CLINTON STREET

Broad

& Battelle

St.

Tel.

Broad

7740

MEWARK, N. J.
NEW

YORK

CENTRAL NEW YORK
STOCKS AND BONDS

SECURITIES

)

bought and sold for cash,

I

or

carried

For Sale

on

conservative terms.
Inactive and unlisted securities.

Bought—Sold—Quoted

100 shares

Inquiries invited.

.

FINCH

Mohawk Valley Investment Corp.

&, TAR BELL

120

BROADWAY,

NEW

YORK

Investment Bankers

N. Y. Penn. & Ohio

UTICA, N. Y.

Fidelity Trust Co.

ALFRED F. INGOLD&CO<
74

4l/2s, 1935

Broadway, N. Y.

R. Lancaster Williams & Co., Inc.

Montgomery
Telephone
Broad

INVESTMENT SECURITIES

8062

New

Circular

Company

Members of the
New

York

Stock

Cincinnati

Stock

Chicago

Board
Baltimore
Stock

Exchange
Exchange
of

Trade

Exchange

61

CORPORATION

B O N O

St.

York

Commercial

Paper

Local Securities of the Twin Cities

Glob* Building

ST. PAUL, MINR

BALTIMORE, MD.

request.

York Stock

Exchange
New

York

A. G. Becker & Co.
COMMERCIAL PAPER

WE WISH TO BUY HIGHGRADE PENNSYLVANIA
TAX-FREE

.

on

Broadway

INVESTMENT SECURITIES

SECURITIES.
137

Boenning, Garrison A Co.
Members

Philadelphia

Stock

CINCINNATI, OHIO




MAGRAW
AND

loseph ?®talkrr St Sons
Members New

REFINING CO.

Westheimer &

E.

Bought—Sold—Quoted
MARYLAND

PROCTER & GAMBLE CO.
INDIAN

Bros.
15 William

F.

MUNICIPAL

Mexican Eagle Oil

Equitable Building,
....

Rector 8991

Union Pacific 1st 4s, 1947

Chicago & Pac. Western 5s, 1921

BALTIMORE

of Newark

Members New York Stock
Exchange

Stock

Exchange Building

PHILADELPHIA
Direct Private Telephone to Berdell Bros., N. Y.

South

La

Salle

Street

CHICAGO

Exchange
NEW

YORK

ST. LOUIS

SAN FRANCISCO

SEATTLE

LOS ANGELES

Sept. 4 1920.]

THE CHRONICLE

XIII

^r

Cttrrent JBonb

inquiries.

Amer. Power & Light 6s, 2016
Amer. Water Wks. & Elec. 5s, '34
Brazilian Trac., Lt. & P. 6s, 1922

Ind. 4s, 1952

Chicago & West.

Chic. Terre H. & So. E. Inc. 5s, '60
Consumers Power 5s, 1936

Cin. Rich. & Ft. Wayne 7s, 1921

Detroit & Flint 5s,

Col. Newark & Zanesv. 5s, 1926
Consol. Trac. of N. J. 5s, 1933

1921

Dul., Rainy L. & Winnipeg 5s, '21
New York, Susq. & West. 5s, 1937
Coal

O'Gara

Dominion Coal Co. 5s, 1940

5s,

1955

4^s, 1934

Gen'l 5s, 1935
Wisconsin River Power 5s, 1941

Toledo & O.

Cent.

Mich. Cent. Air Line 4s, 1940
Milwaukee Elec. Ry. & Lt. 5s, '26

Fdy. (old stocks)
Light & Traction
Bucyrus Co., Com. & Preferred
Burroughs Add. Mach. Stock
Detroit Edison Co. Stock
Firestone

Tire

Com.

&

Pfd.

Goodyear T. & R. Com. & Pfd.

Rock Island, Ark. & La.

Georgia Lt. Pow. & Ry. 5s, 1941
Mengel Box Co. 7s, 1923

Am. Brake Sh. &

American

National

Bank

of

Cuba

Paige Detroit Com. & Pref.
Packard Common & Preferred

Merrill, Lynch & Co.

Public Service of N. J. perp. 6s
Seaboard Air Line 6s, 1945

120

Broadway, New York

Talephon* 6070 Ractor

Sinclair Cons.

Corp. 7}^s, 1925
Southwest. Bell Tel. 7s, 1925
United Gas & Elec. 6s, 1945
United Light & Ry. 6s, 1926
Wickwire Spencer Steel 7s, 1935

Traders Telephone 768S Rector
Detroit, Cleveland, Yeungstoum. Grand Rapids and Lansing.

Private wires to Chicago.

We

Specialize in

,

All
American Tobaceo

Dividend

Morton Lacheribrach. & Ca

Scrips

8% Scrip

and
42 Broad Sfcreeb
CHICAGO

BOUGHT AND

DETROIT PHILADELPHIA

SOLD

Rights^

PITTSBURGH

Specialists Li/ all Tobacco Securities
Instantaneous communication between
our

offices is made

Bristol d Bauer

possible through

C. C. Kerr &

their intercon nection by private wires.

3

l2o

Phone

Root or St., N. Y.

Foreign Securities

CHICAGO SECURITIES

Foreign Currency

Bought, Sold & Quoted

NOBLE & CORWIN
II

Boutht and Sold

New York

Broad St.

BABC0CK, RUSHT0N & CO.
Member*

CO.

Investment Securities
43 Each enge Place

Theodore C. Corwin

Hark A. Noble

Foreign Cheques
DUNHAM &

taY Phone-. Rector* 4594

Rector

New
York.
Chicago
Stock Exchange*

Trust

Bankers

HOME INS. BLDG..

Chase National Bank

CHICAGO

National Bank

Citizen

and

Boito*

WALL 8TRKB1
NEW YORK

7

WANTED

'Phone 8319 Han ore

Equitable Trust
National

American

Surety

Eastman

Liberty Bonds"
Circular

en

Kodak

Lt.

6s,

1921

Common

H.L.

Curtiss Aero Com. & Pref.
Telephone 1111 Breed

refusal.

&

Southwestern Pow. & Lt. pref.

Otis Elevator Pref.

"Opportunities in

Pow.

NASON & CO.

85 Devonshire St.

BOSTON 9

8UTRO BROS. & CO.
YORK
Telephone: Rector 7360

Its BROADWAY, NEW

Railroad

Members of New York Stock Exchange

Bond

Public

Dept.

Cinn., Wabash & Mich 4s, 1991
Cleve. Term. & Valley 4s, 1995
Atlantic
M.

&

Yadkin 4s,

& O. St. Louis

1949

5s, 1947

St. Louis & Cairo 4s, 1931
N. Y. Penn. & Ohio

4^8, 1935

Fort

Utility Dept.
Dodge, D. Moines & So. 5s

United Utilities 6s, 1943
Gt. Western Pwr. 5s. 1946

United Light & Rys. 5s,

Power 5s, 1962
Standard Gas & Elec. 6s, 1935

Florida Cent. & Penn. 5s, 1943

British

Empire Steel
Shares

Tennessee

Chicago & West. Ind. 4s, 1952
Western N. Y. & Pen. 5s, 1937
Houston E. & W. Texas 5s, 1933

Laclede Gas 7s, 1929

N.

Y., Chi. & St. Louis 1st 4s, '37
Cleve., Lorain & Wheel. 43^s, *30
Cleve., Akron & Colum. 5s, 1927
Seaboard Air Line 6s, 1945

Canadian, Cuban
and

other

Industrial Bond
Consol.

International
Securities

Coal

43^s, 5s, 6s

Coal

Fairmont

Dept.
5s,

1931

Wayne Coal 6s, 1937
Retsof Mining 5s, 1925

.

Cosden 68, 1932
Elec.

120

Broadway

Cable 7s,

Champion Lumber 6s, 1928
Norwalk Steel 4^8, 1929
Union Carbide 6s, 1950

New York

Bank

Telephone Rector 6834

Stock

National

Bank

Equitable Trust
Irving National Bank

CORRESPONDENTS
All

Columbip Trust

Important Foreign Capitals




Detroit United 7s,

Ry. 5s, 1928
Elmira Water, Light & Ry.r5s,r'56

Stock

Industrial

Bonds,
16

Bank

D.

L. & Western'Coal

Utica Knitting

Mills Pfd.

Worcester Salt

American

Rights

Oilfields

Commercial Acid Pref.
Passaic Mills Pref.
Aluminum Co. of Amer.
Heine Safety

Oil

Boiler

Dept.

S. O. of Indiana

South Penn Oil
S. O. of California
S. O. of New York

& Gas

CO.

Miscellaneous Securities, Standard Oil Stoeki
New York
Phones 5161 to 5169_Hanowsr

Stocks,

Broad Street,

FMaMfMa Thone, boomoi IT2. Batb.

i

Dept.

Paul Delaney

CARRUTHERS, PELL &

Toronto

192"*

Cent. Ark.

Prarie Oil

Guaranty Trust

PRIVATE WIRES

Montreal

1949

Amer. Gas & Elec. 6s, 2014

Standard

Dept.

City

Light 6s,

Duquesne

Corrugated Bar

1935
Amer. Can debenture 5s, 1928
Habirshaw

Kuczynski & Co.

6s,(7s

Northern States Power 5s &,6s
Amer. Lt. & Trac. 6s, 1925

F%ams, Ft. Pmsi MB>

Current $ont>

ill.

[Vol.

THE CHRONICLE

xiv

Jnqutrir*
New York Interurban Water 5s

F.

J. LISMAN & CO.

West Va. Water & Elec. 6s

BROADWAY, NEW YORK

61

1949 Clinton

Atlantic & Yadkin Railroad 1st 4s,

5s
Chicago & Western Indiana RR. new 7^8
Cincinnati Hamilton & Dayton 4V2» & 5s
Chicago Terre Haute & Southeastern

WE DEAL IN

Galveston Houston & Henderson

RR. 5s

International & Great North. 7s & notes
Kansas

City Memphis & Birmingham 4s, 5s

Louisiana & Arkansas Railroad 5s,
Manila Ry.,

A

Acquackanonk Water Co. 5s
St. Joseph Water Co. 5s
Joplin Water Co. 5s

ftlambars New York Stook RwK—n

Water Co. 5s

Racine Water Co.

5s

Wichita Water Co. 5s

'

City Wtr. Co. of Chattanooga 5s
Bijou Irrigation District 6s
Emmett Irrigation District 6s
Ft. Wayne & Wabash Valley 5s
Queens County Water Co. 5s

1927

Southern Lines, 4s of 1939

H. C. SPILLER & CO

Philippine Railway Co. 1st 48, 1937

1

INCORPORATED
IT Water St., corner

Pittsburgh & Shawmut 1st 5s, 1959

Devonshire St., BOSTON*
YORK

63 Wall Street, NEW

St. Louis & Cairo RR. 4s, 1931
Wisconsin Central ref. 4s, 1959

AND ALL RAILROAD AND

STEAMSHIP SECURITIES

WOOD, STRUTHERS & CO.

Investment

Nassau Street

5

Securities

NEW

New Orleans

Ry. & Lt. 41/£s, 1935
Ry. Lt. & Pr. 4*^8 & 6s
Memphis St. Ry. 5s, 1945
B'ham

American Cities Com. & Pfd.

Det., Gr. Haven & Milw. 6s, 1920
C. N. R. Manitoba 4s, 1930

Canadian Govt. & Mun. Bonds

YORK

Cuban Govt. 4*4s, 5s

Underlying
D a vies, Thomas&

Co.

120

and

Y.

Phila.

New York Tel. Co. 4^s, 1939
Amer. Tel. & Tel. Col. Tr. 5s, '46
New York Tel. Co. 6s, 1949

VILAS & HICKEY
49 Wall

Empire Gas & Fuel 6s, 1926
Canadian Pacific 6s, 1924
Central Pacific 3^s, 1929
Norf. & Western con. 4s, 1996
Pacific Light & Pwr. 5s, 1951
U. S. Steel s. f. 5s, 1963

Pit.,Cin.,Chic. & St. L. 3}^s & 4s
Erie Pittsburgh

3^8,19411

McKinley & Morris
N. Y. Tel

Rector 7931 to7936

New York

Street
BOND BROKERS

ORDERS

Braden Copper Co. 6s, 1931

Rector, N. Y.

EXECUTED IN RAILROAD AND
BOND ISSUES FOB

ACTIVE

DEALERS

ON

COMMISSION

Ashland Lt., Pr. & St. Ry. 5s, '39
Bronx Gas & Electric 5s, 1960

Spokane & Inland Empire 5s, '26
Combustion Engineering
Buff. & Lake Erie Trac. 5s, 1936

Co.
5s, 1928
York & Jersey 5s, 1932

Globe Rubber Tire Mfg.

Central Ark. Ry. & Lt.

Telephone Hanover 8317

New
Marion

Light tic Htg. Co.
Penn
Mary Coal Co. 1st
Empire Gas tic Fuel Co.
Cincinnati Gas Transport.

5s, 1932 So. Bend & So. Mich. 5s, 1927
5s, 1939 Land Value Refunding Co.
6s, 1926
5s, 1933

Taylor & White

SAMUEL K.PHILLIPS & CO.

43

Tel. Hanover 427-8-9

Exchange PI., N. Y.

PHILADELPHIA

«0T Chestnut St.

Atchison Conv. 4s, 1955

Cleveland Electric Deb. 5s & 7s

Ala.

Consumers Power 5s, 1936

Berkshire Cotton Mfg.

Trac., Lt. & Pr. 5s, 1962
Stock

Southern California Edison 6s, 1944

Hudson Navigation Co.

Central Pacific Ref. 4s

Wisconsin River Power 5s, 1941

Sell

Dominion Coal 5s, 1940

Det. Gd. H. & M. Con. & Eq. 6s,

Gilbert J. Postley
7 Wall

Street
NEW
Telephone Rector 9697

YORK

Duquesne Ltg. 6s, 1949

FARLEE & CO.

Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926 {
Mississippi Val. Gas & El 5s, 1922 \

Lehigh Power Sec. 6s, 1927

(6 BROADWAY

BAUER, STARR & CO.

Members American Bankers' Association
Members New York State Bankers' Association

tl« BROADWAY
N. Y. CITY.
Reoter

We Will
Detroit Edison

5s,

,

w

ABRAHAM & CO.
17

William St.

N. Y.

Tal. Rector 1 Sc. S

LAND TITLE BLDO*
PHILADELPHIA
Private wire oennecriene

7416

We Will

Buy

Sell

Madison River Power 5s, 1935

1933

'20

Georgia Lt., Pr. & Rys. 5s, 1941
Lake Superior Income 5s
N. Y., Pa. & Ohio 4^8,1935
National City Bank
Philippine Ry. 4s, 1931
Seattle-Everett 1st 5s, 1939
Wisconsin Central Ref. 4s

M^Year 5% Bonds Due January 1,1923

J. S.

Exchanges

Stock

Thone 7500

Bonds

Telephone Rector 5026

,

N.

Broadway.

New York

5 Nassau St.

ONE WALLST

MILLER & COMPANY
Members

Railroad

dembers N. Y. Stock Exchange

& 6s

Idaho Power 5s, 1947

Niagara Lockp. & Ont. Pow. 5s, 1954

U1

IBroaufcrnu K.U/

Milwaukee Elec. Ry. & Lt. 43^8, 1931

England Power 5s, 1941

fublicMito Securities

Brooklyn Edison 6s, 1930

Long Island Lighting Co. 5s, 1936

tSerdell Brother#

New

Niagara Falls Power 5s, 1932

Ohio Cities Gas 7s, 1925

Ohio Cities Gas 7s,

Salmon River Power 5s, 1952

1921

Southern Public Util. 5s, 1943

Tenn. Power 5s, 1962

Southwestern Bell Tel. 7s,

Texas Power &

1925

Light35s, 1937

EARLE A. MILLER A CO
SPECIALISTS IN PUBLIC UTILITY

SECURITIES

DIRECT PRIVATE WIRE CONNECTION WITH

TELEPHONE RECTOR 8060-1-2-3




CHICAQO

111 BROADWAY NEW YORK

Great Western Power

Utah

Co. 6s, 1925

Securities Corp.

6s,

1922

American Pr. & Lt. Co. 6s, 2016

Lehigh Power Sec. Corp. 6s, 1927
American Gas &

Northern States

Duquesne

Privata

Elec. Co. 6s, 2014
Pr. Co.

7s, 1923

Light Co. 6s, 1949

Pholnas

to

Philadelphia A Boston

Sept. 4 1920.]

THE CHRONICLE
Current Ponft

Mexican Light & Power 5s

(Mich.) Water 5s

Burlington (Vt.) Gas 5s

Utah & North. Ry. Con. 1st 5s, 1926
Broadw, & 7th Ave. RR. Con. 5s, 1943

Columbus & Toledo RR. 1st 4s, 1955

Southern Public Utilities 5s

St.

Cleve. Akron & Col. Ry. 1st 5s, 1927

Colum. & Hock. Val. Ry. 1st 4s, 1948

Guanajuato Pow. & Elec. 6s & stocks

Louisville & Jefferson V. Br. 4s, 1945

Oregon & California Ry. 1st 5s, 1927

Cin. Hamilton & Dayt. Gen. 5s, 1942

Michoacan Power 6s

Brooklyn City RR. Co. 1st 5s, 1941

Louis & Cairo

RR.

1st

4s,

1931

Gr. Trunk Western Ry. 1st 4s, 1950

Guanajuato Reduction & Mines 6s

Flatbush W. Wks. Co. Gen. 6s, 1931

Harlem River & Portch. 1st 4s, 1954

Empire Lumber 6s

Lex. Ave. & Pavonia Ferry 5s,

1993

New Amsterd. Gas Co. Con. 5s,

(4948

Cent.-Cairo

Illinois

Clinton Water Co. 5s

'■

'

& CO.
63 State

Telephone

Boston

•

Carnegie Ewen

Tel. Rector 32734 and 3294

Springfield (Mo.) Water Co. 5s

rtOTCHKIN

'f

'•

Wm.

(Ind.) Water Co. 5s

460

Bridge 4s, 1950
*.

Birmingham (Ala.) Water 5s

Main

Kanawha & Michigan Ry. 1st 4s, 1990

"Big Four" Underlying Bonds
Chi.Ind.& St.L. Sh. Line 1st 4s, 1953

Roanoke Traction & Light 5s

Muncie

SnquMea

Alabama Great So. Ry. 5s, 1927-1943

Indianapolis Water Co. 4^8 & 5s

Monroe

xv

St.,

9, Mass.

2 Wall

Street, New Yecfc

Canadian Pacific 6s, 1924

Federal Farm Loan

4V£s, 1938

Chicago & Eastern

New York Central 7s, 1930

Illinois Ry.

Amer. Lt. & Trac.

Central Petroleum

Circular upon request

BULL a ELDREDGE

Pacific Gas & Electric
Western Power

Stock Exchange

Members of the New York

BROAD ST.. N. Y.

SO

Specialists

in

Tel. Rector 8460

Farm Loan

Federal

Foreign

Wm. C. ORTON & CO.

Bondf^

Government

Bonds

Specialists Reorganization Securities
25 Broad

MacQuoid

Wall

..

,,

Tel. 7160-1 -2 Broad

St., New York

A Coady

AiemOers New For* Stock

4

"

Tel. Reotor 9970.

St., N. Y.

Kodak

Eastman

Bodtanoe

FOREIGN
Pormh

Common & Preferred
Listed

the

on

Stock

New York

Exchange

EXCHANG

and Sold on Order

Boar

Checks

Currency

Harlem River & Portchester 4s, 1954
Union

1942

Term'l of Dallas 1st 5s,

Shuman

Term'l Ass'n of St. Louis 1st 5s, 1944

N.

Y.

Eastern

&

Wilkesbarre

1942

1st 5s,

Connecting RR. 4J^s,

1953

Rollins, Kalbfleisch & Co.
Members N. Y. Stock Exchange

Cleveland Short Line 4}/£s, 1961
Y.

Susq. & West. Gen. 5s, 1940

N. Y.

66 BROADWAY

Telephone Rector 2687-8-9

Tel. Reotor 6881

& FLEMING
K. L. FLEMING

CONSTABLE

,

Specialists in Railroad Terminal Bonds
Trinity PI.

Seligmam
Tel. Broad VIV»

Y.

Securities

Consolidation Coal Co.

Gas, Electric Light *
Power of Baltimore Securities

Elk

Finlay & Davenport CONSTABLE
JWM.
72

10 Broad St. N..

Consolidated

Susq. & West. Term'l 5s, 1943

N.

&

MemOere New York (Hock Bxcnunot

71

Broadway N Y"

Bowling Green 6460

Rio Grande & West. Coll. 4s, 1949

Horn

Coal Corp. Securities
& Annapolis Securities

Wash. Bait.

J. HARMANUS FISHER & SONS
1874.)
:
BALTIMORE. SID.

(Established
SOUTH

ST.

Exchange.

Members Baltimore Stock

So. Ry.

Memphis Div. 5s, 1996
3^8, 1997
East RR. of Minn. No. Div. 4s, 1948

WANTED

Lake Shore & Mich. So. 1st

GREEN BAY & WESTERN RR.

We buy and sell for our own account

DEB. "A" BONDS

Railroad and Public Utility Bonds.

PROCTER & GAMBLE

INVESTMENT SECURITIES
N. Y. CITY

M PINE STREET

Canadian, Mexican and Foreign Government
Securities.

Com. & Pfd.

GILMAN

Stock & Scrip

6681-4 John

STANDARD

Members New York Stock Exchange

New York

NEWBORG & CO.
60

Albany
Baltimore

BROADWAY, N. Y.

Boston

Buffalo

Telephone 4390 Bowling Green
PRIVATE

WIRE TO

Chicago

ST. LOUIS

Rochester

Free

Upon

L

Booklet

Request,

Pittsburgh

Cleveland

Mailed

1

Edition

TeL, 6400 Broad

Cincinnati

0

New

Eighteenth

BRANCHES and CORRESPONDENTS

Stock Eiehaagt

42 BROADWAY

Phone Broad 7118

J. S. Bache & Co.

Liberty Registered Bonds

Members New York

Kansas City

Syracuse

Philadelphia

Troy

CARL

PFORZHEIMER & CO.

H.

St. Louis

New Orleans

Standard Oil

Dealers in
Phones

4860-1-2-3-4 Broad.

Securities!

25 Broad St., N. Y.

k

f
Mo.Kan. & Tex. 1st &
Mo.

Kan.

& Okla.

2d 4s, 1990

Kan.

& Texas Ext.

5s,

1944

& Texas

Ref. 4s, 2004

Mo. Kan. & Tex. of

Texas 5s, 1942

Mo.

Kan.

Southwest Coal & Imp. 6s, 1929

St.

& Pacific 4s, 1990

Texas & Oklahoma
Denver & R.

5s, 1943

Grande Adj. 7s, 1932

& La.

& Rio

Colon.

Wise. Cent. Ref. 4s &

Trinity PUe«, N. Y.




Line 4s

Sup.yJ& Dul* 4s

Penna & Ohio 43^s
Harlem River & Portchester 4s
New York,

Y., N. H. & Hartford 4s, 1922

Seaboard Air Line

Consolidation Coal 4^3, 5s,
Kansas City Railway 5s
Central

6s

Foundry 6s

Portland Ry. & Lt. 5s,

1930 & 1942

Dominion Coal 5s

Granby Mining 8s

6% Rec. Ctfs.
Kentucky Coal 5s
Willys Corporation 8% Preferred
West

"Nickel Plate" 2nd 6s

Oregon Short Line 5s & 6s
& Penin. 5s, 1930 & 1943
Mo. Kans. & Texas Issues

SAM'L

Louis 4s

B. R. T.

6s

Phone 1380-1-2-2 Brood

St.

&

Syracuse 5s, 1957
Int. Tract, of Buff. 4s, Ctfs.

5s

Paul & Kansas City Sh.

Telepone Rector M0

72

Rochester

Grande Issues

Fla. Cent.

WOLFF & STANLEY

United RR.

4^s

Susq. & West. Gen. 5s

Manitoba So. W.

N.
Kansas City

Y.

Denver

Dallas & Waco 5s, 1940

Mo.

Rock Island-Ark.
N.

5s, 1942

!

HENRY NIGHTINGALE

INDIAN REFINING

JOSEPH

MEXICAN SECURITIES

Van Raalte Preferred
Cuban Govt.

Securities

GOLDSGHMIDT
25 Broad Street

THE

XVI

[VOL. 111.

CHRONICLE

Current JBoitb Snqtifrfe*

UNLISTED
WILL BUY

WILL BUY
Atlas Portland Cement

Central Union Gas 5s, 1927

Cresstec Steel

Long Isl. City & Flush'g 5s, 1937

H. W. Johns ManvilleTref.

Hecker-Jones-Jewell 6s, 1922

Mo. Kan. & Texas Pref. Ctfs.

Pac. RR. of Mo. Real Est. 5s, '38

/

United

Paperboard Pref.

4

United
Union

Ward Baking Pref.
West

Ward

Virginia Pulp & Paper
Members New York Stock

Lead Deb.

1943

Railway of N. Y. 5s, 1942

Baking 6s, 1937

Exchange

25 Broad Street

f

New York

We

specialize in the shares of

McSherry Manufacturing Co.

The

George C. Moon Company
Wyoming Oil Syndicate Units

Knickerbocker-Wyoming Oil Co
Options

First National Bank

Foreign Currency

on

of Boston

L. N. Rosenbaum & Co., Inc.
135

Broadway,

NEW

Brokers

&

Capital, Surplus and Profits

YORK.

Sales

Representatives

$37,500,000

Wanted.

Deposits

$185,000,000

Aetna Petroleum Corporation

Resources

v

8% Convertible Gold Notes

$265,000,000
Circular

Request

on

Make it your New

England correspondent

Jones & Thurmond
25 Broad St

New York, N.Y.

Phone: Broad 7412

BERTRON, 6RISC0M ft CO., INC.
INVESTMENT

SECURITIES

40 Wall Strnt

30 Years

Six Per Cent
Southern

Municipals

in

Land Tltla Bulldin f

NEW YORK

Export Banking

PHILADELPHIA

Scott & Stump

Short Time Notes

INVESTMENT SECUItlTIES

Commercial

Stock

Exchange

Paper

Building,

Preferred Stocks

PHILADELPHIA
Phtncc: Locust ©480. ©481. ©483. ©483
Keystone Race 3707

BOUGHT

AND

SOLD

INTIMATE

Acceptances

KNOWLEDGE r of

the needs and habits of the

by

people,

Bay State Film

acquired

El Favor Mines

and actual residence in

Unlisted Oil, Mining, &
Industrial Securities

tries themselves, is essential when

Hibernia

G. F. Redmond & Co., Inc.
10 STATE

ST.,

BOSTON, MASS.

Direct Private Wire to New York.
Tel. Main 3138—Fort Hill 920

New York Central 7s, 1930
Central of Vermont 4s,
1920

Securities

Company

(Incorporated)

Hibernia Bank Building
New Orleans

(undeposited bonds)

CONNELL
111

Broodwoy

&

NICHOLS
»

Now York

Telephone: Rector 6467 and 623




New York Office

-

44 Pine St.

years

of

experience
the

coun¬

transacting business abroad.
23

Branches
1
8

in

South

Branch in

America

Mexico

suffices in Europe

Direct Connections with India

Anglo-South American
"Bank, limited
New York Agency,

49 Broadway

SUPT. 4

1920.}

THE CHRONICLE

financial

XVII

JFinanttal

r

"We willansuer all things

Loans and Rumors of Loans

faithfully.n
—SHAKESPEARE

If

Norway considers floating

and America

of the American

fidelity

hear of
may

As

an

institution

close

in

of

affairs

this

,

its

has

Company

use

to

a

are

among

the first to

her back interest coupons

pays

bank in the

Pennsylvania coal

Michigan investment dealer might profitably

dealers and

new

Swedish securities.

bankers may

receive prompt in¬

forthcoming financial arrangements by avail¬

ing themselves of the services of the American
Express Se¬
curities
or

that

Department.

You

are

invited

to

write

freely

o»

similar subjects.

is included safe¬

purpose

guarding

customers'

our

interests, protecting

American Express Company

their

property, respecting

their

securities

confidence, and perform¬
ing

Bulgaria

advance information about

these

WithiA

fulfill.

a

loan in London, if France

a

negotiations, representatives

Express Company

be of great interest

Investment

which it strives at all times
to

That

formation of

set

purpose

a

it.

fields, and

customers

for itself

up

coming

with the

contact

conduct financial

telephone'

Department

Bowling green iqooo

the best of obr

to

ability the tasks they

en¬

trust to 'IS.

..

trr

METROPOLITAN

COMPANY

TRUST

Iational Bank

716 FIFTH

AVENUE

in

Swiss

Commerce

of

NEW YORK.

THE CITY OF

OF

WALL STRBBT

60

new york

Bank

Corporation
Established

Basle,

1872.

Zurich,

St.

Gall,

Geneva,

Lausanne

Capital, Surplus And Undivided Profits

La Chaux-De-Fonds

Over

Neuchatel

LONDON

OFFICE

E. C. 2.

43, Lothbury,
END

WEST
lit.

Rtgtnt St..

Surplus

The

Corporation

Burk Petroleum

$6,600,000

-

Corporation

$190,000,000

-

-

Send for Circular

S. W. 1

$24,000,000

-

•

•

Deposits-

BRANCH

Waterloe PI..

Capital Paid-up

Fifty-five Million Dollars

with

its

London

A

producing Oil Company

Offices and extensive American and
connections

Continental
dertake

every

can

description of bank,

ing business between America and
Switzerland as well as the whole
of

Continent

favourable

terms.

and Bankers
make

use

poration

Europe

are

the

on

lr

un.

most

"The Oil

Industry" issued monthly,

devoted to
sent

upon

impartial oil
request

news,

will be

without charge.

American Banks

cordially invited

to

the facilities the Cor¬

of

can

place at their disposal.

R.C.Megargel&Ci27

Pine Street, New York

MOORE.
LEONARD

& LYNCH

Members New York, Pittsburgh

Frick

Bldg.

Pittsburgh

& Philadelphia

Stock Exchanges

,

New

^

111 B'way

U,

New York

Philadelphia

Jersey

Ritz Carltoa '

W. H. Goadby
Members New

& Co.

York Stock Exchange

NO. 74 BROADWAY




NEW YORK

Municipals
B. J. Van

Ingen & Co.

46 Cedar St.

New York

TEL. 6364 JOHN.

[VOL. 111.

THE CHRONICLE

XVJII

Jftnantial

jfimntM

James Talcott, Inc
General Offices

Canada

225 fourth avenue

new york
FOUNDED

city

Bear

this

thought in

mind: Canada's indus¬

1804

trial possibilities to-day

equal those of the Uni¬

Correspondents

and

Factors

Agents,

Manufacturers

and

Merchants

ted States

immediately
following the Civil War.

to*

in

That explains the
American industrial

the United States and Abroad

invasion of Canada and

the Dominion's favor¬

able investment oppor¬
tunities.

Entire Production of Textile Mills Sold and Financed
Accounts

and

Guaranteed

Placing investment

Discounted

funds in Canada with
Carle

adores?

exchange rates

quomakei

so

vantageous to you,

ad¬
au¬

gurs well for large in¬
future profits.

come and

We will recommend
you desirable securities
with excellent incom L

Approved Investment Issues

yield if

Long and active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be thoroughly familiar with opportunities for safe
and

to

bonds originating in

solicited

are

of

agency

profitable investment.

Bids for and offers of

will write

you

Address:

us.

-v

Royal Securities

this district
't'y'"■

CORPORATION
(CANADA)

LIMITED

Mellon National Bank

Government,

.

Railroad

Municipal,

Public Utility

cincinnati

Industrial

Investment

Cortlandt 3234-5-6

Tel.

Pennsylvania

Pittsburgh

New York

165 Broadway

&

Bonds

gas

electric

5K

co.

6%

Secured Gold Notes

A. B

Due Dec. 1,

Leach & Co., Inc.

Principal

1922

semi-annual

and

Complete description
x

62 Cedar St., New York
Philadelphia

Boat os |

Bafraioi

Cleveland

request.

Serastoel

rwmotargD

Detroit!

Yield l\i%

to

Minneapolis

Baltimore

Milwaukee
BOND

as

Girard Trust

Executor,
Trustee,

Guardian^

Chartered

Receiver,
Registrar and

Fifth-Third
National Bank

1836
CINCINNATI, O.

Transfer Agent

CAPITAL and
Member

Interest

DEPARTMENT

Company

PHILADELPHIA

Administrator,

on

on

105 So* La Salle St«f Chicago
Price

Acts

Interest

payable In New York.

Investment Securities

of

SURPLUS, $10,000,000
Federal

Reserve

System

allowed
E.

deposits.

B.

Morris,

President

f

aaagnanMBBB

Thomas C. Perkins
Constructive
15 State Street

'I
INCORPORATED

!<T

Boston, Mass.

Banking

3b Pearl Street

Hartford, Conn

investment securities
Specialist

Maintaining 71 Branch Offices|inf60

years

for

eighteen

In the Financing

of established and pros¬
perous

Industrials.

Principal Cities of the United States
EXECUTIVE
111

W. Monroe Street




OFFICES:

Entire

CHICAGO

underwritten

stock

issues

and distributed

Sept. 4 1920.]

THE CHRONICLE

xix

Jfinatufal

A

jftnanclal

man
of character and

—by character I

ability

American Banks

honesty,

mean

determination and application.

By

ability

sound

in

mainly

mean

Europe

Assistant to the President

—now

of

I

reasoning.

large

with

-seeks

N.

of the

in

offices

Europe

are

Company and also inde¬

pendent banking units.

Chronicle,

Street

Wall

3,

N. Y.

JL branches

opportunity.

greater

company's

with

connection

a

Address C. E., care

Box

rr^his

corporation,

Y.

international business.

an

Completely equipped for all phases of modern

Station,

City.

banking, they function for American bankers
and business

Brokers and Sales
wanted

to distribute

stocks

of

Representatives

established

industrial

porations.
For
detailed
communicate with

financial

high-grade

locally

cor¬

information

men

as

their

banks, acting

their

as

agencies abroad, and handling their

transactions in the American

way.

PAUL WEI SB ART &CO.
Fifth

605

New

These offices, in

Avenue,

relations
in

.broad service

**CO»OOQ*T£0

Investment

between

Europe and America,

especially favorable position

an

Hollister,White& Co.

to

to

are

be of

financial and business interests

Securities

both sides of the

on
92

fostering mutually beneficial

York.

CEDAR

STREET, NEW YORK
50 Congress St.
North American Bldg.
Boston, 9, Mass.
Philadelphia, Pa.

water.

Guaranty Trust Company
o.

of New York

INCORPORATED

Sft.

//-£

^/vica^o, jftt.

NEW YORK

LONDON

LIVERPOOL

Foreign Exchange, Foreign Securities,
European Currency, German Bonds,
European Bonds.

PARIS

HAVRE

BRUSSELS

CONSTANTINOPLE

Capital & Surplus $50,000,000 Resources over $800,000,000

SALE OF THE CONTROL
in Banks and Corporations negotiated

confidentially

JACOB BACKER, FINANCIAL
Escbsnffs

Bank Bldg

ST.

BROKE*

PAUL.

MINN

Hollandsche Bank

JfJo iitt%

-

Banco Holland#* da America do Sol)

AMSTERDAM

FirstfNational^Bank of Lowville, located
Lowville, in the State of New York, is closing

The
at

Zuid-Amerika

voor

(Banco Holandes do la Amarlca dal Sud

All note holders and other creditors
of the association are therefore hereby notified to

RIO DE JANEIRO

BUENOS AIRES

SANTOS

SAO PAULO

its affairs.

present the notes and other claims
C. FRED BOSH ART,
Dated July 31st,

for payment.
President.

fl.

Capital and Reserve Fund_„

1920.

BALANCE SHEET PER THE 1ST JULY,
in
at

Balances

Swift & Company

Dividend No. 139
Dividend of TWO DOLLARS
the capital

stock of Swift &

($2.00) pershareon
Company, will be

paid on October 1.1920, to stockholders of record.
September 10,1920, as shown on the books of the
Company.
C. A. PEACOCK, Secretary.

New York, Sept. 2nd, 1920.

and Three-Quarter Per Cent
the Preferred Stock of this Company

A dividend of One

will be paid on October 1st, 1920. to stockholders
of record at the close of business Sept. 18th, 1920.
GEO. E. FAWCETT, Treasurer.

General
A

Baking Company

Preferred Stock Dividend No. 35.
New York, Sept. 2nd, 1920.
dividend of Two and One-Half Per Cent

(2M%). being
regular and H%on account
of accumulated dividends, on the Preferred 8tock
of th<H Company will be paid on October 1st,
1920, to stockholders of record at the close of
business
Sept.
18th, 1920.
wjMI
Ml
.mJemfiEO. E.iFAWCETT, Treasurer.




20,679,789
41,286,078
51,841,023
3,748,084

Receiveble

Investments In Securities
Securities Deposited...
Securities Bought not
yet

61
99
18
21

42,875,095 66
re-

1,706,840 08

600,000 00

%

.

Shars Capital
fl.
Reserve rund.................
Bills Payable..

20,000,800
8,600,000
8,829,689
Deposits
88,761.400
Creditors in Current Account.. 87,890,506
Balances of Home and Foreign
Bankers........
88,200,400
Securities Deposited
42,870,095
..........

Pension Fund...
Unclaimed Dividends.
Dividend
1918-1919
Undivided Profit.

100

......

AND

LOSS

ACCOUNT PER

2,758,862 80
as

follows:
fl.
600,000 00

reserve...

170,000 00

Reserve

Special

Writing off premises..
100,000 00
Shareholoers 9%..... 1,896,000 00
Holders of Founders'
Shares.............
Bonuses

Taxes
Balance
count

—

to

—

new

Ac-

00
20

CREDIT.

1-1,121,749 58

Net Profit.....
to be divided

TO
60
67
64

30JH JUNE 1919

DEBIT*

Expenditure

00
00
80
80
00

f 1.186,$70,838 >1

f1.185,676,838 91

PROFIT

100,166
17,968
1,896,000
92,660

...........

ceived

Premises
."•imiture

Preferred Stock Diyidend No. 35.

(1 H%) on

For¬

Debtors in Current Account

Kolb Bakery Company

I

76

7,946,466 65

_

and

eign Bankers
Bills

Chicago.

Union Stock Yards,

16,696,169

fl.

Hand
Bankers
with Home

1919

LIABILITIES.

ASSETS
Cash
Cash

29,500,000

Balance

brought

forward

from

..

fl.

88,176 51
25,608> 00

fl.

1917-1918

18,170 01
1,881,880 M
2,881,049 87

Less addition to Pension Fund

Intersst
Bills and

Commission

119,568 68
289,187 86
187,600 00
M

92,656 26
fl.3,875,611 03

GENERAL BANKING BUSINESS

CORRESPONDENTS ALL OVER THE WORLD

fl.3,876,ill 0t

THE CHRONICLE

XX

[VOL, 111.
Bfbftenb*

jHnanctal

MIDLAND VALLEY RAILROAD COMPANY.
Adjustment Mortgage Series 44A" Bonds.

Philadelphia. August 25, 1920.
The Board of Directors of theMidland Valley
Railroad Company has determined and declared
that for the year ended June 30. 1920. Three Per
Cent has been earned and is payable upon the

NEW ISSUE

Company's

City of Birmingham, Ala.
5V4%iRefunding Bonds
DUE

SEPT.

On

presentation

"A"

Series

Mortgage

surrender of
Coupon
No.' 4 at the office of the Fidelity Trust Com¬
pany, Philadelphia, on or after September 1st,
1920, $30 will be paid to holders of $1,000 Bonds
and $15 to holders of $500 Bonds of such issue.
J. R. K. DELANY, Treasurer.

1930

X,

Adjustment

Bonds.
and

NATIONAL BANK OF COMMERCE
IN NEW YORK.
A

Birmingham, is one of the greatest steel centers in
The City's population for 1920 is 178,207, an
increase of more than 34% in 10 years.
Principal and
semi-annual interest is payable in
gold in New York
City.
The bonds are in I coupon form with the privi¬
lege of registration as to principal.
Legality of the
issue has been approved
by John C. Thomson, Esq.
the U. S.

quarterly dividend of THREE PER CENT
(3%) has been declared upon the Capital Stock
this Bank, payable on arid after October 1,
1920, to Stockholders of record at the close of
business September 17, 1920.

of

The Transfer Books will not
H. C. STEVENS, Second

September 1,

GUARANTY TRUST COMPANY OF NEW YORK
New York, September 1,
Board of Directors has declared

The

Price

be closed.

Vice-President.

1920.

1920.
a

quar¬

terly dividend of Five Per Cent on the Capital
stock of this Company for the quarter ending
September_30th, 1920, payable on that date to
stockholders of record September 17th, 1920.

and interest
94y2

Yielding

MATTHEW T. MURRAY, JR.. Secretary.

V.

VIVAUDOU, Inc.

Times.Building, New York.
August 26, 1920.

CO.

R. M. GRANT &
Nassau St.,

31

New

The

Board

of

NO.l 4

Directors

this

of

Company

York

St* Louis

Boston

DIVIDEND

Chicago

has
declared
a
quarterly
dividend of fifty cents (50c.) per share
on the
Common Stpck, payable Octo¬
ber 1, 1920, to stockholders of record
September 15,1920.
HUGH

C.

MacBRIDE, Treasurer.

Remington Typewriter
Company
Quarterly Dividend
The

Members New York Stock

Directors

of

Exchange

K.

GEORGE

52

have

declared

the

quarterly dividends of $1 75 per share on the
outstanding First Preferred Stock and $2 00 per
share on the outstanding Second Preferred Stock
of this Company, payable on October 1, 1920,
to stockholders of record September 10, 1920.

& Whitely

Prince

Board

GILLULY, Secretary.

Broadway, New York
DYEWOOD CORPORATION.
New York, September 1, 1920-

UNITED

Preferred
Capital
Stock Dividend
No.
16.
Common Capital Stock Dividend No. 16.

We

beg to

announce

the opening of

The following dividends on the stocks of this
Corporation have been declared; A dividend of
$1.75 per share (from a sum set aside for the
payment of $7 per share for the year 1920) on
the Preferred
Stock,* payable Oct. 1. 1920; a
dividend of $1.50 per share on the Common
Stock,
payable October
1,
1920; payable to

a

DEPARTMENT

BOND

stockholders of record of Preferred and Common
Stocks at the close of business

tember

to

deal

in

high-grade issues

of

Municipalities,

15,

Wednesday,
be closed.

Checks will be mailed by the New York Trust

Railroads, Corporations and Foreign Governments.

Company of New York.

This

THE

F.

is

department
Buell

A.

and

Geo.

Private

Boston

the

under
A.

direction

of

Heath.

wires

DE

CLINTON

WITT

NIAGARA

New Haven

Richmond

JONES,

Treasurer

POWER COMPANY
Falls, New York
August 27, 1920.

FALLS

Niagara

STOCK

PREFERRED

to

Philadelphia
Baltimore and

DIVIDEND

NO.

NIAGARA FALLS POWER COMPANY
Niagara Falls, New York

August 27,
STOCK

COMMON

WE FINANCE

on

board of directors and executive committoe, control of

finances, and

DIVIDEND

1920.

NO.

7.

meeting of the Board of Directors of this
Company held this 27th day of August, 1920, a
dividend of One Dollar and Fifty Cents ($1 50)
per share was declared on the common shares
in the capital stock of this Company, payable
September 15i, 1920, to holders of said common
stock of record at the dose of business on Sep¬
tember 8, 1920.
FREDERICK L. LOVELACE, Secretary.
At

established meritorious industrial enterprises under longtime contracts
as sole fiscal agents with permanent financial
interest, representation

8.

At a meeting of the Board of Directors of this
Company held this 27th day of August, 1920, a
dividend of One Dollar and Seventy-five Cents
($1 75) per share was declared on the preferred
shares in the capital stock of this Company,
payable on the fifteenth day of October, 1920,
to holders of said preferred shares of record at
the close of business on the
thirtieth day of
September, 1920.
FREDERICK L. LOVELACE, Secretary.
THE

$

Sep¬

1920.

Transfer Books will not

The

a

right of audit and inspection without notice.

DIVIDEND

PACKARD

WE OFFER

MOTOR

NOTICE.

CAR

PREFERRED

COMPANY.

STOCK.

regular quarterly dividend of one and
threerquarters per cent (1 % %) on the preferred
capital stock or the Company, has been declared
by the Board of Directors, payable September 15,
1920, to the holders of the preferred stock of
record at the close of business August 31, 1920.
The books will not be closed.
FREDERICK R. ROBINSON. Secretary.
Detroit, Michigan, August 30, 1920.
The

bankers and investment dealers

a constant supply of proven industrial
profitable underwriting opportunities, together with
financial assistance on their own local underwriting* and the
assistance of all our affiliated sales organizations in distribution of
security issues too large to handle locally.

securities and

Correspondence Solicited

Central National Industrial

Finance Corporation
Capitah $1,000,000

National

Association Building

28 WEST 44TH STREET,

NEW YORK

AMERICAN
PREFERRED

BEET SUGAR COMPANY
STOCK DIVIDEND NO. 85.

Dividend (No. 85), of
($1.50} per share, on the
Stock of this Company has been de¬
clared, payable on October 2nd, 1920, to Preferred
A

Regular

Quarterly

One and 50-100 Dollars

Preferred

Stockholders of record at the dose of business on

September 11th, 1920.
C.

I




C.

Checks will be mailed.
DUPRAT, Treasurer.

Sept, 4

1920.}

THE CHRONICLE

xxi

jHntmcfal

NOTICE

Denver & Rio Grande Railroad
Seven Per Cent Cumulative
Tho

Adjustment Mortgage (Income) Gold Bonds

Undersigned Committee representing the Seven Per Cent Cumulative Adjustment
Mortgage (Income)

Bonds of the Denver & Rio Grande Railroad
Company has received
ration to issue and

for

par

Company

exchange its Four Per Cent (interest fixed and

an

offer from the Western Pacific Railroad

dependent

not

Gold

Corpo¬

income) Ten Year Secured Notes,

upon

for said Adjustment Income Bonds.

par,

i

THE OFFER OF THE WESTERN PACIFIC RAILROAD
CORPORATION IS
TO THE OFFER BEING ACCEPTED BY THE HOLDERS OF

CONDITIONED, AT ITS ELECTION,
$7,510,000 PRINCIPAL AMOUNT OF THE ADJUSTMENT

INCOME BONDS PRIOR TO SEPTEMBER
20TH, 1920.

Owners of Adjustment Income Bonds will receive in cash

an amount
equal to the interest due
1920 (from which date the Notes of the Western Pacific Railroad

Income Bonds October 1st,

interest) less Ten Dollars ($10)

depositaries and agents.

bond to

per

meet

the

on

said Adjustment

Corporation will draw
and compensation of the Committee and its
counsel,
Adjustment Bonds of a sufficient amount for the consumma¬

expenses

If Certificates of Deposit and

or

tion of the arrangement are not

returfofi^'without

cost to

he Committee

having given careful consideration

For the purpose of

sufficient

amount
ers

deposited the deposited Certificates of Deposit and Adjustment Income Bonds will be
the depositors.
•
the offer recommends the acceptance thereof.

to

ascertaining whether the offer is acceptable

to warrant

the Western Pacific Railroad

to the

Corporation

of

owners

Adjustment Income Bonds, of

to consummate the

of Certificates of

an

proposed arrangement, hold¬

Deposit for Adjustment Income Bonds deposited with our Committee, and owners of
undeposited
Adjustment Income Bonds, electing to accept the offer, should promptly deposit their Certificates of
Deposit and or Ad¬
justment Income Bonds with BLAIR & CO., INC., 24 BROAD STREET, NEW YORK
CITY, which will issue its Certifi¬
of

cates

Deposit therefor.

Adjustment Income Bonds when deposited must be accompanied
by interest
all

subsequently maturing

due October 1, 1920, and

coupons

^

coupons.

For further information

apply to the Committee

'

its Secretary.

or

JOHN

B,
1

DENNIS,
Chairman.

Hornblower, Miller & Garrison,

Counsel.

24 Broad

Secretary,

BANNARD,

ALONZO
Arthur O'Brien,

OTTO T.

POTTER,

BERTRAM

CUTLER,

Street, New York City.

Committee.

Btotbenbg
OFFICE OF

The

United

Gas

OFFICE
H.

Co.

Improvement

M.

The

Philadelphia, June 9, 1920.
this day declared a quar¬

Directors have

terly dividend of

one and three-quarters per cent
(87He. per share) on the Preferred Stock of this
Company,
payable
September
15,
1920,
to
holders of Preferred Stock of record at the close
of business August 31, 1920.
Checks

will

be

mailed.
I.

W.

MORRIS.

BYLLESBY

CHICAGO,

N. W. CORNER BROAD & ARCH STREETS

(1H%) on the preferred stock of the Company,
payable by check September 15th, 1920, to stock¬
of record at the close of business Au¬
gust 31st, 1920.
ROBERT J. GRAF, Assistant Secretary.

on

Sept.

1,

1920,

payable

the office

at

Company in New York

or

by

or

their

agency

in Boston, will be

paid in New York at the Bankers

Trust

Com¬

BYLLESBY

(1H%)

the preferred stock of the Company,
by check September
15th,
1920, to

on

stockholders of record

August 31st, 1920.
ROBERT J. GRAF, Assistant Secretary.

16 Wall Street.

pany,

D.

G.

OFFICE

MILNE, Treasurer.

H.

M.

BYLLESBY

CHICAGO,

American

Telephoned Telegraph Co

Convertible

Four

Due

Per

Cent

March

1,

terms

on

Sept.

1,

1920,

at

Gold

payable

or

their

dividend of two per cent
(2%)
on the
preferred stock of the Company, payable by check
September 15th, 1920, to stockholders of record
as of the close of business
August 31st, 1920.
ROBERT J. GRAF, Treasurer.

M.

BYLLESBY

CHICAGO,
D.

MILNE.

Treasurer.

paid
of

on

per

share will

Railway, Light & Power Company has declared
regular quarterly dividend of one and three
(1 % %) on the preferred stock
of
the
Company, payable by check Septem¬
ber 15th,
1920, to stockholders of record as of
the close of business

at

the

close

of

business

on

Monday

September 20, 1920.
G.

D.

MILNE.

Treasurer.

SUGAR

COMPANY.

been

doclarod,

of three

I.

DU

PONT

DE

NEMOURS & CO.
Wilmington, Del., August 25. 1920.
The Board of Directors has this day declared

holders

of

record

at

cent

(3%)

October

1,

1920, to stockholders of record at the close of
business, Wednesday, September 15, 1920.
Checks will be mailed by the Guaranty Trust
Company of New York.
S. S. DeLANO, Treasurer.
H. C. WICK, Secretary.
CRUCIBLE STEEL COMPANY OF AMERICA.
Pittsburgh, Pa., August 17, 1920.
DIVIDEND

NO.

72.—A dividend of

one

and

three-quarters per cent (1%%) has been declared
out of undivided profits upon the Preferred stock
of this

Company, payable September 30, 1920 to

stockholders of record
September 15, 1920.
The Transfer Books will not be closed.
Checks will be mailed.
F.

KRESS,

Secretary.

interest

LEATHER COMPANY.
due October 1st,
1920, on

coupon
and registered bonds of this
will be paid by the Central Union Trust

the

Company,

Company
of New York.
The transfer books for the regis¬
tered bonds will close September
15th, 1920.
and reopen October 2nd, 1920.
H. W. IT ILL, Treasurer.
New York, August 24th, 1920.
AMERICAN

CAN

CO.

A quarterly dividend of one and

E.

per

payable Friday,

August 31st, 1920.

a dividend of 4H % on the Common Stock of this
Company, payable September 15, 1920. to stock¬

MANATI

dividend

the Common Stock of this Company has this

ROBERT J. GRAF, Treasurer.

Friday, October 15, 1920, to stockholders

record

A quarterly
on

day

The

ILLINOIS.

The Board of Directors of the Arkansas Valley

be

COMPANY.

CENTRAL

COMPANY,

quarters per cent

American Telephone & Telegraph Co.

FOUNDRY

CAPITAL

OF
&

the

A dividend of Two, Dollars

&

New York, Sept. 1,1920.
STOCK
DIVIDEND NO. 72.

H.

OFFICE

H.

Com¬

CAR

COMMON

agency

Trust

16 Wall Street.
G.

A dividend of one and three quarters per cent
(1 %%) on tho Preferred Stock of this Company
has this day beon declared,
payable Friday,
October 1, 1920, to stockholders of record at the
close of business Wednesday, September 15, 1920.
Checks will be mailed by the Guaranty Trust
Company of New York.
S. S. DeLANO, Treasurer.
H. C. WICK, Secretary.

COMPANY

ILLINOIS.

The Board of Directors of the Standard Gas &
Electric Company has declared the regular quar¬

in Boston, will be

paid in New York at the Bankers
pany,

by

the office or

Company in New York

OF
&

terly

Bonds

1936.

Coupons from these bonds,
of the

of the close of business

as

FOUNDRY COMPANY.

New York, Sept. 1 1920.
CAPITAL STOCK
DIVIDEND NO. 86.

AMERICAN

The Board of Directors of the Oklahoma Gas &
Electric Company has declared the regular quar¬
terly dividend of one and three quarters per cent

payable

&

OF
&

COMPANY,
CHICAGO, ILLINOIS.

Telephone & Telegraph Co.

Bonds, Due March 1, 1933.

terms

M.

CAR

PREFERRED
>

Treasurer.

Convertible Four and One-Half Per Cent Gold

of the

AMERICAN

COMPANY

holders

OFFICE

Coupons from these bonds,

&

ILLINOIS.

The Board of Directors of the Muskogee Gas &
Electric Company has declared the
regular quar¬
terly dividend of one and three quarters per cent

H.

American

iDtbftenlig

OF

the

close

of

business

on

three-quarters

per cent has been declared on the Preferred Stock
of this Company, payable October 1st, 1920, to

Stockholders

of

record

at

the

close

of

business

September 16th, 1920.
Transfer Books will re¬
main open.
Checks mailed.
*
j
R. M. ISMON, Secretary & Treasurer.

112 Wall Street, New York, September 3, 1920.
The Board of Directors of MANATI SUGAR
COMPANY have declared the regular quarterly

Said dividend to be payable) as
Two dollars per share in cash, and two
dollars and fifty dents per share in the Common

dividend of 1H % upon the preferred stock of the
Company, payable October 1, 1920, to holders
of preferred stock of record upon the books of the
Company at the close of business September 15.

Capital Stock of this Company Of the par value
of one hundred dollars per share: also dividend
of 1M % on the Debenture Stock of this Company,
payable October 25th, 1920, to stockholders of

The Executivo 'Committee has declared the
regular quarterly dividend of two per cent (2%)
on the preferred stock of the
Company, payable
October 1, 1920, to stockholders of record at

1920.

record at close of business

the

MANUEL B.

RIONDA,




Treasurer.

Aug. 31st. 1920.

follows:

ALEXIS

I.

on

October 9th,

duPONT,

1920.

Secretary.

Wpierce-arrow

*.

close
I

of

motor car co.

business September 15, 1920.
E. C. PEARSON, Secretary.

.

i

[Vol. Ill

THE CHRONICLE

Till

T

financial

Company

Seaboard Air Line Railway
To the Holders of the $4,000,000
Six Per Cent Secured Gold

Dated September 15,1917,

Railway Company,

Notes of the Seaboard Air Line

due September 15, 1920.

Through the co-operation. of Division Four

(Finance Division) of the Inter-State Commerce

Transportation Act of 1920, the Seaboard Air Line Railway
Company is enabled to offer to each holder of a $1,000 note of the above issue $750 in cash, the balance,
$250, to be extended to September 15,1923, with interest at 7 per cent per annum, payable semi-annually.
Upon presentation at the Guaranty Trust Company of New York or The Continental Trust Company,
Baltimore, the cash amount will be paid on September 15th, and the extended notes delivered containing
the necessary coupons.
The interest coupon due September 15th should be detached and collected

Commission under Section 210 of the

in the usual manner.

the extended amount is the same as now held by the Trustee
(the First and Consolidated Series "A" 6 per cent bonds of the Seaboard Air Line
Railway Company) and will be held by the Trustee in the same proportion or pro rata amount as is held by
the Secretary of the Treasury to secure the portion of the loan the Government has made to the Railway
Company to assist in meeting the aforesaid notes.
The character of collateral to secure

of this note issue

The above-mentioned loan from the

Government matures in fifteen years,

with the first payment

from the date thereof, and as required by the Transportation Act the Inter-State Commerce
Commission has issued a certificate to the Secretary of the Treasury that the prospective earning power
of the Seaboard Air Line Railway Company, together with the character and value of the security offered,
furnish reasonable assurance of the ability of the Railway Company to repay the Government loan
eleven years

at

maturity.

Commission to the Railway Company under Section 210 of the Transporta¬
with maturities 11-15 years from date and will materially
aid the Railway Company, for, in addition to assisting in meeting the aforesaid notes as above described,
important additions and betterments and other needs of transportation are provided for the Railway,
under the Transportation Act.
The Loans made by the

tion Act bear interest at 6 per cent per annum

other railroads of the country, was controlled and operated
1918, 1919 and until March 1, 1920, by the United States Railroad Administration.
The guarantee as to compensation during that period was extended by Congress to September 1, 1920.
The annual rental or compensation provided by the Federal Control Act to be paid by the Government
for the use of the Railway's property has met the fixed and other charges of the Company, including
the interest on its adjustment bonds.
The Seaboard Air Line, together with the

during the

years

Under the Transportation
a

return of

53^

per

Act rates

are now

required to be adjusted to yield, as near as may be,
of the carriers devoted to the public use, in the

cent on the value of the property

aggregate, in each of the four rate groups or districts established by the Commission, plus one-half of
one per cent for unproductive improvements at the option of the Commission.
The Seaboard Air Line
is in the Southern

Group.

The value of the property of the railroads of the Southern

Group, in the

aggregate, has been found by the Commission, for the purposes of this procedure, to be $2,000,000,000
(the combined property accounts of the railroads as of December 31, 1919, composing this group being

$2,183,923,124).
granted by the Inter-State Commerce Commission under which
While the increase granted the Southern District (25 per cent) is appar¬

An increase in rates has recently been

the railroads will

now

operate.

ently not proportionately as peat as in the Eastern (40 per cent) and in the Western (35 per cent) Dis¬
tricts, the Commission was of the opinion that such increase (25 per cent) would, under conditions
obtaining at that time, result in rates that will yield a return of 6 per cent on the above-named aggregate
value of the property of the carriers in this group.
Since the operation of the Act in relation to rates is
more or less automatic, should the increase named not yield the expected return unddr the requirements
called for by the Act, the Commission will doubtless make the necessary adjustments to meet those
requirements.

of the Seaboard Air Line Railway Company shows a steady annual increase.
(four months under private operation), over the
corresponding period of 1919 was 20.67 per cent.
Adjusted to the new rates the gross revenue for the
year ended June 30, 1920, will equal $56,432,000.
Under these conditions with rates adjusted on the
fair aggregate property value of the Southern Group to the return which Congress has provided shall be
definite that general railroad credit will be stabilized, the Seaboard Air Line Railway Company under
efficient management should earn a reasonable and safe return upon its individual property value
devoted to the purposes of transportation.
The gross revenue

The increase from January 1, 1920, to June 30, 1920

of New York and The National City Company, New York, have
they will recommend to the.holders of the notes the acceptance of the offer herein made.

The Guaranty Trust Company

advised

us

in view of general conditions, are gratified in being able
noteholders, through the co-operation of the Inter-State Commerce Commission,

The Directors of the Railway Company,
to recommend to the

the^acceptance of the terms named herein, and request noteholders to present as promptly as possible
their notes at either of the agencies of the Company herein named for payment and partial extension
on

September 15, 1920.
SEABOARD

AIR

LINE
S.

September 2,1920

'JBSSmSBBsSt




RAILWAY
DAVIES

COMPANY,

WARFIELD, Chairman
of the Board of Directors

.

Sept. 4 1920.]

THE CHRONICLE

xxni

XUutufsI

More Tire

Economy

U.

IT IS interesting to watch
a

car

gradually

owner

becoming

The driver of the car in the
fore¬
ground probably does not realize that
by rounding the corner too quickly he
may be taking as much as a thousand
miles out of his rear tires.

conscious of

his tires* If his first tires don't

A great
a

deal of tire trouble can be
by slowing down to a reason¬
speed in negotiating corners.

voided

able

to

expect, you

him going

for

back

to

will

see

the dealer

allowance*

an

he prefers to

point where
shoulder

his losses himself

rather than argue
ter out

the mat¬

with the dealer.

Meet him

a

year

will probably find him

you

with

two or

three different

makes of tires

on

his

car*

ing talks that

are

he goes

ation
own

way,

along in his

seeking the tire

that will give

him the great¬

est economy*

foul

of

the

finds

'j
sooner

out

later

or

and

can

take the

There is less conviction in

tires

today than about

other

he

that claims and al¬

never

with motoring.

Despite all the claims, all

has

the

quality.
United

Rubber

Company's
policy of quality first been

thoroughly justified or
widely appreciated than it
is today*
more

Discounting,
every

production

highly

as

temptation

ii: does,
to

force

favor

in

specialized,

place of

Even when the

performance.




a

wholly

production

of U. S. Tires has reached
two

More and

more

are

only

way

motorists

realize that

coming to

the

to tire econ¬

Rubber

United States
factories

of

standardized product.

ent

be

or

not

how

three times its pres¬

figure, the

test

how many

will still

tires—but

good.

United States Tires
Fifty-three

a

the

selling talks

any

subject connected

States

him running

irresponsible

dealer.
But

Never

presented

lowances

the minds of motorists about

supply

to

merchant who deals in

Often you see

later and

or

merely to

the allowances, all the sell¬

for the motorist's consider¬

Finally he reaches the

idea of business is
fill the eye

market and going direct to

give him what he has been
led

is through better tires.

omy

Avoiding the dealer whose

The oldest and
Rubber

largest

Organization in the World

Company
Two hundred and

thirty-five Branches

:

'

'

■
■

■

•

■

•

..

;

.

\

,

.

.

[Vol. 111.

THE CHRONICLE

xxiy

jfinmttsl

Why We Need
N

o

economic

August 1, 1919, the telephone

properties

in

York

New

returned

were

the

to

be

not

City

conditions prevail costs will

materially lower.

Following is

private

owners

by the United States Govern¬

of

ment.

Since then

the month

utmost

our

its former
the

to

we

have been
the

restore

doing

service

month

to

demands for

July,

new

service.

The

immune

been

from

the

effect

from

and

the

effect

of

So long

wages.

the twelfth month after
of

return

the

the

effect

This

property.
restoration

of

the

extension work upon our revenue

of

expenses,

higher salaries

including

and

and

increases and

wage

paid to thousands of additional

wages

workers.

the present

as

the

of

return

shows

high cost of all materials and supplies
or

the

not

has

Company

York City for

New

August, 1919, the first

following

1920,

the

Telephone

of

property to private management and

high standard and to meet

unprecedented

comparison of results

a

operation in

Percent

Increase

Revenue—

July, 1920

August, 1919

or

Decrease (—)

$3,233,851.65
-

TOTAL.

10.7

558,309.95

12.3

$3,730,952.19

Toll

$3,579,682.88

497,100.54

Exchange

$4,137,992.83

10.9

Expenses—
$1,478,818.38

$2,332,146.93

57.7

Materials and Other Expense.

825,110.30

1,191,126.51

44.3

Depreciation

428,602.41

483,167.52

12.7

248,781.04

284,771.03

14.5

$2,981,312.13

$4,291,211.99

43.9

749,640.06

—153,219.16

—120.4

58,331.78

80,052.20

37.2

$807,971.84

—$73,166.96

—109.1

Pay Rolls.-

*

Taxes..

_

_

_

-

—

TOTAL.
Net

Telephone Revenue

Sundry Net Earnings
Total Net

Earnings

com¬

will

yield

reasonable

for

service

rendered.

be

must

sufficient

provide

costs,
and

surplus

turn

upon

for

and

the

to

pay

value

of

the

2%

failed to

by

on

over

the

of

York,

than

prop¬

expenses

public

the

we

per

lowest

a

our

serious

conserva¬

the

value

the

in

have

of

the

City

earned

of

less

annum.

our

earn

months

shown

property

New

re¬

we

and

estimate

telephone

reserve

fair

During the month of July




tive

operating

a

in

seven

has

revenue

decrease

revenue

necessary

produce

useful

During the past
net

compensation
This

and

service.

is entitled to charge rates that

pany

used

erty

UNDER the law regulating tele¬
phone corporations,
this

bare operating

$73,000
\

one

:

'

^

Company

Sept. 4 1920.]

THE CHRONICLE

XXV

^financial

General Motors

Corporation

CONSOLIDATED FINANCIAL REPORT
JUNE 30,

1920

Condensed Consolidated Balance Sheet of General Motors
and

Subsidiary Companies

Corporation

of June 30, 1920.

as

assets
Investment:

Permanent

Real estate,

plants and equipment
Reserve for depreciation..

Less:

5221,299,143.29
30,273,816.42

_

;

$191,025,326.87
allied

Investments in
Current and

and accessories companies

$62,412,840.32

Working Assets:

Cash in banks and

hand

on

$48,400,460.14

United States Government bonds

!

197,468.49

_

Marketable securities

56,475.33

Sight drafts against B-L attached
Notes ($4,237,272.74) and accounts receivable
Inventories

cost

at

Total
Deferred

15,391,506.72
36,689,221.01
184,779,598.11

less

or

and

Current

Working Assets

$285,514,729.80

__

$5,844,073.58

expenses

Good-will, patents, copyrights,
Total

_I_

$22,670,672.27

etc

_

$567,467,642.84

_

liabilities
Capital Stock:
stock 7%

Debenture

(authorized $500,000,000.00) issued

In

hands of

Debenture

stock 6%

In

Less:

Preferred

stock
In

Less:

In

Common

$60,804,000.00

_

4,432,900.00

__;

;______

..___

(authorized $29,000,000.00) issued
of General Motors Corporation_

6%

no

1

public

__■

$56,371,100.00

__

____

$16,1837400.00

.__

___

hands of public______

In

____$156,99l,900.00

_

$3,581,400 00

____

through

common..

146,264,800.00

_

____

In hands of

Total

$161,289,180.00

_____________

_____

of General Motors Corporation..
conversion for no par value

treasury

Received
Total

_

value (authorized $500,009,000.00) issued.«_

par

-$149,846,200 00

-

public_____

__1________

__

$7,145,700.00

hands of public

in

Purchase Money Bonds

$266,142.880 00

(

__

Purchase Money Notes,

$71.020 00

account Fisher Body Corporation

$15,840.000.00

___

Outstanding Capital Stock and surplus of subsidiary companies, being the portion not
owned by General Motors Corporation
Capital Stock
__

Surplus

$16,183,400.00

__

issued 15,366,400 shares. ____,_:.__$161,289,180.00

value (authorized 50,000,000 shares)
of General Motors Corporation.

par

treasury

stock, with

Less:

;•

of General Motors Corporation

treasury

In

In
Common

$25,153,500.00

(authorized $90,000,000.00) issued

public______;

hands of

stock,

Less:

public

treasury

hands of

In

.

$26,931,600.09
1,778,100.00

In treasury of General Motors Corporation..

Less:

__.

$1,074,825.25

.__

'_

•__

__

821,433.62

__

■

V; ■ '

:.'y.•.

■

Liabilities:

Current

Total_

Accounts

payable
payable

Notes

$17896,258 87

_____________

$36,440,739.81
78,257,897.84
21,043,266.18

;
—

_

Taxes, payrolls and sundries accrued
Total

______

_

Current

not due

-

,___

Liabilities.

$135,746,993.83

Reserves:
For two months' proportion

of Dividend on Preferred and Debenture stock, payable August 1__
and extraordinary expenditures.

For

Federal

For

taxes

Total

Surplus.

____

;______

______________

-L $98,632,586.75

——

—

$567,467,642.84

____

General Motors
income

$49,137,993 39

_____

________

____;

Total

Net

$1,017,557.68
34,888,264.87
13,232,170.84

sundry contingencies

account

Corporation and Subsidiaries
six

months

ended

june

30,

1920.

after deducting all expenses of manufacture (including maintenance), selling and ad¬
ministration, as well as ordinary taxes, insurance, depreciation of plant and equipment, em¬
Profit

$47,759,356.63

ployees' housing and investment fund
;
taxes and extraordinary expenditures....-^.-

Less: Provision for Federal

12,250,000.00

*

$35,509,356.63

proportion thereof

General Motors Corporation
Debenture

Dividends

at

rate

Debenture

Dividends

at

rate

of

$35,151,114.06

of 7%

Preferred

Dividends

rate

at

of

— ___

$636,118.68
1,475,220.50

!__

.___

6%

485,111.50

6%

$2,646.450.68

-■Vr

Undivided

Profits

;

profit

$32,504,663.38

—

and

account.

loss

$73,641,897.32
32,504,663.38

Profit and Loss Surplus at the beginning of the year.
Add Undivided Profits per Income Account above..

$111,146,560.70
Less:

Cash

Dividends paid

on

Common Stock:

3%_
2 H%
Stock Dividends paid on Common Stock:
May 1,
2 H%

*

—J__—

February 1,
May 1,

-

and Loss




Surplus June 30

$4,721,907.15

—

3,895,980.30

—

—

-

: —

_____________

-

3,896,086.50
$12,513,973 95

-

Profit

-

,

i

1

$98,632,586.75




[Vol. 111.

THE CHRONICLE

XXTI

rJfhwtrdflJ

Broadan Wall &
Boersianer

THE NAMES of America's two finance and
leading and
brilliant

most

writers

conditions

market

high

on

throughout

household words among

the

world—

bankers, brokers and all

fraternity whose business it is to get the

that vast

best available and most reliable news on matters

finance at the very

earliest possible moment.

The 'financial section of the NEW YORK

AMER¬

ICAN to which these famous writers contribute,
well

known

for

its

is

information—very

accurate

often in advance of all other
lute

of

papers—for the abso¬

protection of the readers by

a

most rigorous

censorship of| all financial advertising, and the ex¬
pert advice given through its Investors' Service.
The

superlative treatment by the NEW YORK
news

of the day is

habit of making every

feature in the

AMERICAN of the financial
more

than

paper

a

the best of its kind.

readers

who

dollars every

Could

an

week

on

these 300,000 readers

New York?

only

a

of

necessity to its
thousands

of

the strength of this advice.

advertiser find

ICAN—the

It is

hundreds

invest

a

more

fertile field than

of the NEW YORK AMER¬

three

cent

morning

paper

*

in
-

Sept. 4 1920.]

THE CHRONICLE

XXVII

financial

$2,500,000

THE

BALDWIN COMPANY

5-YEAR 8% CONVERTIBLE GOLD NOTES
Free of

Dated

September 15,
1925.

FIRST

2% Normal Federal Income Tax.
Denominations $500 and $1,000.

1920.

Interest Payable

NATIONAL

BANK

FIRST
^

CINCINNATI

Trustee

NATIONAL BANK
CINCINNATI

Transfer Agent for Preferred Stock

Notes

for

Due SeptemberJ15,

March 15th and September 15th.

CENTRAL TRUST

'V;'-;:-;.^:"

COMPANY,

V:":;:

CINCINNATI
Registrar

CAPITALIZATION
Upon Completion of present financing

company

will have:—

AUTHORIZED

5-Year

8% Convertible Gold Notes

Preferred Stock:—

6%

'

.

Cumulative

Cumulative

Debenture

Common Stock
Of

$2,500,000
t§3

800,000

8% Cumulative Debenture
•

OUTSTANDING

__._____$2,500,000

800,000

2,500,000

(rate undetermined)

_

.

_

700,000
4,000,000

___.

2,000,000

the

$2,500,000 notes authorized $500,000 have been sold and owners have already
expressed desire to exercise conversion privilege.
The remaining $2,000,000 of notes may at
pleasure of the holders be converted into 8% Cumulative Debenture Preferred Stock which offers
a long time high
earning investment that is free from Ohio taxes as well as Normal, Federal

.

Income Tax.
SECURITY OF NOTES.—A

Sinking Fund of $100,000 must be set aside each year^as

a re¬

demption fund for the notes.
The

Baldwin

of Current

Company must always maintain

Liabilities

Current Assets equal

to

150%

including these notes.

In default of interest payment, or

of

any

protective stipulations, for 30 days, the entire

issue becomes due and payable.
EARNINGS.—In past ten
/ears company

has earned annually an average of $475,304; during
past five years, $540,381 annually; in 1919 it earned $769,083; and in 1920 it is earning

at the rate of over $1,100,000 after deducting all Federal Income Taxes.
charges of notes including Sinking Fund and interest, $300,000.

Net earnings are five

requirements and
combined

TANGIBLE

interest

Total maximum

and one-half (5^) times interest
three and one-half (3^) times

over

and

Sinking

Fund

requirements.

ASSETS.—-After

giving effect to the new financing company will have:—
Ratio of Current Assets to Total Outstanding Obligations including Notes.-270%
Ratio of Tangible Assets to Total Outstanding Obligations including Notes.___.325%

ORGANIZATION.:—The

Baldwin Company owns the entire capital stock of The'Baldwin
Company, The Baldwin Piano Manufacturing Company, The Ellington Piano
Company, The Howard Piano Company, The Hamilton Piano Company, The Monarch
Piano Company and The Wm. H. Perry Lumber Company, it also owns the controlling
interest in The Baldwin Piano Company of Indiana.
Piano

The

Company places no value on its books for
Goodwill, Patents and Trademarks.

The legal proceedings have been passed upon by Judge John F. Hager and Messrs. Suire & Reilly
Company, and by Messrs. Ernst, Cassatt & Cottle for the Bankers..
The Balance Sheet

as

of June 30, 1920, has been certified to by Messrs. Haskins & Sells, CertifiediPublic

Accountants.

We offer these notes,

when,

as

and if issued and received by

us.

Price, Par and Accrued Interest to Yield 8

W. E. HUTTON &

CO.

MEMBERS

301 First National Bank

CINCINNATI, OHIO
,

-

Bldg.

New York Stock Exchange

60 Broadway

cZlngtiSto^Exchange

NEW YORK

Chicago Board of Trade

We do not guarantee the statements and figures presented
sources which we believe to be accurate aha which we relied

AH the above notes




herein, hut they are taken from
on

having been sold, this advertisement

when we purchased the notes.

appears as a

matter of record only.




[VOL.111.

THE CHRONICLE

Kvin

financial

\V>

We offer

to

institutions and investors

list of government,
tion bonds which
for

our

municipal, railroad and

we

have investigated and

Upon request

account.

own

a

broad

corpora¬

purchased

we

shall be

glad to make offerings to suit individual requirements.

As members of the New York and

Stock

Exchanges

We finance on
ed

orders

we execute

a

on

commission.

conservative basis well establish¬

corporations which need additional

the extension of plant
We also

act as

Pittsburgh

or

funds for

increased working capital.

fiscal agents for corporations.

IRcdmond&dLo.
33 Pine Street
Union Arcade

Private

Wires

to

Bldg.

-

New York

-

Pittsburgh

Philadelphia, Pittsburgh, Providence, Hartford and Boston

/

INCLUDING
Bank &

Quotation Section

Hail way

Earnings Section

Railway & Industrial Section
Bankers' Convention

VOL. 111.

Electric

State and

Section

SATURDAY, SEPTEMBER 4, 1920

Inc. or

1920.

$10 00

For Six Months

6 00

Buropean Subscription (including postage)

13 60

European Subscription six months (including postage)

7 75
$11 60

Subscription (including postage)
account

of the fluctuations in

the .rates

of exchange,

Chicago

$

Cleveland

122,000,000
29,000,000
17,012,000

Milwaukee

Indianapolis..
Columbus

13,376,700
13,578,666

Dayton

3,787,383

13,285,900
11,707,405
4,193,008
5,578.347
3.840,271

Evansville

4,323.245
2,756,972

4,200,519
2,493,024

Grand

Peoria

4,680,325

Rapids...

6,029,752
'

(semi-annually)
(semi-annually)
Bankers' Convention (yearly)

Springfield, 111...
Fort Wayne

Advertising—Per Inch Space

Akron..

DANA

COMPANY, Publiaher*,

Riggs; Secretary, Herbert D. Seibert.

Addresses of all, Office of the Company.

CLEARING HOUSE RETURNS.
The following table,

clearings of all the clearing houses of the United States for the week ending to-day
have been $8,431,761,925, against $7,481,596,109 last week and $6,875,207,220
the corresponding week last year.
Labor Day holiday in week last year.

New York

1920.

S3t946,225,724
509,233,217

$3,017,108,695
431,573,033
309,652,106
211,606,164
183,799,233
114,343,369
108,462,061

Cera.

_

Philadelphia.

423,187,600

Boston.......

258,990,506
178,489,026
135,602,323
122,500,000
131,538,670

__

Kansas City..
St. Louis
San Francisco-

Pittsburgh
Detroit

85,775,585
64,820,448
61,089,667

*105,000,000

89,325,514
64,318,122

__

+2.9

+ 10.6
+ 7.5
—31.1

+ 28.7
+ 1.5

1,050,000
1,644,348
1,279,075
1,732,403
1,507,310

+23-8

1638,861

Lima

684,253
1,002,071

840,755

+ 7.1
+ 19.3

Jacksonville, 111..
Lansing

498,437
1,700.000

637,596

—21.8

Mansfield

Danville

—4.5

+ 16.4

+ 5.0
+ 10.4

Francisco...

Los Angeles.....

Seattle

+ 30.8

Salt Lake City...

Spokane

+36.7

Tacoma

+22.4

Oakland

........

...

Sacramento

—17.6

926,113,338

+ 7.7

795,420,122

709,084,400

127,085,647

14,349,079

10,108,165
4,119,272
10,246,934
6,088,449
2,678,383

Tot.Mid. West.

3Q0.000

496,869

11,341,707

—10.9

4,650,768

—11.4

8,571,920
5.233,611

+ 19.7

+ 64.6

+ 18.1

97,193,661

97,231,550

+ 75.6

26,310,000

41,291,712
30,729,542

—15.6

26,957,000
22,000,000

+ 7.0

37,269,697
23,867,657

—5.7

11,409,004

12,285,017
9,779,965

5,800,000
4,690,008
5,700,003
3,629,529
1,840,938

4,855,252
2,994,843
1,652,362

+ 16.3

San Diego

+ 13.2

Stockton

5,629,700

+ 53.3
1,747,968
2,066,721 + 172.4

+53.4

San Jose

2,078,720

1,894,240

+ 9.7

+62.0

Fresno

3,947,036

2,608,748

+ 51.7

+46.2

Pasadena

2.747,312
1,324,611

1,038,698 + 164.5

Yakima

41,984,693

+53.2
+28.8

Long

Beacfy_____

3,035,009

+28.0

Santa Barbara...

665,649

—2.4

$6,875,207,220

+22.6

836,672

V

1,654,081

1,155,712
2,562,593
557,137
580,000

995,064
1,392,434
735,294
468,914
300,000
638,890

+28.7

1,333,993,218

Pacific..

296,095,556

+ 19.9

226,579,175

192,224,046

206,870,000

235,010,625 —12.0
+ 75.5
43,422,630
—6-6
62,088,174
16,899,969 + 126.4
+29.7
24,286,126
—6.0
15,329,086
11,142,662 —13-4
—9.7
10,526,443

180,299,676
34,333,716
54,026,490
12,900,366
23,211,765
15,092,180
7,558,132
7,236,689
9,532,520
4,528,149
2,957,839
3,562,501
1,7.56,944

130,648,085
26,362,298

Denver

38,263,278
31,491,907
14,419,871

We cannot
at noon on

Saturday, and hence in the above the last day of the week has to be in

St.

Paul

Joseph..
Moines

9,646,878

Sioux City.,
Wichita

Friday night.

13,862,818

Dos

321,000

354,879,337

Kansas City

St.

Saturday.
furnish them to-day, clearings beingimade up by the clearing houses

9,500,000

7,561,854
2,888,728

15,559,612
6,978,677
3,122,560

—10.9

Topeka
Lincoln

4,528,103

5,310,541

—14.7

Cedar Rapids

2,299,146

+ 10.3

Colorado Springs.

2,536,424
1,130,688

750,000

+ 50.7

550,000

Fargo

Detailed figures for the week ending Aug. 28 show:

2,703,580

—22.3

—28.8

2,456,711
587,844
726,024
1,355,529
1,453,568

—165

Duluth
Week ending August 28.

Clearings at—
Inc.
1919.

S

..

Baltimore
Buffalo.....

Albany

or

Dec.

1918.

1917.

%
—0.2 3,618,744,897 3,393,002,479

4-17.4

389,720,761

+ 47.9

113,233,503
69,492,296
23,796,065
4,225,684

+ 14.3

+ 38.9

—0.6

311,313,721
72,502,663
43,302,881
16,042,365
3,018,165

Helena

1,330,293
1,700,000

2,036,396

Hastings.

813,890

542,355

+ 50.0

Billings.........

1.000,000

1,184,096

—15.5

Tot.oth. West.

487,916,466

465,335,502

139,235,203

144,732,789
45,718,293
15,059,616

+ 32.0

19,000,000
8,179,900
55,585,281

—14.4

Fremont

Waterloo

7,462,112

+ 18.0

13,285,365
5,487,300

4,354,445

3,835,303

+ 13.5

3,509,057

Reading

...

2,900,365

3,333,386
2,152,763
3,191,746

+20.8
—25.1
+ 19.1

4,860,433

—1.2

4,809,995
2,326,530
2,944,325
1,479,916
3,513,434
2,040,731

New

2,265,369

5,100,000
2,350,745
3,084,780
1,947,974
4,423,783
2,624,250

Wilmington
Wilkes-Barre

1,191,357
1,802,145
1,590,600
850,000

1,134.762

Memphis

1,636,195

Nashville

2,325.000
2,380,561

2,698,358
4,803,043
3,744,635
1,295,998
2,357,620
1,352,571

Wheeling
Trenton
York
Erie

Chester

1,713,307

.>

Binghamton

1,000,000

957,236

Altoona

2,400.000
378,614

Lancaster

Montclalrl

3,679,685
1,810,950

Bethlehem

Huntington

...

St. Louis

12,783,044

+ 12.1

+8.0

2,621,049

+ 42.8

1,140,673

+ 13.6

+ 38.7
1,699,033
+ 19.1
1,135,036
825,000 + 107.6
830,400
+ 20.4

625,000

935,550
2,204,072

+ 23.2

835,448

+8-9

301,966

+25.5

2,192,881
291,974

Not included in total

•

9,574,198

1,014,227

707,000
650,600

704,204
2,012,639
396,074

60,341,312
26,270,196
29,652,704

Orleans

Louisville

.

Houston
Galveston

7,000,000

Richmond

53,798,121
48,465,219

Atlanta

Fort

Worth...

/

+3.9 4,270,405,865 3,882,412,340

1,241,703

+ 7.2

889,421

+ 33.6

982,566

843,494

725,000

+ 13.1

684,662

695,671

...

820,000
798,287

654,763

+22.0

450.326

684,628

Total New Eng.

339,186,336

319,305.039

+ 6-2

292,971,900

273,726,884

+ 5.5

10,377,500
7,621,143
5,214,055

8,904,300

+ 16.5

5,981,466

+ 27 4

5,165,726

+0.9

2,750,000
3,823,282

2,500,000

+ 10.0

Springfield

3,322,784

+15.1

Worcester

3,666,045

3,344,860
1,891,831

+ 9.6

ProvidenceHartford
New Haven.

Portland

Fall

River——

New Bedford

Lowell

Holyoke

Bangor

1,319,715




—30.2

1,419,582

+ 4-8

/367.280,419

264,181,761

—3.8

143.985,010
47,333,290
19,589,235
20,139,932
6,088,982
44,470,346
35,440,307
8,540,763
13,955,480
10,614,342

120,257,447
31,094,855

239,836,480

—3.2

14,644,443

+ 11.2

12,380,193,

+ 70.7

16,587,389

+ 17.5
—17.1

*

*

Augusta

3,225,785
3,345,015

...

Macon

Vicksburg

+59.5

2,450.000

2,915,778

10,423,2911

9,200,000.
2.900,000

Rock

4,301,833
2,800,000

—3.9

11,235,900
2,602,329
5,516,653,
7,377,218'
1,964,333

6,296,9891

Chattanooga

Oklahoma

8,453,162.

8,414,785'

16,801,421]
3,176,605!

Knoxville

8,589,700
6,617,284

Tulsa

1,499,142
1,287,852

—3.2

8,089,703

....

Birmingham

29,356,673

6,200,0001
1,250,000

Austin

Jackson

+ 56.1

2,362,060

Norfolk

Little

50,079,234

+ 74.4

7,006,892

Mobile

1,331,359
1,188,923

284,683,185

5,063,550
5,615,175
4,491,705
2,379,000
3,111,671
1,976,658
609,000

1,092,905

+ 5.1

19.487,282

—

Savannah

Charleston

300,276,027

14,112,315

14,460,916
11,663,144
5,806,709

582,299
426,931
1,922,802
1,280,883
1,040,785
467,036
930,734

—16.6

16,280,419
21,138,625

—

Jacksonville

257,908.743
9,577,100
6,859,956
4,776,548
2,488,018
2,920,272
3,079,590
1,744,119
1,500,000

...

+ 54.7

29,810,485

1,329,903
730,968
l

5,384,871

Not included in total

Total Middle.. 4,735,290,569 4,586,880,603
Boston

—7.5

Aberdeen

950,219
765,598
1.746,531

...

4,027,656

.

+ 8.4

3,481,934
614,850
918,704
1,661,976
1,868,940

Pueblo

8,805,256
__

Syracuse

Greensburg

3,899,929,500 3,908,421,593
453,116,182
385,857,659
121,007,247
178,915,523
84,300,780
96,348,175
31,811,223
44,177,507
3,905,166
3,883.071
14,326,311

Washington
Rochester
Scranton

•

Not included in total

$5,541,214,002

5,700,000
2,582,780

1,855,564

—8.2
1,443,457
+ 50.6
400,000
1,246,738 + 143.5

600,000

♦Partly estimated.

Philadelphia
Pittsburgh

82,592
480,414

40,395,000

+ 18.6

The full details of the week covered by the above will be given next

York

1,122,758
539,823
1,045,000
366,23T
1,000,000

480,371
940,782
487,785

150,100,000
70,920,000
34,838,127
32,889,226
13,528,393

Owensboro

76,205,806

New

881,994
1,129,092
723,522
1,132,925

913,838

58,000,000

1920.

772,352

1,488,634
975,000

290,000
100,000
588,832

Omaha

as we go to press

2,179,248
1,106,190
2,644,684
6,278,000
3,581,143

+ 13.2

Minneapolis..

estimated,

4,432,657
2,98a,493
2,712,567

+ 23.5

$4,630,195,054
911,018,948

1 day

Total all cities for week

9,481,400
9,136,924
4,700,000

997,070,295

Adrian

Total
Total ad cities, 5 days...

11,667,792

422,369
117,725

$8,431,761,925

_______

$

■451,579,172
40,877,334
75,139,625
46,487,608
22,056,220

1,501,937

1,301,402,466

...

1917.

521,709
193,691
409,273

Arbor

Reno.

cases

+ 8.1
—1.4

$5,964,410,696
1,165,948,763

...

Eleven cities, 5 days
Other cities, 5 days

all

+ 11.6

$7,130,359,459

New Orleans..

15,631,000
9,736,400
9,811,920
4,657,559
4,716,799
3,536,688
3,497,500
2,212,013
1,072,756
3,714,961
4,913,000
2,299,075
705,722
1,586,162
1,086,197
916,757
1,390,592
1,175,828
1,025,815
1,097,368

+ 0.7
+ 16.0

1,300,000
L571.582
1,489,594
1,818,426
1,670,545

Bend.

+ 18.0

—2.9

+ 11.0

—10.2

Portland

__________

Chicago

1919.

66,530,348
24,846,309

+ 16.7

1,495,461

....

Quincy

San
Per

Clearings—Returns by Telegraph.
Week ending September 4.

+26.6

2,036,256

Ann

made up by telegraph, &c., Indicates that the total bank

484,851,667
54,146,904
86,459,174

+ 35.6

2,000,000
1,343,378

Roekford

Decatur

WILLIAM B. DANA COMPANY, Presi¬

7,547,000

4,716,810
1,345,147

—1.2

+ 16.7

—10 8
+ 8.1

200,000

Springfield, Ohio.
Published every Saturday morning by

5,390,446

9,910,000
4,785,907

.

Lexington

Bloomington

dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William

1 700,007

3,172,150

....

Canton

South

B.

Pine and Depoyster Hts.. New York.

Front.

1,827,774

Youngstown

Transient mattei per inch space (14 agate lines) for each insertion.... $6 30
Business Cards, twelve months (52 times) per inch
175 00
"
"
six months (26 times) per inch
100 00
Chicago Office-—) 9 South La Salle Street, Telephone State 5594.
,
London Office—Edwards <ft Smith, 1 Drapers' Gardens, E. C.
■
i

WILLIAM

90,000,000
24,860,612
15,331,000

Electric Railway

(monthly)
(semi-annually)

Terms of

*

Railway and Industrial

Quotation (monthly)

State and City

562,481,645
55,650,833
96,390,399

122,042,177

Detroit

Subscription includes following Supplements—
Sank and

Bailway Earnings

All cities,

1918.

%

64,927,526

Toledo

Baltimore

Dec.

S

555,716,759

Cincinnati

saaadttaaces for European subscriptions and advertisements must be made
1» New York fundi.
j

D.

1919.

$

Subscription—Payable in Advance

For One Year...

NOTICE.—On

NO. 2880

Clearings at—

PUBLISHED WEEKLY.

■Canadian

City Section

Week Ending August 21.

Jpte Chronicle
Terms of

Railway Sectioj

;.

+ 14.1
+ 41.3

+24.7
—19.0

+29.1
7.124,896
+ 7.4
2,700,000
12,965,016 + 126.0

5,917,565
1,642,913
218,516

+4-8

1,350,000

—23.9

2,393,642]

+ 25.2

—

Shreveport
Total Southern

+ 22.9

9,502,023

+22.1

4,057,654

Muskogee...

376,386

11,603,742

........

Dallas

272,635
462,476

+ 22.1

2,818,355
24,585,982
2,779.614

+ 41.5
—8.7

22,453,884
4,200.000
570.253,106

8,659,478

7,065,538
4,613,454
2,297,999
4.397,645,
5,040,206
1,426,238
2,955,168
3,738,197
2,400,000
9,067,686

501,078,562]

Total all—— 7,484.596 109 7,094,808,600'

Outside N. Y__ 3,584.666,609 3.186.387.007

+ 511
+

13-8!

204,144'
635,709

7,337,309
2,716,489!

22,712,818;
2,062,864

441,232,231'

16,465,158
14,464,831

5,200,000
28,291,666
22,992,315
7,838,874
8,140,113
10,234,829
8,743,758
4,632,269
3,173,071
2,400,000
3,072,360
3,280,472
1,470,000
1,897,539

2,802,069
1,819.391
6,307,995
1,216,741
2,100,000
199,932
320,198
5,693,639
1,650,331
11,751,225

1,200,000
328,710,978

+5.5 6,393,890,853 5,650,340,409
+ 12 5 2,775,145,955 2,257,337,930

[Vol. 111.

THE CHRONICLE

918

condition report for August 25,

The cotton

THE FINANCIAL SITUATION.
The most serious feature

tion is the continued

rise in wages, in face of active

about deflation and reduce the cost

efforts to bring
of

of the economic situa¬

less, it failed to

exercise a stimulating influence on

the market for

the

This new increase, it is esti¬
mated, will add another $85,000,000 to the annual
payroll of the anthracite coal companies.
Yet the

previous increases.

miners

to abide

though having agreed

not satisfied and,

are

by the award of the Commission, now repu¬
and the Commission by ab¬

the preceding report there

in the price of the staple.

contrary, although

the

On

tons

a

75,000,000

and this includes the so-called steam

year

readily be advanced,

sizes, on which prices cannot

$85,000,000 is sure to add about $2

this increase of

We are told,
justification for any ad¬
Why? Because the price at

price of family coal.

the

to

ton

a

though, that there will be no
in retail

vance

prices.

last April in anticipation

the mines was advanced

in wages.

increase

this

of

labor cost falls on the con¬

of the higher

burden

But in any event the

In addition, however,

sumer.

In Illinois the

railroad freights have

will add another sub¬

just been advanced, and this
stantial sum to the price.

bituminous coal miners have just

succeeded in getting

another increase of $1.50 per

anthracite miners
are disgruntled because their increase is no larger.
In this city the painters, who last autumn made an
agreement to work for $8 a day, but the past May

day, which is one reason why the

nevertheless obtained $9 a day, now

are

demand $10 a

They naively say that were it not that they

day.

promoting building operations, they

desirous of

would demand $12 per day.
unselfish

how

show

In this

In this they seek to

and public-spirited

they are.

city the lines of the Brooklyn Rapid Transit

Co. have been tied up

the present week because the

employees want a big increase in their pay, along
with

lot of other

a

from the

things,

line of trade after
human

and

top of what they forced

Thus in one

another, and in every branch of

endeavor, the wage-earners are demanding,

receiving, incessant increases in pay.

also

direction makes necessary a

rise in

one

other.

The wage-earners

bined effect is

of

on

companies twelve months ago.

rise in

A

leading cotton marts of the country,

simply to add still further to the cost

eration—labor, fuel, transportation charges and the
cost of money as

well, keep mounting steadily up¬

ward, and the end is not in sight.
our

business

men

wage

increases that simply add still further
everything that labor needs? If this

to the cost of

is not done the
It

stands to

every one

country will

reason

$100

a

issued

be facing disaster.

that it is not possible to pay

week, and if the present process is

allowed to continue, we
of Soviet

soon

will

soon

be in the position

Russia, where, according to

by the International

Labor

a

report just

Office

of

the

League of Nations, the price of food increased 898%
and the situation at last accounts was that "al¬

though wages grew beyond all measure and lost all
relation

to

could not

business expense

and production, they

keep pace with the cost of living!"




of Tues¬

Prices improved, however, on Thursday, but

day.

Friday much the greater part of the advance

on

Deterioration is noted in every leading

lost.

was

producing State except North Carolina; and in
Georgia and in the Gulf region it is rather heavy.
In a memorandum accompanying the condition data
"remarkable growth took place

it is remarked that

during August, but the crop is from two to three
late, and a late fall is necessary for favorable

weeks

Boll weevil damage will be

termination of the crop.

Supplementing this, and indi¬
cating the status for a week later, we have the week¬

greater than usual."

in

ly weather bulletin for August 31, which states
effect that in

general cotton continued to make un¬

satisfactory progress, although, as in the preceding

week, development was satisfactory to excellent in
Northern localities.

some

ed in

some

said

be

to

Injury by rains is report¬

portions of Texas and to a lesser extent
localities

scattered

in

elsewhere, and weevils
and damaging in

numerous

many

are
sec¬

tions of the belt.

officially promulgated, the Department makes

As

decline

the

condition

in

from

July 25

6.6

some

points, and shows the average August 25 to have
been

67.5% of

55.7 in 1918
a

normal, against 61.4 a year ago,

a

(the lowest on record for that date) and

ten-year average of 68.2.

ual

As regards the individ¬

States, the condition in Texas is given as 7

points under that of July 25; the drop in Oklahoma
is stated

as

1

point, South Carolina 6, Mississippi

9, Alabama 11, Louisiana 16, Georgia 10, Arkansas
3

California

and

5

points.

point.

the status of the crop
very

North Carolina and

improvement of 2 points, Virginia

7 and Arizona 1

Compared with a year ago,

is clearly more favorable over

much the greater part of the belt, condition now

being from 3 to 10 points better in the States of im¬
portant production.
The indicated

Is it not time that

and the leaders of the labor unions

got together and firmly set their faces against any
more

and the market closed well below the level

an¬

The vicious circle is thus seen in full op¬

living.

prices later in the day was downward

Missouri exhibit

gain nothing, for the com¬

the various options

upward moderately on the local exchange

moved

staining from work and going on pretended "vaca¬

shipments of anthracite only run about

immediately following

the announcement of the report

the trend of

As the tidewater

material, despite the fact

had been a marked drop

and in the other

strike.

raw

that since the issuance of

diate both the award

tions"—a camouflage for a

during the preceding
Neverthe¬

generally expected.

month than had been

The anthracite miners have just received
top of the numerous

living.

greater deterioration

much

further increase in wages on

a

made

public by the Crop Reporting Board of the Depart¬
ment of Agriculture on Wednesday, indicated a

yield

per acre,

condition, with average
nounced

as

174 lbs.

based on the Aug. 25

weather hereafter, is an¬

lint, and this forecasts a total

production of 12,783,000 bales

(not including lin-

ters), allowance being made for a 1% abandonment
of

planted

would

area.

mean

a

This estimate^ which if realized

production noticeably heavier than

in either of the five

the final

preceding

years, compares

with

compilations of the Census Bureau of 11,-

325,532 bales last year, 12,040,532 bales two years
ago,
bales

such

11,302,375 bales in 1917-18, and the 16,134,930
high record yield of 1914-15.
as

anxiety

here
as

With

a

yield

indicated, there will be no reason for

to the adequacy of new supplies in meet¬

ing consumption requirements the current season.
Assuming that the crop will

reach

or

closely

ap¬

proximate the aggregate mentioned above—12,783,-.

Sept. 4 1920.]
000 bales—and

conservative

THE CHRONICLE

adding about 650,000 bales (a very
for linters, we have some

estimate)

13,433,000 bales

season—4,070,244
and in

ments

in

and

for

bales

establish¬

consuming

at

in stock

1,341,257 bales held

Continental

and

at the end of the

public storage in the United States,

addition

British

But to

the year's new supply.

as

this must be added the carry-over

Europe at the

ports July 31 and afloat

These items furnish

time.

same

at

aggregate of 5,411,501 bales, which, added to the

an

which he accused

Lloyd George of "overriding the

King's desire to show clemency in the MacSwiney
case."

Bishop Daniel Cohalan of Cork sent

to the London

all

of

sense

justice."

sentence lias

injustice."

A special

dral in Dublin

1,307,255 bales linters) not counting

stocks held at mills in
to

be in

of

July,

nor

held in

Europe, which were reported
a

million bales at the close

more or

less considerable amounts

of half

excess

the

private storage

plantations, and the

on

or

180,700 bales stock of linters at oil mills.

It seems

was

Mayor of Cork.

of Dublin and members of the

a

was

attended

celebrated in

The Lord Mayor

City Corporation at¬

tended and "several hundred dock workers
ed

manifest

held at the Cathe¬

mass was

large number of people, and

a

The

substance.

Monday morning, which

behalf of the Lord

(17,537,246

18,844,501 bales

no

sanction and is

moral

no

American

of

He added that "the offense

charged to the Lord Mayor has

by

supply

-

Mayor MacSwiney, saying his imprisonment offends

13,433,000 bales already referred to, would give an
bales lint and

appeal

an

"Times," urging "the release of Lord

suspend¬

labor, marching to the Cathedral to participate

in the
most

service."

James

Henry Thomas, one of the

important British labor leaders, and also

retary of the railwaymen's union, took

a

sec¬

hand in the

reasonable to infer that with all the items included

MacSwiney

the

Lloyd George in Lucerne, in which he declared that

supply would reach close to 20 million bales.
whichever amount is used

But

prospective supply,
is

even a

the

as

measure

of

heavier consumption than

expected could be met without danger of

now

famine conditions.

He sent

case.

telegram to Premier

a

"the Government must abandon all
tion in Ireland and be
terest civil

Lord

the

war

hope of concilia¬

prepared to fight out the bit¬

Empire has known, unless the

Mayor of Cork is released."

As the days ad¬

vanced, the dispatches from Cork, Dublin and Lon¬

Probably not since the beginning of the war have

don stated that

MacSwiney gradually

European happenings occupied so little space on

weaker and that the end

the front page

by the members of his family.

week.

of the New York newspapers as this
operations

practically at

a

in Poland have been

he

standstill.

Military

No important confer¬

however, his condition

with the exception of the armistice gathering

ences,

Soviet

between

Polish

and

representatives, which

began at Minsk, and which has been transferred to

Riga, have been under
in

itself, inasmuch

the

Armistice

have been in
ference

as

one

striking fact

a

practically since the signing of
diplomatic gatherings

more

or

Of

progress.

at Paris

This is

way.

the Peace Con¬

course,

by far the largest and most

was

was

Mayor's relatives

anxious than

they

trifle weaker."

a

were

reported

terview in the London
timated

that

"Times,"

appeals in

quoted

are

attracted
ment is in

ficial
can

decided.

Developments in Ireland have
As the British Parlia¬

special attention.
recess

character

until next month

differences

In that

The

of¬

country itself

growing out of religious and political
factions

between

apparently is becom¬

ing increasingly serious.
more

an

regarding Home Rule for Ireland

be done in the meantime.

the situation

nothing of

average

reading public probably has given

attention to the accounts from

the comments thereon,

day to day, and

of the condition of Terence

MacSwiney, Lord Mayor of Cork, who has been

on a

hunger strike in Brixton Prison, London, than to
the riots and other disorders.
that centre and from

The

Lucerne, Switzerland, early in

the week stated that "Premier
bombarded with

Lloyd George is being

appeals in behalf of Terence Mac¬

Swiney, Lord Mayor of Cork."
"the

cablegrams from

It

was

added that

general tenor of the appeals is that

clemency in this
iation with

will

open

Ireland, while

opposite effect."
ceived

case

a

a

show of

the gate for reconcil¬

refusal would have the

'Among the communications

by the Prime Minister

was

one

from James

O'Grady, member of the House of Commons.
said that "the test of your

re¬

He

sincerity in desiring

a

reconciliation, is unconditional release of MacSwi¬

ney."

He

was

"unless you

ment."

quoted

as

having asserted also that

act, to hell with

you

and

your govern¬

Timothy M. Healy, former member of Par¬

liament. addressed




a

letted to the Dublin press,

in

He

was

a

small

body of

men

striving by carefully planned anarchy to

impose secession from the British Empire on 80%
of the

people of Ireland who do not want to secede."

The Lord
"much

Mayor last evening was said to have been

weaker."

who have sent
at Lucerne is

"I

Prominent

among

the Americans

cablegrams to Premier Lloyd George

Mayor Hylan of New York.

respectfully

aims

,

in¬

having asserted that "the present lawless¬

as

in Ireland is the work of

quence were

an

said to have in¬

his behalf would not be

ness

conse¬

Sir Hamar

recognized by the British Government.

who

held, at which matters of

was

The

being "less

few days ago."

and

were

as

Greenwood, Chief Secretary for Ireland, in

important of all, but other gatherings, both before
after,

Thursday morning,

said to be unchanged,

was

were a

growing

Wednesday evening

reported to be stronger.

"except that he appeared
Lord

was

expected momentarily

was

urge you

not to disgrace

He said:
our war

by further imprisonment of Lord Mayor Mac¬

Swiney of Cork, whose heroic fortitude in represent¬

ing,

unto death, the opinions of the citizens who

even

elected

him, has

won

the admiration of all the peo¬

ple who believe in rule of the people by the people."
Serious disorder was

reported in several of the

larger Irish centres from the beginning of the week
to the end.

Belfast

turbances occurred

There

towns.

ago

was

was

the storm centre,

in Dublin, Cork

but dis¬

and suburban

fierce rioting in Belfast a week

to-night, when it was claimed that eleven were

killed and

included

more

an

than forty wounded.

The disorders

attempt to burn the Independent Labor

Party Hall, but it was said that it resulted only in
serious damage.
was

the

A feature of the rioting that night

destruction

of property .bv

incendiarism.

The assertion was made also that "the
terness was

greatest bit¬

displayed during the fighting," and that

#"there was much wrecking of houses and burning
of furniture, both indoors and on the street."
The
accounts

stated, furthermore, that "the yells of the

mob, the shrieks of women
groans

and children and the

of the injured were audible throughout the

[Vol* 111.

THE CHRONICLE

930
i

■

It lasted not only during the night, but

fighting."

in

Copenhagen

day

a

two later that

or

Grodno

until ten o'clock the next forenoon, and it was re¬

had been

ported that "the people were apprehensive lest there

heard also that "Gen. Michael Nicolaievitch Tuchat-

should be
I

renewal of the disorders

a

at

schewski, so-called Russian

night."

The rioting was renewed the following day. Ship¬

yard employees on their way to work in the morn¬
ing

attacked by Sinn Feiners, according to the

were

During the next day

police.

Belfast appeared

trouble in

quarter of the city.

In

the New

York

it

"Times"

every

grocery

owned

happened during
period it

Announcement

occurred.

from Belfast

declared

eighteen and

of five days.

a space

that

Within that

than 150 fires had

more

made in

was

This had

cablegram

a

Tuesday evening that martial law

in that

city at

It

noon.

was

was

stated also

heavy reinforcements of British troops had been

rushed there from Dublin

on

special train.

a

Edward Carson, leader of the

Sir

Ulsterites, "issued

an

appeal to all Loyalists to co-operate in the restora¬
Soldiers

tion of order."

points in the affected
was

were

placed at all strategic
On Wednesday there

areas.

cessation of the disturbances in

no

cording to the reports received here.
said to have been

factions."
ward

the

It

There

ac¬

was

"desperate fighting between Irish
reported in Belfast that Sir Ed¬

was

Carson "has offered the British Government

services of

the soldiers
Ireland."
troubles

sniping

30,000 Ulster volunteers to replace

now

duty in Belfast and elsewhere in

on

In another

in

Belfast

on an

dispatch it

have

were

said that "the

was

resolved

extensive scale."

It

"only the Ballyrnacarrett district
Deaths

themselves
was

centres.

into

added that

not affected."

was

reported to have occurred

rioting in Dublin and three
Irish

Belfast,

as a

result of

four less important

or

By Wednesday evening the number

be tried

A

report

Dublin

to the

"Sun and New

the "tide of Sinn Fein hatred is
der

York

Herald,"

gaining strength

un¬

feeding by two rising tributaries, the Belfast

riots and

hunger strikers.

Army and Navy, will take command of the Bol¬

It

made clear in

was

special cable dispatches from

London to the "Sun and New York Herald" that the
Entente is

determined

that

avoid

and

the

claimed

that

"the

spect to Danzig."

It

was

raids

Fein and Gaelic

forces."

It

Reginald Tower, Allied High Commissioner at that
make

Danzig

tions

free Polish port."

a

if there is

that "even

rounded

up

seized."

A

Fein

policy erected to

During Thursday it

was

evening the total death list

In Dublin it

was

by Poland, she needs millions of pairs of shoes,

which

are

being shipped through Danzig."

Accord¬

ing to another cablegram, Sir Reginald Tower

re¬

ported to the Danzig State Council that "the last
few weeks had shown that
peace

and order had not

yet been restored in Danzig and that the Constitu¬
tional

Assembly's recent resolution concerning

trality

was

State."

unwarranted,

hie

was

as

Danzig is not yet

neu¬

a

free

reported to have charged the As¬

sembly "with hampering the transport of munitions
for Poland and the return of Poles to their

Through the medium of
the New York

Russian

"Tribune" it

Bolsheviki

will

reservists to aid their
lish

a

country."

special Berlin cable to
asserted that "the

was

call

5,000,000 trained

up

retreating armies, unless Po¬

delegates at Minsk accept the Bolsheviki

terms."

Statements to this effect

were

appealed in the Soviet newspapers that
lated in the German

capital.

ways

of the

port

or

in recent months,

peace

said to have
were

circu¬

While it is assumed

gained strength in vari¬
no

well-informed student

European situation took this particular

re¬

the figures mentioned with any great degree

of seriousness.

Dispatches from Warsaw made it known defi¬

nitely

that

the

Russo-Polish

negotiations

peace

would be shifted'from Minsk.

It appears

that the

Riga.

Minister,

was

said to favor

headquarters of the Sinn

lish

delegates at Minsk complained bitterly of the-

League

were

added

that

and

added

reported that

great

was

made by Government

treatment that

"many

they

quantities

persons

of

were

documents

heavy rain in Belfast Thursday evening

helped the military to maintain order.
fast

It

immediate need of muni¬

no

George Tchitcherin, the Soviet Foreign

the

re¬

Sir

centre, "has been instructed that he must at all cost

Poles demanded that the
gathering be held in

in

was

asserted that

even

military succeeded in restoring

placed at 28.

"wholesale

provisions of the

Treaty of Versailles must be carried out with

That

order in Belfast."
was

Sinn

general clash."

a

"the

The growing pressure is

threatening to break the wall which the British
Government

Soviet Commissioner for

shevist forces."

that the Bolshevists have

from

probably will

from Warsaw "to the

came

effect that Leon Trotzky,

ous

special cablegram

a

com¬

subsequent crushing defeat of the Reds

in the west."

of fires

According to

and

by court-martial for failure to take Warsaw

and for the

the

Paris

the Polish front,

has been relieved of his command and

of fatalities had been raised to 25 and the number
to 210.

'Napoleon'

mander of the Bolshevist army on

Up to

out."

as

than 200.

more

asserted that

was

given

was

seriously wounded at

that

asserted

was

shop and public house

by Catholics has been wiped

that time the death roll
the

two the principal

to be in the Catholic

dispatch from that centre

a

"practically

to

or

recaptured by the Bolshevik forces.

dispatches last evening it

was

In the Bel¬

asserted that

were

some

they received and

even

The Po¬

asserted that

"virtual prisoners and were looked upon

as spies."
Among other things they alleged that
they did not get enough to eat.
Their chief com¬
plaint was regarding the lack of communication

with the outside world.

"wholesale evictions of Catholic families
by Protes¬
tants continued in Belfast and

mands of the Polish

day."

the

vicinity during the

town in Esthonia.

Brest-Litovsk

it

After

decided

was

a

to

conference held at
accede

to

the

representatives and to take

negotiations afresh at Riga.

de¬
up

WarsawT sent word

yesterday morning that "the members of the Polish
The

advices from

week said that the
ceived
a

a

at

the

beginning of the

Foreign Ministry there had

statement that "the Bolsheviki

desperate stand at Grodno and that

Bolshevik
a

Paris

troops

are

are

re¬

making

all available"

being concentrated there, and

great battle is expected shortly,- extending from

that

place to Brest-Litovsk."




A report was received

peace

delegation remaining in Minsk have been

called to Warsaw."
Minsk yesterday
and to

to arrive in Warsaw to-day

proceed promptly to Riga.

According to
date of

and

re¬

They were expected to leave

a

cablegram from Warsaw, under

Sept. 1, M. Tchitcherin, the Russian Soviet

Foreign Minister, had threatened

a new

offensive if

j

Sept. 4 1920.]

THE

CHRONICLE

the Poles "do not conform their acts to their
prom¬
ises." He was said to have referred to a declaration
of the Polish

Government that it

M. Tchitcherin

peace.

ed also that "the

was

fighting

a

of

reported to have assert¬

power

has not diminished in the least."
from Warsaw

in favor

was

of the Soviet armies
Word

received

was

few

received

an

921
Associated Press dispatch in which it

claimed that

was

General Wrangel had "invited
prominent Russian financiers'abroad to an economic

conference at

Sebastopol, at the end of September."
claimed that the General would
"attempt to
enter into
peace negotiations with Soviet
Russia,
on the basis of
It

was

days ago that Marshal Pilsudski, Commander-in-Chief of the Polish armies, had

which includes the richest

left there for the front and to have asserted that "it

in Russia."

may

be accepted that the

new

stage."

be the

It

will enter upon a

thought that Lemberg would

was

of the

scene

war soon

new

military operations.

In

an¬

retaining the territory held by him,
corn

fields and oil wells

According to advices

from Warsaw yes¬

terday morning "negotiations for j oint
Polish and

South Russian forces

operations by

are

going

tween the Government and
General Baron

other

dispatch from the Polish capital it was re¬
ported that "Polish forces advancing toward Grodno
had

nearly reached the banks of the

which flows past

Neimen

Grodno toward the north."

River,
It

was

added that "the greater
part of Eastern Galicia has
been recovered

by Polish and Ukrainian troops, who

masters

are

River."

of

all

left

Associated Press

Thursday evening
stated that
sued

the

a

and

bank

of

the

Dneister

dispatches from Warsaw

again

yesterday

morning

Polish official statement had been is¬

there, claiming that "the Bolshevist

army

of

General

Budenny, noted cavalry leader, was annihi¬
during the operations in the Lemberg sector,
which began
Aug. 29 and ended Sept. 1." Special in¬
lated

terest
ence

I

has

attached

to

between the State

the diplomatic
correspond¬
Department at Washington

and the Polish
Government, regarding the latter's
policy toward Russia. In a Washington dispatch to

the "Sun and New York Herald"
it

was

the general
sia.

yesterday morning

said that "the Polish Government
adheres to

policy of the United States

It disclaims
any

the Russian nation.

toward Rus¬

intention of making

war upon

But it calls the attention of the

United States and of the Allied Powers
the fact that the eastern

generally to

The

be

conflicting.

morning it
had

In

was

Elysee Palace issued

official

and

placed it in the hands

In "a

Washington

dispatch to yesterday's "Evening Sun" it
is

expected to

viewpoint of the Polish Government

said

was

accept the

in

respect to

necessity of extending defensive military opera¬
even
beyond the ethnographic lines fixed by

tions

the Allies."

received

cablegrams this week it

was

Dnieper

a

week ago,

establishing

bridgeheads at Kahhora and elsewhere."
advices

were

claimed

Wrangel has repulsed the Bolsheviki,

who crossed the

less

encouraging for the

anti-Bolshevist

leader, although

the week he

reported to have made

was

The later

cause of this

the Peruvian

a

resume

Wrangel has suffered

fronts in the Black

claimed that

In

and

Austrian

recognition of his

added that

success as

chief

strategist of

rapid in the
history of the Legion, "he being knighted in
1913,

made

Officer in 1914 and

an

a

Commander after the

Armistice."

Andre

Tardieu, former

America, and

tion work

French

now

a

crushing defeat

Sea theatre of war."

on two

It

was

already accomplished in France.

000,000 francs, and that in 1920 it had

000,000,000 francs.
the outside

With

no

700,000,000 francs.
construction

of arable land

acres

troops.

Southern Russia and his intention to

in

give General

Wrangel his support."' From Copenhagen there

was

year

amounted
were

they

were

only
18,-

The amount necessary for re¬
that
were

approximately 9,163,500
torn

up by shellfire and
Out of this amount 3,800,000 acres have re¬

plowing. Of the animals taken away by
74,000 of the 523,000 head of cattle have

have been

entirely repaired, and 740 miles of the
1,480 miles of branch lines destroyed have also been
placed in working shape.

the

Government

vear

In 1913 the taxes

been

while

leader, has announced his complete

35,000,-

risen to

replaced; 4,400 head of the 367,000 horses and
mules, and 43,000 head of the 465,000 of sheep and
goats. A total of 1,400 miles of main line of
railway

the

recognition of General Wrangel's

It shows

was

figured at 152,000,000,000 francs.

The document shows

substantiate this and other assertions
contained in

Paris received advices from Warsaw
stating that "General Boris Savinkoff, the noted

is

a resume

176,foreign debt in 1913

obligations of France this

83,000,000 francs.

Commis¬

position and the reconstruc¬

that in 1913 the interior debt of France

miles

report.

High

Chairman of the Com¬

Regions, has prepared

of France's financial

not




Ministers at

was

that his promotion is one of the
most

the enemy,

an

anti-Bolshevik

It

Warsaw, General Weygand has been promoted to
Grand Officer of the
Legion of Honor. It was said

official statement to that effect
had
been issued in Moscow.
Subsequent advices did

I

The Paris

the Polish armies in the recent
engagement before

ceived first

wireless report to London that "Gen¬

came a

re¬

his official duties in November."

fresh stand.

encouraging news it was reported from
Constantinople that his forces were "falling back
throughout the region north of the Crimea." From
Moscow

the

"confidence is felt that the President will
be able to

the close of

near

Prior to that

eral

of

of his wife."

4,724,000,000 francs, while this
that "General

denial

letter of resignation

a

Rambouillet, his country place.

to

In the earlier

official

adviqes last evening stated that during the
day he

mittee of Devastated

the

an

ports that he "has prepared

an

Yesterday the

boundary line laid down by

interests."

Wilson

yesterday

prevailed upon him to resign and that

should not be called
upon to adhere to it to the detri-

President

cablegram

announcement would be made soon.

sioner to

that

Paris

a

claimed that the President's wife

by the
Bolsheviki, and intimates accordingly that Poland
ment of its national

be¬

reports regarding the health of Paul Deschanel, President of the French
Republic, continue to

the Peace Conference has not been
respected

-

on

Wrangel."

miles of canals

can now

Nearly half of the 1,000

be used

again. Over 1,000
highways have been completely restored,
10,000 miles have been repaired in part. Of
of

11,500 factories destroyed, 3,540' are working
are in process of rebuilding.
Some¬

again and 3,812

thing like 40% to 50% of the iron and steel indus¬
tries

in

lished.
francs to

the

invaded

The

Government has spent

districts

have

been

re-estab¬

10,000,000,000

put the coal mines in Douai in order.

Be-

[Vol. 111.

THE CHRONICLE

At present it

42,000,000 tons.

said to have been

was

for the week ended Aug.

British Treasury returns

production of coal in France

the annual

fore the war

indicated

28

a

small reduction in the Exchequer

2,000,000 tons a month. The balance, namely, £42,000, bringing that item to
of £3,884,000, as against £3,926,000 last week. The
week's expenses were £19,165,000, as compared with
75,000,000 tons. According to Captain Tardieu's re¬
£15,818,000 the week previous, with the total out¬
view of the situation the exports of France nearly
flow including repayments of Treasury bills, advances
tripled during the first five months of 1920 in com¬
and other itjems, were £111,610,000, (against £118,parison with the corresponding period of 1919. The
379,000 for the week ended Aug. 21). Receipts from
excess of imports over exports dropped from 8,000,all sources amounted to £111,568,000, which compares
000,000 francs to 7,000,000,000.
i
with £119,187,000 a week earlier.
Of this total,
revenues brought in £20,430,000, against £27,600,Negotiations between representatives of the

is

something better than

consumption now is placed at the rate

annual

and prominent international

Government

French

bankers here

regarding a plan for meeting France's

the

|500,000,000 Anglo-French loan, ma¬

of

share

certificates £750,000 against £650,000,
£16,500,000, against £11,250,000.

000, savings

advances

and

against

£100,000,

yielded

Sundries

£60,000 last

Yesterday it week. New issues of Treasury bills equaled £73,578,000. Last week they were £79,472,000. As this was
was reported that probably the plan would involve
the shipment by France to New York of a total of largely in excess of the sum repaid, there was a
further expansion in Treasury bills outstanding, to
180,000,000 gold. It was said that the first install¬
£1,066,736,000, in comparison with £1,060,756,000
ment of between $5,000,000 and $6,000,000 was sched¬
uled to leave Havre to-day.
In banking circles it is a week previously. Treasury bonds sold to the extent
of £210,000, a slight advance on last week's sales of
expected that a new loan of $100,000,000, to yield
Temporary advances were again
about 8% on the subscription price, will be offered. only £155,000.
reduced, being now £182,491,000, as against £187,It is now believed that next Tuesday the banking
syndicate headed by J. P. Morgan & Co. will make 541,000 a week ago. The total floating debt has been
a formal announcement of Ithe whole plan.
expanded, to £1,249,227,000, which compares with
£1,248,297,000 in the preceding week. A year ago
turing Oct. 15, are still in progress.

coal

British

The

miners

several days ago com¬

whether they
out on strike this month if their demands
granted.
The counting of the ballots

it

£1,205,302,000.

was

pleted their casting of ballots as to
should go
not

were

showed that

The actual figures,

strike.
from

large majority was in favor of the

a

cabled to this side

Thursday afternoon word came from Lon¬

against.

the

that

don

as

606,782 in favor and 238,865

London, were

executive

committee

of the

union had sent out notices to all the coal

miners'

mining dis¬

tricts, indicating that the strike would be called not
than

later

"it

was

ment
who

was

the

which in effect seeks to

price of coal to domestic consumers."

correspondent added "that it was reported also

miners the

was

advance in wages to meet

living cost."

The Triple Alliance met

and announced that it
coal

miners

man

of the

willing to discuss with the

an

question of

the increased

a

centres from

days,

remains

far

ceived by

heretofore at

as

learned,

be

can

as

cable of

Call money

last week.

against 6| 13-16%

London

in

no

5J^%.

So

reports have been re¬

market discounts at other

open

centres.

willing to negotiate with the coal miners,

that the Government

in

5% in Berlin,
53^% in Belgium;
6% in Paris and Petrograd; 7% in London, Sweden
and Norway, and 43^% in Holland.
In London
the private bank rate is now quoted at 6^% for sixty
days
against 6%%,
and
6%% for
ninety
leading European

Vienna, Spain and Switzerland;

threatening to strike, if they would give up

Bolshevist demand,

control

The

Herald," the correspondent said

intimated in official circles that the Govern¬

are

their

In a cablegram to the

September 25.

"Sun and New York

has been noted in official discount rates

No change
at

as

just.

regarded the demands of the
William C. Adamson, Chair¬

Parliamentary Labor Party, was quoted

special London cablegram to the New York

"Tribune"

yesterday morning as saying that "there

A small increase in

gold

was

of the Bank of

statement

shown by this week's

England, amounting to

£52,973, which brings the total gold

£123,081,838,

as

The total reserve, however,

£69,932,857 in 1918.
was
a

heavily reduced (£1,586,000) in consequence

further

the

week ago
of

proportion of reserve to liabilities

11.56%, which compares with 14.30%

declined to

result

of

expansion in note circulation of £1,639,000.

Moreover,

a

holdings up to

against £88,252,131 a year ago and

and 20^% last year.

This latter is the

substantial increase in deposits,

a

public

other deposits
securities £15,853,000,
likely to be long and serious." The correspondent and apparently reflects operations incidental to the
also said that "the question of a general national
month-end payments.
Loans (other securities) were
strike will come before the Trades Union Congress
reduced £416,000.
Reserves now total £15,000,000
at its annual session at Portsmouth next week."
against £25,904,326 in 1919 and £29,785,432 the year

is

no

prospect of mediation and that the strike is

deposits

rifeen

having

£1,069,000,

£12,748,000 and Government

before.

Circulation

amounts

to

£126,533,825.

A

and in 1918 £58,Lloyd George, according to a cablegram
from Lucerne, Switzerland,
597,425.
Loans aggregate £75,466,000, in compari¬
yesterday morning, is
planning to end his "vacation" and to return to son with £81,536,756 in 1919 and £98,886,445 the
London early next week.
The Bank's official discount rate
His son, Major Richard preceding year.
Clearings through
Lloyd George,-was quoted as saying that the Pre¬ continues to be quoted at 7%.
Premier

year ago

mier "would not attend the
12

at

Aix-les-Bains,

when

meeting to be held Sept.
Premier

France and Premier Giolitti of

conference."




Millerand

of

Italy will hold a

it stood at £80,797,805

the London banks for the
Last

week

£537,590,000
statement

of

the Bank of

they

week total £738,496,000.

amounted

to

£676,644,000' and

We append a tabular
comparisons of the different items of
a

year

ago.

England return:

Sept. 4 1920.]
BANK

OF

THE

ENGLAND'S COMPARATIVE
1920.

1919.

Sept. 2.

1917.

'

£

Circulation
Public

*

£

126,533,825

deposits

■

80,797,805

16,432,000

£

£

58,597,425

24,515,939

£

40,670,370

37,012,191

113,340,000 102,313,592

Other deposits

Sept. 6.

131,725,161

$10,785,000.

1916.

Sept. 5.

Sept. 4.

923

the latter of

STATEMENT,

1918.

Sept. 3.

CHRONICLE

expansion of cash in

vaults of members of
Federal Reserve Bank of
$2,816,000, to $86,709,000 (not counted as reserve), and an increase of

52,218,939

124,997,022 105,094,078

Govt, securities

57,408,361

37,491,056

58,166,314

57,794,320

42,187,947

$13,932,000 in the

Other securities

75,466,000

81,536,756

98,886,445

97,739,184

95,739,358

the

15,000,000

25,904,326

29,785,432

32,068,191

37,527,683

bullion.-.123,081,830

88,252,131

69,932,857

54,288.561

55,341,803

20.375%

17.65%

18.92%

23.85%

5%

5%

5%

6%

Reserve notes & coin
Coin and

Proportion of
to

reserve

■

liabilities

•

;

11.56%

Bank rate...

7%.

further small

432,000 francs.
gate

weekly statement' reports

gain in its gold item this week of
The Bank's gold holdings now aggre¬

5,590,671,591

539,536 francs last

francs,

comparing with 5,572,-

and 5,436,150,453 the

year

previous; of these amounts 1,978,278,416 francs

were

year

held abroad in both 1920 and 1919 and
2,037,108,484

francs,in 1918.

Federal

of State

serves

of member banks with

reserves

Reserve

Bank, to $526,409,000.

vaults fell

$74,000, to $8,025,000, and
depositories of State banks and

other

During the week, bills discounted

Re¬

banks and trust companies in own

in

reserves

trust

panies declined $139,000, to $8,774,000.

The Bank of France in its
a

Other changes included

own

the

36,264,120

44,461,822

an

com¬

The gain

in aggregate reserves totaled

$13,719,000, to $543,208,000, while surplus expanded $12,804,520, bring¬
ing the total of excess reserves on hand up to $14,233,050,

as against only $1,428,530 a week
ago.
Figures here given for surplus are based on reserves
of 13% above
legal requirements for member banks

of

the

Federal

Reserve

system, but not including

cash in vault to the amount of

gained 257,791,000 francs, while Treasury deposits
were
augmented to the extent of 663,000 francs.

serve

Silver,

$86,709,000 held by

Bank's total bill

the other hand, decreased 177,000 francs,

on

advances fell off 24,307,000 francs and
general

de¬

posits were reduced 111,650,000 francs.
An ex¬
pansion of 428,653,000 francs occurred in note circu¬

lation, bringing the total outstanding
260,370 francs.
francs
On

in

to 38,333,-

up

This compares with 35,456,177,185

1919

and

29,727,388,740 francs in

1918.

July 30 1914, just prior to the outbreak of

the

amount was only
6,683,184,785 francs.
parisons of the various items in this week's

with the statement of last week and
dates in 1919 and 1918
BANK

OF

are

as

Changes

Gold Holdings—

Abroad..

Inc.

Total

Dec.

Bills discounted...Inc.
Advances

as

increased

$11,600,000 and other rediscounts

Francs.

commercial
Bank's

of

paper

gold

$12,400,000.

reserve was

fell
of

a

full

plete detail

The bank statements in

given

are

2,037,108,484

was

upward

5,436,150,453

securing

1,978,278,416

1,978,278,416

5,572,539,536

177,000

254,527,495

295,765,879

320,174,692

257,791,000

2,167,711,298

1,070,469,727

and

Dec.

3,091,163,894

2,857,405,575

3,277,165,659

Imperial Bank of Germany in its statement as
Aug. 23, shows the following changes: An increase
779,000 marks,

a

gain in

Treasury certificates of 110,370,000 marks, and an
expansion in notes of other banks of 440,000 marks.
191,368,000

again

marks.

There

augmented,
was

this

decline

a

in

time
bills

discounted of 3,169,377,000
marks, and in deposits
of 3,522,734,000 marks.
Liabilities were

expanded

99,408,000,
marks
Bank's
marks.
marks

and

but

investments

securities fell

gold

holdings

A year ago
and

circulation

in

has

56,653,075,000

declined

are

given

the total held

1918

the

on

marks,

the

The

Exchange

highest

rates

heavy drain

were-

established

tween

local institutions.

New

York

member banks
of

the

compares

with

of

28,-

some

extent

preparations

for the

(Sept. 1 interest and dividend disbursements,
although both aggregate and surplus reserves
showed gains, this was due
mainly to borrowings at
and

Reserve

Bank.

$41,239,000,

while

the

The

net

loan

$4,771,000, to $3,989,026,000.
Government

item

demand

expanded

q

when

the
was

Bank

on

of

indebtedness.

Thursday.

Reserve

Board

called

on

part

offering of treasury
This

transaction

was

Otherwise special shiftings of

accounts between local banks

it is assumed that

had

of $20,000,000,

were

not

reported, but

fo-day's statement of the Federal

will

reflect

rather

general

trans¬

actions of that character between the twelve Federal

During the latter half of the
decidedly easier.

was

renewals

were

and the

prevailing quotation in

made at

7%, the lowest for
the

Yesterday
some

days,

afternoon

was

6%. Stock Exchange houses said that there appeared
to be plenty of money at the latter
figure. There is
more

or

less difference

of

opinion

as

to the extent

market will be affected by the

proposed shipment by the

French Government of

$80,000,000 gold in connection with the refinancing
of its share of the Anglo-French bonds
maturing the
middle of next month.
in time money.
on

a

There is

New securities

practically
are

no

change

being offered only

moderate scale.

gained

This is exclusive of

deposits of $49,166,000,




was

deposits

the supply of

known also that the

Reserve

for repayment

that the local money

Saturday's bank statement of New York Clearing

upon

announcement

proceeds of the- recent

certificates
made

trans¬

not sufficient¬

by the Government of be¬

It became

Federal

week, call 'money

total

The

were

$13,000,000 and-$14,000,000 of deposits from

Reserve district banks.

Note

difficulty in

a

1,104,580,000
marks.

reported

Just about at the time

1,091,591,000

253,600,000 marks in 1919 and 13,111,320,000 marks
a year earlier.

House members reflected to

com¬

apprehensive

ly large to make

as

phenomenal

which

more

loanable funds.

was

2,348,020,000

reached

19,994,000

154,641,000 marks.

less

or

accommodations.

made of the withdrawal
The

was

a

The trend of quotations

borrowers

necessary

actions in stocks

more

market.

892,479,064

circulation

As

reserve

later page of this issue.

on a

Street had occasion to be
the call money

24,307,000
1,941,299,000
1,263,078,761
836,129,572
circulation--Inc. 428,653,000 38,333,260,370 35,456,177,185
29,727,388,740
Treasury deposits.Inc.
663,000
64,892,000
19,634,600
328,502,536

Note

Reserve

1% to 38.5%, in comparison with the figures

week ago.

a

3,399,041,968

Note

of

The

reduced $12,100,000.

result of these operations the cash ratio of

over

3,594,261,120

in total coin and bullion of

were

During the early part of the week speculative Wall

Sept. 6 1918.

5,590,671,591

General deposits-Dec. 111,650,000

In the Federal Re¬

also evidence of strain and the

was

augmented $23,500,000, this latter being offset, how¬
ever, by a reduction in open market purchases of

of

Francs.

3,612,393,175

432,000

Bank there

holdings were expanded by almost
$23,000,000; rediscounts of Government war bonds

STATEMENT.

Sept. 4 1919.

Francs.

432,000

Inc.

Silver

Sept. 2 1920.

No change

....

corresponding

Status

Francs

In France.

Com¬
return

Saturday last.

on

follows:

FRANCE'S COMPARATIVE

for Week.

war,

these banks

reduction in

Dealing with
week

money rates in detail, call loans this
ranged between 6 and 10%, which compares

[Vol. 111.

CHRONICLE

THE

924

the main, lacking significance. A fair amount of busi¬
On Monday the high was
ness was transacted, but trading at no time showed
10%, with 8% the low and also for renewals.
Tues¬
anything like real activity and towards the close the
day call rates did not get above 9%, but 8% was
market took on an appearance of pre-holiday dulness,
still the ruling rate and the low for the day.
Wednes¬
most operators being unwilling to risk important
day's range was 7@8%, with renewals again nego¬
commitments over the Labor Day holidays.
En¬
tiated at 8%.
There was a further slight easing on
tirely apart from this, however, there would seem
Thursday, when the rate dropped to 6%.
This
to be very little inducement to operate in foreign ex¬
however, was only temporary, and the renewal basis
change on a broad scale at the present moment with
remained at 8%, which was also the maximum figure
the fate of the French loan still hanging in the bal¬
On Friday the highest was 7%, the minimum 6%
ance and the status of affairs between Poland and
and 7% the ruling rate.
The early firmness was
Soviet Russia, notwithstanding the success of the
attributed in some measure to calling of loans in
former in pushing back invading armies, so far from
anticipation of Sept. 1 disbursements. Later on
a satisfactory settlement.
It is true that the market
funds on call were in improved supply, but the
has for the time being apparently ceased to respond
demand was light.
The figures here given apply to
to military developments on the Russo-Polish front,
both mixed collateral and all industrials without
but it must not be overlooked that the persistent lack
differentiation.
For fixed maturities the situation
of support on the part of bankers which has been so
remains without essential change.
Time funds were

7@10% last week.

with

particularly scarce during the

earlier days of the
heard of the

Toward the close rumors were

week.

release of fixed date money

A brisk inquiry is

confirmed.

not be

these could

in increased volume, but

reported, but very little new business is passing, most
of the trading being confined to renewals.
Nomin¬
ally, the rate is still

8%%

on

regular mixed collateral
for all periods

9@9J^% for all-industrial money

and

months.

sixty days to six

from

featureless
with only a moderate amount of business reported.
Sixty and ninety days' endorsed bills receivable and
Commercial paper

six months'

names

has ruled quiet and

still required for names

quoted at 8%, with 8\i%

be

not

so

continued to

of choice character

well known.

moderately

Banks' and bankers' acceptances were

the aggregate were

active, though transactions in

quotations
have been marked up fractionally for both eligible
and ineligible bills on the bid side.
Demand loans,
however, for bankers' acceptances remain as hereto¬

not

large.

fore at

The undertone was firm and

53^%.

Detailed rates follow:
Spot
Nineiy
Days.

Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills

There have been

of rates
at the

now

political crisis. A good deal of
noted, especially in the initial deal¬
ings, when price levels declined about 2 cents in the
pound.
Later on cabled quotations from London
came higher, and the local market responded by a
recovery of about 23dS cents.
The weakness was
ascribed more to the inability of finding buyers than
present European

irregularity

was

particular pressure on the market. Offerings
in smaller supply than a week

to any

while still liberal, were

while speculative selling was less
week for demand

ago,

and 3

New crop grain

arrive shortly

to

is forthcoming.

is still entertained among

financiers here that English

aid of
shipments or by
purchases of dollar exchange, to prevent any further
bankers may

be relied upon to come to the

sterling, either in the form of gold
revision

radical

downward of existing sterling ex¬

ture.

7ya@6H

in effect for the various classes

of

paper

different Reserve banks:
RESERVE BANKS

Wheat

dollar credits in this market are

for
necessity for
drawing bills of exchange was obviated and the mar¬
ket thereby relieved of the insistent pressure of too
steadying exchange, since by paying

in

wheat

shipments with these credits the

15-day collateral

Agricul¬

Bankers'
Trade

tural and

accep¬

live-stock

accep¬
tances

Federal Reserve

tances

paper

Liberty

Other¬

disc'ted

bonds

wise

for

and

secured

member

within

91 to 180

indebt¬

Victory

and

banks

90 days

days

edness

notes

unsecured

Treasury

certifi¬
cates

Boston
New

York

Philadelphia
Cleveland

of

5X
BX
to

5H

0

7

7

7

7

'

5H

6

5H

0

0

5X

BH

0

t6

6

6

0

0

5H

0

BX

0

0

Chicago

to
*5H

6

7

0

7

7

5H

0

BH

0

0

6

7

0

OH

7

BH

0

5H

Dallas

to
to

0

BH

0

BX

Ban Francisco

to

0

0

0

0

and 5% certificates.

0
'

certificates, and 6% on paper secured by

V

developments in the French

on

Definite information is as yet un¬

is that a

is actually to be placed,
will bear interest at the rate of 8%, will

loan of $100,000,000
it

and be retired at the rate

Reports that the loan was
Jean V. Parmentier, French Financial Envoy, who stated that
while negotiations : had progressed favorably, no
definite agreement had been reached as yet.
Bank¬
ers
are
understood to have informed the French
$5,000,000 annually.

already arranged were denied by M.

0

0

situation.

available, but the general understanding
new

of

0

to

*BX % on paper secured by BH %

oan

exclusively

mature in twenty years,

0

5H

Richmond

Minneapolis
Kansas City

week almost

that
7
0

7

0

maturing maturing

Atlanta

St. Louis

attention has centred during the

maturing

notes) secured by—
Bank of—

said to have done

much

Needless to say,

,

of conjec¬

operations of the British Royal
Commission in the form of .large buying of

The recent

heavy offerings.

within 90 days (incl. mem¬
ber banks'

The belief

looked for, unless support

bid
bid
7H bid
7

The following is the schedule

bills

and cotton bills are due

when further sharp recessions are

change levels, but this is purely a matter

6>i7

3 54J^

in commercial offerings for some

material lessening
little time.

were

Bankers, however, do not look for any

57J4-

within

changes this week in Federal

Discounted

in evidence.

The extremes for the

30 Days

6%@0

DISCOUNT RATES OP THE FEDERAL

during recent weeks

Days.

0J£®OH
7^@0H

—7H@6H

feature of trading

a

traceable to fears over the outcome of the

is directly

Thirty

6X©GX

6ji@6J4

no

Reserve bank rates.

Delivery

DeUcerySixty
Days.

noticeable

0

%

'

t Discount rate corresponds with Interest rate borne by certificates pledged as
collateral with minimum of 6% In the case of Philadelphia, Atlanta, Kansas City

of Richmond, Chicago and San Francisco.
St. Louis, Kansas City and Dallas are norma
rates, applying to discounts not In excess of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts In excess of the basic line are
ubject to a
H % progressive increase for each 25% by which the amount of accom¬
modation extended exceeds the baslo line.
and Dallas and 6X % In the case

representatives of their terms, and it is stated that
only awaits cable acceptance

'he entire transaction

Note.—Rates shown for Atlanta,

3y

France.

ing.

Sterling exchange has experienced a quiet and com¬
paratively uneventful week, with rate variations, in




Late yesterday it was reported that the
Tuesday morn¬

official terms would be made known

In the meantime, although the

of between
on

consignment

$5,000,000 and $6,000,000 gold reported

Friday last to be coming from

Paris, has since

Sept. 4

turned out to be British

gold coming in the usua.

that the French
Government
has openly stated its intention o:
shipping gold to the United States for the pur¬
pose of paying off France's share of the AngloFrench maturing loan.
Latest information is that

way

from London, it now develops

the movement will reach as

is

high

as

$80,000,000 anc

Local bankers

expected to begin about Sept. 4.

allege that France has already purchased exchange
to the amount of $60,000,000, and in all probability
will

$40,000,000

another

add

It is confidently

Oct. 15.

of this loan will have an

'

between

now

and

expected that the placing

extremely beneficial effect

and aid in
stabilizing the exchange situation generally.
Referring to the more detailed quotations, sterling
exchange on Saturday last was a trifle easier and
demand bills declined fractionally to 3 56%@3 56%,
not

only

sterling but also on francs

on

transfers

cable

to

3 57@3 5734

and sixty days to

market was quiet and
trading listless, but the trend was downward and
there was a decline to 3 54%@3 55% f°r demand,
3

3
3

Monday's

53@3 53%.

cable transfers and 3 5134©
52% for sixty days. The undertone was slightly
55%@3 56%

925

fHE CHRONICLE

1920.]

for

who had been

looking for substantial improvement,

this

remained heavy during the greater

currency

part of the week, at one time declining to
checks.

close

Later

on

there

was a

slightly under this figure.

tions put forth for the
at

time when the

a

14.54 for

rally to 14.27, with the

Among the explana¬

decline in French exchange
might be expected—viz.,

reverse

loan

negotiations and prospective shipments of gold

from

Paris—probably the most generally accredited

is that it

was

of renewed
francs

were

also

sterling for

reported

French

as

connected

French

while

prevailing

view of the uncertainty
tions

weak owing to buying of

account,

an

additional

undoubtedly speculative operations.

is

factor

in large volume

due to the appearance

offerings of French grain bills. In London,

the

with

over

In

the opera¬

payment of the Anglo-

loan, francs have lately been subjected to

excessive

In the opinion of bankers

speculation.

placing of another large loan in this country
will have no direct effect on the exchange market, but

the

will

serve

to eliminate the

otherwise be placed on

supply of bills which would

the market against our exports

by establishing credits and thus
stabilize exchange

indirectly serve to

conditions. Exchange on Rome was

under some pressure in the early dealings but later
somewhat less in
in the week rallied under lighter offerings. Quotations
volume and demand recovered to 3 54%@3 5634>
cable transfers to 3 55%@3 57 and sixty days to throughout were appreciably above last week's low
record figure.
Berlin marks again turned weak and
3 51%@3 53; trading was quiet.
On Wednesday
once more dropped below the 2-cent level, touching
increased firmness was noted, mainly on higher cable
for awhile 1.99 for checks, though without specific
quotations from London and demand bills moved up
activity or reason assigned therefor. Austrian kronen
to 3 56@3 5734? cable transfers to 3 56%@3 58 and
and Belgian francs moved in sympathy with the other
sixty days to 3 52%@3 53.
Price levels receded
exchanges.
Exchange on the Gentral European
fractionally on Thursday; the range for the day was
Republics moved irregularly with the trend still
3 55%@3 56 for demand, 3 56@3 56% for cable
transfers and 3 52@3 52% for sixty days; offerings fractionally downward, while Greek drachmas con¬

firmer

on

Tuesday; offerings were

attributed the tinue weak.
A cablegram from the American Consul at Athens,
weakness mainly to a persistent lack of buying power.
Greece, states that a Governmental decree removing
Friday's market was largely a pre-holiday affair,
all restrictions from transactions in foreign exchange
dealers being unwilling to make important commit¬
has been announced.
New York exchange is ex¬
ments over the triple holiday incidental to the com¬
pected to rise somewhat in consequence, although
ing Labor Day celebration and trading was of ex¬
according to the more recent reports, Greek exchange
ceptionally small proportions; nominally, quota¬
is still greatly depreciated.
In June the value of the
tions for demand ranged at 3 55@3 55%, cable trans¬
dollar had fallen to 8.95 and the pound sterling was
fers 3 55%@3 56% and sixty days 3 51%@3 52%.
As a result imports from both the
Closing quotations were 3 52 for sixty days, 3 55% quoted at 34.25.
were

in liberal

supply, but bankers

for demand and 3 56 for

cial sight

cable transfers.

bills finished at 3 55%, sixty

Commer¬

days 3 49%,

(sixty
days) 3 49% and seven-day grain bills 3 54%. Cot¬
ton and grain for payment closed at 3 55%.
While
no gold has been actually received this week, about
$1,800,000 is expected to arrive shortly on thelmperator.
Apparently authentic reports state that the
£5,000,000 gold reported last week as on its way from
days 3 47,

ninety

France is in
were

documents for payment

reality coming from London.

ceived in

No exports

Reports have been re¬
the financial district that an inflow of gold

noted during the

from Canada to New

week.

York is about to begin.

The

The belief
is that the gold is to be shipped to assist in paying off
part of the French share of the
Anglo-French
scope

of the movement is not known.

loan.

Continental exchange appears to
and here, too,

be marking time

fluctuations have been devoid of special

Considerable irregularity prevailed at
times, but the market was too dull to permit any
extended movement one way or the other.
French
importance.

francs,
of

as

might be expected, came in for a good deal

attention, although to the disappointment of




those

United States and United

Kingdom have diminished

British and American firms who had
forwarding goods on consignment are said to
been hard hit by the rise in sterling and dollar

appreciably.
been
have

exchanges.
ceived

from

Under date of Aug. 30 a dispatch re¬
Paris states that an issue of nearly

$100,000,000 in new nickel and aluminum coins is to
be made by The French Treasury early next month
for the

purpose

at that centre.

of relieving the currency shortage
With the opening of Parliament the

French Government is to

introduce

a

bill withdraw¬

foreign importers who only pay
import taxes while French importers are obliged to
pay a tax on their total business turnover.
Accord¬
ing to advices received from Montevideo, the Uruguayuan Government has presented a bill to Parlia¬
ment extending for one year the time fixed for the pay¬
ment of the credit allowed France for the purchase
of that country's products.
Payment was to have
ing the privileges of

fallen due in

December.

The official London

check rate on Paris finished

week ago. In New York
French centre closed at 14.41,
against 14.32; cable transfers at 14.39, against 14.30;
commercial sight bills at 14.45, against 14.36, and

at

51.40, against 51.29 a

sight bills on the

THE CHRONICLE

926
commercial sixty

Final

week.

days at 14.52, against 14.43 last

quotations

Belgian

on

francs

2.00 for

and 2.04, respectively.

far

so

concerned,

Hong Kong and

as

This

price of silver, and these currencies have declined to

are

reflect

Kong,

Shanghai, 105@107,

against

2.02

was

76@79% for Hong

2.02

checks and

A week ago the close

for cable transfers.

rates,

Shanghai

with 13.37 and 13.35 the previous week.

compares

Eastern

Far

were

13.54 for checks and 13.52 for cable transfers.

Reiehsmarks finished at

[Vol. Ill

finished

at

the

break

against

the

in

79@81%; and

110@112; Yokomaha

51%@52, against 51%@51%; Manila,

Austrian kronen closed the

46%@48, against 46%@46%; Singapore, 43%@44,

week at 00.45 for checks and 00.46 for cable remit¬

against 46%@47; Bombay, 34%@36, against 34%

tances, against 00.44 and 00.45 last week.

@35; and Calcutta, 34%@36, against 34%@35.

lire finished at 21.70 for bankers'
for

cable transfers,

21.40

closed at 1.67,

against 1.83;

Exchange

against 1.69;

Greek

<

Czecho-Slavokia

on

Bucharest at 2.32,

on

Poland at 47 (nominal) unchanged,

on

and Finland at 3.20,
week.

sight bills and 21.68

in comparison with 21.42 and

week earlier.

a

Italian

against 3.00

exchange

again

Friday of last

on

broke

to

low

new

levels, and closed at 10.70 for checks and 10.80 for
cable

against

transfers,

and

10.85

10.95

week

a

previously.

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,563,000 net in cash as a result of the cur¬
rency

movements for the week ending Sept. 3.

ing the Sub-Treasury and Federal Reserve operations
and the gold exports and imports, which together
occasioned

loss of $75,384,000, the combined result

a

of the flow of money

-There is

nothing

exchanges.
and

Movements

trading still at

to report in

new

a

were

the

neutral

relatively unimportant

low ebb.

While weakness

to

prevail, there

ment in Scandinavian

was

$69,821,000,

ending Sept. 3.

exchange which ruled slightly
Swiss francs and

guilders, however, remain heavy, with Spanish

Banks' Interior movement

and Fed.

sight

'against 32%;
'commercial
4

week ago.

Swiss francs closed at 6.09 for bankers'

Sept. 2

Checks

on

20.08 and cable transfers 20.18,

com¬

Gold.

Silver.

£

£

£

£>

144,495,699

Germany

10,944,000
98,095,000
32,191,000

14.60,

Netherl'ds

Sweden closed

Switz'land

while checks

on

against 14.10 and 14.20

week

a

Spanish pesetas

were

14.98 for cable transfers.

ago.

Closing quota¬

14.96 for checks and

A week ago

the close

Bell

53,028,000

489,000

53,709,000

11,716,000

10,641,000

1,346,000

25,267,000

18.696,000

1,596,000

11,987,000
20.292,000

14,519,000

16,690,000

""143*O66

12,801,000
8,119,000

10,410,000

12,658,000

.

on

36.87%, though the close

as

spares with 36.92 and

■

as

was

This

corn-

37.05, respectively, last week.

Brazil, the rate after

a

decline to 16.40 for checks

rallied and closed at 17.40 and cable transfers 17.50,

against 18.40 and 18.50

8,170,000

47,477,950 591,853,125
48,459,050 593,562,747

holdings of the Bank of France this year are exclusive of

as

a

week ago.

This

sensa¬

already explained, is due pri¬

The

precise facts, principles and political differ¬

underlying the present situation in Ireland

ences

passed long

ago

beyond the clear comprehension of

most American observers. It has indeed been at

time

an

situation to read.

easy

so

old that

one

may

It

or

three generations ago.

strongly felt in this country at that time and

was

electorate

wheat.

were

was

on

account of the

in flour and fears of trouble with the

laboring classes

It is understood that the
about

balance of 823,000,000
to .the credit of the

to

order

the

rapid rise

Argentine

release

of

the

gold held in the United States

Argentine Embassy.

This gold

represents the remainder of the gold held when the
-Government suspended

operation of the release of

Argentine gold deposits.

The expectation is that the

decree will have
on

the

an

immediate and favorable effect

heavy discount under which the Argentine

'peso has been laboring in the United States for quite
some

time.

Chilian exchange was firmer, at 22%,

against 22 last week.

against 5.00

a

week




For Peru the rate is

5.00,

afterwards, and especially when Mr. Gladstone in¬
the

and

narrow

grave

prejudice with

a

on

problem which threatened

There was,

it is true,

a sense

then at the violence of the Irish
for

of irritation

even

people's demands

political privileges which were not enjoyed by

Scotland
mands

or

were

amounted to

Wales, and at the fact that these de¬
made when Ireland
a

own

already had what

highly preferential representation in

the Parliament of Great Britain.
our

in Parliament

the basis of rather

political trouble in the future.

But in the main

people reasoned then, and we think cor¬

rectly, that the problem ought to be considered

as

it

/actually wras, in the light of historical grievances
and

perhaps of racial misunderstandings, and ought
on
|

f

bill, that the British

party majority

dealing unwisely and

to be settled

ago.

The dispute on the

read of it nowadays in histories

dealing with events of two

Argentine Government in prohibiting the export of
The latter

no

simple question of Home Rule for Ireland is itself

troduced his Irish Home Rule

is

£79,131,137

held abroad.

marily to the amost complete cessatiori of shipments
of hides, skins and wools, also the recent action of the

'Government

16,690,000
10.567,000

was

Argentina

37.12%; cable transfers finished at 37.25.

at that centre

■

"157",000

8,170,000

46,190,150 630,159,229 544,375,175
46,078,150 630,052,204 545,103,697

Prev. week 583,974,054

quotations further declines

have been shown with the check rate

v

13.279,000

THE CRISIS IN IRELAND.

As to South American

weakness,

56,138,550

1,056,000

8,119,000

Gold

975,950

2,352,000

25,786,000 122,018,000
2,976,000 35,180,000

3,669,000

Total week 583,969,079

a

£

88,252,131

11,800,666 155,570,444

10,660,000
14,519,000

Denmark

Total.

21,598,000

_

'15.04 and 15.06.

time

123,081,830 88,252,131
10,100,000 154,655,699 143,770,444
386,150 54,965,700 55,162,600
2,369,000 13,313,000 10,927,000
24,066,000 122,161,000 96,232,000
2,990,000 35,181,000 32,204,000
1,351,000 54,379,000 53,220.000

54,579,550

.

Spain

Italy.—-

Norway finished at 14.53 and cable transfers 14.63,

tional

Sept. 4 1919.

,

Total.

123,081,830

Norway

For

1920.

Silver.

--

England

Sweden

-

amount of bullion

Gold.

Nat.

one

569,821,000

Banks of—

France a—

Copenhagen

14.50 and cable transfers

against 14.10 and 14.20;

low at

Loss

£

checks finished at

•

$118,735,000

principal European banks:

sixty days at 31 5-16, against 31 11-16

with 6.06 and 6.04 last week.

tions for

$5,563,000
75.384.000

following table indicates the

Aus-Hun—

at

53,924,000 Gain
114,811,000 Loss

cable transfers at 31%, against 32%;

sight bills and 6.07 for cable remittances, which
pares

Net Change in
Bank Holdings.

39,427,000

548,914,000

in the

of

Banks.

59,487,000

Total.

The

Amsterdam finished at 31%,

on

sight bills at 31 11-16, against 32 1-16,

and commercial
a

pese¬

out

Reserve op-

er'ns and gold exports and imports.

fractionally lower.

Bankers'

Into

Banks.

Sub-Treasury

tas also

follows:

as

con¬

slight improve¬

some

above the low levels of last week.

into and out of the New York

banks for the week appears to have been a-loss of

Week,

tinued

Their

receipts from the interior have aggregated $9,487,000,
while the shipments have reached $3,924,000. Add¬

the line of least resistance.

Very

Sept. 4

937

1920.]

against such ac¬
tion and against all plans of Home Rule which were
then proposed.
But perhaps the answer to them to¬
day lies in the fact that the Home Rule measure
which has actually been proposed by the British
plausible arguments were invoked

concessions which could not

Government embodies

possibly have got a hearing at Westminster in 1882.
Two considerations have been injected into the

recent years, which
complicated it much further, both in the ef¬

controversy, during these more
have

forts of British statesmen to

has arisen in

absolute deadlock which

is the

One
Irish

understand it.

political opinion itself, as between
and the Catholic constituencies.

Protestant
Political

Ulster

feeling in that matter had, it will be remembered,
reached such white heat at the very time when the
great European war broke out,
Ireland

that both sides in
There is

arming for a civil conflict.

were

by what

we

believe to be the dangerous doc¬

shadowy and ill-defined doctrine—

trine, because

a

the

that

right of self-determination. Accept¬
doctrine as it is commonly stated

would almost

certainly have vindicated the South¬

so-called
of

ance

It might readily be ap¬

Confederacy in 1861.

ern

pealed to by the Filipinos,, if they could make a
,

plausible showing by

it is

purposes,

is not

It

Applied by those
personal or factional

plebiscite.

a

who wish to twist it to their

solve the problem and

outside nations to

of

in the effort

scured

doctrine of political disintegration.

a

easy

for observers in this country to
situation, but is un¬

foresee the outcome of this Irish

fortunately

very

to draw hasty and unwar¬
of our people

easy

inferences.

ranted

Probably most

yet grasped the fact that the ,Sinn

have

not

Fein

demonstration, in its charactre and apparent

even

is far more closely akin to the Bolshevist

purposes,

dictatorship in Russia than to the political program
of Redmond

Parnell

or

that it is much

or

O'Connell; in other words,

distinctly

more

a

manifestation of

cabal at Ber¬
the present world-wide1 social and political confu¬
lin relied largely, in its plans for taking France and
sion than of the legitimate aspirations of the Irish
Russia at a military disadvantage, on the supposed
people. The events accompanying it must be judged
paralysis of England as a belligerent through an
as are those of every other extreme and violent mani¬
Irish
good reason to believe that the court

uprising.

That the Irish

active

question did not hinder England's

What
actually have been done to pacify Ireland, if
participation in the war, we know.

festation of the social unrest

which has followed the

war—whether in Russia or in Hungary or

in Ger¬

The existing
solved
or
allayed by foreign meddling than could these
jecture.
But with the ending of that war and the
political difficulties in other countries. British
arising of the social and political unsettlement
would

there had been

no

followed

which

European war, we can only con¬

the

war

in

quarter of the

every

many or

in the United States itself.

political crisis in Ireland can no more be

statesmen

no

can

more

of yielding to the

think

uprising than
still another
they could contemplate actual political secession of
phase.
A secret association—operating purely by
Scotland.
But the manner in which the situation is
terrorism, not countenanced even by the majority of
pretensions of the leaders in the Irish

world, the Irish question entered on

those Irishmen who have insisted on

affairs, and with

pendence in conducting her home
its

active leaders and

publican government of its own.

It has endeavored
authority of the

levy taxes, has rejected all the

solicited

recog¬

by foreign nations and has resorted to

unmis¬

constituted
nition

Irish Government, has

The advocates of the Sinn

case.

in

Fein

are

in the habit

comparing their uprising to the American Revo¬
1776, but it is very far from a parallel

lution of

Not

our

one

explicitly set forth
of Independence could be al¬

of the grievances

Declaration

leged with the least show of
stance.

The

movement is
our

own

with the
had

case
more

of British

THE

ON

Mr.

provide a memorable test

statesmanship.

plausibility in this in¬

of the present Irish

separatist

a

in the

force to England.
political incorporation and politi¬

long past of history, joined by

It affects the nation—and

United States into

the League does transcend par¬

ties, does affect the
does exert an

natioh and people as a whole,

influence on world

citizen considers the

affairs.

When the

matter party lines ought not

him.

longer to bind

But since there is a "solemn
the decision to

referendum," and it appears that

or

originally been created by free choice of the

Nations issue is not

It involves,; they aver, something

triumph of party princi¬
the world. To this
give swift and firm assent. The entrance of the

we

go

participants, whereas Ireland was originally,

WORLD-LEADERSHIP.

Roosevelt have declared that,

and Mr.

greater than the ordinary

then,

qualifying fact that the American Union

OF

NATURE

party question.

nearly the analogy to the case of

Southern States in 1861, though even

Cox

strictly speaking, the League of

ples.

takable civil war.

of

hereafter to be met will

agents unknown even to the

peoples-has professed to set up an Irish re¬

Irish

to

Ireland's inde¬

in or stay out seems to rest on the success of one
the other of the parties, the patriotic citizen is

compelled to cast his vote for one or

the other of

parties, Democratic or Republican, though he
does so without partisan fervor or prejudice.
The

the

voter is

therefore bound to

consider, without heat or

nation of membership in
But in both cases
the League—and to examine into this in all its bear¬
cal representation had grown so intimate with the
ings. Naturally we would wish to enter on an equal- •
course of time that the revolt against the central
authority, in the form which it assumed, was seces¬ ity with all other members.
The claim is made, however, that we should enter
sion rather than revolution.
The American citizen

acquainted with

history was bound in fairness to
this essential

our own

take account of

fact, and to recognize that the outright

political breaking-away of Ireland from the British
Union could no more be seriously considered by a
far-seeing English statesman than

the similar break¬

could have been
considered by Mr. Lincoln and his advisers.
Un¬
doubtedly, the question of Ireland has been ob¬

ing-away of the Southern States




rancor,

the

the effect on the

maintain a certain leadership
affairs which we are
acquired—and acquired, we think it is
recently by the enunciation of princi- "

League in order to

among

the nations in world

said to have
fair to say,

pies

embodied

There is here a
the

in the famous "fourteen points."
Assuming that

covert contradiction.

people of this country embrace

best relations

these principles;

principles tend to establish the
that can exist between the several na-

assuming that these

938

THE CHRONICLE

[Vol. 111.

tions, and that their adoption in belief by ourselves

vote

gives to

United States in the Council.

us

a

certain prominence in international

policies, there is still
the

for the purpose

ship.

warrant for indulging in

no

vanity of leadership,

or

of entering into

of strengthening

a

League

a so-called leader¬

Quite the contrary.

each

for

England

hinted that there is

on

foot

of Nations to sanction
members

of

or

would tend to set up

tional

asked, and

of

The

determination, is not only

voting bodies, equality of voting

power

generally demanded.
there arises

And

therein is

controversy.

-;i

Mr.

Roosevelt, in his Western tour, has taken pains
bring this feature of the general question directly

to

before the voters.

"Times" of

quoted

".

dispatch to the New York

some

an

interview, which

we

repro¬

length, the following:

During the last week I have been demolish¬
silly argument about England being able to

.

ing

a

August 23, dated Portland, Oregon, he is

saying in

as

duce at

In

.

a

outvote

six to

us

one

in the

■

ment in

actual and

vote, just the

same as

the United States.

have shown that while in the

Assembly,

And I

large
body, which has primarily only recommendatory
powers, five of Great Britain's dominions, like
Canada, South Africa and Australia, each have a
vote, the United States of America will undoubtedly
a very

have the

support of twice as many of our neighbor¬
ing and friendly republics in the West Indies and
South America.

cited, for instance, the fact that the Republic
Domingo is at the present time being ad¬
ministered by the United States
Navy, and that as
the interests of the two countries

are

together, the votes of both countries
edly be found in the same column.

closely bound

would undoubt¬

ask in his

to the fundamental ele¬

as

nation capable of

a

League.
Manifestly, in the Assembly, the body of debate
and opinion, the
"recommendatory" body of the
present League, the little nations will outnumber the
any

large, and, being equally free, equally endowed with
voting power, may control in recommending legisla¬
tion.

And since

great principles of democracy and

democratized world

a

are at
stake, it is here, if any¬
where, that "leadership" by the United States must

of

But

therein will

just

as

or

with

as

but

this

England,

by the intelligence

ought to be.

that Canada and Australia
us

surely the body of opin¬

be established

peoples and nations,

are

as

And to say

likely to

go with
this ground be true—

may on

ignores the relation

of

the

dominions

to

England and the absolute independence of the re¬
publics to the south of us. As certainly the
appeal
of the United States
(based on affirmed equality of
vote in the

"I

of Santo

formerly

we

now

based

rightful equality in

ion

one

To do this

to equality of voting

as

strength which make

be maintained.

Empire has but

question

now

civilization) but

ments of

in that

Council the whole British

sub-league of the

that the voter must

(an equality not

League of Nations.
I
shown, first of all, that it is the Council of the
League which is the true governing body, and that
have

a

on
population,
territory, and not cognizant of national advance¬

the fact involved

over

plan to ask the League

a

in fact, if not in name, the old

power."

one

and the

already been

Hemisphere.

equality in membership is alike jealous of its
rights; and since the Assembly and Council are
power

It has

create

the Western

Any form of leadership,
however, is jealous of its rights, any form of na¬

"balance

(British Empire)

be made to

Assembly) if worthy of leadership will
highly advanced constituencies like those

of Australia and
ama

and

power

Canada, rather than

Nicaragua, in the face of

England

those of Pan¬

and

despite

any

may exert—and it follows that Mr.

The same thing
Republic of Haiti, though in that par¬
ticular case
they have a President and Cabinet of
their own.
It is true,
also, that the interests of
other republics, such as
Cuba, Panama, Nicaragua
and Brazil, are so akin to ours that we
shall be of

alleged "leadership" by the
States, when put to a practical test in the
League, disappears. It is an obsession of our ideal¬

mutual

ism.

is true of the

the

support to each other in the Assembly of

League of Nations."

"talking politics"
der.

should call it

a

If

we

were

tactless blun¬

are

onstrated

a

rather

hard-bought equality.

And,

as

pointed out in another connection in the Sen¬

on

his

.

The fact is that this

United

any

To enter the
we

League in order to confirm
possess

it)

failure in reality.

this

is not admissible

high plane of purpose, and if it is would

Whatever

on

prove a

And here appears the great truth.
we have exerted, whatever we

leadership

have, depends

and

nation.

compared to

Domingo and Haiti, Mr. Roosevelt has dem¬

clearly established

grounds.

now

When Canada and Australia

Santo

was

were not serious.

we

own

(if it be true

Now—there is something naive about this—some¬

thing laughable, if it

Roosevelt's equality is not

on our own character

And

whatever

shall

we

as a

have

people
in

the

future will continue to do
so, and will not be aug¬
mented

by joining

a League or the League.
To be
debate may succeed secret diplomacy—

ate

sure

of

and should.

debate, the United States entering the Assembly
the League of Nations
(which has been called a

"debating society") at the head

of

a

procession of

little island negro
republics would not exactly con¬
duce to
world-leadership. But we may pass that.
Not only is the word "interests"
used to denote the

alignment of nations together—but, as must be seen
when principles are at
stake, interests destroy equal¬
ity and prevent unity

unimportant

save

as

to the whole.

to present

our

own

We

are

voting
tion

not

more

to

power

enlightened

seems

by those few

to be

men

an

now

than then,

for

arbitrary determina¬

who constructed the present

League.
is not

What appears to be certain is that
equality
compatible with leadership. There is confu¬

sion here of the
practical with the

dismiss the

ideal,

even

if

Assembly and accept the dictum of




itably descends to the manipulations of international
politics.

This,

as we see

problem which the

it, is

one

phase of the great

voter must consider.

Though it is

the basis of
voting strength
—population, territory, and form of government?
as

But true
leadership by example is in¬
dependent, free, sovereign, disinterested, whereas
leadership by machinery of League legislation inev¬

CONDUCT

viewpoint of

consideration, long before the League took form, the
"Chronicle" asked

open

we
one

It must

cause

outset of the

OF

THE

campaign public attention should be

turned from the

contributions.

grave

The

course, an evil.

use

issue to

There

investigation of
in politics is, of

And yet the extent of that evil de¬

are

our

use

to which the money

"legitimate" campaign

It would be better if there

bersome is

an

of money

pends somewhat upon the
is put.

CAMPAIGN.

regret everywhere that at the very

were

none.

political system,

so

expenses.

But

so

necessary

parties, that certain rights inure to party

cum¬

our

manage-

Sept. 4

importance of the issues at

of the

ment because

charge of

out its
the
country it has the right of full expression at the

gated.

prelimi¬
nary canvasses; and workers on election day, who
will urge voters to attend the polls and take note of

on

instance, a party has a right to "get

For

Certainly if it is to be of any use to

vote."

This cannot be had unless there are

polls.

Unfortunate may be

those who do.

this condition,

And, while every citizen eligible to

but it exists.

vote should do so of his own

Once made, an

vast corruption fund.

that those who

are

demand money

his own vote to see
That he should

indifferent do so.

for his services when he does

devote

of itself.

issue, and in this is an evil

to

use

warrant, if not based

popular condemnatioh. If proved true,

which the
be

proposed fund is to be put
corrupt in itself, and mani¬

festly that cannot be done until after it is expended.
It

might be asserted that, knowing the truth, the

charge made

now

would compel its diversion from

illegitimate to legitimate
the amount

compulsion
democracy to do more than his personal
duty in the premises. The expense of these prelimi¬
nary canvasses and these party letters on election

thus be

a

themselves

heavy and can easily be borne by the various pre¬
cincts into which the voters are cast by law.
In

we are

of the opinion
is fraught with

people's good repute.

Conditions this year are

The high liv¬

unusual.

ing costs and high taxes affect the local pocketbook,
and the small contributions usual in
tics will be harder than

day therefore falls upon party managers.;;

(if it could be shown

a cause

But

and such

a course

dangers to

uses

actually needed) and a good would

was

accomplished.

that such

a

Naturally these expenses are not of

making of the charge diverts

facts, it descends to base calumny and

must be shown to

asserting only that there is no

are

known

the

party and through it to the country
behalf must be left to his own conscience.

him in

mere

If it is made without

should merit

his time to the

in this

But the

attention from the grave

volition, it is not the

duty of one who has loyally cast

on

a

investigation committee in being, it must be investi¬

stake.

We

929

THE CHRONICLE

1920.]

would

therefore

tion
for

the sheer

the

"issue" is

reason

ever

to

arise to

secure.

go

precinct poli¬
The tempta¬

to great wealth

of its ability to pay.

More,

decidedly "national" in charac¬

one

indicate that they are so ter, and a contribution by a man of large means
would naturally, through the success of party, inure
borne, and that while they aggregate a large sum
to the welfhre of all the people as he may see it in
for the whole, constitute in no sense a corruption
placing his gratuity. No such benefit as might be
fund.
Nor need they cause uneasiness in a national

fact, experience would

campaign, for there are also State, county and mu¬
nicipal officers often to be elected at the same
the

and

time,

rightful interest of local candidates (and
party devotees) is sufficient to assume

also of local

charge of the matter, leaving the national cam¬

chief

Besides, though "to the
victor belong the spoils" is not a very high motive,
we shall never perhaps rise to a political system in

paign comparatively free.

'which the lure of office is not

an

incentive to

exer¬

"getting out the full vote."
befalls we shall never make our politi¬

tion in this matter of
Whatever

people. As
pitted against

long as the two principal parties are
each other there will be a natural rivalry over re¬

sults, a rivalry other than

We

ciple.

can

patriotic effort over prin¬

imagine that in the old model of the

England town meeting there was many a secret
"be on hand

New

admonition of the interested ones to

early."

Our secret ballot was a step which relieved

polls" of much confusion, and which freed the

"the

voter from

supposed or actual sinister influences.

of the use of too
in ante-convention days adduced by the

And, while there has been evidence
much money

Senate

Committee, that it should continue its in¬

spectacle
upon which we can look with pride—if indeed such
sitting is necessary. The old "blocks-of-five" days,

vestigations during a campaign is not a

when

men

openly bought votes on election day, are

practically gone.

Now that prohibition has come

the influence of the
fied.

And

our

to interest

world, which may be assumed to follow the

with the

of

determination

saloon will henceforth be nulli-'

politics in its machinery ought to be

place of the United States

League) will not be swollen* war profits or after-

the-war
a

the

the nations in time of peace (if it shall follow

among
a

under the old tariff contro¬

The profits of future trade

is applicable.

profiteers' profits.

an

So that the charge that

corruption fund is proposed to get

vast sinister

"underhold," in

What is to be

,

system higher than its source in the

cal

attributed
versy

a sense

contradict itself.

deprecated is, this ever-recurring

charge that "interests" exist

willing to

pour

out

What are they? Let them be
specifically! Let the charge be proven ac¬
for gain.

money
named

cording to the rules of evidence in a court of justice,
now that it has been made.
It is an insult to the

people to flaunt this in their face at the very time
it is announced that "The League" is not rightly a

Who is to benefit?

party question.
money

for

objects and

And how very
of secret

exist!

Do men give

simply because they have it, in large amounts,

self-interests no one can name?

reprehensible it is to rouse a spectre

plotting and sinister purpose that does not
some extent, with variations, recurs

This to

in every

campaign.

There is almost always some¬

of
"money-power"! Now let it
exposed—or let the unproved charge bring its

where

an

ogre

in a cave plotting the downfall

liberty and law called a
be

own

odium.

THE

BROOKLYN RAPID TRANSIT STRIKE—
THE CAVE-DWELLER

ERA.

After threatening talk during several weeks, the
And, generally
revolt on the Brooklyn car lines began on Sunday
speaking, we believe it is. Public opinion, the great
morning, falling upon a public unprepared and taken
arbiter, growing constantly toward "clean" elec¬
almost by surprise.
As in the like situation about
tions, makes it so. As to the personal expenses of
a year ago, many motor vehicles were brought into
candidates, these have been limited in amount and
service, on a basis of getting good out of an ill wind,
nature—a help to the candidate and a proper safe¬
and people rode or walked as best they could.
A
guard to the party and country. But the day when
small service was maintained, while preparations
no money is used
questionably awaits the day of
for a larger resumption proceeded; on the fourth
universal honesty and loyalty.
a

on

higher plane than heretofore.

In view of the "solemn
we

referendum" to be enacted,

repeat, it is to be regretted




that there is the

day came the
headlines began

usual violence and the newspaper
reporting such incidental casualties

THE CHRONICLE

930
as

strikers attack B.R.T. cars,

It is all a familiar

dying."

boy killed, two

course

of whose evil work the "Chronicle" has

men

of events of dis¬

Judge Mayer

'Brooklyn is
broad

crowded "bedroom," spread

a

reached

areas

by long transit lines.

volting employees suffer
of current wage,

the

over

The

return to

can

and expect to offset that by gain¬

bers of that

of

interruption falls.

to have them

only

such

no

under

ago

tempt to ride

on cars

porarily "outlawr"

can

be.

as mem¬

the scale of thirteen months

over

shall immediately apply; the

men

shall have the

representatives for

own

dealing directly with the management.
here let

Just

Now and then

are

light¬

nor

10%

opportunity to choose their

others who have

days; the citizens

individuals and not

as

right of collective bargaining, and shall have free

note

us

we

one

enjoyed

years

very

significant fact.

have most agreeable accounts of

and another industrial

one

is incorporeal and cannot be hit

brick; the people

a

on

necessity which will neither wait

a

The company

with

per¬

personal experience.

The company can wait a few

en.

some

explained, and the story would make

inadequate impression

an

had

Those who have

knowledge of such interruptions do not need

work,

organization, and in such

An

increase of

them the blow

pro¬
men

have

daily work by

upon

any

transmitted through it; the

seniority and other privileges restored.

their

and

or

case can

ing their contentions; the people must get to their
some means,

some

he will have nothing to do with

says

Amalgamated and will not consider

posal made by

re¬

immediate loss except

no

given

account.

order.

sonal

[Vol. 111.

which has for

concern

peace and has "never had a strike."

In every

Persons who at¬

such instance, the collective bargaining and
the adjustment of any differences of views have been

which have been declared tem¬

to be innocent: they sin
against the union and therefore against the general
welfare; they forfeit the ordinary title to personal

local, wholly between employer and employees of
the particular plant, without
any outside interven¬

safety and must blame themselves if they get into

where the

the line of fire.

receiver, and

cease

Our enemies

we

There is not

their

Federal judge who persists in

a

the
un¬

where the outside

are

breaking pledges while he

our

have nothing against the public, yet
will pound the
public until the victims' suffer¬

incidental

own

a

essence

dweller era, and there is neither sense

but its increase

throwing

a

comes

more

serious.

The wage

three weeks

ago,

that the

pres¬

ent

payroll of 25 millions, plus the demanded 15
millions, would just equal the 40 millions of gross

receipts,

so

that the road would be left "without

a

penny for
if

supplies, materials, and other necessities;
granted, your demands could have only one result,

which would be to

stop operation."

Approximately

and result.

Let

the

outside control.
he has
ways

indicated, but the
shop and the

The receiver reminds the

that

men

always refused the closed shop, and has "al¬

refused to enter into

other than

this

now

a

committee of

stand, he

contract with
anybody
employees." He has taken
a

adds, under instructions from

court, whose representative he

is.

the

Judge Mayer,

who

appointed him, reaffirms this, and is equally im¬
movable ; as to
wages, he will go as far as is finan¬

cially practicable, but

no

farther, and will

sent to arbitrate all but the
arithmetical

leaving it evident that he

will not waive

even con¬

part, while
or even

put

in

jeopardy the permanent question of moral prin¬
ciple and the public welfare.
Let it be
now

clearly understood that

busy is the

the surface lines of this
and the

same

that

which

same

borough,

causes

on

a year or more ago,

recurrent industrial disor¬

ders everywhere it
penetrates.
sonous

the evil influence

brought trouble

It carries such poi¬

infection that it halts
reason, smothers con¬

science, blinds the vision of industrial workers, and
ordinary humanity into wolfish fe¬
rocity.
This outside pest is the same "Amalga¬

turns them from

mated"

that

the United

has

been

committing crimes all

States, and its leaders




are

the

over

same ones

central

nook, is

can

keep things in upheaval,

even

us

try to omit general discussion and get to
of the subject.
No particular individual

marrow

is under either

soil,

legal

ticular individual is
tent to
to

or

even

moral obligation to till the

or

that all the people may have food; no par¬

so

under

duty to become

operate local surface

continue in

such

necessity.

cars or any

service

though such service is

brought home to

somewhat less is

a

plan

organ¬

virtue would be compatible with human

promise

on

The

progress.

body, that only

serious part relates to the closed

It

(or

40% increase, plus the customarily demanded short¬
er
hours, was the objective. A willingness to com¬
more

with him.

its continued existence) is
incompatible with industrial peace as a decline

in average

against the arithmetic, for the

up

receiver told the
men,

come

possibly still wider

impossible, because unworkable; it is Bolshevik in

as

side in the present controversy,

wage

and another side that is much

demand

in

at it.

grass

There is

use

or

labor, controlled from

ings force receiver and judge to yield. This is the
logic of union and strike; it is the logic of the cave-

terms and take up

peace prevails;
"oyganizer" effects entrance, dis¬

great nation-wide

ization of

own

differences,

organizing and dissension
of

we

nor

single known exception to this:

a

parties make their

the company,

fairly objecting to
keeps his;

tion.

an

after beginning
it,
indispensable public

Grant that the duty rests upon

also, that each

any

person

particular individual.
in

a

to

as

personal and

form of outside

ously.

Grant,

public service has
Go

a

God-

one

step

imagine that the irresistible impulse to quit
every person engaged in such service, came

came
a

some¬

everybody, and it cannot be

means

given right to quit wrhen he chooses.
further:

compe¬

other cars,

original impulse, without

any

prompting, yet somehow simultane¬

We might

even concede, in such a hypotheti¬
practically impossible contingency, that the
individual right of action in each unit is not affected
by the incident of all the units exercising it at the

cal and

same

hour, and that in such

community must do
this

:

a

strange situation the

it could.

The point is just

between the right of an individual

work and
a

as

a

concerted and ordered

distinction

as

unalterable and essential

truth and falsehood.

It is

ber of

on

the other.

Only

a

shipping lines and officers

restraint of

between

hand, and

few days
were

Federal grand jury, on the
charge of
view the

as

the distinction between

lawful and moral
conduct, on the one

spiracy

quitting of

quitting there is

con¬

ago a num¬

indicted by a

combining in

trade, and here is brought again into

strange inconsistency of invoking the Sher¬

Act against business
(chiefly "big" business)
alleged conspiracy to somewhat embarrass trade

man

for
and

remaining blind and impotent against conspira-

Supt ,4

9 31

THE CHRONICLE

1920.]

considerations between the*,
buyer. All services should;
proclaimed in advance.
What was done in
be paid for by the employer and not in any degree >
Washington itself and in the presence of the Gov¬
or manner otherwise; the employee should look only
ernment's sworn "executive" officer and of the coun¬
to the employer, and payment for any material or
try's legislative body, four years ago; what has been
labor should be expected and received from the party,
done since, in many instances, in transportation, in
ordering it; the entire gratuity and "consideration"
commerce in the chief port, in the mining industries
scheme, from its smallest twig down to its largest,
of the country, and now once more in the indispens¬
root, is injurious and immoral. It is wrong, but so ,
able public service of this huge city—if this be not
is all sin. There is no reason, however, for assuming:
conspiracy, then what is conspiracy?
that the evil is relatively much greater than formerly, *
It is impossible to indict a multitude; but it is pos¬
or that government (Federal or State or Municipal) or
sible, if there are insight and courage, to deal puniany new statutes are required or could cure the evil.
tively with leaders. These pests are men only "in
The Trade Commission's communication urged
the catalogue"; they are really disease-carriers, fo"a strong Federal enactment against the practice,
menters of disorder, and enemies of the public, in¬
striking at each person participating, both givers and,
cluding therein the dupes whose zealous and helpful
receivers, coupled perhaps with immunity to the
allies they pretend to be.
They are a sort of modern
first informant," and urged that -Congress and
Cataline; why do we tolerate them? We hurry to
Congress alone "has power to remove any obstruc¬
the penitentiary, if we can catch him, the criminal
tions which may prevent or hamper shipments in
who breaks through a bank vault or fires a dwelling;
Inter-State
commerce."
But if the only excuse
but these Bolshevik agents of disorder, these fellows
ever offered (that "everybody does it")
be correct,
whose activities tend to subvert society—of these
there is no reason why the vicious practice should
criminals we somehow seem to be afraid!
cies that

are

visible and are even

defiantly avowed

understandings

or

seller and the agent of the

and

B

sonal

The alternative

remains inescapable: courage or

self-defense

cowardice,

"Armored" cars may

or

continued submission.

possibly be resistant enough to

absorb the momentum of bricks thrown in

"peaceful

picketing" according to the union glossary; and po¬
lice or even military force may carry the struggle

under the name of
compromise; but all this does not

along to the familiar surrender
arbitration and
settle.

'

impair

"When competition crosses State
respect to trade practices

commerce.

lines State statutes with

as

actively enforced," urged the

not

are

reason

a

have

States

"Fourteen

statutes

practice, and yet it tends to grow," urged the Com¬
mission, as evidence that Congress ought to add
another,

as

though

lasting peace by

disturbers of peace.
activities of criminals
ready to take them sternly in hand.

suppressing the professional

Society must suffer under the

TIPPING AND OTHER

OBJECTIONABLE TRADE

all forms of

A

little

over

Commission, in
I

ness

two

years

course

ago,

periodical

opposed

the Federal Trade

of its search for unfair busi-

practices, sent to both branches of Congress a
for some Federal action against commercial

Gratuities;"

from Washington,

comes

month is No.

States

27

PRACTICES.

this

particular attempt at reform has its organ in "The
Commercial Bribery and Tipping Review, a monthly
this

•

of statutes

non-enforcement

that their number should be increased.
Many persons may be surprised to learn that

proves

■

What has to be done is to secure

until it is

Commission,

take a hand.
striking at the

why Congress ought to

to

and the issue for this
6 of its first volume.
A list is given of

which

have statutes against

bribery in

against fees and tips, in some cases against warehousemen, against commissions
chauffeurs, against bribes to labor representatives,

general

or

bribes to tobacco
to

physicians and surgeons.
such laws. The law of
bribery, which it declared "is a prevalent and com¬
Louisiana, just enacted, is printed in full.
It pro¬
mon practice in most industries," the bribes taking
nounces
a
misdemeanor the giving, promising,
various forms, such as "commissions," gratuities,
call

and

against fee:splitting by

In 21

States there are no

of receiving, or asking of any secret commission or
commercial prominence was said to have told the bonus; declares that no plea of custom shall be a *
Commission that "from an experience of thirty years defense; gives full immunity to any offender who
confesses, under oath, within six months after the
in the industry I don't believe there is a single house
that has not had to pay bribes to hold old business offense; and provides for $10 to $500 fine or a year's
or obtain new;
bribery is inherently dishonest and imprisonment, or both, for natural persons; and if a <
tends to dishonesty and is unfair to competitors and corporation, a partnership, or other organization is
the offender, the penalty shall lie upon the person
customers, and I don't believe it will ever be stopped

entertainments, and pretended loans.

until made

a

One

crime by the United States Govern¬

ment."

1

through whom the offense was committed.
In several States, says this journal, the

courts

practically nullified these laws, on technical
modes of
"rake-off" grounds, and it credits the Trade Commission with
having dorie more in two years than all the States
has been going on ever since the oldest of us w6re
combined have ever done padding that under a ruling boys; indeed, it is a vice which is probably as old
of the Federal CircuiFCourt of Appeals the Commis¬
as man;
the Old Testament refers to it (as in the
sion cannot proceed against commercial bribery as*
Mosaic command that "thou shalt take no gift,
an unfair method of competition until Congress has
for the gift bincleth the wise and perverteth the words
made that a statutory offense.
Three bills to that •
of the righteous") and the parable of the unjust
purport are somewhere in Congress.
steward relates one method. More or less, the vice
But statutes can do nothing unless backed by an .
does run through trade; it works between retailers
active public opinion, and such an opinion does not
and domestic servants; it is almost universal as the
need any statute. The "tip" in travel, in hotel life,
"tip;" it has its lurkings and its large development
in amusement places, in restaurants, and in the
under government itself.
All merchandise should
home, is vicious and utterly immoral and degrading,.
be sold on its merits, and not mingled with any per¬
Under

various

names

and

various

attempted concealment, this "graft" or

'

man




have

932

THE CHRONICLE

and has

tion of

always been so;1 it originated in the disposi¬
wealthy or careless persons to have special

services and be

"waited

has hardened into
sounder

on"

public opinion.

and business

must he in

cure

forbid practicing it secretly.

.

WILLIAM BOOTH.
"It is perhaps out of place—and yet, why should it be?—to refer in a
purely class paper such as this, to the religious and social work of General
Booth and the immense organization that he, almost
alone, has been the

a

it

Every

openly

person,

of

means

Commercial organizations

should condemn

men

I

obsequiously, and it
The

custom.

a

[Vol. 111.

creating."—The Mining

The above statement

and

World, London,

pec. 1906.

written six years before

was

the death of the founder and General of the Salva¬

from the

President of the United States down to the waiter

tion

and

extending its largest operations.

the

the

should look for compensation to

barber,
that

source

employs him; this is sound in

Army in 1912, when he

the authoritative story

reason,

clean in morals, and therefore would be wholesome

mulating

in

of the

man

of the

men

practice.

There must be

State and Federal,

against particular offenses

posed to be committed
but to call for

a

statutes, both

some

or

desired by

Federal statute

It has

small minority;

a

the

on

sup¬

plea that

of

a

statutes

against it

If the
the

left without

are

at enforcement is to

take

any

majority cannot reform without

a

who

the most

was

of the XIX

now

in

of for¬

means

worthily distinguished

century.*

long been remembered that when William

Orange died "the little
When

William

densest multitude

real attempt

children cried

Booth

was

in

buried

the

''the

in the streets of London

ever seen

gathered, the whole traffic of the city ceased for

inconsistent position.

an

We have

of his life the

real estimate of the work and character

a

streets."

certain bad practice is almost universal and State

still directing and

was

and there

hours,

penal statute,

majority will not reform at all.

mourning by thousands of

was

and children in nearly every country

men, women

in the world."

THE IMPORTANCE OF CANADA'S WOOD AND

Sixty-three
friends and

PAPER EXPORTS\

Canada does well to
in

place great store by her forest

time when adverse

a

facture

overtopping

are

country has
net

sales

our

the satisfaction

of

The

the poor.

months

other paper

follows:

for

it

more

its flow.

$2,060,050, manufactured wood $122,-

of men,

unconquerable

limits and

no

save

and that he had
was

the

love

a

inexhaustible.

drawn upon the richer and fuller

was

v'':'

-

The work of the

manu¬

an

of the Spirit of God to

that knew

men

The

to differ from the people

come

lowest and worst

newsprint $60,084,414,

706,285, wood pulp $57,919,248 and other

only in that he had

him

faith in the power

ending July 31 1920 reached the large sum
of $219,254,875.
The Dominion Statistician, who
has just announced these figures,
apportions this
as

He had

about

knowing that the

exports of wood and wood products in the twejve

export business

to London driven

a
gentleman, the fam¬
ily had sunk steadily and the lad had long struggled
with penury and had lived
among the outcast and

manu¬

abroad.

youth of 20, without

come

tried to maintain the home of

exchange requires

righting and when imports in other lines of

a

by the necessity of earning bread enough to keep
body and soul together.
Though his father had

Ottawa, Can. Sept. 3 1920.
resources

before,

years

penniless, he had

Army he organized and led

ex¬

factured wood $3,919,651, a total of
$256,689,648.

tended

Imports in the

staff and file, and in time
embracing every form
philanthropic agency—hospitals, shelters, farm
colonies, emigration offices. He looked upon these

same

period

wood, $25,522,081.
exports
to

a

or

of

1920

paper exports

showed

59%.

or
an

of almost 100%

over

in

pulp

as

troversy.
more

The United States this

raw

year

is obtaining

pulpwood from Canada than last

although not
of

and by which the love for the worst and
which

and

men

only from freehold lands,
condition which has given rise to much recent con¬

so

much

as

in 1918.

A further

year

analysis

newsprint manufacture in Canada shows that the

exports this

year increased materially to the United
States, the Argentine, South Africa and New Zea¬

filled

women

he

his

The condition of the

•

ficult to
the

picture.

opening

was

of the century and another

The gulf between the rich and the

deepened, and the rush for wealth

Suffering and want

nothing done to relieve them.
"the general condition of the

newsprint export.

been

phenominally rapid

as may

paper

in Canada has

be gathered from the

the

litical
A

capital investment in the Canadian pulp and

paper

to

turn

active

in the

paper

mills in the Dominion,

con¬

chiefly in Quebec but also in successful

operation in New Brunswick, Nova Scotia, Ontario
and British Columbia.




a

platitudes' of respecta¬

the highest wisdom and the

or

were

regarded

as

the inevitable fruits of po¬

scientific

philosophy

was

launched

upon

the world which made both
progress and existence

reasoned

pulp and

as

was one

economy."

new

industry jumped from $186,787,405 to $241,344,740,
a
matter of 29%. There are now approximately 100
centrated

accepted

judgments of God

of paper to the United States from this
country was

Between 1917 and 1918 the

were

English people

unspeakable miseries of the poor

fact that twenty years ago the total
export of all kinds
valued at just $121.

were

aggressive complacency,

condition in which the 'obese

bility

newsprint

Foundations

slowly and painfully laying for better things, but
of frank materialism and

The manufacture of

intense.

kept out of sight, and when
recognized, sentimentalized about with little or

decreasing to the United Kingdom and

whole

was

was

poor

were

These decreases matter very little in the

the United States takes 91% of the

animated the

early Victorian world is dif¬

Australia.

as

and

A great war had waged through

years

threatening.

heart

led, might reach the world.

land while

aggregate

sav¬

of God could reach and change the hearts

of men,

the like period

come

agencies and channels by which the

many

grace

neediest

and

Pulp wood for export to United States newsprint
a

so

ing

of 1918,

mills is permitted to

world, creating everywhere its

of

The first four

increase

the

own

$11,912,692;

95% and imports have increased

value of $13,898,281

months

paper,

The increase in this class of

the previous twelve months amounts

over

$124,660,770

by

were:

around

upon

"the survival of the fittest," which

made inevitable the

pessimism of Nietzsche and the

despair of Henry Adams, and culminated

war

which

has

threatened

civilization and

still holds the world in boundless confusion.

William Booth
*

was

not

a

philosopher.

The Life of William Booth, by Harold

Begbie.

He had

re-

Marmillan. 2 toIb. 192#.

Sept. 4

THE CHRONICLE

1920.]

ceived salvation

the

as

gift of God through Jesus

939

ticularly little children, from the earthly punish¬

Christ; he accepted and believed his Gospel with

ments of
wrong

all his

poverty, from torpor and lethargy and disquiet,

heart; he quickly

truths God's power
and he

their

chief task.
would not

make

persuade the churches that

from

as

squalor and pain.

erring humanity.

was

blind.

He

tried

spirit; he

need in his mind.
would

prisons."
"if the

of Christians

He

suffered

of

and

bitter

He and his followers

means

of every

proved

variety of wrongdoing by men in high position. The

among every

church in the person

of Jesus Christ

of

some

bishops, and the scien¬

world, with the lead of Professor Huxley, made

bitter

and

specific charges, not

sustained, but which
He

endlessly repeated.

were

resources,

family and his followers living

and

Army steadily

grew.

No

new

task, in time, seemed

great to be undertaken, until his heart and his

no

by

He

people in
as

can save

He suffered

all his life from ill-health which at

times threatened him with

the hearts

denied burial in

doctrine

or

visible

or

raised up

or¬

evidence

grace

the life of any

renew

or

however

an

immense number of

sunken

and

de¬
men

in every land pledged to bear

testimony to that truth and to make it their chief
business to
In

the

bring it home to men's hearts.

struggle to end

and to deliver the

war

world from its distress William Booth has
to the

front the great truth

anew

was a

upon

land that the Gospel

the souls and

that every

form of humanitarian helpfulness

into the

of them."

and

every

turies, and in the hour of

to his ultimate goal of the world's redemption.

rest," he

go

setting forth the redeeming

And he left

women

sect

new

efforts reached out for the world and he discovered

way

even

was

actual

however sinful

man,

But confidence in him and the Salvation

supplies.
too

and he,

the scantiest

on

of God

graded.

always in need of funds, the work con¬

was

tinually enlarging far beyond his
his

of which was

one

I can't

us

every one

died.1

So he lived and

He

persistently accused

He

Westminster Abbey, where Charles Darwin is bur¬
He established

was

with his work.

on

brought to bear

hope for

der.

He

earth."

on

ordinarily employed for the convic¬

ied.

England.

tific

keep

arrested, throughout the cities and towns of

even

heaven

a

"I can't rest.

were

there is

men

persecution.

prolonged

mobbed, and stoned and

were

as

Nothing could alter his conviction that

tion of sinners

purpose.

from

as

always the vision of the world in its

"They won't let

say.

ganize and develop the Salvation Army as a body
same

to

seemed to have

having the same faith and animated

well

He yearned after an

He longed for

and their

antagonize the churches or create another

as

Gradually his sight failed until he became entirely

message

important

denomination; only step by step was he led to or¬

with the

living, from unrest

conservative in his

most

He

his duty to

was

well

the love that had saved him.

men

He tried in every way to
was

its central

as

to save, and God's love for men,

convinced that it

was

known to other

this

grasped

Love

The

cen¬

need has established

Gospel of

Divine

a

great that it is hard to grasp and of an in¬

vincible

complete disability and

our

and around the world the
so

brought

of the Christian

Hope for

every man.

missionary impulse of the Christian churches

against which he continually had to fight in order

to reach

to go on

nineteenth century, has been made
urgently avail¬

with
his

a

with his work.

His wife, whom he loved

consuming devotion, who

was

intellectually

Superior, and who became the "Mother of the

Army," and

whom he continually leaned,

upon

taken from him at the end of

a

was

cratic
means

control
of

of

the

Army

tions
will

obloquy that this

While his children

were

of his

heaviest

the only possible

as

existed, and then to bear
control

personal

involved.

utterly loyal three of them

He traveled

blows, but not

other with the extension of the

of

men

was

one

a

It

The usual
was

offering of ninety-day British Treasury

disposed of this week by J. P. Morgan & Co.
basis of

count

6%, the rate which has been in

time past.

dis¬

effect for

The bilk in this week's offering

August 30.

bills

on a

are

dated

...

con¬

ON

RATE

FRENCH

TREASURY

BILLS

CONTINUED

AT6V2%.

Army.

guest of kings and

TREASURY

BILLS.

word of

able to

country to

The French

an¬

He lived to

queens

and leaders

everywhere, while his welcome by the people

The wonder is that from first to last

this week
the

rate

some

dated

on a
was

ninety-day Treasury bills

were disposed of
discount basis of 6^%—the figure to which
advanced March' 26; it had

previously for

time been 6%.

The bills in this week's offering

are

September 3.

no success

or

FORTHCOMING
IENTS

failure

to have affected the

seems

character

or

Lord and his

complete consecration to his task.
one

his

that he would

successor

able

group

was

get together

a

suit¬

Almost his last words were, "The

bh,

homeless children,
seen

On

promise that he exacted from

of officers and unfurl the flag of the

Army in China.
he had

simplicity of his

qualified his absolute devotion to his

his death-bed the

the homeless children!" As

them in every

land they had come to be

his mind had enlarged until "by

phrase 'save the whole world,' he meant the sal¬

vation of

men

and




women

and little

children,

par¬

FRENCH

ACCOUNT

The latest advices
be

LOAN,

AND

ANGLO-FRENCH

GOLD

SHIP-

LOAN.

respecting the French loan which is

placed in this country

are

to

to the effect that investment

bankers have been advised
loan will be offered

by J. P. Morgan & Co. that the
Tuesday next, Sept. 7.
It is under¬

on

stood that the amount of the

offering will be $100,000,000
It is likewise under¬

and "the loan will bear interest at 8%.
stood that it will

run

for

period of twenty

a

years,

retired at the rate of $5,000,000 annually.

developments
cablegram
Director

great burden on his heart.

With the years
the

OFFERING OF BRITISH

CONTINUED

everywhere unparalleled.

was

the

atid%vmts
discussions

policy to the end.

necessarily from

be the honored

this issue.

on

reproach escaped from him and he
tinue his successful

of good¬

men

the power of God which will save the world.

(tinvvmt

He had to take auto¬

gome

one

in the

anew

long and distressing

eventually withdrew from him
was

kindled

brought home to the hearts of

as

securing its unity and fidelity to the truths

in which and for which it

the

was

able, both at home and abroad, and in both direc¬

illness, through which he devotedly nursed her while
carrying forward his work.

the world that

of

Aug.

29

of the French

arrangements
France

concerning

of

her

the

prospective

reported

that

loan

Jean

a

Paris

Parmentier

Ministry of Finance had concluded

in the United States for the
share

and will be

In the -week's

($250,000,000)

of

the

payment by
$500,000,000

Anglo-French loan due in October, having arranged for a
loan of $150,000,000, the French Treasury
supplying the

The French interests here denied

additional $100,000,000.

Shipments of gold from France in furtherance of the
for meeting the maturing Anglo-French loan will begin

plans

today
$5,000,000 and
$7,000,000 will leave Havre, this being the initial movement
of gold shipments which it is said will ultimately total
$80,000,000,
Local bankers are reported as stating that
(Sept. 4) when a consignment of between

already purchased exchange to the amount of

France has

$60,000,000,
before Oct.

and will probably add another $40,000,000
15.

■

Trade that the holding of notes

Whereas, it is the feeling of the Board of
of

friendly Governments payable on demand, offers a tempting opportunity

to

political agitators in this country to start a campaign in favor of insist¬

advices regarding the negotiations.

however, these foreign

[VOL, 111.

V

THE CHRONICLE

934

ing that demand for payment be made, which, while it may not affect or
move the United States Government to an unjust or unfriendly act, has, as
a

possible result, the creation of ill-feeling between the people of the respecand
'
:

tiv countries;
■

may

Government without additional cost to the Allied Govern¬
in the manner hereinafter set out for the purpose of paying off and

used

be

;

these debts to our Government when properly evidenced,

Whereas,

ments

by

our

bonds and stabilizing their market values which are now

retiring Liberty

'

greatly depreciated;
Now, Therefore, Be it Resolved,

That in the interest of good will and

continuing peace between ourselves and our Allies, the United States
the Allied Governments be urged to enter into

and

ernment

Gov¬

agreement

an

whereby these demand loans will be changed to loans with fixed dates of

RELEASE OF
ARGENTINE GOLD—INVESTIGATION OF FOREIGN

REPORTED

FOR

ORDER

ISSUANCE OF

Buenos

Aires

stated that authorization for the

release of $22,781,340 in

the Argentine
that date by Minister

gold, which is deposited to the account of

issued

Embassy in Washington, was

on

Besides announcing that the purpose

Salafoerry.

of Finance

releasing this/gold is to improve the exchange

of

These accounts

Ridded

would begin on

with

suggests

guarantee of the United

States

the

as

the

mar¬

the proceeds to be

purchase and retirement of Liberty Loan bonds and other out¬
with the

direct debt of the United

of

States Government,

United

reducing the
value

United

plan for

Government thereon,

for investment purposes,

consume

standing obligations of the United States Government,
the

the

to
a

appropriate intervals and in such amounts

the time will

used for the

respectfully

issued to the United States by the Allied Governments,

the

without

sales to be made at
ket at

further

Trade

Department that the Department consider

Treasury

or

and with appropriate sinking funds for

loans.

of

sale of the securities

situation.

that operations under the new release

Board

the

States

dispatch to the daily papers Aug. 28

of the

reduction

the

And

BANKS.
A

maturity convenient to our Allies,

bonds

States

Government

and

of

of

object of

stabilizing

providing

ready

a

market for the same.

Tuesday since Monday was be a holiday.
advices from Buenos Aires Aug.

In addition to the press

836, concerning the
proposed release of Argentine gold, some of the press ac¬
counts reported Foreign Minister Salaberry as stating that
with the release of the
on

remaining deposits, transactions based
exclusively to the Banco de la

them would be intrusted

Nacion under regulations

operations and insure bona fide transactions

based

upon

The

purchases of commodities in the United States.

actual

intention to

tina

arbitrage

which would eliminate

investigate branches of foreign banks in Argen¬

also made known in these dispatches as

was

follows:

will be investi¬
special committee which the Chamber of Deputies last night
appoint after a discussion of the exchange operations of these

operations of branches of foreign banks in Argentina,

The

gated by a
resolved to

resolution, asserted in the course of
banks controlled 902,000,000 pesos of Argentine

Deputy Pena, who introduced the
the debate

that foreign

total. He declared that these
had come to operate with
Argentine capital. The committee will consider putting exchange operations

savings and liquid capital, or one-third of the
banks had

brought no capital to the country, but

J.

WADE

FOR

CANCELLATION

EUROPE'S DEBT TO

U.

of the Mercantile Trust Co.

St.

subject

of

article

news

a

August 21,

742.

page

the

United

in opposition to

statement

a

In

article

in

in

Commerce

St.

Louis,

proposal of Mr. Wade.
address before

St.

Louis

St.

Louis

St.

Louis

National Bank of

in

say

opposition

the

to

The latter outlined his views in

Chamber

Aug.

of

his

an

to

at

Hotel

the

Statler

it is said, representing his

the

on

visit

Bankers'

Commerce

11—this,

statement

from

American

to

of

what

joint meeting of the Advertising Club and

a

on

first detailed

had

issue

our

indicated

we

L. Hemingway, Vice-President of the

W.

States, had

the plan was the

appearing

that

President

Louis, for the cancella¬

of the debts of the Allies due

tion

drawn forth

in

of

OF

S.

The fact that the proposal of Festus J. Wade,

.

the

banks.

OF F.

PROPOSAL

27, which we quoted last week, page

subject since his return to

Europe,

Association

chairmam

as

Committee

to

of the

the

Inter¬

under control of the Banco de la Nacion.

national

URUGUAY
Press

TIME

EXTENDS

Montevideo

dispatches from

The executive of the republic has presented a
for one year the time fixed for
the

for

CREDIT.

FRENCH

ON

said:

30,

Aug.

the payment of the credit allowed France

The payment was due in

purchase of this country's products.

Wade's

sterling

would

meeting

franc

and

their

to

Mr.

Paris.

at

will restore

normal

the
he

condition

them the $10,000,000,000 debt which is due the

pay

United
have

Commerce

of

effect is that if Europe

plan in

pound

bill to Parliament extending

Chamber

States,

given

for

the

(so

reason

business in

us a

f

our

he

vor

argues) .that* they

of $22,000,000,000 in

December.

the last sixteen years,

TIJE LOANS

TO

made public tlie middle of last

The Treasury Department
mouth revised

figures of the credits which had been estab¬

lished to that date in favor of the

countries associated and

allied with the Un»ted States in the war, as
Britain

Great

$4,277,000,000
3,047,974,777

-

-

_______

—

Belgium
Russia

1,666,260,179
350,428,793
187,729,750
67,329,041

-

—

Cxecho-Siovakia

—

Greece

48,236,629

Serbia

26,780,465

Rumania

25,000,000

Cuba

10,000,000
5,000,000

Liberia

Total

your

You

will

"if

all

FUNDING OF ALLIED DEBTS.

suggestion that the

United

ernments be urged to enter into an agreement whereby

maturity

convenient

to

the

Allies,

and

that

the

dates of

appropriate

sinking funds be established for the reduction of the loans,

is made in the following resolution adopted by the Board
of Trade of Baltimore on Aug. 23 :

States and her Allies during the war

maintained and strenghtened; and

during and immediately
24 billions of Liberty Loan and similar

Whereas, the United States Government issued
following the war, approximately
bonds
over

and from the proceeds

9%

of the sale of the

same,

loaned to

our

Allies

billions—approximately $4,870,000,000 going to Great Britain,
$1,021,000,000 to Italy, and $714,000,000 to

$3,048,000,000 to France,
other Allies; and

Whereas, these loans to our

Allies are evidenced

now

countries,

in

Louis

your

America,

you

will

Asia and Africa,

however, and proposes that,

stronger nations of

the

smaller

the

countries

to cancel

Europe,
to

the

of

extent

peaceful

a

way

in the near future."

"Globe-Democrat," though

The fol¬

it appeared in the St.

Wade's address, as

Mr.

we

omit the opening para¬

graphs dealing with the events leading up to the entry of
States into the war:

the United
When

subscriptions for the

solicited

we

Liberty

loans, did

we

to

say

We said, "Bill, Tom, John
and Mary, put up every dollar you have for the one and sole distinct pur¬
pose of protecting the United States of America," and I maintain that
every dollar .that we loaned, so-called, was not a loan, but an obligation
that

assumed because

we

the flower of
the

of

the

wanted to loan this money?

we

Then what

our

wanted to protect ourselves.

After seventeen months of warfare, after sending

youth abroad, the armistice was declared.
The President
went to Europe for the purpose of taking part in

States

United

of

settlement

in

treaty

we

happened?

had
the

Whether you are for the League of Nations, or against

through.

gone

Nations,

League of

approval then or now,
our

with the intention of establishing a
prohibit another such terrible war as we

peace,

League of Nations which would

whether the treaty of

Versailles met with

your

the commander-in-chief of all the American people

representative in Europe. Whether his judgment was good or bad,
he was our leader; whether he made a mistake or whether his

nevertheless
action

the

wise,

was

into it

this:

was

enter into

the controversy, but what did enter

When he returned,

unfortunately the administrative and

does not

legislative branches of the government failed to agree, and then what

Why,

happened?
helped
now
war

we

just simply said to poor old weakened Europe, "You

to win our war, you are

us

take care of yourselves,

you

on."

go

because of

impoverished,

you

are

weakened,

but

and we will quietly sit by and let the

We have not done a thing from that day to this,
dispute between the legislative and administrative branches

We quit.

the

government.

our

Europe Paid £00 Billion.

by the notes of the
Let

debt

able dn demand; and

dental.




with

South

trade kept in the United States of Amer¬

of

debts

is

respective Allied Governments executed in -favor of the United States by
the Ambassadors of the respective countries, bearing 5% interest and pay¬
t

trade

to

with

Wade goes further,

lowing

of

our

colonies;

trade

to

around

was

Whereas, the Board of Trade of Baltimore, representing the leading busi¬
ness
organizations "of the city with many thousands of business men as
jSembers, desires to see the cordial reflations existing between the United

re-estab¬

$10,000,000,000, to the end that the world may he turned

States and Allied Gov¬

loans to the Allies be changed to loans with fixed

or

give up the $10,000,000,000, then I want the Euro-

the

that

The

establish

be driven

want your

anyone

PROPOSAL OF BALTIMORE BOARD OF TRADE FOR

we

the United States.

Mr.

we

peon

$9,711,739,636

|

I

and

"and unless

credit you cannot trade with

driven

be

ica."

follows:

—

France

Italy

lish

THE ALLIES.

us

on

see

what Europe

paid for this

account of this war of more than

Their great loss was

war.

They have accumulated

a

$200,000,006,000; that is inci¬

the loss of their

man-power; 12,000,000 men

Capitalize the earning power of each

that war.

by

destroyed

were

dise, and if you

can buy with that same pound sterling in any other port
$4.75 worth the world is not going to come to America unless as a last

of

Assum¬
ing that they cannot be restored for fifteen years, which is the very
minimum, that loss added to the $200,000,000,000 war debt amounts to

.those

$1,000

at

men

it makes annuaUy $12,000,000,000.

year,

a

resort?"
sustain

a

True, there were less than 200,000 of

loss.

greatest

or

more,

that

the

j.

take this

sterling

that

Francisco

change

his physical

depleted,

was

Not

for

he be

in

you
his

but because you
business you could get a

do this,

exported $54,000,000,000 to foreign countries.

and

them

the factory at
in

was

dollar until

a

it

Now, what is the practical side of

basis and nothing else and now let us see what

has

is

at

#

their

rope,

their

hope

bear with

will

you

and

,

the franc of 125%.

the

Before

'States

at

the

world

the

war

same

cotton at $100 a

price that the United

States paid for it.

finished prod¬

and because of Eurpoean cheap labor the

to America,

it back

send

uct,

Deal with

European could compete with our

New England mills.

England

America

to

see

buy

a

the cotton crop in the

manufacturers to take care of

with

Greece;

all

our

tural
it

near

future,

the countries that come from

it is with all

so

So it is

Europe to

countries to whom we have .sold heretofore, and so it will affect

America,

industries, commercial establishments and agricul¬
bring the credit of Europe up instead of holding

manufacturing

resources

until

we

down.
Cruz

of

the

Proposition.

And, after all, that is the

Now, how can that be done?

crux

of

my

im¬

liberality and generality, so to speak; that is the crux of my
proposition in addressing you, in telling you of my suggestion to give
away
$10,000,000,000.
It is a cold-blooded business proposition—noth¬
ing more, nothing less.
I want to say to Europe, not in a charitable way,
purely in a commercial way—I want to say to them:
"I will tell you what we will do, and I see what is going to happen
unless we do something of this kind.
If you will restore your pound ster¬

aginary

condition, I will pay you $10,000,000,000.
Why?
Because you have given us a business in our favor of
$22,000,000,000 in the last sixteen years, and I see unless I establish or re¬
establish your credit you cannot trade with the United States.
You will be
ling and your franc back to its normal

to

driven

South
United
smoke.
want

with

trade

Asia

America,
States
I

of

want

those

000

years

your

anji

America!

every

man

things that we

colonies;

Africa,
I

you

and

want all of

and

woman

will be driven to

I want your

trade

trade kept

with

in

the
the factories blowing out their

in this nation to keep at work.

I

have loved and learned to love, the greatest

prosperity, to run through our land; and for that I am willing to pay
you
$10,000,000,000.
My friends, don't you see if you have a pound
sterling in this hand it will only buy in America $3.60 worth of merchan¬




We

the

interest

fellow

would happen if we would give up
it would continue

said that

this $10,000,000,It won't con¬

high taxes.

The taxes now are abnormal.V If we deal with the
the loan we deal with $500,000,000—or $5 for each man,
child in America.
We cannot hope to get the principal back

high taxes.

on

woman

and

in ten,

fifteen or twenty years.

cultural

ever

nothing.

means

Now let us see what

tinue

they

than

products

congested,

what has happened.

bale of cotton, still,

demand.

made more money
made in the twenty years before.
Europe's loss was complete—a total loss of man power and money—and
the only loss that we had was the loss of our dear boys.
The $25,000,000,six

function, or pay $5 per

France.

vs

happened in the

prospered by this war and Europe lost $200,000,-

we

you

financial

institutions and commercial

money,

The

Supposing

Which would you rather have, your agri¬

your

your manufacturing industries cease to
annuni for the privilege of prosperity?

establishments not making

If the Frenchman comes over to
figuratively speaking, at $100 a
bale, he must pay in his depreciated currency $240 a bale, a premium of
140%.
The Englishman, the more fortunate, only has to pay an in¬
creased price of 25%.
That 25% will destroy the factories of America
dealing in the cotton business and will create a congestion in the cotton
situation which is going to test the ability of American financiers and
Now, let us

supply and demand man—what has

The people ^f the United States of America

000—some

The European could ship that cotton to

part of Europe, manufacture the raw material into the

any

What does

could buy cotton at any seaport in the United

bale if you like.

greatest financiers in all of the world seen the drift of these
have cost them $2,000,000,000 or $3,000,000,000 just

meantime

last

the

in

Let me give you an illustration with a bale of cotton.

that mean to us?

down to $3 and the franc to

would have been enormous.

We had all of the supply, Europe had all the
the credit and they had all of the borrowingl

000,000.

The

buy the pound sterling for $3.60, a discount on the

can

you

pound sterling of 25% and a discount on

cost of $200,000,000 or

it would

of

the

In

price of the pound sterling is about $4.86.
The normal value of a
is a little less than 20 cents.
You can buy francs to-day for 7 or 8

cents,

became "our war," the French

years?

all

had

normal
franc

and demand," but, my friends, that is

they bought from us commodities to the amount of every dollar
loaned them and then $5,000,000,000 in addition.
So, therefore, say to

last six

the difference in depreciation of

to explain this particular point.

me

the

the economist and the

credit against ours.

money or

I
"

over.

at an enormous expense theoretically.
Had they
pound sterling and the franc to take the drift of supply and

cents and the cost to Europe

we

Scandinavian or Switzerland or Ja¬

the loss and

because of

articles

these

be

when you discuss this sub¬

annum

per

Had not the

place under God's footstool! wants to buy our commodities, our
manufactured articles, our agricultural products, they must pay a premium
on

would

battle

our

because

the credit of all other nations, is selling at a discount.

currency,

of

they will say to you that your suggestion
is a myth.
•
'

Europe was on its knees, when it

conditions

any

pan or

one-half

demand, the pound sterling would have gone
5

premium from ocean to ocean, in Asia, Africa and Eu¬

Therefore, if the British or French, or

then

English governments protected exchange at a

allowed

We say "for the first time in the history of the world the dollar
a premium.
It sounds beautiful, but let us analyze it.
While that

dollar is selling at a

business

during the war.

When

and

■

gold.

in this country that there

For six years we had all the supply and Europe
all of the demand; therefore, the law of supply and demand was set

aside

around here in America priding ourselves on our great store of

go

colleges in America, with all of

that can tell within

of the gambling in foreign exchange.

longer in existence.

.

Folly of New Dollar.
We

child in America, whether

or

the biggest financial institution in

get to talking to the economist and

$300,000,000

happened.

or

keep exchange at its equilibrium

had

Bear in mind, ladies and

gentlemen, I have no charity, no philanthrppy in my heart in making this
recommendation.
I have no altruistic notions.
I am putting it on a
cold-blooded business

ex¬

$3,000,000

the press,

finance

of

normal

for

States,

per annum

You know the old "law of supply
no

this story?

according to

the president of

or

United

the

of

department

use

to

"our war"?

was

Piker.

a

piker.

a

ject with the real deep thinker,

Suddenly our customers—the world—find themselves
financial condition.
Why could we not cancel
accumulated for our benefit, because we never loaned

work.

that

debt

them

in a

European credit to-day is the gambling in foreign ex¬

street laborer

When you

weakened physical and

a

the

its

products to that extent to help to keep the mine, the farm and

pur

be turned around

Boston who has worked the foreign

in

over

and there is not a man or woman

power

only

going to be criticized from all sides ?

am

may

$5,000,000,000 or
It is the
is no check on.
When I tell you that I know that there was more than $18,000,000,000
of foreign exchange sold in New York last year, when the necessity for that
exchange was less than $6,000,000,000—then you will see to what extent
gambling is going on.
Does that effect us? Why, they are playing with
international exchange in Europe and America just like two boys playing,
football.
They kick it over one moment and kick it back again the next.
I think if we would only take care of foreign exchange gambling to protect
the

For sixteen years we have sold
We have imported $32,000,000,000.
And then that customer was assailed by the militarism of
Germany, whom we have sold in sixteen years $22,000,000,000.
We sold
I

the stronger nations of

of the worst things that has ever hap¬

one

has paid out,

trouble with

a

buy

can

sit supinely by and look on.

Italian

who

$10,000,000,000

for an

year

to-day

we

America, with all of the brains of all the

indefinite period of time.
apply to the cancellation of this debt for which I know

a

this

does

How

re-established

be

could

he

if

dollars

million

charity would

philanthropy or

that

knew

The

again."

and start over

them

little

a

game,

change,

they

than

future.

$4,000,000—why, he is only

,

franc,

Europe in

with their pound

the smaller countries to the extent of

Says Ponzi Is

force was diminished and he
vW' owed you $2,000,000.
If he came to you and said, "I am in a very
weakened physical and financial condition, and if I could only settle with
you, my creditor, I could go along and do business in the old way at the
old stand and be your good customer"—what would you say?
Why, it is
common sense you would say,
"My dear fellow, the act that occurred you
are not
responsible for; you have been my good customer for more than
sixteen years.
Just forget the debt; here are your notes; we will cancel
credit

his

ble,

their

more

European countries,

debts of

near

nation and

a

There is

responsi-|

and through that act, for which he was not

to strike this customer

thought indispensable

The other point is that I don't want any

the end that the world

to

in the

way

pened to

buy

can

with

more

want the

There is in this nation

and after sixteen
had accumulated a fortune of $16,000,000.
Suddenly a San
disaster, a cyclone in St. Louis or a Galveston flood happened

we

second proposition is if we give up the $10,-

Therefore my

to cancel all the

peaceful

things that

they loaned to the weaker nations in order to keep them

us

$10,000,000,000,

■,

of

profit by the cancellation of our debt, for every dollar Europe

000,000,000, then I

Eurcpe,

nation is at stake.

a

First, to restore the credit of

point where they

a

United States,

"our war."

in

have made $1,000,000 a year out of him,

you

you

years

Business Basis.

a

to

borrowed from

a

as

States to

in the

could

Therefore bear in mind that this is not a gift.

other part of the world.

them

of

business proposition.
Suppose you had a cus¬
for fifteen or sixteen years was so profitable to

up

business

whose

tomer
you

■'On

':

us

United

where the life of

lot

a

are

payment for two things.

a

in any

I would not care if the war cost
$50,000,000,000 to this country, if we could only bring back those dear
boys that made the sacrifice for you and me.

Let

is

It

we

Easy to Do Without.

readily set aside.

are

war

could do without butter, we could do without wheat

we

have found there

We

them who made the

only trying to draw a comparison.

am

sugar,

must absolutely have to

things they

only buy

have all learned through thie horrible

we

„

at $2,000 against the European
of $1,000 each, for fifteen years, amounts to only $6,000,000,000, so that
the whole cost to this great country was only $31,000,000,000, when you
capitalize human life, which nobody is justified in doing, as against $380,000,000,000 of the European. ,1 hope no one in this audience for a mo¬
ment would think I would put a price on the life of one of our soldiers;
I

will

world

bread when you test humanity and

and capitalizing each

sacrifice,

supreme

The

life, and

do without

total of $380,000,000,000.
We suffered—yes, we suffered; but I do not care a 10-cent piece about
the $25,000,000,000 we went into debt.
It was our wonderful boys that
went over there to protect you and I, that lost their lives; that was our
$180,000,000,000

935

THE CHRONICLE

^Sept.J4*1920.]

Unemployed Problem.

supposing you lost $1,500,in this country for the next five years, where

lost your European trade,

000,000 of foreign commerce
have

no

going to go?
Where are the unemployed going to go?
use for them, but if you want cheap labor do not cancel

num

of

You will

$9,000,000,000.

is labor

this debt.
If you believe as I do that every man and woman in this prosperous coun¬
try of ours is entitled to the full wage and full compensation for what they
do, then, my friends, we should be glad to restore the credit of Europe
and the only way that we can do it is to buy them and pay them for
doing it just as they paid during the war—$200,000,000 or $300,000,000
a year.
I would then say, let us pay this $10,000,000,000 because we are
the bigg&t and greatest country and we can afford to do it.
I have noticed in discussions here and abroad that to cancel this debt
would create laggards of the Europeans.
That the people of Europe would
say, well, we do not owe the United States any money,, we do not have to
work and we would have no taxes.
Let us see what a foolish notion that is.
If we cancel this $10,000,000,000 Europe also has to cancel the $10,000,000,000 that they loaned to the weaker nations; therefore, it is $20,000,000,000 wiped off the slate, but there is still $180,000,000,000 left for
Europe to take care of, and that, at 5%, means an interest charge per an¬
Will

Enliven

the

World.

because we canceled
back their trade if we
make
supinely and exact the
last pound of flesh that was spent for our protection then we will be the
greatest sufferers of all this war because we may lose our international
trade.
You can get any number of men who will say what I have suggested
is impossible.
Let me recount to you just a few things that America has
accomplished that seemed impossible.
(
Is there a man or woman in this room who, when we went into war in
April, 1917, would say that the people of America could take up $5,000,000,000 in bonds?
It was impossible, but before we got through we sold
Therefore,

their

when you

talk about creating laggards

obligation, it is a myth.
They will give us
it to their interest, but if we sit down here

936

THE CHRONICLE
and

$25,000,000,000

would have put

we

the American flag defeated.

see

the temerity to say

000,000

the

to

Charities and

when the

Red

fuUy and gladly and
there

Is

of

army

there

Is

we

all

are

a

soldiers

in

a

in

men

with

year,

here

man

who

000

each

men

were

month,

year?

a

And

yet

raised

we

an

back waiting to take
in his wildest dreams that

say

year?

would

we

line, purchases of a large blocK of stock in the Vienna Kreditanstalt, such
shares being held by two well-known New York
banking houses, the estab¬

Yet

have

500,000

up

arms,

we

could

facturers of the United States and the German rubber and

month

a

I

ment.

put

My dear friends, there is nothing impossible for Amer¬
arouse it to the condition necessary to protect its name, to

haven't

A

merchant

their

three,

weaker
man

the
.

in

came

greedy

with

is

wipe

joined

tion of the foreign enterprises, depleted as these have been in their resources

he

did

we

weaker

that

saw

as

a

nations

the doctor

suggested

tral

and

the

business

price

of

exchange at

three

were,

others

the

of

earth.

his knees.

on

He

Then

first

the second

their

combined

efforts

nation.

and

with

them

lawyer, anywhere

or

said, "we

we

went

we

to

crushed

we

our

they

the

won

in this great land

in

cash

from

war

German

Where is the financier, the business

must get reparation

we

When

Germany ?

war

and

we

are

we

What

are

kind

going

to

demand

the

last

pound

approached any subject with

this.

I

approached

never

severely criticized by my
1

have

said

because

country next to

flesh

of

Now let
mercial

If

from

I

believe

it

my

say

in

which

on

What

duty.

my

I

I

I say

it

I

said

would

is

even

to

you

because I

love

my

com¬

a

In the following we compare the condition of the
Canadian
banks, under the last two monthly statements, with the
return for June 30 1914:
ASSETS.

63,682.026

17,160.111

173,691,988

92,114,482

6,252,442

5,997.526

Bonds, securities, &c

99,850,000

100.400.000
265.995,430

123.608.936

1,661,978,526 1,641.663.632
365.247,626
370.791,751

Call and short loans in Canada
Call and short loans elsewhere

925.681.966

3.050.000

102.344,120

115,272,587

67,401,484

219,214,431

137,120,167

116,143,194

Other assets

115.360,894
203,045,209

than In Canada

a

more

banking relationships

stable and satisfactory

METHOD

OF

QUOTING FOREIGN

EXCHANGE.
While

we

indicated in

our issue of
Ju7y 17, page 241, that
change in the method of quoting exchange on

countries in the Latin
States

Monetary Union in terms of United

instead of in units of foreign money, had
been agreed to by certain of the local
banking houses dealing
money,

injoreign exchange, the

new method has not found general
owing in part to the unfamiliarity of out-of-town
customers and correspondents of local banks with the new
vogue,

Renewed

efforts

to

secure

the

universal

more

adoption of the plan have resulted in the agreement on the
part of twenty banks to put the changed plan into operation
Dec. 1.
A committee which is meantime
engaged in a
study of the situation is composed of Ralph Dawson, of the
Guaranty Trust Co.; Charles Spitzer, of Heidelbach, Ickleon

Co., and William Suydam, of the Hanover Na¬

tional Bank.

Their report in the matter is to be made to

McLean, Vice-President of the Mechanics & Metals

117,682,722

CANADIAN
A

VICTORY

reduction to

Victory Bonds

new

PRICES

announced

was

AGAIN

low levels in the
on

LOWERED.

price of Canadian

Aug. 30.

The last

pre¬

vious

change by the Victory Bond Special Committee was
reported in our issue of May 8, page 1925.
The official

71,209.738

announcement of

Aug. 30 states that the prices have been

re¬

duced to the following levels.
1922—98 and interest yielding 6.37%.

—3,066,861,284 3,091,674,348 1.575,307,413

1927—97 and interest yielding 6%.

1933—96 H and interest yielding 5 88%.

LIABILITIES.
$

Capital authorized

9
192.866,666
115,434.666

122,400.044

114,811,775

130,027,965

128.675.000

113,368,898

231.534.233
deposits

197.075.000
122,855.100

126,051.800

Circulation

227,775.253

99.138.029

196.534,899

207,869.376

44,453.738

987.423,570

1,019.980.969

495,067.832

--1.253,170.443

1.243.700.977

57,141.821

Time deposits

56.216.099

32.426.404

1934—93 and interest yield 6.24%.

The

Due to banks....-

payable

6.334.956

6.272,311

20.096.365

46,574.539

Other liabilities

49.343.722

12.656.086

Canadian

with

world

not

conditions,

quickly absorb

Note.—Owing

to

2,778,714,461 2.811.158:707 1,330.488,683
the omission of the cents in the
official

footings in the above

do not

exactly

agree

reports,
with the total given.

any

INVEST LENT IN GERMANY.

the investment

of

It is felt that at the new prices the demand

floar.ing supply of bonds.

have been formed through

American

capital in German industries,
stability of German Currency, the Federal

which subscribers have

one

hundred and

required to sell from time to time.

by the Toronto "Globe" of Sept.

1

were

in

part as follows:
of Victory bonds

surprise to the local financial world yesterday.
at

first the full meaning of tne change was

came as a

The reduction

not apparent.

was

complete
large, and

Much discussion

day. and, of course, opinions were diverse.

As a

rule, bond dealers upheld the decision of the Government and the Market
Committee in making tne change, but a

considerable section of the members

of tue Toronto Stock Exchange took the

should be restored to open

hands; in fact,

a

view that now at least the bonds

trading instead of left in the Market Committee's

large section of the stock-broking fraternity has been op¬

posed to market control for some time past.
was

ever

which they advocate tnere

Noteworthy development of the past few months whose results are
only
just coming definitely to light is found in the
rapid increase of American

that whereas formerly Montreal stock brokers

such

They argue tnat if control

justified, that time has passed, and that under the open trading

Reserve Board, in its Bulletin for the month of
August, says:




Over

thirty-five million of Canada's Victory bonds have been redistributed among

ensued throughout the

and the resultant

considering tne abnormal financial demands

News of the reduction in the price

the

FEDERAL RESERVE BOARD ON
AMERICAN CAPITAL

Concerning the alliances which

even

period.

investors since the close of the last loan, thus affording an outlet for bonds,

including capital
fund

bring all the Canadian Government issues well into line

of the crop movement
will

dispatches in giving these figures
•

The above prices

Comments
or reserve

Press

stated:

663.650.230

Demand deposits

I

1924—97 and interest yielding 6.27%.

197.075,000

up

Reserve fund...

Government

$

1937—98 and interest yielding 5.68%.

,127,302,800

Capital subscribed

Capital paid

Total,

currency and

1923—98 and interest yield 6.15%.

Total

Bills

con¬

Before the present

relationships with Germany

>

CHANGE IN

6.667.568

246,614,935

reserves.

Due from banks

the part

46.108.952

of Finance

Deposit of central gold

European

on

How far the

National Bank.

17,282.255

80.964.281

for security of note circulation

Loans and discounts

with favor.

thus becomes distinctly

go

the establishment of closer

of reorganizing German

North

.171,307,950

—

is likely to

that will lay the foundation for

28,948.841

18,480,221

Dominion notes

upon

things.

$

81,060,508

Total

Depos. with Minister

way

heimer &

Jun%80 1920. June 30 1914.
$

62.580,287

Elsewhere.

a

system.
OF

CANADIAN BANKS.

$

no

extensive invasion

is completed, it is, however, quite possible that steps will have been taken

the proposed

though it be for

COMPARATIVE FIGURES OF CONDITION

Gold and subsidiary coin—
In Canada

a

explaining the

There is

concerns.

an

well-defined limits clearly in sight.

some

for the purpose

in

this

motive, to cancel all the obligations that we have against the Cen¬
tral Powers and our Allies, it will then
show, as we well know, to all the
people of all climes for all times, that America, the
peace-loving country,
never wants to
go into war and at the end they are
willing to pay all the
price for victory.

July 31 1920.

This in

to-day

selfish

*

by outside

capital is likely to be looked

so

family.

big enough and broad enough,

be exercised

toward

movement

have
be

us

nation

foreign houses.

all truth that I

knew

have

over,

present movement of international purchase of securities and international

state of

put sentiment aside, which has nothing to do with
argument.

this

friends.

our

greater conscience of duty then I

fellow-citizens.

God and

my

a

subject

any

of American

going to ask the Cen¬

of

consistency is that?"
In conclusion, ladies and gentlemen, I want to

never

tensive kind will

country, least of all Germany, in which

control of industrial enterprises

war,

but

control

unexpected stability of German currency.

jectural, with

not

or

block] of foreign financing into domestic financing.

easily reached limit in the development of operations
of this description. Such a limit Is found in the fact that in all
foreign coun¬
tries there is a disposition to avoid a situation in which control of an ex¬

that has

Inconsistency.

to finance

There is, however, an

joined

Powers, that created this debt of $25,000,000,000 in order to conduct
to pay for it.
We are not going to ask a cent from our
enemy,

the

recent

was

i

large

a

To operations of this kind special weight must be given in

the states¬

of ours,

responsibility for,

will convert

sense

militarism.

man,

this

sumed

crushed

we

the foreign enterprises which had become
would have had to supply themselves with

As things stand, the obligations representing the financing
easily be placed through the American concerns which have as¬

more

may

the

he

concerns

material and current capital and would have been obliged

such shipments.

stronger

he destroyed the weaker man,

if

with

a

affiliated to American

the

took

Such arrangements have an importthey undoubtedly result in transferring
considerable portion of foreign financing.
Had not
war.

as

such relations been established,

it

the

in

result of the

as a

financially, inasmuch

United States

to the

have

I

basis—that

effect

raw

there

face

American

"No,"

raise

this time.

to

up

open

opportunities

anc

argu¬

what it is.

see

the

off

forces, and

But here is the point.
man,

an

my

one.

what

the

us

competition,

them

because

They

That

Let

on

to

us

and he had him almost

man

next.

to

for

supply capital which will be used for the reorganization and rejuvena¬

cerns

all-powerful, the other three fairly able to take care of
This all powerful merchant got the notion to crush the

obligations.

other

in

was

them

purely

you

trade

cost of $10,000,000,000.

town—one of

It has nothing to do with

manu¬

tire-producing

a

and

thought of it in this connection

business

good

a

perculiar situation.

very

proposition before

my

was

a

the tire

number of other lines, less significant, although
important,
alliances have been concluded.
Under these arrangements American con¬

if

over

In

factories.

protect its flag, to protect) its commerce.
There is

relationship between the electrical industry of
Germany, and the introduction of somewhat

similar arrangements based upon mutual control between

necessary.

ica if you will

close working

a

the United States and that of

of

sent 250,000 and 300,-

we

sent

lishment of

an

army

6,000,000

would

and

Notable among such undertakings is the arrangement concluded
between New York steamship interests and the former
Hamburg-American

concerns.

$600,000,000 eheer-

that America could have raised

say

send 250,000 men across the sea in a

it

put up

interest in con"

nection with the taking over of shares in German enterprises
by American

would contribute $50,000,Christian Association, Jewish

we

This Investment has been of special

abroad.

investment

we

Men's
Yet

than

better for it.

a.yone here who would

500,000

4,000,000

Young

Knights of Columbus?

rather

here who would have had

one

broke out

war

Cross,

$50,000,000,000

up

Is there any

[Vol. Ill

as was

taken in

would have been no such jolt as a 3-point drop,

regard to several of the issues on Monday.

It

said

generally opposed control

Sept. 4

feiy

THE CHRONICLE

1920.]

numbers,

inclined to be

are now

The whole issue of control

supported the Minister of Finance in large

conference at Ottawa on

Monday will be presented by the exchage's representative.

It is believed

marked by frank expression of opinion from

both sides, and that the decision did not

The

of

present

and previous prices prevailing is

Prices

1922........

J923-.......

..

99

V:

Mar. 27.

....

1937

L.._

99-100

100 v2

99^-100 M

101 a

101%

103

102

101-102

101

97

.

....

are

98

97H-98M

99

98^

96

96-97

97

99-100

clean

the statement is made

ASSOCIAT ON,

American
factor in

that "In the first month of

active

that
exporters are taking in credit as an important
their foreign merchandising has been shown us."

The Bulletin which is dated

ment of credit

Aug.

25, continues:

of inquiries in person and by letter,

In the majority

The

lines, the fact has been prominent that many concerns are

reorganizing tneir foreign

Insistance
upon cash against documents in New York is still common in many lines,
but current experience is not favorable to the maintenance of the policy.
One large exporting manufacturer snowed correspondence from dealers of
established standing abroad, urging the change to a more,liberal policy and
stating frankly that while the best of good personal feeling will always be
necessary

R.

H.

maintained toward the company, they

the

will have to seek other connections if

them.
With European trade
representatives reappearing in the foreign markets, it is not only our own
exporters who are affected by the element of credit offerings in competition:
the foreign dealers themselves are now, as a general rule, at a disadvantage
if they must continue to do their buying for cash.
To show how England Is strengthening her position in the world markets
by increase of sales, and by reduction of her balance of imports, it is only
necessary to quote tne British trade returns for July, which show an in
crease in exportations of British products from £65,315,000 in July 1919
to £137,451,000: an increase in the resale of foreign products from £11,757,
000 to £17,848,000 and a reduction of the adverse balance of excess im¬
portations from £76,073,000 to £8,116,000.
The present tight money situation here in the United States has, in the
case of several large corporations in touch with us, emphasized the advan
tage of a consistent policy of export financing.
These concerns are doing
a sound and enterprising business at home and abroad.
They have built
up extensive and paying export business through local foreign branches and
special agencies.
Relying upon a very liberal credit
nave

credit to

rating and lines accorded to their banks
representatives, and

account. They have been able to
easy money market, and have used their lines of local
normal limits in legitimate expansion of steadily increas

near

their

solid foundation.
here has made it impossible to keep up this sys¬

ing foreign business that is on a

of money

The stringency

tem, and these concerns have

decided upon a consistent policy of putting

the

They have come to tne
conclusion tnat this should have been done long ago, regardless of the possi¬
bilities of local stringency, as a measure of efficient management of costs,
and of cost accounting.
With an organization itself, they say, credit costs
should be allocated strictly as between domestic and foreign business, and as
between different fields of distribution, so that adjustments may be made in
foreign business upon a distinct credit

prices, &c.

OF AMERICAN

USE

foundation.

There is a distinct development of the idea that the financing
business should be each upon its own independent

of domestic and of foreign
basis.

The

First

following

to

Federal Foreign Banking Association has the
say,

in its Initial Bulletin issued Aug.

concerning the financing of export
There has been

25,

credits.

much inquiry from exporters if the

Banking Association

First Federal Foreign

intends to finance export credits "without recourse'

exporter—that is, if the bank will discount or

accepted banking practice in that regard.

"This bank is following
will not finance except on
it approves, or upon
of whose standing

It

the basis of recourse to exporters whose credit

guarantees made by some business concern or bank

and responsibility it has made sure.

"In the case of European

trade, or elsewhere, for that matter, the bank

consider financing good business on the basis of
provided that the American exporter induces the
customer to obtain a "del credere" guaranty as above described, from a
bank which this bank approves.
This is discount without recourse to the
exporter, but with recourse to the buyer.
"Although the asking of a foreign customer to obtain a bank guaranty is
not giving him credit, and would hardly be acceptable to many foreign
merchants in Latin America, it is a reasonable measure of co-operation in
international merchandising credit in the case of Europe, where conditions
is, however, prepared to
the

foreign buyer's credit,

are

abnormal.




Association at

said, "are
tically

now

that "the trade

banks

progressive

the

business

Mr.

discounted freely

and purchased by

country

Criticism by those who for

do not want to encourage

its extension,

or

understand its value and its place
financial

and

Bean, "only

serve

life

prac¬

included in the terms of

are

the

of

Federal Reserve banks."
reason

accep¬

Trade acceptances, he

sale of thousands of business concerns, are

by

Del.,

used throughout the United States in

line of business,

every

Rehoboth,

Executive Secretary of the

Bean,

this

of

part of

as

will,

country,

some

by those
said

to invite a more intimate study by

others, with the result that the system will always profit
and win

friends."

new

Mr.

Bean also said in part:

in credit, finance or the operation of governments, is

No system, whether
free from abuse, nor is

it in its working perfect from the outset.

by experience, and perfect our laws or customs as we use
the

of the trade acceptance were

use

in

been

has

We learn

them.

From

the Council has been convinced that the principles underlying

the beginning

many

improved;

ways

sound; but the method of operation

and while its advantages have been

emphasized, its limitations also have been frankly stated.
To state that the trade acceptance
make the
ment

in

same

claim for

which the

a

is not abused would be as untrue as to

promissory note, check, or any kind of instru¬

elements of credit are

involved.

Abuse

or

misuse of

obtained is due to the moral
decrepitude of the individual and not to the instrument through which
such money or credit is secured.
We must depend in all our business
affairs upon the general honesty of all men and the highest business honor
and integrity of those with whom we have dealings.
Laws are not made
any

instrument by which money or credit is

create honest

to

When
terms

but to punish dishonest ones.

men,

correctly drawn and honestly used in
Federal

of the

Reserve Act and good

enjoys the highest percent
And

ment.

there

is

strict accordance with the

business practice, the trade

liquid commercial asset and
of payments at maturity of any credit instru¬

the highest form of

acceptance represents

no

mystery or magic about

this.

Reduced to the

the seller of merchandise
upon the buyer, made out in accordance with the regular terms of sale,
running for the usual credit period and for the same amount as the invoice.
It is purely a negotiable promise to do exactly as the buyer agreed to do
simplest terms, it is merely a time draft drawn by

when the goods were

ordered.

It is not claimed that the trade

acceptance system serves all purposes, is

adaptable to all conditions of business or that cash sales or cash discounts
should be abolished.
What is claimed is that where business is not done
on

a

will be found a safer, sounder
economical method than the open account.
man, whether he be producer, manufacturer,

strictly cash basis, the trade acceptance

and in the long run more

American

The

business

old method of carrying his
transactions which constitute
direct obligations of the buyer, is, in this time, when bussiness efficiency
is at a premium, illogical in the extreme, unprofitable and unsound.
To allow perfectly good live commercial credit to remain tied up for 30,
60 or 90 days in illiquid open book accounts when such credits could, and
shouldi.be released for other service is a reflection on the business judgment
of the American merchant. Wherever the tradft acceptance is used certain
cardinal principles should always be followed. It should be used only where
goods are sold on time and for current live accounts. It should approximate
wholesaler

or

jobber, should realize that the

customers on open

account, thereby financing

usual open
conditional or involved agreements,
or discount, and represent plainly the amount of the
never be used as a renewal of matured or unpaid accept-

interest

cnarges,

invoice.

It must

ances,

nor as a means

The practice
are

should run for no longer time than the

It should be free from

account terms.

to secure additional

working capital.

of using acceptances for the purpose

known as dead accounts cannot be too

of collecting old or what

roundly condemned. Such prac¬

would unquestionably lead to serious consequences, if it did
impair the efficiency of the acceptance as an instrument of

tice if general

buy the export drafts
outright, without liability of coming to the exporter for reimbursement
in case the foreign consignee refuses the goods or fails to pay for them.
to the

COUNCIL

ACCEPTANCES.

and here to stay."

here,

the date of invoice and

FIRST FEDERAL
BANKING ASSOCIATION.

FINANCING OF EXPORT CREDITS BY
FOREIGN

ACCEPTANCE

TRADE

OF

Delaware Bankers'

is

tance

been extending credit to foreign

carrying their foreign branches, on open
do this easily in an

was

issue of June 26, page 2618.

Sept. 2, Robert H.

on

prevailing credit terms cannot be accorded to

these concerns

our

BEAN
ON

present foreign business and to get more.

to hold

and,

This bank has been given

opening of the First Federal Banking Association

referred to in

who do not yet

and in the establish¬

methods, many are sending men abroad,
and notably, they are adopting a policy of more or less liberal credit extention.
The belief seems to have come home definitely that credit will be
now

a banker's acceptance of this draft,

American Acceptance Council, stated

export trade credits, to

notable evidence of the interest

business of this bank,

draft upon it, then makes

if the exporter desires, markets the
acceptance.

96-97

be issued
by the First Federal ForeignJBanking Association, which
began business in this city at 40 Wall Street on June 21,
on

financing export

Discussing the trade acceptance at the annual convention

FOREIGN BANKING

Bulletin,

now

Against documentary

the right to make acceptances up to 12 months in tenure."

100-101

ON FIRST MONTIES ACTIVITY.
In the first

Banking Association is

drafts going forward for collection, this bank permits the
exporter to draw a

96M-97H

97

FEDERAL

doing.
The First Federal Foreign

of

FIRST

enable American exporters

99-100

100

99)4

93

1924........
1934

99 H.

98

as to

in countries border¬

enter into the activities of "barter credit" and
"refining credit" as
English, Dutch and other European manufacturers, merchants and bankers

98-99

97

.

the unsettled parts of Europe such

on

Also, he is

negotiate safe and workable

can

to

Feb. 23.

98-99

96^

1927

1933

Announced

Mar. 20.

99 H

99%

98M-99M

Authorized

99 >£

100

98M-99M

99

98

Effective

pril 28.

A

May 5.

98

.

.

Effective

Effective

Price

Price

Price

Price

Price

Maturity— Aug. 30.

ing

^

A

A part of his work there is

above may safely be taken.

transactions by means of the banker's acceptance.

annexed herewith:
New

out where guarantees as

arrangements with banks, merchants, or groups of these

necessarily represent the views of

•*i

table

in Europe.

trying to find out if American exporters

Stock Exchange shortly, when an account of the

all present.

now

for reconsideration soon, as the agree¬

comes up

that the Ottawa meeting was

Kies, Chairman 'of the Board of Directors of the First Federa

critical.

more

It is expected that the matter will be considered by the Toronto

Sept. 30.

S.

Foreign Banking Association, is
to find

exchanges and the Bond Dealers' Association expires on

ment with the two

W.

Government'sfpolicy, while the Toronto

in line witn the

are now more

stock brokers, who had formerly

937

not

in

credit.

time

Like any other medium

function

to

by which credit is

properly, must be understood

That tnousands of both are now

granted, the acceptance,

by banker and business man.

fully aware of the possibilities for

good

attested by the records of the American
Acceptance Council.
That many merchants are yet to be converted is
unquestionably true, but it is with the banker that I am chiefly concerned
and to whom I direct my attention at this moment.
through the use of the acceptance is

the reason the trade acceptance has
largely to tne attitude of the banker.
Notwithstanding the strong endorsement of the Federal Reserve Board,
the National Association of Credit Men, American Bankers Association,
State Banking associations, and strong trade associations of the country,
there are a large number of bankers in every section who apparently fail
to appreciate the intimate relation between the business of their community
and the institutions over which tney preside, or whose study of credit con¬
ditions has not gone far enough for them to realize the large advantage to
themselves and their clients through the adoption of this credit instrument
as an aid to better morals in business and better credit and banking con¬
I

speak advisedly when I say that

not made greater

ditions.

headway is due very

.

There

would gladly undertake the
Receivable" into trade accep¬
and co-operation of their bankers.
appreciated the benefit of the trade acceptance he would
who

of merchants

thousands

are

fully

trade acceptance because tnere are upon

advise his customers to sign the

the manufacturers of this country about

books of tne wholesale houses and

and there is no way that this enormous
by the use of the trade acceptance.

eight billion dollars in tied-up assets,
sum

be used

can

credit except

as

He needs

merchant, the banker is the financial doctor.

To the average

and advice, and the banker who neglects such an

the banker's co-operation

opportunity for service, particularly

in this time of commercial stress, is

recreant to his trust.

American

The

formation

It

stated

was

and the statement is too

To what
extent it develops in American business life depends largely upon the co¬
operative spirit shown by the giver and taker of credit, the banker and mer¬
chant, the buyer and seller.

business such abuses as may
The acid test of credit
analysis can and should be applied to acceptance usage as it is to promissory
notes, and within its rightful territory the trade acceptance will function
application of acceptances to modern

be quickly spotted by the alert banker .

these

of

about $20,000,000.

was

of the business and financial life of

The acceptance is here to stay as part
the country,

It is only a question how soon

business man would

whether or not the occasional banker or

have it so.

it will be before its usefulness

generally recognized that its friends will be

legion and its critics

few.

PROGRESSIVE DISCOUNT RATES,

Information

operation by the Federal Reserve
Louis, Kansas City, Atlanta and Dallas, is

system of discount rates in
St.

of

Banks

for
working of the plan ife

imparted by the Federal Reserve Board in its Bulletin
August, which points out that "the

of

the fact that it has not

difference
of it."
The
made possible

applied in all districts, while there has been

been

opinion

to the theoretical advantages

as

adoption of the graduated discount rates was
amending the Federal Reserve Act;
the

RESPONSIBILITY OF PASSING

ON ESSENTIAL LOANS.

Supplementing

the

week,

G.

which

Harding,

we gave

last

classify

any

business

or

industry

or non¬

the N. Y. "Com¬

essential and does not intend to do so,"
mercial" of Aug. 28

essentia 1

as

of that bill,

text

June 12,

1705.

page

the terms of the

Under

1920.

Federal Reserve Bank, according

of directors of a

to

and
aginst any member bank

directed in Section 4 of the Federal Reserve Act to be fair

impartial, and to avoid discrimination in favor of or
discount advancements and accommoda¬

and to extend to each member such
tions

as

may

be safely and reasonably made with due regard for

never

heard of any sustained complaint that any

bank has been denied its fair

member

proportion of discounts by any Federal Reserve

line applies.

basis

According
Federal

to

a

issued to the press by the
Board at Washington Aug. 26, the
are financially stronger today than at

statement

Loan

Farm

EARNINGS.

Federal Land Banks
any

time since their organization, and their net earnings for

the

month

of

any

This statement was prompted by

history.

suggestion that in

to create the

largest for

July—$257,000—were the

month in their

some

quarters an effort was being made

impression that pending litigation, which has

temporarily suspended the loaning operations of the Banks,
otherwise

Comment¬

impairing the Farm Loan System.

ing further, members of the Board stated:
Federal Land I Bank do not, like those

a

of

a

an

annual

bank, depend

commercial

"super-rate" at the end of the reserve computation period to the average
"super-rate"

up to

and

upon

income

can

readily be

and Dallas impose

such part of the current offering as may, together

As a scale of

borrowings, be in excess of the basic line.

adopted an increase of one-half of 1 % for anything

25% excess,
generally

25% in excess of the basic line, with 1 % for the second
on

so

made in

Exceptions to this progressive rate plan were

upward.

of member bank collateral notes secured by Government

case

obliga

exceptions has been
four banks where the plan has been in effect. As illustrative

tions, although some variation in method of making
introduced in the

of the working of the plan a concrete example may
a

would be charged an

Wi%

equal amount,

super-rate of one-half of 1% on $25,000, 1% on an

excess or

a

on

A bank with

be cited.

normal line of $100,000 and borrowings of $200,000

like amount and 2% on the final $25,000.
All paper under
the date the progressive rates became effective was exempted

discount

on

from the

application of the super-rate, although counted as part of the gen¬

eral credit structure in determining the scale of super-rates
new

loans

renewals.

or to

The working of the plan is of

because of the fact that it has not been
has been difference of

the past two

opinion

as to

applicable to

considerable interest

applied in all districts, while there

the theoretical advantages of it.

months:

Discounted and

Purchased Bills

Held by

Banks,

Groups of Federal Reserve

Ttl.

Group 3.

Group 2.

B.

A.

B.

May 28- —1,752

762

B.

A.

510

A.

The
for

»

Group 1.

On the unpaid balance
income of from one-half of 1 % to 1 %.

742

2,938

1,686

424

$344,475,709, the extent and stability of

June 4__

-.-1,794

1,732

420

499

760

743

July

June 11*

--1,769

1,706

415

488

742

732

substantially

June 18-

1,603

1,564

405

456

686

674

2,694

As the total

earning is fixed and certain regardless of new business.

amount of loans now in force is

progressive

erally effective rate to all offerings for rediscount and apply a

long term of years—mostly 34 H years.

of these loans each bank has

the

Atlanta and St. Louis apply the normal rate, i. e., the gen¬

The loans of the Federal Land Banks are

their current transactions.

however, a basis

Dallas district,

For the

following table affords a general view of the operation of this system

"To understand this readily, it should be borne in mind that the earnings

made for

Atlanta,

one-half times a sum equal

adopted equal to the paid-in capital and surplus of

discount line was

rates, all four banks have

NEW RECORD IN FEDERAL LAND BANK

This

Since the adoption

effect by four Federal

member bank's average reserve balance plus its paid-in

of the

the

which

the

a

specified or base line to

a

applicable.

subscription, to the capital stock of the Federal Reserve Bank both calcu¬
lated over a fixed period either preceding or identical with the period to

with outstanding

upon

was

borrowings in excess of the basic line, while Kansas City

bank.

was

discount rate

Louis and Kansas City banks is two and

65%

of redis¬
board

.the applications or

as

The basic line which has been adopted by the

banks.

Reserve

member bank.

/

and demands of other member banks.
The Board has

the claims

exceeded

by member banks

filed

of the Phelan Act the new plan has been put into

St.

April 13

Phelan Act adopted by Congress on

base rate to be established at the option of the

desirable invastment for the Federal Reserve Bank.
are

The following is what the

2441.

in its August Bulletin:

provision was made for the application of graduated rates

count, rising from a

which the normal or basic

They

page

Reserve Board has to say

rediscount

reports him as saying:

of passing upon the desirability of paper

References to the

adoption of the progressive rates by the four Federal Reserve
Banks referred to appeared in the "Chronicle" of April 24,

offered for
discount by member banks rests entirely upon officers and directors of
Federal Reserve banks.
They are not compelled by law to discount any
paper regardless of its technical eligibility which does not appeal to them as a
The responsibility

signed by President Wilson was'

as

given in our issue of April 10, page 1485.

840, in which he said "the Board has ne ver under¬

page

taken to

P.

of W.

statement

Governor of the Federal Reserve Board,

this

progressive

working of the

the

regarding

OF

v

under the Phelan bill

W. P. G. HARDING ON

of

APPLICATION

ON

BOARD

RESERVE

FEDERAL

of considerable interest because of

benefit of the entire community.

to the immeasurable

the

banks.

local

with

This is the first repayment
specific deposits.. The amount of the call, it is

Repayment to be made on Sept. 2.

needs explanation, rather than defense.

The trade acceptance

becomes so

deposited

indebtedness

of

certificates

not know or will not tell.

In the

call for the re-payment of 40%

a

acceptances from

on

appear can

issued

proceeds of the recent issue of United States Treasury

receives requests for in¬

merchants in various parts of the country,
often made that the inqufrer's banker either does

Aug. 31 that the Federal Reserve Bank

on

of New York had
of the

understood,

Acceptance Council frequently

U. S. DEPOSITS.

$20,000,000

they felt they had the support

If the banker

Y. BY
FEDERAL RESERVE BANKS

N.

CALL

their unuseable "Accounts

task of converting
tances if

[Vol. 111.

THE CHRONICLE

938

seen.

net income for

The increase in

is explained by the fact that, while the fixed gross income was
the same, the several land banks, because of the

halting in their loan opera¬

tions, have reduced their operating expenses, thus increasing the net income.

—

,

.

2,974

2,926

1,682

415

468

707

680

2,830

July 2_. --1,793

1,785

421

475

721

675

2,935

2,934

June 25- —1,708

1,777

1,782

421

462

736

690

ing for the payment of November interest, which will be paid promptly.

July 16. --.1,729

1,705

413

484

705

658

concerned, the banks are func¬

July 23. -.-1,709

1,685

414

501

700.

637

2,823

716

645

2,837

Dividends have been

So far

as

paid and will be paid

bondholders and stockholders

as

are

usual.

Funds are accumulat¬

tioning normally.

Persons wishing to avail themselves of the benefits of

the system must,

of course, for the time being be disappointed, which is

much

regretted but cannot be helped.

While the banks have reduced their

personnel and consequently their current expenses, this has not been done to
a

point that would interfere with the prompt resumption of their loaning

July 9

.

July 30.

—

413

1,677

1,708

515

Group I shows totals for the Boston, New York, Chicago and
Federal Reserve banks, all of which have raised their
rate to

2,847

Minneapolis

commercial discount

7%.

Group 2 shows totals for the Atlanta, St. Louis, Kansas

City and Dallas
of progressive

Federal Reserve banks, all of which have adopted a system

activities."

discount rates.

Group 3 shows totals for the remaining four banks, i. e.,
of Philadelphiat Cleveland,

Reserve banks

FARM

ASSOCIATIONS

LOAN
NEW

TO

FORM

which have neither raised their
nor

ORGANIZATION.

adopted

a

the Federal

Richmond and San Francisco,

discount rates during the more recent period

system of progressive discount rates.
actual totals of discounted and purchased bills held.

Column A shows

The

proposed formation of the " Co-opera oive Farmer-

Borrowers" of the United States announced in

a

Washington

Column B shows adjusted totals of discounted
exclusive
banks

press

dispatch of Aug. 19

as

follows:

of

bills

discounted

and including

for

or

and purchased bills, i. e.,

bought from

bills discounted

other Federal

Reserve

for or bought from other Federal

Reserve banks.

Organization of the "Co-operative Farmer-Borrowers" of the United
as a national body, including members of the 4,000 farm loan asso¬

States

under the Federal Farm Loan Act, has been

ciations

already organized

started,

the National Board of Farm

Federal act

pending in the Supreme Court to test its constitutionality, it was said.
formed into "State unions" and State

as a

Local farm loan associations will be

which will be held as soon as ten




BY

result of the suit

plan arose out of paralyzation of the

now

conventions will then be called to name

INFORMATION

Organizations announced tonight.

The

delegates to a national convention

State unions have been formed.

ON INTEREST

COMPTROLLER

YORK NATIONAL
As

we

indicated in

RATES

CALLED

FOR

WILLIAMS FROM NEW
BANKS.

these columns

August 14, page 643,

Comptroller of the Currency John Skelton Williams, in an

Sept. 4

1920.]

THE CHRONICLE
Note.—Where the interest rate is changed

endeavor to determine the extent of excessive interest rates
which

he contends

the

national

New

banks in

York

have

change should be reported

circular dated

a

August 5, to supply certain information regarding interest

equivalent to

as

Example:
June 5,

If

bank should make

a

on

call loans and business paper.

comprehensive,

will be

as

the

Number

Comptroller

the

of

President

the

Cashier:

or

requested

are

office within the

this

to

next

John Skelton

New

of

Williams, a

York, N.

in response

Y.,

Loans

and

/Vvv

'V'\

Discounts, .Including "Bought Paper/'

loans

discounts

and

Time

and

loans

of

demand

same—

call

or

2

$200,000

—

loans

made

Has it been the

secured by bonds and
not secured by bonds

(including rediscounts)

the practice of ypur bank during the past six months to
down, from day to day, according to the fluctuations of the

or

according to the fluctuations of the New
Money Market, the interest rates on demand or call loans secured

bonds

by

bank?

stocks,

or

If not,

How,
in

practice of your bank during the past six months to mark

down, from day to day,

or

York Call

or

what basis,

borrowers who

to

do

not

are

depositors in your

to such loans?

as

discriminate among borrowers, if at all,
lowering interest rates on demand or call loans made to non-

on

raising

made

what has been the practice

or

you

.

depositors,

"

Demand loans secured by bonds and stocks.
Demand

re¬

Call Money Market, the interest rates on demand or call loans
by bonds or stocks, made to borrowers who keep deposit accounts
your bank?
If not, what has been the practice as to such loans?

with

up

of July 31 1920

as

(including rediscounts)

discounts

(including

at rates exceeding 6% but not exceeding 7%

York

stocks.

and stocks.

follows in the June column:

as

made

secured

■■

[Amount in Dollars.]
Time

loans

been

up

New

—

it

Has
mark

National Bank
to request from Comptroller of the Cur¬

by the

dated August 5 1920.

rency,

call

or

of demand
or
call loans made
(including re¬
newals) at rates exceeding 8% but not exceeding 10%
1
Aggregate amount of same
$100,000

15

Comptroller of the Currency.
Statement rendered

demand

7%

June 15, and back to 7% on June 20, the report

on

Number

send

to

loan for the

new

(including renewals) at rates exceeding 7% but not exceeding 8%—
1
Aggregate amount of same
1,
$100,000

Currency.

days a
Special Report in accordance with Section 5211, U. S. R. S., giving fully
the information called for in the following form.
Respectfully,
You

10%

Aggregate amount of
Number

Washington, D. C., August 5 1920.
To

of

newals)

DEPARTMENT

TREASURY
of

to this loan and renewals should show

requested to answer:

call loans, each

or

or

and the rate should be marked up to 8% on June 10, down to

June 12, up to

as

from the following outline

seen

of the questions which the banks are

Office

The request is very

renewal

demand loan for $100,000 at 6% on

a

on

rates

demand

on
a

of this statement.

purpose

exacted, called upon these institutions, in

939

loans not

secured

is it your practice to make rate changes

or

all such loans

on

simultaneously?

by bonds and stocks.

Acceptances of other banks purchased or discounted, including those rediscounted.

yyyV'/;',.'.!'--A

.

Acceptances of this bank purchased or
Total

amount

above

of

a>a.'

DEPOSITS

The

taled

Notes and bills rediscounted other than with Federal Reserve Bank

(/)

Acceptances of

(other than bank acceptances sold).
other banks payable at future

by indorsement

bills

Foreign

(g)

exchange

of

drafts sold with

or

guaranteed by

date,

otherwise, included in "total loans."

or

this

indorsement of

bank, not shown under Item (d), above.
Total amount of interest, discount, or commission collected or charged on
in

loans

all

1920
*

to

excess

per

annum,* from January

Total
Less

call

a

loan of

$100,000

which the interest is advanced to 7%

upon

ascertain

8%

the

amount

6%

interest

interest

collected

on

on

May 1 at 6%

per

May 15, to 10%

deposits

$1,291.65
—

lowing is

Amount

tral

due

has just
Resources

Increase

Central

New

due

York

to

National

York

bank

New

York

New York

What

banking institutions under State supervision

by banking institutions under State supervision

may

or

call

loans placed by

this bank with borrowers in

City for account of correspondent banks, and now outstanding.
charge," or other charge, if any, does your bank make
in addition to the usual

make in the exercise of your trustee'powers or for acting

as

as

you

registrar

relates to loans and discounts, including
"bought paper," made by this bank during each month from October 1919
to July 1920, inclusive, on which the rate of interest charged or collected
(including all commissions or other compensation) would be equivalent to
more than 6% per annum:
Number of
or

information

time

and

loans

discounts

(including acceptances purchased
discounted) made by this bank at rates exceeding 6%, but not exceeding

7%.

of

time

loans

and

discounts

(including acceptances) made at
rates exceeding 7% but not exceeding 8%.
Aggregate amount of same.
Number of time loans and discounts (including acceptances) made at
rates exceeding 8% but not exceeding 10%.
Aggregate amount of same.
Number

rates

of

time

loans

and

discounts

of

time

loans

and

discounts

(including acceptances) made at
exceeding 10% but not exceeding 12%.
Aggregate amount of same.

Number

exceeding 12%.

Number of demand

Number of demand

or

or

call loans made

(including renewals) at rates
Aggregate amount of same.

call loans made

(including renewals) at rates
Aggregate amount of same.

call loans made

Number

of

demand

or

call

loans

made

Aggregate amount of same.




(including renewals)

at

ex¬
/

May 4

rediscounts)

of

De¬

were

re¬

of——

1920

—

1,822,062,000

1919 of

30

June 30 1920
on May 4 1920,

on

72.61%

Bills

1920

of
Rediscounts,
Banks.

a

to Other Banks and

was

93,000
778,713,000

$1,033,039,000

Due

1920

an

ed

30

an

United

1920

May 4

Increase over June 30

—

1919 of

Cash

on

43,738,000

Hand,

Bonds,

amount¬

2,177,693,000

—-

of

475,000

....————

1919 of

Securities

Government

$3,121,201,000

38,031,000

—.

—

...

held,

including

tificates of Indebtedness, amounted on June 30
Of which

June

on

—

—

-

States

Bankers

192,632,000

in process of collection with

plus

Banks,

to
over

—

May 4 1920 of——

Reserve

1,127,000

1919 of

—

Increase since June

Increase

June 30

———

Banks and

from Other

The Lawful Reserve and items

Federal

on

$3,274,308,000

May 4 1920 of

was——

A Reduction since

Bankers

—

-

Reduction since June 30

Amount
30

And

1919 of——

therefore

Reduction since

An

1,214.081,000

—

of

compared with June 30

$1,214,081,000

figures

The Amount Due

But

were_

1920

Banks.

serve

The

were

show that of the total amount borrowed on
Payable and Rediscounts, 86.56% was borrowed from Federal Re¬

These

And

1920

May 4

with Federal Reserve

were

$876,095,000

Payable,

Bills

30

June

since

59,353,000
57,849,000

—

Banks.

Reserve
on

991,552,000

..—J..---

compared with June 30 1919 of

as

$991,552,000

the

$12,396,900,000
108,318,000

*—

of Loans to Deposits

Increase as

an

256,854,000

Cer¬

1920 to

2,269,575,000

approximately $700,000,000 were old Government

held

to

secure

The remainder being
S. Certificates of IndebtedBonds and War Savings and

circulation.

principally of U.
Victory Notes, Liberty

composed
ness,

(including renewals) at rates
ceeding 10% but not exceeding 12%.
Aggregate amount of same.
Number of demand or call loans made (including renewals) at rates
ceeding 12% but not as much as 15%.
Aggregate amount of same.
or

at

same.

(including renewals) at rates
Aggregate amount of same.

ceeding 8% but not exceeding 10%.
Number of demand

made

call loans made

ceeding 7% but not exceeding 8%.
Number of demand

(including acceptances)

Aggregate amount of
or

ceeding 6% but not exceeding 7%.

and over.

the

Of

Aggregate amount of same.

Number

rates

But

A

following

Government

June 30 1919.

Reduction

Reduction

stocks, etc., under Section 11-K, Federal Reserve Act,

amended.)
The

1,230,556,000

——

.

at

Payable on June 30 1920 were
ensie May 4.1920 of

a

with Federal

charges for collecting outside checks

(This inquiry is not intended to apply to such charges

transfer agent of

17,155,421,000
230,878,000

————

of—

Reduction

And

A

by banking institutions in foreign countries.

drafts, and in addition to the direct charges for interest and discount
loans?

(exclusive

compared with

as
on

Rediscounts

"service

to borrowers

since

66.40%

Bills
A

City.

demand

1919

$175,788,000 of

Increase since June

72.26%,

and

York City.

of

were

of———.—

1920

June 30 1920

on

Percentage

Of

Amount due to this bank

as

by other National Banks outside

bank by

Amount due to this bank

Amount

4

June 30

Discounts

and

an

was

by other National Banks in New York City.
■

in New

May
over

158,023,000
1,397,187,000

—

June 30 1919 of—

This is an Increase of $60,588,000 over May 4 1920,
$391,005,000 since June 20 1919.

The

this

Amount due to this

1920

June 30

on

over,

Increase

And

.

to

1920,

Reduction of

a

;

by this bank to banks in foreign countries.

due

The fol¬

$22,196,737,000

—

—

compared with

Deposits include

ported
An

A A'-''

City.

outside New

and

Loans

by this bank to banking institutions under State supervision

Amount due

or

and

borrowed by

,

Amount due to this bank

on

Reserve

of

cities.

City.

Amount due

and

outside

May 4 1920 of
as

Increase

Total

by this bank to banking institutions under State supervision

outside New York City.

I

Banks

money

»—————— ——

over

Deposits
an

posits.

bank

this

by

Reserve

Amount

Institutions, July 31 1920

by this bank to National Banks in other Reserve and Cen¬

Amount due
in

And

86%% of all the

bills payable and rediscounts.

on

been completed, shows:

Increase

an

Increase

An

cities.

Reserve

Amount

291.65

.—

the same date last

on

compilation of reports from all National Banks as of June 30

The

Total

Making the excess over 6% to be reported—

a

statement issued by the Comptroller:

a

which

And

the

June 30 1920 amounted to $17,155,421,000,

on

Banks furnish

serve

An

1,000.00

over

He also makes known the fact that the Federal Re¬

year.

Total

the loan—

June 30 1920 to¬

30, Comptroller of the Cur¬

$1,230,556,000 larger than those

or

on

$1,397,187,000

John Skelton Williams also reports that the National

rency

bank

on

June 30, the bank

on

the $100,000—

Balances Due to and From Other Banking

BANKS

In announcing these figures in

year.

statement made public August

National banks

6%:

over

for 60 days

per annum

on

on

June 15, and paid off

on

excess

of

1

i

makes

bank

a

May 30, reduced to
should

equivalent of 6%

July 31 1920.

Note.—If

annum

the

of

period last

same

sold).

(e)

this bank

NATIONAL

of the National banks

resources

$22,196,737,000—an increase of

Notes and bills rediscounted with Federal Reserve Bank (other than
acceptances

OF

JUNE 30 1920.

Total number of above loans.

bank

RESOURCES

loans.

Deduct:

(d)

AND

discounted.

Thrift Stamps.

Other Bond Securities,

etc.,

on

June 30 1920 amounted to

1,802,196,000

.

ex¬

Reduction since May

A

But
ex¬

Increase

since June 30

15%

32,893,000
35,158,000
688,178,000

—

.

1919 of

June 30 1920 was
1919 of—

...—

Capital, Surplus and Undivided Profits on June 30
amounted

ex¬

1920 of

Increase since June 30

Circulation Outstanding on
An

ex¬

an

4

An Increase

And

an

to

—

.

—

since May 4 1920 of—

Increase over June 30

11,016,000

1920
2,622,075,000
9,007,000

1919 of—.

...

258,597,000

United States Government Securities owned by National Banks (exclusive
of Bonds

held to secure circulation)

and United States Government Bonds

of

amount

total

the

as

show

Francisco,

San

and

and

4

71,807,000
40,194,000

Ohio

and

Country Banks in all other States of

show

Banks

and Discounts since

in Loans

9,091,000

banks in Texas was

The Reduction in the country

largest reduction in the Country Banks' Loans and
the

for

Discounts

would normally have

period

decline

where the

was

Federal

y.

n.

reserve

bank

tendency

on

of commodity prices.

business conditions during August, the

Federal Reserve

Bank of New York makes the following

observations

to

as

general

the

downward

tendency

of

commodity prices.

Nebraska

by

made

Tendencies

3,791,000

:

was

received about 3,000,000 less immigrants than

entered the country.

In its report on

1920 were

May 4

10,219,000

Banks,

reductions that it was in either 1815 or 1865, and that since

1914 the United States has

the largest Reduc¬

Iowa

The next

to resist wage

35,942,000
Country

whose

States
tions

the Union show a net

of

Reduction
The

should be

$175,873,000

Banks in the States of Mass., N. Y., N. J. Pa.
show an Increase of

The Country

labor as well as to commodi-,

that in labor the law operates less promptly
It is, of course, impossible to predict the future, but two things
remembered at this time; that labor is now much better organized

and freely.

between

Increase

an

dropped rapidly, while for seven years wages actually rose.
unquestionably in the years following the European war the law of

ties, the foregoing charts indicate

Cleve¬

1920

30

June

following the Civil War it will be seen that our

During the thirteen years

prices in currency

supply and demand will operate with respect to

York City,

Cincinnati,

of (including New York
City increase $114,000,000) about
Reduction in all other Reserve and Central Reserve
Cities in the country for the same period was
May

as much
borrowing

Payable.

Pittsburgh,

Philadelphia,

Boston,

are

While

Discounts in National Banks! of New

Loans and

Net

all National Banks

which

money

through Rediscounts and their Bills

land

aggregate approximately

Banks are lending,

National

which

on

[Vol. 111.

THE CHRONICLE

940

in

Domestic

Prices.

days prices of a number of important commoities
downward tendency, such as sugar, coffee, potatoes, wheat,

During the past thirty
have showed a

federal

reserve bank of n.

y. on check

in loan expansion.
The

follows in the monthly report of the

as

Reserve Bank of New

Credit

Situation.

considered

of shifting credit, but of no
This, however, may be
slight decrease in loans for loans normally

in the volume of bank loans.

equivalent to a

as

increase somewhat during

July

and August in

Since July 1 the deposits of the

have decreased

anticipation

of autumn

New York City reporting banks

York
fund to other dis¬

$221,000,000 and the Federal Reserve Bank of New

$64,0(10,000 of gold through the gold settlement

has lost

the

application of labor; and wages are still, on the whole, increasing.
shown in the raw commodities will naturally, therefore, not

The decreases

out-of-town bank bal¬
ances, but more largely to the maintenance
of smaller balances by com¬
mercial customers, either to avoid further borrowing or in anticipation of
having to borrow less during the coming months.
Gradual liquidation in
the prices of securities has lessened the demand for call money, resulting in
slightly lower rates, but otherwise the credit situation has remained un¬
The loss of

deposits is due in part to reductions of

mainly through increased actual or
decreased demand, or through the release of
stocks of goods which had been carried for speculative purposes; while in
the case of staples dealt in on exchanges, speculative movements may have
played their part.
But the fact that while some prices were increasing and
many remained stable, so large a number of important commodities have
declined, one at a time, in response to conditions in the respective industries,
These

increasing its discount rate, and August 1,

or

more

which lagged behind wholesale prices on the upAvard move¬
lagging on the doAvnward course, and have shoAvn few

ment, are likewise

appreciable declines as yet.

49%.

large, the chart on this page indicates

the effective manner in

expansion

was

fairly accurately

proceeding until early in 1920 and

which the banks have since been

holding further

expansion in check.

the period
of constant expansion of the past few years, based upon the constant increase
of the buying power through credit expansion should cease and that they
should content themselves with a more stable and conservative volume of
business.
This realization has come simultaneously with the determination
of consumers to combat high prices by reducing purchases.
Nor is the
movement confined to the United States.
Credit pressure is being exerted
by the responsible agencies all over the world, and the consumers' reaction
against high prices is world wide as well.
In every period of rising prices a large volume of speculative deaiing in
commodities occurs, not only by those whose business it is ip whole or in
part to do so, but by many who, without experience or adequate capital,
are able to engage in such dealings with excellent prospects of success.
When the tide turns and prices decline, not only do speculative dealings and
the carrying of unnecessary supplies tend to cease on the part of those with
experience and capital, but those who have beeh over trading in proportion
to their capital find themselves in difficulties, and those who have neither
capital nor experience are very quickly eliminated.
While prices are rising
failures are few.
But they usually Increase as prices decline.
Since
January the number of failures has increased but not

York.

'

aAvakening
which is intensified
by the difficulties of obtaining mortgage money and building materials.
In an effort to cope with the matter, the Governor of New York has called
a special session of the state legislature to meet in September to consider
ways and means of supplying the state with more adequate housing facilities.
feature of the building situation is the

The most encouraging

of the public to

the seriousness of the housing shortage,

It is estimated that New
house

about

400,000.

whole country at

merchants have at last come to realize that

the August report of the Federal

The following is from
Reserve Bank of New

to

Business and Credit Expansion.
Manufacturers and

reserve bank on building and

y. federal

housing situation

it decreased from 380 to 313.

the rate at which loan

credit inflation checked natural laws are once

that with further

operating.

Retail prices,

the number of

Of those which went
out of debt to the Federal Reserve Bank, 7 were in New York City and 60
outside of New York City.
During these nine months the banks in New
York City increased their borrowings $22,000,000, or 3% while the banks
In the district outside of New York City decreased their borrowings $61,banks borrowing from

For the country at

price declines have come about

November, when the Federal Reserve Bank of New

Between early last

York began

;

prospective supply, through

n.

changed during the past thirty days.

York City is short over 100,000 apartments,

One

computation places the

severe

filed in Manhattan in July, and
figures compiled by the Dodge Company show that contracts awarded for
residential buildings in this district and in the territory east of the Missouri
and north of the Ohio Rivers declined even from the June low level.
In New York City a number of residences and apartments have been
only

one

plan for an apartment house wsa

broken up into

formerly been
winter

smaller units and in the suburban districts houses
These

occupancy.

return to the city occurs

Although more

measures

in October.

price or other uncertainties producers have

for those materials are very

of building materials,

inadequate.

despite the demand, prices hold

high and those contemplating

projects hesitate to cope with the present

necessary

That

productive and distributive requirements.

some

addition to production costs

is caused by the higher cost

n.

y.

to be

prices for the goods produced.

federal

reserve

wages in other
In

of

total production costs the amount added

by higher interest rates is negligible, and its effect does not appear
reflected in higher

bank

on

prices

and

war periods.

presenting charts to show the course of prices during
Napoleonic and Civil Wars, the Federal Reserve

and after the

Bank of New York says:
In many current
appears to
come

must

$36,000,000, more than 45%.

prices must

writers even going so far as to assert that wages
decline.
It may be helpful in

down before^ commodities can

experience of two war periods
statistics are available; namely the
Napoleonic war period in England, and the Civil War period here.
The
two subjoined charts show clearly the relative course of wages and prices
In those periods.
[These charts we omit.—Ed.]
After the Napoleonic wars it will be seen that prices in England declined,
at first rapidly and then steadily, over a long period of years, while wages
considering this question to study the actual
concerning which reasonably accurate

receded not only more

graduaUy but much less.




federal

reserve

board's

review

of august

business conditions.
In its review of

general business and financial

conditions

Federal Reserve Districts during
August, the Federal Reserve Board reports that "continued
readjustment of economic and business conditions generally
has been the characteristic feature of the month of August."
While stating that "there are already indications that the
transition periodlis nearing a halt and that an improvement
of the general situation is in sight," the Board adds that
"nevertheless there is still much to be done before business,
throughout the various

prices and industry can be
upon a
In

stable basis."

manufacturing districts

business

regarded as having settled down

The Board adds:
Federal Reserve Agents report dullness

of

accompanied by unusual reaction and hesitation on the part of
This is the result of reaction among consumers

.

have begun it is quite commonly said that wages and

come

building

The Dodge figures

awarded in July in the most

middlemen and dealers.

discussions of the probable course of the deflation which

down together, some

difficulties.

heavily populated part of
the United States
totaled $204,000,000 against $261,000,000 in June,
a decline of about 22%.
In the Second Federal Reserve District contracts
awarded declined from 974 to 885 and their value from $69,000,000 to
show that contracts

adopted a waiting

consumption are still proceeding at a
high rate.
This is an indication that though credit is high and under
pressure, the bankers and business men of the country know that through
the immense resources of the Federal Reserve System credit is nevertheless
elastic and can be commanded at all times within legitimate limits
for
attitude, production, distribution and

credit is obvious, but compared to

Interstate Commerce
transportation facilities
Producers have curtailed produc¬

have been directed by the

cars

Commission to the carrying

tion

which have

being prepared for
will afford some relief Avhen the

occupied only during the summer are

proportionately to the

Nor have these declines brought
any such business collapse as might in times past have followed so
a decline in many basic commodities.
Except for those trades in

which through

shortage for the
widely. Yet

5,000,000 houses; but other estimates vary

heavy declines in many commodities.
about

Never¬

price indices show further declines during the past

'

indicates

tricts.

000,000,

important decreases in the manufactured goods.

result in equally

month.

period from July 1 to Aug. 20 has been one

substantial change

demands.

cotton and tin.

theless, all our domestic
The

The

Federal

York, dated Aug. 28, and made public

31.

Aug.

oats, flour,

commodities including pig iron,

in which expansion in loans is being checked

measure

is indicated

On the other hand, certain other important
hogs and paper have showed an upward
tendency.
Most of the commodities showing declines are raw or semi¬
manufactured goods which, before they reach the consumer, will require
rye,

who have refused to pay
ment in

excessive prices and of some tendency to unemploy¬
due to the letting down of demand.
In the

various directions,

given a much more
tended to minimize the broader questions
adjustment, money rates, and industrial unrest.
In those parts
of the country the paramount idea is production upon a large scale accom¬
panied by improvement of transportation and better labor conditions.
Where the processes of distributing and financing are mere important, the
prospect of improvement is less immediate, although fundamental condi¬
tions are slowly improving and the underlying business situation is usuaUy
described as sound.
Prices still show a tendency to fall, and for the month
of August the Board's index number of wholesale prices has shqwn a reducagricultural regions the

promising crop prospects have

hopeful turn to affairs and have
of price

Sept. 4

tion of seven points.
some

the indexes of
is now practical
rapid declines than others.

While differences were noted between

of the price-reporting

agencies early in the year, there

uniformity, although some show greater or more

Financially the Board says '"the

pared in

■

Interest and discount rates have

continued high with general

scarcity of

been well maintained.
conditions are improving
and that the expected stringency in the money market usual during the fall
months will not be greater than last year.
The bill market for bankers'
acceptances in New York has continued active with supply more plentiful
toward the end of the period and demand fairly well sustained.
There is
evidence that investors are taking up Liberty bonds and Victory notes for
The reserve position

of the Reserve banks has

The Federal Reserve Bank of

and

Sales of new securities continue to fall off
postponed whenever possible because of the diffi¬
culties arising out of high rates of interest.
There is some slowing down of
collections and this has been an unfavorable element in the financial position
of some lines of business.
On the whole it is believed in most districts
that more favorable financial conditions are in sight and that merchants
and manufacturers, while drawing heavily upon the resources of the banks,

financial operations are

doing

are

so

primarily for productive purposes

and not for

Stating

This is but

moderate

of a special

the agricultural situation, the Board in its
which was made public Sept. 1, says:
The movement of agricultural products to market is still affording the
basis for more or less anxiety and uncertainty.
There has been improve¬
ment in railroad conditions, but it has been insufficient.
In District No. 9
(Minneapolis) the agitation for empty cars suitable for grain has brought
substantial results, but not all that had been expected.
An important situation has developed in connection with the marketing
of grain.
According to District No. 7 (Chicago) "it will be recalled that
last year there was a heavy carry-over of grain, farmers starting out with
Discussing

little, if any, appreciable corresponding
hardware, building materials and
lines production has either failed
to keep pace with the consumer's demands or transportation obstacles have
intervened to delay deliveries.. This very fact that liquidation of goods and
deflation of prices have not been universal and simultaneous in commodity
fields, is undoubtedly one of the most reassuring factors in the period through
which we are passing and should result in ultimate readjustment on safe
and orderly lines.
There is some reason to believe, moreover, that the

for the most part

favorable price level.

extremely bad transportation situation which pre¬
vented the marketing of grain when prices did improve.
The result was
rather disastrous, as in many instances farmers were forced to carry grain
for many months against their wish and to borrow at the banks.
Much of
this is still being carried by the banks, either on farms or in country eleva¬
tors.
This tends to make the farmer cautious.
If cars are obtainable the
farmer as a rule is not delaying shipment of his grain to market.
Another
factor militating against widespread storage of grain is the uncertainty as
to the future course of the commodity markets."

the month also says:
parts of the country
during the months both of July and August as a result of sporadic depression
and suspension of work, coupled with difficulties of various kinds in con¬
nection with the continuation of production.
There is still depression in
woolens and cottons, knit goods and underwear, wearing apparel, shoes,
leather, and various other articles.
Resumption of activity immediately
after Labor Day is promised in a number of sections and it is held that there
The Board in its review of

some

varied widely in different

becoming so reduced that active
District No. 1 (Boston) reports that tan¬
operating up to about 50% basis.

indication that retailers' stocks are

resumed.

District are still closed or

manufacturing, numerous
leather. Prices for side
leathers are off 10 to 13%, but still 50 to 100% higher than in 1913-1914.
Hides are accumulating.
District No. 5 (Richmond) reports that shoes
are moving from manufacturer to retailer slowly , while buyers are hold¬
ing off in the hope of reductions.
Leather has weakened but there is
little prospect of the saving reaching the consumer for a good while owing
to the length of time required in the shoe production.
In District No. 7
(Chicago) first hands are holding leather and are finding more than usual
difficulty in financing it.
Cancellations are still active. Sales are 50%

While
time

there has been some

and they have

off from 1919 for the

resumption of shoe

curtailed their purchases of

first seven months of J 920.

The automobile

the only really rosy spot in

As for

wool and woolen goods,

District No. 1 (Boston) reports

wool industry is difficult to diagnose,

the Boston

that the
market

supply, especially of the finer grades, available for
use is not excessive, if production should become nox-mal.
Woolen mills
in New England are either closed or running on part time with no intimation
when they will resume on full time.
Returned goods are stated to be ihsufficient to meet the public demand when it revives.
"Briefly, therefore, the
wholesale situation is one of waiting and caution with hand to mouth buy¬
being dull, although the

of the manufacturer."
In District No.
unprecedented situation," with "an absence

ing on the part
"there is an

3 (Philadelphia)
of activity such

market for raw wool
and as a result there are no regular price quotations.
The public has re¬
frained from buying and retailers have had to resort to special sales.
"Such
is the apathy shown in the market that samples for spring (1921) materials
which in normal times would have been displayed in July have not been pre.

as

has never been

known."




There is practically no

as

a

apparel has about run
the public must come
the line,—for the
manufacturer and the dealer in and

stimulating factor all along

and jobber, the

producer of raw material.

EFFECT ON BUSINESS OF

STRIKES IN NEW

ORLEANS.

Federal Reserve District
of Atlanta, the Monthly Business Review, issued August 25
by the Federal Reserve Bank of Atlanta comments particu¬
larly on the effects of strikes in New Orleans during the past
Referring to labor troubles in the

it

year;

says:

After a three

weeks' strike, the street railway men

returned to work, leaving the

in New Orleans have

adjustment of the controversy

to the decision

Railway Company, the Union,
and the Public, before whom the case will be argued in open court.
In
the meantime car service has been normally restored, under the conditions
Special Masters, selected by the

of three

of the old contract.
The Metal

Trade Workers in New

Orleans have also

returned to their

weeks, accepting ninety cents an
mechanics and sixty cents an hour for helpers.
The Painters and Decorators in New Orleans have struck for
work,

after a strike of eight

hour in

hour for
$1 00 an

of seventy-five cents. An offer of eighty
and the cost of strikes in New Orleans in the past

place of their former wage

cents was made
The effect on

and rejected.
business

1920, the loss in wages
It is stated business
dropped 33 1-3% during the car strike, and while some of it was retrieved
by after-the-strike activity, much of it was a permanent loss. The Long¬
shoremen's strike, last fall, caused a loss in wages to employees of 8500,000,
and the Metal Trade Workers' strike, x'ecently adjusted, where 3,000
skilled workmen were involved, resulted in a wage loss of $1,000,000.
Practically every phase of business has been affected.
The port was seri¬
ously hampered by both the Longshoremen's and the Metal Trades Workers'
strike.
Manufacturers of machinery were forced to sublet many contract
to other cities;
work in shipyards was practically at a standstill, and
retail business was seriously curtailed by all three strikes because of the
year

alone

have been serious.
is

estimated

at

From July 1919, to July
approximately 83,000,000.

loss in wages.
Labor conditions are

to some extent

unsatisfactory at other

points in the

coal mines there is a strike of 2,000 to 3,000
miners, and from all points reports show lavor to be scarce, high, and
inefficient, and especially does this apply to farm labor.
District.

In the Birmingham

J. HORACE

the picture."

steady frame of mind.

situation in the

again

retailer, the wholesaler

demand

In District No.
3 (Philadelphia) shoe manufacturing plants have been shut down or run¬
ning at minimum capacity, but have now resumed operations prepar¬
ing samples.
Orders are slow in being placed.
The public has been
refraining from purchasing high priced shoes but have bought freely of
reductions.
Stagnation still exists in leather.
Few tanneries are operating
and the transportation situation is in part blamed.
From District No. 8
(St. Louis) it is reported that business in shoes Is steady, prices are definitely
lower, but the decline is not as marked as had been looked for (except in a
few special grades), and that the country merchants are in a somewhat more
for leather "Is

food stuffs, in which

liquidation of surplus stocks in most lines of wearing
its course and that it is only a matter of. time when

They encountered an

neries in the

in

only been

movement in such commodities as paper,

into the market

buying must soon be

for several months, chiefly

of merchants who have not

there has been as yet very

say,

review of the month,

is

widespread and undoubtedly heavy

returned quantities of stock
to manufacturers and jobbers, and have, to an unprecedented degree can¬
celled orders placed, resulting finally in almost universal curtailment of
production by establishments engaged in the manufacture of this class of
merchandise.
Undoubtedly the acuteness of the reaction from the condi¬
tions prevailing a year ago in these lines, when it seemed impossible for
production to keep pace with the demand, has been softened, and its effect
on general industrial and financial conditions, modified by the fact that it
has been to so large a degree restricted to this particular field; that is to

has been small.

General manufacturing has

the

Bank, issued Aug. 28, says:

natural result of the

a

degree rather more than

a

disposing of goods at reduced prices but have

In a general way, the situation is fairly
slowing down in a number of instances due to desire

for a few months for a more

to

wearing apparel lines, on the part

month.

the intention of holding

FEDERAL RE¬

year," the monthly review of

liquidation which has now been in progress

as

any,

dullness

Boston Federal Reserve

inquiry during
favorable with
collections
on the part
of people to conserve their funds in order to avoid borrowing at high rates
from banks
well as to lack of funds in other cases, due to slow movement
of commodities.
Some increases in commercial failures is noted practically
throughout the country, but there are many lines in which the change, if
been the subject

by

usual at this time of the

with little change.

firm,

The collection situation has

BOSTON

IN

conditions in New England,
activity which has marked
by price reductions, have been

stimulated

characterized

although an actual
Money rates

the past

industries."

"business

that

trade

retail

liquidation of loans was made by customers during July,
calculation of the extent of it is said to be difficult to make.
have remained

of the retailer to enter into

except for a certain amount of

speculative or

(Minneapolis) it is reported that

No. 5 (Rich¬

report dull businass

manufacturers

the part

SERVE DISTRICT.

have reached in New

From the grain districts

on

CONDITIONS

BUSINESS

Liquidation has been carried still further in the
York levels lower than those
of February or May.
The news of the higher railroad rate decision caused
only a temporary recovery.
Call money rates have generally been mode¬
rate, ranging from 7 to 9% practically throughout the period.
Time money
has been scarce and the charge for it has been high.
On the Pacific Coast member bank conditions are not far from stable.
Interest and discount rates, however, have shown some tendency to harden
during the past month.
Some of the Southern banks show a considerable
increase in their accommodations to member banks.
An increased strain
has been imposed upon the present situation as the result of active harvest¬
ing.

In clothing trade, District

instances."
"clothing

that

eral slowing down of the apparel

non-productive objects.

stock market and prices

states

decided reluctance

Boston reports that

permanent absorption.

numerous

with a
further con¬
tracts."
A change in the demands of customers is noted and it is believed
that lower priced goods made of coarser wool may figure more largely during
the coming season.
District No. 7 (Chicago) finds that "fine wools are
scarce and coarse wools are a drug on the market."
There has been "a
flood of cancellations, slow payment for goods already delivered, and a gen¬

mond)

quiet."

month has been

It continues:
funds.

941

THE CHRONICLE

1920.]

'

HARDING VIEWS ON CROP
HIGH MONEY RATES.

CONDITIONS—

returned a
several months during which he
traveled some 6,000 or 7,000 miles throughout the West.
Mr. Harding is credited by "Financial America" of Aug. 28
with stating that in all sections of the country he found
excellent crops, which in his opinion will be harvested
without difficulty because of the better conditions obtaining
J.

Horace Harding of

week ago

in the

C. D. Barney & Co.

from a trip of

labor market.

It is also statedjthat

he found high

prevailing everywhere, with some difficulty
being experienced in obtaining funds, and there was a
feeling in most sections that money would remain stiff for
some little time to come.
The paper referred to also says.*
Mr. Harding, who is a director of the Southern Pacific Co., traveled over
considerable portion of the lines of that company in the Southwest and
the Pacific Coast and was well pleased with the impressions he obtained
to the efficiency of that corporation.
Southern Pacific, he said, had a full
complement of employes, and was handling traffic and freight in an expedi¬
tious manner.
The company has all the switchmen and yardmen it requires
to handle the large business that is now being turned over ot it.
money

a

on
as

rates

J

942
With regard to the railroad outlook he
rates has been an

important factor and

THE CHRONICLE

added that the advance In freigh
which should prove most bene"

[Vol. lllg

LIQUIDATION

one

ficlal to the carriers in that it will permit them to rehabilitate their properties
and

bring their state of operating efficiency back to the level obtaining a
He said a great deal of money will have to be spent by the

something must be done to
permit the

necessary

strengthen the credit of the carriers

so

financing at

as

loans

RESERVE BANK OF KANSAS CITY.

extended
there is

are

Kansas
Daniel

manager.
This branch was authorized by the
January, and reference to its establishment was

as

Board in

made in

Aug. 2 with C. E.

issue of Jan.

our

1138.

31,

page

425, and March 20,

page

;

the

given

INSTITUTIONS

ADMITTED

RESERVE

TO

FEDERAL

SYSTEM.

following list of institutions which

admitted to the

were

ending Aug. 27:
Total

District No. 3—

Bank

Capital

of

$44,374,498, but $1,120,147 having been repaid.
50% of the loans to public utilities have been

as

liquidated,

there

advances

of

Philadelphia,

Surplus.

Resources.

$200,000

$25,000 $3,775,508

Taylor County State Bank, Clearfield, la.

25,000

5,000

173,919

Greenfield Saving* Bank

30,000

5,000

404,159

25,000

25 000

451,761

25 000

5,000

338,682

Greenfield, la.

Van Wert State Bank, Van

Wert, la....

District No, 12—
Bank of Haines, Haines, Ore

Bank,

San

1,000,000

*

10,000

RESERVE BANK

OF BOSTON

3,225.809

SAVINGS

ON

THRIFT IN NEW ENGLAND.

monthly revieAV of business and

in the Boston Federal Reserve

of

District, made public Aug. 28,

information regarding the growth in savings
deposits since
Jan. 1.
•':
:/"■
/V-:
■

by this bank during the past month to secure returns of
deposits from all New England savings banks and trust companies having

departments,

whose

resources

resulted in replies to our inquiries

institutions,

or

amount

to

$5,000,000

$1,030,353,000

Jan.

on

a

being received from 97 out of 148 such
These

1 last aggregating $982,589,000 and on June 30

increase

net

over,

or

65.5% of the whole number communicated with.

reported deposits

These deposits embraced,

of

$47,764,000

of course,

is that to the $982,589,000 on
new money was

for

merely

not

banks, but interest declared and allowed
658,000 of

the

new

to remain on

deposit in these 97 banks

six-month

money

period.
into the

put

deposit; but the fact
on

Jan. 1 last, $170,-

added up to July 1 while the amount of interest

credited

during period was $20,127,000 making a total gross increase in
deposits of $190,785,000; from which withdrawals aggregating $143,021,000
should be deducted, leaving the net increase as above stated
$47,764,000, or
an

the

assets of

Treasurer
it is

as

offset against the new deposits, the difference, i.

an

liave

United

meet out of total

been repaid in full. The current

on

June 30 1920 (due from the

States)

$380,917,623; this,

were

reported/including proceeds of the sale of Government

the

bond

purchase fund.

comprise

Reserve

Victory

4%%

Notes

The assets of the

Fund

(par

investments,

value

Certificates of

Treasury

Indebtedness
were:

of

$4,367,575,

amounting to

accrued interest

loans, $3,727,319; accrued interest receivable

on

Victory Notes and Treasury

on

Corporation

consisting

$4,479,000)

$23,400,000; the other assets June 30

Certificates $76,651

and

public utility bond^ $58,400 (par $292,000); there are also
fixed assets', consisting of furniture and equipment of $10,546,
less $905 allowance for
total

assets

June

on

liabilities

depreciation

30

of

that date

on

1920

$9,641, making the

or

$533,625,725.

$741,000

one

The current

protracted shutdowns in the industrial centers involving de¬

earnings did

not occur,

however, until July 1

or

afterward,

that

so

on

when presented in the

accrued

capital

net

earnings

as

Deposits sice Jan.

1...

Banks

Cos.

Total

44,370,000

170,658,000

18,177,000

1,950,000

20,127,000

144,465,000

46,320,000
34,220,000

143,021,000

35,664,000

_

12,100,000

47,764,000

95,130,000

OF

LOANS

MADE

reported

CORPORATION,

BY

THE

WASH.

Original

■

Outstanding

Aug. 21 1920

Aug. 21 1920

bankers and

banks,

trust

Prepayments to

companies.

$5,268,377.61

$5,109,777.61

$158,600.00

204,794.520.00

140,136.310.00

64,658,210.00

18,564,355.73

21,233,944.27

22,841,079.66

973,594.58

39,797,400.00

To industrial corps

23,814,674.24

a|c warehouse receipts.

25,211,500.00

25,211,500.00

7.818,128.07

6,981,066.12

837,061.95

45,494,644.27

1,120,146.63

44,374,497.64

Cattle

loans.

Export loans

......

Totals.....
our

$352,199,244.19

issue

of

982,589,000

page

March 31

on

the War Finance

April 3

$219,963,335.75 $132,235,908.44

1371,

that the

in referring to

the

outstanding bonds of

Corporation amounting to between $113|,were to be redeemed April 1, we

190,785,000

108,801,000

_

.

are

"7

•

4v

the

$20,376,643

Loans

000,000 and $120,000,000
stated

Total

Withdrawals.

were

earnings to June 30 1920

AVAR FINANCE
".

and

statement

..

announcement

126,288,000

Interest added....

authorized

to

The following is the Aug. 21 statement of

STATEMENT

In

Trust

stock

according

June 30 (surplus 1918-1919)

on

$12,477,8x5.

loans.

Savings Dept.

of

The

rent.

$500,000,000;

while the current year's

partments:—

Savings

(matured)

$5,917

outstanding is

following form which also segregates the figures of
the reporting savings banks and the trust
companies having savings de¬

.

$771,267, consisting

5% gold bond outstanding and

railroads..........

Most

as

5% gold bonds series "A"

year

public utilities

still in the banks at the close of business June 30.

reported

coupons on one year

To

was

were

$24,350

To

e.,

this subject for the current six-month
period will be perhaps
significant.
The above figures may stand out more graphically

more

the

of

may be said to represent the net increase in the amount of new
exclusive of interest accumulations which had been deposited during

the return

$2,400,-

Borrowings account of warehouse

Corporation

To

more

creased

were

granted loans

were

have but $158,600 to

$27,-

the period and
of the

on

it is said, approxi¬

were

obligations to the Secretary of the Treasury for account of

637,000
money

at Dallas

advances of $5,268,378.

increase of about 5% in the six-month
period; and if the withdrawals be

regarded

of

out

remaining

■

An effort made

savings

loans

$23,814,674 have repaid all except $973,595, while banks

and bankers still

receivable

conditions

money

Frederic H. Curtiss, Chairman and Federal Reserve Agent
of the Federal Reserve Bank of Boston
gives the following

■

$21,233,944

cattle

The industrial corporations which

000.

and

In its

unpaid
The

having been discharged; the borrowings

account of cattle growers

also

Francisco,i

Calif

AND

still

unpaid amount to but $837,062, and this it is understood

receipts ($125,211,500)

Phila¬

delphia, Pa

FEDERAL

being

$39,797,400.

District No. 7—

British-American

Virtually all of these,

The outstanding export loans

mately $5,400,000, while those at Kansas City

Washington makes public

Federal Reserve System in the two weeks

Peoples

Of the loans

$204,794,520,

to

represents obligations of the Kansas City agency, those to the

The Federal Reserve Board at
the

amounting

over

Dallas agency

STATE

railroads,

outstanding $64,658,210.

now

A little

on

August 21 1920 $132,235,908.

on

to

it is reported, are call loans.

According to the "Federal Reserve Bulletin" for August,
the Oklahoma City branch of the Federal Reserve Bank of
opened for business

WAR

totaling $352,199,244 originally made by the Corpora¬
repaid to the extent of $219,963,336, leaving

outstanding

was

BY

tion have been

OPENING OF OKLAHOMA CITY BRANCH OF FEDERAL

City

MADE

CORPORATION.

W. McLean, Director of the

to

satisfactory interest rate.

a

LOANS

According to figures made public on""Aug. 27 by Angus
War Finance Corporation the

few years ago.

railroads of the country in the next few years, if they are to keep pace with
the developments and expansion of the country.
He felt, however, that

OF

FINANCE

that

it

was

understood

that

these obligations

were

part of an issue of $200,000,000 5% gold bonds offered by
the corporation in March 1919 to obtain funds for the Rail¬

Net increase

Deposits Jan.

1

1920..

887,459,000

road Administration and individual lines which
aid.

ernment
Deposits June 30, 1920...

923,123.000

-

107,230,000 1,030,353,000

The

Savings Division of the Treasury Department has been making
encouraging progress in its efforts to continue its war time activities and

functions with

people

on

a

a

view to

permanent

establishing habits of thrift and savings among the
basis.
Its campaign in this district carried on

intensively in the public school has resulted in
stamps being bought during the past school
thus far reported—only 12% of the entire

year

$500,000

over

worth

of

earners

in

number—representing

an

enroll¬

simplified the efforts to interest the wage-

the mills and factories

satisfactory,

During

the

past

where the results have also

few

months

upwards

Societies have been organized among wage-earners and
their

own

charters,

each person

pay-day for the stamps.
supporting

enrolled laying aside

of

are

a

been

2000

most

Savings

operating under

certain

The Savings Division has also been

sum

each

active

in

the secondary market of Liberty Bonds.

A partial-payment
employees in industrial plants has been devised, and
upwards of 20 plants have purchased bonds since March 1, 1920, approxi¬

plan for the

use

of

mating $250,000 to date.

A thorough canvass of the fraternal and benev¬

olent societies of the district has also

nearly $1,000,000 worth of bonds.




Finance

his

report

as

Corporation, covering

1 1918 to Nov. 30 1919

sought Gov¬

Managing Director of the

operationArom

resigned) stated that advances to railroads during the
to Nov.

to

the

30 1919, for the purpose of

Railroad

Dec.

inclusive, Eugene Meyer Jr., (since

Administrtaion

year

repaying amounts due

for

additions

and

better¬

in the schools which have

ment in the system of 63,000 pupils, and not
including the schools of the
city of Boston, the records of which will not be available before
Sept. 1.

The work done in the schools has

War

In

been made with resulting purchases of

£§1

ments, and for assistance in meeting maturities, aggregated

$89,699,690

on

of this amount,

secured notes of the borrowing companies:

Mr. Meyer stated, there

the year $19,341,480.

railroads his report

was

repaid during

further said:

The assistance given to

railroads in this manner is to be measured not

alone by the sums actually advanced.

panies

were

On the subject of assistance to the

The credit of the borrowing com¬

materially improved by the acceptance of their obligations

as

security for advances from the War Finance Corporation, and large amounts

accordingly

were obtained

public.

sbme

ments

In
to

cases

through banking channels

the War Finance

or

from the investing

Corporation entered into commit¬

accept, within agreed limits, certain proportions of note issues

provided the balance

was

placed elsewhere.

Through and with the direct

co-operation of the War Finance Corporation five railroad companies placed

Sept. 4

note issues in the

aggregate principal amount

of $43,000,000 of which amount

The directors
by officials of
connection with refunding matur¬

$15,523,800 were taken by the War Finance Corporation.
were called upon frequently to act in an advisory capacity
the railroad companies

943

THE CHRONICLE

1920.]

and by bankers in

were

the

Early in the spring of 1919 it became

apparent that the

decreased volume

necessity of financing large
items of additions and betterments and equipment for the railroads, would
require further appropriations by Congress.
For this purpose $750,000,000
were asked by the Railroad Administration, but the measure failed of passage
in the closing days of the Sixty-fifth Congress.
The financial conditions
of the Railroad Administration was such that the assistance of the War
of operation, and the

Finance Corporation was

required to prevent an embarrassing situation.
to the Director-General of

collateral certain obligations of various
from the Administration.

security for advances

raUroads pledged as

affecting the Corporation's
and functions by
the addition, to the original Act under which it was created, of Section 21
as an amendment by the Act approved March 3
1919. Section 21 em¬
powers and authorizes the Corporation, in order to promote commerce with
foreign nations through the extension of credits, to make advances, under
certain prescribed terms, to persons, firms, corporations or associations
engaged in the business in the United States of exporting therefrom domestic
products to foreign countries, or to banks, bankers or trust companies in
the United States making advances to such persons, firms, corporations or
associations for the purpose of assisting in the exportation of domestic
Among the most important developments

activities during the year was

advanced immediately

therefore

RaUroads $50,000,000, taking as

from railroad operation are always
the fiscal year, for reasons readUy under¬
standable.
During the spring of 1919 revenues were particularly unfavor¬
able because of conditions then prevailing.
The Director-General therefore
was faced with the problem of obtaining sufficient funds for the payments
due monthly in the way of rentals, which payments the roads in turn required
During the spring months revenues

materially below the average for

Through the co-operation of
developed the plan of paying, in
of Indebtedness. These certifi¬
cates were then pledged by the railroads, either with banks or the War
Finance Corporation, and cash for interest and other requirements thus
obtained.
v/'';;
■•;
To cover the requirements of April, May and June, certificates to the
amount of approximately $292,000,000 were issued to railroads and to
railway equipment companies—$193,272,975 of these to railroads.
The
War Finance Corporation loaned $65,094,830 to railroad companies, taking
such certificates as collateral, and $1,000,000 miscellaneous advances, also
on
certificates, to railway equipment companies.
Through the element
to meet interest and

the War Finance

lieu of cash,

other accruing charges.

Corporation there was

interest-bearing Certificates

of confidence injected

three times

tion

as

Committee on Finance, United States Senate,
the Fifth Liberty Bond Bill,'Of which the
Director of the Corporation
set forth the important bearing of export trade on the domestic prosperity
of the United States, urging the necessity of extending long-term credits to
In the hearings before the

of the Sixty-fifth Congress, on

above amendment

until their
to

a

part, the Managing

a

own

there was danger of a collapse

trade, with resultant injury to

the internal business affairs

States.

Corporation the agency through

could be extended, under proper
American banks financing such

exporters, for the purpose

paid off and loans on

to foreign governments,

of European nations sufficed to maintain an
and during this period the active partici¬
Corporation was not required. The board of
directors, realizing that its potential powers of assistance were even then
playing their part in the development of future plans for financing exports,
kept in close touch with the foreign trade situation, and the Managing
Director made a trip to France and England during June and July lor the
purpose of conferring with representative importers and Government officials
in regard to the European situation and its bearing on our foreign trade

the

Congress for the relief

exceptionally high level of exports,
pation of the War Finance

problems.
The time has now

arrived when the

used as intended.

under Section 21, but some

had the following to say:
loans during the year

tentative commitments made prior to
the commencement of the ypar, also of making advances to banks which
had financed or would finance cattle breeders provided the maturity of such
advances to banks did not extend beyond Nov. 15 1919.
Acting under the above policy the board advanced during the year
$4,292,746 19 to cattle men, cattle loan companies or associations under
all firm or

Section 7 secured by notes of
cattle m&n.
During the year $6,320,581 74 in cattle loans under Section
9 were repaid, leaving outstanding at the end of the year $1,459,244 39.
From the commencement of the Corporation's operations to date it was
found necessary to loan In all only some $8,000,000, through banks or direct
to cattle men.
As had been the case in other difficult situations, the ele¬
ment of confidence produced by our actual and potential aid was of more
Section 9 and also $93,160 12 to

banks under

granted.
fall of 1919 there was a feeling of uneasiness
among cattle men and bankers because of the continuance of the drought
in various sections of the country.
It was evident that under the powers
conferred upon the board by the Act creating the War Finance Corporation
no further advances could be made and it was also felt by the board that
outstanding cattle loans should be collected at maturity in cases where
no undue hardship
would result.
To allay any feeling of apprehension
value than

the loans actually

During the summer and

the part of cattle men or

upon

banks carrying cattle paper,

letters setting

would consider favorably
of assistance to banks
sent to borrowers and to banks.

forth the conditions upon

which the Corporation

renewals of cattle paper,

table shows the advances and
year and also of the year under review, together
outstanding at the close of each year:
Year ending Nov. 30 1918—
Advances
;
Repayments
Outstanding at close of year
Year ending Nov. 30 1919—
■
The following

Advances

War

The

bonds

States

excerpts relate
of the

United
were
of huge dimensions.
The following
to these, and also cover the other activities
Corporation's transactions in

Finance

We likewise

Statement of

value of Liberty bonds were

The

Corporation purchased
of

Indebtedness,

maturity or disposed of
Finance

Corporation is

during

of which

of year

|
of the War Finance Corporation at the
■

Condition

30

Nov.

1919.

ASSETS.

]
__ _

$71,993,322

Depositaries

United States of

America Liberty Loan

Certificates of
Utility Bonds

Public

OtflCT

Bonds.

.........-..$285,284,346
187,063,500
58,400

and Victory Notes....
Treasury

Indebtedness

_

the Treasury.
the year $296,704,000 Treasury Certifi¬
$109,640,500 have been redeemed at
and the remainder on hand in the War

Total

$843,331
1,657,755

Repayments.

5,656,369

otherwise,
$187,063,500.

$5,259,778
204,794,520
39,661,400
25,211,500
Corporis 23,795,344

Companies.

Railroads....

Industrial
Cattle Loans......

7,779,826

Outstanding.

$1,676,243
70,358,210
22,536,632

$3,583,535
134,436,310
17,124,768
25,211,600
22,762,250
6,320,581

________

1.033,094
1,459,244

97,063,423

-$306,502,368 $209,438,945

Total

Assess—

non.

Equipment
Deferred Charges to Expense—
Commission on One Year 5% Gold

y,2y4

Furniture and

65,911
12,796

Bonds

Bond Issue Expense.

Total Assets
War Finance
In March

1919 the directors

under

of the rail¬

Government

Capital Stock.
funds derived from




LIABILITIES.

Capital Stock,

lSs

5%^Gold

Bonds, Series "A," Issued
Amount Repurchased by Corporation

One-year

AccmedninterSfPayable on
Interest
♦Net

$500,009,000

Authorized and Outstanding..

$200,000,000
70,154,000

One-year 5% Gold
Collected in Advance (not earned)

Bonds

Earnings

Total

Liabilities

f

the sale of the bonds of the War Finance
Corporation, further amounts necessary to the Corporation's operations
In addition to

78,707
$649,708,447

Corporation Bond Issue.

facing the large requirements

administration, decided to issue $200,000,000
One-Year 5% bonds.
This issue was quickly and quietly taken just prior
to the issue of the Victory Loan.
The bonds were issued in $1,000 denom¬
inations dated April 1 1919, and due April 1 1920After the Railroad
Administration obtained the appropriation from Congress and its Certifi¬
cates of Indebtedness were repaid, the War Finance Corporation was in
sufficient funds to commence the repurchase of its bonds prior to their
maturity, and to date $70,154,000 par value of bonds have been repurchased.
I

roads

8,157,455

Balance

Total

Advances.

Public Utilities
Warehouse Iteceip's

Fixed

472,406,246

"

Accrued Interest Receivable on Loans
Accrued Interest Receivable on Loans
Accrued Interest Receivable on Liberty Loan
Bonds and Treasury Certificates of Indebt s_

Trust

sold to the Secretary of

Close of Business

Current Assets—
Due from

11

tables embod ed in

reproduce the following

the report:

^

^

62,849,021 95
34,214,400 83
97,063,422 78

^

Obligations.

Corporation has continued to function as a dealer
in Government securities under Section 11 of the Act.
From the date of
the last report to Nov. 30 1919 the War Finance Corporation has purchased
Liberty bonds and Victory notes in the aggregate principal amount of
$1,030,713,000, and has disposed of $841,244,150, having on hand Nov. 30
$297,789,300 principal amount.
Of the amount disposed of $793,536,150
par

'

_$90;374,722 43

*—

.142,708,835 17 153,278,623

"

Outstanding at commencement
Outstanding at close of year

Loans to—

Transactions in Government

with the amount of advances

Net increase in loans—

Corporation:

During the year the

cates

-

year's advances

Current

repayments of the preceding

56,160,321 60
34,214,400 83
216,127,645 06
$10,559,787 94

Repayments—Previous year's advances

together with its powers

carrying cattle paper, were

Conclusion.

LOANS.

with respect to cattle

policy of the board

that of carrying out

amendment

authority granted by the

No funds have as yet been advanced
applications have been granted under its author¬
ization and some transactions have been financed by bankers without
assistance from the Corporation, the bankers relying on the fact that such
assistance could be had if desired.

to the Act is being

'

The

loans

and the authorization

sell its surplus stock on credit, the authority of
Administration to sell on credit, and special measures passed by

of the War Department to
the Food

appropriated $750,000,000 as an additional revolving
Railroad Administration, and the Certificates of Indebtedness

such certificates repaid. The Railroad
Administration also has repaid the $50,000,000 advanced for its temporary
needs.
The corporation has outstanding advances to railroads of $70,358,210, in loans secured by collateral.
The War Finance Corporation co-operated with the Railroad Administra¬
tion and with leading bankers in the development of a plan for financing,
through a consolidated equipment trust, some $400,000,000 in equipment
ordered by the Administration during the war and allocated to the roads
under Federal control.
This plan, substantially as developed by the board
of directors, counsel and examining staff of the Corporation, has been
considered favorably and its adoption recommended by representative
bankers and railway executives and the legislation necessary to permit its
consummation has passed Congress and been approved by the President.

was

the approval of this amendment,

During the first few months after
made by the Treasury

of enabling them

foreign purchasers.

extend the necessary credit to

were

of the United

is made above th.e Congress made
which Governmental aid
restrictions, to American exporters and to

By the Act to which reference

the War Finance

to

institu¬
in our foreign

event of the inability of banking

tions to extend sufficient credit,

into0the situation by the participation of the Corpora¬
advanced was provided through

CATTLE

buy largely from the United States

production, and consequently their exports, could be restored
It was felt by the board of directors that unless there was

normal level.

avaUable Governmental aid in the

much money as it

Concerning cattle loans the report

was

European buyers so as to permit them to

In June Congress

fund for the

the extension of its powers

products to foreign countries.

other channels.

have been

|

Amendments to the Act.

of traffic, increased costs

board

States, as provided by

At the end of the year

Corporation.

000,000 has been subscribed.

ing obligations.

The

author¬
the Act creating
the entire capital stock of $500,-

additional subscriptions to Its

obtained from time to time by

ized capital stock by the United

18,431,37b
$649,708,447

earnings of the Corporation constitute a reserve,
Section 15 of the War Finance Corporation Act.

*Note.—All of the
accordance with

■

129,846,000
1,428,525
2,546

in

944

THE CHRONICLE

Statement of Receipts and Disbursements?of the War Finance Corporation from
...

Dec. 1 1918

•

■

to\Nov. 30 1919.
.

.

Section 7, Paragraph 1

Section 7, Paragraph 2
Section 8

Section 9:
Railroads
Public Utilities.

-

$360,000,000

---

149,844,410

Treasury

on

of $50

numbers

1,503

and $100 bonds.

of

most out-of-town

22,381,637
6,443,251

Receipts from Dec. 1 1918 to Nov. 30 1919

the

places, particularly the smaller ones, it is done through

MILK
An increase of

211,720

PRICES
cent

one

into effect here Sept.

1.

Sealect Brand

Disbursements.
on account

214,037,210

3,253,900

18,406,001

NATION

2,962
183,476

Total Disbursements from Dec. 1 1918 to Nov.
30 1919..$1,580,889,786
Balance due from Depositaries Nov. 30 1919
71,993,322

$1,652,883,108

A

HOLDINGS

Bank of New York

August, made public Aug. 31,

tions at

held by the public and only
$650,000,000 were held by

the banks of the
country.

This is a degree of distribution not generaiiy
realized, for many who write on economic and financial affairs seem to be

banks,

impression that the great bulk of the certificates

as was the case while

government bonds

were

are

held by the

city prices follow

POOL

REJECTED

BY

a

nation-wide

wheat pool,

stated, farmers would virtually control the-

Columbus, Ohio,

the National Board

was

rejected by the Resolu¬

Sept. 2.

on

Sept. 1.

on

that date, in

on

does

The plan
a

Organiza¬

was among

three days' session

Press dispatches from

And of the $650,000,000 estimated to be stiil
held by the banks
considerable volume must be held
by non-borrowing banks, as only

a

referring to the proposal said:

yearly co-operative farm business of $2,000,000,000,

according to officials.
Their plans

take

to

are

where wheat is shipped.

over,

or

build,

elevators

grain

It will be possible, it

was

said,

at every

point

to control 40%

of the country's wneat output.

"Profits will be stabilized and prices to the consumer greatly reduced,"
said Charles S.

Decision

Barrett of Union City

Ga.. President of the organization.

reached, however, by the Resolutions Com¬

was

mittee, it is said, that the project

was

not feasible.

It is

also stated that it had been pointed out to the committee
that the proposed pool might be a violation of the Sherman
Anti-Trust
was

said,

law.

was

being offered to the

public.
a

WHEAT

the proposals put forth at the start of

A careful study of the figures of the

815 member banks which
report weekly to the Federal Reserve Board justi¬
the estimate that on that
date, of the total volume of certificates
were

Our

tions Committee of the National Board of Farm

says:

fies

$1,940,000,000

usually
December, thereafter the trend of prices is down¬

or

WIDE

was

the country, and

The volume of
treasury certificates of indebtedness of all issues outstand¬

$2,590,000,000.

price,

The Board of Farm Organizations now controls 1,500 grain elevators in

Contrary to the general view a greater volume of Treasury
Certificates of Indebtedness is held
by the public than by the

was

in

primarily due to the increased cost of

marketing and selling of grain,

Columbus

BY

BANKS AND PUBLIC.

July 31,

advance

In addition to this the advance in freight rates

plan for the formation of

whereby, it

of

banks, according to the Federal Reserve

the

for

says:

FARMERS.,

236,120
24,352
3,135

by

_

causes

Co., Inc.,

ward again, until the minimum is reached in June.

70,154,000
58,400

Salaries and Miscellaneous
Expense

which in its review of

the

of

these fluctuations.

__

CERTIFICATE

Jersey seashore divisions.

In explanation

reached in November

_

TREASURY

do not apply to the Long Island and

affect not only milk, but everything that enters into the preparing of milk
for the market and its distribution.
The peak cost of production Ls

Paid

Total

20c. per pt. bottle

l

__

The increase in the price of milk is

14,228,583

(Reimbursable

bottle

pt.

19c. per pt. bottle

production in the country.

borrowers)

M

per

r38c. per pt. bottle

____

Milk

The above prices

923,518

One-year 5% Gold Bonds of the War Finance Corporation
Repurchased
Public Utility Bonds
Commissions and Expenses on Sale of
One-year 5% Gold
Bonds of the War Finance
Corporation, Less Discount on
Bonds, Repurchased
;

under the

30c. per qt. bottle

__.._.._29c.

Cream.___—...

New

bottle

___12c. per qt. bottle

___

—!

the Sheffield Farms

on Treasury Certificates
Indebtedness, United States Bonds, and
other obligations.
Coupons paid on One year 5% Gold Bonds of
the War Finance
Corporation

on

Milk..

Special (sour) Cream

978,989,695
296,704,000

.....lie. per pt.

__28c. per qt. bottle

Certified

Condensed

of

Unearned Interest Refunded.
1
Furniture and Equipment Purchased
Expenses of Examinations Advanced

13c. per pt. bottle

......18c. per qt. bottle

...

Cream

XX

4,207,849
4,292,746

Accrued Interest Pa'd

ing

____21c. per qt. bottle
_

Milk...

Milk____.

Brookside

X

Treasury Certificates of Indebtedness Purchased
Accrued Interest Paid on One-year
5% Gold
Bonds
of
the
War
Finance
Corporation
Repurchased

Interest

schedule of prices is at

new

Milk

Grade B

Buttermilk.______________

$204,794,520
742,100

Total Disbursements on account of Advances
$216,127,645
United States of America Liberty Loan Bonds and
Victory
Notes Purchased

Total

The

Milk

Grade A

Certified

$2,083,160
7,275

8

Loans

ADVANCE.

quart in the price of milk went

Household Grade B Milk......^.

....

Cattle

Grade A

Sealect Brand
Household

of—
Advances under the following sections:
Section 7, Paragraph 1
Section 7, Paragraph 2

a

follows:

..$1,652,883,108

9—Railroads
Public Utilities..
Warehouse Receipts
Industrial Corporations

secure

28,824,888

1,971,398

Total

Section

to

whereas in

banks.

200,000,000

..$1,650,911,710

Balance due from Depositaries, Dec. 1 1918

Section

of interest

seem

proportion of the business is done directly through brokers,

Certificates,

Loans

Total Interest Received
Sale of One-year 5% Gold Bonds of the War Finance
Corp..
Interest Received on One-year 5% Gold Bonds of
the War Finance Corporation, at time of sale

Disbursements

while sales still include large

over,

It did not

similar data from banks in New York City because in New York so large a

Accrued

Total

and

$3,701,000.

mainly in denominations of $1,000 and

109,640,500

i__

United States Bonds, and Victory Notes
on

June

Only 20 out of the 68 banks reported that sales exceeded purchases.

3,197

Received

of their purchases and sales of

us

It is quite evident from supplementary data furnished that purchases are

798,951,279

Examinations

Interest

Their customers purchased

153,278,623

_

Interest Earned

Jersey to advise

Their customers sold $2,587,000.

Victory Notes
Treasury Certificates of Indebtedness Collected
at Maturity

Expenses

New

Liberty bonds and Victory notes for customers during May,
July, with the following result:

and

of

asked 68 banks in representative cities, towns and villages in

'

3,774,750
6,320,581

borrowers,

we

New York and

155,500

Sale of Office Furniture

"

number of bankers outside of New York City that

a

their purchases of government bonds for customers have recently exceeded
their sales

$134,436,310
5,157,268

Sales in July last year

year.

<,

Having heard from

Total Receipts on account of Loans Repaid
United States of America Liberty Loan Bonds

by

$205,000,000.

were

i—

~

Loans

Repayments,

$262,000,000 for the first six months of the

$2,582,410
422,125
429,678

—

Warehouse Receipts
Industrial Corporations
Cattle

During July, sales of Libertys on the New York Stock Exchange totaled
$175,000,000, compared with $257,000,000 during June and an average of

.

Receipts from—
Sale of Capital Stock to the Secretary of the Treasury
Loans Repaid under the following Sections:

[Vol. 111.

tively.

The

best

the farmers

could

hope for, it

the right to market their products co-opera¬
y

V

:

.

,

$350,-

000,000

are now

being used

as a

Federal Reserve Banks.

basis for loans, or credit expansion, at the

SOUTHWEST FARMERS PLAN

TO

HOLD

BACK

WHEAT.

LIBERTY

BOND

ACCORDING
As

a

result of

PURCHASES

TO

N,

Y.

The

EXCEEDING

FEDERAL

RESERVE

SALES
BANK.

inquiry by the Federal Reserve

an

New York among bankers outside the

Bank of

city it is learned that

purchases of Liberty Bonds exceeded the sales during
May,
June and July.i The Reserve Bank also observes
that the
sales of the bonds

on

the Stock

Exchange

July compared with June and also
sales

a

The following

year ago.

as

are

were

also less during

compared with the

the comments of the

Bank.

and in the proportion to total bond sales.

tendency which

Prices showed

a

gradual settling

slightly accelerated towards the close of the period.
The range of fluctuations,
however, was narrow, and at the widest, in the
was

of the first 4 Ms and the third 4Ms was not quite
quarters.
The comparative steadiness of Libertys in
case

market weakness

was

a

point and three-

the

face

of

of the

Southwest.

Members of the

issues

again approaching the lowest prices of the year.
The
first 4Ms around 84.50, are
only half a point above the low level, and the
are

half way between the February low point and the
year's
high point slightly less than a point from the year's lowest.
are




Farmers'

Unions of Kansas,

Oklahoma and

Nebraska and of the farm clubs of Missouri have already organized a move¬
ment to withhold wheat from markets until the

price reacts to $3

Millers and elevator operators at scattered points in this
that they are affected by the

ment of the bread

cars

a

bushel.

territory report

refusal of farmers to sell, and the holding ten¬

dency is being felt slightly in the movement to
however, the shortage of

Kansas

City.

Locally,

Ls still the main factor in restricting the

move¬

grain.

Owing to the continued absence of adequate hedging facilities in future
markets and erratic price

and dealers quote margins

cash prices.

changes, interior buyers of wheat
purchases from farmers.

the

dissatisfaction

demanding

States Grain Corporation

prices, it indicated that eight cents

margin in buying wheat from farmers.
to

are

Many country millers

of 40 to 50 cents a busnel below the Kansas City

A year ago, when the United

in control of wheat

of farmers,

a

Naturally, the

bushel

was

was a fair

big margins add

but dealers and millers say they must

protect themselves against adverse fluctuations.

stock

noteworthy in view of their sharp decline during the
As a result, however, of gradual declines, some

May stock liquidation.

of wheat

prices is beginning to tell in the financial and commercial situation in the

unusual margins in making

Trading in Liberty bonds during the past thirty days has been
relatively
light, compared with previous months, both in the actual volume of sales

3Ms, at 90,

following is from the "Wall Street Journal" of Aug. 25:

Kansas City.—Opposition among farmers to the current level

Country bankers

are

not

likely to render liberal assistance to farmers

in

holding wheat for higher prices, owing to the fact that they are already
heavily loaned up on the whole.
In communities where sufficient wheat
has

already been marketed to make

more

encouragement may

wheat from markets.

an easy

situation for country bankers,

be given to farmers seeking loans to withhold

Financial

conditions

in

general,

favorable to widespread nolding of wheat by farmers.

however,

are

not

Sept. 4

THE CHRONICLE

1920.]

Witn railroads unable to handle the

prove
,

volume of wheat being

holdipg movement among

shipment, there is a feeling that the

tendered for
farmers may

distribution of the crop.
for a great number of farmers

beneficial in affecting a more even

tion is so large that it is necessary

Producto delay

30 1914.

withholding purchases of wheat
which she needs, in the hope of bringing American prices down.
Thus far
she has been successful, having been assisted by a hesitant attitude on the
part of domestic flour buyers.
Domestic sales of flour since the opening
of the new crop season have been the lightest in many years.
Whether
farmers can force Europe to pay higher prices is a debatable question.
The
prevailing view is that a higher market will follow if the holding tendency
spreads.
It is maintained that wheat is in the strongest position of any
is believed, has been

the

important product.
If

holding by farmers

the capacity
the

business

source

reduces wheat receipts on

liquidation of bank loans in the

of funds for the

below
improvement in
is the principal

markets to a total

of railroads to move, liquidacion of loans and
of the Southwest will be checked.
Wheat

Kingdom of 2,154,606,913 during

period.

same

1919,

relieved to some extent the calls upon

shown by decreased shipments in

cane sugar, as

1920, as compared with

Spain, and Gibralter, the last-named

Italy,

to Belgium,

in Belgium
this country

of beet sugar in Europe, particularly

The increased output
and Czecho-Slovakia,

for

all countries
2,424,045,466

since that date France has led
with aggregate shipments of

pounds, surpassing those to the United

marketing.*
Great Britain, it

In the six-year period

market for American sugar

as a

being a

trans-shipment port for Near Eastern countries.

contrasted with 1919against
against 2,268,210 pounds in 1919, ana Greece, 50,403,883 pounds as compared with
9,328,320 pounds in 1919.
Gains on a smaller scale are shown in the sugar
exports to Denmark, the West Indies, Netherlands, the Philippines, and
British and French Africa.
The trade with Canada has been reversed.
Large increases in the quantity exported in 1920, as
in

occurred

the

case

of

which took 74,361,248 pounds

Norway,

17,020,101 pounds in 1919; Switzerland, 60,193,687 pounds,

Southwest.

exports thereto decline from

Not only did

1920,

965,908 pounds in

59,671,018 pounds in 1919 to

but the United States imported

871,325 pounds of cane sugar and 812,100 pounds

therefrom 24,

of beet sugar during the

last fiscal year.

DECLINE IN PRICE OF

FURTHER

There have been

From 17 cents a

sugar.

REFINED SUGAR.
price of refined

further reductions in the

pound, which was the low

figure on
31.

Aug. 23, there was a reduction of a cent further on Aug.
On that date the Federal Sugar Refining Company cut

4,334,504 pounds in 1919 to 5,from 631,812 to 916,220 and to Porto
Rico from 276,172 to 1,262,033.
The re-exports of foreign sugar from the
United States also rose from 3,017,199 pounds in 1919 to 6,904,215 pounds
Shipments to Alaska increased from

566,893 pounds in 1920, to Hawaii

fine granulated or a cent under
this refinery on Monday of last
week. On Aug. 31 the New York "Times" said:
Sugar was offered yesterday at 15 cents a pound by one of the chain
stores.
It was not granulated but "tablet" sugar.
This is the lowest price
at which sugar of any kind has been offered in many months.
Granulated
sugar continues to sell from 17 to 21 cents in most of the stores, 19 cents
price established by

perhaps being the

1919-20 is estimated at

000

This production, imports from

pounds".*

REDUCED IN CAN ADA.\

pounds available in the markets

7,745,146 pounds, makes the net

THE

"TRANSACTIONS IN

UNITED STATES

tion of 90.6 pounds

in 1920. against 82

transactions of the

countries during the fiscal year
1920, receipts from foreign countries and non¬

9,485,727,637
aggregating 1,458,680,026.
pounds." This statement is contained in a survey issued
Aug. 31 by the Division of Statistics of the Bureau of
Foreign and Domestic Commerce.
The Bureau states that,
"although the uneven distribution of available supplies of
sugar in the United States (due in part to the transportation
situation) led to high retail prices in many localities, it
seemingly did not restrict the total consumption for the
average per capita consumption in continental United States
for the fiscal year just ended likewise established a new record
territories amounting to

contiguous American

and shipments thereto

pounds."

Continuing it says:
The total

* v
1920 comprised cargoes from forty

importation in the fiscal year

addition tD receipts from the Virgin Islands, the
Philippines, Hawaii and Porto Rico.
As in the fiscal year 1919, when the
Sugar Equalization Board stated that large quantities of sugar were bought
in Cuba in 1918 by British interests, brought into the United States for re¬
fining, and then shipped abroad, similar transactions enter into the statistics
for 1920.
These exports and imports, however, practically counter-balance.
The total imports, of cane sugar into the United States, exclusive of re¬
ceipts from Hawaii, Porto Rico and the Philippines, amounted to 7,532,310,606 pounds in the fiscal year 1920, against 5,621,031,787 in 1919 and
4,944,805,410 pounds in 1914, or an increase of 34% over 1919 and of 52%

foreign

over

countries,

in

the pre-war year

Cuba was the

EYPORT

TON

1914.

chief source of supply in

1920.

The

1919 to 146,638,847

in 1920: Central America, from

66,164,091: Peru, from 10,377,825 to 75,710,043, and South
American countries, from 20,849.450 to 133,158,013.
The gain in the last
mentioned instance is largely due to receipts of 100,518,104 pounds from
Brazil.
Mexico contributed 62,670,943 pounds in 1920.
Other notable imports of sugar during the fiscal year just ended include
24,871,325 pounds from Canada, 27,481,913 pounds from Hong Kong,
9,124,429 pounds from British East Africa, and 35,722.787 pounds from
European countries.
The cane sugar from Belgium, Netherlands and Eng¬
land include some items of foreign sugar refined in the United States, ex¬
11,319,415 to

ported with benefit of drawback, and reimported with duty
to the drawback.
The greater part of the remainder from

collected equal

these countries

his

Arrivals of sugar from

declined from 210,950,760 pounds
It is understood that this decrease
islands to China, Hong Kong and

the Philippines

45,387,719 pounds in 1920.
shipments made from the

Hawaiian sugar receipts dropped from 1,215,594,766 pounds in
1,056,023,998 pounds in 1920.
Arrivals from Porto Rico for the
fiscal year were 837,735,200 pounds—a material gain over the 703,286,-

Japan.

1919 to
last

023 pounds

received in 1919.
Export

Sugar Trade.

of 1,444,030,665 pounds of sugar from the
United States to foreign countries in 1920 exceed by 328,165,504 pounds,
or nearly 30% the corresponding figure for 1919.
There was an increase
in the total value of 61%—from $81,569,660 in 1919 to $131,771,308 in
1920.
Exports to France of 698,798.020 pounds broke the previous high
record of 478,967,887 pounds in 1917.
Pre-war exports of sugar to France
were insignificant, amounting to only 1,000 pounds in the year ended June
The

total domestic exports




a

export association

Association addressed to its President
Governor Harding advised the cotton
"Federal Reserve Banks are prepared to meet

to the

message

S. Wannamaker,

Ji

interests that

all legitimate

demands made upon them by member

banks for

moving the crops," but at the same time called attention
to the fact that under the Federal law Federal Reserve

They can, he pointed out
member banks, which institutions are
obliged to observe the limitations prescribed by law upon
their loans."
Mr. Harding urged "co-operation between
banks and producers in order that the burden of carrying
crops awaiting transportation to market may be as evenly
distributed as possible."
In what he had to say to the

Banks cannot make

direct loans.

"only rediscount for

proposed creation of alcotton export

association, Mr. Hard¬

ing stated "If a

Answering your
Reserve

of

cesses

telegram would state

that the policy of the Federal

for] many months past has been so shaped as to enable them
all reasonable assistance to member banks in facilitating the pro¬
production and orderly distribution of essential commodities,
the products of mines and factories as well as farms.
The crop

banks

render

to

including

movement is a

seasonal one, and in this

early stage requires large

additional

Federal Reserve banks are prepared to meet all legitimate detnands
made upon them by member banks for moving the crops, but your attention
is called to the fact that under the law Federal Reserve banks cannot make

credits.

They can only rediscount for
obliged to observe the limitations

direct loans.
tions are

member banks, which institu¬
prescribed by law upon their

loans.

Growers

and distributors of

agricultural products usually have no

local

banks.

broad

and are obliged to depend for accommoda ions
Consequently, notwithstanding the desire to respond

financial connections

upon

fully

member banks frequently find it impossible to ex¬
tend all accommodations desired.
Complaints are made by wool growers
and wheat farmers as well as by cotton men of lack of ready markets and
of insufficient transportation facilities.
The Board urges co -operation between banks and producers in order that

to the

consists of Java sugar.

is offset by

adoption of

cotton

a

corporation could be formed under the Edge
Act, taking cotton in payment for stock, there could be
opportunity for direct dealings between Southern producers
and European mills.
A movement of this kind would put
new life in the 'market for
it would stimulate buying by
domestic and British mills."
The following is Mr. Hard¬
imports from that ing's telegram to President Wannamaker:

6,905,709,612 pounds broke, the former high record of 5,488,711,032 pounds in 1919.
Other large increases in the number of pounds of
sugar imported in 1920 over the previous year are:
Dominican Republic,
"from 4,390,594 in

ASSOCIATION ENDORSES COT¬
ASSOCIATION—LETTER OF ' GOV.
OF FEDERAL RESERVE BOARD.

resolution providing for the organization
with a capital stock of 1,000,000
bales, and the receipt of a telegram from W. P. G. Harding,
Governor of the
Federal Reserve Board endorsing the
movement, .were features of a meeting of the American
Cotton Association at Columbia, S. C., on Aug. 25.
In
The

country of

in 1919 to

pounds in 1919.

AMERICAN COTTON

of

States with other

ended June 30

—90.6

1 1920,

issued by the Treasury Department, of the estimated population of Con¬
tinental United States of 107,239,000, this works out a per capita consump¬

1920.

made in the sugar

"New records were

pounds

Using the revised figures of Aug.

of sugar

DURING

United

non-contiguous American territories of
amount retained for consumption in the

6,904,215 pounds and shipments to

HARDING

SUGAR

foreign countries, and receipts

together give a total of 11,180,628,037
of the United States.
Deducting from this amount the exports from continental United States of
domestic sugar, 1,444,030,665 pounds, the re-exports of foreign sugar,
non-contiguous territories

from

throughout Canada dropped on Aug.
27 from twenty-four to twenty-two cents a pound.
The
reduction was agreed upon the preceding day at a conference
of leading refiners and the Board of Commerce.
*
The price

and Supply.

continental United States for the year
241,998,400 pounds, and of beet sugar at 1,452,902,-

production of cane sugar in

The

United States 9,721,948,011.

most common price.

PRICE OF SUGAR

Production

its

price to 16 cents a pound for
the low

;

in 19-20.

the

needs of farmers,

burden of carrying crops

awaiting transportation to

market may be

distributed as possible.
With actual sales and full returns it is
thought that the most pressing needs of farmers can be provided for without
exhausting the credit facilities of local banks which have their legal limi¬

as

evenly

tations.
I had an

|
with the Minister of Czecho-Slovakia] who
seasonal needs in his country alone for cotton amount to

interview yesterday

stated that the

700,000 bales, but

owing to depreciation in

in his country

will

exchange and inability to ship

the mills to take anything like this amount of
credits are provided. He stated that the mills
be able to pay for raw cotton furnished them as soon as

gold it was impossible for
cotton unless nine months'

THE CHRONICLE

946
manufactured and sold, and expressed the

opinion that

and banks in his country backed by a guarantee of

give satisfactory
I

syndicate of mills

a

in

his Government could

committee of the American Cotton Association late

anticipated the present situation in the year 1919 when I urged the

formation of

large cotton export corporation.

a

formed underjal Federal

can

The committee began its session

be

has the

raw

Reports
spread that the committee had found tne cost of production of the crop

charter.
If

cotton.

would be 40 cents

corporation could be formed under the

a

movement of this kind would

The degree of risk appears to depend upon the stability of Governments
in Central

Europe and if capital which is not interested in cotton growing

does

not?care tolassume this risk it mijist be borne by producers them¬
selves
If anything isltclbe done do not think tne cotton situation can be

Improved
believe it

by calamityjtalk which

can

the best

offer

thousandJSouthJCarolinians entered into agreement to-day that they

would not sell their cotton at prevailing prices;
an

by 33 1-3%.

Thelmeet'ng

was

A legal contract

held

from the market, and the

new crop

agreeing to the reduction of

because there

adopted plans for the for¬

export corporation with a capital stock of l.OOO.OCO bales

pledged themselves to retire 25% of the
crop

drawn

was

not return this amount and

PRESIDENT

nojjball in the city large enough and there they planned
whfch they say will free them from the domination of
the

bearsfof Wall street.

Speeches

delivered by J. Skottowe

were

association:

United

States

Dial, A. FILever.Emember of the Federal board;
others.

a

capital stock of

A resolution unanimously

one

million bales of cotton.

longer grow cotton and sell it

no

saying:

at

reasonable profit.

statement

that

"Poverty

the

and

Aug. 27 is authority for

resolution

illiteracy

contained

has

been

a

^sentence
heritance

our

because of the low price of cotton and we swear before the
God of Justice that it shall not be the inheritance of

our

children."
On
We

Aug. 24 President Wannamaker

was

as

saying:

struggling against bankruptcy.
Unless conditions change, our
Southland will^be in worse condition than in 1914.
If we do not sell this
crop at a reasonable profit above the cost of production, we are
through with

A

andkwill|begin the growing of food

movement

to

bring about

part of the Federal

Reserve

crops.

a

change of policy

Board

on

the

inaugurated at

was

a

It is

theropinion of the cotton men that the present policy of the Federal
Reserve Board isfcausing Southern banks to fear
to carry loans on cotton
and will force the sale of cotton to ruinous

prices and bankrupt the South.

cerity of the

they expected, is

"We want money
enough to hold every bale of cotton which it is necessary
dispose of to meet living expenses—in other words, to hold the'distress
cotton.
All we need is the credit.
Bankers are willing to help, but
they
are afraid of
thelFederal Reserve Board.
to

Board,

we are

The President
of

the

intelligently.
finally decided[by unanimous vote, to request the chairman to draw
resolution embodying the views of the
meeting, to present this to the
on

Sept. 1 and

decided that the chairman
urge the sending of a strong dele¬
gation to Washington to personally
present the resolution.
The delegation
proposed will include merchants, bankers and
farmers from every Southern
was

state and at least one senator
and several congressmen from
each state.
A telegram from J. S
Wannamaker, president of the association, strongly

urging the adoption of Mr. Thompson's
suggestion
unmerchantable

cotton

resolution; wiiich

was

Resolved, that,

on

read.

was

Mr.

Weil

to farmers not to

then

offered

the

pick

following

unanimously adopted:
account of the

difference in price between merchant¬

able and unmerchantable
cotton, the cost of gathering it will not
give any
return to the farmer, and
only serve to add to the surplus of sucn cotton
now in the South that
cannot be disposed of, and to be
used as a weapon
to beat down the
price of tne good grades.

Therefore,

we

all cotton farmers not
to pick (he lower grades this
year."

The

to

men

Montgomery Convention

Association opened

on

yesterday (Sept. 3).

of

Sept. 1, and
No advices

available at the time of

our

the

was

as

going to

issues, and

as




20%

over

Mine Workers of America, demanding that he accept the
minority report within three days under threat of a strike
he informed them that he "can not and will not set aside
the

judgment of the commission," and that the challenge
men would be
accepted.

of the

The
that

President

called

the

miners'

American

Cotton

last night.

the

to

fact

final and added that they would protest were he to set aside

the award at the request of the operators.
that the minority report submitted

He pointed out

by their representative,

while settiog forth his views

on

conditions assured the Presi¬

majority report would nevertheless be accepted

by the officers of the United Mine Workers and the
binding

The telegram sent to the President
on

men

as

them.

on

by the miners union

Aug. 29 read:

Woodrow Wilson,
President of the United States:
Whereas

we,

the representatives of the United Mine Workers of America

of District No.

1, at

meetinv held Aug. 28 1920 urge the acceptance of

a

minority report of the commission appointed, by

in the anthracite region;

Whereas, it
that

wish

we

was
an

to make award

you

hereby urge that the acceptance of said report
promote peace in the anthracite regions, and,
we

also decided at this meeting in the city of Wilkes-Barro

answer

on

before Sept,

or

1 1920:

otherwise all

will

men

refrain from work.

ENOCH

WILLIAMS,

martin
LEWIS

Chairman.

Mcdonough.

DAVIS.

GARFIELD
RINALDO

LEWIS.

To the above the President made the

following reply:
The

White House,

Washington, Aug.
directed

the

to

telegram

your

following

of Aug.

language

29,

in

the

minority

Mr. Ferry of the Anthracite Coal
Commission:
"In

30

1920.

attention is particularly

your

contained

.

CAPPELLINI.

report

of

•

conclusion, Mr. President,

we wish to say, as we did in the begin
ning, that the majority report shall have the full practical acceptance of

the officers of the United Mine Workers of
America, and we shall devote

ourselves to its application, as we
oDligated ourselves to do when
mitted our cause to this commission,"
That

was

we

sub¬

the manly and honest thing for Mr.

Ferry to do. He courage¬
ously sets forth his views in the minority report and just as
courageously
declares he will abide by the decision of the
majority, as the miners had

obligated themselves

to do.

It should be understood that there
rators

and

many

other important

miners

to

have

me

duties

voted the time
necessary to

upon

both

no

the

devolving

agreement between

question

upon

me,

at

issue.

parties.

The

a

of

the

miners

was

on

the

been sub¬

convention of the United Mine Workers of Districts 1, 7 and 9.

In that convention,
tion

the

commission whose findings would be

representatives

Scale Committee declined to
accept the suggestion until it had
a

the ope¬

"With

I could not have de¬

hear and digest all of the evidence presented.

I therefore proposed the creation of

binding

was

decide

by

a vote

of the

men

direct from the mines,

a

resolu¬

adopted accepting the proposition and solemnly obligating the

mine workers to abide by the award.
were

The

crop was one of the

to this the "Journal of Co-

attention

convention representing the locals of the anthracite
workers had agreed to accept the finding of the Commission
a

mitted to

to its conclusions

question of price to be fixed for this year's
paramount

strongly advise

to close its sessions

press

17' to

employed in the anthracite coal

mines, the award being retroactive to April 1. Replying to
telegram sent to him from Wilkesbarre, Pa., on Aug. 29»
by 300 delegates representing locals in District 1, United

Replying to

was

It also

com¬

Aug. 30 approved the majority report

on

Commission, which awards from

safe:

if not, every power which has
been concentrated to lower
prices will succeed
in
putting the cotton farmer out of business."
Mr. Duncan and Mr. Stubbs
offered resolutions calling upon the Federal
Reserve Board to remove its restrictions
upon credits to an extent allowing
Southern banks tofcenable its
farmers to hold their cotton and market it

up a

the sin¬

upon

munity in which they live."

confident the price of cotton will
immediately go up if credit is

Montgomery meeting of the American Cotton Association
to urge its
adoption|by the organization.

reflection

a

who constitute the backbone of the

men

is the only means to

It

avail and

no

will refuse to work under the award because it does not
grant

Mr. Duncan [one of those in
attendance at the meeting] summarized the
situation in these words:

If we get the
support of the Federal Reserve

be of

sent a telegram to the miners on Aug. 30 declaring
emphat¬
ically that "any intimation that the anthracite mine workers

the

assured.

majority award of the

President Wilson, who appointed the Commission last June,

The sudden drop in the cotton market
and the low prices of seed are said
to portend the realization of
these fears.

am

REPORT

FAITH."

dent that the

meeting of the| Louisiana Division of the American Cotton
Association held in New
Orleans, according to the "TimesPicagune" of Aug. 26. In part the paper said:

"I

MAJORITY

Protests from miners against the

as

quoted

are

cotton

ACCEPTS

a

the export cor-

adopted by the convention warned the world

The "Journal of Commerce" of

the

WILSON

their present pay

■

except at a fair and reasonable profit,"
Working to this end the convention unanim¬

that the farmers of the south would
a

B.

our cotton

adopted the resolution providing for the formations

poration[with

Nat.

Governor Cooper and
*

thelslogan of the meeting.

price below

profit in addition.

MINERS "TO CARRY INTO EFFECT IN GOOD

Wannamaker,

Senator

■

"They shall not have

a

a

OF ANTHRACITE COAL COMMISSION AND ASKS

them all that

the campus of the University of South Carolina

on

presidentFof tbefAmerican

ously

be signed by

up to

acreage.

was

the movement

was

Allgood, Commissioner of Agriculture of Alabama, is prepared to

resolution declaring the cost of this year's crop to be 40 cents a pound

a

Anthracite Coal Commission proved to

V

,

1921

Members

insisting that the price of

are

only lead to further depression, but

andfdetermination, followed by prompt action along practical
People who help themselves are assured of tne most

said:

the farmers

must be estab¬

and urging all Southern farmers to decline to accept any price wnicn will

Regarding the proceedings at the meeting jn Columbia
Aug. 25 the Atlanta "Constitution" in special advices

of

selling price of 45 cents

grade be fixed at 45 cents, but during the afternoon indicated they

M. C.

W. P. G. HARDING.

mation

a

what its investigations had developed.

say

would be prepared to compromise at a lower figure.

and constructive lines.

Four

to

Many members attending the conference

dependable and effective help.

on

pound and that

declined

committee

be saved if there is injected a get-together spirit of
courage,

can

self-reliance

of the

put new life in the market, for it would stimu¬

by domestic and British mills.

a

lished if the producer was to obtain a return on his investment.

Edge Act, taking cottor&in payment for stock, there could be opportunity
for directldealing.s|between^Southern producers and European mills.
A
late buying

to-day announced that

to-morrow.

Wednesday and continued in continuous

session throughout Thursday, but no agreement could be made.

Central Europe has the spinning and
weaving capacity, the mills and the labor, but lacks raw material.
The
South

untii

its report will not be ready for submissioh

Since then Congress has

legislated, passing the Edge Act, under which these corporations

Montgomery dispatch Sept. 2 said:

a

Unable to agree on a price for this year's cotton crop, the price fixing

of payment at the end of the time specified.

assurance

[VOL. 111.

erce"

By all the laws of honor
be fulfilled.

upon

which civilization rests that pledge should

Any intimation that the anthracite mine workers will refuse

to work under the award because it does not
grant

pected is

a reflection upon

the sincerity of the

bone of the
community in which they live.

men

them all that they

ex¬

who constitute the back¬

Collective bargaining would

soon

to exist

cease

I am sure that
would vigorously protest against the injustice "of
attempted to set aside the award of the commission'

be set aside by either party whenever it

the

miners

the act if the President

wills to do so.

because the operators had protested against

May I add that I

doing
A

which

without any

without

so-called

Eastern States is de¬

coal mines.
Any
prolonged stoppage of production will mean hardship and suffering to many
people, including millions of wage workers and their families.
Yet if your communication, declaring your intention to refrain from work¬
ing unless I set aside the award of the Anthracite Coal Commission on or
before Sept. 1 1920, is intended as a threat you can rest assured that your
challenge will be accepted and that the people of the United States will find
some substitute fuel to tide them over until the reai sentiment of the anth¬
racite mine workers can find expression and they are ready to a aide by
therefore advised that I cannot and

are

of the Commission, and I

mission

V.

*■'"/'

accept

faith.

The White House,

;

'■

United States Anthracite Coal Commission and the

and intelligent

problems

you

application to

had to deal with and the conscientious manner

have arrived at your conclusions.

you

painstaking
and delicate

just solution of the difficult

a

in which

'

,

While the adjudication of any dispute

the

minority report thereon

opportunity of thanking each of you for your

take this

and

necessarily results in some disap¬

pointments, I am sure that the spirit with which you have acted will re¬
ceive the commendation of the great bulk of the American people.
I ac¬

the majority, within the limits of its jurisdiction
the award of the commission.
entered on behalf of the miners by Mr. Thomas Ken¬

cept the conclusions of

under the terms of the submission, as being
Protest has been

against that portion
in several

nedy, Chairman of the Scale Committee of the miners,
of the award which

provides for the payment of back money due

the decision on that
In a communication to the

That raises th*e question of whether or not

payments.

point exceeds the terms of the submission.

the Anthracite Wage Scaie Committee under

operators and miners of
of May 21

a

was

in accordance with

commission to

the arrangement you

entered into."

have already

one

bases of submission and excludes from

of the

diction of the commission the entire question

the juris¬

of back pay and its manner

For this reason the last paragraph of Section G of the award
of the award accepted,

of payment.
on

submitted to the determina¬

commission to be appointed by me, the award of the

be retroactive to the first of April

That

date

1920, I said:

"I shall insist that the matters in dispute be

tion of

Demand 2 should be stricken out and the balance

printed and put into effect.
In the minority report Mr.
documents and making

Ferry states that he is submitting

them an integral part of his report.

tent to have these documents

printed

lication of them

certain

am sure

that the minority member of the

commission does not desire to

his conclusions
Workers and with¬
out giving consideration to the evidence presented by the other side.
The
publication of the documents referred to without at the same time publishing
the balance of the evidence and arguments would undouotedly create that
impression.
If any of the arguments and evidence is to be printed at public
expense it should all be printed.
That would require several thousand pages
of solid printed matter and a great number of pages of tabulations.
The
cost of printing would be many thousands of dollars for which no appro¬
priation is available.
No one ever thinks of asking a court to print the
evidence and argument on which it arrives at its conclusions, but each
side is at liberty to print any or all of the evidence and argument that it

give to the public the impression that he had arrived at
solely

the evidence presented by the United Mine

upon

believes to be to its interest to publish.
I

can see no

a wage

reason

In

you

course

directing
to

of

Congress for an appropriation for that purpose.

these changes,

which,

I
of the great task

after all, are but minor matters,

bp understood as having a high appreciation

have performed and the splendid services you

country.

have rendered to the

Sincerely yours,
WOODROW

W. O. Thompson, Chairman: W. L.

Connell, Neil J. Ferry.

Secretary of Labor Wilson,

the President,

that followed

to

addressed

instructed the Scale Committee of the United Mine

at

the Scale Committee of the

Scranton,

Pa.,

Workers

anthracite mine operators

Thursday morning "for the purpose of

writing the award into contractual relations between
tricts 1, 7

and 9 of the United Mine Workers of America
operators."

The Scale Committee of the

ton, Pa., Sept.

early this year after the
After reviewing

to

appoint

reach

an

composed of

agreement, and his offer

commission similarly constituted to the one

a

appointed in the bituminous industry, the President

in his

proclamation said:
Whereas, I have been advised that
to accept

ness

both sides have signified their wiling-

and abide by tne award of a commission thus

Whereas, The Scale Committee has

further agreed as follows;
award of the Anthracite Coal Strike
made in modifications thereof or

The terms and provisions of the

1.

,

constituted; and

Commission and subsequent agreements

supplemental thereto, as well as the rulings and decisions of the Board of
Conciliation will be ratified and continued, excepting insofar as they may be
changed by the award of the Commission.
2. When the award iof the Commission is made it will be written into an
agreement between the anthracite operators and
the Commission may determine.
3. It is understood that neither operators nor

miners in such manner as
:

•

miners are in any manner
bound by any tentative suggestions that have been made during the period
of their negotiations and that either side shall use its own discretion in the
presentation of its case in

connection with matters at issue;

Tsasmt

~]Now, therefore, I, Woodrow Wilson, President of the United States,
hereby appoint William O. Thompson, of Columbus, Ohio; Neal J. Ferry,
of McAdoo, Pa., and William L. Connell, of Scranton, Pa., a commission
to hear and decide the questions in dispute between the anthracite coal
operators and miners.
Its reports will be made within sixty days if possible,
will be retroactive to April 1 1920 and will be made the basis of a new wage
agreement between the anthracite operators and miners in such manner
as

commission may determine.

tne

SUMMARY OF THE REPORTS

there is

gate at least
A

be

with it the paying of
dating from April 1.

$85,000,000 yearly.

given in Washington

was

"Times"

as

and minority reports
advices of Aug. 30 to the N. Y.

of both the majority

summary

follows:

its award the majority state3 that it has sought to be con¬
the same time making a substantial improvement in the
anthracite miner.
award is made," it declares, "witn the primary purpose of making

In announcing

servative while at

situation of the
"The

(performing common ordinary labor more tolerable
differentials between the several classes of labor. The
commit itself to an award which could justly be con¬
sidered as ah encouragement to the so-called 'vicious spiral' in prices.
"This award, while providing improved conditions for the employes,
offers no justification for any advance in the retail prices of coal, but, on
position of tne men

and of

preserving the

commission declines to

the other

nand, is consistent with a

decline in prices.

The award has not

sharp advance
the miners

passed a great burden along to the consumer of coal. Any
in the retail prices of coal could not be charged to the operators,
the award.

tnis award may be realized it is important
spirit of co-operation by .ill parties. It .assumes
effort to keep the mines in active operation
and thus afford the miners opportunity for regularity of employment.
Much emphasis in the hearing was given to the statement that the anthra¬
that there
that the

ant

the possibilities of

be the heartiest

operators will use every

cite industry

nad become

substantially a continuous industry. It is import¬
realized in experience, as it affects both the

this statement be

that

annual earnings

and the annual

production. In one of these the miner
the public is profoundly interested."

is

vitally concerned and in tne other
Summary
The

award of the
as

follows:

of the Award.

commission as approved by

President Wit on is sum¬

,

commission continues the award

of the anthracite coal strike

commis¬

agreements and tne rulings of tne board of conciliation,
except as changed by the present award.
Tne commission directs that the back pay of all such employes who may
have died since April 1 1920, be paid to the legal representative of such

sion,

demands.
On Sept. 2 the
miners and operators meeting at Scranton signed a two-year
contract embodying the terms of the award made by the
Coal Commission
and approved by President Wilson.
signing of the new wage scale carries

now

000 in back

and

miners' union agreed at Hazle-

$18,000,000 to the miners of back pay

the Anthracite Coal Com¬
Wilson, it is estimated that
duq the anthracite mine workers about $18,000,pay and that the increases in wages will aggre¬

Under the majority report of

mission, approved by President

The

1, to accept the award under protest to

OF THE ANTHRACITE

COMMISSION.

COAL

marized

followed by the making of new




adjusting the differences between the

the efforts of the Anthracite Scale Committee,

Dis¬

the anthracite mine

The

in

miners and operators, to

"In order that

telegrams to John L. Lewis, president, and other officials of
the United Mine Workers of America in which the Secretary

to meet

^

*

settling the controversy in the anthracite fields was similar

in

WILSON.

Simultaneously with the approval of the majority report

by

questions in dispute between the anthracite

by which the President intervened to
have the wage controversy settled both sides pledged them¬
selves to abide by the commission's decision.
This procedure

or

To Messrs.

The President's

proclamation.

Under the agreement

the

should not be pursued in the case

If either side desires the pub¬
by the Government of the matter presented to the commission it

should appeal to

want

why that

commission which is a judicial body.

lication

a

and miners."

These documents represent in part the

guided the minority in making its report.
I

announced in

was

in the

appointment of the com¬

The

If it is the in¬

manifestly oeyond the purview of the work
miners' side of
So far as I am aware there is only one reason for the pub¬
and that is to inform the public of the evidence that has

the controversy.

industry.

integral part of the minority

as an

report it would seem to me to be
of the commission.

in

the part of the rank and file of the

strike in the soft coal fields last November.

1920.

findings, and award of

in receipt of the report,

am

on

bituminous miners, and operators
Washington, Aug. 30

Gentlemen:—I

coal

coal operators

racite Coal Commission:
'■

display

and decide the

majority report President Wilson
following letter to the members of the Anth¬

addressed the

No disorders were

proclamation provided that the commission should "hear

the

approving

but took "vacations"

thing.

same

insurgent movement.

anthracite

WOODROW WILSON.

After

the

to

in idleness.

were

controversy between the miners and operators

wage

will not set aside the judgment

shall expect the anthracite mine workers to

the award and carry it into effect in good

and 9

appointed by President Wilson on June 4 to settle the

—was

the obligations they have entered into.
You

1, 7,

The Anthracite Coal Commission—-a commission of three

the continued operation of the anthracite

upon

amounted

the 300
The

report for duty and 180 of

to

Districts

reported, and the "vacation" period of the miners set

improve

injustice to other portions of our people.

any

large part of the domestic fuel supply of the

pendent

in

miners, technically, did not strike,
promoting
Eve^y influence

of the nation's working men and women

the standards of living

miners failed

collieries

it.

has to work for a living.

has been able to exert has Deen exercised to

Administration

Thursday however, (Sept. 2) fully 100,000 of the anthra¬

cite

personally and officially interested in

am

the welfare of every man who
my

On

solemnly entered into

in industrial affairs if contracts

can

themselves

947

THE CHRONICLE

Sept. 4 1920.]

the subsequent

<•"
..
demand for a contract not exceeding a period of two years the
commission sustains the demand and directs a two-year contract.
N
Upon the demand that the making of individual contracts and agreements
in the mining of coal be prohibited, the commission holds that the right of
contract cannot be denied. The commission recognizes, however, that abuses
of the contract system are possible. The commission directs that upon com¬

employe.

.

Upon the

plaint of any

employe affected by the

contract system the board of concilia-

948

THE CHRONICLE

tion shall review such individual contracts

so

to

as

protect and

The union, he said, would undertake in all good faith to
accept and en¬

conserve

the rights of all employes in tne colliery affected.
t

Upon the demand for increase in

force the award, although the commission declined to
grant it "the power
authority it should have to control the situation."

the commission makes the follow¬

wages

and

ing awards:

"The

The rates of the contract miners

1916.

This is

increased 65%

are

above the rates of

low-paid

men

The rates
The

i

little

a

paid

increased 17% over present rates,

are

laborers

and

consideration

The wage increases granted by the
cents a ton and on a basis of

miners'

17%.

increased 17% above present

men are

The demand for the establishment of

commission to make

a

crews

not less than the rates paid

by contractors to shovel

FERENCE CALLED BY

out the njen

on

twelve-hour

a

in question

are to

shift.

cross

miners

When the basis Is worked

be paid for the time worked by them in

excess

The demand for recognition of the United Mine Workers of America

as a

"closed shop" and

employed they shall receive the

little

same

is

rates, are denied.

demand where miners

prevented from working

are

on

account of

refuse of all kinds in mining up to ten feet wide Is denied.

one

as

1

,

!

Demand

'

.

demand for

are

repariing motors or
denied.

as

a

result of squeezes,

are

the

furnish all

company

tools

to

company

men

contract miners encounter abnormal

"Wherever deficient

abnormal

or

are

up

The
miner

rates,

workers

now

receiving $5
of $6

a wage

per

all contract

day and the establish¬

or more per

day.

on

receiving less than $5

Mr. Ferry also urged the

increases in pay as were granted the soft coal miners
Bituminous ' Coal Commission and the
rates of pay

In

a

same

the

work throughout the coal fields.

minority

Commissioner

report,

the President that the

the full practical
acceptance

Ferry

"majority report shall have

of

the officers of the United

Mine Workers of America,"
who, he adds, will devote them¬
to its application, "as we
obligated ourselves to do
when we submitted our cause to this commission."
selves

by

BY

W.

JETT

COAL
The

LAUCK

ON

ANTHRACITE

AWARD.

to

"the most

as

reactionary decision that has

Bituminous

operators

the

as

The

agreement.

joint conference

Aug. 31, predicting "trouble in the anthracite field"

dispatches

"In saying this
than the weather

was

further

is

rain-maker

a

am

a

trouble-maker any more

when, with his data before him,
"The anthracite workers

are

lie

The

states.
as

minimum day

wage of $4.20 as contrasted with $6 per day for
granted by the bituminous commission, which by
being increased to $7.50 in Illinois and $6.75 or $7 in

agreement

is

now

Ohio and Pennsylvania.
ers

to

How

enforce acceptance

by the anthracite miners,

can

the public expect the Um'ted MineWork-

of such
a

a

comparatively discriminating award

large majority of whom do

not

union'/"




,

belong to the

to

in

favor

against it.
called by President

was

wage

scale,

operators

by

sent

the

operators

was

a

joint conference had failed to

operators'

telegram to President Wilson

was

follows:

At your request

Central

adjust

Scale Committee of operators and

the

miners

of the

Competitive Field met at Cleveland to consider

and attempt to
inequalities in the existing contract resulting from the award of

any

the bituminous coal commission.

monthly

had

men

not

received

The miners contended that the day and

equivalent

an

advance

that

the

award

allowed the tonnage men.
In order to

the situation in

meet

its

broadest

sense

and

in

conformity

with your suggestions, the operators proposed to advance this class to the

equivalent of that granted the tonnage

men

in machine mining, this class

having received the largest percentage of advance.
The miners refused to accept, and demanded an advance of $1.50
per day,
which, if granted, would have created further inequality, to the disadvantage
of the tonnage men.

serious trouble and dissatisfaction in districts

more

in full operation under contracts entered into between operators and miners.
The operators then proposed that the question in dispute be submitted for
a

commission,

coal commission.

Finding
were

ourselves

as

suggested in the report of the bitumi¬

This proposition was also

hopelessly

deadlocked,

we

rejected by the miners.

regret

to

report

that

we

compelled to adjourn sine die.
MICHAEL GALLAGHER, Chairman..

The

miners'

telegram to the

adjournment of

a

President,

supplemental meeting,

after the

sent

was

as

Pursuant to the request contained in your telegram of Aug.
workers' representatives of the Central

follows:
10, the mine

Competitive Field met in joint confer

with the coal operators in Cleveland on Aug. 13.

We have diligently

applied ourselves to the task of adjusting the inequalities contained in the
basic

interstate

agreement

commission.

We

with the coal operators

growing out of the award

have

found

it

of the bituminous

impossible to reach

an

of the central competitive field bearing

agreement
upon

the

issues involved.

asked

the bituminous miners

was

The miners' telegram was optimistic in tone,
saying the miners would endeavor to make separate and
individual agreements with the operators in the various

coal

I do not believe that I
man

quoted in Washington

follows:

as

as

Commission

adjust the controversy after five days of almost continuous

ence

predicts rain," continued Mr. Lauck.
to accept a

a

findings.

Mr. Lauck's statement
press

as

Coal

decision

a

such

conference.

tion

result of the

offered

telegrams to the President

telegram

been made by an industrial tribunal

during the reconstruc¬
period," by W. Jett Lauck, consulting economist for
the United Mine Workers, in a statement made
public on

was

unanimously voted

statement of the fact that the

nous

is characterized

commission

a

adjust inequalities in the

final settlement to

majority award of the Anthracite Coal Commission

motion

a

Indiana operator, that the conference

the

The

This would lead to

COMMENT

Aug. 18 without reaching

on

on Aug.
advising him of the failure of the conference to reach an

19

same

by the

standardization of

for the

concluding

assures

things

day to all adult male

a

now*

other

among

increase of 31%

ari

flat increase of $1

a

ment^ for all adult day workers
day of

with the griev¬

an

and miners sent separate

adjust¬

no

provided for other grievances.

Commission,

recommends, it is stated,
wage

manner

If

minority^ report submitted by Neal J. Ferry, the
member/ of the

Inasmuch
Wilson

encountered the miner

shall make such fact known to the foreman for
adjustment.
ment is made the miner has the
right to take the matter

committee to be dealt with in the

of Illinois followed

men

At the final meeting

requesting him to create

follows:

conditions

the

The committee met in

of this motion and the miners voted

con¬

ditions in their working places they shall have the
privilege of going on

ance

adjourned sine die

commission.

as

between

the four states.

all

cover

by this

is

The demand that checkweight men and check
docking bosses be permitted
to serve as members of mine committees is denied.

consideration basis the commission rules

a

Illinois

determine controversies between miners and operators, and
that the mines be kept at work pending a decision

denied.

Upon the demand that where

conducted

generally

Competitive Field.

recommended

employed doing company work

shall furnish them with the necessary tools and failing to do so
shall compensate the miner for the use of tools, is denied.
that

asked for and

we

notify President Wilson of its inability to reach

water or fire is

the company

demand

in

five-day conference at which all the miners

a

agreement.

and

The demand where contract miners

remains

men

comprise the Central Competi¬

negotiations

operators

by P. PI. Penna,

Tools'Granted.

on

all tools lost

are

any

granted.

The

tonnage

independent action of the coal

conference

motorman and two brakemen be

engineers

engines their assistants be employed to help in the work,

.'!■

for.

Aug. 13 at the call of President Wilson to adjust
inequalities in the pay of different classes of miners.; The

denied.
all reel motors

a

Cleveland

The demands for payment on a consideration basis and the elimination of

on

and

the Central

of

uniform rate of 17 cents per inch for

employed and that 'when motormen

day for

and operators were represented in the joint scale committee

the basis of equity is denied.

upon

The

schedule

Wage

the failure of

The demand that in the settlement of grievances tne
aggrieved parties
shall have the right to demand settlement
a

Field.

The

Ferry.

L,

old

of the four states that

one

miners

lack of supplies they shall be accorded the
opportunity of making a,shift at
some other work was withdrawn
by Commissioner

The demand for the payment of

a

asked $2

men

The workers will accept the increase."

more.

tive

The demand for payment for all sheet iron,
props, timber, forepolling,
and cribbing is denied.
/

are

The

adopted, declared "we got everything

The demands that all dead work shall be paid for on a consideration basis
and where more than one miner is
,

The demands that

increase of $1.50

an

Farrington, district president of the United
Mine Workers of America, after the agreement had been

"check-off" is denied.

dockage

Aug. 26 to

on

Frank

effect.
a

CON-1

PRESIDENT.

coal miners in that State.

The

drivers.

Sundays

The demand for

THE

day increase, but agreed to compromise.
The new rate,
it is stated, applies to day men, hoisting engineers and mule

and holidays is denied.

The

agreed

the 40,000

and

of eight hours during the period the board is
working out this basis.
The demand for time and a half for overtime and double time for

party to the contract is granted.

the operators

on,

Illinois coal operators and representatives of the bituminous

Is denied.

men

basis of eight-hour shifts and rates for inside
pump men

engineers working

product

INCREASE FOLLOWING FAILURE OF JOINT

operating for coal companies shall be paid

The demand that the eight-hour day be extended to all classes of inside and

a

a year

BITUMINOUS COAL MINERS IN ILLINOUS GET WAGE

outside day labor and monthly men is referred to the Board of Conciliation
to work out

commission, he said, amounted to 50

90,000,000 tons

wages.

a

The demand that shovel

result

uniform wage scale for various

study of and report to the next joint conference,
if practicable, the matter of uniformity in day rates.

or sooner

a

have collected $30,000,000 during the past four months of which
they must
return to the miners .'only $15,000,000.

occupations of like character is referred to the board of conciliation to act
as a

as

submitted to

was

per

Monthly Men Get 17% Raise.

Monthly

case

agreement that the award should date from April 1,
last, the anthracite operators advanced the price of coal at the mines $1
ton effective April 1, to protect themselves against any wage increase

increase to the

an

"When the

an

the commission might make."

miners,

contract

increased

are

This makes

22%.

over

paid consideration miners

rates

laborers

of

cents per hour.

snould be reduced

consumer

Mr. Lauck declared.

aroitration with

The rates of company men are increased 17% above present
rates, with
minimum rate of 5234

a

price of anthracite to the

of the award,"

increase of 20% over present rates.

an

[Vol. 111.

There is

no

controversy affecting any principle but merely a difference

of opinion as to what constitutes an inequality and the degree to which it
should be adjusted.
As

a

without decision.
I

am

,

consequence,

the joint interstate conference adjourned last night

While this circumstance may be regarded as unfortunate

of the opinion that there is no necessity for any

There
tween

are

reasonable grounds

thejoperators

public apprehension.

for the belief that the questions at issue be¬

and miners may yet be harmonized through the instru-

Sept. 4 1920.]

THE CHRONICLE

mentality of agreements which may be consummated in the individual
forts of the representatives of the mine workers
to the

coa1

The sincere ef¬

producing districts without inconveniences to the public.

President Wilson had

Mine Workers of Amer

Aug. 10 re-opened the bituminous

on

by calling together again the members

of the Joint Scale Committee of

the
central competitive field at Cleveland, Ofiio, on Aug. 13.
In a letter to Thomas T. Brewster, chairman of the Joint
Scale Committee, and John L. Lewis, president of the United
Mine Workers of America, the President called attention
to a statement issued by him to the striking miners in Illinois
July 30, requesting them to return to work and promising
operators and miners of

"for the purpose

to invite the scale committee to re-convene

of

adjusting

such inequalities

any

I

they

as

may

mutually

was

The fairness of

or

constituted

the least regard for the public welfare.

The suggestions of the President will be
approved by every right thinking
and loyal member of the United Mine Workers of America and will be consid¬
ered

as

a

stinging rebuke to

the Union in

men

contract

ipen to

obligations to the detriment of themselves and the

inconvenience of the nation.
too

of the type of Frank Farrington, (head of

Illinois), who has deliberately and maliciously incited

disregard their

Public castigation of such leaders cannot be

severe.

Up to this time the Illinois coal operators have not requested this office
to enforce the

validity of the

wage agreement

in that State.

I intend, how¬

ever, in compliance with the wishes of the President, to immediately issue a
mandatory order instructing and directing all miners now on strike in

Illinois and Indiana to immediately return to work so
mal operation of the mines.

to permit the nor¬

as

Compliance with this order by the mine workers

will pave the way for the

calling of a wage conference as suggested by the
President for the consideration of inequalities in the agreement.

July 31 Mr. Lewis sent this

telegram

to the striking

miners:
In

follows:

as

profoundly impressed by the President's telegram.

On

10 to Mr. Brewster and Mr.

The President's letter of Aug.
Lewis

am

authority

should be adjusted."

agree

July 30,

on

his statement must be
apparent to every one with respect for

JOHN L. LEWIS, Pres. United

coal wage controversy

Following receipt of the above Mr. Lewis
issued this statement:

will be promptly exercised

application of this policy.

949

consideration

of the request

of the President,

as

contained in the

foregoing, and acting in accordance with the authority vested in
In

issued

statement

a

by

Mine Workers of America

work,

I

on

of the United

to the striking members

me

July 30 1920 requesting them to return to

ought to be corrected.
I cannot, however, recommend any consideration
inequalities as long as the mine workers continue on strike in viola¬
tion of the terms of the award which they had accepted as the
wage
agreement for a definite length of time.
I must therefore insist that the
striking mine workers return to work, thereby demonstrating their good
faith in ke ping their contract.
When I have learned that they have thus
returned to work, I will invite the scale committee of the operators and
miners to re-convene for the purpose of adjusting any such inequalities as
they may mutually agree should be adjusted.
\
of such

I have been informed that in

compliance with my request the striking

miners have now resumed work, an

action on their part which

I desire to

our

of the inter-state

organization who may be idle

your local unions should

and
miners of the central competitive field to meet in the city of Cleveland,
Ohio, on Friday morning, Aug. 13.1920, for the purpose of considering any
inequalities that may have occurred in the award of the Bituminous Coal
Commission and the joint agreement growing out of the same and adjust¬
ing any and all such inequalities as the joint scale committee may mutually
I hereby request

grave

\:

Several thousand bituminous coal miners
States
work

Illinois

of

our

to

discharge their obligation to organized society.

and

Indiana

directed

were

to return

The

preceding

day

work, and thus demonstrate "their good faith i<>

the union

message to

on

July 30

was as

follows:

The word of the President is pledged that

faith in keeping their contract.

of the questions at issue.

Washington, July 30 1920.
Gentlemen—It

is

with

a

I earnestly hope that

our

membership will thus
John

Mr Lewis

I herewith

July 31 also sent the following telegram to

on

acknowledge receipt(of your telegram of July 30, dealing with

the state of confusion existing in the coal industry in the states of Illinois

I

and Indiana.

am

The remainder of Mr.
was

the

distressed not only because your action in

refusing to mine coal

work

to

President

a

people have been enjoying,

but also, and what is of far more importance to you,

because the violation

solemn obligation impairs your own good name, de¬

the confidence which is the basis of all mutual agreements and

threatens the very foundation of fair industrial relations.

No Government,

Your action in response to my

Aug. 4 received from the

on

gratified

a man

interest

as

much

as

as

follows:

statement urging the striking miners to

me very

of vision and

deeply and it is the action of
prescience.

I do that in urging the men to return to

I

work I

am
was

a pa¬

glad that you feel
speaking in their

in the interest of the general public and of the

industrial

of the country.

COMPANIES

STEEL

SHOP—LABOR

an

organization that repeatedly or systemat¬
largest single labor organiza¬

in the world, but no organization can long

endure that sets up its own strength as being superior to

its plighted faith

its duty to society at large.

It has in the past built up an enviable repu¬
abiding by its contracts, which has been one of its most valuable

making wage agreements.

It

may noyr

make temporary gains by

ORGANIZE
BRING

TO

STRIKE

FIGHT

CLOSED

ISSUES

INTO

Preliminary steps

taken last month by the steel

were

makers of North America to meet a threatened drive of the

thirty-odd steel and iron unions of the American Federation
of Labor to

|foree unionism and the closed shop upon the en¬

tire iron and,steel industry.

Independent companies

19 took the initial move to preserve

collective

and

and employe.
at Atlantic

The United Mine Woikers of America is the

TO

POLITICAL CAMPAIGN.

having any reputation to protect can afford to enter

ically violates its contracts.
tion in the United States, if not

Lewis

Mr.

congratulatory letter reading

return to work has

upon

with the continuation

agricultural activity, which is the basis of the prosperity

which you in common with the balance of our

no person

telegram to the President

that

sorrow

accepted may result in great suffering in many

households during the coming winter and interfere

employer,

Lewis'

Following issuance of the order directing the miners to
return

final and binding.

into contractual relations with

your suggestions in the

that sent to the local unions.

same as

Government that the findings of the commission would be accepted by you

of the terms of your

impressed with the fairness of

the before mentioned States, the following instructions:

the award of the Bituminous Coal Commission and your agreement with the

of industrial and

Lewis

members of your organization, particularly

Illinois, have engaged in a strike in violation of the terms of

the terms which you had

L.

President Wilson:

energy

and

feeling of profound regret

I have learned that many of the
in the State of

assets in

joint wage

President, United Mine Workers of America*

as

To the Members of the United Mine Workers of America:

tation for

a

membership demonstrates their good
It is, therefore, apparent that immediate

compliance with this order by our membership will expedite the disposition

triotic citizen and

The White House,

stroys

union and

our

conference will be reconvened when our

had received

Lewis

Mr.

keeping their contract with the operators."The President's

am

member

every

It furthermore provides

to secure consideration of the inequalities in the basic inter-state

way

wages agreement.

to

from President Wilson insisting that the miners

message

return to

f or

upon

organization to conform to proper procedure within

premises and have to-day telegraphed all local unions of mine workers in

strike in the

on

July 31, by President Lewis,of the United Mine

on

Workers.

no

The President's telegram

responsibility which devolves

of

a

Meetings of

convened and action taken to

comply with this order without further delay.

the members of the joint scale committee of operators

should be adjusted.

agree

I

be immediately

conformity, therefore, with the promise contained in my statement,

In

as

strike, contrary to the pro¬

or on

joint agreement, to immediately return to their

employment and permit the normal operation of the mines.

emphasizes the

as

mem¬

demonstrate the integrity of our union and the sacredness of our obligation.

commend.

a

bers of
visions

said:

In the consideration of the nationwide wage scale involving many differ¬
ent classes of labor by the Bituminous Coal Commission in the limited time
at its disposal some inequalities may have developed in the award that

me

president of the United Mine Workers, I herewith order and direct all

the present

on

Aug.

open

shop

bargaining arrangement between employer

Representatives of seventeen plants in session
on the aforesaid date effected a temporary

City,

orgarpzation of the Hot Rolled Strip Steel Manufacturers'
A committee comprising some of the biggest

Association.
of
a

independent manufacturers was appointed to draft

the

constitution and by-laws for the new

Association and to

It is proposed to complete the

plan of campaign.

taking advantage of the dire necessities of the balance of the people through

outline

the violation of these contracts, but what of the future?

organization at a meeting this month. E. W. Harrison, of
the Superior Steel Company, with headquarters in Pitts¬

wage

How can it expect

contracts with the employers to be continued, in the face of such

violations, when normal conditions have been restored and the country
is free from the fear of immediate
to resist the claims of the

shortage of coal?

How will it be able

operators in the future who take advantage of the

precedent which the miners have established and decrease wage rates in
the middle of

contract under the plea that they are unable to sell

a wage

mere

statement of these questions

ought to be sufficient to awaken

the mine workers to the dangerous course they are pursuing and the injuries

they

are

inflicting upon themselves and the country at large by the adoption

of these unwarranted strike

policies.

In the consideration of the nationwide wage
ent classes of labor by
at its

to

disposal

some

be corrected.

inequalities

as

many

inequalities may have developed in the award that ought
as

the mine workers continue on strike in violation of the
they had accepted as their wage agreement for

striking mine workers return to work,

thereby demonstrating their good faith in keeping their contract.
I have learned that they

for the

purpose

adjusting any such inequalities as they may mutually, agree should be

adjusted.




Woodrow Wilson.

are:

H. G.

James Lippincott, of the West

first vice-president;

Ohio,

Pittsburgh, second vice-presi¬

dent, and Charles M. Best, Pittsburgh, secretary-treasurer.
"This action
is protective and precautionary," Mr.
Harrison said

^fter the meeting.

"We are not looking for

trouble, and we do not believe a great
in

our

why

we are

more

ican

men

That is

getting together to protect our interests and the
our workers against anything which may trans¬
.

The

majority of the

mills want trouble any more than we do.

interests of

When

have thus returned to work, I will invite the

scale committees of the operators and miners to reconvene

Other officers

Naugle, of the National Pressed Steel Company, Massillon,

pire."

definite length of time.
I must therefore insist that the

of

differ¬

the Bituminous Coal Commission in the limited time

terms, of the award which
a

>

scale involving

I cannot, however, recommend any consideration of such

long

burgh, was elected president.

Leechburg Steel Company,

the coal at the then existing cost of production?
A

a

,

organization of the independent steel makers is the

significant in that the Executive Council of the Amer¬
Federation of Labor, in session at Atlantic City the

early part of August, let it
all steel workers

be known that

a

drive to bring

inside the Federation fold is to be launched

950
in the
tion

THE CHRONICLE

Pittsburgh district and that the right to hold organiza¬

meetings and demonstrations would be made

issue there.

political

a

The announcement to the effect that the Fed¬

eration of Labor would seek to extend its activities to the
steel districts

was

City had the following to

held

made

Aug. 4, when

on

that

on

date

consider

to

about

the

the steel-making territories of Pennsylvania,

is to be made

political issue the coming fall in

a

trict where steel workers vote. This

attending

Brotherhood of Bridge and Ironworkers preventing them from interfering

was

labor

a

The

The drive to imure the

public assemblies

subject:
sympa¬

Ohio and Indiana

labor

same

freedom for steel and iron workers in
respect

cally at the officials of Braddock, MeKeesport and other steel
western

Pennsylvadia, is to be

prelude to

a

a great

Steel

towns in

campaign to completely

Corporation and all of the

other steel companies which adhere to the open shop and refuse
recognition
of unionism.
'
x

President

Gompers,

Secretary

were

surprised to-day when they learned that plans for

open

shop entrenchments at Gary, Ind., and in Pennsylvania

drive agairst the

a

broader

on

More than 30 unions with

several hundred thousand

indirectly connected with

in

members, directly

or

and iron industries, are to be invited to appoint representatives

committee which wiil have supreme power in mapping out the

a

paign.

cam¬

that

the

Federation's

should become known until

program

board of strategy had been completed.

the

It is probable that the question will

be put squarely up to the Presidential nominees, as it will be to the
Congres¬
sional candidates in all steel making States, and that both Senator
Harding
and Governor Cox

the steel

industry inside the union lines.

the possibility of
steel magnates.
.said.

statement

any

He objected also to

as to

the di¬

allusion to

an

great strike of other unions to force the hands of the

a

"I should hardly say that

strike is contemplated," he

a

CHAMBER OF COMMERCE

"It would be better to say that more
thorough organization is the

NAMES

The San Francisco Chamber of Commerce has

appointed
investigate the shortage of fuel oil
and other petroleum products and to make recommendations
Atholl

relief.

for

issued Aug. 7

McBean,

at its last

President,

in

statement

a

summarized the Chamber's action

The executive committee

of the

San

as

Francisco Chamber

follows:

of Commerce

meeting considered the critical oil situation and had in conference

representatives of the various oil companies operating in California.
A grave industrial problem threatens on account of present conditions.
It is obvious from the statement of the oil companies frankly made to their
and large

customers

there will be in the

into the
The

use

consumers

course

of oil that if present conditions continue

of ninety days a most serious shortage in fuel
oil,

possible

increase in consumption in industrials, amounting to some
The future is uncertain, and while conditions might

radically change in the bringing in of
in

as

cent.

per

of world

sources

plants

means to meet the
emergency.
advanced for this is the failure to increase production, and

the very large

thirty

as many

of other fuels and other

reasons

new

supply .well informed oil

fields of the realization of other

men are not

optimistic

as to

increase

production.
The

fund which will be available for the movement to
bring

war

to law.

recourse

committee which is to

a

will be called upon to declare themselves.

Secretary Morrison declined to-day to make
mensions of the

regarding non-union

COMMITTEE TO INVESTIGATE FUEL SHORTAGE.

which condition would suggest the conversion of

;;

Assurances have been received of the active co-operation of the
powerful

forces of the Amalgamated Association of Steel and Iron Workers,
providing
that William Z. Foster is given no place in the board of
strategy. It was not
intended

excuse

and if any damage resulted he had

one,

FRANCISCO

SAN

Morrison and other Federation officials

lines than the Foster failure had become known.

the steel

good

a

Congressional dis¬

every

decided here to-day by union leaders

unionize the plants of the United States

not

was

Company to prevent the cancellation

parties from interfering with the completion

The court held that Lehman's

of the work.

is enjoyed by labor bodies elsewhere, aimed spocifi

as

Lehigh Company and the Donnell Company brought suit against

the union, Lehman and the Atlantic
of the contract and prevent all

of Labor.

to

canceled, because one provision said that the work must be done by

was

conference of the executive council of the American Federation

a

Lehman notified the Lehigh Company that the contract

with the work.

dispatches

press

say

Right of assembly and free speech for union labor organizers and
thizers in

refused to allow the work to go ahead.
The Donnell Company got an in¬
junction against Lehman and the Atlantic Company and the International

union labor.

from Atlantic

conference

[VOL. 111.

Chamber

Committee

is

frankly interested in the development of

industries, and in order that the full situation might be developed and the
Chamber put

in a position to advise wisely regarding industrial plans, and

put itself in a position to be helpful in the solution of important problems,
determined upon the appointment of a committee which would
engage the
services of the techincal experts to collect necessary statistics and data
upon

which conclusions and recommendations may be made.

This committee has been appointed

•objective."

to thoroughly study this situation

and the representatives of the oil companies agreed to submit all
necessary

information and

THE CLOSED SHOP "CONTRAVENES PUBLIC

employment of non-union labor
to

public policy.

illegal and

were

or

contrary

He pointed out that the underlying

of such strikes is to create

pose

shop

open

pur¬

monoply of labor, thereby

a

infringing the rights of the employers and of workers who
members

not

are

labor

of

unions.

The

Vice

Chancellor's

decision enjoins a sympathetic strike to prevent
of

a

contract between the

Lehigh Structural Steel Company

of New York and the Atlantic
of

Smelting and Refining Works

Brooklyn for the construction of

for the Atlantic company.

in

the

suit

the

of

completion

a

new

The decision

Donnell-Zane

plant in Newark

was

handed down

Company of New York

against William E. Lehman, architect, of Newark, and the
Atlantic Smelting &

cision, it

said,

was

Refining Works.

an

As

a

result of the de¬

injunction would be issued restraining

the defendants and the officers of the International Brother¬

hood of

Bridge & Iron Workers of America from

with the

interfering
completion of the Donnell-Zane Company's contract

build

to

a

new

factory for the smelting works in Newark.

According to

a

The
work

men

lege to

were

not under contract and

it pleased them.

as

individuals have

As members of the federation it

the

the strike in sympathy with

use

a

was

not an unlawful one.

In all lines of the
contract

entered

their privi¬

Added

to

its record

monopolization of labor

building trade within the territory to which applies the
between the Employers' Association and the Building

principle of the closed shop, namely, the monopoly of the labor
has found no judicial sponsors.
In whatever form organized
to

the

injury of the employer

or

to labor

to labor unions outside of the fold, the
judiciary of the country responded
uniformly that it is inimical to the freedom of individual pursuit guaranteed

or

by the fundamental law of the land and contravenes public policy.
On the
other hand public policy favors free competition and the courts have been
keen to recognize the right of organized labor to
compete for work and wage
and economic and social betterment and to use its
weapon, the strike, to
realize its lawful aspirations, but none has gone to the
a

strike for

a

closed

workmen who

are

length of sanctioning
shop which has for its object the exclusion from work of

not members of the association.

With further reference to the
Newark had the

following to

case

dispatches from

say:

a

new

building.

The

Lehigh

Company sublet the

Donnell-Zane Company, of New York.

Work

was

contract

to

Bridge and Ironworkers of America, ordered

the

Donnell

New

York.

Company

was

a

nearly completed when

strike

on

employing non-union labor

the ground that

on

a

exposition
the event
As

continued in existence for fourteen

company
was

with

non-union labor, when it was notified by William Ek Lehman, of
Newark, architect and representative of the Atlantic Company, that they
there would be

a

general strike of other union




Lehman gave a

men

people of San

or

dis¬

was not

fiteen years after

over.

result of the court's action the old board of

a

exposition corporation
consist of $400,000 in

thirty directors of the

discharged and five trustees to take charge of

was

$500,000 remaining assets of the corporation

appointed.

were

These assets

Liberty bonds and property valued at $200,000.

Ow¬
ing to the slump in bonds and depreciation of the other property, the net
value of assets at market prices is placed today at $500,000.

ing to Max Kuhl,

attorney for the corporation,

exposition subscribers, amount to about 10 cents
sum ever

returned to

FEDERAL

will,

on

This, accord¬

when returned to

the dollar,

ihe

largest

exposition stockhollers in this country.

TRADE

COMMISSION'S

GUARANTEES

AGAINST

reason

in their employ.

that

Lehman

DISCUSSION

PRICE

A trade practice submitted on the

OF

DECLINES.

subject of "guarantee

against decline in prices" has been announced by the Federal
Trade

Commission, the meeting at which the discussion will

place to be held at the offices of the Commission in

Washington,
distributing
it is

Oct.

Representatives

5.

concerns

in

of

producing

and

than fifty industries and trades

more

announced, have been invited to participate, with

a

view

to

determining whether the business practice of "guarantee
against decline in price" in selling commodities shall be de¬

clared

improper under the

"trade practice submittal,"
announcement issued
or group

Commission's regulations.
the Commission explains, is

Aug. 11, is

a

meeting of

a

A
an

whole in¬

of industries in the presence of the Com¬

mission to discuss the merits and demerits of business prac¬

generally complained of to the Com¬

mission to the end that

industry

as

are
as

expressions of expert opinions of the

to the fairness or unfairness of various competitive

methods may be

building in

The Donnell Company attempted to complete the building

would not stand for other than union labor.

of the

By way of comparison, the Chicago exposition corporation

the

Timothy Tierney, business agent of Local 11, International Brotherhood
of

achievement

solved for 21 years after the close of the exposition gates and the St.Louis

tices which have been

The Atlantic Company contracted with the Lehigh Structural
Company
for

epochal

civilized nations in industry, science and art, is that of having closed up its
affairs in the shortest period with the largest assets to be returned to sub¬

dustry

press

an

scribers of any international exposition ever held in the United States.

take

asserted it/whether

as

Francisco and of California, in presenting to the world during the first year
of the great war a magnificent assembly of the peace-time products of all

object

market,

labor has

formal order of dissolution

says:

It is plain that the primary

Trade Council in New York.
The

a

Judge Dunne's Department of the Superior Court the
previous week, the Panama-Pacific International Exposition
The Chamber's statement also
Corporation came to end.

endeavor of their New York

and ultimate thing organized labor sought was the

through

in

right to quit

was

brothers and to advocate the clause of organized labor
provided the

sought to be obtained

PANAMA-PACIFIC

statement of the San Francisco Chamber of

Commerce dated Aug. 7

In his decision Vice Chancellor Backes said:
•

DISSOLVING

INTERNA TIONAL EXPOSITION CORPORA TION.

,

decision at Newark, N. J. on

a

queries pertaining to the subject.

FORMALLY

ORDER

SYMPATHETIC SYRIKE.
Vice Chancellor Backes in

all

POLICY,"

BAYS CHANCELLOR BACKES—EN JOINS

Aug. 27 declared that strikes to prevent the

answer

crystalized.

The findings of the meetings

accepted by the Commission
to the

as

the judgment of the trade

particular practice involved.

The decision of the

meeting does not bind the Commission in
of

those

participating, it is said.

discussed the Commission says:

any way, nor any

As to the subject to be

Sept. 4

T——
Against Decline in Price" has been

"Guarantee
of

described as the practice

in the price of goods, purchased
subsequent decline in the prevailing

guaranteeing customers against the decline

and

resold

not

at

the

951

THE CHRONICLE

1920.]

time of any

of right,

although

general market price, and so on.

applications

as

permit as a matter

in one or more of the elements

that qualify it for

products that in the event the

chasers of his

APPLICATIONS FOR PERMITS AND

We have the current week been
on

file

up

LICENSES UNDER

WATER POWER ACT.

FEDERAL

favored with

to Aug. 15, before the

Commission for preliminary

announcing the meeting says:

The Commission's letter

a

permits and licenses for power

projects under the Federal Water Power Act.

court review, the judgment of
of the courts.
practice, the Commission
considers the question to be so much in doubt that it should be left entirely
open to be challenged, if any one desires to challenge it, and made the sub¬

permit for hydroelectric plant
Government
Lock No. 2.

practically unanimous expression on

a

ceeding with an opportunity for subsequent
the

meeting

be subjected to the final test

may

of opinion on any given

Also in case of a division

ject of
<

To

formal proceeding.

a more

sum

the part

submittal amounts to a request on
industries that an opinion

then, the trade practice

up,

of the Commission to an industry or to

be given with respect to
which have grown up or

by the Commission

as

the fairness or unfairness of any trade practices
are growing up and that this opinion is received

the best and most authoritative judgment then
be challenged by any party in in¬
be made the subject of a more minute examina¬

obtainable, but that this judgment may
terest and thereafter may

tion in a

proceeding around which are thrown

all the safeguards of a pro¬

ceeding in court.

Many complaints, it was

announced, have been lodged

against the practice of "guarantee against decline in price,''
the Commission said, but opinions as to its propriety have

2,000 business
houses in the producing and distributing trade has resulted
in 250 responses declaring the practices proper, 150 opposing
it, and a large number expressing qualified views.
A questionnaire sent out to

been diverse.

SUPREME

DISTRICT

HOLDS

COURT

OFFICE

POST

MAIL PRIVILEGE
FROM NEW YORK "CALL."
WITHHOLD

CANNOT

"Fraud

or

said

wrongdoing is never to be presumed,"

Justice Hitz in the District of

Columbia Supreme Court on

handed down a decision in favor of the
New York "Call" against the Post Office Department.
The "Call," a Socialist newspaper, to which the use of
second-class mails was denied on Dec. 6 1919 for alleged

Aug. 25, when he

unpatriotic utterances, won its fight to compel PostmasterGeneral Burleson to restore this privilege.
Justice Hitz, on
the

Publish¬
writ of mandamus,
had

exceeded

authority in speculating on what sort of matter

his

the paper

might carry in its columns in the future.
With further
reference to the Court's decision, Washington press dispatches
of

Aug. 25 said:

Espionage
privilege from the paper. But
amended, contained no express
grant of authority to the Postmaster-General to exercise whatever power
the Act gives him by a blanket order operating in the future upon Issues of a
period cal publication not yet in existence,
Whatever "The New York Call" may have carried in its columns which
may'or may not have sought to hinder the war operations of the United
States Government or kindle unrest, the court decided
cannot be held
Mr. Burleson

Act in shutting

acted on what he assumed was contained in the

off the second-class mailing

stated that this Act, even as

Justice Hitz

against it now.

if any," the Court's opinion declared, "the
properly have at the present time, and in the present
posture of the war with the Imperial German Government which gave it
birth, its operation certainly cannot now be enlarged by implication.
"The Post Office Department apparently asserts the possession of an
implied right under this statute to make such a blanket order denying the
second-class mail privileges, for the future, to a periodical publication
because of alleges past violations of the statute in past issues of the publi¬
cation.
The Court can find no such authority in the statute; fraud or
wrongdoing is never to be presumed; and the Court will sign an order to
the effect that such future issues of the paper as are mailable under the law
shall be received and transmitted as second-class matter."
application,

"Whatever

Espionage Act may

Department would appeal
from the decision of Judge Hitz was issued on Aug. 27 by
Postmaster-General Burleson.
Mr. Burleson said:
The

opinion

Post

is

Office

Department will appeal the case.

If Judge Hitz's

sustained no publication could have its second-class

mailing
the

privilege withdrawn when once granted, notwithstanding the fact that
Act of March 1 1903 expressly provides that 'when any publication
accorded second-class

has

mailing privileges the same shall not be sus¬

annulled until a hearing shall have been granted to the parties
in interest."
This Act thus expressly recognizes the power of the Postmas¬
ter-General to annul second-class mailing permits.
Judge Hitz's decision leaves the department in this paradoxical position
It must under the law withdraw the second-class mailing privilege if the
pended

p

or

nblication is not

v

ablication

entitled to retain it.

And yet, according to the opinion

cannot presume that a future Issue of the
will not comply with the law and cannot withdraw the privilege

of the Court,

the department




ready for issuance about

The list of applications follows:

Sept. 10.

List of Applications

for Preliminary Permits and
under

Alabama.—Applicant
Thomas

The rules
application

permits and licenses are now .in course of prepara¬

tion, and it is probable will be

Federal

and

Martin, President,

W.

License for Power Projects

Water Power Act.

address:
Alabama Power Company,
Birmingham, Ala.
Project: Preliminary
on

the Coosa River in Alabama, below

Speel River Power Company, E. P.
Foxcroft Bldg., San Francisco, Calif. Project:
Preliminary permit for power project-to be located in Tongass National
Forest Territory of Alaska in vicinity of Speel River.
Arizona.—Applicant and address: Beckman and Linden Engineering
Alaska.—Applicant and address:

Kennedy, President, 418

(See this application

Corporation.

listed in California applications).

C. A. Heberlein, Prescott, Ariz. Project: Pre¬
liminary permit for project in Cataract Canyon, Coconino Co., Ariz.
Arkansas.—Applicant and address: Dixie Power Company, W. V. Powell,.
President, 33 Metropolitan Bldg., Chicago, 111.
Project: Preliminary
Applicant and address:

permit to construct a

dam across the White River, near Cotter,

Baxter

County, Ark.

River Power Company, San
Attorneys, Westory Bldg.,
Preliminary permit for power project on

California.—Applicant and address: Pitt
Francisco, Calif., Messrs.
Harr & Bates,
Pitt River,

Project:

C.

D.

Washington,

Calif.

Bldg., 833 Market
permit to develop
project on Silver Creek and its branches in Eldorado County, Calif.
Applicant and address: Beckman and Linden Engineering Corporation,
Atlas Bldg., 604 Mission Street, San Francisco, Calif. Project: Preliminary
permit for project on Colorado River in Arizona and California.
Idaho.—Applicant and address: G. W. Spoerry, Bonners Ferry, Idaho.
Project: Preliminary permit for project on Moyie Falls, Moyie River, Idaho.
Applicant and address: Utah Power & Light Co., Joseph Williamson,
Clerk, Augusta, Maine, M. O. Leighton, Consulting Engineer, McLachlen
Bldg., Washington, D. C.
Project: Preliminary permit for Soda Point,
Lava, Narrows and Mink Power Sites on Bear River, Idaho.
Applicant and address: Idaho Power Company, F. F. Johnson, Presi¬
dent, Boise, Idaho.
M. O. Leighton, Consulting Engineer, McLachlen
Bldg., Washington, D. C. Project: Preliminary permit for Upper Salmon
address: R. W. Hawley, Commercial
Francisco, Calif.
Project: Preliminary

Applicant and
San

Street,

Snake River,

Falls Project,

Idaho.

address: Idaho Power Company, F. F. Johnson, Presi¬
dent, Boise, Idaho.
M. O. Leighton, Consulting Engineer, MqLachlen
Bldg., Washington, D. C.
Project: Preliminary permit for Twin Falls
Project, on Sanke River, Idaho.
Minnesota.—Applicant and address: J. D. Markham, A. Kelsey and
J. F. Druar, 512 Globe Bldg., St. Paul, Minn.
Project: Preliminary
Applicant and

permit for
Minnesota

KeLsey-Markham-Druar Dam Site on St. Croix River,

between

and Wisconsin,

Whitney,
permit

Applicant and address: St. Cloud Water Power Co., A. G.
Cloud, Minn. Project: Application for preliminary

President, St.

t

Mississippi River at any point between Sec. 7,
123, R. 27 in County of Stearns and State of Minnesota, and Sec. 25,
35, Range 31, and Sections 30 and 31 in T. 35, Range 30 W., in Sherbune
construct dam across

>

T.

T.

County, Minn.

address: W. R. Banks, Lock Box 1005,
Preliminary permit for project on Osage River
between towns of Warsaw, Benton County, Mo., and Tuscumbia, Miller
County, Mo., and Niagara River between towns of Habatonka, Camden
County! Mo., and the mouth of the Little Niagara River in Camden County,
Missouri.—Applicant and

Project:

Mo.

Lamar,

Mo.

address: Western Tie and Timber Co,, Warran C. Nixon
Syndicate Trust Bldg , St. Louis, Mo. Project: Pre¬
permit for power project on Current River, Mo. in Ripley, Carter

Applicant and

Vice-President, 905
liminary

Counties.
Montana.—Applicant and address:

and Shannon

Rocky Mountain Power Co.,

Charles

Project: Preliminary permit for
hydroelectric project on Flathead River from the outlet of Flathead Lake
to the intersection of Flathead River with the South line of Sec. 32, T.
19 N., R. 21 W., Montana Meridian, Mont.
New Jersey.—Applicant and address:
The Canada Syndicate Ltd. of
Montreal, Canada, and Duncam, Young & Co., Ill Broadway, New
York, N. Y.
Project: Preliminary permit to develop water power in
Delaware River above the town of Eelvidere, N. J.
Oklahoma.—Applicant and address:
C. P. Chenault, Tulsa, Okla.
Project: Preliminary permit for power project on the Arkansas River at
point commonly known as Ox Bow Bend northwest of Tulsa, Okla.
Oregon.—Applicant and address: Crown Williamette Paper Co., Pittock
Block, Portland, Oreg.
Project: License for development at Falls of
MacGregor,

President, Butte, Mont,

a

West Linn, Oreg.
York.—Applicant and address:

Willamet River,
New

the Post Office

tbat

Notice

been

for such

application of the Workingmen's Co'Operative

ing Co., owners of the "Call," for a
decided
that the Postmaster-General

regulations covering the data required for

and

list of the

Federal Power

the part of a representative
body of an industry is given great weight by the Commission in considering
such practices.
It should be understood that it represents no decision or
judgment on the part of the Commission and is in no sense binding upon
any one not present at the meeting.
Nor indeed is it binding upon any one
who is present at the meeting but who dissents from the majority opinion.
The effect is that the weight of opinion of the industry has been communi¬
cated to the Commission and that thereafter the Commission will feel it
to be its duty in case complaints are made to it of a continuance of the con¬
demned practices, to issue its formal complaint, after inquiry and the public
interest determined, in order that by means of a formal and orderly pro¬
Such

show

exhibited samples of the publication may

second-class mail matter.

entry

price of such goods; that is to say a

the

that it may be lacking

seller would guarantee to pur¬
market price of the goods there¬
after declined, the seller would refund an amount of money equal to the
difference between the purchase price of such goods as were undisposed of
at the date of p nce decline ana the price to which the goods had declined.
There are many variations involving various factors as to time limit of the
guarantee; guarantee against own price; against competitor's price; against
market

already had it, or fail to grant a new

if the publication has

Acting Mayor,

Buffalo, N. Y.

City of Buffalo, A. W. Kreinheder,
Project: Preliminary permit for project on

Niagara River.

Applicant
Project:
New

and address:

License for,

Henry Ford & Son, Inc.,

project at Green Island,

Dearborn, Mich.

Government Dam at Troy,

River.

York, Hudson

address: Louisville Power Corporation, Walter F. Wilson,
New York. Hugh L. Cooper, Attorney. Project: Pre¬
liminary permit on St. Lawrence River, from the west of Croil Island
(sometimes called Baxter's Island, or Upper Long Sault Island) westerly
Applicant and

President, Massena,

up

the St. Lawrence

River to the easterly end of

Gooseneck Island, in the

and State of New York.
Applicant and address: Hydraulic Race Co., C. E. Dickinson, Presi¬
dent, Lockport, New York. Project: Preliminary permit for power project
town

on

of Louisville,

Niagara River,

County of St. Lawrence

New York.

Applicant and address: Paul T. Brady, 165 Broadway, New
N. Y.
Project: Preliminary permit for dam across Delaware

York City,
River at a

[Vol. 111.

THE CHRONICLE
point between the village of Barryville on the New York side and the village
of Shohola on the Pennsylvania side of the river.

Applicant and address;

Co., J. J. Albright, President, Lewiston, N. Y.

Hugh L. Cooper, Attorney.

Preliminary permit for project located at

Project;

point about 500 feet

a

south of the Michigan Central Railroad bridge, which point is about mid¬
way

though the same had been produced and proved and the

as

of

value

the

accepted by the Board of Public Utility Commissioners of

Water to be returned to Niagara River at
Niagara County, New York

town of Lewiston,

Applicant and address:

point

on

the

N.

Y.

Lot 29 of the Mile Reserve.

on

Project:

the value of said property as of

as

the date

specified in said report in

der

law of this State to the extent that the value of

any

said property

Niagara Co. Irr. & Water Supply Co., Edward

Lewiston,

President,

Randell,

a

Jersey]

this State [New

between Cleveland Avenue and Niagara Avenue, in the City of Niagara

Falls, New York.

property as set forth in said report shall be

Lower Niagara River Power & Water Supply

is

factor in the fixing of

a

This method of

Preliminary permit for

rate proceeding un¬

any

rate."

a

solving the involved and technical ques¬

project on Niagara River, N. Y.

tions underlying accurate valuation in a common sense way

Applicant and address: Niagara Falls Power Co., Paul A. Schoellkopf,
President, Niagara Falls, N. Y.
Project: Preliminary permit to divert

by engineers who are unprejudiced in economic or political

water from

Niagara River above the Falls, under the provisions of the treaty

between the

Applicant

United States and

and

address:

Great

Niagara,

of water fo~

Project:

proclaimed May

Lockport

Fred D. Corey, President, Hugh L.

Bldg., Buggalo, N. Y.

Britain

and

Ontario

1910.

13

Power

Co.,

Cooper, Attorney, Marine Trust Co.

Preliminary permit for diversion and

hydio-electric power purposes from above the Falls at Niagara.

St. Lawrence River in

vicinity of Long Sault Rapids, St. Lawrence Co.,

New York.

Methods followed heretofore in the submission of several

Applicant and address:

leading to wide variations of results with useless discussions

Applicant and address:

Project:

CHAPTER

Prelimin¬

Project:

Virginia.—Applicant and address:

River

on

Co.,

Project:

Roanoke River in Mecklenburg County,

pugg's Island and the Town of Clarksville in said County.

Washington.—Applicant and address:

Washington Irrigation & Develop¬

on

Priest Rapids, Columbia River, Wash¬

in this State be obtained; and

street railway property

Such valuation can best be made by competent engineers
equipped for and experienced in such work; now, therefore,
Be It Enacted by the Senate and General Assembly of the State of New
Whereas,

Jersey:
Governor, State Treasurer and

The

1.

Co., H. J. Pierce, President, 905 White Bldg., Seattle, Wash. Project:

Preliminary permit for project

public interest that an independent

Whereas, It is deemed to be in the
valuation of

Development

of street railway property in this

State.

Preliminary permit

President, 318 Mutual Bldg., Richmond, Va.

Preliminary permit for project

Virginia, between

Roanoke

STATE OF NEW JERSEY.

1920,

LAWS OF

351,

providing for the valuation

Act

An

Niagara Gorge Power Co., Bert L. Jones, Vice-

President, 604 Ellicott Square, Buffalo, N. Y.

ment

authorizing the work which is being undertaken:

Messrs. Thomson and Porter, Dewitt Clinton,

for diversion of water from Niagara Falls, Niagara River, N. Y.

H. G. Buchanan,

Below is the text of the

hearings, will thus be avoided.

at

permit for project on Niagara River, N. Y.

ary

each tempered by definite interests and

sets of valuations

Act

Attorney, Buffalo Savings Bank Bldg., Buffalo, N. Y.

State Comptroller

Applicant and

address:

Montesano, Washington.
waters of

Alex Poison,

Project:

M.

E.

Reed

and

W.

H.

Abel,

Preliminary permit for project at head¬

ful element thereof, of
this

of

Gray's Harbor.

Applicant and address:

Northwestern Power and Mfg. Co., Donworth,

Todd and Higgins, Attorneys, Hoge Bldg., Seattle, Wash.

liminary permit for project

Project:

Pre¬

Lake Crescent in Clallam Co., Elwha River

on

Washington.

Applicant and address:
City, N. Y.

The commission .shall forthwith meet and organize

Project:

IIugh L. Cooper, 101 Park Avenue, New York

Preliminary permit for project

Applicant and address:

be required of him, and who shaU receive such compensation as the

may

H. O. Pond, President, 25

by

engineering

lished reputation,
of

Project: Preliminary permit for pro¬
Sultan River and Olney Creek in Snohomish Co., Washington.
Straits Power Co.,

Broad Street, New York City, N. Y.
waters of Solduc

(This

H. O. Pond,

President, 25

Project:

Preliminary permit to use
River, Crescent Lake and Lyre River, in Clallam Co., Wash.

application

omitted

from

list

dated

August

15,

1920.)

Lake Erie and Niagara River and from watersheds between Lake Ontario

either firm

concern,

directed

thorized and
cern

tion

as

with

contract

a

thereafter

such

Editor

The Financial

The

4.

said

engineering

to enter upon any

ners

by its agents, experts

any

new

As

a

vehicular tunnel between Jersey City and Canal
Street, New York.

preliminary,

an

expense

of

a

million dollars is indicated for street

purposes

Do the New York authorities realize that the State of New
Jersey is only

000,000 is dependent

$1,500,000, and that the bond issue of $28,-

on a referendum at the November

necessary, as

be increased to

an

unlimited extent.

is that the Victory Bridge is almost certain to be
built, and would not only render the tunnel unnecessary and obsolete, but
would give probably ten times the service furnished
by the tunnel.
In

case

the voters of New

ing

as

Jersey decide against the bond issue, the entire

on

New York.

The result may be as disappoint¬

the barge canal is reported to be.

D.

HOLMES.

■

-

Under

LAW

STREET

authority

CALLING

RAILWAY

of

Legislature last May,

an

Act

FOR

OF

by

the

are

constituted

a

By the terms

Commission to ascertain and

determine the value of all the property of the various street

railway and traction companies of the State; the Act like¬
wise calls for the employment by the Commission of

valuing the properties.

make

available

a

basis

a

the

fixing of rates under the

existing laws.
Ford, Bacon & Davis have

been engaged for the purpose, and that their report is ex¬

portance of the valuation

work,

The

im¬

and its enduring charac¬

be judged from the fact that the law provides that

may

engineering

far

so

possible, all such books,

as

it may re¬

as

department.

or

railway

street

any

documents
is

Chief

two

Justice

or

traction

or

records in its possession,

empowered

or

whose

company

apply through

to

days' notice to such street railway
of

use

such

or

traction

in his

as

the

discretion may seem

Chief

Justice

and

custody

justice

hundred

one

case

is

are

on

The

treasury of the State from time to time,
upon

8.

The

cern

neering
decide

or

commission

selected

so

concern

for

the

upon

valuation

of the

its

time

company

tuted

a

have

the

warrant of the State Comptroller, not¬

be

as

of

to

power

services

property of

is completed

shall be

approved by

other law of this State concerning the

amount of

to

When the valuation

lected to make such

same

as

disbursement of State moneys.

shall

upon

or

any

con¬

accordingly.

hereby appropriated for

carrying out the provisions of this act.
the voucher

con¬

Court.

such Chief Justice

drawn from the

Commission,

hereby

Supreme

the

the

appropriation, receipt

re¬

to and

be, shall constitute

may

doUars

order

an

access

to

upon

authority to make

proper

of

be proceeded

may

thousand

for

company

afford such

Power and

just and

each

the

as

Supreme Court, and
of

sum

control,

or

Attorney-General

comply with the provisions of the order of

justice of the Supreme Court,

tempt of said
The

traction

or

company to

books, documents and records.

upon

the

justice of the Supreme Court of this State,

any

quiring the said railway

and

any

to

said

herein

engineering

street railway

the property

of

directed,

con¬

be paid said engi¬

"The commission shall also

expenses.

given

with the engineering

agree

compensation to

the

street railway or traction

any

the

for

concern

traction company.

or

engineering

concern

so

se¬

valuation shall file with the commission herein consti¬

complete and detailed report

of

such valuation

in form

available

for use for the
purpose of fixing rates under existing laws, which report, to¬
gether with aU documents and maps, and other papers accompanying same

be immediately transmitted to and filed with the Board of Public
Utility Commissioners of this State, and! shall be a public record, open to
the
as

pected to be completed about six months hence.

the

depart¬

or

Said engineering

shall

We l£arn that the services of

ter,

of

commission

com¬

The object of the valuation is to

for

refusal

such books,

9.

petent engineering concern, to which is entrusted the work
of

the

withstanding the provisions of
progress.

of,

use

such commission, board

the
the

Act, the Governor, the State Treasurer and the State

Comptroller

to check and make

the purpose of

Jersey

independent valuation of the street

an

Upon

7.

New

board

commission,

any

political subdivision thereof.

property is being valued to give, furnish or accord to said engineering con¬
cern, its agents, experts or examiners, full and free access to and use of

Failure to

PROPERTIES.

passed

railway properties of the State is in
of the

VALUATION

control of

or

any

hereby auhtorized and directed, in order to facilitate and hasten

quest from any

or

JERSEY

and all books, documents, records and testimony

any

or

is further empowered to have and obtain

concern

custody

State

of

control of

or

documents, records and testimony, and have such assistance

ferred

JOSEPH

NEW

is

such order

Respectfully,

exam¬

use

traction company.

or

any

The other objection

cost of the tunnel will fall

this

of

concern

6.

the ferry service

of

use

the possession,

ment

election"

This bond issue is being actively
opposed in New Jersey on two grounds,
that the tunnel has not been shown to be

one

can

in

of making

of said street rail¬

in the possession, custody

records

or

engineering

and

to

said valuation,

changes and land purchase in Jersey City.
committed to the extent of

The said

access

columns that work is to be begun Oct. 12 on

news

such street railway

5.

documents

pro¬

exami¬

or

traction company, and also to have and obtain access to and

books,

1920.

com¬

premises occupied by any street railway or traction

whose property is being valued for the

any

August 27,

valua¬

a

is hereby directed to immediately

concern

ceed with the said work, and is empowered

way or

Chronicle:

Sir.—I note in recent
the

York

au¬
con¬

railway or traction

inations, inspections and appraisals of aH the property

Nen

engineering

be possible,

as may

aforesaid of all the property of any street

company

NEW YORK AND NEW JERSEY

se¬

me¬

designated by the said commission.

and the Hudson River.

THE VEHICULAR TUNNEL BETWEEN

or

of the highest estab¬

The commission is hereby further

enter into

to

and complete as soon

to make

competent electrical

a

or corporate,

equipped and organized for and experienced in the work

valuing street railway property.

pany

Applicant and address: Millard F. Bowen, 117 Tennessee Avenue, N. E.,
Washington, D. C. Project: Application for license to divert water from

authorized and directed to immediately

majority of all of its members,

a

chanical

is hereby

commission

The

3.

Broad Street, New York City, N. Y.
on

In the ab¬

other members may be designated to act

of the

one

chairman.

as

ject

Applicant and address:

The Governor shall be chairman.

determine.

of the Governor

lect,

Sound Power Co.,

proceedings of the commission, and perform such other duties as

commission may

Clark Fork of the

on

by the appointment

secretary, who shall keep full and correct minutes of all the transac¬

a

tions and

sence

Columbia River, Washington.

in the following manner:

State,

2.

Wynooche River in Olympic National Forest, Washington, and

northeastern part of

ap¬

all street railway and traction companies in

or

any

hereby

are

ascertaining and
proper and law¬

pointed and constituted a commission for the purpose of
determining the value of all the property, including every

ington.

in

at this time.

use

Applicant and address: St. Lawrence Transmission Co., F. A. Stoughton,
President, Potsdam, N. Y.
Project: Preliminary permit for project on

forward in the public

view is entirely new and marks a step

utility and transportation problems confronting the country

concern's

report

and valuation

evidence of the facts therein contained to the




"shall

same

be

extent

inspection of the public at all reasonable times, and shall be admitted
evidence

therein

in

the

contained

courts
to

the

of

this

same

State

extent

duced and proved and the value of the
shall

be

State

as

in

any

accepted

by the

the value of said

Board

of

property

and
as

shall

be

though the

property

as

evidence
same

of

had

the

facts

been

pro¬

set forth in said report

Public Utility Commissioners of
as

this

of the date specified in said report

rate proceeding under any law of this State to the extent that the

value of

said

property is

a

factor in the fixing of

a

rate.

Sept. 4

10.

All

acts

hereby

are

11.

and

be and the same

inconsistent herewith

of acts

parts

In

so

and now adhered to.

Mayer

Aug. 31 sent

on

letter to Acting Public Service

a

Commissioner Barrett, who

TRANSIT—

RAPID

BROOKLYN

ON ■' THE

STRIKE

JUDGE MAYER REFUSES TO GRANT

,

CLOSED

as

well, the men

their moral
employed by

practically all subway, surface and

elevated lines operated

in Brooklyn and New York.
Passenger
traffic between the two boroughs has been seriously cur¬

by that
tailed

company

and commercial
by it in no small

by the tie-up, during the past week

activity here has indirectly been affected

directly

had been seeking to bring an

in which he refused to consider

controversy,

Judge Mayer said: "I cannot

degree.

indirectly, by the receiver or the court with the

or

so-called leaders who either incited the strike or were power¬
less to prevent

it."

•

The letter in full

tying up

at 5 o'clock,

Sunday morning, Aug. 29,

the

to

emphasize too strongly that there will be no negotiations,

Rapid Transit Company (bankrupt) went on

the Brooklyn
strike

obligations

end

negotiations with the union.

SHOP.

Disregarding the interests of the public and
and contractual

was as

follows:

My Dear Commissioner:
You called to see me this

I

of

am

course

position and of

my

morning after a ocnference with Messrs. Shea

to me some views expressed

and Fridiger to present

always glad

high personal regard for you.

men are

Federal Judge Julius
T. receivership
proceedings, has taken a strong stand against the closed
shop.
His attitude on this question was made clear in a
letter which he sent to the union on Aug. 16.
The letter

who either incited the strike or were

among

other things, the closed shop.

as

I

District

Judge Mayer

16 1920.

to the city I received your

letter of Aug. 13 1920, reading as

Hon. Lindley M. Garrison, re¬
ceiver for the Brooklyn Rapid Transit, in reply to our modified demands of
the agreement which expires on Aug. 28.
"The Hon. Lindley M. Garrison flatly refuses to negotiate with the com¬
mittee on tne modification of the agreement and puts it up squarely to the
court.
'
'
•
"
"We therefore request of your Honor an appointment with the committee
9 we received a letter from the

.

at your

.

earliest convenience."

This morning three of your

returned this afternoon I

number called upon me and I said that

would let them know as to the

if they

appointment re¬

Meanwhile I have had an

proposed
agreements.
These proposed agreements are in no regard modifications
of the existing agreement between the receiver and a committee of em¬
ployees, but, on the contrary, are proposed agreements between the receiver
and the local divisions of tne Amalgamated Association of Street and Electric
Railway Employees of America.
They contain, among others, such pro¬
committee and the receiver as

visions

well

as

of the Board of Estimate

In

Proposed Agreement Surface Employees.
"Article 54.

All employees who are now

members of the association

shall

while in the employ
of the companies, and new employees shall, after thirty (30) days become
and remain members in good standing of the association while they remain
in the employ of the companies.
Employees in arrearage of dues, fines or
assessments after the 15th of the month shall be suspended from work until
such dues, fines or assessments are paid.
Also dues collectors to be perremain members in good

standing of the new association

iinitted to collect dues on the

companies' property at all times."

Proposed Agreement Elevated and
"Article 61.

of this organization

join this association.
Employees in arrearage in dues, fines or assessments

shall be sent by the company to
"Article 62.

owed

from work at request of the
officers of this association until such dues, fines and assessments are paid.
"Article 72.
The companies shall not enter into any agreement, verbal
or written, with any newly formed employees' labor or fraternity association,
regarding wages and working conditions: it shall enter into such agreements
only with those associations that had written agreements with the companies
prior to Jan. 1 1920.
.
*
}
to this

association to be liable to suspension

Proposed Agreement Mechanical Department
"Article 12.

companies: new men entering

the employ of the companies

All members must have his or

member not in good

standing after the fifteenth of the

month shall be sus¬

pended from work until dues are paid.
"Article 47.
The companies shall not enter into any
(written

or

shall within

application for membership into said association.
her dues paid each month, a

thirty days make
"Article 13.

Employees.

holding membership in
retain their membership while in the employ of said

All employees of said companies now

the association must

verbal) with any other association or group

association herein

other than the

posed new

In

I

permit its receiver to agree to pro¬

into further

Edwin L. Smith,

award within such limits.

truly,
>

JULIUS M. MAYER,

28, the day preceding the strike, Receiver
the following statement, in explanation

On Aug.
son

Judge.

District

v

issued

Garri¬
of the

to the action of the union leaders:
The public is so vitally interested in the question of a strike on the B. R. T.
that it is proper that there should be an accurate statement of the situation.
A year ago there was a strike that was settled in the chambers of Judge
Mayer, the men agreeing on their side to return to work and the receiver
agreeing to negotiate with the committee. It was also agreed that, if no
agreement was reached on the demands already presented and others which
thereafter be presented, there was to be arbitration.
Negotiations ensued on the demands initially presented and on others
thereafter presented, with the result that complete understanding was

events

leading

up

reached and set forth

in a written agreement

dated Dec. 16 1919.

That

until thirty days' notice of termination is given by one side
to the other.
No such notice has been given, and the agreement is there¬
fore fully operative. It had no provision in it for arbitration.
This year the men organized in one of the labor unions, "the Amalga¬
mated," presented three new
of their union,
the receiver to
any

and distinct contracts with

the local branches

containing, all told, more than 190 demands. They ask
agree before beginning negotiations that he would arbitrate

and every question

which could not be settled by

negotiations. Since

instructions of the court, and since
the money which comes into his hands is the only possible source from which
to make payment of wages, &c., this matter was referred to the court.
Judge Mayer met the committee, and a full conference was held, with
the result that the Judge expressed his entire willingness to have the receiver
agree to arbitrate all the pay increases demanded, with the necessary limi¬
tation that the receiver could not agree to the payment in any award which
went beyond the financial ability of the receivership. Nevertheless, accord¬
ing to the newspapers, the leaders cf the union indulge in public statements

a

receiver is a trustee

that a

and acts under the

strike is imminent.

undisclosed purpose, these labor leaders are determined
impossible to understand their conduct. Every con¬
which in reason and common sense could be made to them has

Unless, for some
to have a

strike, it is

been made.
It will thus

the men has

and terminated
confer and to negotiate with
the extent to which the court
offered, and now we are met by statements that

be seen that at

present there is an existing

that every legitimate request to
been granted; that arbitration to

possibly go has been
leaders as leaders want something more.
suspicion is warrantable that what they really

these labor
The

that the receiver has

want is a strike. No
their course, and the public,
will be the victims of their unjustifi¬

able conduct.

one

refused to negotiate with the com¬
in his letter of Aug. 9, 1920 to
The receiver stated as follows:

chairman.

Mayor Hylan on
There are two

agreements would make an

representative I am in this matter.
this

every

Yours very

refer to what he set forth

closed shop.

absolutely closed shop.
"Under the circumstances there Can be no point at this time in entering
into any negotiations in regard to these proposed agreements.
I have al¬
ways refused to make a closed shop.
I have always refused to enter into a
contract with anybody other than a committee of employees.
As you
know, I have taken this course under instructions from the court, whose
in

board of arbitrators

requested increases and that the
opportunity be accorded to such board to ascertain the financial
condition of the receivership.
It must be understood that any and every
award must be within the financial ability of the particular receivership
to meet, and for this purpose the court must retain the right to restrict any

Receiver's Reply.
"These

be a submission to a

question involved in the

fullest

guided by fairness and reason can
which will suffer directly and grossly,

receiver must operate a

When you say

the men have heretofore withdrawn.
position is stated in my letter to Re¬

25, as follows:

willing that there shall

am

of the financial

can

detail it is definitely plain that the three pro¬
amendments in effect demand of the Federal Court that the

mittee you must

I am willing to have the Receiver submit
contained in the agreement proposed

regard to financial questions, my

ceiver Garrison, dated Aug.

agreement:

visions of this character.
Without going

the information

position in respect of the

working conditions

by the men, except those which

cession

other agreement

stated."

Obviously the Federal Court cannot

I was asked to state for

and Apportionment my

agreement runs

Subway Employees.

Employees eligible to become members

attended by you and
Corporation Counsel, Receiver

at my chambers,

of Estimate, the

regard to working conditions,

to arbitration the

the three new

these:

as

York City, Aug. 31.

Estimate.

matter of arbitration.

correspondence be¬

opportunity to examine the

letter

,

My Dear Mr. Hylan:

and

quested of me.
tween the

Neu

V
Chairman of the Board of

follows:
"On Aug.

the Board of Estimate:

Garrison, his counsel and myself,

of Judge Mayer.

New York, Aug.

powerless to prevent it.

Aug. 31, also sent the following

on

to the chairman of

other members of the Board

Court,

that there will be no negotiations,
the court with the so-called leaders

emphasize too strongly

cannot

directly or indirectly, by the receiver or

At the conference this afternoon

States

Chambers

On my return

committee which truly represents the em¬

ployees.

follows:
United

is for the men to return to
will be pleased to receive any

for the strike to be settled

After that the receiver and the court

duly and properly constituted

who holds jurisdiction in the B. R.

M. Mayer

was

The proper way

work.

not;

truly represented the men.

if not, then they have not

called by the Amalgamated

purported to act for the employees.

responsible for this indefensible strike or they are

Association of
Street and Electrical Railway Employees.
Efforts have
been made by Mayor Hylan, Governor Smith, and the
Public Service Commission to bring about a settlement, but
these efforts have been without avail.
The union demanded
was

coming from these two men or

decline, however, to consider anything

I

by them to you.

both because of your official

to see you,

from the committee which has heretofore

Either these

The strike

days, Judge

When the strike had been in force but three

May 5, 1920.

instructions of

stating the receiver acted in accordance with the

the court heretofore given to him

"

repealed.

This act shall take effect immediately.

Passed

953

THE CHRONICLE

1920.]

respect it is useless to

under the circumstances enter




Until the court changes its instructions

hawe any negotiations because
into any such agreements."

I could not

approve

Aug. 29, made this

sets of employees

statement:

of the Brooklyn Rapid

Transit, known

men" and the "night men." The "day
Arcadia Hall, where I spoke, had decided
request to defer action, but the "night men," who finish
1 o'clock at night, were to have met at 2 o'clock in the

themselves as the "day
men," in a meeting last night at
among

to

comply with my

work around

12 or

did meet.
A report meanwhile had gained circulation that the B. R. T. management
had locked out the powerhouse men.
Those employees who met at 2
o'clock, having heard that report, refused to defer action.
It was decided
by them that all the men would quit their work at 5 o'clock.

night and

THE CHRONICLE

954

I believe the strike would have been averted if that report had not been

circulated

the "night men" who were to meet.

among

I

called

was

at

3:30 o'clock this morning and told by some of the labor men that they had
heard that the power house men had been locked out.

Later I

called

was

railroad employees did

acted,

Let

current that the B. R. T. officials

were not very

strike, and if the men did strike, that would give them

to avert the

anxious

an oppor¬

tunity to renew their demand for an increase in fare.
I shall take

the question immediately.

up

of the legislation

favored

Plumb

the

in

country

I

you

en¬

Senator

plan,

Many of

think the

an

just consideration

a

day, perhaps not this year, but

Some

you are

Cummins-Esch

friends and neigh¬
is the

Act

expres¬

Congress that sought to give highest service to
hour of imperiled transportation and at the same time
a

railroad worker

to the

a sure

I shall endeavor to get in

squarely in the face.
tell

me

conscience of

the

of

sion

the

look you

me

and let

bors,

There is a report

not approve

instead

had

but

Harding said, according to the New York "Commercial":

by the Police Department and was informed that a strike had been called
for 5 o'clock.

[Vol. llli

communication with Judge Mayer and the receiver of the B. R. T., and I

way

shall ask them to submit all the matters of controversy with the employees

never

assured him before.

day in the

some

future,

rail¬

you

history of railway legislation.

arbitration.

to

■

The

I believe if they will agree to that the men -will go back to work inunedi-

\

1

been

•A-;.V':>1'A

A summary of the chief demands made by the unions
given in the N. Y. "Tribune" on Aug. 30 as follows:
An increase

of disputes

and

of the company

agreement

stand

to

by

on

lines,

surface

84 to

92

cents

hour;

an

and guards

elevated and subway lines, 70 to 90 cents

on

and

Conductors

motormen

on

surface lines

demand

hours of work instead of the present arrangement

Following

an

nine

consecutive

of nine hours in eleven

extended conference with Receiver Garrison,

Judge Mayer, on Sept. 2, made known the terms on which
strike

the

be settled.

might

Hylan.

letter to Mayor

The terms,

forth in

set

a

1.

work their seniority and other privileges shall
•••■ •

.V

/

.

fully

full opportunity to

That the employees shall be assured of free and

(select representatives of their own choice to deal directly with the manage¬

Judge Mayer's letter to Mayor Hylan in full read as follows:
Sept. 2

1920.

that

together with the

and Apportionment,

Board of Estimate

the

Asso¬

Governor of the State, met with representatives of the Amalgamated

ciation and were in receipt of an offer of settlement from the joint

such association, a copy of
then refer to

a

which offer is contained in

board of

You

letter.

your

statement made oy me over the telephone to you that

would not deal either directly or indirectly with the Amalgamated

I

Associa¬

tion, but would be pleased to state to you and the Board of Estimate, if you

desired, the terms upon which the present strike might be ended, and
request me to state.

liant.

Association elected

committee, which made a con¬

a

gamated Association in sanctioning the present strike.
The present strike
called in absolute violation of every safeguard in the constitution and

was

by-laws of the Amalgamated Association to prevent precipitate action, and
called without any notice to the management or any notice to the

public.

obvious duty to the people of this community if I

I will be recreant to my

should again place their vital interests, involved, as they are in

this trans¬

irresponsible in its conduct.

its obligations and

I cannot,

therefore, consistently with my firm conviction of my duty, permit nego¬
tiations or agreements, directly or indirectly, now or hereafter, with

association;

and, of

course,

which the strike

If the men

and the
them.

I

cannot bargain with

read

and that

In

working

out

requisite

the

methods

to

these

accomplish

things the Court and the Receiver will welcome the co-operation of the
Governor, the Mayor, the Board of Estimate, the Public Service Commis¬

^

sion and the Transit Construction Commissioner.

receiver,

on

16 last,

July

the wage scale

of Aug.

announced

1919,

an

Time

accept the offer.

10%

applicable to those under contracts

The committee representing the

Coming now to the direct answer to

were

men on

made should

strike did not

your

question, the terms upon which

That the men (except those excluded as above)

That

on

their return their seniority and other privileges shall be re¬

is

that

travels he not

That the 10%

increase in

pay

above referred to shall immediately

We

which

on

;':AA'A

could

not

we

are

so

re¬

does

why

only wishes to

continent linked

a

highly

it must be

the

than

more

force

great

neighborly

regarded and

reference

a

of

railway

know

workers'

to

workers

willing to concede to others.

are

compensation of all endeavor.

at

on

interests.

Justice, is it not?

And

inconveniencing
suspending

or

like to think

to

of

an

but

guarantee

Your

enterprise.

service

No

is

not

that

what

matter

wage-earner;

or measure

people

strength;

hindering

or

public service where Government

bestow

to

American

their

railway activities.
in

era

the

prompt

public serviee, not grudgingly yield it in
cern.

for

Jus¬

the Gummins-Esch Act has aimed

appeal and hearing without having to fight

transportation
only

Let

underlying foundation of civilization, justice is the inspiration

justice without
I

as¬

best

the

wish—wish

must

justice, full, complete and instant justice for the railway

justice

low, is the

or

in intimate,

distance

a

speedily but

go

}

admit

not

what

supply is coming

paper

my

of

justice

the

on

workmen

in

not

means

workers

in

hour of apprehension and

an

a

con¬

private and competitive

a

old

abuses

and

committed, capital

once

its issues and compensations

prevail,

what

matter

no

control,

tion,

want

and

because

I

rates

of

charges

also

are

under

its

first

You wouldn't

Government

continuity

Government

your

treatment

crimes
under

are

Government

regula¬

wish your

for

all

thought must be
have

sons

and

all the

the

guarantee,

assured

Government

a

people's

Government

the

Government to do

people,
than

more

not

one

to-day.

ANTEE

because

more,

choose other pursuits

morrow

sees

OF

OF

R.

R.

want just

you

in

life.

Government which

a

common

Our

A

ever

reas¬

thinks

good fortune.

PERIOD

FOR

FEDERAL

EARNINGS—ORDERS

BEARING ON
An

order

supplies

on

OF

calling for
hand

the

GUAR¬

I.C.C.

PAYMENTS.

inventoring

of Aug. 31,

as

was

be assured of free opportunity to

select

Representatives of their own choice to deal directly with the management.
and other such privileges cannot be held

open

for any

ength of time, and, therefore, it is .mperative if the men desire to return to
the above terms that they should do

so

the

provision

in

the

1920 to

promptly.

JULIUS

M.

Sept. 1 1920.

District

accepted
to

period from March 1

In its advices the Commission .said:
the operating

expanses of the guaranty period, as affected by material and supply issues,
can be obtained in no other
way, the commission will require carriers accept¬
ing the provisions of Section 209 of the Transportation Act of 1920 to take
an

inventory of materials and supplies

as

of the close of business Aug. 31

1920, and adjust their accounts for the period March 1 to Aug. 31, both

inclusive, in the

manner

provided for in case two of accounting bulletin

15

With respect to carriers which were not under Federal control and which
did not take inventories

tween

the

as

of Feb. 29 1920, the amount of any

guaranty period

discrepancy

1920, should be apportioned be¬

and the period prior thereto on basis of the

previous inventory

was

taken.

railroads

which

not

were

under

Government

control, but which accepted payments under the guaranty
provision of the Transportation Act have been notified by
the Commission that
accounts

pended.

MAYER,

and

Transportation Act guaranteeing

the roads income for the six months

Very truly yours,
-

materials

of

issued by the Inter-

State Commerce Commission to the railroads which

Smaller

Of course, seniority

just

your

Most of the railway workers

people and seeks to add to their

TERMINATION

assured to them;
the employees shall

makes

Government yielding to class.

a

of

daughters who will

suring contemplation of the
of

service,

of

and

concern.

material issues applicable to each period since the

That the employees shall have the right of collective bargaining fully

on

life.

The work of transportation, high

disclosed by the inventory as of Aug. 31

jippiy;

work

:,;A-.

modern

speedily carried to those at

papers

one

is the

shall return to work;

stored to them;

That

I

The sustenance of the cities and

to know

tice

No.

the present strike may be ended are as follows:

5.

of

In view of the fact that reliable information with respect to

accept this offer, and it, therefore, did not become effective as to these men.

4.

.A'-

A

as

thinking of the American

am

the good fortunes of the agricultural world

want

safely.

This

ask

me

.

of

of pay

increase

when and if the committees with which the contracts

3.

I

There is nothing else

printed
When

ride

to

wants

sociation.

this association as to

They can return with the absolute assurance that the Court will see to it

agement.

aim.

modern activities.

our

ended.

may be

that the right of collective bargaining will be carefully safeguarded,

2.

in

wage-earners

necessity

it,

surpassing organization of

(excepting those responsible for the present situation) return

representatives of their own choice can have direct dealings with the man¬

1.

any

great

publisher I

a

who

this

positions their seniority and other privileges will be restored to them.

to their

contentment in
we

itself

portation system, at the mercy of an association that has proved

over

the

is

Government

with the receiver, regulating wages ana working
That contract was violated by the action taken by the Amal¬

terms upon

the

on

differ about the

,

The Amalgamated

faithless to

office,

or

may

of soul and

assurances

present-day methods without it.

As

were

tract, dated Dec. 16 1919,

The

We

.

in the premises.

was

as

millions depend upon

At the outset I feel that I should briefly state the reasons which actuate

conditions.

em¬

for the good for¬

concern

about the ends at which

and

of Estimate and Apportionment.
My Dear Mr. Mayor:—I duly received your letter of even date informing

me

the

VAA^A's'A

themselves and

Hylan, Mayor of the City of New York, Chairman the Board

flon. John F.

you

deep

a

working conditions.

ment.

(jo

heart about railway

my

railway workers ought to know the best conditions and be

inseparable therefrom.

he

assured to them.

me

is without

agreed

are

compensated

promptly

the current wage—shall immediately apply.

5.

in

are

thinking of the rail workers alone.

our

re¬

the New

.

sought—10% over that of Aug. 1919, or 8%

That the employees shall have the right of collective bargaining

4.

we

public.

their

had

of his further

some

railway worker, in the shop, in the yards

but

work,

not

addressed

were

the trains—every man in the service.

abundantly
am

in public life

man

believe

I

are

be restored to them.

over

the

saying:

better conditions and

to

your

have

That the men shall return to work.

That on their return tq

That the pay increase

all

three days' carnival of

a

In

the things which

you

of every
or on

way

remarks

Senator Harding is quoted in

men

Transportation

follows:

were as

2.

3.

in

step

No matter what any one tells you, no matter what your own
impressions are, no thoughtful man in business or private life,

earnest

tunes

track

hour; now receiving 49 to 57 cents.

an

tell

me

ployment.
no

Shopmen, a flat increase of 33 1-3%.
Conductors

these

Camp Underwood.
the

York "Times" as

erroneous

receiving 52 to 62 cents.

now

whom

to

men

sports at

Let

conductors

forward

greatest

brought together to join in

marks to

in wages of approximately 40%.

Arbitration

was

results of arbitration;

and

the

as

■

ately.

Motormen

hail that law

will

workers

The

Judge.

of

payment

pending

proper

guaranteed

restatement of their

income

would

be

susj

These advices stated:

attention

of the

Commission has

been drawn

to the fact that

a

number of smaller carriers which were not under Federal control and which

SENATOR HARDING IN SUPPORT OF CUHMINS-ESCH
RAILROAD
In

bon,

an

Transportation Act, 1920, maintain their accounts and records in what

ACT.

be declared

address before employees of the Erie RR. at

Ohio,

on

August 27,

Senator Harding,

Ga¬

Republican

nominee for President, spoke in defense of the Cummins$sch

Transportation




Act.

Observing

expect to derive benefits under the provisions of Sections 204 and 209 of the

that

some

of

the

as

a

very

may

unsatisfactory condition with respect both to the

sufficiency of details and compliance with the uniform system of accounts
promulgated by the Commission.
of

an

This condition causes the expenditure

unwarranted amount of time on the part of the

iners in conducting investigations necessary to
to carriers under Sections

Commission's

exam¬

determine amounts payable
204 and 209 of the Transportation Act of 1920.

,,

To the end that the work of the Commission in

expeditiously as possible, carriers are advised in

Ohio and Illinois

withhold

Section 209

and

basis.

railroads
in

carriers were
The roads it is pointed out,
will be allowed further aid from the Government only through
loans from the revolving fund created under the Transporta¬
tion Act.
The Association Press, in Washington dispatches

guaranteed expired

Sept. 1.

on

Illinois

In the

include the fixed charges of interest, taxes

earnings guarantee
provisions of tne Transportation Act will not be known for several montns or
until the various systems are able. to complete tne mecnanical task of
balancing books and giving detailed figures.
Most of the roads, however,
have indicated already to the
Interstate Commerce Commission, and
through it to tne Treasury, that they will have money coming to tnem as a
the cost to the Government of the

If the roads do not ask for

expected tomorrow, Secretary Houston said.
advance against

an

for

a

final compilation of the sums the

accepting the proposal will be entitled to

these

counts

accepted the

standard
All of
a final adjustment of ac¬
the revenues were low, of
the

should tne revenues fall short.

guarantee of earning

a

by the Treasury and the payment, where

the guarantee proposal were the

Among the lines not accepting
and

Pere

Marquette

Neither of these

systems.

Southern

have earned revenues

equivalent to the amount which they received under the guarantee,

As to the status of intra-State rate increases in

and

June,

accord¬

Parmelee, Director of the Bureau of Railway Economics.
four months of the guarantee period, March, April, May and

railroad

topped

revenues

actual

expenditures.

March

revenues

while there were deficits of $29,700,000
in April, $11,800,000 in May and $7,500,000 in June.
Official figues have not been compiled by the Interstate Commerce Com¬
but Mr. Parmelee estimates a

results of the

months, basing his calculations on the
Traffic

those

in

lines were able

to

established

two months

same

/

month.

•"

;

he said,

would add more than $50,000,000 to

month, while about $200,000,000 in

undoubt¬

The wage award,
operating expenses for each
to employees will come out

funds

on

back

pay

of July and August, unless the corporations have

of the earnings

sufficient

preparing
The InterState Commerce Commission estimated the increased rates would yield
approximately $1,000,000,000 annually.
But this sum will not be sufficient,
it was argued, unless the traffic comes in unprecedented volume and there
is

a

deficit has been

SHERLEY

increases.

RESIGNS

FROM

The order of the Commission requires
statement of their earnings for

resignation of Swagar Sherley of Louisville, Ky.,
Director of Finances of Railroad Administration, effective

Aug. 22. It is understood that
the practice of law. D. C.
Porteous, Assistant Director of Finance, has been designated

Mr.

announced

was

on

Sherley will return

Acting Director.

to

.

STATE ACTION ON

INTRASTATE RAILROAD RATE
INCREASES.

Announcement

Chairman

of

was

the

made

Public

that the Commission would
that

State for authority

Aug.

on

Service

I. Lewis,

29 by E.

Commission of

Indiana,

deny the petition of railroads in

to increase intra-State

The

3 cents

a

According to the Indianap¬

mile and the existing Pullman rates will stand.

the
Commission would do concerning the petition for higher

"We are not

for Ohio and Illinois inter-State traffic, and said:

going to let the railroads charge the higher fare here while

States on both

Federal

sides of

us

Railroad Administration."

state rates, as has been done

He said the railroads may appeal to

that the 3 6-cent fare basis is not

proposition."




Indiana intra¬

in Illinois.

"The Indiana Commission," Mr. Lewis said,

it is a local

the

have in effect the 3-cent level established by the

the Inter-State Commerce Commission to use its power over

now

that the Ohio

the Illinois Commission have not permitted the 3-6

basis to be put into effect

just

as a

compromise on the part of

and it was adopted unanimously.

will be increased for a

3 to 3.6 cents per mile,
to coal, brick, cement, crushed

rock and similar commodities.

Hearings

freight

the question of advancing intra-State

on

will take place before the Kansas State

and passenger rates

Railway Commission on Sept. 14.

that increased intra-State freight rates

In announcing
Montana

would not become effective until

Increased freight rates on

Sept.

in

10, the

26 said:

"Montana Record" of Aug.

intra-State business over the Chicago

Burling¬

in Montana until Sept. 10, under
Commission, which requires two weeks'
publication of notice of the increase first.
The Burlington failed to file its
ton &

Quincy RR. will not go into effect

ruling of the State Railroad

the

with other roads.

tariff for the new rates

Failure of the Montana Western
order has also delayed time for
has ruled that until correct
on

Board's
The Board
approved, freight
intra-State line, will continue as at

Ry. to comply with the State

its new rates togo

Western, an

the Montana

into effect.

tariffs are filed, inspected and

and it seems evident now that the company
the increase until about Sept. 15.

present
of

,

LEAGUE CALLED "VAIN,

VISIONARY AND VANISH¬

WORLD REGULATION" BY

HENRY P.

I

cannot secure the terms

FLETCHER.

with the League of Nations
covenant, absolutely and completely destroys the great chart
and charter of peace with freedom which we venerate under
the name of the Monroe Doctrine, in the view of Henry P.
of Versailles,

The .treaty

Ambassador from the United States to

Attacking Article XXI of the League covenant,

Mr. Fletcher,

in

address

an

on

Aug. 7 at a reunion in Shade

Gap, Pa., of former resident of Huntingdon county declared
that the Democratic party through its indorsement of the
covenant was

seeking to set up "a vain, visionary

and vanish¬

regulation and interference based on an
arbitrary disposition of the lands and peoples of the earth."
Mr. Fletcher's speech was further quoted and referred to in

ing scheme of world

press

dispatches from Shade Gas as follows:

Declaring the spirit

of the Monroe Doctrine to be a

safe guide in the

nation's international affairs, Mr. Fletcher added:
Monroe Doctrine forbids American participation in the political

The

affairs of Europe.

Monroe

The

" does not take the stand

national proposition, but just

The treaty requires it.

Doctrine forbids interference

in American affairs.

Article XXI of the

treaty of Versailles, Mr.

French text of this
for home

treaties of

peace."
French text of the same article, however,

the maintenance of

"International engagements, such as

not

shall

international engagements, such as
regional understandings like the Monroe Doctrine

literal translation of the

ententes like
are

XXI reads: "Nothing in this covenant

affect the validity of

arbitration or

for securing
A

safeguard and
versions of the treaty, one

authentic. Apparently the
prepared for European and the English text

consumption.

English text of Article

deemed to

be

article was

Fletcher continued, is the

which we were told would

article of the covenant

protect the Monroe Doctrine.
There are two
in French and the other in English.
Both are

The

The

provides for it.

covenant

reads:

the Indianapolis "News" says:

making the announcement Chairman Lewis explained

State Commission and

emergency measure,

as an

freight rates will be increased 35%, save as

freight rates except to state that increases will be granted.
In

within forty-five days from

period of six months from Sept. 1 20%, or from

No

announcement, it adds, was made by him as to what

In part

the railroads to make a complete

ruling of the Commission was probably a

the members

passenger

Mr. Lewis said the present rate of

olis "News" of Aug. 30,

would

expiration of tne three months'stated.

tne

famous

State Commerce Commission.

'dating

Aug. 26 for a

conduct of the

accordance with the rates authorized by the Inter-

fares in

last July by the Inter-

the months of September, October and No¬

vember and file the same with the Commission

Mexico.

The
as

and sleeping car, baggage, milk

1.

Fletcher, former

RAILROAD

ADMINISTRATION.

Sept. 1,

passenger

Commission, but only for a period of six *. onths,

great, officials are

so

decrease in the costs of operation.

SWAGAR

the higher freight,

ING SCHEME OF

give close study to the result of the recent rate

the State Public Service Com¬

peiiod of two years without any reservations.
Tnis, the Commission
not concede, nor would it cede its jurisdiction over State rates.

hand to draw on as a reserve.

For the reason that the

to

to freight rates

as

Missouri,

order permitting the railroads of the State to put

an

rates awarded the carriers of the country

cream

rates

accounted for, Mr. Parmelee said,

Additional expenses not yet

edly would cut down the revenues for the two months.

it is

27 said in part:

The railroads asked to have the rates made effective from

the

$15,000,000,
of $75,000,000

produce revenues of only $2,000,000 and

respectively, for July and August above the standard return
a

deficit for both

months last year.

record for volume, yet

a

to-day issued

from Sept.

represent a net return of $13,700,000,

mission for July and August,

reservations

some

into effect

ing to Julius H.
In the first

rate increases the Commission,

mile.

per

guaranteed amounts.

the

21 at Baton Rouge.

Under the order of the Commission passenger rates

Government owes them.

of consequence in the country 667 nave

Government's proposal for a division of the surplus above
and

must wait

probable deficits before to-morrow night they

Of the 1,194 lines

return

certifications

within the last ten days and more are

Hearings

fares at this time.

pasesnger

scheduled for Sept.

are

authority to suspend the State law fixing a rate of 3 cents

State Commerce

and dividends.

The Treasury has received dozens of

of

Aug. 25 that it would not approve an increase

of passenger

case

With

for advances under the guarantee

"Times-Picayune"

Orleans

New

stated, withholds action because it contends it is without

mission

result of the guarantee.

on

in the matter

standard

period since March 1, according to estimates

Definite figures on

the

freight rates and

today by the
Bureau of Railway Economics.
Fewer than half a score of lines have pro¬
duced revenue sufficient to equal actual operating expenses, which does not

will fall about $600,000,000 below their

Earnings of the roads

not.

to

the St. Louis "Globe-Democrat" of Aug.

Aug. 30 in stating this added:
return for the

did

Aug. 26, the Louisiana Railroad Commission notified the

during which the earnings of the

^control),

basis in effect.,

passing of the Federal wartime power, the fares would

According

period (after termination of Government

The six months'

the

on

back

the Commission will feel at liberty
certificates for advances, either under Section 204 or under
of the Transportation Act of 1920.

line fares in Indiana,
the Federal Railroad

2 cents a mile, but that

on

Knowing
drop
to 2 cents a mile and financially embarrass the railroads, the Ohio
Indiana legislatures repealed their laws providing for 2-cent fare

that

During the period of such suspension
to

based

were

Administration during the war ordered a 3-cent

suspended.

Transportation Act of 1920, will be

under Section 209 of the

Lewis explained that before the war steam

Mr.

this connection may pro¬

the event their
accounts have not been kept in accordance with the Commission's account¬
ing regulations that they will be expected to restate their accounts and
bring them into harmony with the classification provisions.
Pending
proper restatement of such accounts, the Commission's examiners will be
withdrawal and the verification of claims submitted by the carriers for the
reimbursement of deficits under Section 204 and for guaranty payments

gress as

955

THE CHRONICLE

Sept. 4 1920.]

arbitration treaties, and regional

which assure the maintenance of peace,
incompatible with any of the dispositions of the

the Monroe Doctrine,

considered as

present pact."
But both of these explanations or

reservations of the Monroe Doctrine

make-believe or sugar-coated dope. They do not safe¬
the doctrine at all. They betray it.
They merely refer
to "regional ententes" like the Monroe Doctrine.
This is the phrase by
which we were to be lulled to sleep.
It is misleading and confusing but if
we stop a moment to think we see that the Monroe Doctrine 1* no more like a
regional understanding than a "no trespass" sign is like a lease of a hunting
are

only medicated

guard or preserve

or

fishing right."

956

THE CHRONICLE

SURRENDER OF FRANCISCO

VILLA, MEXICAN

SENATOR HARDING WOULD HAVE PEACE AT HOME

BANDIT CHIEFTAIN.
One of the

brightest

be that written about the surrender of Francisco
has

just been completed.

Villa,

bandit leader,

a

In

Villa, which

throughout Northern Mexico.

years a menace

was

The

for

work of mustering out his several hundred followers

mated.

According to the
City:

.

Mexico

All of Villa's

arms

will be given them later.

self-defence, and all the

Officers

which

pay,

All

took

an

of

station in Sabina and handed himself
He said:

"I

the

to the General.

over

if

that

we

As he drew up

surrendered

Behind him

came

They call
would

because

me a

preserve

"Villa's

Press,

other than

further

bandit.

fighting in

They call

me

Mexico meant

the worst

into

entrance

or as

man

intervention

in Mexico, but I

nationality by avoiding intervention.

our

San

Pedro,"

that the bandit leader had neared

a

said the Associated
years

of

revolution

plan of

a

The Associated Press

greeted and embraced by generals who two weeks ago were lead¬

turn

the

conversation

bandit

with

an

leader

The

attempt to capture him.

embraced

Associated

the

his former

Press

enemies, and later, in

correspondent, declared he

peace," he continued to the correspondent.

in Mexico.

tives.

was

I have lost many brothers; thousands of friends and rela¬

seeking for

a

loss.

Many

Villa said he wanted to show how "men could

His surrender, he declared, was due to a desire on his part to see the coun¬

a

no

authority,

than

more

a

scrap

You must be

nowned

in Chihuahua less than

a

month ago that he had de¬

he desired to confer

personally with Presi¬

telegraph at that time, but that such

possible in Chihuahua, where he

was

a 0010*86 was

surrounded by Federals.

im¬

should

we

of

the

pioneer

obligations

We

prove

are on

compact

our

the side of both

He declared he captured Sabinas in order to be certain he could command

Under the terms of his "unconditional" surrender

Territory,

whose

measure to

the remainder of his life

by fifty of his trusted followers, who
will be paid by the Government.
Villa's surrender will cost
the Mexican Government $2,000,000 gold, it was estimated.
The Provisional President of Mexico received a
great

was

our

and defend.

sacrifices

the

commemorate

It

and

the

Some day I hope
achievements

of

we

is

worth

these

on

to American
across

Theirs

confidence,

one purpose, one

the Senate Committee on

on

delegations appealing in behalf of kinsmen

of Americans,

and

citizenship in

our

seeking to solve

of the

at all unbecomingly, the expressed anxieties

foreign born, who are asking our country's future attitude on
in the

adjustment of

They

peace.

are

Americans all,

and natural interest in the fortunes of kinsfolk

proper

One cannot blame them.

If

our

land is

to settle the

jealousies and hatreds of all civilization, these adopted

envies, rivalries,
sons

old home folks

perfectly natural

'

to me, not

native lands.

they

or
a

problems.
come

They were

pride.

But I little realized then how we

sympathy among kindred in this republic.
Old World

one

Foreign Relations and listened

I caught the aspirations of nationality, and

seas,

But they were

than sole allegiance to the land

was more

interested and devoted heart and soul.

complete unison, with
When I sat

came.

The

republic want the settlement favorable to the land from which
is not alone that it rends the concord of nations—the

misfortune

greater the pity is that it rends the concord of our citizenship at home.
is folly to think of

making

of them rejoicingly American when the land of adoption sits

any

Coolidge spoke the other day of the rescue of America from the

Gov.

reactions of

We also need to be rescued from the visionary

war.

less pursuit of peace

I do not want Americans of

what

do for

we mean to

America.

BY MEXICAN GOVERNMENT.'

Gonzalez, former candidate

foreign birth making their party alignments

some

Presidency charged with being the leader of the
July 20 by order of Gen. Calles, Minister of War.

on

the

Earlier

day Gen. Gonzalez had been tried before

and

been

found

guilty

of

a

court-

inciting to rebellion.

ordering his release, Gen. Calles said:
supported

by public opinion with regard to the integrity of its proceedings, and doas
fear that Gonzalez will continue to be a peril to the
stability of its

not

administration

you
will therefore set him absolutely at liberty.
The
already has pronounced its inexorable judgment on this matter

Two

days before Gen. Gonzalez

Jesus M.

near

summary
was

set

free, i.

e.

July 18,

Guajardo, who revolted against the de la

Huerta Government in June when
men

was

Torreon,

was

court-martial

commanding two thousand

captued at Monterey and after
was

executed.

Gen.

a

Guajardo

said to have served under the orders of Gen. Gonzalez.




no

is

for

nation of the Old World.

unison,

not

rivalry,

We want them to

sympathies;

States of

our

need is

sorry

stopped to think where the great world experiment Was

one

frankly,

no one

could know.

We

are

only learning now.

It would

seeking for
hom6.
essential to continued

day for this republic if we allowed our activities in

in the Old World to blind

us

to the essentials of peace at

There is another thought relating to concord so

advancement.

It

said

was

the other

day that the Democrats meant

es¬

pecially to appeal to the farmers and the wage-earners and let America

forget the failure of the world experiment.

If America can be made to for¬

get the attempted barter of nationality, well and good.
if

we

could

threatening to

our

determining what

our

appeal is in vain.

tranquility.

We wish the confidence of all.

You said, Judge Taggart, this

attain

as

as

well

as

delegation comes from shop, store, factory,

We could not well get along

well

as

to

without

any

of them. We must

produce, and we must teach and preach in order to

acquire.

There isn't any governmental part
ment.

I would hold myself unworthy

spoke in appeal to either farmers or wage-earners

because of their numbers.

exchange

There is only one other menace

That menace is the appeal to class in

Government is to be.

of your confidence if I

office and farm.

It would be better

But when nationality is surrendered to internationality

forget.

little else matters, and all
so

Since the Government considers itself sufficiently
strong, being

a

peace

recent
set free

was

on

same

Surely,

be

abortive revolution in the State of Neuvo Leon

call

concord, not the antipathies of long inheritance.

leading;

for the Mexican

Our

and fruit¬

through super-government

be Republicans because of what we mean to do for the United

GONZALEZ, INSURGENT LEADER, FREED

It

Italian and Slovak, or

blending Greek and Bulgarian,

in judgment on the land from which they come.

on

July 30.

courageous

remembering that the pioneers—these stalwart makers of

thinking only of America.

the surrender of Villa, the Mexican

Embassy at Washington announced

shall fittingly

America—were little less varied in their origin than our people of to-day .

number of

telegrams from government officials and private
citizens throughout the republic and in the United States

re¬

frontiersmen and their strong hearted women.

but they have a

Villa,

the

sturdy' citizenship

the conquering westward march of civilization;

gave

territorial awards

according to the Associated Press, will get a huge estate at
Canutilla, State of Durango, where he will be guarded for

martial

our

The story of Wayne County is that of the great

Northwest

are to preserve

There have

telegraphic communication with government officials at Mexico City.

Gen. Pablo

The

strengthened by the hardships of the forest pioneer.

I was, so I started toward Sabinas."

GENERAL

and the

upon

The following is the Senator's

might rend the concord of American

|

"They were trying to find me," he said, "and I wanted to tell them where

upon

or

paper.

confidently and fearlessly American to

of Wayne.

name

beginning

in

One of Villa's soldiers told the correspondent that
campaigns in the last few weeks and months had been harder than work,
men decided they wanted to return to labor.

felicitating him

"Suppose," he continued,

safety and honor to hold for ourselves the decision of

the

dent de la Huerta by

of

obligation to the world."

the

He said

boys to battle." Accepting
a covenant which violates

our

of armed force is agreed

program

try return to peace.

was

call

military alliance and the super-authority of

of adoption, they were

surrender.

in the old

peace

Either they or their forebears came from lands across the sea.

work who wanted to work."

Villa said that it

may

he said, "why make

constitutional

others have had many enemies, but now I want everybody to forget their

enmity and be friends."

He fur¬

day for this Republic

sorry

the essentials of peace at home,"Dis¬

to

us

freedom."

our

cry

Congress of the United States declines to respond.

The

"It is time for

I know many others who likewise have suffered such

to

a

good faith of Nations?"

Article X

mood where I would like to embrace my worst enemies."

"It is time for

wish to silence the

speech, in part:

>

was

ing thousands of soldiers in

Gen.

We

Executive would be called upon to carry on a war without

city without

hunted fugitive."

a

added:

Nation

and

"a free America again.

we

activities in

our

Congress

this truth,

before the main plaza of the Mexican

"marked the first time in ten

conquest

In

ad¬

farmers,

men,

outcry of Nation against Nation in the

"it would be

allowed

we

his band of fol¬

by the United States.

cided

address,

insure tranquility in

may

that under the

so

The

was

cussing Article X of the League of Nations, Senator Harding
expressed himself as emphatically agreeing "that no authority

town, the chieftain said:

peace

his

understanding, and

world to blind

on

cheers of "Viya Villa."

a

Ohio.

against class, and stifle the party appeal to class

ther declared,

Aug. 9, Villa marched into the City of
Pedro, while a cheering populace greeted him with

lowers.

In

in

Senator

am

Subsequently

"in

Harding, the Republican candidate

of

so

surrendering unconditionally because the
country needs peace for reconstruction."

He

social

of class

July 29, Villa met Gen. Martinez, chief of operations
the States of Coahuila and NuevO Leon, at the railroad

I

and

fullness

On

San

industrial

delegation of 400 business

a

want to silence the

Villa, who advised them to avoid

politics and devote themselves to rustic pursuits.

in

have

President, in his home town at Marion,

said

men were

affectionate farewell

rather

We want America free at home and free in the world.

given safe conducts and transportation
their farms in the states of Chihuahua, Durango, and Coahuila.

to

to-

factory workers from Wayne County, Ohio. 1 "We want,""

promised

was

as

Nation of the Old World, the

some

had

WORLD.

promises

Senator, in this his second "front porch" speech,

allowed to retain their pistols for

were

"I

Senator Warren G.

of

for

consum¬

and ammunition and received

The balance of their year's

that

OF

on

at home than command the international peace of
all the world," figured in a "front porch" speech on Aug. 4

dressing

surrendered their

men

for three months.

pay

PEACE

peace

dispatches of that date from

press

might be done for

statement

uncon¬

was announced on
July 28 by the
Government, but not until Aug. 27 was the

Provisional

COMMAND

deprecating party alignments based

what

ditional surrender of Villa
new

THAN

RATHER

of recent Mexican history wil

pages

[VOL. 111.

in fixing pursuit, profession

or employ¬

Perhaps I ought to modify that and say except during war—Govern¬

ment did interfere for the war,

and we want to end that interference.

want America free at home and free

in the world.

outcry of nation against nation, in the fullness
wish to silence the cry

We

We want to silence the

of understanding, and

we

of class against class, and stifle the party appeal

Sept. 4 1920.]
to class

that

so

insure tranquility in

we may

our

If I could choose

freedom.

but one, I had rather have industrial and social peace at
mand the international peace

policy in such matters: and Agricultural Commission, the same

home than com¬

vided by the constitution, with the added function of arousing interest in

obtaining good roads;

of all the world.
has pointed out that

In the study of the great world tragedy, some one

had adopted
gives Congress the right to declare

the World War might have been avoided if united Germany
that feature of

Constitution which

our

that

Many advocates of pacifism think our safeguards are not enough,

war.

there should be

referendum to the people before war.

a

is found among those who seriously propose that a
shall

the

summon

sons

to

battle.

Accepting

The other extreme

council of foreign powers

world.
authority other than Congress may call our
this truth, why make a covenant which

Suppose that under the military alliance and the super-authority of Article
of armed force is agreed upon, and the Congress of the

a program

States declines to respond.
on

than

no more

a

scrap

We

of paper.

ever

played

the side of both safety and honor

are on

to hold for ourselves the decision of our

will not fail to play
which befits a confident republic.

it in that freedom of conscience'and action

Men prate about violated obligations to the

nations of the earth. The solemn

conscience, not the fulfillment of

a

the wake of

American

and

mittee

We have been talking

write the supreme

story of human and national advancement in all the world, and we mean
to hold the inheritance secure and go

confidently on to greater and

achievement.

Federal Legislative

tion;

CHANGES

grander

the

pointed out in
the

on

Provisions covering the

officers of the association

question of adopting the

ing annual meeting of the Association.
and

democratic

according to
of the
One

Constitution of

new

Association, drafted,by the Com¬

Constitutional Revision, will be taken at

on

association

aim

committee,

the

of

the com¬

principal democratizing clauses is the one providing for a

The entire idea in

Committee

determining the associa¬

revision is contained in the foreword to the

a

may

printed

make comparison with the National or State Government,

the revision is drawn

general convention represents

the theory that the

on

wherein the initiative and ultimate power rests, and that the

Executive Council is
laws from time

the legislative body which makes

time in

to

the

changes

and

administration of the affairs

the

of the body

If deemed advisable, the committee

from the membership of the association at
members

Under the proposed changes, the powers

the

by such committees

These changes alone indicated

to $5,000.

up

administrative operations under the present constitution.

hampered
absence

the

Administrative Com¬

appoint committees and authorizes the incurring of

power to

The vice-president is
in

of the president have been greatly

He is made the presiding officer of the

mittee, given
expenses

of

given power to preside over the Executive

the

president.

elective officer

Any

removed from office upon his leaving the

Council

automatically is

banking business; provision is also

made for the removal of elective officers under certain conditions.
Five

members-at-large

are

added to the Executive Council, appointive

more

than

three years.

it be

published weekly, semi-monthly

ADDRESS

included in the
draft

week,

are

draft.

new

Chairman

of commissions

created under the

Bank

of

S Hawes

President of the First National

that Oscar Wells,

Birmingham, Ala., has consented to address the
"The Federal Reserve System," thus completing

on

deal of interest will centre around this address

and

Administrative

The

Treasurer.

Qom-

under present restricted

This fund will

activities that arise.

Elective members of the Administrative Committee from the

Executive

Council, changed under the present constitution from two to four, are to
elected "from

one

of the Federal

of

a

CONFERENCE AT A.B.A.

EDUCATIONAL

the

conference

in

ton

that

with

connection

associations

State
to

the

been asked to

Washington conference.

in this work.

is made

a

re-names

appoint

removal and right to adjust

following subjects:

divisions, making the secretaries of the various

divisions deputy managers of the associations.

people a corporation is something to

when

opportunity presents.
The kinds of banks

tween

national banks,

-

The powers

Manager's

Duties.

and duties of the General Secretary, title changed to Execu¬

tive Manager, have been

both amplified and clarified.

supervise all subordinate officers and employees, is

the association's offices and property,

commissions
take Over

are

provided.

An

Economic

the functions of the present

Policy

Commission,

Currency Commission,

enlarged to consideration
independently investi¬
determining of its

questions of economic policy, submitted to it or

view to assisting the association in the




He is given power
placed in charge of

and he is chief budget officer.

membership limited to seven, whose functions are

a

Distinction be¬

and their respective functions.

State banks, trust

companies and savings banks

should be made clear.

safeguarded.
safeguarded.
The essentials of

what they do and how
what they do and how

analysis and rating.
one's bank.
its character and functions.
7. Investment.
The essential elements of a good investment.
tinguish from speculation.
How to avoid dangerous investments.
8. Foreign exchange, briefly explained.
5.

Loans,

discounts and credit

good credit rating at
6.

The Federal Reserve System,

SENATOR

WARREN

HARDING

G.

AMERICAN WAR—CHINESE BOXER
The assertion that "I want to

strictly and solely American"

play its part in the world"

of foreign powers

Dis¬

ON
SPANISHINDEMNITY.

hold the American conscience

and that "I want America
but "I do not want a council

at any time for any reason to summon

of America to

sons

battle,"

was

the

made by Senator Warren

address at Marion'
Ohio Infantry Asso¬
ciation composed of veterans
of the Spanish-American
war.
Senator Harding observed that "there is a curious
contradiction in the Spanish-American War.
We would
not have made war for humanity's sake if treachery had not
blown up the Battleship Maine. That was the incident which
set America aflame.
The great impelling spirit was the deG.

Executive

■

operated. In the minds of
be feared and always exploited

Corporations, how organized and how

many

to

Savings Bank, National Bank

the Trust Company,
as

The major sub¬

be

approval of Executive Council.

and State Bank Sections

will attend.

partment of the Government

constitutional committee

Tnis committee is also given power to

subordinate officers and employees, power of
salaries subject to

Promi¬

representatives of the educational de¬

ject the Educational Committee is trying to have included
in school work is general banking knowledge as covered in

administer the affairs of the association between meetings

of the Executive Council.

ideas

Several writers of J text books wil
committee the proper treatment

subjects pertaining to banking and finances.

educators and

nent

Through this educational con¬

stimulating the interest of bankers all over

attend to discuss with the
of the

created

expects to secure an exchange of

ference the committee

the country

Mr. Kaufman says

educational
and that each
send representatives to

have

help the A.B.A. committee

these bodies has

of

18 to 22.

Oct.

Association

committees

announces

educational matters will be held at

on

most

Committee

that a
Washing¬
the convention of the American
Association,

Bankers'

American

MEETING.

Chairman of the Educational

R. O. Kaufman,

division, the vice-president may serve

the Administrative Comittee, which

with full power to

member of the Advisory

Committee of the Federal Reserve System.

Reserve districts which are not already

represented," making the committee representative of the entire country.
In the absence of the president

playing

Mr. Wells is qualified

conditions."

handle the subject fully, being a

to

a

provided for in a five per

fund, aside from specific appropriations.

occasion.

that the system has played and is

because of the part

Bank reserves, what they are,

Counsel

It is pointed out

piepaed for the

Bank deposits, what they are,

General

gated, with

C.,

Washington,

at

18, President Richard

4.

cent emergency

Of all

noted in these columns

the

3.

cover emergency

will

as

D.

select the Executive

The Council is given power to

Plans for greater activity of the association are

Four

BY

SYSTEM,"

CONVENTION.

will address the convention of

Association

Bankers'

announces

2.

mittee selects the Secretary.

which

Whether

/

•

RESERVE

speakers who,

855,

during the week of Oct.

made ex-officio members of the Executive Council.

the Executive Council.

to

'■

A.B.A.

AT

Power of removal of any association employee is vested in

of Secretary.

Article X

council

direction of the Executive

monthly is left to the Administra¬
1:

'

■

.

WELLS,

page

American

1.

The
position of Executive Manager is created, and also the subordinate position

on

or

"FEDERAL

ON

In addition to the
last

the

Spring and fall meetings of the Executive Council are called for.

Manager,

'

■

;

OSCAR

for a consecutive term

by absence from two consecutive sessions without satisfactory excuse is

new

large and not confined to

Manager and the supervision of the Public Relations Commission.

Forfeiture of membership in the Council

service by the president for one year, reappointment

of not

appointed by the
can be selected

personnel

at present.

as

official publication is placed under the

The

with the hope of

politic."
amplified.

be secretaries of a State

the committee

on

Council committees may be selected by the Council or
President.

Bankers'

draft which says:

the people,

and require that one

members of the committee,

Bankers Association.

of

says:

of the entire membership of the association, for

we

State

State Taxation;

on

Protective Committee call for two co-ordinate

as

of the three council members

committee

tion's policy on questions of moment, at any time during the year.

"If

State Legislation;

on

Membership.

on

workable

more

statement issued by the publicity

a

Association, which also
of the

the

is

A

referendum of either the Executive Council, the Administrative
or

Federal Legisla¬

on

that "a great

ASSOCIATION.

issue of Saturday last, page 855,

our

American Bankers'

mittee

Council; Committee

Finance Com¬

follows:

as

the program

OF

CONSTITUTION

IN

BANKERS'

AMERICAN

action

named

are

Insurance Committee and Committee

meeting

we

Commission, whose

and Marine

Commerce

a

the present committee of that name.

.■

PROPOSED

As

and

same as

(reduced from nine to six members); Committee

mean

fair chance for every man, have enabled men to

a

added;
the

are

Permanent Council Committees

That doesn't mean the old

getting back to normal.

conferred in the

amid the usual conditions in

order, that
looking backward.
It is the short and easy way of saying,
"again to stability," "once more to regularity."
There hasn't been a
backward look in America for 300 years, but the man who faces the future
With highest assurance is he who has noted the paths which made his progress
secure.
We Republicans hold that the inherited plans of constitutional,
representative popular government, with the inspirations of nationality
about

functions

is

tive Committee.

written obligation.

The world has to steady down.

war.

and our splen¬

the armed manifestation of

It is impossible to definitely fix our course

doesn't

association

obligation to ourselves,

part in the World War was an

our

performed in sympathy with associated, not allied, powers,
did part in helping to win the war was

convention

being changed from com¬

name

creating resolution, except that supervision of the official publication of the

We have

obligation to the world.

becoming part in human prograss, we

a

truth is that

should prove our compact

being the Public

Commission,

mittee to commission and the functions being the same as

United

The Executive would be called upon to carry

without constitutional authority, or we

a war

Relations

membership of the association, the

Legislative Council; Protective Committee; Committee

violates the good faith of nations?

X,

Public

a

as now pro¬

Relations Committee created by a resolution at the St. Louis
from the

Republic to war anywhere in the

of this

I emphatically agree that no

boys

957

THE CHRONICLE

Harding

Ohio

on

in

an

extemporaneous

Aug. 5 to members of the 4th

fense of America and American

send

We had the right to

rights.

friendly battleship to Havana" Among other things,

a

New York Stock

authorized

always liked to believe that the sons of America who went to the

relief of stricken Cuba fought the first war for humanity in the world.
We have heard

good deal in the last several months about

a

for

war

humanity's sake, but I know, as you do, that never before had this Republic
found itself so

It

much impelled by desire to relieve suffering humanity

not such

was

able to

that which saved our Union,

a war as

War—the supreme tragedy

World

the

America

no

less

right to

was

the defense of the stricken people of Cuba,

go to

and I tell you men

that that is the spirit that will always save the United

States of America.

capital of the

March 20, May 1 and May 29.

■■

vn

f

.

The Bank of the United States of this

Though I believe we have played

did not go to war

we

went to

world,

throughout the

upholding democracy

the simple,

our part

Southern Boulevard, in the Bronx.
bank will be established

people will give their all, all of treasure, all of soul, all of life, to defend this
great Republic.

glory in the part the sons of America played in the Spanish-American
May I stop to say that I glory in. the part I played in voting to prove

the gratitude of

this nation for its sons who fought in the war with Spain ?

I think America must always

sides and families to go out to

said that
of the

ours

is

be grateful to the men who left their fire¬

make the supreme sacrifice.

ungrateful Republic.

an

We

are

At

honest truth

until American rights had been violated, and then
rights.
*

Ifyou will only keep that in mind we can know that more than 100,000,000

war.

will be

Let it not be

140 years old.

The story

development of America is the story of the development of American
the American conscience strictly and solely American.

I want America to play

foreign

powers

to battle.

I do not want

its part in the world.

a

a

council of

While

our

China, and
ceived

our

in the Philippines,

were

men

part in putting down the rebellion.

maintain the

us

We re¬

indemnity—and then returned it to China, besides paying all

gratitude and confidence of China, which
Let

To all the powers that

awarded indemnities, which China must pay.

were

expenses of our

unafraid

the Boxer uprising started in

joined the powers in suppressing it.

we

of

enemies

Republic

we

have

For that

we

and go forward serving America and humanity.

ITEMS

ABOUT

No bank
the Stock

ing

BANKS,

Exchange

bid and

banks and

at auction.

or

trust

the

COMPANIES,

were

&c.

sold this week at

Extensive tables report¬

deposits,

record

surplus,

&c.,

published monthly in the "Bank and Quo¬

September issue of which accompanies
asked quotations for all

Bid and

company

stocks

are

also

paper,

published weekly in another department of this

to-day

of

Wednesday last, the petition of

three-day holiday

over

(Saturday's) session,
Labor Day (Monday

next, September 6) will be observed.

The

The

the

of

York

New

Stock

the opening

announce

deal in high grade issues of Munici¬

department will be under the management of Mr. Fisher

Buell and Mr.

&

George A. Heath, formerly of Redmond

Company, who have been admitted

in the firm of Prince &

general partners

as

Whitely.

Samuel Freeman, Chairman of the Board of the Morristown Trust

Co. of Morristown, N. J., died at

Morristown

on

Aug. 30 after

a

brief illness.

his home in

Mr. Freeman

organized the Morristown Trust Company in 1892 and served
its President until Jan, 1919, when he declined
the

Board.

Mr.

re-election

He has since been Chairman of the

Presidency.

Freeman

for

was

many

years

Commission Merchant in grain in New York

a

wholesale

and had been

elected to membership in the New York Produce
in 1866.

He

was

Exchange

born in Fairfield, Maine, in 1844.

advertisement

tipple

Company of Buffalo, N. Y. publishes

announcing that "The Bank of Buffalo

and the Marine Trust

Company of Buffalo have merged,"

and that the consolidated company
millions and

resources

of

one

having

a

capital of ten

hundred and forty millions is

by far the largest financial institution in that part of the

holiday

country.

by the New York Cotton and Produce

will also be availed of

Members

Whitely,

The Marine Trust

members for the suspension of to-day's
the customary

for the quarter ending

and

Governing Committee of the New York Stock Ex¬
on

quarterly dividend of 5%

that date to stockholders of

on

Bond Department to

a

an

The

Rudolph

palities, Railroads, Corporations and Foreign Governments.

♦-—-

change having granted,

&

Prince

978.

on page

payable
Sept. 17 1920.
'
1920,

a

company

Exchange, 52 Broadway, New York,

to

City bank and trust

will be found

Sept. 1 declared

on

capital stock of the
30

Sept.

companies in all important cities in the

"Chronicle."

York

appointed Assistant

was

Company
on

as

are

Company of New York
was

appointed an Assistant Manager of the Foreign
Department of the Guaranty Trust Company of New York
on Sept. 2.
The Board of Directors of the Guaranty Trust
Goepel

of

tation" Section, the

to-day's

stocks

asked quotations,

United States

New

TRUST

trust company

or

Richard P. Staigg

appointed Assistant Manager of the Paris Office.

A.

independent, free, self-reliant America,

as

the Guaranty Trust

Manager of the London Office and John A. Griswold was

earned the

held since.

ever

determined to stamp out enemies within,

without,

of

30,

In the

twenty years than had been accomplished in 300 years before.

participated

branch of the

meeting of the Executive Committee of the Board of

Aug.

on

did £iore for human progress and human development in

we

new

to summon the sons of America

at any time, for any reason

We do not need any one to tell us what our obligations are.

Philippines

A

the site, and it is expected that it

opened about Jan. 1 next.

Directors

conscience and maintained American patriotism.
I want to hold

on

in

to defend American

war

City has acquired

property at the Southeast corner of Freeman Street and

I know I have been criticised for what I have said about

part in the World War.

I

The

increased from $3,000,000 to

$4,500,000 at the time of the merger with it of the Citizens
National Bank, mention of which was made in these columns

nor was it compar¬

patriotic than that of any of the greatest wars.

we

$4,500,000.
was

as

of all civilization—yet I

veterans here that the service you rendered was

say to you

may

is

listed

relieved it in that short conflict.

you

our

Exchange, thus making the total amount

be

to

Chemical National Bank

he also said:
I have

[VOL. 111.

THE CHRONICLE

958

reported

Before

the

capital

a

of

the Marine

merger

Trust

surplus

$7,500,000,

and

company

profits

of

Exchanges, the Philadelphia, Boston, Chicago and Detroit
Stock Exchanges. On Tuesday next, Sept. 7, the New York

approximately $9,650,000, and deposits of about $66,000,000;

Cotton Exchange will close at noon in order that the members

and

celebrate the fiftieth anniversary of the organization
the Exchange.

may
of

•

•

.

.

■

York Stock

Exchange

At

brokerage firm of Dewing & Co.,
Street, was announced on the New
Aug. 30.

on

tary petition in bankruptcy

was

United States District Court.

On Aug. 31 an involun¬

filed against the firm in the
The petition

placed the lia¬

bilities at $2,500,000 and the assets at $2,200,000.
B.

Kerr, assignee,

Manton.
E.

was

The firm

Albert

appointed receiver by Federal Judge
formed

was

Bank

on

March 1 1907 by Hiram

Dewing (the Exchange member) and John D. Thomson.

of

profits

Buffalo

of

a

had

capital of $2,500,000; surplus

a

similar'amount

and

deposits

exceeding

$33,000,000.

#

...

The suspension of the
with offices at 14 Wall

the

meetings to be held

on

Sept. 28 the stockholders of the

Lincoln National Bank and those of the Alliance Bank of

Rochester, N. Y., will vote

upon

the proposal to consolidate

the business of the two institutions under the

Lincoln-Alliance Bank, with

an

name

plus of approximately $4,000,000.

Under the plans which

the stockholders will approve,
over

be

the assets of

the Alliance Bank will take
the Lincoln National, and the latter will

placed in liquidation.

As stated in

the Alliance Bank is to increase its

our

issue of Aug. 14,

capital from $1,000,000

Mr. Kerr is reported as stating that the difficulties of the

to

firm

assets of the Lincoln National Bank to an amount

were

brought about by the failure of

their margin calls.

customers to meet

The announcement posted

on

the doors

of the firm said:

to meet

our

obligations.

Exchange that

We have, therefore, made

benefit of creditors to Albert E.

Kerr,

as

an

we are unable

assignment for the

assignee.

It is impossible at the moment to state the assets and liabilities of the firm.
An

examination of the books, however, is to be made at

accountants Mid

of the creditors
announcement

once by expert
everything possible will be done to protect the interests

and

will

$2,000,000, the increase to be used in payment for the

the net assets of the Alliance Bank.
also at their

We have notified the President of the Stock

customers

be

made

as

of the
to

firm.

As

soon

as

the approximate assets

practicable

meeting vote

upon

the proposal to increase the

directorate of the Alliance Bank from 13 to 26, the additional
directors to be chosen from the present board of
National.

the Lincoln

The official staff of the Alliance Bank is to be

retained and will be added to from the official organization
of

the Lincoln National.

an

Frederic B.

Washburn will

be elected

President of the

♦

Mechanics National Bank, of Worcester, Mass., to

The#application to list the additional stock to the
of

amount

$1,500,000 of the Chemical National Bank of this city,
approved by the Governing Committee of the

has been




equal to

The stockholders will

and liabilities

of the firm.
.

of the

aggregate capital and sur¬

Francis H. Dewey,

thirty-two

years.

succeed

who has been President for more than

Mr. Dewey will be chosen Chairman of
actively interested

the Board of Directors and continue to be

Sept. 4 1920.]

959

THE CHRONICLE

in the affairs of the hank.

Mr. Washburn has been Presi¬

THE ENGLISH

dent of the Franklin Savings Bank, of Boston.

We

reprint

Samuel

Effective Aug. 7, the Lycoming

National Bank of Williams-

$200,000
and its surplus from $150,000 to $300,000.
The additional
stock was authorized by the shareholders on June 29.
The
new issue was
disposed of at $250 per share, par $100.

the

Aug. 19 1920:

,

GOLD.

The Bank of England gold reserve against its note issue is. £121,532,565,
a

slight increase of £2,105

as

of gold came into the market and was readily

amount

was

meeting of the Union Finance Co., Cleveland,

held Aug. 30, at which time the company's officers

and directors
members

new

re-elected for the ensuing year.

were

United States of America and India.

elected

were

board, namely W. M.

to the

Secretary-Treasurer of the Sterling Manufacturing

Scott,

Under date Aug. 12 Reuter reported

subsequent to the last mentioned date.
has

the

Gundling-Jones

Co.,

The regular

Ohio.

Cleveland,

was declared payable as of Oct. 1.
Com¬
pany's earnings are said to be about 16% on its outstanding

quarterly dividend

There will be

no

sales

gold coin worth Rs. 35.4

new

been minted by the Thibetan Government.

A correspondent in the "Times" recently set out

figures touching the stock of gold

the following interesting

showing that the stock has been

money,

increased since the end of 1913 by £356,000,000:

Gold at 85s. per fine ounce.)

(In millions of pounds.
1912.

'

.

1913.

1914.

1915.

1916.

1917.

1918.

1919.

95.9

94.7

90.4

96.4

93.5

86.3

78.2

72.0

25.6

27.3

(21)

(17)

(18)

(16)

25.2

18.0

7.6

1.7

11.1

World's output of gold..
Industrial

consumption

(Europe and America)
India's

absorption

to Mar. 31

Bal. available

as

(16)

(22)

19.0 —1.6

19.4

51.3

63.8

30.6

1,806 1,857 1,921

1,952

(year

*

following).

4.2 —1.4 —5.0 —0.8

Egypt's absorption

stock.

common

A

Bombay.

Sept. 1 and 14 the standard

on

gold equivalent of 1,250.000 tolas of fine gold.

Co., Cleveland, Ohio; Paul Gundling, President of the Gundling-Jones Co., Cleveland, Ohio; E. D. Jones, Treasurer of

absorbed for the

that $750,000 gold had been engaged in the U. S. A. for shipment to

Three

A fair

compared with that of last week.

The Indian Government will offer for sale

Ohio,

circular of

the weekly

Montagu & Co. of London, written under date of

port, Pa., increased its capital from $100,000 to

The regular

MARKETS.

SILVER

AND

GOLD

following from

66.8

1,596 1,663

-

-

78.5
1,742

50.8

40.9

money.

64.4

Aggregate stock of gold

Bank

of

Youngstown, Ohio, died

disease.

Aug. 26 from heart

on

70

was

years

of

age.

(Dec. 31)

1,546

public treasuries bySthe following table (in millions of pounds):

Northwestern

of

of

25%

&

Trust

stockholders

to

Savings Bank of Chicago, payable

record

recently declared by the

of

as

Sept.

With

its

enlarged capital

1917.

1,228

1,373

1,474 1,500 1,438

194

145

629

514

—22 —115

Dec.
945

and

101

26

—62

433

383

421

514

—81

—50

38

493

circulation

in

(difference figures):

,

651

Total

$600,000 to $750,-

institution will have

the

dec

or

Private banks, hoarded,

This issue will

1.

increase the capital of the companj^ from
000.

1916.

State banks & treasuries:

„

was

Total

1919. Inc.or

1915.

1,034

1913.

Year's inc.

stock dividend

1918.

1914.

89

Dec. 31—

Total.

A

during the war from private banks into

He also indicates the migration

time been Mayor of

Mr. Gibson, who had at one

Youngstown,

money

the City Trust & Savings

William T. Gibson, President of

Year's inc.

dec

or

...

93 —137

Stock of gold money:

1,742 1,806 1,857 1,921 1,952
79
64
51
64
31

1,596 1,663

Total.

surplus and undivided profits of $268,109.

Year's

increase

67

...

356

SILVER.

The

Transportation Bank in

Chicago, is

now

scheduled to

for business about Sept.

The subscription books are to

15.

announced in
formed with

its stock
The

capital of $500,000 and

selling at $125

per

a

R.

Brunker,

Liquid

President,

Counselman

President,

&

Co.,

being

surplus of $100,000

share.

following is the list of directors

V. M. Alexander, Assistant General Manager,

A.

We

close'on Sept. 6.

issue of July 10 that the bank was

our

a

of organization in

process

open

Carbonic

as now

constituted:

Chicago & Alton Railroad;

Charles

Co.;

Bankers;

Investment

W.

Counselman,

P.

Donohue,

President, M. A. Donohue & Co.; W. E. Dwight, President, Dwight Broth¬
Paper Company; J.

ers

Barnhart Brothers &

E.

H.

French,

President,

W. Leitzow, Treasurer, Natural Dry Milk Com¬

Thos.. E. McGrath, Vice-President; F. C. Schultz, Chief Inspector,

pany;

Chicago Car Interchange Bureau;

General

Manager,

Anderson

Frank E. Spencer, Secretary and

& Gustafson,

Inc.; George Halleck Taylor,

Prudential Life Insurance Com¬

Chicago Mortgage Loan Correspondent,
pany

W.

Spindler; William J. Hart plan/President; E. W. Kraft,

Keuffel & Esser Co.; F.

The

Enquist, Cashier;

The

of Newark, N. J.; and Orville J. Taylor, Taylor, Miller & Plamondon,

Attorneys.

fair amount of silver for forward delivery,

a

the

of

First

and

Trust

Chicago have elected John C. Mechem

still rife at Shanghai. The
militates against the balance
for Chinese commodities
in the Western markets as yet shows no improvement, but of course it must
be borne in mind that the Chinaman is not averse from gambling.
There is an apparent check to the advance of the price of silver in the
United States.
Supposing that the quotation for alien silver rose above a
dollar, the supplies might become swollen by the fact that domestic metal
would be marketable at a profit over the Pittman price.
Hence it is
reasonable to expect that except under very strong forces indeed, round
about dollar point in America may register the top of the U. S. market.
At to-day's U. S. exchange rate—3.61—a dollar price per ounce represents
about 61 %d. per standard ounce.
Any serious fall in the U. S. exchange,
however, would be more or less reflected by a substantial rise in our silver

In his

Boisot and Roy C.
ment.

Vice-President.

post Mr. Mecham will be associated with Louis

new

Osgood, in charge of the trust depart¬

For the last year Mr. Mechem was

work with Lee,

previously1

because speculation

but

engaged in special

Higginson & Co.'s Boston office.

He had

practiced law in Chicago.

in exchange is

upward movement in the gold value of silver

in favor of China, and the outlook

of trade moving

high-water mark in the London price
drop in the U. S. exchange.
though in not such large quantities as
some few weeks ago.The fact that the inquiry for cash silver has been rather
spasmodic accounts for the %d. discount and the %d. premium which has

quotations here, so that to forecast the
is

equivalent to guessing the lowest possible
Continental supplies still arrive,

on

different days.

Savings bank of
a

of any change in the condition of her export

San Francisco, not on account

trade

obtained

directors

The

India has been a

There has also been some bear covering.
China has
and has also bought at

buyer for shipment.
taken

been distinctly good.

market has

of the

tone

INDIAN

CURRENCY RETURNS.

July 31.

(In lacs of rupees.)
Notes in circulation

Aug. 7.

Aug. 15.

16387
5,036

16253
5,116

16295
5229

—

India

Silver coin and bullion in

Silver coin and bullion out

—

of India.,

—-

—4462

4251

4180

4062
2827

India

Gold coin and bullion in

4509
2377

4733
2153

Gold coin and bullion out of India

Government)

Securities (Indian

(British

Securities

Government)—

coined during the week ending 15th inst.
stock in Shanghai on the 14th inst. consisted of about 34,300,000

No rupees were
The

Albert C. C. Timm has retired

First National bank of

as

Chicago, after thirty-five

To fill the position the

service.

James W. Lynch as

assistant cashier of the
years

of

directors have appointed

with about

35,300,000 ounces in sycee, 19,000,000

of silver on the
The

20,000,000 dollars, and 1,010 bars of silver, as

in sycee,

ounces

12th inst.

First

The

has

National Bank of

capital of $250,000

a

increased from $100,000.

Aug. 19;
on

The

Kinston,

having been
capital became available

new

the increase was authorized by the stockholders

June 10,

at $125 per

and the additional stock (par $100) was placed

Bar Silver

share.

nounced by
died of

days

"

14_

••

"

19

silver

the "Pacific Banker" of Aug. 7.

Mr. Brewer

Mr. Brewer entered the
Vice-President in 1906; about two years

his 49th birthday.

Fidelity National

as

later he become Vice President
in 1911 he

of the Exchange National;

resigned that post to take the presidency of the

Fidelity National, following the acquisition, with others, of a
large portion of the holdings of the former President George
S. Brooke.
Mr. Brewer had also been President of the
Genesee Exchange

Bank of Genesee, Idaho, and was identi¬

fied with other banking




institutions.

113s. 3d.
114s.
114s.
114s. 7d.

59.812d.

113s. 9d.

delivery are respectively

week ago.

CABLE.
securities, &c., at London,
reported by cable, have been as follows the past week:

The
as

p.Oz.Fine.
112s. lid.

59%d.
59%d.
60d.
60%d.
Old.

quotations for cash and forward

FINANCIAL

ENGLISH

an¬

Bar Gold

2 mos.
59d.

59.833d.

Average

H. Brewer, President

Oz. Standard.

__-.._----59%d.
59%d.
-_59%d.
60%d.
61d.

18

««

MARKETS—PER

daily closing quotations for

sleeping illness; he had been ill since June 25, two

after

-

J-

16
17

"

per

Cash.
..._59%d.

|2%d. and 2%d. above those fixed a

Fidelity National Bank of Spokane, Wash., is

the

Aug. 13--—

The

The death last month of Thomas
of

North Carolina,

the amount

10d. the tael.

Shanghai exchange is quoted at 5s.

assistant vice-president of division D.
Quotations—

now

compared

dollars and 1,110 bars

2%

59%

<1. 60%
per

cents

....

French Rentes

(In Paris), fr

The

84%

.—

Domestic

Wed.

57%

Sept. 2
Thurs.

58%

115s.ld. HGs

46%
84%

Sept. 3
Frt.

59
115s.3d.

45%

45%

84%

84%
78

78

78

78

56.20
87.50

56.05
87.50

55.45
87.50

55.65
87.40

price of silver in New York on

Sliver in N.

Foreign

(InParls).fr

46%

Sept. 1

78%

British 4% per cents.

French War Loan

115s.6d.

40%

.84%

British, 5 per cents

Tues.

58%

*

115s.5d.

d,115s.

Gold, per fine oz..

Aug. 30

Mpn.

Sai.

3—

Silver, per oz

Consols,

Aug. 29

Aug. 28

ljondon.

Week ending Sept.

....

the same day ba,s been:

Y., per oz (cts.)—
*

99%

99%

97%

94%

99%
92%

99%
91%

99%

93%

99%
94

[Vol. 111.

THE CHRONICLE

96<r

EXPORTS FOR JULY.

IMPORTS AND

Washington has issued the
statement of the country's foreign trade for July and from
it and previous statements we have prepared the following:
of Statistics at

The Bureau

FOREIGN TRADE MOVEMENT

(In the following tables three

OF THE UNITED

The world's shipment of wheat and corn for the week
ending Aug. 28 1920 and since July 1 1920 and 1919 are
shown in the following:
Wheat.

1920.

Exports.

gold and silver for July:

Totals for merchandise,

Excess

Excess

of

Ex¬

Im¬

of

Ex¬

Im¬

of

Exports.

ports.

ports.

Exports

ports,

ports.

Exports

1919

1918
1917
1916

1915
*

654,000

117,000

568,687
507,468

.

537,000
343,746

224,941

54,673

241,878

7,199
69,052
9,395
2,192

372,758

.

.

.

225,926
182,723

261,991

143,245

125,224

$

"277",666 34",363",000 1 28",386",000 2,961", 000
1

5,528

2,734

Oth. countr's

5,214

35,616

8,262
40,830
5,538

3,420

2,118

4,337
3,966

2,426

1,911

3,003

963

17,273*15,071

Total—

"783",000

visible

The

"""74",000

"514",000

"982",000

121,792,000 116,066,000

11,287,600

3,108,000

24,784,000

21,801,000

supply

comprising

grain,

of

the stocks in
at lake and

at principal points of accumulation
seaboard ports Aug. 28 1920 was as follows:

granary

Excess of Imports.

Totals for

months ended July 31:

seven

20,614",000

23,088,000

17,271,000

7,832,000

India.......

6,496

62,1081*52,713

205,000

547,000

73,000

"635",656

Australia

$

*1,062

5,494

52,827
4,986
41,748

2,213
27,304

265,590
146,832

444,714
268,469

.

$

2.055

19,818
1,846

21,873

Bushels.

Danube.—.

Argentina...
$

$

%

%

%

July 1.

Bushels.

Russia..

Im¬

ports.

$

July 1.

Bushels.

69,626,000

79,597,000

North Amer. 11,010,000

Excess

Ex¬

-

Aug. 28.

July

Bushels.

Stiver.

ports.

1920

1.

Bushels.

July 1.

Bushels.

1919.
Since

Since

Week

Since

Since

Week

"1920.

1919.

,

Aug. 28.
Gold.

Merchandise.

Corn.

,

STATES.

ciphers are In all cases omitted.)

GRAIN STOCKS

Gold.

Merchandise.

Ex¬

Im¬

ports.

ports.

Ex¬

ports.

of
Exports.

Im¬

ports.

of
Exports

New York......

Excess

Ex¬

Im¬

of

ports.

ports.

Exports

Boston.

$

%

$

%

$

$

$

.

.'4,901,886 3,481,768 1,420,117 217,289144,269 73,020 87,616 62,575 25,041

1919 .4,626,109 1,954,257 2,671,852151,682

28,702

1918 .3,481,694 1,787.881 1,693,813

52,292 99,390 150,368
52,337 *23,636 134,608

1,882,043271,587505,469 *23,882
1916 .2,925,335 1,467,820 1,457,515 75,801249,087 *173286
1915 .1,970, 2771 ,008,909
960,878' 9,774162,187 *152413
"
1917 .3,660,786 1,778,743

1,171,000

Baltimore...

1920

Philadelphia

3,313,000
356,000
2,883,000

Newport News.
New Orleans

....

48,118 102,250

94,254

Buffalo

22,693
17,541

Toledo.

35,379

21,572
17,838

28,815

18,745

10,070

...

Galveston......

40,354

Chicago..

44,265

Detroit

Milwaukee

.......

Commercial amlBXisceUaticons ^Lerof
"

Breadstuffs

-Vwv-^VWJVWWVVWVVWWVVVVVWWWVWW^V/A*

brought from page 1005.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
figures

_

_

Kansas City

Corn.

Wheat.

oats.

Barley.

Rye.

bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 56 lbs. bush Amis. bush.bQlbs.

Chicago

1,754,000

Duluth

—

675,000

2,629,000

89,000

109,000

.....

Minneapolis..
.—

20,606

Milwaukee...

2,872,000
889,000

95,000
575,000

115,000
201,000

10,000

90,000
159,000

191,000
190,000

201,000

"~

"121",000

30,000

"21,000

1,105,000
221,000
101,000

1,166,000

354,000

860,000

""34",660

"""7",066

Peoria.......

60,000

295,000

315,000

32,000

24,000

Kansas City..
Omaha

1,963,000

102,000
312,000

210,000

Indianapolis..

194,000

Toledo

66,000

152,000

......

Detroit

St. Louis

""97",000

....

1,016,000

PH
Total

wk.

'20

226,000

9,225,000

Same wk.

'19

Same wk.

'18

450,000
373,000

18,926,000
15,445,000

27,000

7,953,000
6,583,000
11,777,000

698,600

27,000

7,000

163,000

17", 000

715,000

51,000

9,000
44,000

75,000
32,000
376,000
12,000

-

99,000

18,000

160,000
273,000

36,000

386,000

134,000

208,000

254,000

141,000

Total Aug. 28 1920....19,222,000
Total 1 Aug. 21 1920—19,793,000

2,898,600

8,000

359,000

854,000
577,000
27,000

5,000
131,000

20,000

Indianapolis
Omaha

;......

On

Lakes.--..—.-

On

Canal and River....

'

40

21,606

48,821,000

—

-

.

—

12,000
2,156,000
2,211,000
6,534,000

2,164,000
3,692,000
2,258,000
956,000 19,411,000 12,327,000
5,232,000 19,309,000
1,325,000

Total1 Aug. 30 1919:...56,828,000

-

6,000
176,000

190,000

8,149,000
5,406,000

1,510,000

13,000 bushels New York; total,
13,000, against 25,000 bushels in 1919; barley, New York, 8,000; Duluth, afloat,
1,000; total, 9,000 bushels, against 43,000 bushels in 1919.
Note.—Bonded grain not Included above1 Oats,

Canadian—

Montreal...

"

Other Canadian

179,000
197,000
28,000

56,000

2,913,000
958,000
1,911,000

—

—

Ft. William & Pt. Arthur.

......

—

270,000
138,000
293,000

Total Aug. 28 1920.

5,782,000

56,000

6,202,000
2,348,000
4,250,000

46,000
118,000

140,000
1,000

404,000

Total Aug. 21 1920.

2,213,000

Total Aug. 30 1919.

316,000

270,000

665,000

126,000

8,403,000

5,782,000

2,898,000
56,000

8,149,000
404,000

457,000
643,000
1,760,000
391,000

—..

Summary—

966,000

1,968,000
2,757,000
4,863,000

204,000

56",000

287,000

Total Aug. 31 1918.

404,000

1|72,000

54,000

:

69,000

...

Total Aug. 31 1918
Flour

Receipts at—

547,000

26,000
19,000
498,000

2,039,000

Peoria

-—~

920",000

i32",666

726,000

St. Louis

-

9,000
3,000

118,000

453,000

650,000

...

_.

—

17*1",660

...

.

U

249,000
148,000
37,000

248,000

Minneapolis

■

...

67,000

194,000

Duluth

201,000

291",666

1,006,000
283,000
43,000

:

bush.

bush.

206,000

206,000
201,000

477,000

2,282.000
114,000
143,000
21,000

afloat

i Excess of imports.

13,000
64,000

Barley

Rye.

oats.

848,000
3,000

486,000

2,334,000
405,000

...

bush.

bush.

bush.

United States—
Excess

Excess

Corn,

Wheat,

Stiver.

American

985,000

728,000

1,470,000
1,241,000

832,000
432,000

.19,222,000

...

Canadian

.

......

2,164,000
270,000

2,156,000
457,000

.25,004,000

2,954,000

8,553,000

2,434,000

2,613,000

mm

Total Aug. 21 1920.

.25,995,000

Total Aug. 30 1919

..59,176,000

3,738,000
6,071,000
1,0741,000 21,612-000

2,396,000
12,620,000

2,854,000

Since Aug. 1—
w
1920

Tota JAug. 31 1918

.53,071,000

5,358,000 27,712,000

1,325,000

1919

1,853,000

37,582,000
88,188,000

F 1918

1,487,000

90,433,000

&

992,000

7,992,000

23,216,000

9,806,000
18,210,000

30,971,000
46,955,000

2,239,000
7,805,000
3,966,000

beaboard

Total receipts of flour and grain at the
the week ended Aug. 28 1920 follow:

2,260,000

Total Aug. 28 1920.

1,848,006

ports for

FOREIGN

TRADE

OF

YORK—MONTHLY

NEW

STATEMENT.
Customs Receipts

Merchandise Movement at New York.

Receipts at—

Flour.

Wheat.

Corn.

oats.

Rye.

Barley.

at New

Month.

Barrels.

New

York...

Bushels.

165,000
13,000

Bushels.

52,000
2,000
13,000

120,000

23,000

""""e'ooo

1,281,000
911,000
2,020,000

119,000

2,915,000

""GO", 000

40,000

Baltimore....

27,000

Galveston
Montreal

Bushels.

286,000
30,000

Portland, Me.
Philadelphia..

1,634,000
244,000
619,000

Bushels.

New Orleans.*

'

350,000

53,000

""""2",000

225,000

""""2",000

93,000

wk.

'20

370,000

9,624,000

247,000

Since Jan.1'20 16,274,000 129,344,000

13,975,000

Week 1919.

666,000

8,641,000

239,000

25,250,000 138,492,000

9,071,000

._

Since Jan. 1'19

569,000
16,988,000

578,000

61,000

6,899,000 36,689,000

1,500,000
15,000
857,000
52,772,000 29,520.000 24,569,000

*

op

Receipts do not include grain passing through New Orleans for foreign ports
through Dills of lading,
Ijj
eHk

The exports from

ending Aug. 28

are

1920.

1919.

S

$

$

...

.

March

June

July
Total.

—

21,284.852

19,323,958

22,429.000
19,999,693
17,981,669
21,434,058
21,468,214

13,964,223

1966377062 982,555,314) 2056152490 2169317337 143,921,444

82,927,475

Movement of

Barrels.

York

208,000

Philadelphia

313,000
1,536.000
175,000
3,316,000
3,250,000
2,140,000

Baltimore

Newport News.
Orleans

Galveston
Montreal

^Total week.__
Week 1919

Bushels Bushels

1,246,849

Boston

New

uals,

Rye,

Barley,

Bushels.

Bushels.

Bushels.

723,994

93,951

1920.

January

1,000

------

14,660

27,000

..

.

April

4,000
43,000

14,000

19",000

45",660'

35,000

66", 660

May

1,207",000
254",000

June

July

173",000

Total...

12,184,849 90,190 220,525
85,000 1,119,994
268,158
7,127,809 246,000 386,059 1,355,391
1,441,530

1919.

Exports.

1920.

$

1920.

1919.

1920.

S

183.085

b,517,289

2,327.316
3,132,386

709.700

2.311.250

1,770,599

232,476

24,814,399
35,247.500
34.820.300
2,649,762

2,346.310

1,187.332
1,422,830

3,315,928
1,106,666

460,250
1,903,704
1,009,870

1,436,853
246,300

58,876,463
23,609,186

1,715,881
1,236,840

165,821
1,937,525

3,861,825 117,005,413

92,270,660

14,605,616

6,419,346

1,458,285

529,787

1.708,182
55,156,705
1,682,127

668,246
699,827

414,262

77,096,744

?

$

17.790.299

649,358

5,963,355
10,945,005

February
March

10,000
-

Imports.

Bushels.

2,190 129,525
—....

Silver-—New York.

York.

Exports.

Imports.

Peas,

15,281,139

gold and silver for the 7 months:

Gold Movement at New

$

El ports from—
New

i Flour,

$

8,026,387
9,856.349
10,600,101
12,881,216
12,318,060

264,544.534

260,144.811
292.275.856
270.147,137
224,033,443

Month

Corn,

85,880.2081257.151,089

110,759,849 301,626,954 311,376.177
130.844,316!396,929.064 312,904,175
145,065,157302,495,893 331,394,915
178,233,477|343,323,392 280.404,527

280,997,659

the several seaboard ports for the week
shown in the annexed statement:

Wheat,

1919.

1920.

S

315.350,911 152,314,929|254,306.437 429,160,599
323,427,245 179,457,3781200,319,661 239,532,410

January

February

May

1

1919.

$

;

April

W*"
Total

1920.

V.666

"""6,656

York.

Exports.

Imports.

Bushels.

56,000

""8l",566

8,294,000
1,901,000

3,227,000

506,758
393,587

11,631
since

National

Banks.—The following information

national banks is from the office of the

shown in the following:

regarding

Comptroller of the

Currency, Treasury Department:
Flour.

Wheat.

Corn.

CHARTERS

Exports for Week
and Since

Week

Week

Since

Week

Since

Aug. 28

July 1 to—

Since

July 1

Aug. 28

July 1

Aug. 28

July 1

1920.

United

1919.

1920.

1920.

1920.

1920.

Barrels.

Barrets.

Bushels.

Bushels.

Bushels.

Bushels.

Kingdom.

5,651
134,545
So. & Cent. Amer.
4,000

Continent

West Indies

540,951
1,959,785

184,524

14,000

317,972

28,359,274

34,204,893

47,190
"

344,000

4~66o

3,500

186,188

62,329

7,660,092
4,370,221
11,000

39,000

270,446
1,599

22,270
327,060

Brit.No.Am.Cols.
Other Countries.

^

Total

Total 1919

_

220,525
386,059




143,536

"840,651

3,189,420 12,184,849
5,537,154 7,127,809

63,752,318
27,263,104

""12", 152
90,190
246,000

633,527
653.239

I3SUED.

Capital

Conversion of State banks and trust companies;
The First National Bank of La

Habra, Calif

_

...

$50,000

Conversion of The First Bank of La Habra, Calif.

President, William L. York; Cashier, James H.
Original organizations:
The Pioneer National Bank of Lady smith, Wis.i.i
,

Walker.

.

President, C. KJ Ellingson; Cashier, G. O. Vig.
Neb

The Peters National Bank of Omaha,

50,000
;

200,000

President, M. D. Cameron; Cashier, E. L. Lindquest.
The Farmers & Miners National Bank of Hartford, Ark

25,000

President, I. H. Nakdimen; Cashier, David Moore.
The Farmers National Bank of Penalosa, Kan

25,000

President, S. C. Kelman; Cashier, H. S. Ludwig..
Succeeds the Farmers Bank of Penalosa.
Total

-----

-----

.$350,000

'

FOR CHARTER.

APPLICATIONS

Per

Conversions of State banks and trust companies:
First National Bank in Sugar City, Colo
Conversion of the State Bank of Sugar

Railroads

City.

25,000

Amt.

Cap. when
Increased.

of

Increase.

Ind__$100,000 $1,000,000
30,000
60,000
25,000
50,000
25,000
75,000

The First National Bank of North Bend, Ore.

$180,000

■

n

;

ending Aug 26 at Canadian cities, in comparison with the
same week in 1919, show an increase in the aggregate of
25.6%.
26.

$

74,969,187

67,858,506

63,953,331

53,782,798

A Ji

„

.

ij

_

_

30,788,144

+ 40.0

27,022,576

12,501,550

+ 30.3

10,643,210

29,437,148
8,316,899

6 ,454,513

8,346,656

—22.3

5,050,771

_

5,327,143

6 ,254,279

.2;,;-w._ __

+ 17.4

4,173,276

4,833,726
3,347,586

3,758,108

2,524,691

4 ,259,591

4,551,642

—6.4

St. John

3 ,938,403

3,049,115

+ 29.2

2,202,971

1,881,007

Hamilton

6 ,531,017

5,336,357

+22.4

5,061,621

4,318,059

Halifax..

....

5,826,680

+ 21.6

4,674,927

1 ,500,000

1,721,453

—12.8

1,647,652

5,056,353
1,659,000

,997,278

3,253,310

—7.9

Edmonton

4 ,867,464

+ 31.4

1,654,636
2,292,985

Regina

3 ,682,290

4,719,316
3,590,985

1,892,684
2,796,447

+ 25.6

2,692,524

2,433,894

616,056

608,763

+ 1.2

518,631

445,327

7 ,086,253

Calgary
Victoria

..

.

„

.

London

j;

2

•_

_...

Brandon

*

746,095

711,453

+ 4.9

796,005

675,640

,130,028

1,825.629

+ 16.7

1,342,096

1,398,000

,757,005

1,278,782

+ 37.5

849,176
687,588

Lethbridge
Saskatoon

,355,873

936,462

+ 44.8

1,071,915
814,020

Fort William

902,326

766,985

+ 17.7

642,307

568,671

New

620,864

512,184

+ 21.1

493,755

319,087

305,807

412,283

+ 26.0

355,191

488,917

903,511

734,728

+ 23.0

569,540

529,082

,158,801

768,194

+ 50.8

719,885

583,017
458,441

Moose

Jaw

......

Brantford

..

Westminster......

Medicine Hat

Peterborough
Sherbrooke

......

Kitchener

,310,919

751,118

+ 74.4

531,871

Windsor.

,082,051
399,389

1,797,364

+ 71.5

930,738

371,344

+ 7.5

221,976

Prince

Albert...

Moncton

Allis-Chalmers Mfg. com.
Preferred (quar.)

.

....

.....

_

.

.

673,794 Not

,

includ ed

in

342,293,531'272,552.867

total

■

+25.6 236,328,096 203,509,930

Sales.—Among other securities, the following,

usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

not

Bonds,

Stocks,

Shares,

1,098 Schieffelin & Co,, com.50c, persh,
8 Schieffelin & Co,, pref—$40 per sh,
30 14 John St, Realty... .870 per sh,
4 Eighth Avenue RR—.$111 persh,
5 Ninth

RIt —861 per sh,

Avenue

Monon,

81,000
note,

Valley Trac,

1921

Percent,
7%
93

814,500 Ashtabula Rapid Tran, 5s,

Terml,

Wabash-Pitts,

4s........ 1

5 Gosnold

Mills, com

97

7 Hood Rubber, preferred...

Stocks,

Shares,

S per sh,
10 Coe Stapley Mfg, Corp,, pref—_ 60
10 rights Haverhill

Elec, Light.

1%

By Messrs. R. L. Day & Co., Boston:
Shares,

10 Fidelity Trust.

1 A, L, Sayles & Sons, pf,, 850 ea.
50 Savold Tire Corp,, Del,, 825 ea.

Stocks,
$ per sh,
2 First National Bank, Boston..,325

..........110

2 Bates Manufacturing.......205

144%-145%
Auto-Motive Parts, pref,,

10 Mass, Cotton Mills
1 Hart,

S5|)

__

par

45

—

$ per sh,

24 rights Hamilton

Woolen

10 Nashua & Lowell RR
60 Newport & Fall River

10 Walter M, Lowney Co

42
1

- -

$ per sh,
Bank.. .220
Land Title & Trust...
471
Stocks,

114%
St, Ry... 16%
....200

1 Fire Assoc, of
20

(quar.)

1st pref

30

Buffalo General Electric (quar.)

_.

♦Holders of

rec.

Sept. 15

Oct.

1

Holders of

rec.

Sept. 15

Oct.

Sept. 15

1

♦Sept, 12

to

Oct.

1

♦Sept. 12

to

1

Holders of

rec.

Sept. 10

Oct.

1

Holders of

rec.

Sept. 10

*75c

Oct.

Sept. 20
Sept. 20

1

15 ♦Holders of rec. Oct.

Sept. 30 ♦Holders of

rec.

Sept. 15

*3

Oct.

1

♦Holders of

rec.

Sept. 10

1

♦Holders of rec. Sept. 10

Oct.

*1%

15 ♦Sept. 16

Oct.

Oct.

*1%

1

Sept. 26

to

Holders of rec. Sept. 15

Sept. 15 ♦Holders of

*1%

Oct.

20

Oct.

2

Sept. 30

rec.

1 ♦Holders of rec.

15

Sept. 12

to

Sept. 1
Sept. 14
Oct,
14

Holders of rec. Sept. 20

1 ♦Holders of rec. Sept.

Oct.

1

Holders of rec,

15

Sept. 15

Oct.

1

Holders of

2

Oct.

1

Holders of rec

Sept. 20

1%

Oct.

1

Holders of rec

Sept. 20

*1%

(quar.)

Sept

rec

Sept. 15

Case (J. I.) Plow Works—
First and second

preferred (quar.)

28 ♦Holders of

Sept

rec

6 Philadelphia

Bourse, pref...

4 Phila, Bourse, com,,

20%

$50 each

Bonds,

6%

Per cert

$2,000 Newark Pass, Ry, cons, 5s,
1930

74%

When

82.50 Oct.

1

Holders of rec. Sept. 17

Oct.

1

Holders of

Certain-teed Prod. Corp., com.

$1

First and second

(qu.)
(quar.).

2

*1%
Chicago Mill & Lumber, Pref. (quar.)..
Cities Service Bankers Shares (monthly). 40.75c.

Computing-Tabulating-Record. (quar.)
Cuba Cane Sugar, pref. (quar.)
—
Draper Corporation (quar.)..
Eastern Steel, 1st & 2d pref. (quar.)....
Elsenlohr (Otto) & Bros., Inc., pf. (qu.)
Endicott-Johnson Corp., com. (quar.)..
Preferred
(quar.)
Hart, Schaffner & Marx, pref. (quar.)..
Helme (Geo. W.) Co., common (quar.).
Kresge (S. S.) Co., preferred (quar.)...

(quar.)....
—

Lucey Mfg., class A (quar.)
Manati Sugar, pref. (quar.)

—

1

Holders of rec. Sept. 17

Oct.

1

♦Holders of rec. Sept.23

Oct.

3

11 ♦Holders of rec.

Oct.

*2

Holders of rec. Sept.

15
Sept.24
15

Oct.

1

♦Holders of rec. Sept.

1

Holders of rec. Sept.

Sept. 15 Holders of
1%
♦Holders of
Oct.
*1%
♦Holders of
*81.25 Oct.

rec.

Sept.

rec.

,

Sept

15

rec.

*1%

Oct.

♦Holders of

rec.

Sept. 11

*1%

Sept. 30 ♦Holders of

rec.

Sept. 20
11

2%

Oct.

Holders of rec. Sept.

Oct.

Holders of rec. Sept.

*1%

Oct.

3

1%

Sept.

1%
81

15
Sept. 15

Holders of rec. Sept.
Holders of rec.

Oct.
1%
*81.25 Oct.

Oct.

—

(quar.)
...

♦Holders of

A

rec.

Sept. 23

Holders of

rec.

Sept. 15

Holders of rec. Aug. 31

Oct.

Holders of rec. Sept.

Oklahoma Producing & Refg.,

(quar.)
com.(qu.)

Holders of rec. Sept. 15

Sept.

Holders of rec. Sept.

Oct.

Holders of rec. Sept.

Oct.

♦Holders of rec. Sept.

Holders of rec.

8
30
30
Sept. 11a

1%

Sept.

Holders of

Aug. 31

2

Oct.

Holders of rec. Sept.

Oct.

rec.

15

Sept. 21
Sept. 15
15
Holders o( rec. Sept. 15
Holders of rec. Sept. 15

Oct.

♦Holders of rec.

2

Oct.

Holders of rec.

1%

Oct.

preferred (quar.)
(quar.)..
(quar.)
.....
6% preferred (quar,)._8% preferred (quar.).-----—-Reis (Robert & Co., 1st & 2d pref. (qu.)
Remington Typewriter, 1st pref. (quar.)
Second preferred (quar.)
Reynolds (R. J.) Tobacco, com. (quar.).
First and second

Preferred

(quar.)

*1%

1%

Oct.

2

Holders of rec. Sept.

1

Oct.

*1%

♦Holders of rec.

Oct.

Sept. 15

1%

Oct.

Holders of rec. Sept. 10

2

Oct.

Holders of rec. Sept. 10

50c.

Oct.

Holders of rec. Sept. 15

1%

Oct.

Holders of rec. Sept.

1%

1%

.

Pennsylvania Rubber, com. (quar.)
Preferred
(quar.)

Sept. 30
Sept.30

Holders of

3

rec.

Sept. 15

Oct.

Holders of rec. Sept.

Oct.

Holders of

2

Oct.

Holders of rec. Sept.

2

Oct,

*3
(quar.)..
6
Standard Screw, com. (quar.)....- - 20
Common (special)....
-,. -----/40
Common (payable in common stock)..

Oct.

Preferred

—

(quar.)

.J.

(quar.)..
-

.—-—.

______

_

(quar.)

South West Penn. Pipe Lines

—

Standard Oil (Kentucky)

15

Holders of rec. Sept. 15

2

2

?wift& Co. (quar.).._.
'exas Pacific Coal & Oil

(quar.).

*2%

—

Extra, payable in stock
Union Carbide & Carbon (quar.)...____
United Dyewood

rec.

Holders of rec. Sept.

♦Sept. 16

to

15

Sept. 15

Oct.

Oct.

Holders of rec. Sept.

Oct,

Holders of rec. Sept.

15
15
1

20
20,

Below

and

Sept. 16

Oct.

1

Oct.

1

Holders .of rec. Sept. 15a
Holders of rec. Sept. 15a

1

Holders of

rec.

Sept. 15

Oct.

1 ♦Holders of

rec.

Sept. 21

1 ♦Holders of

rec.

Sept. 21

5 ♦Holders of

rec.

Sept. 30
13

1

Holders of rec. Sept.

2%

Oct.

1%

13
1 ♦Holders of rec. Sept. 20
to
Aug. 31
Sept. 1 ♦Aug. 22
Sept.30 ♦Holders of rec,. Sept, 3

*1%
*3

*811

Oct.

1

Holders of rec. Sept.

Oct.

Per

Days Inclusive

♦2

(quar.)

Sept. 16

rec.

to

Sept.30
Oct.

1

Holders of rec.

2

Oct.

1

Aug. 22

to

1%

(quar.)

Delaware & Hudson

N. Y.Lackawanna & Western

Southern Pacific

Oct.

1

Holders of

rec.

Oct.

5

Holders of

rec.

Sept. 10a
Sept. 10a

Union Pacific,

1%

Erie

Sept.30 ♦Holders of

1%
2%

(quar.)__

4
Sept.20

Aug. 21

to

Aug. 31

Sept. 30
Aug. 310
Oct.
1

—

Sept. 14

22

Books Closed

Payable.

Railroads (Steam).

rec.

8a

11
11

When

Cent.

Name of Company.

Canadian Pacific, com. (quar.)

10a

weeks

This list does not include dividends

this week.

announced

rec.

rec.

rec.

1 ♦Holders of rec. Sept. 10

*81.50 Oct.

paid.

yet

Holders of

rec.

Holders of

Sept. 16

1 ♦Holders of

give the dividends announced in previous

we

not

Holders of

Holders of

2

rec.

Oct,

Oct.

Willys-Overland Co., pref. (quar.)
Wilmington Gas, preferred

1

2

$1,25 Oct.

Holders of rec. Sept. 10

1 ♦Holders of

1%

+81

Weyman-Bruton Co., com. (quar.)
Preferred
(q uar.)

1

rec.

87 %c Oct.

Holders of rec. Sept. 20

Oct.

*81.50 Oct.

Preferred

Oct.

Holders of

rec.

1

Oct-

50c. Oct.

(quar.)

(quar.

Buffalo & Susquehanna, com.

Days Inclusive.

Holders of

*e2

Oct.

1%

Corp., com. (quar.)___

(quar.)

Oct,

1

13a

Oct.

1%

$1.25

Peerless Truck & Motor (quar.)..

1%
1%

Oct.

11

♦Holders of rec. Sept. 15

Oct.

1%

(quar.)

Pacific Telep. & Teleg. (quar.)

3

1

4
1

Sept. 20
Sept. 11

*1%

(quar.)....

Niagara Falls Power, common

Chestnut Hill

1%

17

1 ♦Holders of rec. Sept.

Oct.

*1

1%

Muskogee Gas & Electric, pref. (quar.).
National Aniline & Chem., pref. (quar.)

Preferred

1

Oct.

1%

(quar.)

National Breweries

Sept. 15

Oct.

1%

preferred (quar.)

rec.

Same.

Books Closed.

Payable.

11

Central Petroleum, preferred
Central Teresa Sugar, coin. & pref.

Newark & Bloomfield




1

3%

Preferred

Canadian Locomotive, com.
Preferred
(quar.)

Sept.
Sept.
Sept.
Sept.
Sept.

...

Sept. 15

Oct,

Oct.

Preferred

—

rec.

Sept. 30

(quar.)
West Coast Oil (quar.)._:

Cent.

(quar.)
(quar.)

Holders of

1%

16

Finance.......

(Steam.)

(quar.)

1

2

Wahl Co., common

Per

Preferred

Oct.

Canadian General Electric, com. (quar.)

Boston & Albany

Pitt8b. Ft. Wayne & Chic. com.

Sept. 16a

rec.

Canad. Crocker-Wheeler, com.&pf. (qu-.)

70%

changed the method of presenting our dividend
'ecord.
We now group the dividends in two separate tables.
First we bring together all the dividends announced the
jurrent week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
iave not yet been paid.
The dividends announced this week are:

(quar.)

Sept. 11a

rec.

Holders of

Oct.

*81

Cambria Iron

Preferred

We have

Preferred

rec.

Holders of

1

1%

Belding Paul Cortlcelll, Ltd., pref. (qu.).
Booth Fisheries, preferred (quar.)
Borne, Scrymser Co
___;

V. Vivaudou, Inc., common

DIVIDENDS—Change in Method of Reporting

pref. (qu)
Lackawanna RR. of N. J. (quar.)_____.
Lehigh Valley com. (quar.)
...

1%
*1%

*1%

(quar.)

Yukon-Alaska Trust (quar.)

Railroads

1%
*1%

Holders of

1

Oct.

1%

(quar.).

American Woolen, com. & pref. (quar.).

1 Philadelphia

285

Fonda Johnstown & Gloversv.

>

2

Oct.

1%

3

Armour & Co., preferred (quar.)

5 Keystone Watch Case

....450

jName of Company ^

Oct.

1%
3

25

Sept. 25

15 ♦Holders of rec. Sept. 30

*1%

1 John B, Stetson, common...313%

$50 ea._125

5 Commercial Trust...

Philadelphia..325%
Peoples Nat, F, Ins,, $25 ea._ 19%

50 Geo, B, Newton,

Transp'n...$l lot

Trust

.158

20 Guarantee Tnist & Safe Dep. 125

RR..S185 lot
200 Quicksilver Mining.....
$4 lot
50 Lustre Mining & Smelting...81 lot

2 Provident Life <fc Trust..—423

$ per sh,

2 West End Trust

20 The Wheel, & L, E,

4 Fidelity

15 ♦Holders of rec.

_—_. -

Stocks,

Shares,

1,000 Goldfield Great Bend Mfg...$3 lot
165 Nevada-Utah M, & S, Corp.$20 lot
300 Diamondfield Daisy G, M.J.$3 lot

25 Kensington N, Bk,,

Oct.

—

3 Market Street Natl,

300 Fairmount Park

Nov. 15 ♦Holders of rec. Oct.

*1%

*81,50 Oct.

(quar.)

Common (extra)

By Messrs. Barnes & Lofland, Philadelphia:
6

-

*1%

South Porto Rico Sugar, com.

1

....

78%

1 Connecticut Power, pref.:

Shares,

-

(qu.)
Amer, Smelters Securities, pf. A (qu,)_.

-

Stocks,

Shares,

«

Holders of rec. Sept. 17

Pettibone, Mulliken Co—

.8100 lot

By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh,
120

Aug. 31

to

Pure Oil, common

Syrac, Bing, & N, Y..S190 per sh,
Sec, Corp,, pref—$61 persh,
2,500 Cushing Petroleum.....81,235 lot
2 Eiec,

Stocks,

Holders of rec. Sept. 17a

Pierce-Arrow Motor Car, pref.

2d

Ry,

2

Shares,

Aug. 26

*1

_ _—* -

Oklahoma Gas & Electric, pref.

1927: March 1918 coupon on...875 lot
815,217,000

1
1

Sept. 30

(quar.)

Lorillard (P.) Qo., common
Preferred (quar.).....

Auction

Aug. 31
Sept. 20

i

American Cigar, pref. (quar.)
American Public Service Co., pref.

Preferred

Total Canada........

rec.

Oct.

American Can. pref. (quar.)
American Car & Foundry, com. (quar.).
Preferred
(quar.)

Preferred

91,750,074

+ 38.6

16 ,289,085
_

rec.

Holders of

__

Miscellaneous,

S

S

%
+ 20.9

43 ,086,715

__

*

Guaranty (quar.)

Preferred

94 ,060,189

Vancouver

Holders of

1

4

Companies.

Amer. Wind. Glass Mach., com.

125 ,997,729 104,206,621

Winnipeg

.

irust

1917.

1918.

Dec.

S

Canada—

Montreal

Sept. 15
Oct.

...

American Steel Foundries, com.

Inc. or

Quebec

BnnkSi
Chemical National.

American Snuff, com. (quar.)
Preferred
(quar.)

Clearings at-

Toronto

Oct.

Commerce National Bank of (quar.)

Preferred B (quar.)
Week Ending Aug.

1919.

Sept 15

rec.

1%

Val. Ry. L. & P. pref. (qu.).
Tri-City Ry. & Light, pref. (quar.)

Amalgamated Oil (quar.)..
American Beet Sugar, pref. (quar.)—

Clearings.—The clearings for the week

1920.

to

Holders of

Sept. 15

—rTTTI

INCREASED.

The First & Hamilton Nat. Bank of Ft. Wayne,
The First National Bank of Wortham, Texas
The First National Bank of Huntingburg, Ind

to

Sept. 11

15

1

Street and Electric Railways.

Arkansas

25,000

—----

Sept. 15

Sept. 11

Sept. 15
Oct.

1%

L

3%

Sept.

Warren RR

25,000
;

_$105,000

Canadian Bank

Days Inclusive.

2%

..

Preferred

Total

STOCK

Books Closed.

Payable,

(Steam) (Concluded)

St. Joseph South Bend & South, com

Correspondent: C. IM. Huston, Rialto, Calif.
The First National Bank of Nuyaka, Okla
Correspondent: A. J. Peters, Okmulgee, Okla.
The Farmers National Bank of Spangle, Wash.,
Correspondent: H. C. Minyard, Spangle, Wash.
CAPITAL

When

Cent.

Name of Company.

„„„

$30,000

Correspondent: F. S.,Howard, Sugar City, Colo.
Original organizations:
The Citizens National Bank of Rialto, Calif___

Ottawa,

961

THE CHRONICLE

Sept. 4 1920.]

Co. (quar.)__

Pittsburgh (quar.)

Norfolk & Western, common

(quar.)__

2%
87%c. Sept.10
Sept.18
1%

Sept.

3

Holders of rec.

Aug. 280

Holders of rec.

Aug. 31a
Aug. 31a

Holders of rec.

(quar.)

%

Aug. 21
to
Holdens of rec.

Sept.

Oct.

1

Holders of rec.

Aug. 31o

2%

Oct.

1

Holders of rec.

Sept.

Oct.

1

Holders of rec

.Sept.

3

-

Sept.

50c. Sept.

1%

Co. (quar.)

Preferred

4
9

2

& Norristown (qu.)
Reading Company, first pref. (quar.) _
Phila. Germantown

common

Sept.

3

Aug.24a

la
la

\

[Vol. 111.

THE CHRONICLE

962
Per

When

Payable.

Days Inclusive,

2H

Sept.15

Per

Books Closed.

Cent.

Name of Company.

Books Closed.

Payable

Days Inclusive.

(Concluded).

Miscellaneous

Street & Electric Railways.

When

Cent.

Name of Company.

Frankford A Southwark Pass. (quar.)...

Montreal Tramways (quar.).

...

.

$4. 60

2)*
IX

(quar.).-.—

West Penn Rys., preferred

1

Holders of

Oct.

1

Holders of rec. Sept. 20

X
IX

Oct.

1

Holders of

rec.

Oct.

1

Holders of

rec.

Sept. 14a
Sept. 14a

*$1.75 Oct.

1

♦Holders of

rec.

Sept. 20

Sept. 15
Sept. 15

Holders of

rec.

Aug. 31

IX

Holders of

rec.

National Aniline & Chem.,

IX

Oct.

1

Holders of

rec.

IX

Oct.

15

Holders of

rec.

Aug. 31
8ept. 13
Sept.30a

la

Middle States Oil

rec.

la
8

Mill Factors Corp.,

Hold ere of

rec.

Sept.

la

Holders of

rec.

Sept.

1

rec.

Holders of

rec.

Sept. 15

Holders of

1

Sept. 15

Oct.

$3

2d A 3d Streets Pass., Phlla, (quar.)

-

IX

Oct.

1

Sept. 10

Oct.

to

1

IX

Advance-Rumely Co., pref. (quar.)

AjaxRubber, Inc. (quar.)...
...
American Bank Note, preferred (quar.).
American Bosch Magneto (quar.)
American Chicle, preferred (quar.).—.
American Druggist Syndicate
American

Express (quar.)..w———...
pref. (quar.)
Internat. Corp'., com. & pf. (quar)

Amer. Hide & Leather,
Amer.

American Locomotive, common (quar.).
Preferred (quar.)

Oct.

SI .60 Sept. 15
Oct.

Holders of

$2.50 Oct.

Holders of
Holders of

rec.

Oct.

rec.

Sept. 15a
Sept. 15a
Sept. 18

Sept. 15

Holders of

rec.

July

Oct.

Holders of

rec.

Oct.

Holders of

rec.

Aug. 31a
Sept. 11a

x

IX
40c.

IX
IX

$1.60 Sept. 30
IX

Sept. 30

rec.

31 a

Holders of rec. Sept. 13a

Common (extra)

Nov. 15 ♦Holders of rec.
Oct.

Aug. 21
Sept. 21

to
to

Oct.

Sept. 21

to

Oct.

Holders of

X

Oct.

Holders of

Oct.

Holders of

IX

Oct.

Aug.

♦20c. Oct.

15

rec.

rec.

Holders of

rec.

Aug. 17
Aug. 17
Sept. 10a
Aug. 20
Sept. 13

preferred.

First and second

National Lead, com. (quar.)

IX

Preferred (quar.)
Nat. Sugar Refining (quar.)
NationafSurety (quar.)..

IX

Sept. 30
Sept. 15

Holders of

rec.

3X

Oct.

2

Holders of

ree.

3

Oct.

1

Holders of

rec.

National Transit (extra)

.

Sept.

Ontario Steel Products, common (quar.)

—1—
(quar.)......
Packard Motor Car, pref. (quar.)..
Preferred

(quar.)....

6

Sept. 15

Holders of rec. Aug. 2ia

Peerless Truck & Motor

2X

Oct.

1

Holders of

reo.

IX

Oct.

1

Holders of

rec.

Atlas Powder, com. (quar.)......
Common (payable In common stock)..

3

/5

Autocar Co. (quar.).

*2X

Sept. 10 Sept. 1
to
Sept. 10 Sept, 1
to
Sept. 9
Sept. 10 ♦Holders of rec. Aug. 31

Pennsylvania Water & Power (quar.)...
Philadelphia Electric Co. (quar.).
Pierce Oil Corporation—

.........

i.

Non-cumulative preferred (quar.)....
Cumulative convertible pref. (quar.)

IX

Oct.

1

Holders of

rec.

(pay. In com. stock)

Sept. 15a

1

Holders of

1

Holders of rec. Sept. 15a
Holders of rec. Sept. 15a

Procter m Gamble. 6%

Sept. 15

Holders of

rec.

Sept.

la

Provincial Paper Mills, com.

Dec.

Holders of

rec.

Dec.

la

British-American Tobacco, ord.(interim)
British-American Tobacco, pref.......

4

Sept. 30
Sept. 30

of coup. No. 82/
Holders of coup. No. 34

Sept. 15
Sept. 15

Holders of

$1.50 Sept. 15

Holders of

$1

Holders of rec. Sept.

2c.

.......

California Packing, common (quar.)
Calumet <sc Arizona Mining (quar.)...
Cambria Steel
Extra

....

....

Canada SS. Lines, com.

...

(quar.)

...

Chesebrough Mfg., com. (quar.).......

Holders of

rec.

1

Holders of

rec.

9

Oct.

15

Holders of rec. Sept. 25
Holders of rec. Oct.
1

Sept. 30
Oct.

Holders of

rec.

Sept.

1
Sept. 15

Rlordon Pulp & Paper, pref.

♦2

♦Holders of rec. Sept.

Oct.

IX

Sept. 15

1

Holders of rec. Aug. 31

25c.

Oct.

1

Holders of

rec.

(V)

Oct.

1

Holders of

rec.

Oct.

1

Holders of

rec.

Oct.

1

Holders of rec. Aug. lia
Holders of rec. Sept. 15a

25C. Oct.

20

Holders of rec. Sept. 20a

ly'

Sept. 15

Oct.

15 ♦Oct.

7

el50
75c.

IX
IX
IX

Aug. 25

rec.

Aug. 20

Sept. 30
8ept.30
8ept. 30
Oct.

Holders of

Aug. 11
Aug. 25

rec.

Sept. 15a

Holders of

rec.

Holders of

rec.

Sept. 10a
Sept. 10a

Holders of

15 ♦Holders of rec. Oct.

1

Sept. 15

Holders of

rec.

Aug. 31a

Oct.

Holders of

rec.

IX

Oct,.

Holders of

rec.

Sept. 15
Sept. 15

IX

Oct.

Holders of

rec.

1
Holders of
Sept. 15 "Holders of

rec.

Sept.

rec.

Oct.

nx

Sept. 15 'Holders of

ix
*ix

Oct.

*ix

Sept. 15
4

rec.

Aug. 31

rec.

Oct.

9

♦Holders of rec. Oct.

25

20

""Holders of

Nov.
Nov.

♦Holders of

20

rec.

Oct.

2X

Oct.

Holders of rec. Aug. 31 a

2X
ix

Oct.

Holders of

rec.

Aug. 31a

Oct.

Holders of reo.

Aug. 31 a

Aug.

rec

Sept. 15 ♦Holders of

3

Standard Oil (Ohio)

IX
♦4

*3

rec.

14
16

Aug. 10

Sept. 15
Sept. 15

Holders of rec. Aug. 3ia

Sept. 15
Sept. 15

Holders of

Holders of rec. Aug. 3ia
rec.

Aug. 20a

Holders of rec. Aug. 26a

Sept. 15 ♦Holders of

rec.

Aug. 25

♦Holders of

rec.

Rept. 10

c200

(quar.)-..

common

Oct.

1 ♦Holders of rec. Aug. 27

*1

1
1

Holders of rec. Sept. 10
Holders of rec. Sept. 15

3

(quar.)...

Sept. 30

Holders of rec. Sept. 17a

4

..........

Todd Shipyards Corporation
Extra

1 ♦Holders of rec. Aug. 27

Oct.

$1.25 Oct.

....

Oct.

81

Common (extra)

Stromberg Carburetor (quar.)

Oct.

Holders of rec. Sept. 20

1

Oct.

1

*5c. Oct.

1

5c.

Tonopah Extension Mining (quar.)
Tooke Bros., pref. (quar.).r

Sept. 16

rec.

Sept.

0

rec.

Sept.

6

to

♦81.75 Sept. 20 ♦Holders of
*$2.25 Sept. 20 ♦Holders of

...

Tonopah-Belmont Devel

Tuckelt Tobacco,

Sent. 15 ♦Holders of rec. Aug.

Sept. 21
Sept. 10

♦Holders of rec.

IX

Sept. 14 ♦Holders of

ree.

Aug. 31

l

Oct.

15

Holders of rec. Sept. 30

IX
IX

Oct.

15

Holders of rec. Sept. 30

Oct.

1

2

Oct.

1

Holders of rec. Sept.

IX

Oct.

1

Holders of reo. 8ept.

4a
4a

Union Bag & Paper Corp. (quar.)..
United Cigar Stores, preferred (quar.)..

2

Holders of rec. Sept.

3«

IX

Sept. 13
Sept. 15

Holders of rec. Aug. 31a

United Drug, common (quar.)
United Gas Improvement, pref. (quar ).
United Paperboard, common..

2

Oct.

Holders of rec. Sept. 15

IX
2

Sept. 15
Sept. 16

Holders of rec. Sept.

2a

IX

Oct.

15

Holders of rec. Oct.

1

IX

Jan.17z

Holders of rec. Jan.

3x

IX

4pr.l5z
July 15x

Holders of rec. Apr.

1x

Holders of rec. July

1z

common

(quar.)

Preferred
(quar.)...
Underwood Computing Mach., pf. (qu.)
Underwood Typewriter, com. (quar.)..
Preferred

(quar.)

Preferred

Holders of rec. Sept

1

18

Holders of rec. Aug. 31a

Sept, 15a

Sept. dl9

rec.

Aug. 2fia
Rept. 1

United States Steel Corp., com. (quar.).
VaivoIlneOfj common (quar.)...

Sept. 24a

Virginia-Carolina Chemical, com. (extra)

2

Oct.

1

Holders of rec. Sept

Wabasso Cotton (quar.)
Walworth Mfg., com. (quar.)

2

Oct.

2

Holders of rec. Sept. 15

*2X
IX

Oct

IX

Oct.

1

2

Oct.

15

Holders of

Sept. 15

Sept. 15
Sept. 15
Sept. 15

IX
X

rec.

rec,

Holders of rec. Sept.

Sept.
Sept.

1

to
to

Sept.

1
1

Sept.

1

to

to

Sept.
Sept.
Sept.
Sept.

Nov. 15

Holders of rec. Nov.

Oct.

Holders of

1

2a

Holders of rec. Sept. 17a

rec.

9a

15
15
15
5a

Sept. 21a

50c.

Sept. 30

Holders of

rec.

Sept. 30

Holders of

rec.

Holders of

rec.

Sept. 10
Aug. 21
Oct.
9a

Holders of rec. Sept. 10a

Oct.

IX

1

♦Holders of

Sept. 15
Sept. 15
Internat. Harvester, com. (In com. stk.) */12X Sept 15
International Salt (quar.)
Oct.
1
IX
International Sliver, preferred (quar.)..Oct.
1
IX

Holders of

rec.

Holders of

rec.

Holdeis of

rec.

Keystone Tire & Rubber,

1

Holders of

rec.

30c. Oct.

Holders of

Sept. 18

rec.

rec.

to

Lackawanna Steel, common (quar.).

IX

Sept. 30

Holders of

rec.

Liggett & Myers Tobacco, pref. (quar.).
Lindsay Light, preferred (quar

IX

Oct.

Holders of

rec.

1

Aug.»?20a
Sept. 15a
Oct.

Sept 30 ♦Holders of

rec

IX

Oct.

Holders of

rec.

8ept

IX

Oct.

Holders of

rec.

1

Oct.

Holders of

rec.

IX

Oct.

Holders of rec.

ix

Oct.

Sept. 21

Oct.

Holders of

Sept. 4a
Sept. 4a
Sept. 21a
Sent. 30
Sept. 20p

Oct.

Sept. 21

Sept. 30

Holders of

%
2X

to
rec.

to
rec.

*

Sept. 29

*2X

♦35c.

*IX

(quar.)

Aug. 31

Sept. 15 ♦Holders of

rec.

Sept.

8
15a

Sept. 15 ♦Holders of rec. Sept. 4
Sept. 30 ♦Holders of rec. Sept. 20

15

Nov.

1

Holders of rec. Oct.

A..

2

Oct.

1

Holders of rec. Sept. 15

Preferred

B

2X

Oct.

1

Holders of rec.

Sept. 15

8ept.|15a

!

1

SI

Sept. 30

Holders of rec.

Wire Wheel Corp., pref. (monthly)

1

Sept. 10

Holders of rec. Sept.

1

Woolworth (F. W.) Co., pref.

IX

Oct.

Holders of rec. Sept.

10a

White Motor

*

(quar.)

From unofficial

sources,

(quar.)..

1

t Conditional on receipt from

the U. S. Government

of

an adequate payment of the rental now due.
t The New York Stock Exchange
has ruled that stock will not be quoted ex-dlvldend on this date and not until further
notice,
a Transfer books not closed for this dividend,
b Less British Income tax.

d Correction,

t

Payable in stock.

/ Payable in common stock.
q Payable
i Payable In Liberty Loan bonds

In scrip

h On account of accumulated dividends,

J New York Stock Exchange has ruled that

South Porto Rico
the 100% stock dividend on Aug. 9.

stock be quoted ex

I All transfers received In order In London on or
be

passed for payment of dividend to

m

New York

Sugar

common

before Sept. 14 will be in time to

transferees.

#

International Harvester common
12X% stock dividend on Sept. 15

Exchange has ruled that

Stock

stock be quoted ex*the

7a

In the ratio of

o

p New

one

share to each ten shares held.

York Stock Exchange has ruled that Manhattan
stock dividend on Oct. 15.

Electrical Supply common

stock be quoted ex- the 10%
r

New York Stock

stock dividend
to

Payable in

X 1921.

*

IX

*1X

15

Sept. 30
Sept.

2

Sept. 30 ♦Holders of rec. Sept. 15
Sept. 30 ♦Holders of rec. Sept. 15
Sept. 15 Holders of rec. Aug. 31 a

♦1

Preferred

1

Sept. 15
Sept. 10a
Sept. 15
Aug 31

*1X

Preferred

Wheeling Steel Corp., com. (No. 1)

Sept. 10a
Sept. 10

Rept. 20
Sept,. 8a
Sept. 8a

IX

....

15

Sept. 30

*IX




Holders of

Sept 15

♦3

rec.

d 50c

Common (payable In common stock)..
First preferred (quar.)

Sept. 15

rec.

Indian Refining, common (quar.)...

Mergenthaler Linotype (quar.)

rec.

Holders of rec. Sept. 18a
1
Sept. 30 ♦Holders of rec.)8ept. 13
Sept. 15 Holders of rec. Aug. 31
Sept 15 Holders of rec. Aug. 14

Holders of

$2

1

Hudp Motor Car Corp., pref. (quar.*...

(quar.)

Holders of

Oct.

Holders of

Holders of reo. Sept. 15

Oct.

rec.

Mallinson (H. R.) &Co., pref. (quar.)..
Manhattan Electrical Supply, com. (qu.)

Sept. 30

ix

1

IX

rec.

May Department Stores, pref. (quar.)_.
Mackay Companies, common (quar.)._.

IX

la
la

1

Sept.

Holders of

(quar.)..

Sept. 15a

Sept. 15 Holders of
Sept. 15 ♦Holders of

Sept. 13a

rec.

19

com.

rec.

Oct.

rec.

Holders of

Oct.

_.

Holders of

31

Oct.

Holders of

Sept. 15 ♦Holders of

(quar.)

1

Holders of rec. Sept.

IX

Oct.

75c. Sept. 10

*IX
IX

_

Oct.

Aug.

IX

I*

50c.

Guffey-Glllesple Oil, preferred (quar.).

Sept.

rec.

(quar.)
Preferred (quar.)
Preferred (quar.)...
Preferred (quar.).
U. S. Gypsum, coipmon (quar.)..
Preferred
(quar.)
U.S. Industrial Alcohol, com..(quar.)..

IX

Harbison-Walker Refrac., pref. (quar.).

rec.

5

Standard Oil of N. Y. (quar.)
Stock dividend

Aug. 31

hH

1

50c.

.........

Holders of

3

(quar.)

Standard Oil of N. J., common (quar.)..
Preferred
(quar.)....

Thompson-Starrett Co., preferred

1

$1.50

Guantanamo Sugar
Extra

Holders of

1

...

Sept. 15

to

Sept. 20
Sept. 20

to

Sept. 15
Sept. 15
Sept. 15

IX

...

Stutz Motor Car (quar.)...
Texas Co m pany (quar.)

50c. Sept. 30

...

to

.

24

Sept. 20

to

2X

(quar.)

Sept. 10

to

20

*5

(Indiana)

Standard Oil (Kansas)
Extra

16

rec.

Sept. 15
Sept. 10
Sept. 15

X

Guantanamo Sugar (quar.)...__
Extra

Preferr>ii

Oct.

to

Sept. 15 ♦Holders of

50c

IX

Goodrich (B. F) Co., com. (quar i
Preferred
(quar.)

Preferred

Sept. 10a
Sept. 10a
Sept. 10a

Extra

Holders of rec. Sept.

Sept. 30

7a
15a

IX

Second preferred (quar )_.

1

Holders of rec. Rept.

Sept. 10

$1

2

First, sepond & special pref. (quar.)..
Special preferred (extra)...

Mar. xl

Standard Gas & Electric, pref. (quar.)..

*IX

Globe Soap, common (quar.)
Common (extra)....

Sept. 15a

Sept. 15
Sept. 15

*IX

Foundation Co. (quar.)
General Cigar, debenture pref. (quar.)..
General Chemical, preferred (quar.)
General Electric (quar.)

Oct.

rec.

♦5

*2

FamousPlayers-Lasky Corp.,com. (qu.)

rec.

Holders of

Sloss-Sheffleld Steel & I., pref. (quar.)..
South Penn OH (quar.)

Continental Oil (quar.)

Farrell (Wm.) & Son, Inc., pref. (quar.)
Federal Mining & Smelting, pref. (quar.)

Holders of

1

Sherwin-Williams Co. of Canada, pf.(qu)

Sept.

Holders of rec. Sept. 17a

Oct.

Sept. 10
Sept. 10

rec.

1

1

Sept. 14

»25c. Oct.

1

rec.

Nov.

rec.

to

1

Rept.

Nov. 30 ♦Holders of rec. Nov.

Sept. 20

IX

Aug. 28

15 ♦Holders of ree. Oct

Sppt. 30 ♦Holders of

Sept, 30

Savage Arms Corp., com. (quar.)

Sept#10

Oct.

2

rec.

Continental Candy Corporation (quar.).
Continental Motors Corp., pref. (quar.).

(quar.)....
Electric Storage Batt., com. & pf. (qu.)
Elk Horn Coal Corp., pref. (quar.).....
Erie Lighting, preferred (quar.)

rec.

Sears, Roebuck & Co., pref. (quar.)

IX

Preferred

Holders of

Sept. 10a
Sept. 14

Standard Oil

...

1

Sept. 10a

♦Holders of

....

Oct.

rec.

Standard Oil (Calif,) (quar.)
Extra

Eastman Kodak, common (quar.)
Common (extra).

IX

Sept. 15»
Sept. 15

Holders of rec.

rec.

(quar.).......

Sept. 15

rec.

Holders of

rec.

Debenture stock

rec.

Holders of

1

♦Holders of

duPont (E. I.) deNem. Pow.,com. (qu.)
Preferred
(quar.)

Holders of

1

1

♦Holders of

Dominion Iron & Steel, pref. (quar.)...
Domlnlon Steel Corp. (quar.)

1

Oct.

Oct.

to

Aug. 25

Oct.

(o)

♦Holders of rec. Sept. 15

duPont (E.I.) de Nem. & Co., com.(qu.)
Common (payable in common stock).

rec.

IX

25c. Sept. 20
Sept. 10
Oct.
1 rSept 10

dividend........

Oct.

Dominion Glass, Ltd., common (quar.).
Preferred
(quar.)..

Aug. 18a

Oct.

Aug. 28

4

Aug. 30

rec.

IX

Sept. 30 ♦Holders of
Sept. 30 ♦Holders of

Holders of rec. Sept.
rec.

San Joaquin Light & Power, pref. (qu.).

Sept. 10

♦Holders ol rec. Sept. 20a

Holders of

IX
*3X

2

Aug. 31a

Sept. 8 Holders of
Sept. 15 ♦Holders of

........

Stock

Sept. 20

Oct.

Detroit Iron & Steel, pref. (quar ).
Diamond Match (quar.)..

1

Sept.

rec.

Sept. 15

25c. Sept.

Oct.

Copper Range Co. (quar.)
Cramp (Wm.) & Sons S.&E.B. (In stk.)
Crescent Pipe Line (quar.).
Crucible Steel, preferred (quar.)
Cuban-American Sugar, com. (quar.)..
Preferred (quar.)....

Oct.

Holders of

la
Sept. 17a

IX
3X

(quar.)

Rltz-Carlton Hotel, preferred

*x

Consol. Gas, El. L. & P., Bait. (quar.)..

1

St. Joseph Lead Co. (quar.)
Extra

*nx
*x

(quar.)
Consolidated Gas (quar.).

Oct.

rec.

to

IX

(monthly)

Preferred

J2X

Aug. 13

IX

(quar.)

Common (payable in common stock)..

Colorado Power, preferred (quar.)......
Columbia Giaphopbone Mfg., com.(qu.)
Common (payable In common stock). .

Sept. 15

Holders of rec. Sept. 13

IX

.......

43X

1

2

Preferred B (monthly)...
Colonial Finance Corp., com. (quar.)...
Preferred (quar,).....

Holders'oTrec. Sept.
Holders of

82.50

*ix

.................

Childs Company, common (quar.)
Preferred (quar.)......
Cities Service, com. and pref.

Sept. 15

Holdersjifjee. dAug.31a

1

IX

(quar.)

Preferred

Jan 31 *21

1

*1X

Railway Steel-Spring, com. (quar.).....

Holders of rec. Aug. 31a

Sept. 15

rec.

Oct.

IX

♦/ 25

(quar

Preferred

Holdersofrec.July30'21

•3

Quaker Oats, common (quar)!.
Common (payable In common stock)..

Republic Iron & Steel, common (quar.).

Oct.

IX

...

3a
31a

Holders of rec. Aug.

Oct.

$1

...

(quar.)

rec.

(quar.)

Preferred

Holdersofrec.Apr.30'21

Au£,zl5

1

la
Aug. 31 a

IX

Carbo-Hydrogen Co., pref. (quar.)
Case (J. I.) Thresh. Mach., pref. (quar.)
Central Leather, preferred (quar.)......

Preferred

Aug. 23

IX

......

Canadian Car & Foundry, pref. (quar.)
Caracas Sugar (No. 1)

Chandler Motor Car

rec.

Holdersof

Mayzlfi

IX
IX

*1X

(quar.)....

Common (extra)

Holders of rec. Sept.

IX

(quar.)

(quar.)

Sept. 20

75c. Sept. 15
25c. Sept. 15

(quar

.......

Preferred

2X
82

Buckeye Pipe Line (quar.)
California Oil & Gas

Feb .x 16

IX

2

pref. (quar.)

Oct.

IX
IX

Preferred

Holders of re#. Apr 30 '21
Holders of rec. Oct. 30

2X

(quar.)

2

Holder

Holders of rec. Jan 31 *21

Mayzl6

*87 Xc Sept. 15

Pressed Steel Car, corn. (quar.)....

Borden Co., preferred (quar.)
Preferred (quar.)__j

1

Feb.z 15

Nov. 15

•

2

pref. (quar.)....

Pierce Oil Corporation,

Pittsburgh Brewing, preferred (quar.)..

Oct.

15

.

Premier Candy Corp.

Oct.

rec.

—

Sept. 15a

IX
IX

Sept. 24

$1.25 Oct.

Atlantic Reflniug, com. (quar.)

Common (quar.)

rec.

to

IX

...

Atlantic Sugar Refineries, oom. (quar.).
Preferred (quar.)...
....

Bethlehem Steel, common (quar.)
Common B (quar.)
;

1

IX

—

(quar.)
(quar.)
(quar.).

Preferred

Sept. 15a

Oct.

rec.
rec.

♦$4.75 Sept. 30 ♦Aug. 29
to
Sept. 24
Nov. 15
2
Holders of rec. Oct. 30
2

Common (quar.)..
Preferred

Holders of

Holders of
Holders of

2

Common (quar
Preferred

20 ♦Holdesr of rec.

15

Sept. 20

*$1.25 Sept. 30 ♦Aug. 29
-

la

20 ♦Holders of rec.

Sept. 2a
Sept. 20
Sept. la
Sept. 30
Sept. 30

Oct.

2

IX

Extra

Sept.

Sept. 20
Sept. 20
Sept. 9

Sept. 20a
Aug. 31

♦25c. Oct.

Ohio Oil (quar.)

Sept. 20a
Sept. 15

rec.

rec.

Sept. 24

4

(quar.).....

Nlplssing Mines Co. (quar.)

rec.

Sept. 15
Sept. 15

rec.

Holders of

♦25c. Oct.

York Transit

North American Co. (quar.)

la

Sept. 15 ♦Holders of

$1

2X

New York Air Brake (quar.)...

rec.

rec.

♦Holders of

Nov. 1

Aug. 29
Oct.
1
Oct.
1

to

♦Holders of

♦30c. Oct.

Common (extra)..

8 ♦Holders of

Extra

Sept. 301

to

,

2

-

Telegraph (quar.)
(quar.)...

Aug. 17

rec.

Sept.

New

Sept. 13a

Sept. 23

American Tobacco, preferred
Arkansas Natural Gas, com

8 ♦Holders of
8 ♦Holders of

*3X

Nlles-Bement Pond, common (quar.)...

rec.

Sept.30
Sept. 30

Sept. 15

Sept.
Sept.

rec.

♦5

Holders of

Sept. 30

.......

♦4

Common

Holders of rec. Sept. 15a

IX
3X

preferred

American Radiator, common

American Telephone <fc

Sept. 10a

(extra)

Holders of rec. Sept. 15a
Holders of rec. Aug. 3ia

$1
(quar.)...
Aimer. Rolling Mill, com. (In com. stock) V25
1
Amer. Smelt. & Refg., common (quar.).
SI
Amerlcan Stores, common (quar.)......
First and second preferred (quar.)
IX
Amer. Sugar Refg., com. & pref. (qu.)
IX

....

American Pottery,

pref. (quar.).
(quar.)..__

rec.

National Candy, common....

Miscellaneous.
*

IX

(quar.)

Preferred

Trust Companies.

Lawyers Title & Trust (quar.)....

40c. Oct.

(monthly)
Class A (quar.)
Montana Power, common (quar.)
Preferred
(quar.)
Montgomery Ward&Cfcupf.&Cl.A (qu.)
Montreal Cottons, common (quar.)

Sept.
Sept.
Sept.

Holders of

1

Oct.

2

National Biscuit, com.

El Paso Elec. Co., com. (quar.)

on

Exchange has ruled that St. Joseph

Oct. 1.

new

class B common stock, par value

$25

Lead Co. be quoted ex-

Sept. 4

963

THE CHRONICLE

1920.]

daily,

Transactions at the New York Stock Exchange

weekly and yearly.—Brought forward from page 967.

Boston

Clearing House Banks.—We give below a sum¬

showing the totals for all the items in the Boston

mary

Clearing House weekly statement for
Railroad,

1
j

V. s.

Bonds.

Bonds.

Bonds.

Value.

Par

Shares.

& Foreign

655,100

59,392,000

699,525

65,011,000

665,759

53,595,900

3,489,500

3,009,859 $267,463,900

$20,321,500

$14,531,600

Monday
Tuesday
WednesdayThursday.-.

318,930
506,804

28,779,000
46,154,400

.

Friday
Total-.-

526,000

4,194,000

168,741

BOSTON

$1,499,000
3,756,000
4,289,000
5,152,000
5,849,000
5,268,750

$440,000
471,500

$2,098,000
3,064,000
3,742,000
3,734,000

Saturday

Week ending

at

519,000
898,000

1,142,500

$3,997,000 S25,813,750

Jan. 1 to Sept. 3.

Sept. 3.

1920.

1919.

1920.

1919.

3,009,859
$267,463,900 $523,553,200 $13,544,273,375 $18,809,129,755
$47,200
$1,400

Stocks—No, shares.-.
► Par value
Bank shares,

par

5,000
2,962,000
2,966,000
2,254,000 599,183,000 596,076,000
7,035,000 455,194,000 461,170,000
1,407,000 105,353,000 109,668,000
1,220,000
15,039,000 15,045,000
1,002,000
6,315,000
2,719,000
16,420,000 18,013,000
1,825,000
4,186,000 71,100,000 56,743,000
47,000 53.447,000 67,826,000

Individual deposits, incl. U.S. 448,159 000 Dec.
103,946 000 Dec.

Due to banks

16,250 000 Inc

Time deposits

5,313 000 Dec.
14,595 000 Dec.
66,914 ,000 Dec.

in

excess

bank

53,494 000 Inc.

and

$25,813,750
3,997,000

$1,903,317,350
236,509,000

$1,606,036,300
207,440,500

5,823,500

412,432,500

360,574,000

$50,132,250

Total bonds

$34,658,600
V 1,849,000

20,321,500

bonds...

State, mun,, Ac,, bonds
RR, and misc, bonds..

$42,331,100

$2,552,258,850

$2,174,050,800

Statement of New York

AND

THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.

TRANSACTIONS

City Clearing House Banks

City Clearing House

shows the condition of the New York

AT

separate banks are the averages of the
case

The figures for the

Bond Sales.

Shares.

Sept. 3 1920.

Shares.

.....

$11,750

1,593

$38,050

134

$44,800

61,250

2,655

42,250

1,131

61,700

62,900

8,523
6,564
7,175
5,937

77,000
56,000

1,459
1,373

5,000

63,450
8,000

702

19,700

(,000 omitted.)

549

14,000

Week ending

Wednesday

11,390

111,550

Thursday

14,565

43,450

Friday

16,665

19,000

,

YORK WEEKLY

NEW

6,376
9,702

Monday

19,000
'

Mi

in

Nat'l,

ments,

Voult.

State,

Average.

Members of

and

Banks

Non-Member

Companies.—Follow¬

Trust

ing is the report made to the Clearing House by clearing
which

institutions

non-member

not^ included in the
the following page:

"Clearing House Returns" on

are

Mech & Metals.

INSTITUTIONS OF NEW YORK CLEARING
HOUSE.

(Staled in thousands of dollars—that is, three ciphers

National' City__
Chemical Nat__

[0001 omitted.)

Chath & Pheni
Hanover

CLEARING

Demand

Time

Rank

Legal

De¬

De¬

Circu¬

Vault.

Statebks.Jun.30i merits,

Week ending

Tr.

B Aug. 28 1920.

cos.

June 30;

Members of

Res.

with

in

Nat.bks.June30 Invest-

Fed'l

Net

Cash

counts,

NON-MEMBERS

$

$

Bank.

1,500

1,494

Mutual Bank

200

Deposl

posits.

posits.

lation.

New Netherland..

682

tories.

&c.
Average Average
$
$ •
225
15,235

Average] Average Average Average
$

$

$

$

10,587

697

600

Battery Park Nat.

Nat'l

Net

•

223

2,162!
1,455!

10,426

325

9,531

207

971!

6,445

244

13,507

70

190

500

1,108

3,691

27

393!

2,151

658

200

755

13,953

369

1,236

7,396

6,799

First N Bk. Jer Cy

400

1,332

9,300

248

763

6,012

163

393

3,400

6,071

62,297

1,299

6,980

45,937

8,259

583

W R Grace A

Total

300 1

3,000

Nat'l

2,000

Bank of Wash Hts

100

444

3,444

437

209

3,491

600

1,400

14,608

1,890

941

30

-

700

Total
Trust

1,845

2,327

18,052

1,150

30

19,168

Bankers

Trust.

Tr.
Guaranty Trust
U 8 Mtge A

Companies

Not Members of the

Fidelity Trust..

Fed'l Reserve Bank.
Hamilton Tr.Bkln.

500

1,005

9,039

595

371!

7,426

915

Mech Tr. Bayonne

200

452

8,946

349

471

5,237

4,960

Columbia Trust

1,458

700

Comparison previo

us

842

944

5,875

12,663

week

4,570

8,972

a77,708
—3,659

14,164
+ 222

583

+ 87

+4

aggr

Aug. 21
14

4.800

9,374

98,907

4,722

8,885

a81,427

13,942

579

4,800

9,374

98,567

5,040

9,592^

81,422

13.893

584

7

4.800

9.374

$7,940

4,905

9,703!

79,181

13,908

586

Gr'd aggr Aug.

Gr'd

aggr

Aug.

deducted, §204,000.
payable, rediscounts, acceptances and other liabilities, $7,232,000.
Excess reserve, increase $501,820.
a

U. S. deposits

Bills

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

depositaries" and "Cash in vaults."
Week ending Aug. 28 1920.

Aug. 21
Two

Member sof\

ciphers (00) omitted.

Trust

1920.

»

F .R. SystemCompanies

Surplus and profits
Loans, disc'ts A investm'ts..
Exchanges for Clear. House.

$4,500,0

37,725,0

89,518,0
724,051,0

12,478,a;

101,996,0

23,971,0

36,589,0: 760,640,0
416,0;
24,387,0

109,532,0

16,

Bank deposits

131.377,0.

311,a1

Individual

529,816,0!

Due from banks

—

deposits

109,.548,0
131,688,0

7,463,0!

250,0!

7,713,0

Total deposits

668,656,0:

20,897,0

689,553,0

Res've

with

legal

Included)

in vault*

--

Total reserve and cash held.
Reserve

required

Excess res. A cash
*

2,340,6

deposit's.

Res've with Fed. Res. Bank
Cash

5,368,0

in vault..




14

101.943

761,207,0, 753,708
27,651,0,
27,020
115,758,0 109,982
133.106.0 134,451
538,988

7,682,0!
7.653
691,119,0 681,092
7,277,0
3,792

2,340,0

2,348.0,

53,141

54,649,0,

2,263

12.805.0

"93*1",o

13,736,0

13,315,0

13,584

65,687,0
52,002,0

3,280,0

68,967,0

70.312.0

68,988

3,044,0

56,036,0

55.141.01

54,890

12,695.0

236,0

12,931,0

15,171,0;

14,098

Cash In vault is not counted as reserve for Federal Reserve

6,641

14,850

772

7,675

126

389,189

5,456

1,111
1,172

2,173
1,496

990

2,703

456

665

2,130
1,643

1,466

2,596
17,407
4,650
33,260
g 1,500
7,206
1,900
11,292

268

444

807

1,663

1,093

437

2,181

781

3,769
30,466

831
712

6,309

1,896

55,097

507

2,301

1,238
1,094

10,206

33,534

3,277

89,687

633

8,475

1,060

24,891

504

3,282

35,766

3,323
3,645

1,370

5,000

10,713

2,000

1,374

17,435
128,217
22,285

Not Me mhPT9
mbers

$

.

"

29,735
148,768
10,252

18,254
165,993
185,594
12,359
6,090
281,504
19,216

46

51

3,416

5,044

893
100

7,459

2,241

2,308

786

12,004

605

2,772

1,456
14,625

690

2,787

504

;

7,037

8,811
19,232
14,405
12,494
48,090
76,308
14,264
16,946
26,888
*231,832
47,410
*505,544
17,542
75,046
31,825
61,378
24,665

actual co
Totals, actual co
Totals,

25,995
13,352
*128,024
21,278

26

208

128

394

531

66

2,606

1,967

560

406

461

451

1,092

f I
of Federal

86,709
83,893

Bank members

aggr,

Gr'd

aggr.

*

--II
I.II
"50

526.409+3,890,788228.865 35
512,477+3,885,023 219,237

88.391 534,466 t3,918,378 219,171
Reserve

Bank

17,993
5,446

2,251
661

312i

2,007

67,486

3,322

1,934

18,153:
3
5,334
28,446 39 ,386

1,378

4.666]

90,925]

6,234]

3,624]

51,933 39,389

91,3671
90,345

6,268
6,196

3,536
3,634

52,362 39,463
51,519, 39,209

ndition Aug. 14

90,696

6.147

3,382

N ol

Mem bers of Fe deral Re serve Ba

52,070

38.825

1,028

nk

47,445

945:

3,521!

29,689

6,167|

28,962

925

1,683:

17,300

GO CO

76,407.

1,870

5,204

46,989

1,440

75,305
77,171'

l,757i
1,903

5,238
5,279

45,876
47,713

1,431
1,442

ndition Aug. 14

76,150

1,784!

5,168

46,896

1,382

y6,000+12,316,

4.000]
10,000

act'!

Comparison, pre

Gr'd

-

113

842

H 00

248,150440,447 5,133,465

aggr,

—

14,310

ndition Aug. 21

Tr

actual co

aggr,

—

1,375

ndition Aug. 28

Average.

Gr'd

394

6,005

17,564
8,396
32,640
1,290
4,334
2,112
1,834

2,500

Compan

Title Guar A

Gr'd

249

689

1,716]

ies.

aggr,

1,084

----

3,750

Totals, actual co

Gr'd

199

100

250

Average

Totals,

50
624

-

5,819

1,000

Bank...

Trust

6,392
10,017

1,000

Bowery Bank..
State

$

1

2,000
2,000

3,000

Average Avge.

$

2,748

452

7,211
1,534

lation.

745
32,747
4,283
97,194 11,805
149,715
4,545 i",66o
53,795
1,821
*582,263 40,881 l',357
105,371
2,115 1,401
245
844
16,338
34
293
3,612
91,044
5,399 4,868
251,867
7,205
32
22,307
107,122 13,326 4",686
100
118,657
36,793
149,104 10,448

1,584
1,007
34,612

935

p

1920.

52,882,0

52,882,0

890

385

vious

20,336.01 550.152.0 650,331,0

Time deposits

U. S. deposits (not

Aug.

$37,725,0' $37,725
101,929,0

24,133
305,276
203,838

4,442

posits.

234,400423,397|4,966,133 88,728510,337+3,877,320 224,66035,248

Average

Total.

$33,225, 0'

Capital

342

,

Circu¬

ndition Aug. 28
ndition Aug. 21

required is 15% on demand deposits and includes "Reserve
with legal

10,922

ndition Aug. 284,991,256
Totals, actual co nditlon
Aug. 2114,949,173
Totals, actual co
ndition Aug. 1414.!
4,945,664
Totals, actual co
State Banks.
Greenwich Bank

Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Aug. 28 with comparative

"

979

1,500

Columbia Bank
Gr'd

Average.

3,893
19,424
1,527
2,597
21,773
24,349

1,407

210,400

8,979
19,005
15,050
15,304
51,089
90,283
20,367
19,309
41,212
293,900
.57,619
513,758
19,481
76,866

gl,500
5,000

Metropolitan Tr
Nassau N.Bklyn
Farm Loan A Tr

—152

789

42,018

17,661

7,003

20,000
2,000
25,000

Trust
Lincoln Trust..

98,334

5,437
20,032

14,362

20,142

1,000
1,500

Peoples Trust.

—573

9,374

4,800

Grand'aggregate..

17,985

1,991
5,960

980

1,500

New York

Total

32,936
3,126

801

6,000

Union Exoh Nat

Brooklyn Trust

2,626
1,334
4,567
1,950

152,350

552

12,490

1,000
1,000

Coal A Iron Nat

15,677

2,206

96

1,402

1,000
1,000

Liberty Nat Bk

Colonial Bank....

60,378
14,251

386

400

Commonwealth
Lincoln Nat'l..
Garfield Nat'l..
Fifth National

Fed'l Reserve Bank.

10,895
1,902
13,883
1,587

200

Avenue..

Seaboard Nat'l

4.557
13,125
19,485
7,477

2,916

126,021
120,387
33,581

y6,000
Corn Exchange.
1,500
Imp A Trad Nat
5,000
National Park.
764
1,000
East River Nat
1,000
4,439
Second National
10,000 36,185
First, National..
xl2,500 xl0,520
Irving National.
443
1,000
N Y CountyNat
783
1,000
Continental Bk.
15,000 22,667
Chase National.
500
2,253

Not Members of the

797

4,614
127,124
334,132
24,049

31,533
1,765
7,470
19,995
2,988
y7,758
8,338
21,820

Commercial Ex.

State Banks.

158

6,8.6

25,000
1,000
7,000

Average Average
$
$

573,257
160,308
21,324

1,076

,

5,000

Metropolitan

Fifth

Co's

Yorkvllle Bank...

6,108
58,826
14,491

Amcr Excb Nat

Pacific Bank..

Reserve

Dls

14,929

5,500

25,000
4,500
1,000

Nat Butch A Dr

NatBk of Coram

Loans,

10,000

Bank of America

Atlantic Nat'l..

RETURN OF NON-MEMBER

5,000

Co.

Bank

De¬

tories.

50,105
142,663
208,424
58,306

6,862
15,974

2,000

Bk of NY. NBA

Manhattan

$

$

$

Fed. Res. Bank

Time

Net

with

Demand
Legal
Deposit Deposits.

&c.

June 30
June 30
Tr.Cos.,June30

Nat.

Reserve

Invest¬

MEMBERS

RETURNS.

three ciphers [,000l omitted.)

Cash

Capital. ProfUs. Discount.

HOUSE

S164.200

5,348

$284,750

32,447

$309,900

71,478

CLEARING HOUSE

Loans,

Net

CLEARING

Aug. 28 1920.

f Total..

end of the week are also given*

(Stated in thousands of dollars—that is,

Bond Sales.

Shares.

Bond Sales.

12,780

Saturday

In the

daily results.

Baltimore.

Philadelphia.

Boston

of totals, actual figures at

Week ending

Tuesday

17.767,000

Companies.—The following detailed statement

and Trust

members for the week ending Aug. 28.
DAILY

5.693.000

254,000

5,947,000 Inc.

Federal Reserve Bank

t

Bonds,
Government

$

$

Cash in bank A in F. R. Bank

206,033,982

153,484,070

1920.

2,967 000 Inc.
Loans, disc'ts A investments. 596,929 000 Dec.

Reserve

5^765,007

Aug. 14
1920.

Aug. 21

Circulation

Due from other banks

1920.

Changes from
previous week.

28

Aug.

Exchanges for Clearing House

New York Stock

Exchange.

series of weeks:

CLEARING HOUSE MEMBERS.

United States deposits

Sales

a

State, Mun.

&c.,

Siocks.

Week ending
Sept. 3 1920.

wjeek

cond'n

cond'n

act'l
icond'n
act'1

Includes

+3.889

96,832525,165e3,976,248265,48935,248

—705—9,476

—29,529 +5,247) +251

(Aug. 28 5,157.928

vlous week

act 1 cond'n
cond'n
act I

j

412

94,734 535,183 f3,989,026269,759 35.287
I +41,239 +2,742 +13793;
+4,771 +9,871! +120

Aug. 215,116,689
Aug. 14 5.112,510
Aug.

7 6,102,145

July 315.147.660

91,992 521,390, 3,984,255259,888 35,167
96,322 543,016 ,4,017,344 259,37834,918
98,620 544,498! 4,058,281253,07834,984
96.998 530,4071 4.111.168 253.54835,183

included in total footing as follows*
Bankers Trust Co., $3,040,000; Guaranty Trust

deposits in foreign branches not

National City

Bank, $129,022,000;

Farmers' Loan A Trust Co., $19,712,000. Balances carried in
hanks ln'foreign countries as reserve for such deposits were: National City Bank,
$47 968 000; Bankers Trust Co., $790,000; Guaranty Trust Co., $6,519,000; Farm¬
ers''Loan A Trust Co., $2,357,000.
c Deposits in foreign brandies not included,
e U
8 deposits deducted, $56,504,000.
f U. S. deposits deducted, $49,166,000.
runs navable
rediscounts, acceptances and other liabilities, $1,185,066,000.
& As
of July 20 1920.
* As of July 24 1920. y A of July 31 1920.

Co

$94 960 000;

[Vol. Ill

THE CHRONICLE

964
OF RESERVE POSITION OF

STATEMENTS

RESULTS

COMBINED

CLEARING HOUSE BANKS

BANKS

OF

AND

COMPANIES

TRUST

IN

GREATER NEW YORK.

COMPANIES.

TRUST

AND

Loans and

Averages.
Cash

Reserve

State

banks*

Trust

companies*...

Total Aug.

28

Total

Aug. 21

Total

Aug. 14....

Total

Aug,

7

Reserve in

in Vault.

Depositaries.

$

in

Total

Reserve

Reserve.

Required.

Reserve.

$

%

June

%

5,544,820

527,188,470
530,859,920
533.382,480
540, 16,400

6,080.530
11,858,080

8,104,000 525,165,000 533,269,000
8,077,000 534,641,000 542,718,000
8,152,000 533,286.000 541,438,000
8,237.000 543,881,000 552,118,000

510,060

25,650

8,055,520

5,965,438,500
5,938,501,400
5,933,082,000
5,939,839,600
5,922.559,300
5,888,285,600

3

July

10.—

July

17—

July
Aug.

24
31
7..

Aug.

14.

Aug.

21

July

12.001,600

•*

128,548,900

—

—

4,857,213,900

4,814,390,800
4.793,133.700

5.883,338,600
5.908.034.900

—

$

$

5,034,693,800
4,907,609,000
4,985,928,900
4,972,091,500
4,955,519,800
4.909,587,400
4,867,495,100

5,930,986,600

26—

July

$

516,337,000 516,337,000 510.792,180
9,347,940
9,858,000
3,624,000
6",234",000
7,074.000
7,048,350
5.204,000
1,870,000

%

5,930,652,500

Surplus

Depositaries

%

Reserve banks....

•Total Cash

Deposits.

a

Reserve
in Vault.

Members Federal

Demand

Investments.

Week ended—

This item Includes gold, silver, legal tenders,

127.495,800
124.512,200
138,243,400
129,651,100
124,771,600
129,596,400
125,715,400
126,676,200
122,705,800

662,435.000
685,640,800
721,682,800

669,101,300
691,297,100
641,112,900
647,841,700
650,841,700

647,879,600
644,440.200

national bank notes and Federal

Reserve notes.
Actual Figures

Condition of the Federal Reserve Bank of New York.

b

Cash

Reserve

Reserve

in

Total

reserve

Surplus

-—The following

Depositaries

Reserve.

Required.

Reserve,

Bank of New York at the

$

$

$

'

in

Vault.
%

Member. Federal

Trust

13,740.610

14,233,050
1,428,530

6",268",000

companies*...

Total Aug. 28
Total

Aug. 21

Total Aug. 14
Total Aug.
7

a

This is the
trust

378,840

reserve

companies,

Reserve

18,575,730
15,171,120

on

Total gold

net time deposits, which

was as

follows:

Aug. 28, $6,739,800; Aug. 21, $6,591,900; Aug. 14, $6,587,100; Aug. 7, $6,415,320.

required on net demand deposits in the case of State banks
companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Aug. 28, $6,865,950; Aug. 21, $6,577,110; Aug. 14. $6,575,130; Aug. 7, $6,383,640.
trust

172,893,977
277,126,331
35,982,900

220,788,000
281,659,000
25,000,000

486,003,208
124,111,675

527,447,000

124,809,583
598,723,507

610,114,883

577,760,000

553,991,906

...——

Legal tender notes, silver, &CTotal

156,436,000

473,913,924

fund....

Total gold reserves..

b This is the reserve

and

95,413,644
36,575,574
40,904,759

162,036,593
275,949,631
35,927,700

held by bank

Gold redemption

$.

97,014,512
24,116,385
40,905,694

542,098.670
230,298

....

Board....

foreign agencies..

Gold with

$

S

gold certificates

Gold and

Gold settlement fund—F. R.

Gold with Federal Reserve Agent

Bank,

required

,
Aug.27 1920. Aug. 201920. Aug. 29 1919

Resources—

required on net demand deposits in the case of State banks
but in the case of members of the Federal Reserve banks

Includes also amount of reserve

date last year:

113,600

8,137,000 544,498,000 552,635.000 537,463.880

♦Not members of Federal

and

comparison with the previous week and the corresponding

%

526,409,000 526,409.000 512,668,390
9,804,000
9,425,160
3,536,000
6,995,000
6,881,400
5,238,000
1,757,000

8,025,000 535,183,000 543,208,000 528,974,950
b,099,000 521,390,000 529,489,000 528,060,470
7,931,000 543,016,000 550.947,000 532,371.270

Reserve banks....

State banks*.

shows the condition of the Federal Reserve
close of business Aug. 27 1920, in

reserves..

64,352,000
—

50,313,000

Bills discounted:

Secured by Government war oblig'ns:
For members

—

For other Federal Reserve banks....

656,305,000
...

explanation of discontinuance of these returns
Chronicle of August 14, page 643.

iD

see

figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as

NEW YORK,

COMPANIES

IN

GREATER

43,891,000
94,288,000

997,762,235
1,462,347
50,000
69,628,500

794,484,000
1,257,000
50,000
66,504,000

1,091,479,575 1,068,903,082
3,942,040
3,846,378

862,295,000
3,994,000

1,020,566,227
1,462,347

U. S. Government bonds

50,000
69,401,000

U. S. Victory notes

of indebtedness

U. S. certificates

Bank premises

~

—__

5% redemption fund against F, R. Bank

NOT INCLUDED IN CLEARING HOUSE STATEMENT.

(Figures Furnished by Slate Banking Department.)

342,526,019
112,907,246

100,522,987

Total bills on hand.

Total earning assets...........

AND TRUST

43,891,000

market

Bills bought in open

follows:
BANKS

656,305,000

334,449,895
8,076,124

For members

For other Federal Reserve banks...

State Banks and Trust Companies Not in Clearing
State Banking Department reports weekly

OF STATE

542,328,968

366,051,334

\

All Other:

item

House.—The

SUMMARY

553,991,906

366,051,334

New York City State Banks and Trust Companies.—
For

notes

*

Gold

2,194,400

-

transit

In

custody

or

2,188,950

2,335,000

foreign

in

■

V.'

>:"■

Differences from
previous week.

Aug. 28.

Loans and Investments.,

$772,989,700

Specie

7,904,000

Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits

All other liabilities

5,469,200

Inc.

L

158,599,981
808,261

-----

—

107,119,000

....

...

168,254,329
781,838

183,731,000
2,304,000

5,400

17,184,900

Dec.

74,927,500

Inc.

818,173,600

Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve. 19,3%.

Uncollectible items and other deductions*

Dec.

countries

Total

85,300

resources

.

—

1,855,747,766 1,854,089,462 1,739,538,000

—

Liabilities—

1.140,200

Dec. 14,305,700

======

Capital paid in

25,337,050
51,307,534
20,139,062

—

============= ============

25,335,800

22,048,000
32,922,000
7,124,000

Deferred availability items

98,839,180

51,307,534
19,088,761
706,632,604
110,142.606

Other deposits, incl.

20,691,728

21,410,462

42,740,000

857,555,377

857,274,432

861,580,000

854,924,480
34,789,700
31,833,623

854,295,240
35,267,000
30,609,455

752,283,000
42,497,000
8,208,000

Surplus...

-

Government deposits

773,871,900

Dec. 17,484,800

135,786,000

Inc.

818,000

0

717,885,409

Due to members—reserve account

foreign govt, credits

709,654,000
122,062,000

RESERVE.
Slate
Cash In vaults

Banks

*324.016,000

15.74%
06.62%

Deposits in bank8& trust companies 10,094,300

Total gross

-—Trust Companies

*$76,000,400

14.45%

25,663,300

04.89%

deposits.

F. R. notes In actual circulation
F

R. Bank notes in circulation—net liab

All other liabilities..

Total.....

$34,110,300

............

$101.665,700"

22.36%

19.34%

1,855,747,766 1,854,089,462 1,739,538,000

Total liabilities

*

Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 28 were S74.927,500.

Ratio

of

total

deposit and

to

reserves

F. R. note liabilities combined

Banks and Trust Companies in New York City.—The
averages of the New York
trust companies combined

and

City Clearing House banks and
with those 'for the State banks

trust

companies in Greater New York City outside of
the Clearing House, are as follows:

—

39.5%

38.5%

.—

43.0%

Ratio of gold reserves to F. R. notes In
circulation after deducting 35 % against

deposit liabilities
Ratio of

reserves to

ducting

40%

reserves

against
36.7%

39.0%

6,077,464 67

6,079,004

F. R. notes in circulation

Contingent liability

on

bills

——

purchased

for foreign correspondents
*

49.3%

......

net deposits after de¬

gold

Including gold in transit or custody in foreign countries.

The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Aug. 27.
figures for the system as a whole are given in the following table, and in addition we present the results for seven pre¬
ceding weeks, together with those of Corresponding week of last year.
The second table shows the resources and liabilities
separately for Caeh of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
The

transactions
serve

in

banks.

Federal Reserve notes between the Comptroller and Reserve
Agents and between the latter and Federal Re¬
commenting upon the return for the latest week the Federal Reserve Board say:

In

Increases of 18.6 millions in net deposits and of 28.9

millions in Federal
circulation, as against a gain of about 6 millions in cash re¬
indicated in the Federal Reserve Board's weekly bank state¬
ment issued as at close of business on Aug. 27 1920.
In consequence of
these changes the Banks' reserve ratio shows a decline from
43.5 to 43.2%.
Holdings of all classes of paper were larger than the week before, bills
secured by United States war obligations
showing an increase of 13.2
millions, other discounts—an increase of 34.5 millions and
acceptances
bought in open market—an increase of 1.4 millions.
Treasury certifi¬
cates on hand declined by 3.5 millions, while total
earning assets show
_

Reserve note

serves,

are

increase for the week of 45.6 millions.
Of the total holdings of 1,314.8 millions of

an

paper secured by United
war obligations 660.6 millions, or
50.2%, were secured by Liberty
bonds, 307.5 millions, or 23.4%, by Victory notes and 346.7 millions, or
26.4%, by Treasury certificates, as against 50, 23.2 and 26.8% of a coruesponding total of 1-301.8 millions reported the week before.
Discounted
paper held by the Boston, New York and Cleveland Banks includes 166.5
millions of paper discounted for six Reserve banks in the South and Middle
"West, compared with 151.2 millions shown at the end of the previous week.

States

Combined Resources

and

Liabilities
Aug. 27

*

<

RESOURCES.

Gold and gold certificates
Gold settlement fund, F. R. Board.
Gold with foreign agencies..
Total gold held by banks
Gold with Federal Reserve agents.

Gold redemption fund
Total gold reserve




19|20.

S

186,139,000
373,272,000
111,455,000

of

the

Federal

while acceptance holdings of the Philadelphia, Cleveland and San Francisco
Banks are inclusive of 48.9 millions of bank acceptances bought from the
New York and Chicago Banks, compared with 35.4 millions shown the
week before.

As against a reduction of 11.4 millions in Government deposits, members'
reserve deposits show
an increase of 24.8 millions.
All other deposits,
including mainly foreign Government credits and non-members' clearing
accounts, show a decline of 1.6 millions, while the "float" carried by the
Reserve Banks and treated as a deduction from gross deposits is shown 6.8
millions less than the week before.
The result of these changes is seen in
an increase of 18.6 millions in the calculated net deposits.
Of the total
increase of 28.9 millions in Federal Reserve note circulation, over 60%
represents the combined increase reported by the Philadelphia and Cleve¬
land Banks.
In addition, there is shown an aggregate increase of 2.2 mil¬
lions in Federal Reserve

Gold

Reserve

Aug. 20 1920. Aug. 13 1920. Aug. 6
S

183,125,000
366,892,000
111,455,000

$

179,630,000
389,927,000
111,531.000

Bank note circulation.

gain for the week of 5.5 millions, while other cash
0.5 million.
The capital account of the Reserve
Banks shows a further increase of $296,000, the Chicago and Kansas City
Banks reporting the largest gains under this head.
reserves

reserves

show

increased

Banks

a

by

at

the

Close

1920. July 30 1920. July 23 1920. July

$

185,165,000
381,259.000
111,531,000

$

174,179,000

389.389,000
111,531.000

*

$180,529,000
387.345,000
111,531,000

Business Aug. 27, 1920,

of

16 1920.
$

July 9 1920.
$

Aug. 29 1919
S

168,787.000

168,929,000

244,231,000

393,905,000

402,760,000

563,640,000

111,531,000

111,531,000

670,866,000
661,472,000
807,871,000
683,220.000
674,203,000
681,088,000
677,955,000
679,405,000
675,099,000
1,154,684,000 1,164,264,000 1,164,562,000 1,150,343,000
1,153,712,000 1,160,215,000 1,152,875,000 1,145,102,000 1,142,589,000
146,275,000
116,328,000
140,615,000
142.994.000
131,708*000
144,343,000
152,307,000
143,651,000
148,893,000
1,971,825,000 1,966.351,000 1,977,358,000 1,980,605,C$9
1,977,704,000 1,983,271,000 1,971,421,000 1,971,316,000 2,066,788,000

THE CHRONICLE

Legal tender notes, silver, &c
Total

reserves

..

Bills discounted.

obligations.

Secured by Govt, war
other.

All

market

Bills bought in open

Total bills on band

U. S. Government bonds.
U

S.

Victory

U.

S.

certificates of indebtedness...

notes-

Total earning assets.
Bank premises

'

deductions

Uncollected items and other
from gross

deposits

R. bank notes

6% redemp. fund agst. F.
All other

resources

Total resources...

LIABILITIES.

,

Capital paid in
Surplus....
Government deposits
Due to members, reserve

account

Deferred availability items
Other deposits,
Total gross

incl. for'n gov't credits..

deposits
circulation

F. R. notes in actual

F. R. bank notes in

...

circulation—net liab.

All other liabilities
Total liabilities

net deposit and
combined
deposit and
F. R. note liabilities combined....
Ratio of total reserves to F. R. notes in
circulation after setting aside
35%
against net deposit liabilities

Ratio of gold reserves to

F. R. note liabilities

Ratio of total reserves to net

$

Distribution ny Maturities—

$

bought in open market..
110,768,000 112,734,000
discounted.
1,581,792,000 1,515,379,000
1-15 days U.S. certif of indebtedness..
27,325,000
25,538,000
1-15 days municipal warrants.-.
16-30 days bills bought in open market..
79,865.000
70,815,000
16-30 days bills discounted
247,986,000 219,669,000
6-30 daysU.S. certif. of indebtedness..
15.441,000
19,483,000
16-30 days municipal warrants
....
31-60 days bills bought in open market..
105,240,000 110,891,000
31-60 days bills discounted...
491.886,000 511,330,000
31-60 daysU.S. certif. of indebtedness..
34,431,000
28,524,000
31-60 days municipal warrants
61-90 days bills bought in open market..
26,092,000
26,157,000
61-90 days bills discounted
__
301,240,000 332,684,000
61-90 daysU.S. certif. of indebtedness..
11.002,000
16,908,000
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
44,223,000
40,367,000
Over 90 days certif. of Indebtedness
185,502,000 186,705,000
Over 90 days municipal warrants.. .....
1-15 days bills

1-15 days bills

$
v
$
$
$
99,100,000 97,177,000 101,612,000 105,303,000
1,464,290,000 1,422,134,000 1,437,321,000 1,437,411,000
42,325,000 31,136,000 36,987,000 26,705,000
_
__
"71,014,000 69,882,000 86,034,000 88,680,000 72,802,000 67,968,000
189,632,000 189,930,000 225,623,000 240,829.000 241,400,000 285,693,000
16,700,000
12,900,000 12,000,000
13,773,000
5,600,000 6,600,000
;
....
105,155,000 122,345,006 129,544,000 138,714,000 142,024,000 163,173,000
458,770,000 434,400,000 * 426,928,000 416,780,000 449,893,000 486,603,000
38,102,000
37,738,000 27,430,000
23,680,000 36,975,000 19,400,000
_
_ __
..
32,363,000 30,627,000
28,972,000 40,033,000 36,147,000
342,326,000 304,257,000 316,347,000 284,650,000 272,743,000
40,273,000 28.144,000 43,945.000 31,252,000 36,533,000

$
$
114,917.000 114,800,000
1,549,969,000 1,529.341,000
27,340,000
17,967,000

;

...

....

.

70,532,000 73,817,900 76,884,000 79,143,000
188,621,000 175,375,000 183,368,000 192,704,000
_
......
—
Federal Reserve Notes— v ,/Cv
================ =
—
—
1— ================================ ================
Outstanding..
3,471,731,000 3,462,875,000 3,450,969,000 3,438,500,000 3,425,788,000 3,434,186,000 3,450,964,000 3,454,488,000
Held by banks
268,094,000 288,150,000 281,788,000 296,639,000 305,650,000 315,981,000 315,071,000 273,540,000
actual circulation
3,203,637,000 3,174,725,000 3,169,181,000 3,141,861,000 3,120,138,000 3,118,205,000 3,135,893,000 3,180,948,000
Notes {Agents Accounts)—
_
Received from the Comptroller....
7,435,580,000 7,387,780,000 7,338,200,000 7,290,760,000 7,276,540,000 7,241,340,009 7,231,560,000 7,200,920,000
Returned to the Comptroller
3,490,516,000 3,465,042,000 3,439,212,000 3,408,446,000 3,381,434,000 3,350,921,000 3,319,113,000 3,292,919,000
Amount chargeable to Fed. Res. agent 3,945,064,000 3,922,738,000 3,898,988,000 3,882,314,000 3,895,106,000 3,890,419,000 3,912,447,000 3,908,001,000
hands of Federal Reserve Agent.
473,333,000 459,863,000 448,019,000 443,814,000 469,318,000 456,233,000 461,483,000 453,513,000
Issued
Federal Reserve banks...... 3,471,731,000 3,462,875,000 3,450,969,000 3,438,500,00Q 3,425,788,000 3,434,186,000 3,450,964,000 3,454,488,000
Secured—.
======
==
—>—
—i
-— ===========
-— =====
By gold and gold certificates
260,226,000 260,226,000 260,226,000 259,226,000 259,226,000 259,226,000 259,226,000 259,226,000
By lawful money
_
By eligible paper
2,317,047,000 2,298,611,000 2,286,407,000 2,288,157,000 2,272,076,000 2,273,971,000 2,298,089,000 2,309,386,000
Gold redemption fund
114,531,000 118,254,000 117,943,000 117,784,000 111,633,000 107,700,000 111,695,000 116,285,000
With Federal Reserve Board
779,927,000 785,784,000 786,393,000 773,333,000 782,853,000 .793,289,000 781,954,000 769,591,000
Total
3,471,731,000 3,462,875,000 3,450,969,000 3,438,500,000 3,425,788,000 3,434,186,000 3,450,964,000 3,454,488,000
Eligible
delivered to F. R Agent.. 2,896,956,000 2,860,488,000 2,805,951,000 2,818,486,000 2,777,081,000 2,737,010,000 2,765,693,000 2,855,592,000
.

56,230,000
170,191,000

53,836,000
162,612,000

.

In

Fed. Res.

In

to

How

...

paner

WEEKLY STATEMENT OF

RESOURCES AND LIABILITIES

(00) omitted.
Federal Reserve Bank of—
Two ciphers

Boston,

OF EACH OF THE 12

Cleveland. Richmond

FEDERAL RESERVE

Atlanta.

Chicago.

BANKS AT CLOSE OF

St. Louis YMinneav.

BUSINESS AUG. 27 1920,

Dallas

San Fran.

RESOURCES.
Gold and gold

certificates
—
F. R. B'd
agencies

Gold Settlement Fund,
Gold with foreign

IffTotal gold

held by banks.....

Gold with Federal Reserve

agents

fund..

Gold redemption

1m
Total gold reserves

silver, Ac—

Legal tender notes,
Total reserves
Bills discounted:

Secured by Gov¬
obligations (a):

ernment war
All

other

Bill" bought in open

market (b)._

.1

J&ta.
U.
U.
U.

bills on hand
S. Government bonds
S. Government Victory notes
S. certificates of indebtedness

^Total earning assets
premises
Uncollected items and other de¬
Bank

ductions from gross

5%

redemption

deposits

fund

against

Federal Reserve bank notes—
All other resources.............

Is I
to> Total resources
M
LIABILITIES.

...—

Capital paid in
Surplus

—

Government deposits
Due to

members, reserve account

Deferred availability items.
Oth.deposlts.incl. for. Govt.cred.
M * "A
163,875,0
Total gross deposits
296,131,0
F. R. notes in actual circulation.
F. R. bank notes in circulation—
net liability

All other

liabilities.............

A

Total liabilities

...




82,614,0 152,730,0 2,447,756,0
79,415,0 241,933,0 3,203,637,0
16,065,0
34,790,0 20,005,0 20,006,0 10,876,0 12,109,0 35,378,0
9,650,0 7,844,0 15,510,0 7,065,0 11,495,0 200,793,0
2,933,0
31,833,0
2,848,0
3,592,0
1,704,0
1,924,0 8,815,0 2,122,0
1,718,0 2,219,0 1,661,0 3,416,0. 64,785,0
498,935,0 1,855,747,0 472,572,0 594,507,0 264,661^0 241,775,0 960,924,0 256,919,0 156,228,0 269,60fr,0i 78,843,0 428,055,0 6.178,771,0
857,555,0 160,223,0 212,064,0 104,916,0
854,925,0 268,028,0 334,884,0 133,969,0

74,378,0 335,200,0
142,426,0 543,929,0

106,650,0 62,258,0 135,293,0
128,316,0 75,901,0 103,780,0

966

THE CHRONICLE

Two ciphers (00) omitted.

Boston

New York.

Phila.

LIABILITIES (Concluded)—
Ratio of total reserves to net de¬

%

$

%

Cleveland: Richmond
$

[Vol. 111.

Atlanta.

St. Louis. M in neap.

Chicago.

$

$

$

5

Kan.City.

Dallas.

San Fran.

$

$

$

$

Total

$

posit and F. R. note liabilities
53.1

combined, per cent
Memoranda—Contingent liability
Discounted paper redlscounted

as

38.5

endor

ser

48.3

48.7

with other F. R. banks

Conting. ilabli.

on

...

other F. R. banks, viz...

1,168,0

6,077,0

(b) Includes bankers' acceptances bought fr

om other F,

With their endorsement.

1,280,0

39.9

22,247,0

34,540,0

768,0

•<;

^

•

32,434,0
1,904,0

20,347,0

"l!

752,0

416,0

44.8

43.2

v

432,0
'

'

:

99,620,0

-

FEDERAL

166,531,0
736,0

16,205,0

:

$

.

hand....

Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates

900

Gold settlement fund—Federal Reserve Board....

106,000

/Amount required
Eligible paper:\Excess amount held

177,287

AUG.

Clevel.

Richm'd

Atlanta

Chicago.

St. L.

$

$

%

$

S

27

Minn.

$

.

166,531,0

.

32,025

71,720
16,640
593,521 145,481

2,500

K.

CUy.

Dallas. San Fr.

S

$

Total.

$

S

8,975
6,880
77,013 109,295

13,010
6,080
473,333
82,826 273,110 3,471,731

13,052

3,810

"

48,924,0

1920.

S

16,342
15",510 18,719
63,000 101,389 100.000
096,817 160,808 199,122
291,854
4,511
62,465

28,375

Total

BUSINESS

Phila.

196.608

21,492

....

15,672,0
AT CLOSE OF

ACCOUNTS

141,000
30,940 26,565 27,348 70.515
972,767 277,707 349,866 137,773 146.693

305,679

...

...—

AGENTS'

S

53,660

v..

Federal Reserve notes outstanding

......

21,440,0

RESERVE

Boston. New York

(In Thousands of Dollars)
on

,

1,312,0

11,812,0
OF

Federal Reserve Agent at—

Federal Reserve notes

576,0

40.7

'

-

endorsement.^

Resources—

784,0

...

R. banks

-66,911,0

STATEMENT

'

31,963,0

40.0

for

correspondents
rrz
Includes bills discounted for

Without their

25,000,0

41.6

43.1

40.4

•Vi,. >—,

bills purch

foreign

(a)

46.6

on

11.331

260,226

3,268

3,609

¥,922

2,896

1,805

"¥,718

5,932

13,318

114,531

39,500
95,005

42,000

157,145

38,831

16,200

8,734

71,768

779,927

98,584

427,454

99,944

45,956

35,360
71,217

11.072

22,484

52.099

14,575

18,653

42,386

56,829 188,024 2,317,047
17,374
14,061
579,909

693,393 2,378,§88 590,865 788,762 313,966 386,385 1,310,861 322,177 181,654 267,856 196.036 566.361
7,996,704

Liabilities—

629^240

Federal Reserve notes received from Comptroller, gross. 638,260 2,257,760
646,520 355,620 369,680 1,108,400 352,800 169,580 244,420 175,900 487,400 7,435,580
Less amounts returned for destruction
278,921 1,143,993 320,593 270,089 190,499 152,472
443,159 190,679
83,592 128,245
80,064 208,210 3,490,516
Net amount of Federal Reserve notes received from

Comptroller of the Currency....
Collateral received from
/Gold
Federal

Reserve

bank:\Eligible

359 339 1,113,767 308,647 376,431 165,121 217,208

...

128,392

paper

Total

665,241 162,121
166,067
45,537

275,950 116,899 150,744
48.109
42,768
988,671 165,319 261,587 106,077 121,068

205,662

...

85,988 116,175

95,836 279,190 3,945,064
25,997 85,086 1,154,684
74,203 202,085 2,896,956

31,057
38,078
64,609 113,603

479,553 114,519

693,393 2,378,388 590,865 788,762 313,966 386,385 1.310,861 322,177 181,654 267,856 196,036
566,361 7,996,704

Federal Reserve notes outstanding....
Federal Reserve notes held by banks

305,679
9,548

593,521 145,481

296,131

Federal Reserve notes In actual circulation

972,767 277,707 349,866 137,773 146,693
117,842
9,679
14,982
3,804
4,267

854,925 268,028 334,884 133,969 142,426

543,929 128,316

49,592

77,013 109,295

17,165

1,112

82.826 273,110 3,471,731

5,515

3,411

75,901 103,780

31,177

268,094

79,415 241,933 3,203.637

Member Banks of the Federal Reserve
Board

System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
were given in the statement of Dec. 14
1917, published in the "Chronicle" Dec. 29 1917, page 2523.

in the statement

statement showing principal resource and liability items of reportino
member banks in federal reservp
bank and branch cities and all other reporting banks as at close
of business august 20 1920.
Treasury certificate holdings increased by about 50 millions following
increase of about 2 millions for all reporting banks, but a reduction of abou^
the issue

August 15 of over 150 millions of twelve-month 6% certificates;
Government
deposits increased by 78.6 millions, while other demand de¬
posits declined by 119.2 millions and accommodation at Federal Reserve
Banks increased by 30.5 millions.
These are the principal changes in con¬
on

23 millions for the New York City members.
As a consequence of these
changes in the difference classes of earning assets, all reporting banks show
an increase of 53.6 millions in total loans and
investments and thode in
New York City—an increase of 3.5 millions. Of the increase of 78.6 millions

dition of 818 member banks in leading cities, as shown in the
weekly state¬
ment of the Federal Reserve Board for the week
ending August 20.

in Government deposits the share of the New York
City banks was 30 8
millions, and of the decline of 119.2 millions in other demand deposits (net)
the share of the New York members was 50.7 millions.
Time deposits fell
off by 3.7 millions.

Only nominal changes are shown in the holdings of United States bonds
and Victory notes. As against a total allotment of
157.7 millions of Treasury
certificates of the August 15 issue, all reporting member banks show an
increase in certificate holdings of 49.9 millions. The allotment for
the banks
in the New York district was 57.7
millions, while the increase in the hold¬
ings of reporting banks in New York City was 16.8 millions. Loans secured
by Government obligations show a decrease for the week of 4.6 millions
for all reporting banks but an increase of 8.5 millions for the
New York
City members. Loans secured by corporate stocks and bonds increased by
8.1 millions (2.6 millions in New York City) and all other loans and
invest¬
ments, composed largely of commercial loans and discounts, show an
I.

Accommodation of all reporting banks at the Federal Reserve Banks, as
shown on the books of the latter, increased from about
2,050 to 2,086.5
millions, while accommodation of the New York City banks at the local
Reserve Bank shows a decrease for the week from
780.9 to about 767
Reserve balances (all with the Federal Reserve Banks) show a
decline of 29.7 millions for all reporting banks and of 24.1 millions for the
New York City members.
Cash in vault declined by 2.4 millions (4.7
millions in New York City).

millions.

Data for all reporting member banks In each Federal
Reserve District at close of business August 20

Federal

Reserve

District.

Boston.

Number of reporting banks
U. 8. bonds to secure circulation

New York Philadel.

46

$12,311

Other U. 8. bonds, lncl. Liberty bonds..
U. S. Victory notes

15,399

U. 8. certificates of Indebtedness

25,749

6,071

Cleveland

114

59

$46,750
254,009

$11,347
28,906
8,887

$42,135
59,616
19,408

24,636

Richm'd.

Q2

80,287
225,814

Atlanta.

Chicago. St. Louis. Minneap. Kan. City

82

47

106

35

35!

$28,483

$14,285
28,563
4,453

$21,550

$16,924

55,621
38,516
65,135

13,318
2,731
5,827

2,812;
$20,933

$53,520

Dallas.

9,221

$38,800

.

33,709

7,667

25,195

12,327

Total U. 8. securities
Loans and Investments, Including bills re¬
dlscounted with Federal Reserve Bank

$59,530 $606,860

$73,776 $146,354

$82,186

$58,369 $180,822

Loans sec. by U. 8. war obligations..
Loans sec. by stocks and bonds

$49,092
469,132
185,047 1,240,843
799,538 4,035,214

88,123
212,127
596,597

75,513

31,866

323,263

106,931

952,680

393,093

28,509
97,351
60,231
458,438
426,085 1,772,547

All other loans and Investments

Three ciphers (000) omitted.

1920.

11,068

■

V

San Fran.

83

51

$7,321;
9,761i

$15,421

$19,573

$32,635

24,355

21,307

62,563

1,039

4,523

3,160
6,090

Total.

68

12,502

■■,¥?

|

29,579

$50,130 $137,279 $1,508,559
'

32,836

16,474!

27,197

9,935

126,819

30,380;

80,050

413,781

279,369!

514,704

38,902
253,383

347,156

675,471

1

$268,735
607,127
189,244
443,453

33,327
959,355
142,690 3,005,721
971,914 11,408,905
"

Total loans and

Investments, Including

rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash In vault

1,093,207 6,352,049
647.564

614,076

690,632

338,078

142

79,942

24,292
110,851
817,044 5,025,971
140,909
435,650

Net demand deposits
Time deposits

970,623 1,497,810
65,996
100,327
16,920
32,460

36,863
1,086

12,154
43,063

3,906
37,616

71,976

9,326

921,699
367,292
12,160

367,980

53,464

33,074

Government deposits....

36,993

Bills payable with F. R. Bank:

Secured by U. 8. war oblgatlons
All other

33,452

......

Bills redlscounted with F. R. Bank:

Secured by U. 8.

war

obligations

17,936

2.

Data of

46,784

324.565

36,911

reporting member banks

New York CUy.

Three ciphers (000) omitted.

Aug.
Number of reporting banks
U. 8. bonds o secure circulation
Other U.S. bonds, lncl. Lib. bonds.

20. Aug.

2,600

20. Aug.

13.

352,350 1,285,210 16,882,540
24,647
81,949 1,362,501
11,438
27,712
352,058
225,091
632,157 11,255,922
54,968
518,407 2,723,828
1,416
7,859
145,274

34,146

7,349
63,228

42,213

20,393

44,811

9,312

9,236
205,386

425,163

124,263
3,609

64,081

97,639

689

4,940

22,164

5,821

.25,880

4.50

13,278
66,190
264,672 1,387,947
150,324
625,901
3,065
14,703

85

1,821
48,981;

6,556

1,522

57,911

22,314

322,082

97,992

9,289

17,799
240,698

75,741

in Federal Reserve Bank and branch cities and all other

City of Chicago.

13. Aug.

107,401

612,236

14,342

18,077

Aug. 13.

Aug.

20. Aug.

13. Aug.

756,186
1,848

85

2,760
62,572

v

268,399
1,060,063

reporting banks.

All F. R. Bank Cities. F. R. Branch CUies. All Other
Reprt.Bks.

Aug 20

27,273

20. Aug.

13.

Total.

Aug. .20.

Aug. 13.

Aug. 22'19

72

72

49

50

281

282

199

198

37,053
220,898

338

338

818

818

37,026
221,530

775

1,438
19,143
11,629
21,644

96,944
339,748

$96,817

71,158
144,952
51,504

71,158

100,633

268,532

268,959

144,174

122,427

607,127

607,682

642,182

51,509

37,554

189,244

190,619

297,338

321,955

92,091

75,863

54,024

100,557
122,091
38,114
46,315

268,735

341,417
100,996
271,466

443,453

393,644

1,187,316

53,854

834,216

810,696

359,705

342,704

314,638

307,077

1,508,559

1,460,477

2,420.412

439,493
430,989
64,124
67,695
Loans sec. by stocks and bonds,. 1,087,910
1,085,346
341,082
339,807
All other loans and Investments. 3,559,884
?,582,874 1,067,727 1,066,044
Total loans & Investments, incl

722,532
2,108,298
7,324,429

Total U. S. securities
Loans and Investments, lncl. bills
disoounted with F. R. Bank;

Loans

sec.

by U. 8.

70,949

71,684

1,438
19,907
11,336

205,276

188,547

22,637

534,176

U. 8. Victory notes
U. 8. certificates of indebtedness...

,

140,523

46,463

All other

37,102
16,027

573,194 2,509,158
31,395
186,162

518,787

55,318

100,186

re-

war obligat'ns

„

rediscounts with F. R. Bank:

Reserve balance with F. R. Bank..
Cash in vault
Net demand deposits
Time deposits

Government deposits

HV

722,346
139,213
142,354
97,610
959,355
963,959 al,307,872
99,259
2,092,849
479,665
482,732
417,758
422,008 3,005.721 2,997,589 2,942,699
7,324,388 2,200,633 2,195,743 1,883,843 1,886,735 11,408,905 11,406,866 a8,293,491

5,621,463 5,617,996 1,528,251 1,527,400 10,989,475
10,950,279 3,179,216 3,163,533 2,713,849 2,715,079 16,882,540 16,828,891 15,255,060
600,719
624,805
132,179
998,104 1,027,395
138,356
205,901
158,406
203,678
161,158 1,362,501 1,392,231 1,286,616
97,552
102,250
36,474
36,099
197,742
202,444
71,183
83,133
352,058
354,506
70,192
81,870
350,507
4,527,824 4,578,540
945,639
969,349 7,861,754 7,964,722 1,742,392 1,734,083 1,651,776 1,676,312 11,255,922 11,375,117 10,794,660
305,843
307,727
283,332
285,056 1,231,811 1,237,882
886,584
605,433
887,727
601,873 2,723,828 2,727,482 1,900,776
68,464
37,707
7,566
3,713
110,012
56,981
20,215
15,047
145,274
66,733
5,660
573,213
4,092
•

»

Bills payable with F. R. Bank:

Secured by U. 8. war obligatlons.
All other..

328,951

346,848

34,034

31,819

505,203

511,973

154,286

150,839

96,697

170

320

1,678

94,904
1,141

756,186
1,848

757,716
1,462

1,086,341

12,344
138,004

268,399

1,060,063

260,422
1,030,414

290,586

141,030

11.5

11.3

13.0

12.8

—

Bills redlscounted with F. R. Bank:
Secured by U. 8. war obligations.
All other

Ratio of U. 8.
paper

ments
a

to

war

total

securities and
loans

and

136,356
301,571

129,870
304,175

16.7

16.2

9,209
180,037

7.7

218,110
749,890

31,584

29,968

11,254

172,798

225,561
775,520

143,513

142,520

7.9

13.3

13.1

13.5

13.1

9,605

war

investr

per eent

,

Exclusive of redisoounts with Federal Reserve banks.




Sept. 4

967

CLE

THE CHRON

1920.]

The market for railway

<§a*jeltje.

l^awfejers'

well

volume of business as

as

The number of

quotations.

unchanged. The sharpest

Southern, but New
and Atchison's Bait.
& Ohio's, Reading's, S. P.'s and U. P.'s are a point or more
higher.
On the other hand B. R. T.s declined 5 points,
presumably on the strike tie-up and 4 industrial issues have
declined in sympathy with the shares.

week to the recent advance
?

again

scored by Friscos and
York Cent. 6s show a gain of 2 points

stocks, have responded liberally this
in traffic rates. This is seen in

ties, both bonds and

a

advances

Stocks.—Railway securi¬

and Miscellaneous

Railroad

to

issues 18 have advanced and 2 are

1920.

Night, Sept. 3

Wall Street, Friday

and industrial bonds has

increasing activity and prices have generally moved
higher level.
Of the usual list of 25 notably active

shown

were

Monday to 699,United States Bonds.—Sales of Government bonds at
000 on Thursday.
The mpre important matter, advance in
the Board are limited to the various Liberty Loan issues.
prices, was led by Great Northern in an upward movement
To-day's prices are given below.
For weekly and yearly range
of 6 points.
At the same time Northern Pacific advanced see fourth page following.
5% and Union Pacific, which sold ex. div. on Wednesday,
1 Sept. 2 Sept. 3
Aug. 28\Aug. 30 Aug. 31 Sept.
shows in addition thereto a gain of ZlA points, making a
Daily Record of Liberty Loan Prices
90.06
90.06
89.98
89.88
89.98
89.84
total advance of 10 points since the new traffic rates were
[High
First Liberty Loan
89.44
90.00
89.86
89.80
89.90
89.90
{Low3%s, 15-30 year, 1932-47
89.94
90.00
89.92
89.98
announced. New York Central, Bait. & Ohio and St. Paul
89.82
88.92
(Close
644
297
452
1,316
777
135
Total sales In $1,000 units
have added from 3 to 4 points to ast week's advance.
84.64
84.40
84.85
84.32
85.10
84.32
Second Liberty Loan
f High
84.32
84.34
84.80
84.30
84.80
84.32
The foregoing readily shows that the industrial stocks have,
4b, 10-25-year-conv, 1942
{Low.
84.80
84.40
84.64
84.30
85.10
84.32
I Close
27
15
15
8
20
1
for the moment at least, lost prestige as leading spectacular
Total sales in $1,000 units......
85.00
85.50
84.70
85.90
Second Liberty Loan
( High
features of the market.
The transactions in them have
85.10
84.70
85.00
85.10
48, convertible, 1932 47
{ Low.
85.10
84.70
85.00
85.10
(Close
been on a limited scale and fluctuations so narrow as to be
11
12
2
12
Total sales in $1,000 units
88.16
87.84
87.90
88.40
88.70
87.80
of little or no interest.
Among the exceptional features is Third Liberty Loan
( High
88.02
87.76
87.80
87.66
88.34
87.66
4%so 11928
{Low.
88.10
87.78
88.32
87.84
88.60
the sugar group which has recovered a part of its recent
87.78
I Close
795
338
647
889
146
|
947
Total sales in $1,000 units
decline and the motors, which have generally been weak on
85.10
85.10
85.48
85.90
86.00
85.20
Third Liberty Loan
f High
84.90
85.02
85.20
•85.44
85.62
85.00
the less favorable condition in which some of the companies
4%s of 1st L L conv.'32 '47{ Low
85.10
85.14
85.52
85.90
85.40
85.00
increased from 318,000 on

shares traded in

J

find themselves.

active than yesterday's
and interest again centred more largely in the manufactur¬
ing stocks. Only Mexican Petroleum, however, showed any
noteworthy movement. It advanced over 5 points during the
day and closed 9 points higher than it sold at on Wednesday.
Other changes in this group are generally unimportant.
To-day's market has ■ been less

DAILY, WEEKLY
transactions

following sales have

Snull-.-_.100
Am Tobacco com B..100
Am Wholesale prel-.lOO
Assets Realization
10

100 103

American

Atlantic Fruit

2,900 114
200

800

2% Sept
18

Sept

5 1220

100

Aug 30 1225

Austin, Nichols&Co nopar

300
100

7834 Sept

Aug

24

May

82

June

43% May

Aug 31

4% Aug 31
Aug 30

65

2

45

July

90%

Sept 101

Jan

62

Jan

38

100

45

Sept

2

Sept

100

400

90% Sept

1

Aug 28

4% Aug 31
Aug 31

14%

Sept

2

58

June

66

Mar

Sept

69

Sept 106

Jan

Sept 105

Apr

100

92

2

97%

Sept

2

85

92

Sept

100

5% Sept

4% Sept

1,200

100

100

95

Aug 30

95

*100

90

Sept

3
1

90

Sept

1,500

Guantanamo Sug.no par

600

no par

18% Sept

Aug

97

Sept

3
Aug 31

94

Sept 3
Aug 31

94

Sept 100

April

Aug 31

14

100

100

Lake Erie & West... 100

1,400

12

..100

700

22

100
Second pref erred-.100

1,600

18

100

900

76 % Aug

100

55

600

M St P & S S Marie.

.

Leased line stock.. 100

300

9% Sept
8

Sept
Sept

Sept
32% Sept

3
2

1

int
So Porto Rico Sugar. 100
Preferred
100

So Pacific tr ctfs

400

Sept 3
8% Aug 30

Feb

80

Mar

50

Feb

60

Jan

32

Aug 51
July 125

Jan

29

Mar

June .16

Mar

105

75

9

Feb

44

Mar

80%
12%

Mar
Jan

137% June 137% June
78 139% Sept 3 139% Sept
100
Apr
Aug 310
Sept
4001119
Aug 30 124
Jan
May 116
106% Aug 30| 108
68 106% Aug 30
96

Aug 31'

Sept

2

11

Sept

6,300

2,300
100

14% Sept

1
1

21% Sept

86% Aug 31

86% Aug

11% Sept
19

Sept

pref.-.100
Central...100 9,000 29% Sept

1

33

Sept

3
2i

2j

96

receipts at 63 to 64.

Jan

Aug

17%

Mar

Feb

15%

Feb

15

31; ^86%

3'

Aug 102

9%

10%

25

Jan

May

24

Aug

96

Jan

May

33

Feb

Statejand Railroad Bonds.—Sales of State
Board are limited to $35,000 Virginia
6s

the




Jan

Feb

8% June

Aug 31

trust

Jan

50

Sept

10

Wisconsin

Feb

Jan

35

Sept

9

10

96

.

Jan

63

100

Preferred trust recta.

Sept

79% Sept
55
Sept

1,000

Un Dyewood

Apr

9%

30%

100<

Tol St L <fc W tr recta

July

38

Sept

Superior St'l 1st pref. 100
Third AveRy

33

Aug

8

75

Pitta CC& St L

1,900

Jan

Feb

7%

8% Sept

200 106% Sept

3,800

Feb

35%
63%

100

Southern.-.100
Peoria & Eastern
100

Norfolk

Apr

Mar

Aug

Aug 30

200

100

80%

16

19

100
Shattuck Ariz Copper. 10

Biscuit

Aug

30%

9% Sept

Apr

45

Aug

30j

Pettibone Mulllken.-lOO

National

no par

Sept

Aug

19%

Sept

11% Aug'

33% Sept
1 106% Sept
20% Sept
1 24% Sept
10% Aug 30 12% Sept
Sept
37
Sept 2 37

Mullins Body

Sept

22%

29

29

3
2
1
2
30

14

Feb

1
1

21% Sept

Sept

Feb

Feb

July 155%

63

Aug 31

5,400
1,500

First preferred

8%

Aug

Aug 30

9

100

Mar

Sept 102%

40

29

200

Certificates of deposit.

Jan

5

June

Aug 30

21

1,700

Maxwell Motor

1

40

par

no

Sept

June 118

93

Aug 30

Mathieson Alkali Wks 50

v t c.no par

1

.

3

Sept

16
3 22% Sept 1
Aug 30 129%
Aug 30 133
-100 133
15
19% Sept 1
425
17% Sept 1
52
Sept
1
Sept 1 60
500 60
40

Martin-Parry

95

4% Aug 28

Sept

100

Marlin-Rock

95

important.

85.10

85.20

812

775

1,075

85.10

85.40

85.58

84.80

84.82

84.88

84.88

85.06

85.30

84.88

84.90

84.88

85.08

85.30

85.38

236

973

1,337

1.540

1,975

1,206

95.42

95.42

95.52

95.56

95.56

95.58

95.30

95.32

95.36

95.44

95.44

95.46

95.42

95.38

.95.42

95.50

95.44

95.50

268

688

632

667

347

885

95.40

95.38

95.46

95.56

95.56

95.50

95.48

95.48

95.34

95.30

95.32

95.44

95.40

95.34

95.54

95.52

95.48

95.50

718

621

331

707

183

units

bonds at
deferred

ruled dull at

.

3 51%©
@3 56 % for cables.

To-day's (Friday's) actual rates for sterling exchange were
3 52% for sixty days, 3 55@3 55% for checks
3 55%
Commercial oh banks, sight, 3 55% @3 3 56%, sixty days, 3
(sixty
ninety days, 3 46% @3 47%, and documents for payment
3 49% @3 49%.
Cotton for payment, 3 55% @3 56%,
grain
ment 3 55% ©3 56%.
,
' ■
To-day's (Friday's) actual rates for Paris bankers' francs were
14.57 for long and 14.42@14.50 for short.
Germany

and

and

not yet

quoted for long and short

31 5-16 for long and 31
Exchange at Paris on

bills.

11-16 for short.
London, 51.40 fr.; week s range,

foreign exchange for the
Sterling Actual—
High for the week.....
week

week follows:

Sixty Days.

3 53%

—....._

3 51%

Paris Bankers' Francs—

.......14.3 5

High for the week.
Low for the week
Germany

14.65

Bankers' Marks—

for the week
week

:

51.19% fr. high

.---—

....
... —

3 58

3 54%

3 55%

14.27
14.54

14.25
14.52
2.05
2.01

32 9-16

32%
31%

31 5-16
St. Louis, 15@25c. per

32%
31%

.— _____

par.

$1,000
Montreal, $104 38 per

Market.—Trading in the

"curb" market this

Domestic Exchange.—Chicago, par.
Boston, par.
San Francisco,

was

Cables.

3 57%

—

High for the week
Low for the week

Outside

Checks.

2.03
1.99

...

Bankers' Guilders—<•

Amsterdam

week

,

14.49©
bankers' marks are
Amsterdam bankers' guilders were

The range for

Low for the

days)

for pay¬

fr. low.

and 51.51%

Aug

15%
20

93

100

14 %

Aug

4% Aug 28
93
Sept 1

have

$1,000 premium.

Aug

95

84.86

869

84.96

discount.

Sept

100

■._■*

Jan

97

200

84.48

526

84.96

Exchange.—Sterling Exchange has

Jan

20

pref. .100

84.48

350

84.88

close to last week's levels.
The Continental exchanges
shown some irregularity, but changes were not specially

Aug

1

Sept

MalFson (HR) &Conopar

3

17%

2

94

84.50

Mar

Sept 100
Aug 20%

Sept

10

Liggett & Myers B..100

June 192

Jan

97

Sept

Kresge (S S) Co pref.

Aug

2

97

Kayser (Julius) & Co 100

Aug 535
Aug 91

Sept

100

Keokuk <fe Des M...100

Feb

90

15% Aug 28

100

,

85.06

Low for the

11

Apr

3

19% Sept

20

95

85.30

84.90

305

notes,'22-'23{Low_
I Olo80

II igh

20

5,600

(High

•' v

Jan

14% Aug 31
Aug 31

10

Indian Refining

3%s conv gold

Feb

5%

May

86% May 100

Aug 30

100

Feb

July 101

3

2
7
9% Sept 2
8% Sept
1,700
Aug 30 533
15 533
Aug 30 533
71
Sept 2
71
Sept 2 71
100
Sept 3 150
167
Aug 30 172
700

Jan

4%

97% Sept

97% Sept

100

Chemical... 100

Preferred

Sept

Aug 30

100
100

Preferred

Preferred..

12%

Sept

100

100

Internat Paper

Feb

72

•400

Preferred

Sept

64

62

69

Habirshaw EC

11%
19

Aug 31

10

400

Gen Cigar pref

Feb

Aug

May

Aug 28

Preferred trust rects..

General

6

12
4

C St P M & Omaha. .100

Kodak

40

2
2

15

500

Brant pref. 100

July

Sept

Chic & East Uls tr recta.

Preferred

45

12% Sept
14% Sept

1,400
3,400

Emerson

Aug

Aug 31

Sept

1,300

Eastman

70

June

9% Aug 30

Sept

Sept

100

Chicago & Alton.100
Preferred
..100

Duluth S S & Atl

Mar

8%

Aug

4%

3
2
3

3

9% Aug 31

51

Certain-Teed Prod no par

.

Aug
Mar

Sept

100

_

20%

Aug 1570

June

70

Detroit United Ry_

Sept

Apr

19%

200

Col Fuel & I pref

Apr

6%

35

300

Cluett, Peabody & Co 100

95

78%

700

Preferred v t c

June

18

25

Case Thresh M pref..

Jan

115%
210

3

78% Sept

3

Aug 31

38

July

Aug

Aug 31 1105

C..100

Buff & Susque v t

60

2

Brunswick Terminal. 100

Barnsdall class B

(High
'22-'23{ Low

Victory Liberty Loan

Foreign

19% Aug 31

1934 Aug 31

ioo

Preferred

units

(Close

i

$ per share.
109 % May

Aug

89%

89% Aug 28
2% Aug 30
19% Aug 28

8934 Aug 28

400

no par

Atlantic Refining

4% conv gold notes,

Total sales in $1,000

Highest.

Lowest.

Highest.

53% Aug 31

100

101

85.12

84.44

Range since Jan. 1.

$ per share.
$ per share.
July
Aug 28 103
Aug 28 103
53% Aug
53% Aug 31
Feb
86
103
Sept 2
Sept
Aug
117
Sept
3 102
Sept

100 103

100

147

84.90

84.44

I Close
Total sales In $1,000

Victory Liberty Loan

% per share.

Par. Shares

10

84.50

84.40

f High
4%s,lst LL 2d conv,'32-'47{ Low.

very

Am Brake S& F..no par

37

84.50

84.44

Fourth Liberty Loan

the pages which follow:

Lowest.

Week

All Amer Cables

(Close

50
84.56

Total sales In $1,000 units..*...

occurred this week of shares not

for

3.

f High
{Low

4%s of 1933-38

Philadelphia and Baltimore

Range for Week.

Sales

STOCKS.

units......

Total sales in $1,000 units.....

represented in our detailed list on
Week ending Sept.

conv,'27-'42{ Low.
(Close

AND YEARLY.

York, Boston,

f High

Total sales in $1,000
Fourth Liberty Loan

963.

exchanges see page

The

New

on

4%S of 2d L L

EXCHANGE

NEW YORK STOCK

TRANSACTIONS AT THE

For

I Close

i

Total sales In $1,000 units
Third Liberty Loan

Cincinnati, par.

quiet and featureless,

ating the dulness.

the triple holiday accentu¬

There was no regularity to

price move¬

changes either way being small.
General Asphalt
com. was only moderately active, moving down from 54^
to 48 % and UP finally to 53 V2.
Indian Packing lost a
point to 5k£.
Lincoln Motor class A stock
41 to 40 and Mercer Motors weakened half a point to 12.
Submarine Boat was active and rose from 11 to 13%, the
close to-day being at 13%.
Todd Shipyards from 178
reached 185,. but reacted to 180.
Dealings in oil stocks were
also small.
Simms Petroleum dropped from 13% to 11%,
recovered to 14 and ends the week at 13 %.
Carib Syndicate
sold down from 11 % to 9% and sold finally at 10.
Gilliland
Oil com. on few transactions weakened from 29% to 28.
International Petrol, was quiet and after early weakness,
from 35 to 33%, sold up to 34%, but to-day it broke to 33%.
Maracaibo Oil declined from 19% to 18 but recovered finally

ments,

declined from

Merritt Oil receded from 15% to 13%, moved up¬
rested finally at 14%.
Sinclair Cons. Oil pref.
ran down from 85 to 82% and was traded in to-day at 84%.
Superior Oil lost almost a point to 18%. White Oil after a
decline from 18% to 18 jumped to' 20%.
In bonds Allied
Packers Co. was weak, selling down from 64% to 60.
Sea¬
board Air Line 6s moved up a point to 55% and closed to-day
at 54%.
N. Y. New Haven & Hartford 4s were active and
advanced from 69% to 73%.
.
A complete record of "curb" market transactions for the
week will be found on page 977.
to

19.

ward and

New York Stock Exchange—Stock Record. Daily, Weekly and Yearly

968

OCCUPYING THREE
Ttnr

PAGES

of sales during the week of stocks usually Inactive,

record

preceding page.

see

PER

sale price—per share, not per cent.

and low

high

STOCKS

Sales

SHARE

Range since Jan. 1.

STOCK

YORK

NEW

for

On basis of 100-share lots

-

EXCHANGE

Monday
Aug. 30.

Tuesday

Thursday
Sept. 2

the

Aug. 31.

Wednesday
Sept. 1.

Friday

Aug. 28.

Sept. 3.

Week

$ per share

$ per share

% per share

$ per share

$ per share

$ per share

Shares

Saturday

75

7%

7

7

7

7

88%
41%

89

93

93%

41%

42%

41%

93%
42%

49

49%

5134

503g

513a

10

9%
7%

10

10

103s

*7

8

8

74%

7

734
89

*86%

,

83%

75

83%

74%

*7

39%

48%

10

88%
39%
48%
9%

40

48%

10

7

8

*7*8

7%

7%
120% 121% *118

121

121%

59

59's
9%
24%

58%
7%

6034
8%

60

24%

35

35

2434
36%

52%
7134

73

*8%
24%
3434
52%
71%

8%

9%

2434
36%

25%
3734

54

60%
9%

55%

25

3634

65

65

*51

53

53

*6234

65

65

73%

72%
*102

353s

35*34

35%

36%

35%

*75%

76%

75%

7534

75

65

65%

26

26

26%

65

52

1134

121

123

27

37%

3834

6178

56%

74%
122

38%

38

38%

77

7734

79

""■47s

66%

67%
55
67

28

29

283s

49%

27'

86

9634

9684

19

45

5%
1234

15%
2434

15%

16

1534

16%

25

25

25%

16%
74%

17%
74%
3134

25%
18%

17%

18

79

78

7834

32%

*12%
29%

13

131

32%
13%

29%

29%

30

87

87%

87%

88

88%

3

3%

3%

934

3%
10%

3%

9%

10%

11%

20%

21%
48%

17

17%

7478
31%

*12%
28%

28%

3134

13%
27

13%

86
3

9%
19%
45%
102

2034
49%
46%

49

46%
102

1023s

6%

1212
25%
4458

12%
2578
45

73%

15%, "15% "l6%

6%
12%

14%'

26

26%

26%

14%
27%

46%

47

47

49

5

*4%
38%
7234
34%

35

15

6%
12%
26%
46%

4434

43

15

14%
6%
12%
25%

47%
4678
102

102%

42

14%

1734
7678
3134

17%

7634

1934

20%
48%
46%

46

7

7%

4%

4%

47s

38%

38

74

73%
3634

75%

74%

76

38%

38%

38%

3634

—

39

38

48

102%

43%
16%
8%
14%
277«
48%

8%

14

534
13%

75%
38%

5%

578

13

1378

32%
13

7001

88

8834

3%
11%
20%

11%
21%

48

48%

3%

48%
4878
102% 103%
—

16

33%

16"g

8%
14%

147g
2834

15%

28

50

9

49

28%
4934
5%

5%

"75%

76"

40

41%

*55

64

*55

64

*60

70

*60

70

*60

70

*47

52

51

52

*52

55

55

58

*56

58

35%

34%

357S

21

33%

34%
203g
294%
75%
413«
24%

34%

19%

19%

20

20%

41%

74%
41%

94%
74%

96

*74%

41%

41%

23

23

23

24

75%

35%

34%

20%
9534|
76%

4134
25

*20

3478

21

22

21

21%

95

95

78%
41%

78

9578
80%

95

75%
41%
2434

95%
79%

41%

2534

25%

*55

60

60

60

60

45

45

45

46%

42%

78%
4178

42%

26%

25%

257g

60

2,800 Illinois Central..
— 100
5,800 Interboro Cons Corp..No par
Do
pref
-.100
12,900 Kansas City Southern
100
2,400!
Do
pref
100
8,200 Lehigh Valley..
—
50
3,100 Louisville & Nashville
100
400 Manhattan Ry guar
.100

8078

......

3.

6,200!

29%

*73

28

29%

29%

30%

76

73

73

91%

92%

91%

9234

92%

93%

26%

26%

26%

2634

26%

28%

3534
22%
35%

37

*36

38

38

39

23

23

25

2434

36

36

2934

*73

30%

76

*73

76

31%

*74

60

60

46%!

45%

47

31%

30

76

92%

93%

43%

43%

27%

28%

39%
25%

42%

41%

25%

2734

2734

37%

37

39

9278
43%
45%

7%

95%

7%

15

15

95%
27%

37

36%

*7%

15%
a:94%

35

28

95%
27%

28%

28

60

*57

59%

60

60%

35%

*34

35%

40

36

36%

*34

12034 121
*64

96%

40

*34

12034 122
64%
64%
834
834

65

8%
1734
8%

8%
1734

26

26%'

18

8%

94

65

31%

Febll

50

31

9

25

8%
25%

2 578

*15

77

Dec

3778 May24

3978

Dec

100

22

43% MarlO
32
' Feb19

69

c

t c

—

38%

*34

37

*34

123

124%
64%

64

9%

9%
1834

18%

18%

9%

8%

9%

9%

26%

2834

2834

1934
10%
29%

18

19

19

*16

20

9%
19

1234
24%

13%
26%

"12%

37%
31%
63%

*35

37

31%
*61%

31%

12%

12%

23%

23

1278
24%

22%

22%

34%
32%
63%

34%

34%

35

35

35%

30

31

30

30

31

*60

z46%

♦1%

32%
7134

63%
47%
1%

1%

31%

1%
31%

63%

*45

*60

24%

13%
257g

63%

46

1%
31

72

78

■

~

1%
1%
3334

7834

"79"

80%

95

*87

1%
1%

34%

1%
134
35

77

77

75

76

7734

"77%

79

*86

95

*86

95

*86

90

*86

95

*43

47

*43

47

*44

47

*44

47

*44

49

*40

45

*45

*40

*40

45

*40

45

*40

45

*40

n

82

"§5"
34%

82

85

§86%

35

35

♦

82

133

*108

*2434

25%

*62

65

10%

10%

2434
*62

134%
110

25
65

72%

►

82

34%

3434
90

133
134%
109% 109%
2434
2434

62%

10

62%
10%

72%

68%

72%

*9%

10%

10

10%

69%

69

94%

95

94%

*10

69

70%
*84

100% 100% *100
12%
2134

2134

20%

"95%
12%

21%

74

*71%
55%

75

5534

*90

92

*90

92

37

85%

110% 111%

109

56

87%

*

12%
20
*71

55%
*90

"83%

34%
*88%

34%

34%
3434
8934 f8934
134
135%

133

90

134%

25

25

25

*61%

65

*62

86%
90

687s
*9%
6834
*88

10%
137

13%
74%

84

74%

10%

13%
74%

84%

*13%
74%

7234

11

11

68'%

*68

94%

100% *100

20%

95%

100%

20

20%

20

75

72

72

72%

55%

56

73%

56

60

90%

90%

37%

85%
85%
109% 110%

day,

90

95%

96%

100% 100%
1234
13
20%
*73%
59%

20%

*90

92

37%
857g

37

37

10984110%

110

*90

36%
857g

§10578 1057g *106
84%
82%
83
90

69%

*84

56

*84

58

71%

13%
20%

87%

75

11

127g

90

14

71%

13

110

10%
137

*80

92

110
86
90

J Ex-rights,

75
61

110%
106% 106%
86
86%
*75

87

28% Sept 2
42% Sept 2
29% Sept 2
3978 Sept 2
9% Feb 19

8%

Feb 13

35% July20
125% MarlO
69% Jan 3
13% Marl 8
2934 Jao27

1034

Jan

20

Dec

10%

Dec

23

Dec

6%
12

Dec
Dec

2734 July
37
May
23% June
377s June
12
July
2334 July

9178 Nov

115

20% Dec
5278 Dec
27% Jan
2934 Dec

33

May
72% May
70% July

119% Aug

138% May
7434 Mar

63

Dec

7%

Jan

15

Jan

10%

Feb24

31

Feb24

20% Dec

20%

Feb 19

14 1

7%

Dec
Dec

12%

Feb24

July30

11

20%

93% June
38% Feb
39% May

20%

Feb 19

16

Dec

Feb 13

3234

17

'Feb

Feb 5

69

Apr 7
Sept 2

9%

Apr

June

60

June

1578 July
3434 July
13% July
May
25% July
147g July
30% July
38

26

July
61% Jan
18% Sept
2834 Sept

June23

10,200

15

May20

26% 8ept 2

17

Jan

25

Febll

4234

29%

Apr

64

100

25

Aug 6

46% Mar29

21

Jan

54

July

100

57%

Augl8

72

Janl2

56%

Jan

76

June

44

Aug 9

8834

Jan 5

66

Jan

113

July

Do

pref

100
Industrial & Miscellaneous
1,500 Adams Express
100
800 Advance Rumely
Do
pref
400 Ajax Rubber Inc
600 Alaska Gold Mines..

50

14%

10

1

1,800 Alaska Juneau Gold Min'g. 10
5,600 Allls-Chalmers Mfg..
100

1

Augll

3

28

Aug 9

537g

200
Do
pref...
100
2,800 Amer Agricultural Chem._ 100

75

pref
American Bank Note
Do

Do

Pref

Can

pref—

4% Jan
3% July
Oct
97
Sept
11334 May

51%

87

Sept

z92

Dec

-

103

Mar

50

39

Feb13

48%

Jan

55

July

Aug 16
7034 Augl9

45i2

Apr 1
Jan28

33

40

42

Jan

49

10334

Aprl6

62

Jan

Jan

8434 Jan
84% May
4278 Feb

80

Aug 3

81% Aug 6
30% Aug 9
87
Augll
124% Feb25
10534 July 7
23% Aug 9
61
Aug26
9% AuglO
95
13

Feb

6

Augl9

93

12834

6134

3

5

Jan 2

Jan 3

101

Jan

147%

Apr 9

116%

Feb 4

5434

Jan 3

86

15%
175

30%

3

Mar 2 6

Janl4
Mar31

Jan 3

8178

z98

84%
113

Jan

Jan

119

67% July

Jan

93

10% Nov
76% Sept
13% Jan
71% Jan

Aug 18

53% Marl9

100

„

53

Febl3

68

Jan 2

37% Aug
5434 Jan

64% Aug 5
9% Aug 7
61% Aug 6
80
Aug 3

120%

Jan 3

523$

82

10

100

Refining-100

pref—

100

2,700 Am Steel Fdry tem ctfs..33 1-3
300
Pref temp ctfs
No par
7,100 American Sugar Refining. .100
pref

7,200 Amer Sumatra Tobacco
nref__

Ex-dlv. and righta.

100,
100
100
*

Febl3

96%June

1

July

Jan

88

AuglO

3

Oct

May

39%

72

Jan

95

Feb

Dec

37

122

Oct

IOI84

14378 Nov
68% Sept
107% June
148% Nov

100

pref
100
3,700 American Safety Razor
25
6,410 Am Ship & Comm Corp .No par
300 Am Smelt Secur
pref ser A.100
9,900 Amer Smelting &

a

Jan
Jan

Jan

Do

$ Less than 100 shares,

134
30

Janl6

pref.
...100
"8", 300 American Locomotive
100

Do

Jan 3
Jan28

Do

Do

1% Dec

Mar31

96%

100

300 Am La France F E__
900 American Linseed

150

2% Mar24

May

92

12,300 Amer International Corp. .100

Do

1

95

100

200 American Ice
100
Do
pref

100

Apr

52% "Feb
734 Mar

70% 3gugl7
Aug 9
84% June 2

100

1,377 Amer Druggists Synd cate. 10
300 American
Express..
100
1,300 American Hide & Leather. 100
3,000
Do
pref
.100

300

Aug 9

Feb20

50

Do

100

137

Febll
June21

Dec

3334 Dec

9

100
Do
pref
100
4,800 American Car & Foundry. .100
100
Do
pref..
100
1,100 American Cotton Oil..
100

10

Apr27
45% Sept 2

54%

90

135% 135%

14

—

6,300 American

*89

Aug 9
May20

Dec

300!
Do
pref
100
14,400 Wheeling & Lake Erie Ry.100

847S

*9%

12%

Bid and aaked prices! no sales on this




pref A

36

70

95

7

84

65

137

14

3478

80

11

1234

92

75

70%

37

*80

100
100

2,200 American Beet Sugar
100
Do
pref
100
1,620 Amer Bosch Magneto..No par

*78

25%

89

9334

100% *100

11134 112%
*107

"86"
*88

70%
90

95%

3734

85%
111%

110
90

94%

100% *100

*70%
55%

87%

82

58

72

73%
10%
69%

*89

73

60

73

*107

73
i>

84%

10
*10
10%
10%
132
132
*130% 140
*132% 140
*132% 140
*13
15
*13
15
13%
13%
13%
13%
73%
73%
73% 73%
7434 75%
7334 75%
38
*38% 39%
38%
*55

*86

~83"
*88

134% 134%

72

74%

86%
35

100

61% May24
7% Augl2

pref B
100
12,"500 Western Maryland {new)..100
5,300!
Do
2d pref
100
13,300 Western Pacific
100

45

*72%

72%

100

3,100 United Railways Invest
3,000'
Do
pref

49

45

73%

73%

7734

pref

Feb13

Dec

33

45

Mar22

Feb 13

27% June23

75

737s

Apr27

47

25

110

95

1,4

,

1%
32

1%
3134
71

1%

4434 June
84% June

9434

Aug 4

..100

-

1%

Dec

Apr26
Mar26

80

62

20%

69

24

33%

3078 July 12

100

69

Dec

Feb 13

Do

11%

Dec

53%

75% June24

Feb 14

Do

11

70

Apr

Feb 13

I Twin City Rapid Transit—100
36,100 Union Pacific
100

Do

Mar

18

200!

18

12

22,600 Texas & Pacific

Jan

56
39

5

50

88%

'12%

Jan

100

100

Dec

Apr

Feb27

100
-

70

53% July
407g July
24% July
112% May
9978 May
48% May
33% Dec

51

18% Mar 1
105% Jan 3

26,300,

19%

31%

12

July 1
July 1

29

177g

11%
21%

6
10

15,000 Wabash.

31

68

100

55,700 Southern Railway
2,800!
Do
pref

1,600'

Febl3

—100

pref—
44,800 Southern Pacific Co

10%

11%
19%

68

——100

Do

21

31

67

15%

978
28%
19%

11

67

5,400'

33% Mar 9

-

20

17%
30%

68

32%
*7084

9%

37

12334
64%
64%
984
10%

11

*67

~*I% "T%

878

17%
30%

10%
15%
28

1%

28%

123

10%

*60

95%
287g
6078
37%

37

64%

15%

1%

20% May24

37%

37%

29

*60

10,000'
Do
pref.——,
10,200 Seaboard Air Line

1634
96%
29%
607g
38%

62

10

63%

39%

16

29%

14%
27%

*60

38%
8%

9

95%

10%

*32%

3978

61%

28

*30

Febll

28%

10%

34%

Janl4

11

zl2034 124

27

50

23%

95%

*9

667s AuglO
6434 Febll
327g Mar 9

50

38,700 St Louis Southwestern..—100

60%

*34

2d

8

May28
21% Febll

33% July

68

Aug 5
June

29

2834

27%

32%

93% 125,500 Reading..—-.-.-.—-—-43%
700!
Do
1st pref
Do

16% Nov
95

dep..
14,400 Pittsburgh & West Va._
100
200!
Do
pref
100

100!

~28"

Dec

84% Marl8

42

94%

28%

*32%

76

9234
43%

25%

3634 MarlO
22
Sept 2

Nov

Mar

.Sept.
8334 June

60% Dec

100% MarlO

Aug 17

14

50

Apr

40

2

Jan

38% July
5834 June

6634 Dec
2334 Sept

Marl 1

582 Sept

Feb 6

17

*27%

*30

30%

*73

2834

84% Junel6
6634 Junel2

56

v

8% Jan
22% Nov

37% Dec
4% Dec

47% Feb20
77% MarlO
41% Sept 3
62

88

24% July
16% July
25% July

Jan
Feb

100
50

39

pref

Feb19

Feb28
Sept 2

7% Mar29

Feb 13
Feb 13
50
Apr 13
41% May 4
23% Febll

100

Do

9%
4%

Fei)21

18

64%
2334

100

600!

11

9% June
31% June
25% May
57
May
603g June
12234 May

40% Dec
1047g Aug
37% Dec

18% Mar 9

Feb 13
June18

41%
28%

18%
9634

*63%

Dec

39%
8%

17

3634

40

42%
29%

28%
60%

65

18%

83g

44

45%
2834

Dec

Febll

23,200 Pere Marquette vt c
400!
Do
prior pref v t

40% July
104
May

857g Dec
3% Mar

112% Jan 5
52% Mar20

July

5234 July
127g July

Dec

Nov

36

4%

33

23% July
100% May

Sept

10

Febl3

16

7
30

13

21

100

24
July
20% May

21% Sept 2
497g Sept 1
487g Sept 3

Aug 9

9

.100

Feb
Dec

18% Dec
1334 Dec
75% Dec
3134 Jan

434 Marl3

Do
pref trust ctfs._—100
6,200 Nat Rys of Mex 2d pref.. 100

3,600 Norfolk & Western...
26,400 Northern Pacific
15,100 I Pennsylvania..

15% July

16% Marl5

3% May22
7
May24

100

Apr

12%

Aprl4
9334 MarlO

29,200!

68,300 N Y N H & Hartford
8,800 N Y Ontario & Western

51% May

3%
6%

34

Feb 13

38% July 2

100

May
May

3

4l78 MarlO
15
May 5

14,900 Mlnneap & St L {new)....100
18,610 Missouri Kansas & Texas.100
5,400!
Do
pref.
100
41,300 Missouri Pacific trust ctfs.100

100

116
217

18% Sept 2
8434 Marl3

13% May
40
Mayl9
3934 May24

36,600 New York Central....—100
5,500 N Y Chicago & St Louis.-.100

F

Dec

July29'

pref
5
61,800 St Louis-San Fran tr ctfs.. 100
2,400
Preferred A trust ctfs—100

28

8

7%
16

37

121% 124

18

8%

7%
16%
9534
2834
60%
3734

94%

Jan

July

45

Aug 41

8-%

74

3134May
58% July

91%

163g Feb24
16% Sept 3

24'

Jan

Sept

172% Mar

25% Sept 2

91

Aug

7

Janl6'

June

73
July
547s June

Feb

63

Augll

9

25% Aug 18

200 Pitts Cin C & St L ctfs

29

Feblli

84

55% Aug
32

Jan

32% July

Dec

Dec

Junel7,

30

par

Jan

68

Dec

43

9

.........-100

—First preferred
600
Second preferred

35%

94%

*40

properties-No

Rref

22%

19

400 New Orl Tex & Mex v 16—100

9

64
34

Ore

iron
Do

8'

100% Sept 3

9% Feb 13'
17% May20
12% Feb 9
6534 Junel2;

200 Gulf Mob & Nor tr ctfs.._100

5 700

July

May

133

48

250%

4

——

30

76
105

Dec

29% Sept 31

Feb10

July

30% May
5234 July

Nov

51% Mar25!

Augll
83% June29

-

*12%
*28%

52

*47

pref

Febll'

12

Dec

85

5678 Aug 2
I
Feb24l

35

1st pref....

.32%

43%
17%

5%
39%
76%
40%

Do
38,100:Erie
Do

6

July 6

165

100
-100
100
6;300
Do
2d pref
..100
24,990 Great Northern pref—...100
35,3001

68

Feb

28% July
1707g July
68% May

116

Jan 6

68

Febll

46

1,000 Delaware Lack & Western. 50
18,000 Denver & Rio Grande
100

27,300

I

Mayl9i

20

1st pref.....
100
2d pref
.......100

800 Delaware & Hudson......100

240

1134

44

*55

236

14%

6%

73

100% 100%

24

14%

*33%

100
241

15%

86%
3%
9%
18%
4534 4534
45
45%
10134 10134

102

*41

Do

100
241

24

9%
18%

45%

*44%
*100

100!

43"

97

1034
14%

*3

19

*44

Do

29%

pref.
....100
3,500 Colorado & Southern
100

Jan

34% Dec
48% Dec

Sept 2
Sept 3

54

23

7334
31%

Mar

79

62

14%

10%

41

Feb 13

42

245

5%

Febl3

64

Do

97

5%

23%

800 Clev Cin Chic & St Louis.. 100

6%

21

Feb28

42% Marll
61% Marll
91% MarlO,
120

300|

236

*85

3%
9%

9i8

5,600 !

Dec

27%

Feb13

June24!

55%

preferred
preferred

Dec

51% Dec
7% Jan

June28

67%

22%

•*12%
*25%

86

3ls

68

7%

Dec

5

6178 Sept 2
107s Feb20

,

67

100
100

1534
73%
3134

1378

*25

3,5001

10

126%

May

15% July
107
May
55% May
59% May
33% July

38% Dec

3(

98

pref
100
51 700 Chic Rock Isl & Pac...—100

79

10%
14%

32

*12'2

38%

49%

12

7 7

Do

—

Febl3

Jan

share

89

87% Dec
2834 Dec

Marl5

134

per

104

Mar

6

13% Marl5

1978 May24
30% Feb 6
4534 Feb 13

'300!

27

49%

5

i

—

17

8

80% Dec
767g Dec

3

87g Feb24
93% Sept l'
43% Sept 3
52
Sept 2

40% June28
9% Aug31
63g Augl2
110
May20
47

Jan

share

per

86% MarlO
82

Highest

Lowest
$

Feb 11

Apr 21
x82% Junel8
27% Feb 13

100
St Paul—100
100

pref—-

Do

i

1

share

per

May20

5

30 100!
Do
pref
9 600 Chicago & Northwestern. .100

56%
74%

21%

737s

32

11,200

$

72

Canadian Pacific—
100
14,000 Chesapeake & Ohio...——100
5,100,Chicago Great Western...100

42 700 Chicago Milw &

Highest

share

per

76

27^600

38%

29

$

Certificates of deposit—

27

122

67

27

5

434

15%

7314

61%
934

5%
12%

478
1034
14%
2134

10%
1418
21%
1512

122%

|*104
I

Railroads.
Par
22,700 Atch Topeka & Santa Fe._100
1,600;
Do
prel
100
1,900 Atlanta Birm & Atlantic. .100
2,200 Atlantic Coaat Line RR
-100
51,500 Baltimore & Ohio
100
11,500!
Do
Rref
100
6,600 Brooklyn Rapid Transit—100
1 lOOi

9

5434

66

27

96%
96%
235% 235%

9634
240

5178
12%

3734
78%
67%
55%
67%

"43"
9634
*

43%

6034
9%
26%
37%
55%
7334

9%

7.3

93

121

60%
9%
26%

54%

85%
76%
7%

9

8%

*105

49%

26%
47%

47%

43

51%
10%

65

54%

*102

92%

42

60%
9%
26%
37%
54% I
73%

84%
76%
7%
92%
42%
51%
11%

8

7%
92%

118% 121%

II934
61%

*53%
72%
*103%
37%
3634
76
76%
65%
64%
54%

5234

7H2

*102

77

83%

8234

75

843s
75%

85%

77

83%
74%

83*8

8234
*74

84

Lowest

!

Feb

Apr

14% Mar
103

May
43% July
142% Oct
76% June
76% June
132% Oct

14%

Jan22

95

Apr 7

99%

Jan27

85

Mar

98%

109%

Apr 8

58

Jan

117%

100

Jan

26

Dec

107

Mar

9

11%

Aprl5

Febl3

30%

Aug23

83

Aug 9
Aug 9

72

89

Nov

Apr

Oct
10934 July

17% Junel6

1634
70%

44% Mar

5234
88

100%

Jan

5

Mar 30
Jan

3

Janl3
Mar22

33% Aug 9

50

85

93%

Janl9

142%

Aprl4

11884

Jan20

June22,

109

Aug30

102

May20

79% Dec
61% Dec
94

Dec

33% May
91

111%
113%

Dec

Jan

47%. Oct
94% June
8934 July
109% July
47
July
96% Aug
148% Oct

74%

Feb 13

10634 Mar22

73

Aug

119
May
120% June

80

Aiiel8

105

90%

Dec

100

Ex-dividend,

Anrl2

c Full paid.

Jan

May

New York Stock
For record of sales during

969

Record—Continued—Page 2

the week of stocks usually Inactive, see second page preceding.
PER SHARE

HIGH

AND

LOW

SALE PRICES—PER

Sales

CENT.

SHARE. NOT PER

Saturday
Any. 28.

Monday
Aug. 30.

Tuesday

Wednesday

the

Sept. 1.

Thursday
Sept. 2.

Friday

Aug. 31.

Sept. 3.

$ per share

$ per share

$ per share

$ per share

$ per share

STOCK

Shares

97

97

120

*110

96%
♦110

97

97%
120

*8712
78%

88I4
7834

50%
12

5012
12%

4412

45

*43%

53

53

♦31

33

*87%

*135

64

52%

52%

30%

30%
62

62%

*57%
' i'.

'

52%

33
61

*5734

*35

136

6%

6%

"75%

76%

133% 136

133

►

65

106

135"

%
6%
72%
76

*34

6%

6%

72%

72%

72%

75%

76%

74%

534

-

97

*95

7

7

*83

93

*95

6%
11%

634

11%

6%

6%

6

72%

72%

74%

75%

106% 106%
7
*6%

7

97

96

*93

6%

~20"

20

*19"

14

14

*1334

69

68%

14%
69

28

28

27

70

70

*69

"19% "19%

39"
8534
7834
14%
2934
3434

85%
7834

14%
28%
33%

23%

23%

20

13%

14

66%

27

25%

25%

*69%
*56

55%

53%

54

96%

38%

39

*95

97

39

52%

39

85%

8434

79%
14%

80%

78

14%

29

28%

14%
2834

53
97

3834

3834

83

85

8134

14%

28%
34%

*95

85%

54%
23%

35%

86

2734

35%

34%

34%

36

54%

35%

*54"

23%

55%

>54%

23%

23

81

*78

22%
*78

14%

28%

34%
35%
54%
23
80

75

"73%

73

76

*73

76

89

84

84

*83

88

*82

85

78%

73%
*81

79

80

81

"*9% To"%
30

*29%
78

1034

10%

10%

10%

103s

80%
9%

80%
10%

29%

29%

29

29%

28%

29%

78

10%

74%

89

88%

101

♦100

37
3634
135% 13634
95

*93

7734
10%

88%
*100

8834
102

78%

78%

78%

10%

10%

10%

lu%

11%

86%

88%

89

8734

101% *100

*100

37%

37

37%

133

137

aril 8

119%

*94

95

*94

37%

32%

32%

32%

*76

76%

76%

39%

39%

39%

31%

33

*94

33%

39%

101%

38
37%
118% 11934

76%

39

95

40

3384
*76

40%

5%

6%

76%

77%

97

7

20%

95

34%
77

41%

1434

26%

28

96

3834
85

"l4"

35
105

♦100

21%

27%
21%

834

834

"64%

64%
8034

26%

27

21%
-J-

21%

143%

♦140

75

*74%

21%

21

*68

70

*79

80

Ml"
*74%

141

7934

89

54%

*33%
*19

20%

*20"

25%

*25

25%

*76"

81

*76

*19

53%

54

69

Case (J I) Plow Wks__No par
5,400 Central Leather
100

49

53%
42
86

86%

102

45%

"45%

46"

17%

*17

18%

101% 103
15%
15%
7%

7934

*77

7%

45%

45%

♦17
*77

•18%
7934

2434

23%

75

75

39

40

74%
37%

77

77

2334
7334
39

*7434

*75

77%

*60

62

*59

62

"26"

20"

1934

79

79

7884

22%
733s

37%

20
7834

19%

78%

20
79%

37%

43

43

35%
*42

6%

6

5%

36%

35%

36

43

42

42

6

5%

6

20
75%

82

82

5,700 Consolidated Gas (N Y)..100

10%

10%

3,000 Consolidated Textile

79

78%

79

1,000 Continental Can, Inc

*77

Do

113s
87%
*100

"11% "12%

11%
88%

87%

89%

101% *100% 101%
38

39

37% 38%
11934 123

121

12234

*94

*94

95

34%
*76

95

35%

35%

37%

77

76%

77%

42

42%

42%

23

*22 ~

*31%

74

83

83%

*100

72%
*82

Do

105

84

*9%

12%

*33

35

63%

*100

105

70

610 General Cigar,

83

200

—

143% 143% *141% 144
74
74
*72% 74

36%

1,200 Granby Cons M S & P
*

500

81

6934

69%

70%

23%
25.
102% 104%

24%

'

15%
7%
45%
*17%
*77

15%

8

8

47%
18%
79%

47%

18%

15%

78

79%
123% 125

39%

39%

39%

43%

77

77

77

62

*59

62

19%

20%

19%

1978

79

,19%

7934

80

82

72

7238

72%

36%

347S

36%

36

37%

41%

43

43

43

43

6

57s

6%

6

6%

20

21

*15
76

76

60

*51

70

*51

60

*53

60

*53

70

*53

68

24

24

2034

12%

21%

20%

12%

12%

21

20%

12%

21

12%

*135

150

*98

20%

*101

104

*131

140

*131

145

*135

* 148

*95

105

*95

105

*95

105

63

*61

63

*61

63

*60

63

60%

♦59%

61%

60%

*59

135

105

*95

105

*95

*61

63

*61

60

60

*60




no

*100% 106
*100% 106
20%
20%
20%
20%
20%

104

*130

Bid and asked prices

155

*101

135

60%
*

*135

104

63

*60

150

50

*130

*95

*135

*44

*101

95

80

91%

sales on this day.

60%

11<%

13%

60%

5 Less than 100 shares,

100

10

65%

26%
99

Jan 2
Augl4

25% Aug 6
May20

20

5%
49

58%

Aug 9
JunelO

Feb27

79% May25
134
May20
72%
19%

Aug 9
Aug 9

68

Aug20

1,000 Kelly-Springfield Tire.....25
Temporary 8% preferred 100
Kelsey Wheel, Tnc
100
No par
7,400 Kennecott Copper

Do

t Ex-rights,

a

19%

Jan 5

15

Dec

Jul

23% July
48% July
173

Oct

55

Oct

6438 July
38*4 July

Jan 3

47

Jan

9484

Jan 5

90

Dec

101

Jan 2

144%

Feb

176

Oct

Jan 3

82

Jan

95

June

82%

Feb

9434

Apr

56%

Jan

93«8

Oct

89%
42

9578 July
Aug

Mar26

102%

Jan 3

55%

Jan 3

18% Sept 2
Aug 6
41
Aug 9
75
Aug 3

49%

Jan

38%
84%

Jan 8

109% July23

Aug 9

78% July 8

z23

64

21% Aug 9
75
July 2
13
Febl3

5% Augll
Aug 9

43%

13%

Febl3

69

102

Aug

109% Apr

Dec

5

47%
4638

Dec

6334 Nov

Jan 3

32%

Dec

49%

Feb

47% July
89is Oct

54%

Jan

40

Feb

42%

Feb

10%

Jan

48

Jan

80

Jan

100% Dec
713s July

Aprl9
108% Sept 3
23% Apr 9
9% Apr 6
6878 July
3734 July

142%

Apr 8
Aprl4
AprlS
Aprl3

110%

Jan

91
July
149% July

115

Jan24

111

Dec

120

61%
27

Feb11

Feb 17
Aug 13
21% Aug 9
70% Augl8
37
Sept 1

5

46%

51%

June

3

21%

Jan

67«4 July

111%

Jan 5

9234

Feb

128% May

170

Apr 7

Jan

72

Feb 4

84

Janl9

60

Febl8

71

Apr 9

15% May20
62% May20

26%

Jan

7

20%

Dec

337s June

91% Marl 8

30%

Jan

82

Nov

70

Feb16

79%

62

Jan

80

July

30%

Aug 9

47% Julyl5
51%

34

Dec

65

Nov

2H4

15

Dec

48

Mar

36% Mar 1
5%
8
22

AuglO
May21
Augl6

19% Sept

1

Jan

3

Jan27
7% July 9
Jan 9

45%
30

JanlO

3878

Dec

91

Mar

Jan

2484

Dec

44

July

68

Jan

164

Nov

101%

Dec

110%
11434

5

152%

Jan 5

105

Jan21

91

Aug 3
Aug 4

50

Augl7

95

Apr 9

34

22

Aug 6

33%

Apr 7

27% Nov

Aug 9

71%

21

Aug 6

1100

Aug 6

100

99

June21

100

123

75%
172

130

Ex-div. and rights,

De

1071s De

77% July23

Wo par

100
100

Dec

Dec

48

pref

Do

Dec

38% Jan
39% Nov

31%

48%
91%

Mackay Companies
200
Do
pref

9
25

Jap 5

Feb26

11,400 Loew's Inoorporated_..Wo par
No par
9,900 Loft Incorporated
200 Loose-Wiles Biscuit tr ctfs.100
Do
2d preferred
100
Lorlllard (P)
100

49

150

Jan

Aug 7

pref

Jul

Dec

36%

35

200 Liggett & Myers Tobacco.

3

Jul

June

Dec

Oc

16% Ma
43

80

48

63

5,900 Keystone Tire A Rubber... 10
100
2,100 Lackawanna Steel..
500 Laclede Gas (St Louis)
100

100

134% Mar20

Feb25

31

C..10
100

100
100

16% Mar30
44% Mayl4

Jan 6

100

pref....

87% De

39

101% Aug
83

Jan

103%

Jones Bros Tea, Inc

Jan

Apr20

112%

..

23% Dec

Mar25

.

Jan n410

2

85%

100

Do
pref
;
100
4,700
3,200 Internat Motor Truck.No par
> 400
Do
1st pref
100
Do
2d pref
100
12"800 International Nickel (The).25
..100
4,600 International Paper
310
Do
stamped pref.
100
50
15,800 Invincible Oil Corp
400 Iron Products Corp...No par

>

nl50

Jan

85%

5

v t

De

10%

94

new

17,900 Island Oil & Transp

Jul

55

3

78% Aug26

9,900 Inspiration Cons Copper...20
100 Internat Agricul Corp
100
300
Do
pref.
100
500 Inter Harvester (new)
100
Preferred,

Oc

105

Jan

Jan

49% Aug 9
84
Aug 9

4,900 Int Mercantile Marine

.

261

Jan

Aprl5

Jan 6

Oct
Oct

Feb

69% Mar

Jan

10

June

153s
99

20%

3

Feb 11
May20

110

52%

6

Jan

Manufacturing... 100

400 Lee Rubber A Tire

11%

104

*61

21

44

*101

135

21

11%

104

♦130

69%

44

*101

*42%

17%

68%

38

12%

*44

104

16%

68%

26

45%

11%

45

•101

16%

68%

24%

105

12%
*44

50

25%

101

45

*44

21

23%
16%
36

24%
16%
e8%

9

100% 100%

Jan

100

3,500 Indlahoma Refining.

20

75

*51

100%

45

104

ctfs__100

Corporation

3,300 Hupp Motor Car Corp

8%

Aprl4
Jan21
Aprl7

IO384 June

91

7

147

Haskel & Barker Car...No par

9,600 Houston Oil of Texas

48%

*17%

500 Gulf States Steel tr

900 Hendee

104% 108%

15%

pref.

Hartman

59%

Feb17

100
100
100
25

100 Gray & Davis, Inc

"4" 200

Jan

43%

Aug 5

2,200 Greene Cananea Copper.. 100

24%

68%

Do

Apr29
Apr 7

100

Aug 6

(6 %)
100
(7%)..100

4,500 Goodrich Co (B F

89

278%

92

400 General Motors Corp pref. 100

*86%
36%

89

96

*98

115% May24
92% June30
31% Aug28

62

100

36%

*91

100%

30

Augll
May24

33

100

55%

95

*98

100

37% Nov

65% Feb
100% Oct
1034 Sept

Jan22

75% AuglO
85%
36% AuglO n605
13
9% May 19
28
18
May24

100

Inc

pref

53%

*91

150

10978 July

deben stock

95

*135

Jan

Deb stock

73%

138

102

Do

*91

137

9

Do

95

155

Jan

600

*90

*135

107

1,400

54%

Oct

Jan

76%

50

500 General Electric

81

23

57s Apr
30% Dec

46

Gen Amer Tank Car..Wo par

Debenture

7834

Oct

Aprl6

68%

*58

21

73% July28

Oct
June

Aprl4

68%

*75

15%

Dec

14%

*78%

62

67%

91%

105%

80

7934

76%

17%

Jan 14

102%

69

21%

68%
'54

38%

69

Oct

92%

75%
95%

10% May24
Feb 13

temporary ctfs.Wo par

76%

17

69

Oct

97% June22

Do

37

68%

39%
5034

Feb

Jan 5

98

49,900

76

16%

July

Jan 9

Aug 7

21%

2434

68%

56

67

65%

74%

21

20%

75%

16%

Feb

50

65

24%

68%

3434

50

pref

*61
♦

95

17%

July
43% Nov

44%

Jan 5

Do

*66

70

63%
83

12%
35

75%

69

37% Nov

May20
Mayl9

Jan 2
Jan 3

Apr26
Apr 9

Sugar....10
10

400 Endicott-Johnson

72%

*90

16%

507

40%

46%

Products

700 Elk Horn Coal Corp

95%

71%

79

*68%

29% July

Feb

30% May20

100

8,300 Cuban-American

500

7578

2334

Dec

32%

208s

.

70

95

24%

Apr

1634

Jan 3

Feb27

12,600 Cuba Cane Sugar.....Wo par
700
Do
pref
100

38%

70

*90

24

68

Jan 3

41%

100

pref

300 Dome Mines, Ltd

*75

24%

Apr 8

21%

Aug 9

9% Aug 9

Refining..100
Do
pref
100
5,300 Cosden & Co
No par
15,700 Crucible Steel of America.. 100
Do
pref
100

23"

38

9,100 Corn

44

*71

24%

111%

Aug 9

July

25

No par

5,400 Continental Candy Corp Wo par

11%

24

73

AuglO

24%

5,100 Cons Inter-State Call Mg_.10

29

*19%
74%

75%

74%
12%

67% July
141% Nov
113% Nov

50

29

74%

19%

Nov

100

pref

Do

27%

90

28

No par
100

Jewel Tea, Inc

*19%

164% Mar29

100

Iron

82%
10%

24

5%

&

29%

74%

*41

79% Aug 9

10638 July

No par

10

8034

23%

35%

114

Jan

Dec

Do

Fuel

25
5

29

71%

36%

116% July

Jan

31

8638 July

73%

19%

Feb

104%

Jan 3

Aug

100

90

23

*58

56%

Jan 5

6138

278

122% 122%

24
75
39
78

Jan 5

108%

89% Aug25
93% Mar22

*80

Do

2334

19%Junel8
104%

Feb 13

90

81

103% 104%

oct

ar76%

*80

900 Colorado

54

153s

10
Augl3
Aug 4
95% Julyl9
33% Aug 9

5634 Mar

75

54

10484

100

pref

10,300 Chile Copper
5,300 Chino Copper
8,400 Coca Cola

77%

*76

7%

Do

Mar26

Aug

74%

7634

*76

15%

pref

54

35%

81

*14%

Do

4,800 Cerro de Pasco Cop
No par
6,900 Chandler Motor Car ...No par
800 Chicago Pneumatic Tool. .100

79

25

23%

7934

44'

25

69%

15%

300

97

*78

81

23

122

54

*96

80

53%
68%

122

75%

Aug 6

20%
27%

24

*77

86% Sept
8634 July

Feb10

52

27

70

77%

77%

Jan

Aug 9
22% Aug 9
65

*18%

24

17%

64%

63

...100

18%

68%

19

567

Jan 6

100

100

2534

23%

*17

Jan

18%

69

46

54% May
87% Dec

3

48%
20%

Jan

Jan

25

*34

23%

_46~

19% Dec

Jan28

35

34%

69

7%
45%

Jan 6

85%
46

36

70%

105% 10634
1434
1434

Aug 5

No par

Petroleum

6

Aug27

*85%

24

68%
*22

12

2,890 California

25%

*25

81

25%

*76"

4,900 Caddo Central Oil & Ref._100

2034

34%

2l"

53

89

*85

37

55

16%

1,300 Gaston W & W, Inc...No par

69

Feb

Jan12

8

21

16%

3934 July
37% July

29"

8%

7934

17

Jan

5%

29%
28%

21%

2034

Oct

Feb

16

Aug 9

21%

69

Apr

6%May20
16

27

80

166

2,900 Butte & Superior Mining..10

21%

69

Dec

Jan

26%

21%

115

Jan 9

21%

7434

Apr 7

11%

26%

20%

57

*85%

74

129

Aug 9

26

21

144

Aug

May

80

83

144"

July

92

Aug27

26%

65

25

102

Dec

11

26%

68%

80

8534

8534

*6l"
»

Dec

41

Apr 1

100

v

600 Butterick

pref
100
4,800 Famous Players Lasky No par
500
Do
preferred (8%)
100
Federal Mining & Smelting 100
400
Do
pref
100
200 Fisher Body Corp
No par
2,400 Fisk Rubber
25
2,100 Freeport Texas Co
No par

*79%

68%

*54

75

*74%

21%

68%
*79

56

*54

141% 141%

75

21%

83

11

85% Dec

Mar20

Feb 10

*66

65

*

Sept

55%

75

"95%

70"

*64

64%

t C..5

July

116

3,900 Consolidated Cigar

*78

32%

*66"

72%

64

6,100 Butte Copper & Zinc

108

Jan

62

9634

100 Calumet & Arizona Mining. 10

8%

*66

8034

Burns Bros

Oct

Dec

101%

19% Aug 9
78% Augll

*984

21

9

15

112

1,900 Columbia Gas & Elec

*32%

21%

84

Jan

85
Julyl2
48% June30

100

5

6% Aug 18

100

Jan

10734 July

Jan

8,626 Columbia Graphophone No par
Do
pref
100

12%

21

No par

Brooklyn Edison, Inc..... 100

Oct

Jan

90

Feb24

114

3

70%

68

100

Aug

July28

Jan 3

55

83

26

90

104

45

Sept

55%
55%

102%
102%

24%

*934

2 684

...100

8% pref. 100

32%

Aug 9

55

82%

26%

26

68

100

23%

32%

27

Apr 9
9638 May 6

No par

July
May
2% May

23%

12%

100

119

Jan

55

33

101

Feb

1%

22%

83%

101

Jan 6
Jan 5

110

1%

55'

*934

102

111%

36

*31%

*100

June 4

% Aug20
5% Aug26
65
Aug 9

35%

38%

32%

145

102

36

22%

12%

Jan

36

21%

35

Dec

103

35

34%

*32%

*934

100

50% Mar25
154% Junel9

15%

38%

*33

111% June

Oct

76% May
Oct

30%

22%

*82

12%

*984
♦33

156%

■

15

*32%

72

Jan

Augl8

6034

29%

*20%

71%

192%

Jan

64%

Nov

29%
34%

2734

38%

72

Feb

64

Aug

80% May

Mar 3

Corp....100
common..

800 California Packing.

"15%

92

7

82

35

20

700 Booth Fisheries

7%

1434

42
86%

142

12%
20%

"27%

53%

96

Jan

Jan
Mar

114

*55%
53

68

Jan

75

*69%

22%

71

Class B

67%

*20

71%

Steel

Do

95"

20

14

Feb

8

Jan 5

176%

58%

Jan

125

61

100

5,500 Bethlehem Motors

6%

77% July
65% Dec

17%

Janl7
Jan 7

25

pref

22,500

93

12

67%

128% Augl8

300 Brooklyn Union Gas

18%

5

54% Nov

Jan 3

Jan 5

cum conv

7%

Apr 6

Feb

100

pref

7%

66%
67%
74%
75%

102%

Do

11%

July

95% Aug30

Do

11%

65

100

100

300

*90"

Jan

85% Augl3

Barnsdall Corp CI A
2,200 Barrett Co (The)

50

*90

July

40

Apr 9

200

6%

29

Jan 9

148%

95

*83

Oct

Jan

59%

Aug 9

107

7

69

11

Augl4

95

93

Jan

Jan 9

June

107
7

Jan29
Jan 3

60

800 Bethlehem

*83

61%

21%

60

Do

6%

105%

.100

pref.

Jan

169% Dec
11034 June

Aug 9

100

Do

Oct

106

Jan

Aug 2
May20

preferred...... 100

pref

314%

Jan 2

May24

900 Batopilas Mining

77%

6

*32%

68

Do

108% Mar

Feb
Dec

165%

100

1

"75%

11%
22%

69

*34

%

79

"l4"

400

Dec

191%
93%
45%
943s
27%

AuglO

55

Oil

5

Jan 7

75,100 Baldwin Locomotive Wks.100

106

*102

106

6034

55%

13834

%

71%

70%

54

81

♦78

*19

66

5634

*34

"54% ~54%

6%

11%

14

96%

"39"

6%

66%

1334

z66%

53%

*55%
54%

54

97

11%

69

*19%

*90

7

*6%

2d

Jan

97%

100

4,800 Atl Gulf & W I SS Line

42%

136

95

93

*83

Do

*39"

43%
136

50

714

1st preferred

95

100% Marl8
283

Aug 9
May20

44% Aug 2
49% Aug 9
25
Aug 9

25

Do

61

*61%
64%
10734110%

64

*102

95

107

107
*7

100

$ per share

11

100

pref

$ per share

37

100

17,900 Anaconda Copper Mining. 50
200 Associated Dry Goods
100

100

""34 "34

95

*90

Do

Highest

$ pei share

104%
85%
72%
9184

...100

pref

Lowest

92% May22

.100

(new)

Highest

$ per share

4,300 Amer Writing Paper pref.. 100
1,700 Amer Zinc Lead & Smelt.. 25

62%

136% 138

136%

136

133% 134

534

33

*38

43

106

*96

553s

107% 108%

*61

106% 108%
*37

13484 13434

%

34

43"

Do

200

*30

pref

17,400 Amer Woolen of Mass
150

*59%
*

61

Do

400 Associated

135

*61

300

49

5334

54%
31%
62%

31%
*5734

87

*35"

43

134% 134%

""34 ""34

1234

95%

95%

*98

55

12%

61

87

106% 108%

52%

12%

"52%

62%

*.__.

64

95
' 523s

1919

Lowest

1,300 Amer Tobacco

97

*44

52 84

*5714

82%

1134

33

*62

106% 108

*35"

523s
*30

88

87

65

*61

61

*-_-.

92

10734 108%

136

49

46

13334 13334

43"

*44

*43

*88"

141

*61

12

46

I

92

50

12

*12%

52%

59%

5912

92

50

12%

50

12%

80
*93

50

92

50%

50%

81

Year

of 100-share lots

EXCHANGE

Indus. & Mtscell. (Con.) Par
6,500 Amer Telephone & Teleg..l00

89%

95

94

50%

89%

90

79

7934

*11%

77%

120% 121%

12034

*88%

773$

79

*31

120

98

97%

97%

97%

97%

80%

78%

*92

*88"

97%

97%

*11734 121
11934 122
89
89
88%
88%

88%

Range for Previous

On basis

Week

6 per share

YORK

PER SHARE

Range since Jan. 1

STOCKS
NEW

for

13%

Jan

Jan

5

38%

Jan

5

62%

Jan

33

Dec

Marl 5

Dec

Jan 6

21

Jan

207

JanlO

195

Dec

109%

Jan31

107

Jan

38%

43

Oct
Oct

July

126% July
10734 Nov
83
40

Jan

Oct

250% Aug
115

July

18% Aug26
11% Sept 1

36

Aprl2

28

Jan

3

25%

Dec

Aug23

70

Jan

3

40%

Feb

102

Aug26

JanlO

94

Feb

120

June

125

AuglO

115%
183%

2

I4784

Apr

245

July

98

Aug25
Aug 9

110%

Jan

8

107

Jan

115

July

60

6984

Jan

7

63

Dec

KBio

Tnivia

64% Mar22

z63

June

43%

n Par

value $100.

Jan

a Old stock,

75% Dec
81

July

7978 May
66

x Ex-dlvldend.

July

New York Stock

970

Record—Concluded—Page 3

For record of sales during the week of stocks usually

inactive, see second page preceding.
PER SHARE

HIGH

AND LOW

Saturday

Aug. 28.

Wednesday
Sept. 1.

j

f

basis of 100-share lots

EXCHANGE

Friday

Thursday
Sept. 2.

Range for P evtous
Year 1919

On

STOCK

YORK

NEW

PER SHARE

Range since Jan. 1

STOCKS

SALE PRICES—PER SHARE. NOT PER CENT.

Lowest

Highest

Loioesl

Highest

$ per share

$ per share

$ per share

S per share

Sept. 3.
Indus. &Miscell. (Con.)

Parj

700

Manatl Sugar

1001

96

200

% per share
99
100

Manhattan Shirt—„

25t

20

Shares

Sept 1
Sept 1

151*2

70% Aug 18
97% Augl3

May Department Stores.. 100:

1,400

13712

130

Aug

5

28

Dec

Aprl9

33*2

60

Jan

Aprl4
Jan

Dec

137

38*2 July
13.134

Oct

107

Janl2

104

Jan

lib

May

Mexican Petroleum..

.100

148

Aug 9

222

Jan 3

162*4

Jan

264

Oct

Do
prer
Miami Copper

.100

88

118*4 Sept

Do

52", 600

pre!..

_-.__-._100

Marl3

105

Jan

6

99

Dec

18% Aug 6

26

Jan

6

21

Nov

10*

Aug 5

71«4

Jan

6

32

Oct

7134 Nov

Mid vale Steel & Ordnance.. 50

37% Aug 3

5234

Jan

6

40*4

Feb

Montana Power..

"3~200

59

69*2

Jan

7

54

Nov

62*4 July
83
July

Jan

6

100

Nov

106*4

Feb

"43*2

July

,75

101%

"""200

par

May 19
95
May 4
2734 Aug 9

50

Pref...

Do

32% May24

100

Corp.A'o

Feb13

86*8 July 9

45

Feb13

98

June28

87

Nov

Aug 4

80

Jan 3

70

Jan

.100
Nat Conduit & Cable.No par

85

Aug31

102*2

Janl3

103

Dec

13

Apr 7

Nat Enam'g &

100

50

Aug 9

89*2

Jan 2

.......100
Lead.....;
..100

90

Augll

102*4
93*4

Jan 7
Aprl2

93

Jan

64

Jan

110

Jan 3

102

Sept

Do

2,400

pref

Do

~

44

...

Stamp'g

6% Aug 4

pref

National
Do

50

pref

70'8 Aug 9

.100 *100% May21

200

Nevada Consol Copper......5
New York Air Brake.
100

300

New York Dock
Do

1,300
400

"¥,300
400
200

1,400
700

1,200
400

~f,oo6
47,500

Nunnally Co (The)
Ohio Fuel Supply

Otis

Steel

Owens

Pacidc Development
Pacific Gas & Electric

91%

75

May20

100

Aug 7

Feb13

3% Aug 6
5

May20

Feb
Feb

47

Jan

67

July

Jan 5

46

Jan

97

June

43

Jan

55

July

55*2 Apr 8
5<*4 Mar 8
95s
157

5*2 Mar

Apr 6

Aprl4

128

Nov

4178

Jan

5

34*2

Jan

2

46

Mar

30% Sept 1

78

Jan

2

70*4

41% May20

\

61*4
38-*s

Jan

5

58*2

Jan

9

29*2

Feb

Dec

Oct

80

Oct

75*4 July
42% July

28
37

Jan 13

46

June22

22

7134

Feb 13

116*8

Aprl4

67

Jan

6734 Feb 13
27% Aug 30

11134

Aprl4

92*4

Dec

Jan

42

Dec

Do

Class B....

-—50

........

Parish & Bingham

50

No par

Aug 9

Penn-Seaboard St'l

No par

16

AuglO

27

Aug 9

v t c

7,500

People's GL4C (Chic).. 100
Philadelphia Co (Plttsb)
50
Phillips Petroleum.....Nopar

29,500

Pierce-Arrow M Car...No par

100

Do
pref.
.......100
Pierce Oil Corporation
25
Do

800

pref.........

.100

47*2

6

Jan

36*4

Apr 8

27*2

Apr

58

July

Feb

9

32

Dec

57

May

JanlO

30

Jan

43

Apr

33% Aug 9
34<8 Sept 1

44*2 July 2
38*4

Jan

99

Oct

101*2

Jan

111

82%

Jan 3

July 2
Aug 6

108*2

Jan

8

11

23*4

Jan

8

16

Jan

79

Augl2

98

Jan

7

93

Dec

66

Feb

88

51*2

Feb 13

Apr 8

45

84

Augl8

91*4

Jan24

12l2 Aug 2

27%

Jan

85*2 Mar
12% Feb

1,000 Pressed Steel Car..

...100

84

Feb13

11334

Aprl2

z59

Feb

325

pref.
...100
Public Serv Corp of NJ
100

96

June 3

104*2

Feb

100

Mar

55

600

Pullman

1,900

5,400
200

Company..,.

.100

Punta Alegre Sugar........50
Pure Oil (The).
25

Railway Steel Spring
Do

50

pref.

100
.....100

18,100

Ray Consolidated Copper.. 10
Remington Typewriter v t clOO
Replogle Steel..
No par

14,500

Republic Iron & Steel.....100

3,200
800

300

Do

68

Jan28

60

Dec

124

Marl 9

110

Nov

120

Apr 19

51

Apr

A36

92i2 May 3
13*4 Aug 9
45

AuglO

34*2

Feb26

76*8 Aug 9

2,030

St Joseph Lead..

14*2

800

"¥,700
642

9,200

San Cecilia Sugar v t c.No par
Savage Arms Corp.
100

Saxon Motor Car Corp.No par

Sears, Roebuck & Co

.100

Shell

79,000

Transp & Trading...£2
Sinclair Cons Oil Corp.No par

2,000

Sloss-Sheffield Steel & Iron 100
Do

100
86

3,350
300

2,800

preferred.

100

Standard Oil of N J...

100

Do
pref non-voting
100
Steel & Tube of Am pref
100
Stewart Warn Sp Corp .No par

14,100

Stromberg-Carburet.. .No

46,900

Studebaker Corp
Do

pref.

Do

12

130

Texas Pacific Coal & Oil

25
10

Sq Auto Supply.No

par

Tobacco Products Corp...100
Do
pref
..100

Transcontinental Oil

.No par

Transue A Williams St.No par
Underwood Typewrlter...l00
Union Bag & Paper Corp.. 100
Union Oil
...No par
United Alloy Steel
No par

12,300
800

30,600
900

*105

93*2 July 7

46

Dec

71*2

Jan

106*4
55*4

Janl3
Jan 2

100

123% MaylO

84

Aug

12*2

Dec

17

53*8

Jan

94%

Apr 12
25*4 Junel8
83% Apr 6
1778

21%
243

90*4
48*4

Janl3
Aprl4
Jan28
Jan

48i4

44i2
25

"15%

15%j

15

*105

*105

60%

113
90

-I

i*105

6012

*63%

60l2
,♦

110

62

Jan

109*2

Oct

Jan

151

Oct

92

Jan

104% Nov

Apr

8

32

Jan

54% June

Apr

7

Dec

17% May
Oct

Febl3

60

Aug 9
Mar26

47

38
9

July29

13*4 Mar31

40*4 Aug 6
3558 Sept 1
2138 Sept 3
57

AuglO

83*2 Augl2
9*8 Aug24
40

Aug 9

161

Aug 9
73*2 May22
25«4 Aug28

38

C5734

36-%

Mar26

Jan 2

9%
nl84

Jan 2*345

53% July 7

34*4 Julyl5
Jan 3

72%

Jan

115

June

Jan

7

120

June

Jan

5

97*2
3434

Dec

38*4

Dec

62% Nov

66l2

Jan

3

37*4

Jan

74%

95*2
106

200

Apr 15

115

Jan

197*2

127

Aprl4

75

Jan

100

45*8

Oct
Oec
July
Oct

Jan

6

Jan

5

34%
37%

Dec

53

Jan

58% July

Janl4

90*2

Jan

175% July

44

Aug 2

53

Jan 13

50

July

176

Febll

224

Aprl4

157

Feb

3878

Aug

74*4 July

3

80% Aug

12*2 AuglO

25*2

Jan

3

14

100

41*2 Aug24

7

55*4

Apr

42*2

Jan

6

Apr20

16%

Feb

Feb 13

37%
78%

Apr 6

53*8

Jan

5

66

Apr

77*2

Feb 13

116%

Jan

8

z97%

Dec

167

90

Aug 6

103*4

Jan

6

96*4

Jan

111

50% June

Feb13

69*4

Apr

8

17%

Jan

143*4

Jan

5

73

Jan

139*4 Nov

Aug

9

116*2

Janl3

109

Jan

119% July

Aug

9

8378 Aug 9
104*8 Junel5

76

Jan

3

43%

Jan

5

88*4

Feb

115% July

115*4

Jan28

111*4

Dec

117*2 July
97*2 July
21% June

Jan

3

65*8

Feb

12%

Jan

2

8*4

Dec

Febl3

97

Aprl6

54%

Dec

Feb 13

80*4

Aprl4

May 3

112%

59*8

100

104

100

76

Feb13

127s

AuglO

Mar

Jan

Jan

47% Mar27

Aug25

56*8 Aug 9

78*4 Nov
50

45

109

7

pref

Oct
May
May

Aug 9

42

10
t c.

91%

80

100

v

32*4 May

40

Vanadium Corp
No par
Virginia-Carolina Chem...100

Copper

Oct

Oct

38*4

Jan

100

58% May

Jan

96*2

59-

215

119*4

Aug 9

100

pref

8034

51

Feb

7

110

Jan

119

Junel7

54

Mar

21
76

Mar31

62

Dec

June 7

Jan

Westlnghouse Air Brake...50

I03i2 Sept 3

1,900 Westlnghouse Elec & Mfg..50
50
10,600 White Motor

44*2 May20

55*8

42i2 Sept

1

«9% Mar29

Aug24
Sept 1

92*2 July

115%

Oct

*88

Dec

79

May

31% July23

200

500

Vivaudou

No nar

Wlekwire Spencer 8teel

Worthlngton P & M

24
15

Do

pref A

66

Do

orefB:

75

50*8

Sept 2
Aug 9

..100
100

100

June

103

Julyl9

t C..100

55

.100

80

;

v

Mayl9

80*8 July 13

5

Do
pref (new)
..100
WilsonACo.Inc.v t c._-No par

Woolworth (F W)
Do
pref

48

25

Willys-Overland (The)

90

*64,

Nov

45%

8

Wells Fargo Express
100
Western Union Telegraph. 100

300

*75

,

89

97*2 July

Jan31

400

76

74i2

57

Feb

Dec
Dec
64*4 Nov

Apr

V

56%' *55
58
106% 1067s *106% 107

78*2
*104

Dec
Mar

Oct
Aug

230%
81*4

101*2

Virginia Iron C & C

11,800
1,100

15%

85

Dec

29

July

126%

300

103l2 104
48i2
48*4
44-3s
4434
24i2 24%

74

74% Nov
July

7

June

400

83

47%
45%

6*4 Mar
168*2 Feb

106*2 July
121

51*2 Mar26
118*4 Apr 8

300

*104

Jan

Oct
Dec
Nov

Feb J 3

50

Do

53*4
145

Jan 3

44*2 Sept

June

27*2 July

Aug 18

41% Junel4

Utah Securities

112

105*2

124*4

600

*55

Aug

Doc

5884

Do
pref
...50
United States Steel Corp.. 100

200

*l3l2

Mar

98%

10712 Nov

50

101

Utah

Feb

19

68

41*8

U S Smelting Ref & M.....50

68

104

3

Aug 9

267s Aug 9

Feb

38

U S Realty & ImprovementlOO
United States Rubber
100
Do
Istpref
100

66

Oct
Oct

July
9134 Jan
132*2 July
106

148

Express
100
U S Food Products Corp.. 100
U S Industrial Alcohol
100
Do
pref
100

Do

109

Augl8

U S

2,810

May

31%

Sept 3

No par

U S Cast I Pipe & Fdy
Do
pref

61%
7%

74% July
98

..100

United Retail Stores

*106

Oct

105

100

United Fruit...

113,000

105*2

...50

United Drug...
Do 1st preferred

00i8

Jan

46*2

40

par

94

"6*8*2

5

F pref A no par

B...No par

AuglO

22*4

Aprl2
Feb20
Jan 6

106*2
106*4

82*4 Jan26
87
June 5
94*4 Apr 19
Mar25
§600
AuglO 5850
100*8 Junel7
113% Mar25
83
Sept 1
91*2 June24
59

41

pref Class

Jan 2
Augl9

*4558 Aug 12
23*8 Aug 9

100

Copp & C tr etfs.No
Texas Comoany (The)

Augl9

Sept 1

39*4 AuglO
5*4 Sept 3

92

Tenn

Times

92*4
26

100

Superior Steel Corp'n
Terator Corn

par

(The)... 100

Oct

28% May

A42% July 7

Aug 9
88*4 May20

69*8 Aug 9

10

2

Augl7

pref
.....100
Republic Motor Truck.No par
Royal Dutch Co (N Y shares*.
...

5

108*4 May24
66
AuglO

8,850

20,300

Oct

Dec

47*4 Nov

42*2

10

Do

Dec

42

Pittsburgh Coal of Pa.....100
Do
pref
100

200

1,600

4J
140%
104%

30i2 AuglO

Pond Creek Coal..

2,600

39*4 Nov

Dec

5

-

Nov

149

Deo

Paciric Teleph & Teleg.__.100
^

11*4 Nov

74

Pan-Am Pet & Trans.

-

Oct

70*4 July
July

Aprl7

65

AUgl9

145*4

59*8 June26
77*4
2238

19% Aug 9

1,800

2,100

19*2

45%

3,600
9,600

61

Feb 19

107

:

...

21% July

44*4 Mar

48

.25

Oct
July

112

Jan 3

42% Augll

...No par

Bottle...

May

94%

Jan 5
Jan 3

Aug 9
Aug 9
Feb11

44

13*4 Nov

88% June
604

117*4
48*2

89

25
Oklahoma Prod & Ref of Ani.5
Ontario Silver Mining
100
Otis Elevator
..No par

Dec
Feb

Oct

108*4 May
24% July

Jan 5

20

14*4

8*2
45*8

Nov
July

92

17*2

45

No par

29*2

AuglO

100

North American Co
100
Nova Scotia Steel & Coal..100

4,700
200

10U

100

preferred.....

Pacific Mail SS

"

Marl9

32*4 July

Mar25

40

83

150

"""'600

40

40

Nat Anil & Chem vtc..Nopar
Do
preferred v t c.
100
National Cloak & Suit
100

600

1,300

8,100

10034

Jan
Sept

10,900

2",00 0

100

National Acme.;

400

800

Corp..... 10

Mont Wd&Co Ills

11,700

:

5

Middle States Oil

38,700
16,650

100

Aug

3

9

July20

62*2 Aue 9

89*4 Marl8
119

32
93

82%
145

Jan

8

Jan 3

Jan

8

Jan

5

Jan

5

51*4 Nov
82
Sept
94*2

Jan

40*2 «dan

92*2 May
126

July

59% June
Oct

45

Jan

86

23%

Jan

40*4 June

Jafl
Jan

98*4 May
104% July

Aprl4

120

Feb

136% May

Jan

6

87*4
65%

112%

Dec

117*2 July

95

Jan27

50

Feb

117

9334

Jan 13

88

Jan

98*2

76

Jan

66

Jan

81

116*4

6

Oct

Oct
Ocx

*

Bid and asked pricw no sales on this day.
$ Less than
k Name changed from Ohio Cities Gas to
present title July




100 shares,

11920,

t Ex-rights,

range lncl. prices from

rights.
* Ex-dlv.
0 Reduced to baste of 225 par.
n Par fl(
July 1 only range for Ohio Cities Gas Jan. 1 to July 1,37 May 20, 6OV6 Jan.
a Ex-dlv. and

Wtek't

"

84.70

85.90

37

85.10

86

81.40 92.90

84.90

86.00

440

8400 94.00

85.20 Sale

84.40

81.10 92.86

Am

88.60 Sale

87.66

85.30 4407
88.70 3762

85.80 95.00

N Y A oung Br geu g 4a

.194i

4Kb

Ohaaa A O fund A lmpt 5»

192'.

Fourth

Liberty

4 Ha

D
O

Victory Liberty Loau
4Ha
conv y notes—i922-'23

1

3Ha
conv g notes... 1922-'23 *
2a ooneoi registered
...41930 Q

98.90 Aug

85.38 Sale

84.80.

95.50 Sale

__4!y3(j Q
...1925 Q

4a registered

.,.1951 Q
Philippine Island 49..—-191*-34 Q

101%!

98m

100

10H2!

99

M
v

Registered........

Foreign

9978 Sale

fiukuang Ry) 5s oi 1911

99%

93

25

89%

84

13

82%

41

43

41

50

75%

75%

16

74

80%

88%

22

Sale

75% Sale

d!

Sale

$86

81%

S0i2

K

85%

84l2
98% Sale

s a«
.

second series 4Hs

'Germm

do

do

X

10-year

6-year conv 5Ha
tThese are prices on
Stat* and City

73%
72%

318

71%

10

37

101

102%
53%

375

97%

Chicago Great West 1st 48

95%

Ohlc lad A LouIbv—Ref 0*

Refunding gold 5s.

82% Sale
84% Sale

81%

82%

Registered

43

37

Gen'l gold 3Hs Her B

.

94

General 4 %s Serlea C

.

84%

85%

91% Sale

91%

91%

Gen A ref Ser A 4Ha

Permanent 4a

81%

90%

iS-year debenture 4a.

83

95%

Chic A L Sup Dlv g 5a

89%

272

97%

94%

81%

95%

85%

93

Corporate stock Jul7 1967

87
90

90

90

Sale

89%

90

14

89% 100%

90

Sale

88

90

15

88

100%

80

1

80

90%

80

91

80%
82%

90

'20

90

86

80

90

82% July'20

80%

88

80%

80.

81%

82% Aug '20

91
91

90% Aug '20
89%
90

81%

71% Aug '20

"89""

91

anal Improvement 4s.

anal Improvement

July'20

80%

93

~92~ 111.
98

...

July'20

*98

Improv't 4HB..1963
■'lgbway Improv t 4HS..1966

~ HI,

Mar'20

99

102

May'20

10

95

Virginia funded debt 2-3S..190I
5s deferred Brown Bros etls

'63

97

107% 108

99

highway

..

91

93

20

107% Jan

Sale

99

Dea Plalnea

107%

52

Sale

Atchison Topeka A Santa Fe—
Gen

g

19»o
.1996
41996
*1996
*1996
1956
.1960

4s

Regis terel

Adjustment gold 4a

Registered.....

Stamped........
Cony
onv

gold

4k.....

4s Issue ol 1910

*75% Sale
Nov

72%
67%

Nov
M

N

71%
66

$68% Sale

67% Sale
81%

50

52

'I

75%

320!

71% July'20
66
68%
73% June* 18

"39

74%

67%
64%

66

82%

13

82%
'83%

58

Mich
09

82%
79

71%

60

69%

1

77%

89%

1

82

88

83

84

83%

Rocky Mtn D>v 1st 4s...1966
L 1st 4s .1968

64

69

6S

69

1

64%

69

70%

70%

1

67

76%

Cal-Arlz 1st A ref 4hb"A"1962
S Fe Pres & Pb 1st a As... 1942

74

76%

77

4

68%

81

80%
74% Sale

82

71%

82

July'20

74%

74%

'"lo

99% Sale

98%

99%

93

.1964

74%

74

74

2

gold 6b ..1928
gold 4a -1938
gold 7s. 1936
IAN coll gold 48.
...01952
*av F A W 1st gold 6a
193*
lit gold 6s
1934
Bait A Ohio prior 8 He
1926
Registered...
...*1926
1st 00-year gold 4s......*1948
Registered
*194^
lO-yr oonv 4Ha
1933
Refund A gen 0s deriea A. 1996
Temporary 10-yr 6«_... 1920
Pitta Juno 1st gold (ft
1922
P June A M Dlv 1st g 3 H« 1925
Ala Mid 1st gu

90%

90%

1

Bruns A W 1st gu

74%

'Atl Coast

L 1st gold 4s

10-year secured
Gen

*195?

-

78.......1930

unified itta..

.

P I. E A W

67% Sale

O

98

VaSysref 4a.. 1941

3 HS
Cent Ohio R 1st e g 4 Hs

.

.

1926
1930

1933
1936
General gold Oe
.. 1937
Pitts Clev A Tol 1st g 6s.. 1922
Tol A cm dlv 1st ref 4« A. 1909
Buffalo R A P geo g fis.
1937
ConaoUHs.-,- .........1957
All A West 1st < 4S cu
1908
Clear A Mab 1st gu g 5s.. 1943
Rocb A Pitts 1st gold 6s.. 1921
CI Lor A W oon 1st g be

.

88%

...1922
A 5s
1962
Car Cllncb A Oblo 1st 30-yr Os '38
Central of Ga 1st told 0a.._pl946
Consol gold 5s
1946
Oonaol 1st g 6s

10-yr temp seeur 6a June
•

No price

1929

Friday latest this week.




Jan

81%

66% Sale

68% Sale
89% Sale

80

95%

997g

68

78

90%

92%
78

16

"fiO% "fj%
08% 100
19

81

63%

"94

847,
81

57%

70

60

Feb *20

60

'121

68

69

66%

69%

57%

69

292

57 %

0!

81%

92

272

SO

88%

78
81

29

Apr

64%

112

~78 * Safe"

097#

July'15

80%

60

~69~ Sale'

82

7h

'2u

67%
Aug *20

66

81

%

'12

Jan

" *78

78

58%

60%

48

51%

61

73

75%

78

07%

77

Mar'2i)

60

»

86

91

Mar'2u

91

91%

90%

Mar'20

90%

90%

88

88

Aug *19

97%

67%

85

91%
90

80%

99i.

Mir'18

48%

52%

89

89

76

J...

60%

_98%

44%

53

2

88%

02%

72% Aug '20
73 >. Jan '2U

70%
73m

83%

85

85

Apr

20

101% 100

May 20

98

June'20

82

83%

69%

74

97% 101%
82% Sale
72

405

85

52% Sale
89% i95

Sale

100L

977g ion
77%

87

17

69%

70

85

95*

If

*81% "81%

80

80

86% Sale

83

87%'

aDue Jan. dDue April.

73%

*4i

87% Aug '20
22

75%
83

87

93

98

88
9*

94%

I

96% Aug *20

y,

20

Feb

78

80

93u
94%

16

9884
65

58

75%!

75%

66

6412 Aug '20
70% Apr '19

73% Sale

73%

74

73%
92%

94

81

75%
94

92

O

95% 100

9*

92

59%

July 20

9034

81U
81

j

68%

~90% *94"

1 —2

67

80

10

70

73%

73%,

6

I

.

~8~5% II11

M

97

Sale

75%
98%

£■

85%

98

1

rovTs

100%

|*83%

67

101%

"9078

99% 101%

105% Nov'19
88
Jac

J
J

a
A

04

98%

9878 100%
96%

a

101

99%

95*

mm mm

99%

100

J

*94»g 100

96%

70%

73

83

94

81

71% Sale

til til 111 111

72

j

j

a

70

j

o

68-

Sale

70

96% 100%
70
723g
79
87%

lot ©•

7134

05

70%

60%

68%

76%
266

67

..

67% Sale
86% 89%

64%

O
o

90

97% Feb

N

72

82

89

0

69

7R

68

A

6578 Sale

8

D

D

a

100% 101

07%
90%

19

Oct '11

70

"05"" "73"

"2;

65%'

62%
100

58 h

85%

40|

Aug *20

60%

58
98

104

79

82%

85

85

"78" "87%

5

85

118

j
s

67%

"74% -III

95

~99% 103"

100

'"I."

—

D

M
J

58%

60

70%

74

90

88

N
J

71

81

*20

Aug

9*

2

56%

55%

J

H
!

'20

67%

67%

75

76

75%

75%

V

83

Sale

80

83

4

71

75

69

77

79

84

!

68

75

66%

62

60%

67

69

77%

47

58%

16

2934

73

38%
86%

Aug '20

1

60%

65

57% Aug '20

64%

66%

64

4

62%

72

74% Jan

t

61%

F

70

09

5,

j

N

81
60

13
1

68%

J

,103
01

....

Mar l J
Jan

66%

D

62%

May'D

6

67

19

68

84

Nov'16

69

Sale

69

69%

82%

93% May'10
86
101% 102% Oct 19

r

82%

2

j

Sept in

.

Paa Rive 1st g/4s...

6s g

.

j
j

95 >8

o

68%

J

70U

o

Apr
A

1943
1962

O

76%

Nov'19

57% Sale

57

57%

4

2934 sale

24

29»4

60,

80

77% Aug '20
7634
77%

100

77% Sale
72% Sale
94

87

70

72

68

68%

69

94

*68%

4
34

72%

Aug'20—..j
*72%

17

74

66%

75

91%

98

63

73

t

western—

2000
1921
.1923
A Improv is.. 1923 M

Morris A E*a let gU 3H»
«# Y l.ack A W 1st 6*

-

99% 100

60

July'20

99% Aug

20

95

Cnn«fruction 6a...

eDae May. yDue June. ADue

94%

96

85%

84

101

0

194-

OleveShort L latgu4Hs.. .196)
Colorado A Sou lat g 4a.. .. 1920
Refund A Ext 4HB--— 1936
pi « 4 Don C 1st g fls. .. 1921

Term

"92"" "99""

Aug

94%

D

1947

193s
1923
Ch Okla A G cona g 5a..._195v
Keok A Dee Moines 1st 6s 192c
St Paul A K c Sh L lat 4He'4i
Oalc StPM A Ooona 6a. L—193'
Cona 0s reduced to 3HB--103'
Debenture 6a..
;. 193<
North WlacouBln lat 6s.. 193'
Superior Short L lat 6a g cl93i
Ohio T H A 80 Eaat let 6a .. 196'
Ohio A Weat Ind gen g 6s .8193
Oonaol 60-year 4b
...
195.
Cln H A D 2d gold 4HB-... 103:
C Find A Ft W lBt gu 4s g 192:
Day A Mlcb 1st cone 4 He 1931
Olev Cln Cb A St L gen 4e
199:20-year deb 4Ha..
.
I93i
General 5a Series B._ .. 190'
Cairo Dlv 1st gold 4a
193'
Oln W A M Div 1st g 4s
1991
St L Div lat coll tr g 48
1 99'
SDr A Col Dlv lat g 4e
' 194(
w w Val Dlv let g 48
1 94<
0 I St L A C 'at g 4b .
*193'
Registered.
*193'
Oln 8 A CJ oona lat g 6b
192^
O C C A I gen cone g fla
1934
Ind B A W let pref 4a..
1040
O Ind A W lat pref 5a
J1938
Peoria A East lat cona 4a. 1940
Income ia
1990

lat 50-year

103

98

N

Burl C R A N 1st g 5a

Lack A

| 90

98

o

.

Del

Apr

o

0

....1988
Registered..,
198^
Refunding gold 4a..
193'
RI Ark A I ouls lat 4 Hs
193-

Cuba RH

98

847„

.

Mil Spar A N W 1st gu 4s
StLPeoAN WlatguSs

Conn A

99

"98% -III

0

Ohio R IA P—ty gen 4s

.

81

109% Apr

0

192)
6b.192)
192f
Div 1st gold 88.. 1924

.

99

77«4

75%

July 20
84% Aug '20

---

N

1

95

78%

N

"78

2'i

Jan

82%

..

"13

77

85

60% Sale
75% Sale

Ohio River RR 1st g 0t...

Canada Sou cons gu

78

1U6

N

A

81

90%

129% Aug
100

M

-

Bouthw Dlv 1st gold

92%
79
113

harles A Sav lat

65%
9734
93%

94% June 20

75% Sale
95% 96

N

ORI F A N W latgu 5a

Eaat Okla Dlv 1st g 4s...1928

Trans Con Short

79%

63

84

b

3H«-1941

Aabland Dlv 1st g 0s

077g

67%

64%

H

Mllw AS L 1st gu3H8...1041

"37 "02"" "71%

70

79%

60%

73

7"

78%

X

1933

95

02

64%
72%

61

4

69%

I

Val 1st gu 4 Ha '*«

50

47%

98

X

Ext A Imp s f gold

J

71

D

Mil L 8 A West 1st g 6s..

.-*100. Q

Arbor 1st g 4s

69

62%
62%
62% Sale
Sept iu |
98% 102

.

Frem Elk A Mo V lat 6s..

Railroad.
Ann

....

Man G B A N W 1st

33

Sale

78

60

92

D

1034
1922

...

95

July'20

7*% Dee '18
04

63

72

90

.....

91

69%

..

89% 100%
71% 81

June'20

Sale

52*

257

----

~6<i%

67%

12

64%

96%
J

....

98% Aug '19
100
Nov'19
91

72%

........

89
90% 100%

53%

Aug *20

86

72

1

62%

Sale

82

80

25; 5934

72

....

.

i

67

56

Sale

94%

1987
Registered.....
..i%987
General 4a
1087
Stamped 4s
1987
General 60 stamped
1987
Sinking fund 6a
.1879-1920
Registered
1870-1920
Sinking fund 5a.....1879-1929
Registered
1879 1929
Debenture 5s...
1921
Registered.
...... 162 i
Sinking fund deb 5a..
1933
Reglatefd
..1933
10-year secured 7a g
-1930
.

M

Mar'20,

65%

64

Ohio A N'went Ex 48
18Kb *26
Registered
,.1886 1920
General gold 3 Ha

"62% "62%

78% Sale

1926

Wla A Minn Dlv g 5a.

100%

68

May'19

80

77

71

....

Cona extended 4Ha

6v

62% May 20

72

.

|

80%

Mar'20

64% Sale

..1921
1940
Fargo A Sou aaaum g 6a.. 1924
Milw A Nor lat ext 4 Ha. 1934

95%

86

83%

85% Aug '20

anal Improvement

72

O M A Puget 8d lat gu 4a

86

97

I 93%

—

80.*

"58*" "59"

1926

.

67%

57if5(j%

55%

Mar'2i;I

...

Ohio A Mo Rlv Dlv 5b
Chic A P W lat g 5a

70

8ii*>
68

92j8 Feb '16

...1934
1921

,

52

MarT

5334

6634 Sale

1932

...

60

63

o20l4

,

70

50

64iy

..

...

92%

81%

auat Improvement

4Ha..

68

50

93% Aug 20

::::

106'

Gen ref oonv Ser B 5e

90

ana) Improvement

.......

.

87%" 90%

(■

901

1947

1st gu 4e

32%

19

2

547g Sale

70%

91

..1961
is... 1982
4s...1960
4HS.1064
4Hs. 1965

82

194.

„

.

32

%

2'

232

97»4 Feb 1lfc!

19(29

275

1961

Mar'20

195r

83%

State—4a....

—

A.el980
«108V
«1989
<198*
,.,«2014

83%

.

Apr '20
May'20

..

Ohio L 8 A Eaat lat 4 Hs

83%

Corporate stock..

60

50

75

87%

70%

1931
1950
1947

Ohio Ind A Oou 50-yr 4a

83%

Corporate stock.__

—*1

Oh M A StP gen g 4e aer

214

Aug

Aug '20

93%

1964

nook.i960

70

92%

Corporate stock ....1986

Corporate stock

70%

A
M

71

192

96%

81%

4:

32

~64%

Convertible

96%

92

67

32%
87%

77

61

83%

28%

ind A Louiev

60

84

30

78%

32

Sale

Refunding 4e Series C

100% 103%

76

73

ii

32% Sale
87% 95

32

82

2

96% Sale

M
F

98%

88%

112

08

64

86%

76

lWi

lat coal 5a..

20

17

93%

*"i

76%

70

Chic A lud C Ry let 5a

29%

29%

38
96

9078 Oct '19

82%

9

84

36

86%

lr Go otis of den

Purch money

82

86%

49

41

46

69%

83

84

Sale I

37

Guar

72

4478
38
Feb '20

69%
76%

52%

'416

59

37

80

76

82%

42%

.....

92%

07%

83%

65

70%

50

Stumped

89%

57

73

58%

*77 " *77%

U S Mtg A Tr Co ctfa of (let

92

326

61%

77%

b®

103 '

96

69

Aug '20

Aug '20
88% Sept'16
113
Feb 15

85%

(9

....

93%

41

'20

Jan

29%i 28%
90%
101% Sale 100%
51%
51%
54

1966
,1963
4% Corporate stock.... I960
4% Corporate stock
1968
4% Corporate atook
1957
4%Oorporate atook reg..l966
New 4 He
1957
4H% Corporate stock...1967
3H% Corporate etook.__1954

N Y

72%

Securities.

N Y City—4Ha Uurp

4Ha
4Ha
4Ha
4Ha
4Ha

7

be

84%

93%» Sale

1929 F
pi922 F
the Oasis of $Slo£

6H»

cony

92%

June'19

68%

.1966 J

.

86%

29

J
M

5-year6H% notee
..1921
20-year gold bond 6HS..1937

91

92%

57% Sale
84%
85%
83% 84%

_i«2! A

Tokyo ' Ky 6a loan of 1912..
U K of Gt Brt' A Ireland--

90%

76

M

Switzerland (Govt of) a f 8s 1940

Sale

At "73" " Sale
»
X 72% Sale

Mexico—-Exter loan £ 3s at 1899 Q
Gold debt 4b of 1904
1964 J
Paris (City of) 6-year 6b.

98%

6

88%

..196>

..

87%

5

09

1934 M

16-yr 581034

Marseilles (City of)

88

Sale

91

F
F

193i J

iterllng loan 4s...

87%
97%

87%

1921 F
.1929 F

Lyons (C<ty oi) 16 yr t»a....

88

88

r\

»

102.1 J
mamp".

-

86%

0

.

1st oonaol goid

21

98% Sale

yJ

81%
63%

60

98

lyz7 w

General conaoi lat 5e

98'*

57%

70

67

70

44% Sale
38
Sale

J

U 8 Mtg A Tr Co cite of (Sep

76

15

794

81

69

1927

Ohio A E III ref A Imp 4s g

86

61

98%

*66% "77 '

82% May'it
78'8 Dec * 19

194* J
1940 J

_

70

84

77

ii

63% July'20

1940 M

.

Registered

70%

82%

Sale

82%

69%

181

76%

60%

95

84

80

63%

60%

1»5<

20 ;

-o-1! 78%

Mar'17

72%
79%

62

Nabra8ka Extension 48
General 4a..

80

98

83%

81

.194 2 1*
i949 A

.

..

92%

a

Sale

67

.....

.

85%

81% Aug '20
70%
70%

75

98%

I'f"79"" "85%

74

86*4

99%

Ste Grear N"r"

Joint bonds

92%

24

43

1

Illinois Dlv 4a.

98

82%

7178

...

98%

Uiinuia Dlv 3Ha

75

96% 101
98% 98%

98%
90%

*

Italy (Kingdom ofi.Ser a 6Hs "25
Japanese Govt—£ loan* v%8 j 92a

68%

83% Sale

0

J

...1931

4

256
10

99
92% Sale

A

2-yr 5i2» goi.i uote-j

3a

g

100%

87%
96%

83

72%

ChlcB&Q—Denver Div 4o.l922 t

93% 100

93U
H

19*9 v

External loan *He

804

81%

90

'18

89%
89%
78«* June'20

71

J

ireenbrler Ry lat gu g 4a

Warm Springe V 1st g 6a

68%
97%

96% Sale

DomlulcanRep ConaAdtn a f 5s 68 F
Dominion oi Can*o». g S8...1021 A
do
do
...192b A

10-year 6%g

86%

2d couaol gold 48.....

89%
87%

*

1080 J

R A A Dlv 1st oon g 4a...1989

79%

~89%

"74" Sale"

1041; J
1046 J

Pocte Creek Br lat 4a

100

68% Sale

Copenhagen 25-yr a t 5HS--1944 J
Cuba—external debt 5s oi 1904
W
Exter dt 5a of 1914 ecr A
104* *

do

Craig Valley 1st g os..-.

Railway lat lieu 3H«..

a
1909
W
Belgium 25-yr ext a 17 Ha g_l945 J
1-year 6% n »te3.... J.tn 1921
6-year 6% notes.... Jan 1925 ..
Bordeaux ulcy of; i5~y( Os.iwo-i M

do

106%

July'18

Ohio A Alton RR ref

Government.

Argentine internal 5s ot

i

106%

104

79

98

98

100% Jan
83

88%

M
M
M
F
A

1944 J
1045 J

105

Aug "20
Mar" 19

100

85

secured 5s.. 1040

conv

Csal River Ry 1st gu 4s.

87% Mar'20
Feb "15

87

78

101%

Big .Sandy let 4a

79% Apr '20

83

Anglo rrrncn tt yr ftaExter to an

Chinese

80-year

Aug'20

lOOH; 105
10612; 105

83

99

82

76%

12

30

90% Aug '20

J

Registered—

i00% 101

96

81%
96

78%

gold 4Hb.....; .1992

100

81

98

M

.193.

10

83

93

J

193v

60

I
82

Sale

96

%

19s.

94 64 99 40

95.30

105

1

High

it

80

81%

0
,.*198

Dock A Imp gu 63..

19S2
310-year convertible 4Ha. _103u

95.56 2865

*78"% ~85*"

m

oa.iaJ

itegletersd

95.58 3537 94 70 99.40

100

M

Panama Canal >»«

Ga coli g

01

1st conaoi gold

8i o0 101.10

"20

July'20
101%'100% June'20

105

F
N

,1938 Q
1961 <2

anal 10 30 yr 2s reg.

.

85.5S 7267 82.00 93 00

1011* 100

100
100

#.

...

a

Registered

"

95.32

95.50 Sale

f

.......

Pan Canal 10-30 yr 2e

a

General

v

...iw2t Q
.11936 Q

2a oonaol eoupor
oouoon

96.00

D
D

*th LL

Pan

■I

Loan

latLL2ndornvl932-'47 J
1933- 38 A

4%s

Cent ati

Cent oi N J geu gold 6»

.

iVLaJ

97% Jut

J

85.90 Sale

..

2nd L L cony

4Ha

No. Low

High

90

76

iat g at

1932- 47 3
D
1927-'42 M N
3rd L L.,........1928 M
S
let LLcouv.

4Hs

,

J

Mobile Dlv

83.00 93.48

Third Liberty Loan

Since

Jan

74%May'19

*

iv*4<

84.30

2nd L L

Ask Low

Range

<^,1.

.

.

.

85.10 Sale

4s

4»

Cbatt Div pur money g is 1061
Mac A Nor Dlv iat * as

_.1932-'47 J
D
,..1827 '42 M N

1st L L conv

Last Sale

Bid

Mid Ga A Atl Div o«

89 10 100.40

Week's
Range for

Sept 3

85.10 Sale

4s

a

Cent of Ga {Cone.)
•

Second Liberty Loan

Price

Friday
Sept 3

■s

STOCK EXCHANGE

Week ending

High

Low

90.06 3621

89.44

89.98 Sale

D

.i932-'A7 J

No.

Hlah

Ask Low

Bid

Loan

lat 15-30 year

Y

1.

Jan.

11

BONDS

*

Since

Last Sale

Sept 3

U. S. Government.

Liberty

3Ha

Range.

Range or

Week ending Sept 3

First

ww

Price

Friday

BONDS

STOCK EXCHANGE

Y

and defaulted bonds.

changed and prices are now—"and interest"—except for interest

method of quoting bonds was

971

Weekly and Yearly

Exchange—Bond Record Friday

New York Stock
Jan. 1909 the Exchange

87

92% May 20

93

90

June'20

63

70%
987„ 100%
07%

8"

July. IDue Qug. ffDtte Oct. pDue Nov. oDue Deo. « Option sale.

94

York Bond

New

973

Pries

BONDS

N. Y. 8TOOfa,
Week

Mangs

BONDS

Manas or

Sines

If. Y. STOCK EXCHANGE

Sept 3

Last SaXe

Jan. 1.

ending Sept 3

Mid

Delaware Lack A Weet—Concl.
Warren let ref gu g

BHs. 2000 F

Delaware A Hudson—
let lien equip g 4 Ha..

Alt Lots

A

Ho. Lots

High

Week

943*
78%

1922
1943

1930
1946

907s
81

73

17

Aug *20
100% July'20

85

*

1st

oons g

65i2 Sale
68% 70

63%
68%
71

59

68%

73

1936

4s

73

Salo

65%

1st A refunding 5s
1955
Trust Co certfs of deposit...

54«4 Sale

48%
48

Rio Gr June 1st gu g 6s..-1939

70lg

75
37%

Rio Gr Sou 1st gold 4a....1940
Guaranteed
1940

34

64

54% Sale

50

Mtge A ooll trust 4s A.. 1949
Del A Mack—1st lien g 48—1995
Gold

4s

60

78

Registered

"70 " "75%

Elgin Jollet A East 1st g 6s.. 1941

84i2

Erie 1st consol gold 7s

97

1920

95
99%

96

Sale

Jan

67%

63%

47%

Sale

47

Sale

42

Ohio A Erie 1st gold 5s... 1982
Olev A Mahon Vail g 58—1938

82,

75%

831

Erie A Jersey 1st s 1 6s__.1955
Qsneeee River 1st s f 6s... 1967

79

Long Dock consol g 6a

87

80

_

103

100

79

102

91

85

Jan

IS Y Busq A W Is tref 68-1937 J

65%

49

70

"40% "70"

36

178

205:

"79"% "84"

96

"81% "81%

1933 J
1933 J

96% 103

Registered

86%

118

77

1937 J

paolflo ext guar 4s £
1940 J
fl Minn Nor Div 1st g 49—1948 A

78

Minn Union 1st g 6s

1922 J

96

1937 J

98

1937 J

Will A 8 F 1st gold 58—1938 J

Registered

BAN Ala

40

" "52

101

Feb
J
J

69

51%

60%

92%

15

75%

IIII

85%

7

58%
6934

20

Registered

70

1956 M

"94

1962 J
ft N O A Texas gold 48—1953 M

Registered.

1953 M

65

73

15-year secured 5%s.....1934 J
Cairo Bridge gold 4b
1950 J
Litchfield Dlv 1st gold 3s. 1951 J

64
67

69%

78

83%

"72"

62%

87%
70
54
62

102

69

90

3Hs
Registered
•prlngf Dlv 1st

1951 J

62%

55

54

...

58%

53

60*4

6534

61% Feb

1961 J

8Hs
Western Lines 1st g 4s
Registered

1923 J

" *69*%

1951 F

Bellev A Car 1st 6s

80

g

1951 J

1951 F

Carb A Shaw 1st gold 4s.. 1932
Ohio St L A N O gold 5S.. 1951
Registered
1951
Gold 3Hs
1961
Registered

62%

70
86

*61% IIII

Bt Louis Sou 1st gu g 48..1931 M
(Bd 111 A Iowa lBt g 4s
1950 J

lit A Great Nor 1st g 6s
1919 M
James Frank A Clear 1st 48.1959 J
Kansas City Sou 1st gold 8S.1950 A

75

"70% ~82 ~

80
54
69

*62" "62 "
53

63

61%

61%
\

Non-cum Income 5s A
New York Central RR—

72%

55% Sale

1960 A

Apr 1950 J

Registered

53%

56

78

113

78

66

70

Kansas City Term 1st 4s... 1960 J
ftakt Erie A West 1st g 68—1937 J

74

2d gold 5s
1941
North Ohio 1st guar g 5s..1945
fish Val N Y 1st gu g 4 He—1940

62

67

74%
80% Feb '17

50
79

81

65

49%

59

80

80

May'20

78

Sept'19

Registered

•

No

....

price Friday

1940

70% Sale
79

68%

latest bid and asked this week,




70%
74%

a Due

Jan.

84
7

62%

76%

72

81%

80

87%

17

38

30%
32

Aug 20
35

30%

39%

25

37

32%

Sale
28

24%

27%
24%
40

24

June'20

24

26

23

Feb *20

28

23

58

49% Aug'20

45

....

37%
48%

...

50

75%
88%

50
51

12

Aug'20
50
Dec '10

74%
89

33%
48%

49%

~40"
50

20

50

74%

89

84

84%

Aug'20

55%

2

10

573

58

98%
58

83%
91%
89%

4

98%

84

74%
51

59

96%

98%

Oct '18

IIII "05""

65

Aug'20

68

June 19

■72"" IIII

72

Aug'20

79%

Aug*20

77%
85

Sale
89

*73%

102

70" "79%
78%

94%

July'14

67

91

87

80
94

70%
74
80% Oct '17

Sale

85%

J

'60 " "67%

85

85

"69"" Sale"

M

"23

69

80

May 20

91

""1

91

66

70

63%

72

80

86

91

102%
95%

82

89

91

M

55

58

F

69

76

50% Aug 20
77% Mar'20

51%

07%

J

76%

77%

78% Sale

78%

78%

75

78%

72%

72%

68

88%

74%
97%

17%

"30"

70

90%
95%

93
99

20%

63

Deo *19

15

15

June'20

25

20%

J

91

20%

20

J

Jan

20

3

64%

63%

63%

93

93

1

51

57

83

56% Sale
91% 8ale

07%

75%
66

69
78

89%

69%
75%

56%
90**

96

41%

59%

65

230

91%

67

74

23

15* "15"

'20

93

J

,

86

35

68

72

69%

79

19

93%

67%

65%

60

12

61%

70

64

66

64

61

76

73%

64
75

10

74

7

69

64l2
82l2

m

66% June'20

65%
61% Sale
58% 60%
60

58

1930 J

65

....

66%

65

60%

61%
52% May'20
58% Aug'20
58
49

___

1936 J

58
Feb '20

82% Jan

'20

70%
05

25

62

62%
54

60

01%

58

58

49

49%

82%

82

95% Nov'16
May'16

.1936 J

154

Registered
1938 J
Beech Cr Ext 1st
g 3HS-61961 A
Oart A Ad 1st gu
g 4s
1981 J

Due .Sept.

Apr *20

90% Aug'20
110% Mar'17

A
A

72%

n

45

28

14

90

98% Sale

Beech Creek 1st
gu g 4s.

July,

23%

40

78%
Sale
Sale

58

59

h Due

Aug'20

62% Dec

42

g Due June,

34%
83

20

84

1998 F

2d guar gold 58

23%
27%

38% Dec '19

55
73

61

Gouv A Oswe 1st
gu g 5S..1942 j
Ka
1Q3<? T

» Due Feb.

17

29%
27% June 20

28

1998 F

Registered

*5*2% "00%

59

Aug'20

Mich Cent coll gold
3Hs._1998 F

I'

"85* "92%
106

59%
34%

17

Registered
—1998 F
Battle Cr A Star 1st gu 3S.1989 J

03"% "75%

Aug '19

80

"99

82

25

46

1942 J

Registered.

Oct '09

78

"69% Sale'

I.. 1934

30 yr deb 4s
uake Shore coil g
3Hs

'20

Jan

Nov 19

60

1997 J
1997 J
1934 M

Registered
Debenture gold 4s

91

40%
37%
48%

1935 A

Mortgage 3%a_.
83%
69%

44%

70%
89%

Sale
36

25%

New York Cent A Hud Rlv—

70%
69%

35%

76%

Aug'20

26

"6

1935 M
Consol 4s Series A
1998 F
Ref A Imp 4Hs
"A".....2013 A

93

Nov'19

78

S

Conv deb 0s.

84

"75%

39

44%

21

N

*1927 Q

Guaranteed general 4s
1977
Nat of Mex prior Hen
4HS-1926
1st oonsol 4s
1951
New Orleans Term 1st
4s—1953
N O Tex A Mexloo lBt
6s
1925

77% Aug'19
75% Dec *19

69%

71

88

"69~ IIII

33

J
Nasbv Chatt A St L 1st
58—1928 A
Jasper Branch 1st g 0s...1923 J
Nat Rys of Mex pr lien
4HB-1967 J

Nov*17

93

N

M

...

54

69% Feb '20

91

69

76%

J

General gold 4s
1938
Montgomery Div 1st g 58.1947
Bt Louis Div 5s
1927
St L A Cairo guar g 4s_. 1931

19

67%

45

44%
70
July 20
41%
44%

44% Sale
77% 81

J

..1929 J

93%

65% July'18

65

74%

1938 M

83

1951 J

64%

55

40

40%

1945 M

1st ext gold 6a

62

Aug'20

*76"% ~82~ "75%

68%

8

J" 'j

1936

72%

Mar'19

85

D

35

Registered
1929
Rlv A G Div 1st g 4s.
1933
Verdi V I A W 1st g 6s...1926
Mob A Ohio new gold 6s
192

63*4

Nov'10

95% Feb

44%

30

1944 M
2004 M

68

16

20

73

—

40%

52

89%

1941 M

63

117% May'10

92

J

J

...1938

69%

'20

74

J

Mempb Dlv 1st g 48—1951 J
Registered
1951 J

Ref A Impt 5s

62%

June'16

*90 " 160"

M

J

74%

80% Nov'10
79% May* 19

J

Joint 1st ref 5s Series A.1963 J

Registered

60
68

Jan

1951 M

63

Aug 20

52

42

49%

Bd 7s extended at 4%

June 16

Louisv Dlv A Term g 3 Ha 1953 J
Middle Dlv reg 6s
1921 F
Omaha Dlv 1st gold 3s... 1951 F
■t Louis Dlv A Term g 3s.1961 J

Gold

62

Aug'20
Aug'20

8784

65%
34%

75

69

95

Sale

Cent Br U P 1st g 4s
1948 J
Pac R of Mo 1st extg 48—1938 F
2d extended gold 5s
1938 J

"05" "76%

Aug'20

58

97%

Sale

Unified A ref gold 4s

July'20

8934

95

44

67%

BtLIrM AS gencon g 5s 1931 A
Gen con stamp gu g 5s..1931 A

"70

88%
69%

99

95
94

97%

52

40-year gold loan 4s

July'09

64

85

Mar 20

Aug'20
65% Aug'20
40%
44%

1st A refunding 5s Ser A..1905 F

63%

Aug'20

63

98
68

Nov 10

July'20

96

89%

1st A refunding 6s Ser Bo 1923 F
1st A refunding 5s Ser 0..1926 F
General 4s
1975 M
Missouri Pac 1st eons g 6s_. 1920 M

78

7084
72
64% Aug'20
67%
68%

63

75

Bber Sb A So 1st gu g 68—1942 J
Texas A Okla 1st gu g 5s..1943 M
Missouri Pacific (reorg Co)—

10%

95% Sept'12

*73" "75%

Mar'10

99

99

90%

Mo K A E 1st gu g 5s
1942 A
M K A Okla 1st guar 6s.. 1942 M
M K A T of T 1st gu
S 58 1942 M

Nov'15

69"

Sale

1962 A

1st refunding 4e
Purchased lines 3Hs

1977

Trust Co certfs of deposit.
Bt Louis Dlv 1st ref g 4s..2001 a
5% secured notes "ext"
10
Dall A Waco 1st gu g 5s.. 1940 M
Kan City A Pac 1st g 4s.. 1990 F

1961 M

Collateral trust gold 4s... 1952 A

65%

"77

..

79%

6284 June'20
80

93%
81%

01

44%

Trust Co certfs of deposit...

96% 106%

Aug 20
70

64

85

1st ext gold 5e
1st A refunding 4s
Trust Co certfs of dep
Gen sinking fund 4Hs—

99

84

90%

35

93%
70%

97% May'16
98% Dec 19
93% Jan '20
80%
80%
62%
62%

98%

Aug'20

97

81% Aug'20
Sept'17

65%

71%

86%

65

Dec *10

78

75

80

54%

83

82%

58

87

"83%

87%

72

89

95

70%

104"

79%

I

63

59% Sale

"92"

101%
63%

Mar 20:

70

96% 105%

517b

45%

j 60% 76

Feb *05

62

86%

83%

98% 100

89

J

88%

'

95

J

92

"65% ~07%

63%

M S S M A A 1st g 4s lnt
gu.'26 J

78

Mar

62%

—II

Aug'20

68%
68%!
79% July'20
75
Aug'20

Mississippi Central 1st 5s... 1949 J
Mo Kan A Tex—1st gold 4s 1990 J
2d gold 4s
•_
01990 F

82"

78

104

96%

73% June'18
73% Oct *18
76% Apr '19

95

88

85%

60

81

76

89

81%

100

6

f
6

70

95% Nov 19

67

1st Chic Term s f 4s

91%

63%

69%

70

3

100% 103
100
100

20
20

Feb

50

62%

MStPASSMoong4slntgu.l938

96

Mar'20

69%

101% Apr
100

79

1st cons 6s

306

65

70

90

IIII *88%

s... 1945

gu g

Refunding gold 4s

91%

"(56% IIII

91

102%

85

Ref A ext 50-yr 5a Ser A..1962
Des M A Ft D 1st gu 4s.. 1935 J
Iowa Central 1st gold 5s.. 1938 J

...

J
O

84
99

73%

s f g 5s. 1925
St Louis 1st 7*
1927
Pacific Ext 1st gold 68—1921
1st oonsol gold 6a
1934

80

July'20
Feb '20

64%

4

99%

79

84%

47

73

97%
68%

94

72

85%

1st A refunding gold 4s...1949

73%

23

101%
Aug'20

77%

5s... 1936

Stamped guaranteed

130% May'06
"85% "88.% 85% Aug'20
87%
91% Apr 20
60
60
Aug'20
9
934
7% Aug 20
64%

87% 100

71%

Mia

...

Feb

70%
91%

July 20

79% Jan '19
98%
99
47%
49

Midland Term—1st

99%

99%

70%
May 20

49

Manila RR—Sou lines 4s...1936
Mex Internat 1st cons g 48—1977

92

76

11

85%

97

Gen cons gu 60 year 5S.1963

65

60%

Aug'19

85

Jeff,Bdge Co

L A

40

48

cons gu g

68

60

13

101%

...*1962

91

67

69%

79%
81% Sept'19

95

98%

N Fla A 8 1st gu g 6s
1937
N A C Bdge gen gu g 4 Hs.1945
Pensac A Atl 1st gu g 08—1921

Apr '17

97

99%

1951 A
1951 M

Registered

Registered

73%

67

78%

100

68

AMlstg4H8l946

79

78

1951 J

lit gold 3s sterlln"..

~90 "

83

..1937 J

1951 J

LAN AM

91

85%
80%
102% May'16
77% July'20
80
Sept'19

79

9

84

L A N-8outb M Joint 4s„ 1952

79

Aug'20

| 99%

9038
91

1933 J

Mont ext 1st gold 4s... 1937 J

Registered

83

Jan

70%

87

85

Kentucky Central gold 4s. 1987
Lex A East 1st 50-yr 6s gu 1965

June'16

81%

105

..1933 J
Reduced to gold 4 HS-1933 J

lit gold 3HS

44

43%
47%

78%

1930 M

2d gold 3s
1980
Atl Knox A Cin Dlv 4s... 1956
Atl Knox A Nor 1st g 5s.. 1946
Hender Bdge 1st s f g 08—1931

*19

95%
94%
77%

77%

1961 J

Extended 1st gold 3Hs—.1951 A

Dec

9434
94%

68

89

78% Sale

1940

N O A M 1st gold 6s
1930
2d gold 6s
1930
Paducab A Mem Dlv 4s..1946
Bt Louis Dlv 1st gold 08—1921

"47%

72

94

"85% "89" "

60%

51% Aug'20
76

....61921 Q
1st A ref 4KB Series A
1961 J

70%

57%

79

86
Dec '19
90% June'lw

101% Sale

30

76«4
Aug 10

77

64

92

....

"89% "90 "

L Cin A Lex gold 4HS—1931

Dec '15

92

Registered

66

10-year secured 7s

34

3

Aug'20

7634

Sale

92

92

Nov'll

55%

85

80

80

June'12

65

81

90

'17

95

7634

81

1927

1927
Louisville A Nasbv gen 08—1930
Gold 5s
1937

Nov'19

108
74

58.1935

5s.ol932

con g gu

Unified gold 4s—

30%

155

June'20

68

...

86

81%

72

60

95

1949
con g

Louisiana A Ark 1st g 5s

Dec '18

86

65%

99%

36*

48

~85 " ~90~

Great Nor C B A Q ooll 48-1921 J

Houston Belt A Term 1st 68.1937 J
Illinois Central 1st gold 4s..1951 J
Registered—
—...1961 J

95

*73"% "7934

40

59

Fort Bt U D Co 1st g -nS—1941 J
Ft Worth A Rio Gr 1st g 48.1928 J
Qalv Hous A Hen 1st 6s
1933 A

HockingVal 1st eons g 4Hs 1999
Registered
1999
col A H V 1st ext g 4s
1948 A
col A Tol 1st ext 4s
1955 F

65%

'18

23% Jan

1st general gold 5s..
1942 A
Mt Vernon 1st gold 6s...1923 A

Gulf A S 11st ref A t g 6s..61962 J

64%

*18

97

72%
48

Bull Co Branch 1st g 5s.. 1930 A
florlda E Coast 1st 4H"—1959 J

Qreen Bay A W deb ctfs "A"
Debenture ctfs "B"

Jan

88

78

Wllk A East 1st gu g 6S..1942 J
■v A Ind 1st oons gu g 6s..1926 J
■vansv A T H 1st cons 6s—1921 J

Registered
1st guar gold 5s

62

100% Dec '06

1940 F
Terminal 1st gold 6s...1943 M
Mid of N J 1st ext 5s
1940 A

Mont C 1st gu g 0s

65%

'170 '38 "

July'20

N

1937 f

Registered

65

47

"92

Feb '20

83

Registered

Guar refunding gold 4s...1949

*0

73
92

64%

63% June'20
67
Jan
20
69% AUg'20

103% Sept 19

75

1st oonsol g 6s

64

deb 6a

91%

Aug'20
Aug'20

79

83

1935k__
6s_.1922[M

47%
7434

Dock A Impt 1st ext 6s...1943 J
N Y A Green L gu g 5s..-1946 M

—

62

m

93

10

73%
106% Jan '17

96

Registered
•t Paul M A Man 4s

1937

Dec '16

43

Sale

65%

20-year p

55

June 16

71

1963

63

67

Registered
1940
Collateral trust gold 5s —1931

2 0

73

Oct
19
99% Oct *06

80

93%

91%

4484

76%

84

99

June'2u

73
44

4s

90%

1963

2d gold 4Hb—
General gold 6s

1932

June'19

May'20

74% Apr 20
3834
44%
38%
43%

cur gu

Gold

75

N Y A R B 1st gold 5s

84

"47"% Sale"

gold 4s.. 1951
60-year conv 4s Ser A..1953

Ooal A RR 1st

Aug'20

92

Nor Sb B 1st

9434 Nov'15
98% Aug'19
55%
57%

99%

57

psnn coll trust

Series D—

67

95%

92%

91%

.1996

Series B

68

85%

80

80

1996

conv 4s

60%

1922

92%

93

lit consol gen lien g 4s -1996

do

.......1938

Ferry gold 4Hs—

69

9734

91% Sale

1923

6th ext gold 4s...
..1928
N Y L E A W 1st g fd 78-1920
Erie 1st cons g 4s prior... a996

Gsn

May'20

General gold 4s

54

86

83

N Y A Erie 1st ext g 4s—1947

Registered

79

55%

73

Registered
NYBAMBlst

72%

98%

84%

Aug'20

68

June'20

86

Itb ext gold 5s.....—...1920

Registered

86%

105% Mar'08

1937

Dul Sou Sbore A Atl g 8a—1937

3rd ezt gold 4 He

73

Dec'16

72

'20

98%

1945

86

86

Jan

103

*13

74%

cons

93% June'20

9012
79%

*20

Oct

981«

48

30

92

96%
Jan

105
871

'25% July'16

*72% *76%

Det Rlv Tun Ter Tun 4 Hs—1961

Dul Mlssabe A Nor gen 6s..1941
Dul A Iron Range 1st 6s
1937

95

95%

90%

Unified gold 4s.......—1949
Debenture gold 6e
1934

9

66
55

.82

1996

83

89%

Mar 17

86%

Julyl7

"60% "67 ~

Bio Gr West 1st gold 41—1939

69

89% June'20
113

"90"% Sale"

High
72

60

Aug'20

76

39

70% July'20
61% Apr '11

100

No. Low

Aug'20

72

83%

38

53

High

65%

1933

Registered

Long Isld 1st

70%

54

56

Ask Lota

78

gold 6s..kl931
1st consol gold 4s
*1931

07%
72%

03

245

55%

48

Range
Since

92

1st lnt reduced to 4s..... 1933
Leh A N Y 1st guar g 4s.... 1946

6884
62%

1

8

v

Jan. 1.

72%
72%

2003

Registered

Denver A Rio Grande—
Oonsol gold 4Hs
...1936
Improvement gold 6«....1928

4 Ha

Leh V Term Ry 1st gu 9 58-1941
Registered
1941
Lob Val RR iO-yr ooll 6s..sl928
Lob Val Coal Co 1st gu g 68.1933

99% 101%
05
72%
100% 100%

65

99*4

Benas A Saratoga let 7I..1921

84%

101%

83%
100%

66

9434
67

3

36

oons

Week's

Mangs or
Lasi Saie

Bis

Lehigh Val (Fa) oons g«s..20o3

95% Aug'20
77%
78

815s

84% Sale
1017s Sale

.....1935

10-year secured 7e
▲lb A Sueq oonv 3 H>

96%

Price

Friday
Sept 3

Sept 3

ending

High

102% Feb 08

General

let * ref 4s

80-year oonv 5s

West's

Friday

EXCHANGE

[Vol. 111.

Record—Continued—Page 2

78

0

June'20

....

Due Oct.

a

Option sale.

73

73

8*r». 4

New York Bond

1920.]

Week's

BONDS
N. Y. 8TOCK EXCHANGE
Week ending Sept 3

Price

BONDS

Range or

Since

Sept 3

ending Sept 3

Last Sale

Jan: 1.

Ask LOIP

Bid

N T Cent ft H R BR (Con)—
Lake Shore gold Z^tB
1997

6712 Sale,

1997

Debenture gold 4a

1928

~8l%

25-year gold 4a

1931

80%

76

87%

84

80

80

74%

84%

75%
93%

93%

75% Jan 20
93% May 20
99% Aug *17
98% Nov'18

82%

82

64*4

1040

64

74%

66

" ~72%

N Y Chi ft t3t 1

Bps

•

pfefr-iture
NM
N

-une

Y ft

"69%

Sale

R guar 1st 4s...1936
65

—

89%

-

75"

64

64

J

92%

Prior Hen Ser A 4s
Prior Hen Ser B 5s

1960

92%

1950 J

J

1928

95

97%

Prior Hen Ser C 6s
Cum adjust Ser A 0s
Income Series A 0s

52

60

53

60

May'20

77
60

60

60

Feb '20

101

Nov'16

103

103

93%

93%

130% Jan '09

NYC Lines eq tr 6b—1920-22

Sale

"94% "99"%

Equip trust 434B_.1920-1925

76

68%

N T Connect 1st gu 4 H s A—1963
N Y N H ft Hartford—

47%

1947

9514 June'20
73%
74%

95%

7484

68%
70%
99% Feb *19
97% June'20
65% Aug '20

64

71%

94%

"97%

65%

79

45

51

.

1st terminal ft unifying 5a. 1952
Gray's Pt Ter 1st

Aug'20;

gu g 5a

S A ft A Pass 1st gu g 4s
Seaboard Air Line g 4s
Gold 4s stamped

40

45% Feb'20

45%

45%

Refunding

40

43

42

40%

48%

Non-oony deben 4s

1955

47%

50

50

51

44%

55

Atl Blrm 30-yr 1st g 4s_.el933 M
Oaro Cent 1st oon g 4s
1949 J

Non-cony deben 4b

1959

50

51

49

50

45

55

44

50

43%

39%

50

76

76%

43%
75%

65

76%

1948

1930

Non-conv deben 4s
ffon-cony

1954

deben 4s—..1955

Jlon-conv deben 4s
I

"44%

~64%

B ft N Y Air Line 1st 4s—1955

Hartford St Ry 1st 4s
cons

g

"05"
54%

1930

Ox

•

1

•

51

63

"

-

46%

20-year

1945

68%

1945

5434
32%

Prov A Springfield 1st 58.1922
Providence Term 1st 4s.. .1958

"07"%

m

m

--

m*

-

70

44

Aug '20

99% Dec

May

N

65%
73%

N

64% Sale

J

*

m

m

T

32

13

62

~58"~

60

54%

55

50

Norf ft Sou lat gold 5s

1941

Norf 4 West gen gold 6s
1931
Improvement ft ext g 6s..1834

100

....

122

103

*75"

N & W Ry 1st cons g 4s_. 1896

Apr

51

Sale

73%

63
60

60

11

"

56%
71% 77%
100
104%
48

Nov'16
103

Feb '20

75

79

Oct *19

61% Sale

103

67%

"70"

80

73%

7478

71

74%

10-25-year conv 4s

1932

70

75

76

Aug '20

70

77%

10-20-year conv 4s

1932

72%

76

Mar'20

76

76

1929

ioi%
75%

C O ft T 1st guar gold 5s. 1922

94%
N

73%

Sale
76

62

1997
a2047

Registered—— —<z2047

Ref ft imp 4*4s ser A.....2047

76

76% Sale
75%
54

Sale

82%
97%

Registered certificates..1923

96%

97%
94

1968

Wash Cent 1st gold 4a

Nor Pao Term Co 1st g

61%

70

1948
Ob..1933

60%

54

105

93%

1923

1930

Sale^

79

88%

89%

7784 Sale

86% Sale
Sale

103

75

72

53%
78

82%
97%

69

sale"

Guar 3*4a trust ctfs D...1944

Guar 15-25-year gold 4s.. 1931

77%

72%

E.1952

70

Ola Leb ft Nor gu 4s g—1942

64

01 ft Mar 1st gu g 4 *4s... 1935

74%
76%
76%

Series D 3 *4#

Brie ft Pitts gu g
Series O

....

84%
...

65%

1940

65%

Or R ft I ex 1st gu g 4*48.1941

1943

80

P

...

U ft Si o gu

Series B guar

Sale

76

77

70

358
105

05%

78

"IB'

75%

26

60%

82%
70

70

69%
87

Mar'20

87

"87

95

Nov '18

84% July'20

81%

"85%

1933 Ml
1937 J

N

82%

82% Aug '20
84% May'20

82%

82%
93%

A

O
N

1921

1941 J

Louisiana West 1st 6s

89

1938
1927

—

Tex A N O

con

1955

J

O
J

1994

Develop A gen 4s Ser A—1950
Mob A Ohio coll tr g 4a... 1938

o

103% 108

69%

62

Aug '20

65

75

72%
70%
75

75

June'20

89

81%

93%
83%

12

75%

86%

88%

89%

17

83

76

78%

113

73

92%
84%

8434
102%

86%
103

122

82

338

101

93%
103%

72%

82

83

83

97%

9534

98

95%
69%

96%
69%

68

71%

73%

73%

"

83%

77

Nov'19

77%

07

70

70

60

81

80

80

84%

84%

80

Feb '20

84% June'20
96% May* 18
Dec *15

104

80

80

1957

76%

Series I eons gu 4*4s...1963

76%

78%

latest bid and asked,

a

92

84

84%!

S

80

Aug '20

78

78

12

b Due Feb.

84

g Due June.

91

97'h Apr '20
80% May 20
Aug

60

S

82% 100
98

79

82

90%

60

Feb '20

60

June'll

95

83%

80%

19

92% Nov'19

102%

56

46% 46%
99% 100
96
97%

95

"20

Jan

95

104%

Deo '16

90

Mar'20

89%

90~

79% Aug '20
Aug '20

7934

80

69

65

70

80% June'20

80%

80%

60

70

75% Apr

Term Assn of St L 1st g 4 %Js.l939

77%

85

79

1st cons gold 5s

1894-1944
1953
St L M Bridge Ter gu g 5s.1930
Texas A Pac 1st fold 5s
2000
2nd gold Income 5s
«2000

77%

82

Aug '20
81%
81%

Gen refund s f g 4s...

65

68%

66

80

82

81

81%

82

80%

J

1924

Spokane Internat 1st g 5s.. 1955

Mar

1931 J
5sl930
Tol A Ohio Cent 1st gu 5e._1935
Western Div 1st g 6s
1936
General gold 5s..
..1936
Kan A M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P A W 1st gold 4s
1917
Tol St L A W pr Hen g 3 HB-1925
La DiV. B L 1st g 58

J

.

60%

55

79%

"73 " ~83%

86

79

82%

81%

85%

62%

66

73%

81

85

80%

75%

Apr 20
May'18

52%

85
55

July 20

75

65

70.
85
35

83

85

75% May'20

50

Sale

73

80

83

Feb *19

75

80%
82

62%

Aug '20

36

84%

05

62% June'20

75
25

83%
77%

83% May'20
77% Apr 20

80%

60%

950
.1917

8I34

65%

—

—

—

53

19

106% Nov'04

W Mln W A N W 1st gu

47

July'20

'74"" ~75%

50

42%

50

...

Vera Cruz ft P 1st

90

Apr '20

79%
80

92%

79%

65

96

95%
86%

N

91

May 20
83
83
I
July'19!
«S
46%
46%'
99% Jan '20J

_60%

86

78%

90

80

S

60%

60%

70

88%

74%

Due Jaa.

M

55

76%

57

74%

80

88% Sept'17

78%

M

87%
Aug '20

81%

WO AW 1st oy gu 4s

82%
73%

80

May* 10

74% Aug *20

78%

87%

1926 M
—1936 Ml
Va A 80'w'n 1st gu 5a..2003 J
1st cons 50-year 5a..1968

70

80

80%

,

70% 93%
46% Sale
95%
99
94% 90%
-51

.....—-

72%
82%
73%

76%

76S( June'20

79

83

73

763-.

91

J

34%

18% Mar'16

12%
70

18

Aug '18

65

May'20

70

81

82

July'20

52

Sale

52

52

79%

81%

8
57

Tor Ham A Buff 1st g

Ulster A Del 1st cons g 5a

20

61%

81% Mar 16
60% Aug '20

S

—

48—11940
1928
....1962
Union Pacific lflt g 4s
1947
Registered
...1947
20-year conv 4s —.. —1927
1st A refunding 4s
02008
10-year perm secured 68.1928
Ore RR A Nav oon g 4%..1946
Ore Short Line 1st g 6s...1922
1st consol g 5s
1946
Guar refund 4s
...1929
Utah ft Nor gold 5e.... 1920
1st extended 4s_.
~1933
Vandalla cons g 4s Ser A.... 1955
Consols 4a Series B
1957

75

90
67%

4

60

M

Trust 00 ctfs of deposit

68

581

18

83

80%

M

General 5s

50

71%

58

88%

M

Virginia Mid Ser D 4-5S-1921
Series E 5s.
1926 Ml
Series F 5a

61%

74%

Ml

1930

—.1948

54

'

81%

Mortgage gold 4s
1945
Rich A Dan deb 5s stmpd.1927
Rich A Meek 1st g 5s

87%

'I44

85

Atl A Yad 1st g guar 48—1949

E Tenn reorg Hen g 6s

60%

74% Aug '20

63

—

73%

82

60

_i.il966

59
56

55

——

79%

62%
77

76%

J

Cons 1st gold 5s

68

J
J

4b.

1

64;

85

87

O

2d

83

76

...1948

Atl A Danv 1st g 4s

184

66%;

7834

58

96

80%

76%'

85% Sept'19;

6084 Sale J

93%
93%

85%

July'19,

73%
66%
82%

Sale

87% Sale
60% 66

50-year gold 4s

72% May'20
82% Apr '20
73% June'20

76%

84

91%
96

20:

Apr

Ji

1944
1948

Coll trust 4s g Ser A—

79% Aug '20

76%

s74% Sale
67%
68

87

64% Aug '20
7034 June'20

1922

100%

87% Nov'19

82%

96

88%

J

Ga Pac Ry 1st g 6s

82%

93% Apr '17

83

99

94

83

Mar'19

80% Aug '20

1994

Registered

93

1
83
83
100% Oot '17
91% Apr '20
87% '129
86%

83%

85

1960

96

82

...

82%

94

84%

June'20

J

80 Pac RR 1st ref 4s
Southern—1st cons g 5s

18

94

97

87% Sale
N

Oct

J

.1943

gold 5a

100

84%
95

95

Ore ft Cal 1st guar g 5s
So Pac of Cal—Gu g 5a—1937 M
So Pac Coast lat gu 4s g_.1937 J

1938
1946

81% Apr 20
79
78

78

65

J

1921

No of Cal guar g 5s

J

Mob A Blr prior Hen g 58-1945

76%




A
D

Knoxv A Ohio 1st g 68...1926

82%

Friday

87% Sept'16
76
75%

84%

Ga Midland 1st 3s

8784

Series E 812s guar gold. 1949

Ne ffhe

73

73% "0S?8
93% 106

253

95

Feb *19

93

Series F guar 4s gold...1953

•

61%

—

83

June'20

1942
-..1945

Series G 4s guar

81%

85

76% Oct '19
37% Dec '16
108
July'20

81%

««riee D 4e guar

80

—

72

97

A..1931
1933
1942
4*4s A..1940
..1942

Series O tiir

64

J

82%

76% Apr

Pitts Y ft Ash 1st coos 58.1927

Series B 4*4s
Series C 4s

64%

—

N

97% 102%

88% Feb '17
75
Apr '20
79% May'19

72

T«1 W V ft O gu 4*4B

49

N

97%

96% Feb '12
90% Oct '12

3*4s.-1942
1948
1950
3*4s B..1940

Ohio Connect 1st gu 4a

41%

52

M

1933

82%

77%
Sale

tnt reduced to

Series C 3 *4«

61

38

76%

E T Va A Ga Dlv g 58

78

68

61

A.1942
1942

81%

Nov'19

96% Aug '20
69% Mar'20

Guar 3*4s trust ctfs C—1942

Series B

72
56%

69"

55

80%

67%
49%

76%
July'20

Aug *20
73% Jan '20

97%
96%
65%

Guar 3*48 coll trust ser B

01 ft P gen gu 4*4a ser

Sale

Sale

Atl A Charl A L 1st A 4 *4 s 1944

97

If year guar 4s ctfs Ser

98

98%

Feb *20

A .1937
.1941

49%
30

51

72

77

83

Guar 3*4s cot! trust reg

-

00%

14

Feb

A

98%

72% June'20

lvel

Mar'20

D

69

July'20

76

434s ..1921

"7684 Sale'

69

72%

g

m

62%

Dec '15

75% -—773
97
98%
73
71%

S

D

D B RR ft

Registered

«•

July'19

90

D

Ala Gt Sou 1st cons A 5a..1943

10134

Aileg Val gen guar g 4s...1942

Penrayl Co gu 1st

*4

55

64

68

....

Paduoab ft ills 1st s ' 4*4s..l955

B gf 1st gu 48 g 1936

-

64%

47

May'20

93

Sale

75

10-year secured 7s

M

66%

70

1968

1
300

58

60% Sale

83

69%

General 4*4a
General 5s..

'

96% May 1«
D

57%

75

1960
1965

61%

15

39%
45%

81

J

69%

4 HiS._

101

85

J

Sale

OMOl

50
62%

49

84

8

75

oneol gold 4s

64

1951

71

».

65

J

Mem Div 1st g 4*4s-6a—1996

68%

1943
1948

55

St Louis dlv 1st g 4s

1946

g 4s

Sale

Ul
....

55

43%

58

Aug '20

38%

45% Sale
8

62%

.

39% Sale

80

Pacific Coast Co 1st g 5s

Uvueol guid 4s.

39%
48%
m

72%

Oregon-Wasb lBt 4 ref 4s.-.1961

Pennsylvania RR 1st

134
169

62%>
61%

69

96

93

iBt oonsol gold 4s

57
55

94% IO434

55

*74% *78 "

ft P ft N P gen gold 6s...1923

i

62

60
55

653s

50%

O

1st 30-year 6s Ser B

ft Paul-Duluth Div g 4b. .1996

St Paul ft Dulutb 1st 5s..1931

Sale

Aug '20
98% Jan *20

99%
75

prior Hen rail¬

General Hen gold 3s
-

78%

9084 Dec '19

10-25-year conv 4*48—1938
Pocab C ft C Joint 4a—1941

1997

57%

59%

8an Fran Term! 1st 4a

"}f

Dlv'11st Hen ft gen g 48.1944

Pacific

59%

80

Aft N Wist BllgCS-

20

55

75

1996

land grant g 4s
Registered

54
Sale

70
86%

00

N

gu

1st guar 5s red—..

71% Aug '20
100% 100
Aug '20

98

New River 1st gold 6s....1932

way a

92% 100
80

Aug '20
64%
65
48
Aug '20

4a. 1964 A

Through St L 1st

Gen gold 4s lnt guar

75

Northern

65

86

73

1949 F

H ft T C 1st g 5s lnt gu

62%
63
92% June'12

72

1955

Scio v ft N E 1st gU g 48 —1989 M

01929

4s—

Hous E A W T 1st g 5s

40

88% Feb '14

63%

63

Registered 15.000 only..01992

tO-year oonv 6s

49%

7
92%

63

9284

85

85%

92%

94%
65%

O

O

Aug *20

Waco A N W dlv 1st g 0s "30 W

46%

74% Dec '19

Norfolk Sou 1st 4 ref A 5s-1961

registered

92

67
39%
57%
82
102
56%

2d exten 6s guar
1931 J
Gila V G ft N 1st gu g 58—1924 M

34%

Sept'17

36

94

W ft Con East lat 4*48—1943

.

57% 1539

5384

93%

IIII 104""

Mort guar gold 3*$s_-*1929 J

mm

-

38
....

N Y O ft W ref 1st g 4s—_(?1992
General 4s

Sale

60

GHftSAMAP lat 581931 M

46% 8al6

Proyldenoe Secur deb 4s—1957

4s..

conv

Registered

1939

Gonsol

57

364

67

99% Nov'19

20-year oonv 6s
1934 J
Cent Pao 1st ref gu g 4a_.1949 F

July* 14

43

87%

...

May'i.5
Aug *13

7184

81

May 16

...1959 A

Gold 4s (Cent Pao coll) ..*1949 J
Registered...
*1949 J

58

44

Aug '20

87

62%

91

■outbern Pacific Co-

62%

79% Dec *17

83

*69%

NYW'chesAB 1st ser I 4*4s'46

New England cons 5s

July .18
Oct '19

Aug '20

52

360

87%

90

Ga A Ala Ry 1st con 5s..01945
GaCar A No 1st gu g 5s..1929
Seaboard A Roan 1st 5a..1926

1

....

1954

N Y Prov ft Boston 4s—1942
Boston Terminal 1st 4s

49

63

5s..1937

Naugatuck RR 1st 4s

60

106%

Cent New Eng lBt gu 4s.. 1981
Housatonlo R

ii'i
....

1956

Harlem R-Pt Ctaes 1st 4b.1954

76%
50
Oct '17
91% Jan '12

368

71

78

lbt land grant ext g 5a..1930
Consol gold 6s
1943

1956

60

69%

05

Fla Cent 4 Pen 1st ext 6a. 1923

Cona Ry non-cony 4s

60

57%

66%

O

1950
1950 A

1954

Conv debenture 6s

89

65

84%
64%

71

85%

.1947 J
1943 J

1947

Cony debenture 3 *48

72

Sale

59% Sale

91%

.01949 F

4s

87%
7884

75%
15

87% Sale
66% 8ale

85% Sale

J

Non-cony deben 3 34s

'20

87%
71%
42%
93%

71

July'20

J

Non-cony deben 3*48

Aug

60

J

A

Adjustment 6s

85

-

93%

81
70% Aug *20
80%
82%

J

2d g 4s income bond otfs_pl989 J
Oonsol gold 4s
1932 J

95%

6484

48

74%

O
*1955 A
41960 Oct

K C ft M R ft B 1st gu 58.1929 A
St L S W 1st g 4s bond ctfs..1989 M

May'17

58
40

79%

J

Soutbw Dlv 1st g 6s
1947 A
K C Ft S A M cons g 6s.1928 1*1
K C Ft 8 A M Ry ref g 48.1930 A

Nov'16

83% Jan '20

93%

8284

75%

5
22

42%
93% Apr 20
97% Dec 17

J

St Louis ft San Fran gen 6a.1931 J
General gold 6s
1931 J
St L A S F RR oone g 48..1990 J

Oct '19

76

73
70

Atlantic City guar 4s g
1961 J
St Jos ft Grand Isl 1st g 4s ..1947 J
St Louis ft San Fran (reorg Co)—

May" 15

96% Aug '20

1934

Non-cony deben 4s

64"

O

65

41%

79

J

1997 J
coll g 4s—-1951 A

10

80%

65

65

"80% Safe"

J

81%

Registered

Mar'16

79%

Sale

J

81

62

1996

6§

O

72

Jersey Central

80

42% Sale
82% 90

J

67%

60

nut-Canada 1st gu g 48.1949
St Lawr ft Adir lat g 5a—1996

West Shore lat 4s guar—-2361
Registered
2361

1997 J

Dec *17

June 17

87

IIII ~80"
63

1950

gold 4b

92

100

77

8

73%

97^4

56"

Uttca 4 Blk Rlv gu g is
1922
Pitts ft L Erie 2d g 6b...01928
Pitts McK ft Y 1st gu 0S—1932

gen

82%

J

s f 4s 1937 J
Pitta Sh ft L E 1st g 5b
1940 A
1st consol gold 5s
1943 J

Reading Co

99

78

May 20
Jan '93

102

73

80

96%

4348—1941
Ogft L Cham 1st gu 4s g_1948
oon g

2d guaranteed

66%
70%

113

88

Pino Creek reg guar 6s
1932
R «v 4 O con 1st ext 6b..41922

2d gold 6s

638s

92% Jan '20
78% Apr '19

—

71

N V ft Pu 1st oons gu g 48.1993

Rutland 1st

77

66%

85

3*$a—.2000

J

97

May 20

78

High

No. Low

High

97

...

J

64

1937
—1931

NY ft Northern 1st g 6b.1923

J

73

"73"

4s

70

Nov'17.
68%
69%'
89% Feb 16

70%

Harlem g

77

July'20

98

90

73%

74

1st g 4s —1937

terod

May'20

66%

Ask Low

O
N

Philippine Ry lBt 30-yr

66% Mar 20

Registered—IIIIIIIIl940
l a a lat gold 3 *$8—1951
1st gold 334s1952
20 year deoenture 4s..1929

J

Jan. 1.

M

Peoria ft Pekln Un 1st 6s g
F
1921 Q
2d gold 4*4s
61921 M N
Pere Marquette 1st Ser A 5a_1956
1st Series B 4s—

Nov'19

77

75%

Since

Last Sale

A

U A J RR ft Can gen 4s..1044 M

84% Nov'19
78

...1931

4s

ci

Range

Week's

Range or

Sept 3
Bid

St L ft P 1st cons g 5s-.1932
Phila Bait ft W 1st g 4s__1943
Sodus Bay ft Sou 1st g 5a.1924
Sun jury ft Lewis 1st g 48.1936

69

82%

Price

Friday

Pennsylvania Co (Cos.)—

70

65

69

82%

~69%

1931

Registered

65

Aug *20

82%

1931

Mob ft Mai 1st gu g 48...1991
Mahon C'l RR 1st 6a
1934

Michigan Central Ob

High

Lou

Hipb

67
65

Registered

Registered.

Range

.

Friday

T. STOCK EXCHANGE

973

Record—Continued—Page 3

lBt refunding g 4fl....

80% Sale

52

74%

68

85%
.52

85%

77

J

J

81%

'148

75% sale

75

75%

35

60

81

97% Sale
76%
97% 99
87% 88

97%

98

53

95

108

74

76

71

60%

97%

98%
86%

3;
ll

96% 101

Sale

88

8

302j

80

80

M

June'20

gl% Sale

96

78%
87%

80

89

84%

80% Dec '19
80% June'18
35
May'19

74

....

—

mT4%a..l934

64%
82
5

M
?

N
14

19

86%

77

77

78%

88%

81

82

93

80

22

74%

85

88

5

84%

92%

Feb *18

I

York Bond Record—Concluded

New

974

(Vol.-111.

Page 4
st9

SS

Price

h

Friday

Range

Sept 3

Last Sale

bonos

exchange
ending Sept 3

If y 8took
Week

Ask Lots

Bid

9Irglnlan 1st 6s aeries a—1962
Wabash 1st gold 5s
1939
id gold 5«.
:
Debenture series b

78

79

78

79%

5

72%

87*2

86*8

86%

3

79

91

82

8312

80

84

6

73

3}4b

84

90

1939

___1941
1941
he....1946

~95'l
01 >8

60

"7518
6012
M

8
A

0534

west n y a Pa 1st g 5e

Geo gold 4a_.
Income 5s

"55% Sale'
63

8

86

100

15

1920 M

03%

45%

5334

33

50

56

1

61

68

s

55u Sale

j

•07%

68

j

09
70

68

6812

70%

70%

30

69

78

69%

69%

1

08—1931 F
Bush Terminal 1st 4s..—..1952 A

90% Mar'17
5334
5334
53
55%

1

60%

71

61

70

1955 J

Buildings 6s guar! tax

1960 A
Chic C A Conn Rys s 15s.-.1927 A
Chic UnStat'n lstgu4Hs A 1963 J
1st Ser C 6I23 (ctfs)
1953 J
Chile Copper 10-yr conv 7s. 1923 *
Coll tr A conv 6s ser A—1932 A
Computlng-Tab-Rec s f 08—1941J
Granby Cons MSAP con 6s A *28 *
Stamped
1928 *
Great Falls Pow 1st s f 6s...1940 M
ex..

Int Mercan Marines f 08...1941 A

Street Railway
tsooklyo Rapid Tran g 5s..1945

1st refund

26

2434

30

39%

gold 4s...2002
i-yr 7% secured notes..*1921
Certificates of deposit........

28

22

oonv

21%
38

38

45%
39%

Certificates of deposit stmp'd
8k City latcdns 68.. 1916-1941
Bk q Co a 8 con gu g 6s..1941
Bklyn q Co a 91st 5a...'. 1941
Bklyn Un ei 1st g 4-5s...1960

36

37

55

57%

Stamped guar 4-68
1956
tings County e 1st g 48—1949

60

61

55

51

61

Stamped guar 4s_.j.__1949
Nassau Else guar gold 4s. 1961
)hloago Rys 1st 6s........1927

51

56

50%

40

23

59

57%

75

Stamped

guar

4j4s

64

60%

Sale

58%

"59

Sale

58
55

23

Bale

78
14

77

Manila Elec By a Lt s f 5s..1963 m
Metropolitan Street By—
Bway a 7th av 1st o g 6a_1943 j

f 4s

50%

_

Oct 19

73
59%

40
42

Apr

20

92

94%

Jan

20

77

77

70% July'20

09

75

6

Sale

m

50%

66

F

94
Ql)
-

—

-

-

96%

j

"40%

42

21% Sale

a

75

Sale

90

A

"40"

j

49%

30
66

m

Sale

21%

Oas and Electric
Light
Atlanta 0 l Co 1st g 5s
1947 j
Bkly
Ellson Ino gen 5a a.1949 j

25

23

64

j

75%

n
o
j

72

Stamped ..........
1927 j
Columbus Gas 1st gold 58—1932 j
Conaol Gas 5-yr oonv 7s_. 1925 q

j

Cons Gas elap of Bait
5-yr 68*21 m
Detroit City Gas gold 5s
1923 j
Oetrolt Edison 1st coli tr
6s. 1933 j
1st a ref 5s ser a
.41940 m

iqq ln y 1st cons g 6s
1932 *
Oas a Elec Berg Co c g
5s —1949 j
Havana Eleo oonsol g 5s
1962 f

j
J
.

s
s
d

73%
74

80
37%
19%

87%

86

•

-

-!

"12

47%

21%
21

75%
47%

~30 ~
30

45

"90"%

101%

79

Apr

20

79

79

95% Apr

20

95%

9134

85% Aug'20
81
July'20

82*4
.77%

95%
95

13

84

*85%

Kings Oo el l a p g 5s
1937 a
Purchase money 0s—..1997 a
Convertible deb 0s
1926 *

0!

78

91
Sept 19
92% Dec 19
80% Aug'20

o

90

8

89%

98

Apr'19

Ed ei 111 Bkn 1st con
g 4s. 1939 j
l»ae Gas l of St l Bel a ext
5s '34 a
Milwaukee Gas l 1st 4s
1927 *

87%

77

Feb '20

71%

72% July'20
82% May 20

Newark Con Gas g 5a..

1948 j

j
o
n
t>

NYGELHAPg 5s

1948 3

d

75%

a

61

j

79%

100

70

70

1

83

75

June'20

!

Sale

80%

84%

85

90

—

l-

—

7534

77

70

82%

82%

8712

74%

*85%
6534

89

89

78%

75%
61

61

Apr

20

78% May'20

5s

International Series...1930 f
1949 m
Feop Gas a c 1st cons g 6s. 1943 a

Fat a Passaic g a ei 5s

Refunding gold 6s
1947 m
Ch g-l a Coke 1st gu g 6s 1937 j
Con g Co of Ch 1st gu g 5s 1930 j
Ind Nat Gas a Oil 30-yr 5sl930 m

n

81%

83

83

1

74%

74%

74i2

a

•No price Frldajr latest bid and




77

75%
105

s

60

88%

63%

59%

mar 2u

60

89'8
71% Apr 20
70
100
Apr'17

jj

n
j

Aug 20

89

87

86

85

82%

8634

67%
98

"73% "80 j
75

83

75%

«

67%'

88%
57
71

»

88«
67

<0

I

July'20
July 19,

90

May 20

"asked. aDueJan. 6Due April.

76

86
83%

58%
85%

67%
93

2u

Apr

83

94

84

75%
Sale
95

70

85

76%
65

85
75%

53%

66

90

96

60%
90

84

Aug 20

60% I
May'2Uj

90% July 19
86%
87%

86% Sale
Sale

82%

88
91

87%

90%
75

79

79

83

*85" "88"

65

~78~

91%

64

85% July'2o
101% Oct *19!
85
May 20j

73% Aug'20 j
78% July'20

75

80

June 16

62

Sale

"60%

Apr'14

*85% *98%
82%

83%

87%

117

74%

78

73%

Sale

90

91%

78

70
90

90%

98

34

88

65

67

66

Feb

98% Sale

1940

Ingersoll-Rand 1st 5s
1935
Int Agrlc Corp 1st 20-yr 58—1932
Int Paper conv s f g 5a
1935
1st A ref a f conv ser A...1947
Liggett A Myers Tobac 7s__ 1944

J
«l
J
—

A
.1951 F

5s

81%

97%

89% 100%
87
75

83

1

95

95%

5'

98%'
18,

100

20

88

91

60

2

86
Nov'

100%

123
-i

—

Aug'20

70%

81

97

95%

99%

.

75%'

75%

97

08
90

"98"

88

98

96

83%

91%

!

May 20:

85%

80%

73%

18!

Sale

85%

89%
119

74

•••»

Aug'20:
90%!

79

117

73%

4

78

July'20

87% 100
90
99%
73%

j

Aug'20 U—

73% Dec

88% 101

134

75

May'20

77%

95%
Sale
78%

85%
70

17
21;

Aug'20----!

74

Sale

75
117

88
91

90

88

10
100%
99% Jan '20——
90
84
May'201—
103% 104% 104
104%!
7
81
Sale
79%
81
|
16

*75% "84%
99%
81

99%
86%

99% 111
77
89%

103%!

4

100

110

6s
1951 F
Nat Enam A Stampg 1st 5s.l929 J
Nat Starch 20-year deb
5s__ 1930 J
National Tube 1st 5s—..1942 M

79%

81

78

88

94

91

79%'
July'20

15

91

91

97%

89

93

93%

Apr

93%

96%

82

84

Aug'20....

83

93%

N

91%

83%
96

91%

Aug 20

91

80

84%

81

Aug'20

85

93%

'85%

85

90

87

87

88
84%

Y

1944 A

7s

Air Bra.e 1st

conv

0s. 1938 M

Standard Milling 1st 5s
1930 M
Union Bag A Paper 1st 5s__1930 J

U 8

Realty AI oonv deb g 5s 1924 J
U S Rubber 5-year sec 7s...1922 J
let A ref 5s aeries A
4947 J
„

10-year 7%s

1930 F

U S Smelt Ref A M conv 6s_ 1920IF
Va-Caro Cbem 1st 15-yr 58.1923 J
Conv deb 0s
..el924 A
West Electric 1st 5s Deo
1922'J

Buff A

p m A

imp

Susq Iron

Debenture

104%

A
s

s

f

1920 J

1942,*
f 5s-.1930!J
5s
1932 J

ds

al920|M

Cahaba C M Co 1st gu 0s_.1922*J
Colo F A 1 Co gen s f 5s....1943 F
Co! Indus 1st A ooll 5s gu_.1934 F

Cons Coal of Md IstAref 59.1950^
Elk Horn Coal conv 6s.....1925 J
Illinois Steel deb 4H8—.1940 A
Indiana Steel 1st 5s
1952 M
Jeff A Clear C A 1 2d 5s
1920 J
Lackawanna Steel 1st g 5s. .1923 A
1st cons 5s series A......1950

M

C&Navs f 4% A.. 1954 J
Mid vale Steel A O oonv 315al93rt M
Pleasant Val Coal 1st a f 5s. 1928 J
Pocah Con Collier 1st s f 59.1957 J

86

s f.1940 A
P5sstmpd.l955 J
Tenn Coal I A RR gen 5S..1951 J
U 8 Steel Corp—
fcoup
dl903 M
sf lO-flO-year
Sslreg
<11963 M

85%
87
88

" "88 "

80

80%
97%

'20*—

May 20,
88

80%

——

1

88
74

12

96% 103%
76
90
97% 98%

80%
97%

Sale

77

78

98% Sale
93% 95

97%

98%

93

93

13

94

91%
96%
94%

15

78

90i2 91%
96% Sale
94
94%

80%

93%

88

79

73

85% Aug'20
78.
79%

Sale

78

79

101

97%

93

85%

97%

36

77

89

77%

86%

78

95%

09%

74

June'20

Aug'20

83
74

70

Sale

70

85

85%

4

105

93

90%
95%
92% 101

Dec 14

78
70

70

78

2

93% July 19
91% Nov'19

"76*""

"75"%

181

10

79

78

99%

12

96%

97%

98

"79"

76

70

Feb '19

78

72%

86

"84"

83%

79

86

85%

26

70

93%

94

90%

~90~%

90%
80% 82 ; 79% Aug'20
83% Aug'20
"77% Sale
76%
78%

65

"82%

80%

Sale

73%

*90 " *94%

90%

j

80

Repub I A 3 10-30-yr 5a

St L Roc. Mt A

10312
78%

85% Sale

.1930 J

Utah Fuel 1st s f 5s
Vlotor Fuel 1st s f 5s

1931

M

1953 J
Va Iron Coal A Oo.e 1st g 6b 1949. M

T<t«jraph & Telephone
Am Telep A Tel coll tr 4s
1929 J
Convertible 4s
1930 M
20-yr convertible 4Hs
1933 M
30-yr temp ooll tr 5a

1946 J

Cent Dlst Tel 1st 30-yr 5a._ 1943
Commercial Cable 1st g 48—2397

Registered

J
Q

...2397 Q

Oumb T A T 1st A gen 58. —1937

J

Keystone Telephone 1st 5a..1935 J
Mich State Teleph 1st 5a...1924 F
85

89

N Y Telep 1st A gen s f 4 Ha. 1939

80%

91

30-yr deben 9 f 8a—.Feb 1949 —
Pacific Tel A Tel 1st 5s
1937 J
South Bell Tel A T 1st s f 5a. 1941 J
West Union ooll tr cur 5a
.1938 J

67«a

70

Oct l/|

82

89%

-81

74

Aug'20 i

75

Aug'20,

7-year convertible 0s .—1925 F

97% May'l7l

67%

—

75%

90%

May 19

80%

82%

79%
72%

Mar'l7

75

86%

10

July'17

88%

Oi

j
n
Mu Fuel Gas Ist.gu g 5s..1947 m n
Philadelphia Co oonv g 5s..1922 m n
Stand Gas a el oonv s f 08..1920 j
o
Syracuse Lighting 1st g 5s—1951 j
d
Syracuse Light a Power 5s.. 1954 j
j
Trenton g a el 1st g 6s....1949 m
s
Union Eleo Lt a p 1st g 6s.. 1932 m
s
Ref andlng a extension 6s. 1933 m
United Fuel Gas let,e f 6s —193d i

....

3

Aug'20
75

70%

80%

70

83% 85
91% Sale

71

83%

Aug'20
87

79%
105

991a

83%
75%

83%
85%

80

" "82%

80%

96

June'20

67

72

Aug 20

80

93

91

92%

91

91

11

253

88% .99%
88
99%

81

Faciflo g a e \ Jo—Cal o a e—

Corp unlMng a ref 5s... 1937 m
Pacific gab gen a ref 5s..1942 j
Pao Pow a Lt 1st a ref 20-yr

8

95

Lehigh

Apr 17

89

89

85%

58%

104%

75%

75%

84

Juue'20

90

85

a

91%
81%

90

18

Feb

81%

96

87%

Feb

80

95

89

94

95%

Aug'20
88%

81

100

89

80%

Aug'20

81

July'20
July'20

80

89

148

75%

_

95

94

20

89%
87%

80

June'19

—

I

82%

77%

79

93

73

Mar 20

86

88
95%

90

80%

76

Union Oil Co of Cal 1st 6s__1931 J

63%

97

77

Apr

70
80

Aug'20|

92
88% Sale

20

99

170

May'20

89%

1st A ref 5s guar

81

1931

A
E I du Pont Powder
4Hs—.1938 J
General Baking 1st 25-yr 08.1930 J
Gen Electric deb g
3Hs
1942 P
Debenture 5s.....
.1952 M

20-yr

87

.1951

A
A
F
J
M
F
*
F
M

1st g 5s. 1927

conv

79

82

75

81
92

1st 25-year a f 5b.
1934 *
Cuba Cane .Sugar conv 7a ..1930 J

82%

81

~81%

Consol Tobacco g 4s.
Corn Prod Refg s f g 5s

70

86

98%

Writ Paper s f 7-08—1939

Baldw Loco Wor.s 1st 58—1940
Cent Foundry 1st s f 6s
1931
Cent Leather 20-year g 5s—1925

66%

74

80

983a Sale

—1951

Coal, Iron & Steel
Beth Steel 1st ext s f 5s

Sept'15
73%
Apr

Am

4s

Stamped

30

IIII "82%

f

84
92

70

a

oong 58.1930

31

20's

n
o

Purchase money g 4a
1949 f
Ed Eleo 111 1st cons « 5s..1995 j

41%

63

fladsonCoGas lstg5s—..1949 *
Can City (Mo Gas 1st
g 68.1922 a

nyaq e! lap 1st

80

Aug 20

73%

81%

75%

64%

Aug'20

'

103

d

j
f
n

25%

64

68.1946 m
Oinoln Gas a Elec latArcf 5s 1950 a
Columbia g a e 1st 6s
.11927 i
cons g

AUg'20

24

Gold

108

Industrial

Am Sm A R 1st 30-yr 5s ser A *47
Am Tobacco 40-year g 0s...1944

Lorillard Co (P

18

25%

63

7%

59

67

47% Apr 20
50
June'17

23%

Eqnlt Tr (n y inter otfs
Va Ry a Poir 1st a ref
5s... 1934 j

734
55

Dec '19

05

25% Sale

5

75

29%
21

1927 a

31

4%

75

60

49%

32

45

89% June'20
73
May'19

60

19%
20

2

5%

4% Aug'20
Aug'20
59
AUg'20
56
Dee '19
90% Feb'17
95
July'17
80
Jao '20
40
39%
19%
21%
46

75

&

20-year deb. 63
7

38

20

5

f 0s

s

83%
105

92

Distill Sec Cor

July'19
July'19
21%

61

a

otfsdep

Bklyn Un Gas 1st

21
40

21

m

00

Mar 20
Dec *19

57

434,

68

00%

June'20

20

52%

41%
49%

49%

07%

Sale

m

"85

61

40

Sale

.1948

s

51

77

Rys St l 1st g 4s—1934 j
St Lonls Transit gu 5s—
..1924 a

United RRs San Fr
Union Tr (ny

55

conv

Am Agrlc Cbem 1st c 5s
1928 A
Conv deben 5s
....1924 F
Am Cot Oil debenture^—.1931 M

19%

20

i960 A
5s_.—1937 j

Income 6s

68

10

92

4%

10-yr

Manufacturing

70%
100

72%

75

A
1928 J

3
8

48

82

80

76

A
M
J

,

79%

96

95

90

87%
82
981% Sale

Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 58—1943 F
Ontario Transmission 5s.... 1945 *
Pub Serv Corp N J gen 58—1959
Tennessee Cop 1st conv 0s..1925
Wash Water Power 1st 5s—1939
Wilson A Co 1st 25-yr s f 08.1941

82%

77

89

92

10-20-year 588 erles3——.1932 J

.06%

305

21

..i960 j

£n!te2 5y# int 58 w* 'sal. 1920
United

60

*58% "09

15%
4034
48%
49% Aug'20

54

Portland Gen Elee 1st 6s .1936 j

Yrl-Clty Ry a Lt 1st s f 58—1923
Undergr of London 4hs
1933

70

19-%

40

09

.

third Ave 1st ref 4s..
Adj Income 5s
Third Ave By 1st g

57%

78

80

y Rys 1st b e a ref 4s... 1942 j
Certificates of deposit

* 58-1937
1937

55
28

11

II— *94"

j JManlclpRyl8t8f6sA-1966 j
w

eons g 6s..

23

73

Aug'20

4^8—1936 j

h a p l8t

00

50%

82

71

65

104

73%

82%

97

350

21

Sale

75

80%

90

50

67

75

94%

88%

16%

39%

103

97

64

Apr'20'--—

30

96%

84

08
60

20

Col a 9th Av 1st gQ g 58..1998 m
Lex avapf 1stgug5s._ 1993 m
met w 8 El (Chic 1st
g 4s—1938 f
MHw elec By a Lt cons
g 6s 1926 f
Refunding a exten 4j48..1931 j
Montreal Tram 1st a ref 6s. 1941 j
New orl By a Lt gen

*76% *77*"
103% Sale

1951 F

'63

"93"

Mar'18

Niagara Falls Power 1st 5s.. 1932 J

23

109

40

58
77

N Y Doc. 60-yr 1st g 4s

55

85

84

Aug'20

45

64

83

3?!

71

47
66

17

84%

"a|

73

67

74

34%

55

4g4

43

72%

88%

70%

1939 J

—01932 A

20

73%

31
3

Feb '18

71%

4s ser 2.. 1960 A

Ref A gen 0s.

58

11
10

85

88%

Sale

73

90

89

Mtge Bonds (N Y

50

55

76"

69

Nlag Loc. A O Pow 1st 58.. 1954 M

22%

40%

90%

28

1943 J

"74%
83

Sale

3334

76

49%
50%

84

~87%

21%
35

13

Bale

47

77%

21

66

59

13%

76

Montana Power 1st 5S A
Morris A Co 1st a f 4H«

53%

70

Certificates of Deposit...
Interboro Rap Tran 1st 5s__1906 m
ttanbat Ry (n y cons g 4s. 1990 a
Stamped tax-exempt..... 1990 a

City Cab

7

Aug'20 —
Aug'20
Aug'20,—
Aug'20
14
58
Juoe'20
July'19
59
Jau '20

20

78
16% Sale
15% Bale

™

1957 f

Uterboro-Metrop coll 4hs.1956 a

!! i08
It Paul

61%

59

Adjust Income 6s........ 1957 -.
n y a Jersey 1st 6s......1932 f

50-year adj Ine 6s
al942
Certificates of deposit
n y State Rys 1st cons 4
hs. 1902
Portland Ry 1st a ref 6s
1930
ForUd By Lt a p 1st ref 6s. 1942

16

j

40% Deo '19
55
55

61

1951

nad a Manhat 6s ser a

80

80

62%

— —

Aug'20
Apr *20
May'18

03%

3onn Ry a l 1st a ref g 4he 1951

Bet United 1st cons g 4 he.. 1932
ft Smith Lt a Tr 1st g 6s... 1936

42
37

36%

15

31%

1°

20
Aug 20

33
00

95

102

98

4#e *39 J
deb 7s a1934 J

Braden Cop M coll tr s f

Feb '17

flnston-Salem 8 b let 4s__1960 j
Wis Cent 50-yr 1st gen 4s...1949 j
9up a Dul dlv a term 1st 4s *36 m

n

55

18%
15%

Atlantic Fruit conv
Boutn Fisheries deb s f 6s—_ 1920 A

88

75

51,

58

15

92

92%

78

"53%

Aug'20
Aug'20
Aug'20

81%

95

Oot'19

15

50

86

j

f

88

55

47
81

70%

a

1928 j

High

70%

Mar'20

1925 M

Consol 5«
17

79

Sxten a i rapt gold 5s
1930 f
Refunding 4hs series a..1966 m
rr 1st oonso 1 4s........1949 m

Wheel Dlv let gold 5s

Low

Nov'19

...1948 M

Armour A Co 1st real est

Oct'17

86

95
87

Conv deb 0s series B.....1926 M

Adams Ex coll tr g 4s

54

July'20

84

83

1957 J

Am SS of W Va 1st 60

6

78 «4

10

88%

77
67

" "55%

*06 " ~7"I~
19

56

~80%

51

56

88

7912

No.

72%

72

79%

(Jtioa Eleo LAP 1st g 5s...1950 J

Alaska Gold M deb 6s A

83

30

58
22

88%

Oct 19

i

Since

Jan. l.

Miscellaneous

88%

July'20
Aug*18

5412
82*4.

86

84

o

68—1920 a

g

66

Range

or

High

Ask Low

Westchester Ltd gold 5s....1950 J

July'20

74%

"69*

Range

72% Sale

Otloa Gas A Elcc ref 5s

97»2 Juiy'l9
7034 Nov'19
887« Mar'20
80
Aug* 12
53

Week's
Last Sale

Lt—(Concl.)

Utah Power A Lt 1st 5s....1944 F

Aug'18

82

1952
1937
1943
z>1943 Nov

western Pao 1st aer a 5s ..1946 m

Wheeling a l e 1st

68I2

67

F

1945

west Maryland let g 4s

Gas & Electric

85%

86*8

Price

Friday
Seat 3
Bid

High

n
n

1939

to! a ob Dlv g 4s.

No. Low

am

Sept 3

Week ending

I

m

let Hen equips fd g 6e.__.1921
lit Hen 60-yr g term 4s...1954

w»«b Term) 1st gu 3
1st 40-yr guar 4s.

y stock exchange

Sine*
Jan

it

BOND5

Rang*

or

m

Det a Ob Ext 1st g 5s
1941
Dee Moines Div let g 48—1939
om Dlv let g

Week's

74

"84%

~88~ ~94%

Fund A real eat g 4
—1950
Mat Un Tel gu ext 5s....1941

Norrhwest Tel

ga

4 He g

M

M

M
..1834 J

cDue May. yDue June. hDue July. JtDue Aug. oDue Oct.

"80 " "8*6""

1

86% Nov'19

62

70

Mar'19

84

80

Aug'20

75% Sale

75

75%

03i2 Sale

63%

67

2

02%

80

80

10

77%

78%

73

77%
72%

95

95%

143

"80~"

80%

81

78% Sale
95% Sale
82

62%

81%
---

"79 " "79*%
....

88

85

82

85%

78%
78%

77

73

97

73

80%
69,

83%
99%

81%

96

60

64%
86%

82%
72%

81%

84

96%
88%

76%
78%

70%
70

101% Sept 17
94

85

92

Apr '16

AUg'20
79
74%
87%

82%

79%
73%

79

85

,78% Sale
88% Sale
82
79

98

24

83%

70

July'20

64% Aug'20
68% Jan
18;
79

80

Nov' 10

pDue Nov. fDue Deo.

s

Option sale.

85%
86%
81%

Sbpt. 4

1920.]

BOSTON STOCK EXCHANGE—Stock Record

I

Aug. 30.

124

Aug. 31.

125

125

63

124

63

63

63

♦82

...

36*2
♦42

112358 126

37

37

48

36*4

*42

48

63
90

♦42

36

3612

125

63
*85

*85

Thursday
Sept. 2.

Wednesday
Sept. 1.

Tuesday

*86

37%
39
Last Sale 41
Aug'20

90

37*2

""*266

38*2

39
48

*43

308

I

38*2

Boston & Albany
Boston Elevated

140

♦135

140

*135

140

*135

119

Feb 17

Marl6

116

100

60

May 25
Feb 18

2
2

Dec

80

67*4 Jan
87*2 Jan

62

100

85

Dec

100

30

Feb 11

39

Sept

1

28

100

39

Jan

6

46

Oct

124

Jan 28

143

May 28
Mar 15

40

100

130

Sept

Boston & Maine
Do

pref

Last Sale 140

140

Aug'20

Boston

Dec'19

Boston Suburban Elec_.no par
Do
pref
no
par

Last Sale 334

♦3*2

*—.

13?

*

71

*72*2

613s

61*2

61*2
35%

*33*2
♦60

*79*2
*77
*24

62

....

*61

*61

...

87

*79

87

35*8

34*4

34*2

33*2

34
....

61

*60

62

89

79

25

*24

26

*25*2

82

*72

....

35**4

2,119

July'20

Last Sale 81

AUg'20

79

79*2

2534

25

40

*80

25*2

26

"35%

Last Sale 80

....

*82

( 79

*77*2

79

35*4

34*2
*61

...

*82

118

61*2
35*2

125

25

81

81

76

80

42

42

41

41

*40

41

41

4134

42

42

*49

i50

*49*2

50

50

50

48*2

48*2

49*4

49*4

334

334

3*4
*1%

3*4

*71*2

...

*76

pref.

51

t.

311
67

Jan

Dec

3*2 Nov

7

Mar

8

6

Aug 12

11

Mar

5

130

Jan 30

132

Jan

8

132

Oct

71

Aug 31

86

Jan

2

84

Feb

3% Aug

100

Georgia Ry & Elec stampd.100
Do
pref
100

Mar'20

Last Sale 72
*62

Do

76*2

132

10c

& Wore Elec pre.no par
Chic June Ry & U S Y
100

*72*2
76*2
Last Sale 10334 Oct'19

76*2

& Providence

Bost

Aug'20
June'20

Last Sale 130

135

*71*2

71

Aug'20

Last Sale 6

6*2

*3*2
*

133

76*2

76% ♦

612

*3*2

6%

*3%

6i2
133

1

Dec

100

pref..

Last Sale 10c

♦135

Lowest.

Highest.

Railroads

Do

Last Sale 85

1919.

Year

Lowest.

Previous

Range for

Range since Jan. 1.

Week

63%
64
Aug'20

64

64

64

975

Page

EXCHANGE

Shares
131

125*2 125*2

126

63*4

i

Next

BOSTON STOCK

the

Friday
Sept. 3.

1

STOCKS

for

Monday

Sales

CENTUM PRICES

SHARE PRICES— NOT PER

Saturday
Aug. 28.

BONDS

See

6

2% Nov

9938 Mar
Mar

70

68

Jan 12

72

Mar 30

Maine Central

100

60

Jan

70

Mar

N Y N H & Hartford

100

23% Feb 11
July 9

36% Mar 10
86

Jan

6

77

July 21

89

July

7

94

73

July

86

Apr

1
1

z71

Dec

15

Dec

82

Oct

Northern New Hampshire. 100
Norwich & Worcester pref. 100
Old Colony
100
Rutland

pref

3

8

*2584 Sept

59% Dec
25*4 Dec

5

100

15

Jan20

Vermont & Massachusetts. 100
West End Street.
50
Do
pref
50

70

June 15

87

May 17

4534 Jan

3

July

55% Jan

6

....

18

7

Dec

86

Jan 31

•

Oct

38*2 Sept
Sept

47

Miscellaneous

3»4

*1*2

*3

334

158

158

2

*3

334

*778

9

8

8

96*2
7512

97*4
75*2

97*4

134

97*2

*73

*47g
*15

,

75

*74

75*2

*73

75

24*2
9

3

*13

*4%
20

20

75

2334

~

2334
734

*758

9*4

1®4

2

*134

3

2

*2

13*4
*4

4*2

3034

30*2
20

*17*2

*15

4*2

30

2%

2

2*2

*2

3

2

1384
13%
Last Sale 4*4
Aug'20
30
30%
30*4
30%
*17%
20
*17%
20
1334

4*2
20

14

*65

75

*65

75

*65

75

148*2 *147

149

146

147

146

146

24

24

*23*2

24*2

2334

25

23%

23%

13*2'

*12*2

13*2

*12*2

13

13

*38

25

*12*2
38*2

13*2

*12*2
*38*4

149

23*2

38*2

38*4

26*4

27

26*4

27

27

26

27

26

20*2

19%

20

19*2

20

19*2

1934

19%

*44*2

45

45

45

*44*2

45*2

45

45

*44*2

45*2

*578

6*8
13*2

6

6

6

12 ®4

10*2

6

1278

13

6
13

13*4

13

13*4

10*2

10*2

10*2

10*2

10*2

94

94

94

93*2

79*4

79*4

79*4

81

81

81*2

81%

60

60

60

61

60

61

60

79

79

60

60

*122% 126*4 *102*2 126
32
31*2
*32
32*2

126
•121*2 126*4 *122
33
*31*2
33
*31*2

89

89

*22

23

89

*22

167

170

*22

26

26

167

167

2578

2578

89

23

89

89

89

23

*21

26%

89*2;

166

I

23

26%

26

167

167

167

*13*2

14

31

31

30*2

21*2

21

21

*1412

15*8

*14*2

36

*34

36

40*8
2334

I684

]

107*2 107-34
*65
65*2

107*8 107*2
*65
65*2
*26

I

13%

30*2

301

20%

20*2

22*2

20

15*8

14*2

15

13

33% 33*2
107*4 108
65*4
65*4
26*4 26*4

15%

*34

*21

13%
30%

13%

30*2

*14*2

3034

*33*2

35

89*2

107*8 108%
65
65'4 j

26*4

26*4

26*4

26*4

26*4

40*4
2378

40

40*4

40*8

40*2

40

40*2

24

24

2334

1634

24*4
16%

2434

17

24*4|

1678

16%

*26

40*8

1634

16%

*19

19*4

19

19*2

19

19

19

30

27*2

28

*26

27

25

26

*17

18

*17*2

18

18

18

*17*2

18

59

60

60

♦

*

27"

60

393| Elder Corporation.....no

par

*24

27

*24

Gorton-Pew Fisheries

30|

Internat
Do

Products.

25"

Loew's

Ohio Body <fc Blower

'2I635

20*2
14%

20

20%

13

""""70

13

13%

440

1,442
230

10

759

65

*32*2
34
108*2 109
65*2
65%

26*4

*26

70

; 26*4

285

40*2

40*4

40*2

1,748

24%

24%

2434

126

16%

17

1,137

no par

Orpheum Circuit Inc

1

Plant (Thos G) pref
Reece Button-Hole

100
10

Root & V Dervoort CI A

no par

Shawmut SS

25

Jan

2

19

Mar

7
8

75

July

31% Apr

8

28'% Nov

11

6

31

Dec

130

Feb

Jan 26

90

Aug 24

3638 Jan
,

47*2 Nov
83
Sept

3

34% Mar 30
145

90

June 16

99

Jan 12

93

13% Aug 4
30*4 Sept 2
20
Sept 2

16

Jan

14

Jan

55

Jan

35

July

31% Jan
25*2 Apr

30

Dec

Feb 13

Aug 11

25
5

25

176% Jan 19
2

115

9

133

6434July

1

76

MarlO

24% July 1
39%Junel8

28

49

Jan

2

52*2
44

26

Feb 11

25*8

19

Mar 19

734

17

Feb 16

23*4 Apr

7

16

Aug 10;

44*2 Jan 26

Waltham

18

18

430

Walworth

100

Watch

Manufacturing. 20

Last Sale 60

Aug'20

Do

1st

Aug'20

Do

16% Aug

Aug
Mar

79

June 18

15

Feb

5,

66

Jan

21

37

Jan

6

70

9

38

J an

.50

Apr

2

59

May

100

pref

60

Feb

5

23

Feb 25

Wickwire Spencer Steel...

Jan

Oct
Jan
May

17

.100

2d pref

Jan

28

26

Mar

100

Jan

3

101

61

Warren Bros

Jan

Apr 13

Jan

23

654
445

18

Jan

15*2 Dec
32*2

4934 Apr

Aug

2334 Aug 24,
12% Feb 111

....

18%

Feb

July 26

Do
pref
25
Ventura Consol Oil Fields.
5
Waldorf System Inc.
10

25*2

Jan

67*4 Nov
60

53

8

23% Aug 20
24% Aug 10

8% Feb
90

Jan 20

63

Aug 10

82%May

584 Dec

138*2 Jan 21

8!

June

13

United Shoe Mach Corp

18%

99

57

Jan

101*2 Jan 10
8334Sept 3

6j

33

Union Twist Drill...

25*2

25

Apr

80*2 Feb
8*8 Apr

434 Mar 4
11
Aug 10

104

5

Torrington

19

23*2

Oct

28

45

9

100

Stewart Mfg Corp.
Swift & Co

26

25

23*2

3

May 25

28*4 Aug 14

Apr 14

Aug

no par

Simms Magneto

25

25

2

June

150

Pacific Mills..

Aug'20

~

Apr
Oct

60

120% Aug 18

Linotype... 100

Mexican Investment Inc.. 10
New England Telephone..100

Last Sale 59

24

10
10

100

Mergenthaler

Jan

39

138

Apr

1434June 19

6834 Feb

203

6

8

Feb 20

16

Massachusetts Gas Cos... 100

T.240

Jan
31*8 Dec

26

9*2 Apr 30

pref

1

Dec

4%

36*2 Jan

92% July 20

Theatres

Dec

6

42

10

Aug'20

13%

14%May 28
6*2 Mar 23
36*2 Jan 3
2838May 7

3

McElwain (W H) 1st pref. 100
Do

7

2% Dec

5

Aug 17

40

Last Sale 60

24

13

..100

Island Oil & Trans Corp..
7111 Libby, McNeill & Libby..

18

*60

23% Sept

no par

310

89*2

13%
30*4

Jan

3734 July 27

50

pref

60*2

*60*

10

Manufacturing

25
90, Greenfield Tap & Die
220| Internat Cement Corp.ra) par

Aug'20
27

7

88

10

Jan

Apr 23

157

103

1634

5

Aug 10

Eastern

18%

I

Feb 11

1% Aug

Jan

17*2

12% Apr 14
3% Jan 3

Connor (John T)__.......
East Boston Land.....

60

60

60

*60"

*60
*24

♦

*24

16%

19

*28

65

6

May 15

167

34
108*2 109

10

Bigheart Prod & Refg.-.i

894

27

*32*2

10

Feb
Dec

85% Apr 17

62

200

Last Sale 91

13%

*13*2
30*2
20*2

13%

*13*2

734 July 28

140

82

89*2

10

100

155]

27

par

Corporation.no

Chocolate..

100

"93% "94

Last Sale 23%

2634

Apr 20

Do
pref
Edison Electric Ilium

6*8
13*4

Last Sale 121%Aug'20
33
33*4
32%

89

38.

"""280

800

32%
•

16

17*4 Aug 13

61

*92*2

78*2

5

27

13*4

79

Jan 13
Jan

25

45%

93%
82

Apr 20

19

5

Jari

Apr
Dec

83

Eastern SS Lines Inc

"710

10*2

93*2

Atlas Tack

2*2

167

2

14% Aug 17
23% Sept 3

10

Dec

55c

3

95

20

1,150

"39

6*8

Art Metal Construe Inc

July

Sept

100% Mar 18

1%June 18
12% Apr23
334 Feb 14
2734 Feb 13

23*2

*44%

.

13*4

10*2

*92*2

*166

6*8

*5%
1234

94

10*2

10*2
94

25%

6*8

*38*4

38*2

38*4
*26

pref

Century Steel of Amer Inc. 10

19%

38*2

July 29
July 26

5

Do

Boston Mex Pet Trusteesno par

10

27

38*2

71

Telep & Teleg
Amoskeag Mfg

35

Aug'20

147

146%

*20

27

74

no par

pref

3,597

13

38*2

*24*2

Last Sale 66

145

.no par

Amer Pneumatic Service._

Beacon

2

30

*17*2

309

"4,755

9*2'

*1%

1334

*4

3034

""~70

23*4
23*2
Aug'20

24%'

Last Sale 8

9*s

16

*15

2

13*4

20

I

9*4
2*8

9*8

13*2

24

16

84
135

75
July'20

Last Sale 5*2

15

Apr 30

Anglo-Am Comml Corp.no par

75

73*2

9
.

13*4

*17*2

*65
*146

75

73

8

3

*4*4
30*2

31

75

73

24

2

13*4

5

*30*2

75

73

*734

9*4

*2

13*2

75

73

*2334

27:

2

74

75

8

9

9*8

2

75*2'

15

80

Engineering

Amer

9

98*4

*5*2

100

2,495

9

97%

8

9

Do

9

8

2i4Sept

Feb 10

5

7% Mar 15

Feb 24

5

42

97%

*8

Aug 11

1

650

97*2

9

3

50

1,250

2

9734

*8

...

10
25

3

97l2

8*2

Am Oil

3

*1%

2

9734;

24~

*734

2*4

2*4

*15

24

8

*2

*5*2

*15

2412

*734

*73

8

*5*2

6*2
16

8*2

97*2
75*2

334
2

Feb

Jan

31% July 21

Mining

*22

57%

57%
25

57

5734

*.25

57%

*.40

.75

*.50

.40

*.25
*22

25

*22

23

*234

*8%
*.04

.08

*.04

.05

9*2

*8%

8*2

*8%

8*2

*.05

.08

.05

.05

282

290

23*4

25

40
.3
10
8*2

*234

934

285

*.25

25

3*4

9*2

290

.40

Aug'20
57
58
*57*2
58*2
Last Sale .25
July'20

57

57

2234

23*4

282

*22

*234

281

23

*8%
284

10*2

*9*2

10

*9*2

10

10

10

34%

34

35

34*2

34%

34*2

34%

34*4

*4*8

4*4

4;

4*2

4*8

7%

4*2
7%

7

7*2

734

10*2

10*2

10%

10*2

10*4

234

*2%

2%

*2%

*3*2

4

234

*3*a

2%

.60
55
*77

26%
*3

.60

,

4

2%

2*2

.75

*.50

.75

56

56

56

78

*76

78

*76

79

*75*2

26%

*26%

27*2

3

3

3

*2*2

2%

27*4
*3
3%
nyu
1%
*2%
2%

3

*2*4

3

*2*4

—-

27*4

1%

*2*4

....

"3"
5%

434

3

5%

"~3~

3

5*2

5%
4

*334

*58

59

58*2

*334

*58

59

17

17

17

17

*3

4

*3

4

28

*26

85

"9*4 ~9*4

17*4

37*2.

43*2

15

1*4

40

15*4

3

*1*4

2

*3

3%

5%
3*4

*334

*1634

25

9% Aug 24
z3234 Aug 20

20

3

818

Copper Range Co
Daly-West
Davis-Daly Copper

760

East Butte Copper

10
Mln... 10

7

585

Fhanklin

7%
1034
2*2
*3*2
*2*4

.75

*.50

56

*3

3%

5

3%

1*4

1*4

.59

.59

134

1«4

4

434

59

59

17*4

16%

17

10

9*4
1O34

10

10

15%

16%

934
17

2,899

9*4

.75

*1%

1*2

1*2
22*2

22*2
*36

39

44

*37

44*2

14%
*1*4

1*2
2%

9*4
16

9*2

15*2
*.50

.75;

*1*4

1*2
22*4:

22*4

1*2
23

38

*38

41

44

*43*2

44

44

44

39

*37

39

38%

38*2

15

14%

15*4

1*8

1*8

15

1%,

14%

1*8

1*4

5

*4%
3%

4%
1*4
.58
2
7

*1

*.57

*1%
*6*2

484
4

23g

|
I

Aug'20
2

""266

24

197

41

41

44

44*2

*38

1*4
.58
2

7

434

4*2

3%

3%

3%

*1

*.55

*1%

3,395

.60

1,850

*1%

7
|
1*4

*6*2
1

1*4

1*8

1%

2%

*1%

23s

Last Sale 2

*.30

.50

*.30

.50

.25

.25

.25

•

.75

Bid and asked prioea.

1234

13

.75

13

♦.25'

13

.75

JEx-etoci dividend,




*

100

7

1*4

*.25

767

2

*6*2
1*8

6*2

j

300

*12%

1%
Aug'20

13

Last Sale .25

143

13
Aug'20

d Ex-dividend and rights,

Mar

14*4 Jan

434

Feb

16

8

Feb

9% Aug 19
50c Aug 11

Jan

3

Aug 18

1

Aug 17

4

60c Mar 26
Feb 13

3

1'8 July 10

2*2 Aug

3

2% Aug

3

1*4 Aug
2% Aug

7
9

484 July 20
3
Aug 18

Feb

50c

Mar

5

Jan

June 21

Jan

3

3

Mar 24

2*4 Jan
4% Apr
3% Jan

24

Feb 16

90

Jan

3

2

Jan 21

5

Jan

12*2 Jan

3

21*2 Apr20

1334 Aug
*2 Feb

2

80c

1*4 Aug

2

2

Jan

2*2 Feb
49*2 Feb
1434 Mar

8

15

Apr
Apr
Feb

2

July

25

2*8
4

Mar 27

7*2 Jan 8
May 12

Lake

Oct

3

29

79

Jan

7

2

Mar 12

Apr

3*2

Mar

1134 Jan
,7% Jan

May 20
July 10

Apr

78

24

99c

3

5

42

5

5% Jan

16

8*4 July 19
6

May

20c

21

5

4

5

3

Aug

1% May

84 Jan 14
5934 July 13

North Butte

Jan 27

6*2 May
8% Feb
5734 Mar

8*4

Jan

9

Feb

25c

Apr

75c

Mar

25

20

Aug 19

2% Jan 26
37*2 Jan 5

25

36

Aug

6

58

Jan

25
Mineral Land.. 25

43*2 Aug 24
35
Aug 18

65

Jan

52

Mar

58

Jan

40

Mar

Copper Corp...no par

12%May24
1
Aug 11

19

Jan

2

Jan

25

Ojibway Mining
Old Dominion Co
Osceola

Quincy
St Mary's
Seneca

5

5*4 Apr
6% Mar 31

5
5
100
....100

10

Shannon....

Superior

......

_

Superior & Boston Copper.

Utah-Apex Mining
Utah Consolidated
Utah Metal <fc Tunnel
Winona

Wolverine

Assessment paid,

25
5

25
10
25

10c MarlO
10c May 11
4

Aug

5

234 Aug 24
1*4 Aug 25

13

h Ex-righta.

40c

Jan
Jan

Jan 10

8c

Jan

7

4

Mar

6*8 Jan 29

1

Mar

25c
6

50c May 19

234 Jan 19
1«4 Jan 10

1%, Aug

3

*4 July 1

t

Mar

1*2 Mar

2% Apr 15

5
5
1
1
25
25
25

7

30*2 Mar
45

25

Trinity
Tuolumne Copper

Wyandotte
e

Mar

Aug 30

72

Victoria

""""9

.25

13

20

2,900

Mar

Aug 19

Nipissing, Mines

Jan
Mar

12*4 May

2

57

South Utah M & S

5
4*8
138

2

pref....

South Lake...

Aug'20

5
334
1*4

.55

*1%

.75

380

*1%

2*2
14

1,086

1*2
July'20

434
334
U'f

1%,

6*2

15*4

.57

1*4

I

10

*1*8

.55

1*4
.57
2

11

228

39

15

Do

350
12

25

New River Company

Nov

39

82

l

Feb

6

4% Mar

38

25
25

3

16*2 Jan

Apr 21

Idrla Quicksilver....

North

23%

Last Sale 2

*4*4

297

*13g

1*2

23*4]

*36

2%' *

*

934

16*4

Last Sale .50

.......

New Cornelia Copper

89*2

16

Michigan
Mohawk

*88

*.50

Mayflower-Old Colony

Jan

1034
20c

48% Jan

Aug 14

25

Mass Consol.

2

3

Jan

77

...

Jan

40% Jan 10

26

25
25
La Salle Copper
25
Mason Valley Mine.......
5
Copper

641

88

409

39

Lake Copper Co

315

"270

1

5

Kerr Lake

New

Sept

1
25

pref

Isle Royale Copper...

18

July'20

281

1

Island Creek Coal

60

88

*6%
1*8

*.25

60

88

♦1%

*.25

1,369

4

59*2
17*4

Last Sale 5

25
25

...

160

*86

15

*13

3*2
6*2

5%

59

25

Consolidated
..........

Keweenaw

""166

Aug'20

1*4

*13

495

25

Indiana Mining
Do

'""227

Aug'20

*3

2*2

"l3~

3

2*2

1*4

7

28

Last Sale 1*4

*1*2

*6*2

747

85

15

*1

50

.75

85

39

*1^

Helvetia

Copper..

25

Hancock

650

85

*37

*.55

100

2'4

29

22

3%

4

*28

40

*4

2%

3*4
Aug'20

3

2%

Last Sale .15

*4%

7%
11

Aug'20

27%

Last Sale

657

430

55

55

27*4
3%

20

10

35*2
4*4

4*8

*3

17^*4

Centennial..

*9*4
35

Last Sale 1*2

*2%

*2*2

5*2

17% Feb 13

28

22

*1*4
1*4
2% *—-

234

334

1

28

*36*2

43*2

ih

*2%

59

25

Carson Hill Gold

22*4

28

.75

43*2

*m

534
434
58*2

Calumet & Hecla

Last Sale 78

26%
*3

3

66

2,075

285

28

*3

9%
16*2

37

78

27*4

7
5

10% Apr 27

27*2

16%

*36

55

4*2 Apr
1584 Jan
40c

4

*.50

*1*4

*.50

7

9

3c July 19

4*2
234

.75

Jan

5

6% Mar 18

2*2

56

42

Aug

10

*3

.75
2

2%

*2%

32*2 Dec

Aug 12

884 Aug

5

10

7%

*3%

2

62*2 Mar
10c
Apr

Butte-Balaklava

10*2

4*2
2*4

20

25

Arizona Commercial

3

6

Bingham Mines..

934

2%

25

Arcadian Consolidated

Jan

% Jan

50

4*4

7*2

Allouez

134 Feb 27
77

9

25

2134

35

10%

25c June

.05

4

16*4

22

7*2
10*4

50

56

25

1,205

28

16*8

9*4

27*4

9*4

"*294

3

27*2

*.50

*1*2

.*50

56

*1%
*2%

22

2*4

56

234

*27

7*2

56

*2*2

534

*3*2

4

2%

*1%

*334

10*8
2%

2*8

3*4
1%

*2*2

*4

734
10*2
3

*.50

4

*2

4*2

Aug 10
Aug 2

25

10*4
8*4

285

22

34*2

40c

25

8*4

285

21

Consolidated..

Ahmeek

Algomab Mining..

320

*.04

.05

23*4

25

*234
10%

8*2

23%
*9*2

*4

3

10*4

*.04

22*2

24

24

934

286

22*4

Adventure

Last Sale .50

*934
*8%

*234

290

.75

*.40

3*4
9*2
8*2

234
9*2

2^4
9%

.80

57*2

Jan

23

1*4
71c

Jan

Dec
Dec

134 May
7*2

Jan

Aug 11

3% Jan

5

1*4

Jan

1*2 Aug 26
25c Sept 1

3*2 Jan

8

1*4 Mar

2

7

June26

6
95c

12

Aug

Ex-dividend,

9

934 Feb 20

23

Jan

Jan 10

l%Mar 22

w Half-paid.

50c

Jan

15

Mar

40c

Mar

Highest

976

THE CHRONICLE

[Vol. 111.
Friday

Outside Stock

Last

Stocks (Concluded)

•

■

.

Sept. 3, both inclusive:
'•

1

Friday
Last

Sale.
Bonds—

Price.

Range

of Prices.
Low.

Phi la Insul Wire

no

par

50

Low.

89.64 90.02
84.14 84.60

$7,150

89.04May

100.00

Jan

700

82.04 May

92.34

Jan

84.74 85.60

17.600

82.14 May

93.80

Jan

2d Lib l'n 4%s.. 1927-42
3d Lib Loan 4%s
1928

84.04 85.24

37,800

81.60 May

92.98

Jan

87.44 88.48

53,000

86.00 May

94.96

Jan

84.54 85.44

75,000

43,450

75%

Atch Top & 8 Fe 48... 1995
Atl g <fc w i 88 l 5a..1959

74%
69

75%
74%

81.74May

92.98

94.84 May

99.30

2,000

72%

81

2,000

70% June

Apr

Jan

Jan

81%

Jan

69

69

Aug

81

Jan

104

100

Feb

1.50

Jan

75

1,000
13,300
3,000

68

104

1940

4s_.

62

3,000

60

July
May

84%

62

75

May

93% July

99%

104

93%

13

44

50

Devel

74

Union

l%k

Traction

'24%

50

United Cos of n j
Preferred

u s Steel Corporation-.100
York Railways
50

Jan

Mar

76

Jan

Lehigh Valley coll 6s.. 1928

79

79

83 %
78

83

83%

77%

78

2,000

77

9,000

75

Feb

,4,000

82

May

93%

Jan

77

June

84

Jan

85

Mar

80

May

Victory 4%s

1922-23

Small.

at

Chicago Stock Exchange Aug. 28 to Sept. 3, both inclusive,

-Briscoe,

for
Week.

"57"

Chic Elev Ry pref
100
Commonwealth Edison. 100

Cudahy Pack Co,

com.

100

Elder

Corporation

78

100
100

Match

(*)

93%
106%

10

13

Llbby, McNeill & Libby.10
Lindsay Light.........10

Biscuit

6%

jo

"l6%

(Albert) & Co
(*)
Plggly Wiggly Stores Inc(*)
Quaker Oats Co, pref..100
Republic

10

Truck

Aug

94

25

91

Aug

45

55

40

Aug

58

27%
14%

575

26

Aug

75

11

585

14%
9%

Feb

Sent

24%

57

75

54

July

60

80

3

May

50

100%

Aug

8%

Aug

14%
9%
57

70

75

600

78

80

93%

93%

30

106 %

200

106

385

1

Gen consol 4s

70

51,100
5,000

71

400

52

51%

52

31,000

96%

96

96%

70

69

3
3

2003

Pennsyl rr 10-yr 7s.. 1930
Peoples
ass tr ctfs 4s. 1943

33

85

110%
17%
95%

17%

Feb

Jan

Feb

13%

125%
36%

Apr

50

Indep Brewing com

Lone Star Gas

25

31

50

60

700

106%
9%

July

Aug

Marland Petroleum.._—5

Aug

107%

Jan

Jan

15%

25

July

35

Mar

28%

Aug

41

Feb

25

39

Aug

50%

Jan

1,080

32

Aug

43

Aug

87%

July

98%

21

May

28

Jan

Mar

...50

Preferred

Middle States Oil

10

Oklahoma Prod & Ref

243

Apr

Feb

90

Apr
Jan

Pittsb Oil & Gas

30%

33

9,180
1,990

Apr

Pittsb Plate Glass

100

27%
103%
28%
39%

Aug
Aug

Mar

U S Steel Corp com

Apr

52%
74%
42

20

63%
36%
28%

3,705

Feb

31

Jan

4s, Series "b"

96%

Cudahy Pack 1st m

5s '46
Metrop w s Elev 1st 4s '38
Swift & Co 1st s f g 5s. 1944

Aug

75

Sept

Aug

45

Apr

2

1,225

Jan

1%
3%

Jan

260

1% May
3% June

3%

3%

5

Jan

4

190

3%

Aug

11%
4%

Jan

3

10

3

June

300

300

30

300

June

300

27

450

39

Jan

15%

130

25% June
14% June

17

Apr

90

90

119

Feb

65
200

2%

200

8

Jan

2,950

1%

Jan

5%
15%
2%

28

31%

3,233

25

June

45%

Jan

55%

60

1,241

48%

July

61%
6%
38%

Jan

4%
12

2%

7,851

6

12

800

_

^m

11%

11

Aug

84%

Aug

92

July
Aug

24%

40

21

Aug

152

44

50

30%

Feb

1,505

29%

July

300

4

3%

Sept

July

25c

Aug

53c

Apr

Apr
Apr

Jan
Feb

Apr
Apr
Mar

Apr
Mar
Jan

Apr
Jan

8c

155

1,000

4c

40c

12%

3,500

30c

13%

930

11

May

18

Mar

531

149

Aug

172

Apr

168
5c

500

11%

50

5c

11%

*:

7c

37%
130

84%
103%

107%
118%

200

48

70

Aug
Aug

117% June

50

89%
105%

47%

4c

V 9%

55

120

89%
105

Aug

9%
19%
34%
55%
52%
10%
18%

5%
11

30%

120

-

May

320

8c

„

July

13%

49

3%

4

100

4%
12

11%
24%

36c

_

Aug

2

1%

45

168

90

Mar

June

10

2%

1,230

West Penn TrW&P com 100

56

70

320

Aug
Aug

45% May
65% July

55

Jan

Jan

Jan
Jan
Jan
Jan
Jan

Jan

May
Mar

Aug

40

45

100

Aug

116

315

15

Aug

4%

580

Aug

23%
4%

Jan
Jan

Aug

8%

36

100

8%

Jan

7%

79

15%

Jan
Mar

Baltimore Stock Exchange.—Record of transactions at

Baltimore

Stock Exchange, Aug. 28

to

77%

96%

$3,000

July

96%

57%

57%

2,000

57

May

70

Mar

35

31

May

36

July

Last

Week's Range

for

77%

77%

7,000
9,000

77

Aug

87

Feb

Sale.

of Prices.

Sept. 3, both in¬

Week.

77

Sept

86%

Feb

45

June

49

Feb

92%

Jan

77

"83"

77

1,000

46

g

46

82%

83%

1,000
12,000

95%

82%

Aug

Aug

Par.

Stocks-

100
--1

Sales

Par.

Alliance Insurance

for

Salt.

Stocks-

Week's Range

of Prices.

Week.

Price.

Stores

High.

Shares.

High.

Keystone Telephone
Preferred
Lake Superior Corp

Preferred b
Consol g, e l &

Aug

11

Jan

40%

40

39

July

46

Jan

22

22

84

20

June

25

Jan

96

95%

96

85%

83

85%

Pow.100
100

Coal

22

5

4

Davison Chemical..no par

35

447

193
745

•

103%

3% May
32%
Feb
67% May

4%
44%

35

55

71

10

15%

15%

3

14%

30

30

9

30

19

19%

91

19

23

Jan

33

239

31

Apr

56%

Feb

Northern

27

30

50

27

Aug

64%

Jan

44

Pennsyl Wat & Power..100

45%

990

37%

Feb

46%

Mar

United Ry & Elec..

90%

90%

39

90

July

93

Feb

Wash Bait & Annap

70

70

20

60

Jan

70

38

2

35

119% 128
29
27%

3,772

89

Jan

Jan
May

Jan
Apr

Feb

93%
17%

Jan

Aug

70

Jan

95

Jan

Sept

38

9%

95% Feb
74% June

34%

par

"45%
70

c.100
50

127%

10

9

50
50

30

100

12

50

59

11

9%
30

12%

Sept

100

67

68

116

66

Aug

62

62

150

60

July

81%

82%

375

74

Feb

84%

11%

12

155

11

Feb

15

Jan

50

Preferred vtr

16

16

225

13

May

20%

Jan

$1,000

80

50

Central

82%

50

June

40

Feb

Feb

141

Jan

Bait Sparrows

80

37%

Jan

p&c 4%s '53
1927

80

Aug

Chicago Ry 1st 5s

58

58

101

8%

Aug

13

Jan

Consol g, el&p 5% notes

94

23,000

Mar

35

Feb

6% notes

93

94%
93%

Aug

22

Mar

7% notes

97%

June

45

2,020

30

9%

58

59

134

57

65

Mar

Cosden & Co conv s f__

47%

788

40% May

47%

Sept

200

37%

51%

Jan

Pennsy w & p 5s

....50

41%

41%

15

40

May

50

Jan

Sav Fla & w 1st 6s.-.1934

100

61%

61%

13

60

Feb

65

66

Aug

61%

Sept

91

64

July

76

39%

39%

80

39%

Sept

43%

Jan

50

41%

42%

2,981

37%

July

43%

Mar

Philadelphia Co (Pitts)..50
Pref (cumulative 6%).50

34%

34%

50

31%

Aug

42%

Jan

31

31%

10

29% May

36%

Jan




Jan

Jan

United e l & p 4%s.

—

90%

1940

June

83

Mar

56% May
92% June

70

Jan

2,000

93

96

97%

1,000

96% July

90

90%

63,000

83

May

90

9,000

89

May

79%

Elkhorn Coal Corp 6s. 1925

39%

65

Jan

Mar

90

—

39%

50

70

Bonds—

99

27%

44%

Pa Cent Lt & p pref

.

486

50

Pennsyl Salt Mfg

4

71

50

o Eisenlohr & Bros

4

ctfs. 100
Monon Vail Trac pref—25

Lehigh Valley
Minehill&sh

Jan

Aug

Midvale Steel & Ord

Navigation

3.40

5%

7%

Houston Oil pref tr

Low.

Jan
Sept

70

31

Elec Storage Battery... 100
Insurance Co of n a

1.05June

Apr

2%
70

400

19

90%
v t

1,450

Jan
Jan

7%

32

First preferred

Cambria Iron

1.30

1%
53

4%

5%

10

100
no

70

High.

Feb

7%
40%

100

Gas

American Rys pref

20

70

Low.

2%

Mt v-Wood Mills vtr. 100

Low.

Range since Jan. 1.

1.30

300

"3%
1%

5%

25
25

Credit

Cosden & Co pref

Last

1.30

Range since Jan. 1.

Shares

10

Preferred

Consolidation

Friday

1%
65

High.

10

Cent Teresa Sugar

Commercial

Low.

3%

pf.100

Celestine Oil

Philadelphia Stock Exchange, Aug. 28 to Sept. 3, both
inclusive, compiled from official sales lists:

Price.

10

Atlantic Petroleum

Boston Sand & Grav

at

Sales

Friday

Baltimore Brick

Philadelphia Stock Exchange—Record of transactions

Pennsylvania...

35

12%

West Penn Rys pref—100

July

(*) No par value.

Lehigh

100

35

1927

Commonw Edison 5s. 1943

Susq Corp

36

Ape

clusive, compiled from official sales lists:

Chicago Railways 5s..1927

Buff &

Apr

85%

West'house Air Brake.__50
West'house El&Mfg com 50

Mar

15%

4%

Transcont'l Oil

Apr

Bonds—
Armour & Co deb 7s.. 1930

American

47

11

100

Aug

101

Aug

85%

13"

(no par)
100

Aug

200

1

Union Natural Gas

25%

350

San Toy Mining

Jan
Mar

54%
14%

450

Jan

55
49

170

75

15%
4%

128

Aug
Aug

12,745

49%
34%

31%

36

11

100

101

240

85%

Pittsb-Jerome Copper
1
Pittsb & Mt Shasta Copp. 1

26%
50%

75

American

4

Pittsb Brewing pref
50
Pittsburgh Coal pref... 100

Aug

29%

Wrigley Jr rights

30%

5

Aug

49

33%

~~50"

Ohio Fuel Supply
..25
Oklahoma Natural Gas..25

12

30%

40

5%

13%

1

Ohio Fuel Oil.

61

United Paper Bd, com. 100
Preferred
100

'15%

......

50

Preferred

200

Wahl

20

4%

Nat FireproofIng com—50

340

60

Jan

37%

10

"~1%

1

Kay County Gas

12

20

(*)

2%

Mfrs Light & Heat

27

45

15

Jan

66%

Aug

90"

Apr

20

9%

Harb-Walk Refr com.. 100

44

63%

5,873

Habirshaw El Cable (no par)

45%

27

11%

3

Aug

20

10%

Apr

July

July

135

18% May
32

64%
16%

Aug

23%
9%

High.
Feb

July

13

Aug

Low.
50

9%

14% Sept
11%

10

107 %

26%

Feb

62%

20

27

Aug

66%

Aug

540

~300"

14

50

Jan

97%

Sept. 3, both in¬

Shares.

10

Guffey-Gillespie Oil (no par)

25

5,715

76

111%

109

Fidelity Title & Trust.. 100

163

37

Jan

Apr
Aug

4

~3%

..5

128

550

62%

Apr

61

130

(Montg) & Co, pf 100

Preferred

14

88

93

82%
54%

Range since Jan. 1.

High.

May

Aug

439

When issued

Carbo-Hydrogen Co com .5

29

530

Aug

Jan

36

25

B

22

1,390

Low.

10

Corp class A..25

12

t c..50

62%

Class

139% 142
71
70%

Western Knitting Mills. (*)

Rolling Mills com.25

Jan

108

Jan

Ward

Amer

Aug

2,054

June

97%

Mar

Sa'es

for

Price.

40

Jan

Co

Par.

Barnsdall

52%

v

Stocks—

May

United Iron Wks

July

Jan

102%
72%

Week.

Feb

8%

52

Thompson (j r), com...25

79%

5,000

of Prices.

5

Union Carbide & Carbon 10

Feb

Week's Range

11

107% 110
30
29%
41%
42%

72

Last

11%

Aug

29%

Aug

Sale.

Arkansas Nat Gas com. .10

Sept

15

53

1,000

Friday

"ill"

28

100

July

Pittsburgh Stock Exchange Aug. 28 to
clusive, compiled from official sales lists:

Amer Vitrified Prod com 50

30

"a"_(*)

103

65

Amer Wind Glass Mach 100

100

Temtor Prod c&f

Apr

5,000

Apr

100

33

Jan

100%

19,000

10,000

July

28

110

30

97%

Mar

30

Stewart-Warner Sp.comlOO

30

Aug

Jan

Mar

28

Swift & Company
Swift International

Aug

3

97%

Jan

30

140

June

3

400

United Rys Invest 5s. 1926

Mar

(*)

Sears, Roebuck, com.. 100
Shaw (w w), com..__.(*)

59

11,000

3

Apr

Mar

Root & Van Dervoort__(*)

Standard Gas & Electric.50

6,000

3

Aug

243

22%

70

.54%

320

33

Jan

72

Consolidated Ice com—50

7,000

22

Jan

65

9,000

51% Sept
92% June

18,000

Mar

105% June
23% Sept

13%
6%

33

82%
82

20,000

Carnegie Lead & Zinc....5

785

88

"~22%

Sept
May

80%
54%
65%.

80%
80%

Jan

69

80%

Feb

275

107%
10%
10%
27
25%
29% 32
39%

94.70 May

54%
65%

Feb

14%
15%

14

Jan

71

102% 102%

1997

101

44

12

Mar

80%

4s__

gen

102

100

6%

12

32

80%

Reading

Aug

200

12%

Jan

Jan

53

Aug

53

15

108%

Aug

8%
29

53

77

23%

•

10

Natl Properties 4-6s._1946
Small
..1946

93%

23%

107

Pick

Motor

July

15

25
14

Orpheum Circuit, Inc
1
Peoples g l & Coke... 100

Reo

90%

1,798

12

100

National Leather

July

1,345

16

14%

"1-5%

Mid West Utilities, com 100
Preferred
100
Mitchell Motor Co..___(*)
National

68

93%

52

......

Godschaux Sugar, com.(*)
Holland-American Sugar 10

Hupp Motor

70

91%
15%

4%
4%
100% 100%
8%
8%

.10

Deere & Co, pref..

High.

43%

Case fj i)

Diamond

Low.

26

Cal & C Can & Dock Co..

Motors

Shares.

94

14%

Continental

Range since Jan. 1.

70

10

500

Aug

Jan

Pittsburgh Stock Exchange.—Record of transactions at

Sales

of Prices.

.4*)

common

Bun to Bros

10

30

84%

u s Rubber 7%s

transactions

compiled from official sales lists:

(*)

180

.

71

2007

Phila Electric 1st 5s... 1966

100

89%

69

Amer Gas & Elec 5s.. .2007

St l San Fran inc 6s

Board

June

Jan

69%

Preferred

50

99.34

73%

Beaver

June

95.32 95.54

73%

93%
15%

50

Jan

73%

15

1

Jan

Elec & Peo tr ctfs 4s.. 1945

100

Jan

50

Jan

Jan

Jan

pref

57

92.88

83%

Armour & Co

185

July

82.30 May

Sept

American Radiator.... 100

37

July

40

31,600

72

Armour Leather

July

163

84.80 85.38

2,000
27,000

High.

23

25

5,668

4th Lib

72

Low.

672

41

91.90

72

Week's Range

Feb

94.60

4%s_
1931
Miss River Power 5s__1951
n e Telephone 5s.... 1932

Last

Apr

2%

100.00

Mar

Price.

3 1-16 Jan

Aug

86.40May

Jan
Sept

Par.

45

Aug

1

s9.96 Sept
84.20 May

80

Stocks—

Mar

33%
1%

10,750

91%

Sale.

Apr

19,000

July

Stock Exchange.—Record of

94%

$1,000

Sept

Friday

Feb

8.996 89.96

80

Chicago

65

87.64 88.36

80

2,000

Mar

84.50 85.10

4%s...l928
l'n 4%s. 1933-38

7,000

1932

Jan

29

3d Lib Loan

•5,000
5,000

_

63

Sept

166

10

u s Lib Loan 3 %s. 1932-47
2d Lib l'n 4%s__ 1927-42

95

Western Tel & Tel 5s.

June

Bonds—

80%

Aug

Jan

50

40

30

50

80

78

Sept

88%

50

Preferred

25

Jan

51%
28

27%

1,300

24%

High.

25%

50

"45%

50

80%

78

2,250

1%

164%

100

United Gas Impt._

80

1944

100

2

1

95

1934

44

1%
1%

1

Gt Nor-c b & q 4s... 1921

Swift & Co 1st 5s

50

50

93%

...50

kc4 Mem Ry & b 5s 1929
Mass Gaa 4%s.........1929

New River 5a

i

Low.

20% May
50% July
12% July

Mar

•75

Carson Hill Gold 7s... 1923
Chic June & u 8 y 5s. 1940

50

302

110

Tono-Belmont

High.

u s Lib Loan 3 Hs. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib l'n 4 %s_ 1932-47

95.04 95.64

6,923

27%

Tonopah Mining

1922-23

50

15

27%

First preferred

Week.

Victory 4%s

14%

21%

Reading

Range since Jan. 1.

High.

Am Tel & Tel coll 4s. .1929

14%

22%
51%

1,255

61

21%

Philadelphia Traction.-.50

for

4th Lib l'n 4 %s_ 1933-38

Range since Jan. 1.

for
Week.
Shares.

Phila & Western pref...50

Sales
Week's

25

Phila Rapid Transit

j

of Prices.
Low.
High.

Price.

Par.

Phila Electric of Pa

Week's Range

Sale.

Exchanges

Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange Aug. 28 to

Sales

79%

3,000

76%

Aug

3,000

98

Aug

100

Aug

2,000

78%

Aug

85

Apr

100

78%

100

78%

1,000

June

95

100%
93%

95%
86%

Jan
Jan
Jan

Apr
Jan

Jan

1929
1949

62%

61%

62%

18,000

55

May

69

Jan

Income 4s

1949

46%

45

46%

24,000

42

Mar

1936

59%

59%

1,000

56

Mar

48%
62%

Jan

Funding 5s

1936

59%

60

700

56

Mar

63

Jan

88

88

2,000

85% May

91

Feb

United Ry & e 4s

do

small

6% notes

.

Jan

Sept. 4

THE CHRONICLE

1920.]

New York "Curb" Market.—Below

we

give

a

record of

the transactions in the outside security market from
to

Sept. 3, both inclusive.

It

Allen

Par.

transactions

to

that

no

the "Curb"

on

as

such reliability
to those on the

attache*
regularlj

organized stock exchanges.
the

1

Arcadia Oil.r..
Arkansas Nat Gas.r.

New

members of the

give it for what it

may

Friday

Stocks—
Indus
Acme

Par.

;

Week's Range

for

of Prices.

Week.

Price.

Low.

Shares.

High.

Low.

12

1,300

9

Aug

45

72M

500

71

Aug

90

Apr

15K

6,500

15

Aug

16 K

Aug

13

9K

9

9K

1,800

8K

Aug

2k
2k

2

2K

20,40)

IK

Aug

7H

Jan

IK

2K

IK

Apr

Oil.r__l

1H

1 1-16

IK

2,050
29,500
6,500

H

Apr

3K
IK

Mar

5

Boston-Wyoming

Carlb Syndicate new.r

Coal.r

2X

2

2k

19,400

10k

300
400

lk

Gushing Petr Corp

Aug

Aug

X

K
IK
6K

K

July

21,800

K

Aug

IK

Aug

6K

500

5K

Aug

39 K

Jan

~_9 K

8K

9K

20,000

6K

Aug

1

l

IK

11,600

1

fcMay

11K
7K

Mar
Feb

K

K

Juiy

K

Mar

2K

2,700
5,500

2

May

4 M

Jan

29 K

800

26

Aug

60K

Jan

2K

9,100

IK May

3K

Jan

lk

Basin Petrol.r

5

Engineers Petrol Co.r.__l
Esmeralda Oil A Gas_ r

.

K

5

com r

1-16

"~2~K

10

2X

9

7-16 May

IK

4,500

3-16 May

1 k

33K

3,100

27

_„25

Oil.r.(no

Maracalbo Oil

10

145*

Oil.r

American

Oil.r...6

""2H

Omar Oil & Gas

July

Aug
Feb

49

20

40

Jan

Pennok Oil.r

100

Aug

97

July

39

400

36

Aug

68

Apr

62 K

65

620

58

July

69

July
Sept

Am

8

8

200

5

18

200

15

94k

200

Automatic Fuel S.r

100

Co com.r

47

52

97 K

96 K

98k

475

94

83

84 K

285

80

25

200

25

Aug

(t)

7

12k

12K

500

22

22

23 K

500

Brit-Am Tob Ord bear ..£1
Brit Empire Steel, com 100

-100
....100

7% preferred
Bucyrus Co.r

Carburetor.r

2,400

IK

Aug
Aug

73K
85 K

61

June

Slmms Petroleum r(no par)

13 X

11K

14

July

Sinclair Con Oil,

84 K

600

80

July

9K

9K

4,500

9

Feb

68

Mar

Spencer Petrol Corp
10
Superior Oil.r
(no par)

July

Texas-Ranger Prod & Ref 1
Texon Oil A Land.r
1

July

Tropical Oil Corp.r

25

June

United Tex Petrol.r

12

Aug

28 k

18

Aug

39

Jan
Jan

5K

4K

Aug

10

8,300

3K

June

14 k

July

2,100

29 K

Aug

44 K

Jan

200

18

Aug

29

Jan

9

900

Aug

14

Jan

Arizona Globe

8k

lk

12,000

40 K

800

31

54k

400

50

K

IK

Aug
Aug

50

Aug

60

July
Jan

July

4k

3,300

4K

Sept

5K

Aug

48 k

54 K

15,200

40 K

Aug

130

53

63

53

Sept

60

100

9

9

3,900

9

1
1

2

2k

3,900

1

24 K

4K

i

3K

9,000

25 k

2K
24

6,000

K

May

♦2 k

Jan

IK

IK

IK

3.400

Aug

9K

Jan

K

K

1,000

K

May

IK

Jan

20 K

4,700

3K

1,000

18K

X

K

15-16

6,700

...5

"20K

3K

1,900

4k

500

Jan
34
2 k July
Jan 2 13-16 July

1

14 K

3k

Mar

33

Apr

7k

Aug

Mar

Mining Stocks—
Metals..!

15-16

1

1

Mines.r

1
10c

Belcher Extension

K

10c

Big Ledge Copper Co

1

Sllver.r

X
7Kc

1
5

.

2K
3K

o

89,000

58c

Mar

92c

Aug

18,400

17c

Aug

420

5*

K

J*

5-16
7Kc

7c

Sept

IK

Aug

10

Mar

62 o

60c

62c

40

Jan

Cortez

Jan

Cressou Con Gold M & M. 1

Aug

20

Jan

...1

"30c"

Feb

17

Jan

El Salvador Silver Mln.r.l

1 %

IK

15*

Apr

Emma

6

5

6

Apr

Eureka Croesus Mln.r.-.l

%

...1

1 5-16

lk

_.l

com.r.

IK

300

10 K

41

1,900

37

400

6

50

45

45

par)
Nat Flreproofing com.r.50

12

12 K

100

July
Jan

Goldfleld

Apr

Goldfleld Merger.r

400

13K

Sept

20 X

Apr

Gold

400

10

Aug

18

Jan

Great Bend.r—

10K

25 K

10

1K

-

Jan

May

500

30

Sept

65k

31k

Roy de FrarceTollet Pro-' 5

4

..15

r

13k

11

K

30k
178

Todd Shipyards Corp.r. (t)
v t c__5
Union Carb A Carbon r (t)

"64 "

United Profit Sharing..25c

IK

17,400

10

lk

8,500

30 K

500

185

5-16

Triangle Film Corp

1,600

4

5

.5-16

85
500

64 K

63

IK

1,300

IK

8,400

5<1

J nn

Apr

Motherlode.r

Jan

Motherlode

old

Jan

New Jersey

Zlnc.r

Jan

58 K

11

12K

8,700
900

27

2K

4.300

Warren Bros.r

100

Wayne Coal.

2

2K

59

59

678

1

100

K
78

52

K

3K

16K

First

preferred.r
100
Second preferred. r.. 100

Rex Consolidated

4H

Jan

June

3K

16,500

2K

16K

16K

400

13K

Aug

72K

500

70

Aug

55k

300

50

July

85

44

150

43

Aug

70

July

100

July

Aug

20

Apr

5k
26 k
100

Roper Group Mining

Jan

Silver King Divide, r

Jan

Cone'd.
Simon Silver A Lead

Julv

Sutherland Divide.r

Pick

Silver

Success

87

Nat City Bank.r
11

New Jersey Zlnc.r

88

300

11

11K

500

11

Ohio Oil.r
South Penn Oil.r

.25
100

Standard Oil of N Y.r.100
Union Tank Car.r.,

100




21

21

22

1,700

19

May

31

Jan

94

£1

Buckeye Pipe Line.r

94

94

10

85

June

100

Jan

320

300

" 319

30

273

388

Jan

320

372

20

260

Aug
Aug

372

Sept

365

388

205

343

Aug

480

May

10

101

Feb

128

120

120

Jan

Mining

4K
7-16

Aug

Aug

27c

Feb
Job

4-

July

12c

Mar

July

15c

Jan

Aug

15c

Kc
4c

7-16

K

10,800

K

Jan

k

9,500

1-1«

May

200

24 K

27K

14c

19c

16,767

10c

June

55c

5,000

48c

June

6c

1,050

56c

1,000

5Kc
176

280

184

9K

10

5*

K

5-16

5c

6c

4KcMar
56c

4c

3c

4c

7c

5Kc

7c

1

IK

X

3-16
5*
4Kc
2Kc
4c
IK 1 1.5-16

4c

1 11-16 IK

1,530

6c

6c

9Kc

8c

10c

5

IK

10c
10c

lKc

..!

3Kc

8c

IK 1 5-16
lKc lKc
7Kc 8Kc
3c

4c

5,270
11,000
27,000
15,300

Jan
Jan

Hkcvtay
Aug

Apr

300

JaD
Feb

1 3-16 Jan

12c

Jan

K

Jan

June

IK

Aug

12

Apr

1 KcJuly
2c

Jan

K

Aug
3-16 Jan

2,900

6,150

65c

58c

IK

H

19

Jan

14c

Jan

30c

Mar

1 9-16 June

K

Jan

Jan

7c

Jan

KcJune

7c

Jan

3K

Jan

4K

Jan

3c

13,700

26,100

Jan

Apr

12 K

Aug

Jan

Jan

1-16 Mar

17,300

IK

IK
2K
6Kc

39
32c

Aug

5c

15,300
19,300
1,910

1,985

K
97c

k May
K Aug

8K

3,200
8,000

14K

Aug

Sept

176

2,800
2,600

2,400
7,000

4c

Aug

27

15*
16

3Kc

Feb

10c

21,100

1-16

20

15,500
8,500
20,100

2K

Wllbert

Aug

Sept

19,300

2 13-16

/White Caps Exten
White Caps Mining

2K

IK

1

Feb

15 K

3-16

5-16

1

End Consol'd

Mar

15c

Mining.. 1
U S Continental Mines.r.l
Victory Dlvlde.r
10c
West

Mar

4K

200

1-16

16

Jan

4Kc

3-16

IK
IK

Eastern

40c

13c

1 7-16

United

Subsidiaries

1
...1
1

June

Kc July
15-16 Jan

1,100
5,000

1-16

Tonopah Belmont Dev._.l 1 15-16
IK
Tonopah Divide.r
1
IK
Tonopah Extension
1
Tonopah Mining _r

Former Standard Oil

Angl<»-Amer Oil.r

Mining

1
r-_.l
1

Jan

lie

K
6c

1-16

Seneca Copp Corp (no par)

Jan

Feb

4c

61,700
4,000
6,585

9-16

1

Standard Silver-Lead

85

mx
9K

S

St Croix Silver

16c

34c

56c

Min...l

Jan

Rights
Bliss (E W), com.r..

100

Nlplsslng

Jan

Aug

Aug

lKc

55c

"Die

1

Jan

May
Aug

2K

1

Jan

80

16c

McKinley Darragh Sav._l

Feb

July

~27K

Jan
Jan

2".

24c

3K

2k

Kc

15,000

4K
15K

2H
15c

5c

Kc

July
May

3-16

—.1

3K

43

...5

Willys Corp.com.r.(no par)

.

8c

Kc

2c

K

19

55 K

_

June

7,000
1,500
16,600
29,400

10c

40k

72

_

K
K

K

5Kc
2c

May

3k

K
10c

lKc

Mines
5
Ophlr Silver Mines.r.— 1
Prince Consol
.2

Aug

IK

32,300

Aug
Aug

9

30 K

2K

,

K
8Kc

7c

Jan

1

30

•

r.

230

IK

10

Mining,

Marsh

Feb

Jan

1 15-10 Apr

9Kc

5

Magma Copper..

Aug

5-16 Aug

12

U 8 Steamship

Mar

Louisiana Consol

Mar

Feb

MacNamara Mining.r...l

28 K
151

30k

IK

19

Aug
Aug

JllDP

Aug

Tool(t)

Candy.r.(t)

Jan

7

Knox Divide.r...

K

U S Light A Fit com.r..10

U S High Sp Steel A

4K

Mar

9-16

4Kc

Kewanus.r.....—

45

Mav

3K
16

31,050

1

6

Sept

IK

1 15-16 Jan

IK

5c

Aug

36 K

30

IK
30k

X
14Kc

Jan

IK
K

10e

Jan

IK

1,600

Jnly
July

July

1 15-10 Jon

4K

10c

July

lK
5

3,100

Jan

2K

Aug

155*
3K

3K

Blossom.r

19

54,100

Sept

3-16

15 J*

Butler.r

K

K

.5-16

~~4X

7,700

5

13K

Jim

Iron

32c

62c

20,600
20,500

15,500
63,000

Synd.r(t)

2,800

30

c_.(t)

Jan

Jan

25c

.25c

lk

Root A Vandev't com.. 100

t

5k
3

31c

...1
...

3k
38

«

Aug
lk
IK June

Jan

IK

lc

Kc

1

r

5c

1

Jumbo Extension

36K

Submarine Boat

37

7K June

Divide

Honduras-Arner
Howe Sound Co

Aug

4,600

38

Sweets Co of Amer.r__.10

July

Aug

13,200

IK

17

Aug

3K
24 K

IK

2K

5

r

10

Zone

10c

10c

Devel.r

Hecla Mining

5,800

2K

25

Reynolds (R J) Tob B

200

12

2,600

IK

2K

Republic Rubber.r (no par)

27

2

1 7-16

Radio Corp of Amer.r..(f)

Preferred.r

6k

6

6K

Pulp A Paper..(t)

Orpheum Circuit com.r-.1
Perfection TAR.r

8

8

Nat Mot Car A Veh.r.(t)

X

10

r

10

14

-

"A

Goldfleld Consol'd

39

10K

~

1

Golden Gate Explofn.r.lO

47

13K

•

Forty-nine Mining.r

Jan

Aug

10

»

Jan

35

Sept

500

-«.

Apr

53

Eureka Holly.r

May

6

r

Aug

32

5k

1,000

5k

..50

r

44 K

41

Aug

13

6k

2K

Silver

Sept

21

6k

July

K

Mar

100

12K
6k

Motors.r.fno

National Leather,

IK

35

40

40

Lincoln Mot Co Cl A.r..50
Locomobile Co.r..(no par)

Lucey Mfg class A.r

900

35

.100

Divide Extension

Jan
I Jan

2K

101

5K

K

5K

3-16 May

1,500

Aug

10

Mar

2,670

June

Jan

Jan

2,000

27

Jan

1-16
120

1

25*

40

6,000

May

4 4cJuue

22,300

IK

3K

600

8,700

K

8,200

July

5-16

1,200

6K

K

11,700

3

82
12

25.000

2K

31

5K

Jan

7c

80

11

K

July

28 K

62c

May

3c

80

..

3-16

Mar

16,900

K

K

5

Consol Virginia 8Ilver .r

Jan

4o

5c

H
4c

90c

Consol Copper Mines

49c

June
Jan

22c

Con Ariz Smelting

38o

58,900

19c

...

June

2 Kc Aug

32,800

85c

Cash Boy Consol

lc

2c

30,600

20c

Candalaria Silver.r

15-16 June

6c

7-16

Apr

1 3-16 Mar

Aug
May

2c

88c

Ltd..5

2K

July

11c

..1

Mining

Jan

June

lKc

X

8K

Aug

K

6c

4kc

Jan

•50

July

2K

K

4c

Boston A Montana Dev..5
Caledonia

Canada Copper Co

16

7-16

9Kc

1

r

1

15,500

6c

31

5K

IK June

11,200

2c

5

Booth,

5*

(t

UK

15

,

100

1 3-16

1

Copper... 1

Belcher-Divide .r

Atlanta

18

100

com.r

Llbby.McNelil&Libby.r 10

Du Retail St's

May

Jan

(no par)

Jan

Aug

2k

Kay County Gas.r

Internat

53

9

Indian Packing Corp.r.(t)
Intercontinental Rubb.100

Bwlfi

IK

IK

America Mines.r

53 K

Nor Am

Jan
Jan

IK

"185*

Alaska-Brit Col

21

Gen

.

IK

10

34 K

Aug

Preferred

July

White Oil Corp.r.. (no par)

July

Mercer

H

Woodburn Oil Corp.r.. (t)

i3k

Klrby Lumber

5,500

13

Jan

29 K

4K

11-16

Apr

Aug

Hydraulic Steel
Preferred.r..

Jan

19K

23K

Sept

Jul\

Heyden Chemical.r(no par)

IK

185*
K

Feb

2k

K

3K

Apr

9

7K

com

K

200

3K

24 K

r..

49,900

Aug

300

Preferred

Aug

15-16

Sept

1,700

Hercules Paper

K

K

1

Victoria Oil.r

11K

lk

13k

Grape Ola Prod Corp

Mar

7,800

2

24 K

(no par1

20

19K

600

13K

r

Jan
Mar

Aug
Feb

Vulcan Oil.r.....

500

4K

Aug

13 K
22 K

12 K

13

West States Oil & Land.r

July

24 K

100

9K

27,700

Feb

Jan
Sept
Jan

200

2k June
Ilk July

13K

Goldwyn Picture

10

60

24 K

com.r

pref

May

7K
IK

Aug

91

845*
m

82 K

Skelly Oil Co.r

EmplreTubeA8tee!(no par)

Asphalt,

~~IX

..7.

108

Gardner Motor Co (no p r)
Garland Steamship.r
Godschaux Sug com_r..(t)

Jan

IX

9K

36K

Steel.r_.

Mar

15*

Settled Prod.r

Aug

17,000

52

Jan

IK
3

K May

July

July

2k

IK

Aug

10 K

May

800

Jan

1

Aug

H

2,400

IK

5K

6,600

K

94 k

33 k

40

DaVies(Wm jCo.Inc.r.(f)

6K

5*
1

Jan

9K

Apr

K 'Aug

7,400

56

Cons'd.r.w

10K

3K

8k

6

X
5

•

40 K

Ryan

21

Crude Chemical, com.r...

6K

Red Rock Oil A Gas.r

48

2K

8k

1

Aug

'

Continental Motors.r._. 10

Dominion

Producers A Ref of Amer. 10

150

3,900

2

r.(t)

Conley Tin Foil

5

7

K

Aug

Sept

5k

600

6K

X

Jan
Jan

May

2

9

90

4K

300

9K

June

29K

2

5K

59

18

2

34

300

Jan

7 K

700

32

Central Teresa Sug com. 10

26

Aug

300

52 K

Cities 8erv Bankers "hs ret)

June

1,000

Aug

Chicago Nipple Mfgcl A 10

6

5K

Aug

3k

2K

100

IK

32K

36

25

6,800

8K
70K

May

21

20

60

Sugar, r

Car Ltg A Power.r

35*

70

7

Jan

Sept

25*

3

Apr

5K
30

K

5K

500

Carbo-Hydrogen Co com.5

Aug
Sept

5,500

30 K

21

Ilk

2

27

K

20K

45

51

Jan

31K

20

11

1,000

10,000

2K
30

Jan

8

~20X

41k

51

Aug

9-16 June 1 5-10

1..

21

11K

6K

K

Salt Creek Producers.r

41 J*

10

,

Jan
Jan

July

Bapulpa Refining.r.....

July

5k

4c

190

Jan

600

Buddy Buds Inc.r. (no par)
Bulck

1,400

7k

7

British-Amer Chem.r...l0

Aug

Jan

22 K

Aug

May

Feb

lk Sept

July

25

83

100

Preferred.r

Brisco Mot Corp com.r.

2.000

8

Feb

12 K

90K June
47
Sept

IK

July

Aug

May

K

10

Rlckard Texas Co.r

29

11

18

Feb

94

110k

Aug
May

is

48

Preferred

Caracas

Sept

16

......

Writing Paper com. 100

Armour Leather com.r. .15

Bordes

200

110

94k

Refrigerator _r

Amer

340

2K

Jan

Aug
Sept

10 K

2,500

j

Petrol Prod of Amer...

38

11-16

41

128

Jan

/Feb

IK

8K

■

Panhandle Pr& Relcom, (t)
Preferred.r
100

80

8K

21,400
4,900

27

30

...10

Apr

500

110k
IK
lk

75*

8

1

.1

10c

11-16

10
.

500

38

May

2

3,200

9c

1

National Oil.r...

15
149

Aug
May

15 K

900

13K
147

..50

Aug

2

1,600

^

65c

4K

100

77

Aug

25

425

19K

Jan

Aug

IK

8,200

9

475

110

5K

30K
7K

18

84

110k

5

IK

Mar

K

1,000
4,000

Explor.rft)

47 K

100

3-16
IK

7K

par)

21

r.

35

29

"in
5k

Lone Star Gas.r

21

Amer Lt & Trac com.

33 K

K

Livingston Petrol ,r

83 K

63

Apr

400

K

1

45

..100

16

K

3-16

Petroleum.r

83 K

(no par)

Jan

7-16

X

Royalties.r.i

21

Preferred.r

6

3,000

Jan

£1

Petrol.r

47K

Preferred.r

10

Jan

3

7-16

Hudson Oil.r

Air Reduction.r..(no par)
Aluminum Mfrs_r(no par)
Amer Chicle.r

16,300

10K

1

Harvey Crued Oil...;

Manhattan

IK

m

Grenada OH Corp cl A.r.lO

Lance Creek

25*
28

(no par)

Glenrock Oil.r

l

1

_

Federal Oil....

Gilliland Oil

9K

K

.

10

Jan

35

May

IK

6K

com r.6

Dominion Oil.r

k

4

Jan

4

100

1,600

Denny Oil.r.

Ilk

Jan

May

7

Jan

53

7K

7K

Northwest Oil.r.^.......l

10

i

Aug

7K

5

Ohio Ranger.r_

Aetna Explosives. r(no par)

9

2K

Cosden & Co com. r

Leetone

'!

Apr

UK
2K

11K

Casa Oil.r

Internat

Jan

1

Oil

North

High.

Aug

10K

Noble Oil & Gas

rial & Miscell.

Jan

Apr

3

15

blgheart Prod A Ref.___ 10

Midwest-Texas

Range since Jan. 1..

Last

400

Apr

1

71X

Merrltt Oil Corp.r

Sale.

Week ending Sept. 3.

;

16-16

K Sept
K June

15k

Midwest Refg .r

Sales

nA

Aug

19c

3K

71K

10

Margay Oil Corp.r. „..(*)

be worth.

21c

o*

*

we

19c

21c

High.
Jan

IK

..10

___

Boston-Mexican Pet.r

Elk

1,600
65,000
13,350

Corp. 100

Atlantic Gulf Oil

Booue

IK

Low.

Shares.

IK

...1

Biery Oil

York Stock Exchange, for instance, only
Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—thai
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 transac¬
tions may creep in, or even that dealings in spurious securi'ies 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
On

i

Range since Jan. 1.

High.

Low.

l

\llled Oil.r

It should be understood

Oil.r

Price.

for
Week.

of Prices.

Sale.

Stocks

Anna Bell

afternoon.

Week's Range

Last

Other Oil

Aug. 28

the week ending Friday

covers

977
Salts

Friday

1

3-16
1

Aug

Aug

1 6-16 June
1

2K

2 15-16

July

3K

Aug

4K

Jan

Jan
Jan

May

11c

Apr

4KcJuly

29c

Jan

1

2 7-16 Jan

6o

Aug

7,000

lc

May

3c

14,800
24,200

6c

Aug

20o

Apr

3c

Aug

12c

Mar

Jan

[Vol. 111.

THE CHRONICLE

978
Friday
Last

Sales

Week's Range

Sale.

Bonds=

Low.

1.

Ssnce Jan.

Range

New York City Realty and Surety Coinpanie

for

of Prices.

I

Price

Low.

Week.

High.

High.

All prices dollars per share.

Allied Pack conv debfts r'39

60

60

64?* 120,000

60

Sept

98?*

Amer Tel & Tel 6a.r„1922

94 X

93H

94?* 133.000
93
29,000

92?*

Aug

97?*
964

Jan
Jan

Bid

Ask

Bid

Ask

Bid

Ask

Alliance R'lty

70

80

Lawyers Mtge

110

115

70

Mtge

80

87

Assoc
(Brooklyn).

100

110

217

BondSurety—

193

198

U S Casualty-

150

160

US Title Guar

75

110

120

Jan

93

6% notes.r
1924
Anglo-Amer OH 7 Ma ..'25
r' 30

99 H

92?*
98?*

96

96

1921

37

36

1929

87?*

Armour & Co 7 % notes

Boone Oil 6s
C C C A 8t L Ry 68

r

1004

Mar

Bond & M G.

210

July

96 J*

Aug

55

Aug
Apr

42

Aug

75

85

89

|

65

36

City Investing
Preferred

Jan

91?* June
98

96?* 120,000
42
42,200
31,000
87?*

85?*

Surety-

Aug

94?*

22.000

99?*

65

82

Colum. Graph Mfg 88.1925

99

25,000

99

Aug

99?*

French Govt 4s.r

50

50?*

20,000

50

40,000

60

77

--

Nat
N

Y

Title

&

Mortgage—

160

Title & M G

■

July
Apr

85

West & Bronx
...

June

62

Aug
Aug

62

60

Amer

Realty

.

French Govt 6s..r

Goodrich

(BF) Co 78-1926

92?*

Morris A

90

50,000

•56?*

40,000

90

98?*

_

26,000

100M

100

100?* 380,000

N Y N H A Hartford 4s.r.

73?*

70

73?* 223,000

93 M

93?*

94

76

l.r. 1930

Aug

98 H

11,000
3,000

Aug

94?*

Aug

100?*

July

55?* 130,000

54?*

Aug
Sept

94?*

54?*

55?*

Sept

90?*

89?*

90?* 480,000

86?*

Aug

98

Apr

95

95

95

92

Aug

96

Jan

90

Aug

94

SlnclalrConOll 7J4b r
'25
Southern Ry 6% notes 1922

94

Southwestern Pell Tel 7s '25
Swedish Govt 6s June 15 '39

93

91

93

4,000
4,000

84?*

22,000

99

83?*
98?*

85

Texas Co 7% notes.r. 1923
Union Tank Car eq 7b. 1930

99?*

85,000

Aug
974 June

97?*

96?*

98

29,000

96?*

Western Elec

98?*

98

98?*

34,000

conv

7a.r.'25

97?*

Apr

97

81?*

Jan

99?*

May

98

Aug

gept

994

Ju y

Apr

German Government and

Municipal Bond*

(Dollart per 1,000 Marls)
Berlin

4s

Marks

18

r

18

19

17

883.000

July

28

June

Greater Berlin 4s.r

18?*

18?*

30,000

17?*

Aug

26

June

Bremen 4s. r..

20

20

50,000

20

Aug

28

July

Bremen 4Mb.t

Coblenz

5,000

20

Aug

20

20

20

10,000

20

Sept

294

19?*

18?*

20

4s.r

—

61,000

17?*

Aug
Sept

29?* June

...

4s.r

Drew!en

21

20?*

—

4s.r

Cologne

17
21

20
17

4HH.r
Frankfort 4s

20

.r

Hamburg 3Ms.r....

17

2,000

17

21

1,000

20

23

31,000

20
17

294 June
July

Aug

27

June

Aug

27

June

Aug

31

June

194

July

17

Aug

28

19?*

16

Hanover 4s.r

21

21

14,000

21

Aug
Sept

21

Leipzig 4s_r
4YxB.t

18

21

1,000

18

Sept

274

19

19

45,000

18

Aug

20

.

"15"

—

Magdeburg

4s.r-.

Nuremburg

June

274 June
Sept

July
284 June
20
Sept

20

50,000

20

17?*

19

32,000

17

Aug

26

July

19

19

19

Sept

28

July

18

20?*

4,500
20,000

18

Aug

27

July

9

June

Sept

4s.r_.

6

4s.r

6

90,000

54

Aug

Basis.

Equipments—Per Ct

8.50

Baltimore & Ohio 4?*s

Ask.
1250

Equipment 4s

-

Equipment 6s.
100 105
107
Canadian Pacific 4?*s & 6s.
Co
100 420 440
Carol Clinchfield & Ohio 5s__
Buckeye Pipe Line Co—. 50 *93
95
Central of Georgia 4?*s
Chesebrough Mfg new—100 220
230
Chesapeake & Ohio
Preferred new
—100 100
105
Equipment 5s
Continental Oil
100 120 125
Chicago & Alton 4?*s
Crescent Pipe Line Co.— 50
*29
32
Equipment 5s
Cumberland Pipe Line—100 135
145
Chicago & Eastern 111 5MB..
Eureka Pipe Line Co
100 102
107
Chic Ind & Loulsv 4?*s.—
Galena Signal Oil com.—100
44
48
Chic St Louis & N O 5s—
Preferred old
100
90
95
Chicago & N W 4?*s
Preferred new
—100
88
92
Chicago RI & Pac 4?*s...
Illinois Pipe Line
100 150
154
Equipment 5s
Indiana Pipe Line Co
50 *88
93
Colorado & Southern 5s.
International Petroleum- £1 *33
34
National Transit Co.--12 .50 *2512 264 Erie 5s
Equipment 4?*s
,New York Transit Co...100
165 175
Hocking Valley 4?*s
Northern Pipe Line Co. .100
98
102
Equipment 5s
Ohio Oil Co..
25*315 325
Illinois Central 5s
Penn Mex Fuel Co..
25 *43
46
Equipment 4?*s.
Prairie Oil & Gas. ———100 520
535
Kanawha & Michigan 4?*s._
Prairie Pipe Line
100 190
195
Louisville & Nashville 5s
Solar Refining
-.100 370 390
Michigan Central 5s.——.
Southern Pipe Line Co.. 100 122
128
Equipment 6s
South Penn Oil
100 270 275
Minn St P & S S M 4?*s
Southwest Pa Pipe Lines. 100
63
68
Standard Oil (California) .100 309
313
Equipment 5s & 7s
Missouri Kansas & Texas 5s.
Standard Oil (Indiana)..100 665
675
Mlssourl Pacific 5s
Standard Oil (Kansas).-.100 525
545
Mobile & Ohio 5s._:
Standard Oil (Kentucky) 100 350
360
Standard Oil (Nebraska) .100 420
440
Equipment 4?*s—-——
New York Cent 4?*s, 5s, 7s
Standard Oil of New Jer.100 660
670
Preferred
100 104% 1054 N Y Ontario & West 4Mb...
Norfolk & Western 4?*s
Standard Oil of New Y'k. 100 383
888
Preferred

Borne Scrymser

.

7.12

7.12

7.87
8.00

lots,

f No

par value,

f Listed

Exchange this week, where additional
r

Unlisted,

w

When

issued,

t Dollars per 1,000 lire, flat,

as

transactions will

Ex-dividend,

x

prospect.

a

1 Listed

be found.

Ex-rights,

y

on

the Stock

oNew

Ex-stock

z

stock,

100 430

Preferred

dividend.

.....

Swan & Finch

k Correction.

Union Tank Car Co

Preferred..

CURRENT

NOTICES

Vacuum Oil

—Hotchkin & Co., 53 State St., have compiled a convenient and interest¬
ing booklet regarding forty odd cotton and other manufacturing enterprises
domiciled in New England.
Many of these have long dividend records
and ail are well known.

of the

book

are

(Compare Farr Alpaca Co. below). At the back
of capital, dividend and Spindles for

tabular statements

8.25

7.25

8.25

7.25

8.25

7.25

9.00

7.50

9.00

7.50

8.50

7.50

8.25

the leading New Bedford and Fall River Mills.
—Remick Hodges & Co., have issued a

4

pamphlet for free

distribution",

in which they give a complete list of bonds considered
legal as investments
for Savings Banks and for Trust Funds in New York State, as
compiled

by the State Superintendent of Banks for July 1 1920. The pamphlet also
gives the .text of the law relating to investment's of savings banks and
trust

funds.

—A. W. Coote, Stock and Bond Broker and Member Los
Angeles and
Francisco Stock Exchanges has just issued a booklet relative to the
railroads of the United States and their prospects under the
Transportation
Act of 1920. This booklet was compiled and written by Frank H.
San

Richey,

manager

of the Statistical Department of A. W. Coote.

—Crane, Parris & Co., bankers of Washington, D. C., announce that
John Floyd Cissel, formerly with the Metropolitan Trust Co. of New York
was admitted to general partnership on Sept. 1.

■—Eldon H. Earle has resigned from the National
City Co. and has taken
position as salesman with Morton & Co., Inc., investment securities.
25 Broad St., New York City.
a

—Clark, Childs & Co. have prepared
operation of the Cosden & Co.

analysis of the position and

an

recent

Pacific Fruit Express

Petroleum

50*147

Midwest Refining
Ordnance Stacks—Per

7.10

7.65

6.65

8.50

7.50

8.50

7.50

8.75

7.5%

8.75

7.50
7.50

8.50

7.50

7.65

6.65

7.65

6.65

8.25

7.25

7.50

6.75

7.50

7.00

7.00

7.25

7.00

8.75

7.50

8.75

7.37

8.37

7.37

7.37

6.75

8.25

7.25

7.62

6.75

7.20

6.75

.—.100
100

All

Ask

America *

205

212

Amer

200

270

Exeh..

Atlantic

185

-

*.

215

Liberty
Lincoln

M «•

;
...

Bid

New York

440

155

210

220

Commercial..

105

155

125

Mech & Met.

318

326

Mutual*

490

Empire
Equitable Tr.

300

160

Bryant

145

155

Nat American

155

37

43

New

180

Cent Merc-—

Neth*..

88

200

210

New York Co

135

Chase

398

405

New

460

Chat & Phen.

273

280

Pacific *

170

York

...

480

Preferred...

90

Phelps Dodge Corp
100
Scovlll Manufacturing... 100

170

50
100

*23
400

45

375

385

200

210

Fulton

50

Amer Gas & Elec com...

Preferred

81

84

Federal Sug Rfg 6s 1924

45

50

Goodrich (B F) Co 7s

7

80

15

,K C Term Ry 4?*s 1921.J&J
! 6s Nov 15 1923--M&N15
Laclede Gas 7s Jan 1929 F&A

10

Liggett&MyersTob6s'21 J&D
Penn Co 4?*s 1921—J&D15
Pub Ser Corp N J 7s '22.M&S
Reyn (R J) Tob 6s '22.F&a

290
66
9
90
18

35

Southern Ry 6s
Swilt & Co 6s

85
9

....100

'29.F&A
1922—M&S
1921—F&a15
Texas Co 7s 1923
_M&S
U S Rubber 7?*s 1930..F&a
Utah Sec Corp 03 '22.M&S15
West Elec conv 7s 1925.a&O
Sloss Sbeff S & I 6s

3S

80
6

150

pref.. 100j

M&N
'25 a&O

Chelsea Exch*

145

155

Park

490

43

475

Law Tit & Tr

130

140

48_

550

560

Public'.

320

Great West Pow 5s 1946 .J&J

305

704

Lincoln

TruBt

160

170

275

Republic*

Mississippi Riv Pow com. 100
Preferred
-.100

10

74%
12

46

49

270

1951—J&J
Northern Ohio Elec Corp.(t)

73

74

*7

-100

25

| American Chicle'com.no par
j
Preferred
100

Mercantile Tr

315

Seaboard

625

650

350

|Metropolltan_

Second

260

450

470

Columbia*...
Commerce

175

Mutual (West¬

185

State*

190

200

217

221

Tradesmen's*

200

Comm'l

425

Ex*.

-

Union Exch..

210

220

&

I75"

...

125

Trust—.

600

625

185

N Y Trust...

600

615

Corn Exch*_.

325

United States*

335

110

120

Cuba (Bk of).

184

190

East River

160

Fifth Avenue*

900

Fifth

160

First

900

175

185

Title Gu & Tr

310

320

350

425

U S Mtg & Tr

398

406

Yorkville*

130.

375

United

States

815

830

|
!

Brooklyn

Brooklyn

Coney Island*

140

155

925"

Brooklyn

First

205

215

Green point...

165
110

910

Hillside*

Garfield

225

235

Homestead*..

Gotham

195

205

Mechanics'*..

505
275

-«.«

120

Kings County
Manufacturers

650

700

195

205

People's

-

95

88

490
265

Tr.

270

290

92

Greenwich*..

225

75

815

830

Nassau

205

215

Harriman

325

350

North-Side*—

195

205

Imp &Trad__

510

520

Peo pie's

150

160

Ridge wood

180

♦

.

Montauk*.—

Banks marked with (*) are State banks,

this week,

t

New.stock,

x Ex-dividend,




t Sale at auction
y Ex-rights.

28
74

North Texas Elec Co com 100

*69

73

iAmer

2:634

97
79

100

Preierred

Pacific Gas & Elec 1st pref 100

15

52

7

100

28

55
84
30

South Calif Edison com—100

80

.

Preferred

100

100

Preferred

Standard Gas & El (Del).

Preferred..;

90

50 *12
50 *x34%
100
4

—.—100

Celluloid

1st g 5s June 1

19
58

18

Lehigh Valley Coal Sales. 50

Royal Baking Pow com..100
Preferred
Singer Manufacturing
SingerMfgLtd

194

60

62

*

Per

b Basis,

share,

/Flat price,

n

Nominal,

d Purchaser
x

A&O

|l

100

a..

100

1st gold 5s 1951

|

Western Power Corp.—100
Preferred

1922.. J&D

International Salt

34

24

100

International Silver pref. 100

1

54

100

Intercontinen Rubb com. 100

13

16

100

.-100

Company

Preferred

92

100

Typefounders com. 100

Havana Tobacco Co

354

100

preferred

100

Preferred

82

.

Brass.

i American Hardware

I

13

100

Preferred

Stock Exchange

American

Preferred
100
(Borden Company com—100

100

Puget Sd Pow & Light.
Preferred

United Lt & Rys com

or at

100

|

77

Preferred

1st

93

9934100
904: 9934

994' 9934
99

96

I994
904

964
984
974

98
97

93%

94%

924

94

924

9234

93

96

94

95

86

87

97

974

97

974

80

82
96

954
85

(

98

I

99

|

984

864
94

934

984
994
984

82

84

98

98%

Industrial

100

Preferred

Tennessee Ry L & P com.

90

Hanover

83

and Miscellaneous

12
40
32
78

Republic Ry & Light

Hamilton

170

First Mtge 5s

North'n States Pow com. 100

105

Wash H'ts*..

Continental—

Cosmop'tan*.

chester)

N Y Life Ins.

23d Ward*...

-

Commonwealth*..—

_

~

100
135

7% notesJuly 15'23 J&J15
Canadian Pac 6s 1924.M&S2

Traction 100

Elec Bond & Share

Federal Light &
Preferred..

250

37"

98

125

'Arm'r&Co7sJulyl5'30J&J15
Beth St 7s July 15 *22.J&J 15

110

100,
100,
Com'w'th PowRy & Lt„100,
Preferred
100;

165

V205

77

*32

344
112

com...100, 290
100j 65

352

....

103

*65

92

100

Colorado Power com
Preferred

275

Colonial*

110

*90

100

Amer Public

345

Coal & Iron..

100

894

7% notes 1923—

Chemical.

City

14

25

'Anglo Amer Oil 7 ?*s '25 a&O

7% notes 1922

—100

Amer Power & Lt com

14

*12
*20

98%

50! *334

Preierred

265

Guaranty Tr.
Hudson

150

Anaconda Cop Mln '29.J&J

Cities Service Co

Fidelity

80

145

*12%

90
60
55
90

50

320

»

M&N
M&N
M&N

7% notes 1921

28

-

1920.M&N

Amer Tobacco 7s

18

<m

75

80

Iron

13

165

Ask.
128

122

Securities—Per Lew,
894 904
Am Cot Oil 6s 1924—M&S2
924! 924
Amer Tel & Tel 6s 1924.F&A
94
I 044
6% notes 1922
A&O

450

85

100

Preferred...—

95

25

310

100

Bid.

Short Term

400
38

Carolina Pow & Light com 100;

300

100

Young (J S) Co

200

370

100
100

25
25

B common stock

95

—100

—100

—

are.

97

MacAndrews & Forbes.-100
Preferred

8.37 7.25
6.90 6.50

72

Foil

Reynolds (R J) Tobacco.

72

375

Farm L & Tr.

190

240
79
65
33

5

310

150

Park*
Butch & Drov

Fdry.. 100
British Amer Tobac ord_.£l
Brit Amer Tobac, bearer.£1

65

368

145

-

77

....—100

Central Union

Bronx Boro*.

.

230

Utilities com 100
Preferred
100

Columbia

405

(new).._no par
Johnson Tin Foil & Met. 100

85

Preferred

365" 375*

Bronx Nat-..

Manhattan *

Ask

Bankers Trust

390

52

92

Amer Lt & Trac com

Trust Co's

American
214

....

*48

100

Preierred

200

NY

Companies

share.
Ask

Irving Nat of

|

200"

425

per

Bid

Industrial*

215

Battery Park.
Bowery*
Broadway Cen

prices dollars
Banks

1

Amer Machine &

-100

Preierred

Pub'ic Utilities

New York City Banks and Trust

100

95
65

...100

preferred
preierred

Sh
Par

American Cigar common.

Conley

7.25
7.25

7.37 7.00
Per

Stocks-

90

com. 100

1st

4s.„

Virginian Ry 6s...
Tobacco

6.65

8.10

Union Pacific 7s..

212

2d

7.65

8.10

65

30

...

7.50

55

205

Winchester Co com

8.75

60

Powder com... 100

Preferred

7.50

7.50

125

Empire Steel & Iron com. 100
Preferred
100

Thomas Iron

7.50

8.75

100

-100

Preferred

Bid

155

Nemours

Preferred

8.75

Equipment 5s

78

25

Niles Bement Pond

6.75

8.75

Toledo & Ohio Central

....

Arms

Mfg

Eastern Steel

6.50

7.75

Equipment 4?*s
Southern Pacific Co 4?*s, 7s
Southern Railway 4?*s

197
310

50*

Debenture stock

6.75

6.50

St Louis & San Francisco 5s.

350
149

76

Forglngs. 100
Carbon Steel common...100
1st preferred
100
2d prefer.'ed———.100

& Co common

7.50

8.37

7.50

St Louis Iron Mt & Sou 5s.

106

lQ5

50*270

W) Co common.

Preferred

Patent Fire

7.00

7.50

7.25

7.50

Reading Co 4?*s.

33

100

Canada Fdys &

Colt's

7.5%

8.75

8.50

7.10

7s...

Equipment 4s

100
360

100

Preferred

Woodward

Banks—N Y

75
145

Atlas Powder common... 100

Babcock & Wilcox
BUsa (E

Pacific 7S————

Pennsylvania RR 4>*s

Share.

pref—.100

Aetna Explosives

Hercules

City,

108
80
123

25*102
100 325

Imperial Oil

duPont (E I) de

—Following the death of John W. Green, the firm of John W. & D. S.
Green of Louisville, Ky., was dissolved in June, the
surviving partner,
D. S. Green, becoming associated with the firm of J. J. B. Ililliard &
Son,
which recently announced that with Mr. Green's assistance it was
prepared
to serve the customers of the dissolved firm.

Northern

7.25

8.00

Seaboard Air Line 5s

Washington Oil
Other Oi! St«»cks

Magnolia

450

100 105
100
70
100 118
100
95
100 355
10 *29

Standard Oil (Ohio)

7.12^|,

/£

8.75 7.50

—

•Odd

7.50

7.87
7.87

Buff Roch & Pittsburgh 4?*s

22

—

19

Mannheim 4s.t...
Munich 5s.r

Vienna

18

20

4Ma.r

Par\ Bid,.
Anglo American Oil new. £li *21
Atlantic Refining
—1001150

"f."

except where marked

RR.

Per share

Standard Oil St«»ck8

—

17?* 100,000
20
126,600
21
318,000

4s.r

All bond prices are

Aug

73?* Sept
95?* June

Aug
Aug

"54?*

Pan-Amer Petrol A Tr 7s'20
Seaboard Air Line 6s

"and interest"

Jan

94

w

Quotations for Sundry Securities

Jan

984

69J*

Ohio Cities Gas 7s.r_. 1925

Aug
May

98?*
99?*

N Y Cent RR 7s

Aug

99

Aug

21,000

65

92?*

92?*

1930
Co 7?£s.r. —1930
.

92?*

63

91?*

64

Interboro R T 7s.r—.1921

KennecottCopper7sr

99H

also

Ex-dlvldend.

pays

y

100
100
__£i

accrued dividend,

Ex-rights.

1

e

190

196

39

40

60

65

135

140

37

41

84

8S

96

98

82

85

150

160

1

3

4

8

f47

55

11

13

55%
66

*85

__

69"
89

♦81% 82%
110

120

81

84

127

130

*3
New

3%
stock.

mrjestmmt and

GROSS EARNINGS

RAILROAD
The

gross earnings of various STEAM roads
The first two columns of figures give the gross earnings

following table shows the

be obtained.

can

columns the

Jan, 1 to Latest

Latest Gross Earnings.
ROADS.

Week

Current

or

Year.

Month.

Year.

or

•

Alabama & Vicksb. JulyArbor
3d wk Aug

Ann

Tqpeka & S Fe July-

Gulf Colo & S Fe. July
Panhandle & S Fe July

/

Atlanta Birm & Atl. July
Atlanta & West Pt.July

Atlantic City

July

Atlantic Coast Line. Ju'y
Atlantic & St Lawr. June
Baltimore & Ohio._■ July
B & O Ch Term.. July

234,609
I,844,397 I,556.343
274.695
91,942
3,015.054 2,606,927
99.456
18060954 14833 620 117553022 93.250.466
1.962.931 1,740,137 14,043,838 10,596,970
553,819 4,793,686 3,055,108
800.859
449,934 3,299,359 2,853,192
514.184
237.590
1,720,288 1.555,968
215,621
570,708 2,536.393 2,496,594
687.291
5,717.449 4,612,692 42,636.535 37,471,601
1.473.935 2,130,206
362,617
225.783
19072421 16320566 118859143 96,080,417
1,006,789
1,555,614
210,134
141,426

Bangor & Aroostook July

436,291

319,126

3,649,292

2,930,855

Beliefonte Central..! June
Belt Ry of Chicago. July

9.510

7.858

47.983

44.845

381.856

355.155
355.156
1,433,648
85,925
42,713
6,518,287
85,154
1,253,043
224,345
1,832,914
14720363
131,291
541,427
1,930,223
4,352,061
483,023

Belt Ry of Chicago. July
Bessemer & L Erie.. July

370,758

1,513,213
177,315

Bingham & Garfield July
Birmingham South.!July
Boston & Maine
July
Bklyn E D Ter minal July
Buff Roch & PittsbJ July
Buffalo & Susq
I July

51,559
7,508,588
124,044
1,871,728
244,006

_

Canadian National. 3d wk Aug 12,150,350
17375760
Canadian Pacific
July

Central of Georgia.. July
Central RR of N J__; July
Cent New England. Junel
Central Vermont
July
Charleston & W Car July
C & O Lines of Ind. July

Chic Ind & Louisv.

2,504,936 2,188,104
14767 613 12219535
2,161,309 2,154,410
1,979,580 1.857,564

'

1,327.997 1,081,446
280.123
325,130
15083 931 12617449

June

Junction.. July
Chic Milw & St Paul July
Chic & North West- July
Chic Peoria & St L_ June

Chicago

Chic R I & Pacific.

14081128 13321 598

228,697

131,898

_

11897 837 9,847,273

July

_

347,162

554,581

Chic R I & Gulf.. June

Cine Ind & Western July
Cin N O & Tex Pac. July

2.540.920 2,285.648
339,193
455,867
266,853
392,715
1,875,614 1,168,391

Colo & Southern

1,235,843 1,094,279

Chic St P M & Om. June
ChicTerre H&SE. July

July
June

999.963

843,422

Trin & Brazos Val June

125.572
88,959

86,211

Ft W & Den City.

Colo & Wyoming

July

Copper

May

Range

(Cuba Railroad

ROADS.

Week

Detroit & Mackinac
Detroit Tol & Iront.

Det & Tol Shore L_.
Dul & Iron Range..
Dul Missabe & Nor.
Dul Sou Shore & Atl
Duluth Winn & Pac
East St Louis Conn.

Elgin Joliet & EastEl Paso & So West..

*

15,804,184 13,664,945
12,950,981 II,669.630
5,604,328
6,984.956
2,013,876
1,780,581
91,084,990 81,710,902
86,940,834 75,871,921
768.749
1,169,307
74,018,832 58,930,131
2,176.504
3,154.463
14.754,295 12.640.380
2,927,429 2,186,489
1,647,857
2.428.752
9,472,090
II,224,056
7,990.826 7,285,090
4,989.915
5.900,623

Erie Railroad

855,385
108.039

6,566,525

830,987
119,308

703,534

8,080,694

108.330

138,122

130,284
80,419
484,977
88,975

669.052
996,219
816,959

Chicago & Erie.. July

1,207,623
119,890

167,617
547,155
136,196

712,746

Grd Trunk West. July

164,506
388,505
1,498,542 1,148,217

Great North System July

10780 786 10226 746

'

*

Green Bay & West. June
Gulf Mobile & Nor. July

95,721
274,783
245,824

92,106
251,378
237,418
1,355,280 1,188,960

•

Gulf & Ship Island- July
Hocking Valley.... June
June
—

July

Internat & Grt Nor. July

City Mex & Or July

K C Mex & O of Tex July

South. July
July

Texark & Ft Sm.

_

July
Beaum S L & W__ July
Clev C C & St L. July
New York Central.. July
Ind Harbor Belt. July
Lake Erie & West July
Michigan Central July
Clev C O & St L__ July
Cincinnati North. July
Pitts & Lake Erie July
'
Tol & Ohio Cent. July
Kanawha & Mich July
N Y Chic & St Louis July
N Y N H & Hartf.. JuneB
N Y Ont & Western July
N Y Susq & West.. July
Norfolk Southern._ July

Pacific

-

'

-vj 1117918* 8,579,160
107.855
78,432
1,575,976 1,172,190
148,615
137,297
98,733
154,847

July
Phila Beth & N E__ July
Phila & Reading
July
Pittsb & Shawmut.. July

636.113
742,631
93,563
100,442
4,175,392 3.436,286
694,787
814,137
378.219
405,304
43970502 40737933 234250095 224468523
830,066
806,132
174,428
179,201

3.001.281 2,744,891
143,045
J.56,635
631,308
630.941
126,455
159,890
1,084,878 1,056.492
8.204.964 7.135.402
94,953
122,857
3,803,886 3.061.499
101,416
97,713
60,245
118,121
6,907,626 6,602,516
94,111
142,314

975,964

Ft W & Rio Gran June
St L S F of Texas. June
St Louis Southwest. 3d wk Aug
St

San Ant & Aran Pass July
San Ant Uvalde &G.

Seaboard Air Line..
South

Buffalo

Southern

Pacific...

So PacAtl SS Lines
Arizona

Eastern.

Galv Harris & S A

Hous & Tex Cent.
Hous E & W Tex.

Louisiana Western

June
July
July
July
July
July
July
July
July
July

Morg La & Texas July
Texas & New Orl. July

July
July

JuneS

Mobile & Ohio... July

Georgia Sou & Fla July
New Orl & Nor E_ June
NorthernAlabama June
July
South Ry in Miss
Spokane Internat._ July
Spok Portl & Seattle July
Staten Island R T_. July
Tenn Ala & Georgia 3d wk Aug
Tennessee Central.. July
Term R R Assn of StL July
St L Mer Bridge T July
3d wk Aug
Texas & Pacific.
Toledo St L & West.

Ulster & Delaware.. July

Year.

OF

Previous

Year.

(16 roads).
(16 roads).
(15 roads).
(14 roads).
(17 roads).

13.021,426
13,230,796
24,822.135
15.536,839
15,142,176

12,339,698!

11,609,848!
16,721,323:
10.402,544

longer include Mexican




St L S W of Texas June
Louis Transfer.. July

15,097,292
8,878,546
10,527,110
9,820,863
12,893,479
9.026,900

10,808,089
11,302,650

21,285,463?

Oregon Short Line June
Ore-Wash RR& N June
Union RR (Penn)_. July

13,276.893
12,859,576

July

Utah
i

Vicks Shreve & Pac. July

July

Virginian RR
Wabash
Western

..— -

-

-

.

-

Maryland.
Pacific....
Western Ry of Ala..
Wheel & Lake Erie.
Wichita Falls & N W
Wichita Valley Co..
Yazoo & Miss Valley
Western

June

3d wk Aug

July
July
July
July
June

May

504,022

631.484

6,453,246 7,494,701
3,084,524 2,622,129
246,376 1,762,638 1,643,165
241,492
7,548,942 6,260,189 42,523,274 35,480,667
918,211
126.904
130.942
780.144
143,727
105,636
2,807,386
424,271
596,973
4,290.893
564.170
728,141
749,506
100,908
101,223
2.643,413
400,491
508,512
726,694
94,848
124,886
3,620,262 3.606,672 28,297,327
787,511
82,140
129,973
17781186 14734 603 107594 417
2,995,552
650.610
253,566
329.133 2,348,206
343,914
2,075,638 1,929,826 13,563,136
6,247,078
755.187
952,032
1,652,667
193.880
222,617
2,959,007
368,961
442,376
5,828.450
676,708
739,313
5,332,094
722,183
870,128
12584 799 11320 491 85,334,481
906,083 6.246,180
1,066,484
1,617,742 1,380,962 9,348,442
1,437,165 1,240.775 10,193,951

337,827
554.680

386,863
636,155
112,436

79.345

125,645
130,615
813,495

.

218.134
2,426
199,706
332,803
257,752

250,191
3,778
229,855
383.508
356,298

718,737
740,072
663,367
1,003,642
122,227
147,027
10161766 9,064,459

3,345,839
2,704,259
854,332
155,183
340,186
1,579,173
4,844.527

'

133,185
112,884
683,816

3,052,168
2,285.108
696,018
98,663

285,743
1,031,118
4,009.782

277,146
349,222
1,434,443 1,096,800

194,070
213,018
163,132 1,403,599
202,544
212,581
70.505
113.923
2.388,805 1.961,896

668,086
657.350
2,140,773

2.925.294

572,307
2,341,350
538.679

24,056,037
636,667
90,736,529
5,802,194
2,204,805
12,041,982
4.858.366
1,294,672
2.338.369

4.321.367
4,462,343
70,372,555
5.853,541
8.303,699
8,377,471
3,014,956 2,467,946
3.095.768
3.627,225
558,791
745,861
951,226
1,034,021
578,013
671.070
4.062,019
4,843,471
1,291,413
1,288,801

1,441,666
1,631,627
2.496.658 2,101,324
1,557.088
2,134,981
24,704.074 21,501,497
6.071.659 4,116,245
583,945
718,424
66,491,357 58,516,715
20,758.848 17.055,942
15.793.822 12,765,152
5,295,289 4,453,655
614,507
1,034,593
1,818,445
2,444,074
8,804,616 6,140,977
25.164.109 22,730,851
8,359,379
11,157.025
8,116,074 6,455,185
1,496,746
1,576,667
7,089,877
8,721,031
1,129,057
1,485,883
422,138
836,113
9.297.933
11,841.406

Current

%

*Monthly Summaries.
Curr.Yr.

Mileage.

+2,174 ,417
+ 1,571 ,770
+ 1,812 ,588
+ 1,788 ,985
+3,827 ,844
+ 1,375 ,644
+2,213 ,337

225,812

EARNINGS—Weekly and Monthly.

or

Decrease.

11.89
17.70
17.22
18.22
29.69
15.24
20.49

+ 1,928 ,146117.60
+3,536 ,674 16.61
+2,259 ,946 17.02

+2,282 ,600 17.70

roads in any of our totals.

July

Union Pacific

,

GROSS

Increase

July„

681,732

860.259

70,072
85.251
109,653
912,958 1,118,388
420,696
489,273

625.578
503,113
276.668

610.484

13,667,891 14,154,454
716,662
643,860
3,692.713
3,509,853
912,019
1.081,392
4,947.149
5.187.791
40,961.753 35,889,446

21,202,353 18,699,575
612,608
654,387
474,944*
733,399
48,189,538 40,252,120
630,084
906,670
488,117
675.832
82,007
747,571
1,134,724
105,381
1,259,590
841,513
203.992

108.627

Reading
June
Quincy Om & K C_. June
Rich Fred & Potom. July
Rutland
July
St Jos & Grand Isl'd July
St Louis-San Fran.. June

792,146

17,271,709
10,450,316

no

125,646

1,295,219

4,420,237 3,585,378
6,098,296 5,222,362
46,257.451 41,737,700
47,850.283 38,560,155
244,912! 1.858,820 1,654,383
2,465,194 15.254,075 16,023,307
928,985 6,249,753 4,899,442
392,592 2,734,454 2,368,463
1,804,503 14,760,916 13,635,027
8,964,900 55.404,937 47.535.174
5.979.368
1,369,302 6,634,127
336,527
2,415,794 2,171,350
4,484,634 3,499,748
518,522
6,385,269 43,928,134 41,744,065
633.157
871,508
74,365
8,679,735 58,950,420 54,249,960

Port

8,243,195

May (16 roads),
st^week June (12 roads).
:d "week June (16 roads),
d
week June (15 roads),
th week June (17 roads),
(1
st week July
(13 roads).

We

398,781
620,032

1,454,662

4,291,952 3,686,057
1,060,637
1,446,129
718.349
1,187.722
47,850,283 38,560.155
191946709 169998641

Pitts Shaw & North June
Pittsb & Wast Va__ July

683,271
585.278

890.944

115.867
80.383
540 970
1,419,312
1,461,109
274,089
234,907
1,904,237
444,769
312,729 2,520,941
July
6,607,629 5.731,596 37,577,070 35,056,878
July
9,699.303
1,985,934 1,313,207! 11,209,024
July
1,194,748
325,659
178,759: 2,346,247
July
1.682.460
1,965.815
279.087
332,644
June
10494484 8,894,919 68,817,535 59,354.090
July
1.667,980
261,111
234,334j 1,714,820
July
9,679,022
1,754,9.56 1,522,556 10,909,888
July
1.874.545
June
403,056
324,299: 2,166,744
505.537
425,483
12,034!
11,429
3d wk Aug
7,150,685
1,128,932 9,009,814
1,328,867
July
4,304,953 3,875,750 24,499,441 22,855,574
July

th week

•

July

Marquette

Cin N O & Tex Pac

$

July
th week July
st week Aug
d
week Aug

II,538,190

Perkiomen

949,884

June

'Weekly Summaries.

week

465,968
2.520.280
10485898

Coast

1,586,722 1,286,013 10.290.014
1,118,258
155,584
121,262

AGGREGATE

week July

■

July
Pennsylv RR & Co. June]
Bait Ches & Atl__ July
Long Island
July
Mary Del &Va__ July •
N Y Phila & Norf June|
Tol Peor & West. July
W Jersey & Seash JuneJ

Pere

7,666,911
8,458,919
65,021.221 57,498.930
573.473
585,231
1,495,379
2,081,435
1,368,093
1,625,317
4,528.293
6,449,518
65.780.013 50,353.827
548.914
563,699
7.929,953
9,837,675

Current

d

291,306
2,398,130
I,117,140

Pitts C C & St L. June4
Peoria & Pekin Un. July

Lehigh & Hud River July

id

240,333
222,944
590,289
664,727
171,489
251,228
114,035
196,259
7,697,772 6,255,155
32579 679 28185031
583,672
754,671
792,568
1,115,311
7,873,446 6,654,232
7,697,772 6,255,155

NorthwesternPacific July

2,271,668

523.080

Minneap & St Louis
Minn StP &SSM.

Year.

8,676,446

2,284*226

138,022

Louisville & Nashv.
Louisv Hend & St L
Maine Central
Midland Valley RR
Mineral Range.

Year.

Northern Alabama. July
Northern Pacific... July
Minn & Internat. July

1,654*488

274,256

Louisiana Ry & Nav

Year.

7,231,136

745,782
2,420,636

June

Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
Louisiana & Arkan.

Year.

Norfolk & Western. July

Southern Railway..
Ala Great South.

715,433
959.457

Lake Terminal

.*•

N O Texas & Mex__

1,130,108

Kansas Okla & Gulf May

^

Previous

578.515
103,604'
550,479
90,848
3,560,488 2,967,076 21,542,434 18,577,000
2,119,584 2,025,905 15,503,132 13,397,214
838.156
134,808 1,104.541
200.196
610.441
107.328
1,132,964
173,507
June
9,262,785 7,741,548 62,838,291 49,781,248
July
286,097 11,157.040 9,256,528
3d wk Aug
340,976
320,725
l,96b,024 1,896,510
329,386
July
967,708
254,661
July
135.039| 1,767,829
695,906
136,762'
701.965
150,692
July
2,059,014 1,677,520 13,854,230 10,738,919
July
184,857
202,528
8,470
14.4o0
3d wk Aug
952,210
1,108,512
131,951
168,954
July
949,038
912,272
107,873
137,445
July

New Orl Great Nor. July
New Orl & Nor East July.

557,531

108.243
104,063

Ishpem

Northern..

Newburgh & Sou Sh

3,439,198

134,157
193,042

Kansas City Term.. June

Lake Sup &

Nevada-Cal-Oregon
Nevada

834,116
484,943

940,687

496.615

J

Kansas City

Montour
Nashv Chatt & St L

5,807,846
613,240
6,094,263
579.818

798,025

106.001

ChD&CGTJet June
Det G H & Milw. July

Kan

Monongahela
Monongahela Conn.

402.772

3,712,176

^Georgia & Florida.. July
194,904
180,273
Grd Trk Ry in Cana July
Grand Trunk Syst_. 2d wk Aug 2,443,144 1,966,718
154.019
v
234,274
Atlantic & St Law July

Illinois Central
Illinois Terminal

Current

.

Florida East Coast- July
Fonda Johns & Glov June
Ft Smith & Western July
Galveston Wharf
July
July
Georgia Railroad

•;

Missouri Pacific
Mobile & Ohio RR.

,

•

t

Mo Okla & Gulf____

587,564
653.418

865,253
540,826
354.616

-

Previous

Mississippi Central. July
Missouri Kan & Tex July
Mo K & T Ry of Tex July
Mo & North Arkan. July

1.427,950 1.282,646 6,558,671 6.172,343
184.781
213,684
4.055,981 3,253,727 22,170",928 19,161",854
7,038,976 6,342,043 40,201.807 40,504,366
June
2,339.872 2.569,432 16.848,888 14,098.587
1.499.909
1,431,165
273,455
296,924
July
881,205
161.252
1,062,282
180,848
July
2,669,219 2,029,978
427,333
313,390
July
735.293
705,012
180,298
154.179
May
4,658.573
5,337,677
1,763.078 1,318,816
July
3,307,747 3,342.896 9,274,921 11,642,416
July
2.870.544
3,394,105
133,565
86,243
3d wk Aug
964.484
129.356
206.633
1,185.212
June
676,556
722,197
114,590 .« 119,100
July
1,858,496 1,699,458 9,221,340 11,953,462
July
7,135.586
8,134,068
1.210,507
896.157
July
9,751,931 7,868,833 55,447,728 49,700,458
July

NJ&NY RR... July

-

91.442,629

Date.

Current

or

Month.

May

Denv & Rio Grande
Denver & Salt Lake

'■

7,733,140
1,231,096
54,988,406

13,174.469 12.081.991
83.918.674 68,485.084

84,031
79,051

65.129

,

Camaguey&Nuev May
Delaware & Hudson July
Del Lack & West
July

.

10,645,269
1,587,878
61,207,677
109433 347
1,727,731
3.846.751
14,528,772
25,874,136
2,860,559

1,703,389
3,306,195
12,034,783
24.549.467
3,057,399
3,162,567
3,644,828
532,575
624,654
1,699,008
220,526
1,996,586
296,970
7,259,357 6,665.251 46,145,621 41,443.383

156.354
566,966
2.289,048
4,997,796
658.842

Can Pac Lines in Me July
Caro Clinch & Ohio.| July

Chicago & Alton... June
Chic Burl & Quincy. June
Chicago & East 111.. July
Chicago Great West July

2,242,996 1.588.073
1.588.074
2,231,898
6,531,285 7,122,065
669,221
1,080,371
347,452
343.268
45,911.303 38,564.067
525,308
595,667

Jan. 1 to Latest

Latest Gross Earnings.

$

Atch

The returns of the electric railways

month.

Date.

Prevoius
Year.

Current

Previous
Year.

from which regular weekly or monthly returns
for the latest week or month, and the last two

the latest week

earnings for the period from Jan. 1 to and including
brought together separately on a subsequent page.

are

979

Railroad JuMIigcttcje.

August

—

233,423

September ..232,772
October... ..233,192
November ..233,032
December- ..233,899
..232,511
January
..231,304
February
..213,434
March
..221,725
April
..213,206
May
..213,525
June
_.

_

Prev.Yr.

Previous

Year.

Year.

Increase

or

Decrease.

%

$

233,203 469,868,678 502 ,505,334
232,349 495,123,397 485 .870,475
233,136 508,023,854 489 ,081,358
232,911 436,436,551 439 ,029.989
233,814 451.991.330 440 ,481,121
232,210 494,706,125 392 ,927,365
231,017 421.180,876 348 ,749,787
212.770 408,582,467 347 .090.277
220,918 387.680,982 372 .828,115
211,040 387,330,487 348 ,701,414
208,598 430,931,483 369 ,225,761

—32,636,656!

6.40

+9,252,922j 1.97
18.942,496! 3.87

+

—2,593,438

0.59

+ 11.510,209! 2.61
+ 101778760 25.90

+72,431,089 20.77
+61,492,190,17.72
+ 12,852,867
3.4s
+38,629,073 11.08

+61,705,722116.9q

THE CHRONICLE

980

[VOL. 111.

Latest Gross Earnings by

Weeks.—In the table which
separately the earnings for the third
week of August.
The table covers 17 roads and shows 17.7%
increase in the aggregate over the same week last year.
follows

sum

we

Third

1920.

Week of August.

Ann Arbor

Buffalo Rochester & Pittsburgh
Canadian National Railways.—

Canadian Pacific
Duluth South Shore & Atlantic
_—

-

-

Grand Trunk of Canada
Grand Trunk Western—

Increase. Decrease.

1919.

99,456

_

—

424,975
2,150,350
3,895,000
133,565

%
91,942
321,407
1,832,914
3,374,000
86,243

%

Mineral

2,560.729

—■

2,038,317

St. Louis Southwestern

Railway

Tennessee Alabama & Georgia._
Pacific

Texas &

Maryland

Total (17 roads).

Earnings

3,821,201
3,778
740.072
349,222

Monthly to

286,097
8,470
424,271

3,385,572
2,426

718,737
277,146

54,879
5,980
172,702
435,629
1,352
21,335
72,076

Jan

1

to

table

Current

Previous

Year.

Net Earnings

1

to

Jan

1

to

1

Jan

to

484,977
3,439,198

def24,413
124,225

86,583
658,922

Jan

July

547,155
3,712,176

Georgia & Florida.b
Jan 1 to July 31

July

136,196
798,625

Georgia South & Fla.b—July
Jan 1 to July 31

386,863
3,014,956

337,827
2,467,946

Grd Trk Lines in N E b July
Jan 1 to July 31

234,274
1.654,488

154,019
2,284,226

194,904
940,687

180,223
1,130,108

46.492

Jan

1

Ry Co.b.July

to July

31

Det Gr H & Milw.b—July
Jan 1 to July 31

416,556
2,347,686

161,895
323,062

109,324
307,519

87.053
121.961
def64,2l7 def447,260

78.411
314.811

241,055
1.765,720

Syst_b_JulylO,780,786 10,226,746
July 31
65,021,221 57,498,930

1,^98,542
8,458,919

1,667,105
7,576,493

3,255,214
8,840,567

251,378 def 177,518
1,495-,379 def260,383

30,973
def24,657

Gulf & Ship Island_b_..July
Jan 1 to July 31

245,824
1,625,317

237,418
1,368,093

def 12,810
def4,187

37,202
3,569

Hous & Tex

July

952,032
6,247,078

755,187

4,858,366

77,802
433.820

159,133
718,026

July

107,855
563.699

78,432
548,914

63,736
299,047

44,801
312,991

1

to

Gulf Mobile & Nor.b... July
Jan

1

to July

31

—

Jan

1

Cen.b

to

July 31

215,621
1,550,968

25,926
381,249

Internat & Gt

396,945

570.708
2,496.594

311,213
491,673

241.028
617,512

53,649

83,769
441,636

def 16,518
115,433

687,291

July

37,837
63,913

274,783
2,081.435

Jan

553,819
3,055,108

54,003
168,778

def41,554 defl27,712
def448,032 def519,679

388,505
50,583
2,271,668 def317,962

496,615
2,420,636

Great Northern

228,372
1,092,403

def83,071
158,738

1,148,217
7,666,911

237,590
1,720,288

Point.b.July

July 31.

514,184

Grand Trunk

88,975 def100,533
def22,646
557,53) def486,856 defl85,640

Jan

1

to

32,466
27,676
1,172,190
7,929,953 def547,585 def470,229

North.b.July 1,575,976
July 31
9,837,675

City Mex& Or.b..July
Jan 1 to July 31

148,615
890,944

137,297
683,271

def.58,378
def9,754
def303,713 def343,565

407,629
6,200,723

K C Mex & O of Tex. b. July

154,847
975,964

98,733
585,279

def80,834
def44,028
def434,062 def412.422

Julyl9,072,421

2,538,120
1,362,813

Kansas City South.b
July 1,586,722
Jan 1 to July 31—— 10,290,014

1,286,013
8.243,195

88,588
1,711,553

283,009
1,044.731

Term.b—July
141,426
to July 31
1,555,614

1

210,134 defl43,180
14,634
1,006,789 def656,689 def492,986

234,907
1,419,312

42,740
147,642

242,721

312,729
1,904,237

133,061
599,935

44,055
353,596

Valley..
July 6,607,629
5,731,596 def714,997
Jan 1 to July 31—37,577,070 35,056,878df4,633,115

970,193
2.568.945

2,536,393

to

1 to

July 31

16,320,566df4.498,785
-.118.859,143 96,080,417 def763,518

B & O Ch

Jan

def 18,911
51,934

3,299,359

July 31.

Baltimore & Ohio.b
Jan

20,106
74,267

30,862
167,286

Grand Trunk Western.b.July
Jan 1 to July 31-

Atlantic Coast
Jan

3,689
def16,893

80,419
484,943

Illinois Terminal_b
Jan 1 to July 31

City..
1 to July 31

Jan

130,284
834,116

July
1 to July 31—

Line_b__July 5,717,449
4.612,692 def936,407
July
1.
42,636,535 37,471,601
5,446,315

to

1

Atl.b..July

138,028
933,559

167,617
816,959

Wharf.b

449,934
def58,541
defl5,959
2,853,192 def365,293 def728,119

Atlanta & West

Atlantic

800,859
4,793,686

July 31

Atlanta Birm &
Jan

Fe.b..July

19,740
23,190

33,823
2,644,118

703,534
6,094,263

July 31

141,012

def69,986
655,735

101,266
759,515

23,479
53,233

138,122
996,219

to

40,161
397.427

Fe.b..July 1,962,931
1,740,137
July 31
..14,043,838 10,596,970

119,132
790,370

108,039
613,240

830,987
8,080,694

1

234,609
1,556,343

Gulf Colo & S

Jan

119,890
712,746

Year.

8

;

855,385
5.807,846

1,207,623
6,566,525

July

Georgia Railroad.b
Jan
to Jul> 31

14,833,620
4,488,922
4,271,640
117,553,3 22 93,250,467 29,058,035 20,312,337

July 31

July

605

Year.

274,695
1,844,397

1

Chicago & Erie.b
Jan 1 to July 31

— —

Previous

-

—July 9,751,93 1
7,868,833dfl,606,767
657,209
to July 31
—55,447,728 49,700,458df5,169,095 defl79,697

Galveston

Latest Dates.—The

...July
537,184
July 31...—. 2,818,343

Panhandle & S

102,202
2,287.079

Jan

Atchison Topeka & Santa Pe—
Gulf Colo & S Fe.b... Julyl8,060,954
Jan 1 to

645,894
3,183,421

896,157
7,135,586

Ft Smith & Western.b—July
Jan 1 to July 31

Earnings—

Vicks.b....July

Ann Arbor.b

17,922
def66,930

407.288
2.583.707

Florida East Coast.b—.July

Year.

July 31

2,587,979
7,477.994

NJ&NY Ry.b
Jan 1 to July 31

605

$
to

2.378.302
4,622,291

def20,855
119,100
676,556 defl68,186

114,590
722,197

West.b...July 1,210,507
1 to July 31—— 8,134,068

Jan

Current

1

854,772
2,130,856

369,834
2,074,722

522,412

——Gross
Roads.

Jan

Connec.b.July
1 to July 31

1.143.301
2,257,185

3,342,896
3,307,747
9,274,921 11,642,916

Dul Missable & Nor.b..July
Jan 1 to July 31--

Jan

following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:

Alabama &

%

1,318,816
4,658,573

Elgin Joliet& East.b...July 1,858,496
1,699,458
Jan 1 to July 31
9,221,340 11,953.462

15,142,176 12,859,576 2,283,2051
2,282,600

Net increase (17.7%)

Net

$

El Paso & So

12,034

11,429
340,976
14,450
596,973

...

N evada-California-Oregon—

Western

Year.

$

Duluth & Iron Range.b.July 1,763,078
Jan 1 to July 31.
5,337,677

Jan

-

Ohio

Southern

Previous

Year.

Erie Railroad.b

Range..

Mobile &

Earnings

Year.

%

$

7,514
103,568
317,436
521,000
47,322

Net
Current

Year.

Roads.

East St Louis

Detroit Grand Haven & Mil.
Canada Atlantic

-Gross EarningsPrevious

Current

up

1

Kan

Jan

1

to

July 31

Lehigh & Hudson Riv. b. July
Jan 1 to July 31

274,089

1,461,109.

73,505

Bangor & Aroostook.b__July
436,291
Jan 1 to July 31
0,649,292

319,126
2,930,855

def56,705
287,630

def41,583
211,604

Belt Ry of
Chicago.b...July
381,856
Jan 1 to July 31
2,242,996

355,155

30,413

91,182

1,588.074

82,007

25,748

Belt Ry of Chicago.b..July
Jan 1 to July 31

381,856
2,242,996

355,156
1,588,073

30,413
82,007

91,182
25,748

Los Ang & Salt Lake.b.July 1,985,934
Jan 1 to July 31.
11,209,024

1,313,207
9,694,303

494,477
2,831,154

251,404
2,102,625

Bessemer & Lake Erie.b. July

1,513,213
6,5ol,285

1,433,648
7,122,065

481,074
758,828

498,709

Louisiana & Arkansas.b.July
325,659
Jan 1 to July 31
2,346,247

178,759

69,055

1,194,748

697,763

def13,529
def33,340

Bingham & Garfield.b._July
171,315
Jan 1 to July 31
1,080,371

85,925
669,221

Louisville & Nashv.b—July 10,494,484
8,894,919
Jan 1 to July 31.
68,817,536 57,354,090

def522,386
2,546,316

1.622.946
6,877,667

Birmingham South.b._.July
Jan 1 to July 31

42,713
347,452

62,709
390,011

54,673
323,810

Jan

1

to

July 31

1,638,088

58,132
def24,233
306,962 defl21,914

*

Boston & Maine.b
Jan

1

to

51,559
343,268

July 7,508,588

6,518,287
45,911,303 38,564,067

July 31.

Bklyn East Dist Term b Juky
Jan 1 to July 31..

124,044

85,154
525,301

732

14,830

685,129
98,247

5,395
87,940
961,019
2,187,701

Lehigh & New Eng.b__.July
444,769
Jan 1 to July 31
2,520,941

Lehigh

Louisv Hend & St L_b._July
Jan 1 to July 31
Maine Central_b
Jan

1

to

July 31

—

261,111
1,714,820

July 1,754,956
10,909,888

30,888
def3,139
defl71,231 df215,558

Minneap & St Louis.b_.July 1,328,867
Jan 1 to July 31
9,009,814

Buff Roch & Pittsb.b..July 1,871,728
Jan 1 to July 31
10,645,169

1,253,043 def161,258
80,299
7,733,140 def685,190 def671,328

Minn St P & S S M.b-July 4,304,953
Jan 1 to July 31
24,499,441

Buffalo &

244,006
1,587,878

224,345
1,231,096

Minnesota

156,354
1,727,731

131,291
def43,500
1,703,389 def255,347

Jan

Susq.b__.__.July

1

to

July 31

Can Pac Lines in Me.b.July
Jan 1 to July 31

595,667

Canadian Pacific
Ry.b.Julyl7,375,760 14,720,362
Jan 1 to July 31
109,433,346 91,442,629
Caro Clinch & Ohio_b__July
566.966
541,427
Jan 1 to July 31
3,846,751

defl6,276
def490
174,604 defl65,798

1,619,485
13,047,672
140,485

def47,412
200,789
2,9 96.70
15.183, 18

Jan

&

1

to

Int.b
July
July 31—

Jan

1

to

Central RR
Jan

1

of N

to

Jan

1

to

July 31

Jan

1

to

375,085
1,324,808

Mo & No Arkansas.b_.July
Jan 1 to July 31—

4,352,061
25,874,136 24,549,467

732,333
352,254

1,084,511
2,825,663

Missouri

1

to

Jan

1

to

296,970
1,996,586

220,526
1,699,008

Monongahela.b
Jan 1 to July 31

def21,240
2,216

6,665,251 defl45,350
41,443,383
5,464,102

Paul.b_Julyl5,083,931 12,617,449

17,201
161,937
1,577,784
8,372,457

91,084,990 81,710,902

2,149,903 def221,506
6,236,090
3,640,020

West.b—Julyl4,801,128 13,321,598
86,940,834 75,871,921

3,549.584
10,646,346

July 31

North

2,743,001
7,691,440
Chicago R I & Pac.b__.July 11,897,837
9,847,273df2,188,921
Jan 1 to July 31.. ——74,018,832 58,930,131
2,936,255
1

to

July 31

Car.b__July

Chicago & East Ill_b___July 2,161,309
2,154,410 def788,461
173,352
Jan 1 to July 31
15,804,184 13,664,945
440,320 def234,859
Chicago Great West.b-.July 1,979,580
1,857,564 def724,082
386,930
Jan 1 to July 31
12,950,981 11,669,630 def825,043
1,081,341
Chicago Junction.b
July
280,123
325,130 defl98,847
defl,856
Jan 1 to July 31
1,780,581
2,013,876dfl,033,642 def482,285

Jan

to

Mobile & Ohio.b

Ches & O Lines of Ind b July 7,259,357
Jan 1 to July 31
46,145,621

Chic &

Pacific.b
1

532,575 defl23,270
def38,571
3,162,567 def846,546 def478,013

July 31———

Chic Milw & St

Jan

624,654
3,644,828

July 31

.

Chic Terre H & S

E.b__July

2,065,334
6,994,993

Jan

1

to

93,563
636,113

90,848
550,479

def32,600
103,604
578,515 def284,282

to

July 31

136,762
695,906

796
def914
defl44,671 defl40,637

July

July

150,692
701,965

Nashv Chatt & St L.b—July 2,059,014
Jan 1 to July 31
13,854,230

Nevada Northern.b

131,951
952,210

73,307
406,691

48,511
346,695

Newburgh& Sou Sh.b—July
Jan 1 to July 31

137,445
912,272

107,873
949,038

def9,613
def44,218

def25,352
117,806

New Orl Great Nor.b...July
Jan 1 to July 31

222,944
1,454,662

240,333
1,295,219

15,859

140,022

62,759
78.505

New Orl & Nor East.b.July
Jan 1 to July 31

664,727
4,291,952

590,289
3,686,057

140,511
758,772

S23.627

251,228

171,489

1,446,129

1,060,637

def73,553
183,729

20,409
83,338

196,259
1,187,722

114,035
718,349

Jan

1

to

July 31

2,406,248

7.990,826

1,094,279
7,285,090

1,251,875

232,144
1,302,515

88,959
540,826

84,031
653,418

defl8,500
1,876

9,828
129,958

3,253,727
311,539
19,161,854 defl65,019

545,352
1,485,980

Ind

1,711,014
9.205,051

Kanawha & Mich.b

_

Jan

1

Wyoming.b_July
to

Delaware &
Jan

Southern.b.July 1,235,843

1 to July 31

Colorado &
Jan

2,428,752

1

July

31

Hudson.b_.July 4,055,981

to

July 31—

22,170,928

Delaw Lack & West.b..July 7,038,976
6,3^2,043
Jan 1 to July 31—
40,201,807 40,504,366
Denver & Salt
Jan

1

Detroit &
Jan

1

to

1

July 31

Mackinac.b__July
to

Detroit Tol &
Jan

Lake.b__July

to

July 31

Ironton.b.July
July 31




273,455
1,431,165
180,848
1,062,282

427,333
2,669.219

580,894
102,593

877,861
3,375,422

def50,o65
1,287,496

296,924
def60,543
def45,386
1,499,909 def502,434 def558,380

161,252
881,205

3,869
def41,423

54,379
def60,759

313,390 def102,951
defl2,059
2,029,978 defl40,506 def374,781

223,722
376,105

168,954
1,108,512

Colorado &

July 31

1,677,520 def744,654
566,731
10,738,919

July

St L Browns &

to

145,613
530,222

to

1

1

1,168,391
9,472,090

1

1,204,967
4,304.074

58,816
def6,910
464,467 def 114,769

Cin N O & Tex Pac.b_.July 1,875,614
Jan 1 to July 31
11,224,056

Western.b..July

956,058
7,748,446

1,240,775 def368,513
111.304
8,377,431 def803,455 def469,534
72,420

Beaum

Jan

576,510

134,808
24,481
838,i56 defll2,619 def403,865

def 703

266,853
def7,249
def24,953
1,647,857 defl31.074 def244,433

Cine Ind &

July 31.

def 15,654

def38,058

135,039
967,708

392,715

to

624,058
2,204,458

320,725

339,193 defl48,835
def3,503
2,186,489
def21,078 defl87,793

1

3,335
def65,446

1,896,510

455,867
2,927,429

Jan

2,025,905 def520,867
13,397,214dfl,S80,393

July 9,262,785
7,741,548
62,838.291 49,781,248

July 1,437,165
10,193,951

279,254
2,205,885

4,843
def2,766

329,386
1,968,024

Montour.b
Jan

200,196
1,104,541

46.053

Conn.b—July
254,661
July 31
1,767,829

Monongahela
Jan

July 31

2,753

100,442
742,631

Mo K & T Ry of Tex.b.July 2,119,584
Jan 1 to July 31
15.503,132

July

July 31

Charleston & W
Jan

987,082

J....July 4,997,796

July 31

Central Vermont.b

1,045,585
3,734,568

July 3,560,488
2,967,076
21,542,434 18,577,000

def78,472
1,064,192

14,528,772

165,164
95,733

1,000,263
3,135,772

3,875,750
22,855,574

Missouri Kans & Tex

1.930,223
12,034,783

July 31

1,128,931 def287,127
7,150.685 def163,114

July

220,088
753,151

Georgia.b...July 2,289,048

4,839
1,522,556 def717,177
9,679,022dfl,192,235 def380,694

Mississippi Central.b
Jan 1 to July 31

3,306,195

Central of

234,334
1,667,980

N O Texas &
Jan

Jan

Jan

New

1

to

S

1

1

L

Mex.b.._July
July 31
&

W.b—July
to July 31.
to

476,599
M_b__July
3,972,851
July 31

def 539

134,888

415

251,222

3,957

527,816 def159,509
2,987,985
464,516

207,848
943,008

^ork Central.b—.July 32,579,679 28,185,031 def991.261

Jan 1 to July 31

191,946,209 169,998,640

Cleve C C & St L.b__July 7,697,772
6,255,155
Jan 1 to July 31
47,850,283 38,560,155
Harbor Belt

Jan

Jan

1

1

to

to

July 31
July 31

Cincinnati
Jan

1

to

1,553,183
7,999,057

3,585,378

465,968
2,734,454

392,592
def 34,419
2,368,463 def168,461

1,115,311
6,098,296

792,568
5,222,362

def30,691
def46,170

6,654,232
July 7,873,446
46,257,451 41,737.800

104,670

3.804,297

2,097,435
9,626,090

244,912
1,654,383

39,604
260,495

63,279
31-5.491

-

July
—

Lake Erie & West.b-.July
Jan 1 to July 31

Michigan Central.b
Jan 1 to July 31

604,913
7,829,590

754,671
4,420,237

July

North.b—July
291,306
July 31
1,858,820

583,672

8,089,095
12,096,919 29,034,261

def584,790
11,292
def326,854 def207,231
35,632
118,877
48,759
def 58,517

■Net Earnings-

Gross Earnings—
Current

Previous

Current

Year.

Year.

$

$

$
2,465,194 def777,434
Pittsb & Lake Erie.b_July 2,398,130
Jan 1 to July 31
15,254,074 11,023,307 df2,373,644
928,985 def 131,841
Tol & Ohio Cent.b
July 1,117,140
4,899,442 def172,542
Jan 1 to July 31
6,249,753
696,018
def30,444
Union Railroad Co_b .July
854,332
Jan 1 to July 31
5,295,289 4,453,655 def200,495
1,804,503
828,192
N Y Chic & St Louis.b_.July 2,520,280
3,701,769
Jan 1 to July 31——.14,760,916 13,635,027
Central (Concl.)—

Western.b..July 1,538,190

N Y Ont &

1

Jan

6,634,127

July 31.

to

Previous

Year.

Roads.
New York

981

THE CHRONICLE

1920.]

Sept. 4

$

RAILWAY AND

ELECTRIC

Latest Gross

2,140,593

or

Month.

397,169

Alabama Power Co.. July

336,527

def90,688

29,891

Atlantic Shore Ry
Bangor Ry & Electric
Barcelona Trac L & P
Baton Rouge Elec Co
Blackstone V G & El.
/Brazilian Trac, L & P
Bklyn Rap Tran SysaBklyn City RR
aBklyn Hts RR...
Coney Isld & Bklyn
Coney Isld & Grave
Nassau

Electric

— .

Pennsylvania RR—
Bait Ches & Atl.b
Jan 1 to July 31

174,428
830,066

179,201
806,132

July

315,119
939,159

256,536
581,350

16,998

694,787

Brooklyn...
New York Consol..
Bklyn Qu Co & Sub
Cape Breton Elec Co.
Cent Miss V El Prop.

defi 19,520

defl82,914 defl44,690

2,744,891
946,339
890,942
July 3,001,281
618,610 2,761,073
13,667,891 14,154,454
156,635
13,593
def52,719
Maryland Del & Va.b.July
143,045
716,662 def168,507
def79,824
Jan 1 to July 31
643,866
94,954
def22,631
def37,374
Peoria & Pekin Union.b July
122,857
def83,182 def288,600
Jan 1 to July 31—
860,259
681,732
950,954
1,131,737
Pere Marquette.b
July 3,803,886 3,061,499 2,395,051 4,054,084
Jan 1 to July 31
21,202,353 18,699,575
101,416
43,933
60,240
Perkiomen.b
July
99,713
612,608
287,317
291,247
Jan 1 to July 31——
654,387
Long Island.b
Jan 1 to July 31

Phila Beth & N

12,655
def29,472

6,602,516

453,305

733,399

July 31

to

1

Jan

Phila &
Jan

60,245
474,944

118,121

E.b—.July

July 6,907,626

Reading.b

"

def 14

28,818
1,725,457

South

July 31

to

—

1

508,512

San Ant & Aran Pass_b.July
Jan 1 to July 31

18,525
178,174

400,491

749,506

July 31

to

100,208
572,307

101,223

July

Transfer.b

Jan

55,048

46,035
105,646
42,499

24,056,037df1,196,354
8,779
82,140
680
1636,667
102,915
115,572
Southern Pacific Co.b—July
650,610 def486,042 def523,346
Jan 1 to July 31
2,995,552 5,802.194df2,960,715 def467,024
Southern Pacific Co.b—Julyl7,781,186 14,734,603
4,656,573 3,915,161
Jan 1 to July 31
107,594,417 90,736,529 23,033,492 17,059,764
Arizona Eastern.b—July
343,914
329,133
82,673
95,036
Jan 1 to July 31
2,348,206 2,204,805
629,994
512,686
Galv Harris & S A.b.July 2,075,638
1,929,826 def40,354 2,340,742
498,593
Jan 1 to July 31
13,563,136 12,041,982 defl78,751
53,044
1

Jan

28,297,327

July 31—

to

Buffalo.b
Janjl to July 31

♦South

_

129,973
787,611
253,566

July

1

,

193,880
def 51,992
1,294,672 defl62,958
368,961
122,099
2,338,369
866,957

222,617
1,652,667
Louisiana Western.b.July
442,376
Jan 1 to July 31
2,959,007
Morg La & Texas.b..July
739,313
Jan 1 to July 31
5,828,450
So Pac Atl SS Line.b.July
253,566
Jan 1 to July 31
2 ,995,552

Hous E & W Texas. b_ July
1

Jan

July 31

to

Southern Ry Co in
1

Jan

Southern
Jan

to

South.b
July 31

Ala Great
Jan

1

to

Spokane Interaat
Jan

1

Spok Port &
Jan
Staten

Seattle.b
31

Island R T.b
1 to July 31

Ocean

Electric. July

Electric (L I)

_ _

April

51,196
338,023

43,498
167,582

Phila Rap

127,523

1,301,883

317,595
1,113,833

218,134
1,291.413

36,131
def 1,142

53,624
170,506

def4,941

def25,329

112,884
578,013

813,495

683,816
4,062,019

671,070

4,843,471

250,191

July

Pub Ser Co June
Ohio Elec.. July

North Texas

1,288,801
July

Pacific Power &

July

Phila & Western

Transit Co July

& Lt Co
Republic Ry & Lt Co.
Richmond Lt & RR__
St L Rocky Mt & Pac
Schenectady Ry Co..

1,067,794
457,893

107,025
64,726
297,350

769,778
609,328
155,267
874,054
460,677
405,979
1,912,108
607,366
1,754,902
1,329,461
661.195
2,529,603
775,573

94,480
285,020
691,751
131,650
451,535

487,070

2.258.288
1,011,872
2,098,098
1,589,326
951,118
2,929,272

218,574
17,786

1,294,073
82,819

963,769
63,812

1,319.111

1,303,102

705,536
75,926
85,708

557,916
80,601
50,447

8,902,463
1,516,018
1.847,681
1,804,739
2,760,062
1,283,206
3,224,431

7,071,301
1,305,543
1,577.844
1,500,976
1,816,938
1,321,846
3,031,959

mm

Portland Gas & Coke. June
Port (Ore) Ry,L&PCo May
Puget Sd Pow

123,184

6,960,896
1,556,348

897,782
769,431
194,744

165,410
137,174
45,752
21,120
319,990
330,687
2,511.851
718,$33)
,052,405
268,937
85,345) 1090,708
!4
88,905
34,581]
770.687
937,132
66,510
82,095
6,562,238 5,116,187
903,028 803,251
2,245,971 1,836,644
334,754 278,076
31,162
41,602
9,578
12,798
816.604
1,007.920
166,572
204,110
686,771
1.049.143
85,022
107,563
6907,627 6602,517 48,189,539 40,252,121
407,695
433,911
64,447
72,435
3107,945 2872,717 21,761,538 20,047,683
1,233,538
176,246
194,623
741,360 711,453 3,700,267
5,675,359
684,345
766,693
490,880 4,657,203 3,503,551
691,216
158,918
183,803
42,662
51,821
314,039 2,835,966 2,387,330
402,493
919,536
1,048,680
163,785 146,840
158,918
183,803
42,662
51,821
1524,458 1009,541 12,305,371 9,713,354
713,856
844,524
100,043
112,321

Avenue— April

b Ninth

1,586,572

356,105

229,855
72,172 def243,480
to July 31
1,631,627 1,441,666
def36,345
18,678
257,752
St L Mer Bridge T.b.July
356,298
1,557,088 def263,787 def412,882
Jan 1 to July 31
2,134,981
332,803
58,075
109,745
Term Ry Assn of St L.b. July
383,508
389,198
150,710
Jan 1 to July 31
2,496,658 2,101,324
121,262
23,792
def 12,294
Texark & Ft Smith_b—July
155,584
792,146
432,038
109,493
Jan 1 to July 31
1,118,258
722,183
71,916
178,837
Texas & New Orleans.b.July
870,128 4,462,343
106,738
433,558
Jan 1 to July 31
5,332,094
534,796
747,929
Texas & Pacific.b
July 3,323,116 2,984,573 2,765,382 2,581,457
Jan 1 to July 31
22,470,689 19,329,545
126,455
def25,947
def 12,204
Toledo Peoria & West.b. July
159,890
912,019
9,255
def82.713
Jan 1 to July 31
1,081,392
663,367
116,217
82,778
Tol St Louis & West.b—July 1,003,642
986,984
537,504
Jan 1 to July 31
6,071,659 4,116,243
122,227
def22,885
def5,058
Ulster & Delaware, b
July
147,027
Central-b

July
April

Light May
Philadelphia Oil Co.. July
Phila & Reading
July

130,615

Jan

Tennessee
Jan 1

June
June

April
April
NY Railways
April
b Eighth Avenue.. April

Nor Caro
Northern

5,426,739
1,244,238
1,614,626
10,309,003( 7,837,060
1,130,838 1,103,233
6,805,894
1,429,769
2.068.142

8,408,948
1,977,956

25,261

Light June

173,776
875,948

906,083
5,853,541

-

July

2,515,675
7,269,619

b

454,899
326.162

342.575 339,350
73,255
98,622
21,737
22,283
13,530
23,266
1430,843 1120,942
233,048 196,693
307,142 256.521
301,908 269,519
486,254 297,766
253,162 259,448
489.576 449,796
47,557
43,018
12,442
5,767
86,194
97,131

Nevada-Calif El Corp July

_

1,660,084
231.651
5,093,264

199,257
237,359
472.163
648,517
14,861,219 12,346,540
306.652
362,254
7,500,727 6,108.464
712,071
915,890
17,550,990 14,358,823
696,697
830,097

893,578
235,006
118,976
79,947
23,158

299,029

April
Manhat Bdge 3c Line April
cMilw El Ry & Lt Co. June
Miss River Power Co. July

England Power.
Newp N&H Ry,G& E
New York Dock Co..
N Y & Long Island.
N Y & North Shore. _
N Y & Queens County

274,991

592,087
861,948
128,634
146,244
946,301 740,304 4,587,376 3,576,815
205,140
255,084
27,894
35,507
301,204
345,591
63,422
76,064
250,608
289,114
31,141
37,453
173,238
189,301
24,327
28,010
1,983,233 2,021,637
516,722
309,406
977,482
74,664
1,399,811
117,289
1616,926 1339,813 11,605,338 19,595,911
4599,225 3996,886 18,388,849 12,877,239
179,295
1,671,238 1,328,184
248,225
176,651
200,655
25,891
30,222
131,995
149,667
19,006
21,046

Manhattan & (queens

199,706

85,334,481
July 1,066,484
6,246,180

Ry.b.July

to July

1

1,541,393
70,372,555 14,548,394

Julyl2,584,799 11,320,441

July 31—

to

1,662,845

def523,346
5,802,194df2,960,715 def467.024
133,185
def85,556
6,592
951,226 def226,901
def32,293

1,034,021

July 31

Railway.b
1 to July 31

July

New

1,977,063
6,861,787
574,482
340,604

200,801
337,937
828,144
179.549

Havana El Ry,

Nashville Ry &

3,273,762
27,032 (2,937,921
573,293
726,510
14,376
18,939

123,916
74,347
347,735

L & P May
Haverhill Gas Lt Co. July
Honolulu R T & Land July
Houghton Co El Co.. July
Houghton Co Trac Co July
Hudson & Manhattan April
Hunting'n Dev & Gas July
d Illinois Traction— July
I Interboro Rap Tran. April
Kansas Gas & Elec Co June
Keokuk Electric Co.. July
Key West Electric Co July
Lake Shore Elec Ry. - May
Long Island Electric. April
Louisville Railway
April
Lowell Electric Corp. July

151,911

1,119,472

92,449
31,774
156,328

Harrisburg Railways. June

650,610 def486,042

125,645

Miss b July

def 13,338

1173,651
316,517
138,389

Georgia Lt, P & Rys. June
Pow Co— June
e Great West Pow Sys July

139,377
812,513

676,708

April
July

Great Nor

245,141

4,321,367

April
April
April

Fall River Gas Works July
Federal Light & Trac. June
Fort Worth Pow & Lt June

_

.

93,030

577, 319
12923, 755

872,377
6,876 1790,725
157,395
197,301
4,681
5,994
526,958 452,196
62,637
57,890
1776,021 1364,757
126,732
156,328
48,749
54,765
34,523
39,453
82,373
107,218
2117,919 1583,722
63,130
74,419
1233,720 1067,919
101,555
132,185
2546,612 2039,149
99,400
112,296
1090,510 859,710
249,264 221,793
277,932 202,835
1607,804 1185,753
169,468
161.145

April
April
April
April

Equitable Coke Co.. June

2,643,413 2,341,350 def491,604 def518,281
3,606,672df1,040,991
729,977
Line.b—.July 3,620,262
.
2,670,475

Seaboard Air

July

Galv-Hous Elec Co..

807,945

2,997,499

498,693
9,761,023
203,788
266 279
1,523,053
1,845 768
11745000 10070000 72,785 000 64,033,000

;Elec Light & Pow Co July
e El Paso Electric Co. July

Shawmut.b__.July

St Louis

July
June
July
July
July

June
Chattanooga Ry & Lt June
Cities Service Co
July
Cleve Painesv & East June
eColumbia Gas & Elec June
Columbus (Ga) El Co July
Com'w'th P, Ry & Lt July
Connecticut Power Co July
Consum Pow (Mich). June
Cumb Co (Me) P & L June
Dayton Pow & Light. July
d Detroit Edison
June
Duluth-Superior Trac July
Duquesne Lt Co subsid
light & power cos.. July
East St Louis & Sub. June
Eastern Texas Elec.. July
Edison El of Brockton July

4,421,336
3,897,653
48,189,538 40,252,120
94,111
13,189 def22,268
142,314
630,084
103,272 def 161,455
Jan 1 to July 31
906,670
105,381
5,633 def51,277
Pitts & West Va.b
July
225,812
747,571 defl78,413 def413,462
Jan 1 to July 31
1,134,724
1,118,388
290,263
559,198
Rich Fred & Potom.b—July
912,958
Jan 1 to July 31
6,453,246 7,494,701 1,981,884 3,335,934
420,696
def34,115
72,699
Rutland Ry Co.b
July
489,273
111,551
Jan 1 to July 31
3,084,524 2,622,129 def264,003
246,371 defl26,298
32,104
St Jos & Grand Isl.b
July
241,492
63,842
Jan 1 to July 31
1,762,638 1,643,165 def256,332
1,030,173
641,938
234,385
St Louis Southw Co.b..July 1,797,331
7,158,918
4,145,361
1,505,900
Jan 1 to July 31.—
-11,501,498
1

Pittsb &

1.051 433
3,655 ,953
119 582

123,891
177.464
337,407 220,358
21,891
29,161
84,769
100,839
2542202 2012289
31,239
38,696
259,808 208,813

Adirondack El Pow Co June

3,238,833
511,281
609,337

3,436,286

Year.

67,567
241,753

536,639
363,355

814,137
4,175,392

P f evious

Year.

Year.

Year.

1 to Latest Date.

Current

Previous

Current

Company.

Jan.

Earnings.

Name of Road

83,762
153,726

125,009
2,415,794 2,171,351 def391,226
1,209,903
Norfolk & Western.b
July 7,231,136 6,385,269 def251,896 7,333,898
Jan 1 to July 31
43,928,134 41,744,065 def640,930
def39,803
def64,503
518,522
Norfolk Southern.b
July
620,032
def40,564
214,586
Jan 1 to July 31
4,484,634 3,499,748
defl5,814
512
74,365
Northern Alabama.b
July
125,646
def4,604
158,781
633,157
Jan 1 to July 31
871,508
2,524,019
1,867,489
Northern Pacific.b__
July 8^676,446 8,679,735
9,099,341 11,387,909
Jan 1 to July 31.
58,950,420 54,249,460
Northwestern Pacific, b.July
Jan 1 to July 31.

PUBLIC UTILITY COS.

-

845,873

1,369,302
5,979,368

398,781

N Y Susq V Western.b_July
Jan 1 to July 31

Year.

July
July
April

July
July
April
Southern Cal Edison. July
Tampa Electric Co.. July
Tennessee Power
June
TiTenn Ry, Lt & P Co June
Texas Power & Lt Co June
Third Avenue System_ July
Twin City Rap Tran. April
United Rys of Bait.. July
Virginia Ry & Power. July
Wash Bait & Annap.. May
Western Gas & Elec.. July
Youngstown & Ohio. June
Second Avenue

207,635
536,946
326,561

1,185,830
3,187,676
2,043,163
6.857.289
4,135,038

153,567
426,663
241,561

1160,623 1020,799
1017814 882,221
10046665 8241,055

892,134

214,687
153,495
37,464

584.750
2,102,894
281,289

1,770,932

756,135

213,068
179,683
50,521

1,122,280
2,775,425
1,622,601
6,373,333
3,500.724

783.577
219,673

1

-

Jan

1

to

July

Utah.b
Jan

1

to July

Jan
Western
Jan

3,130,671

18,402,102

60,055

41,523

to July 31

Pacific.b
1 to July 31

155,183

340.186
2,444,074

8,116,074

213,018
1,576.667
Wheeling & Lake E.b„July 1,631,323
Jan 1 to July 31
8,721,031
Wichita Falls & N W.b.July
212,581
Jan 1 to July 31
1,485,883

Western Ry of Ala.b—.July
Jan 1 to July 31

*

Lines.
given are before

,

98,663

Operating Chicago




b The

Eighth Avenue and

leased to the New

Ninth Avenue RR. companies were

York Railways Co., but these

formerly

leases were terminated on

operated

given in

1,818,445

27,842

1,031,118

443,077

the deduction of taxes.
Detroit & Canada Grand Trunk Jet.

receiver of the Brooklyn

306,439

244,703

42,695
581,743

2,209,545
480,180
2,196,736
194,070
defl,208
1,496,746
275,128
1,403,599
317,145
7,089,877 1,233,407
202,544
3,566
1,129,057 def44,799

of the Brooklyn Rapid Transit
Heights RR. Co. having, with the

Brooklyn.City RR. Is no longer part

309,181

440,229

6,140,977
1,096,800
6,455,185

The

approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18,1919 the Brooklyn City RR. has been operated by its owners.

11,1919, respectively, since which dates these roads have been
separately, c Includes Milwaukee Light, Heat & Traction Co. d Includes
all sources, e Includes constituent or subsidiary companies, f Earnings

■* 614,507
285,743

Atlantic Steamship

b Net earnings here
c

9,065,459

10,161,766

July 1,579,173
8,804,616
July 1.434,443

RR.b
1

def 137,159

1,119,829

6,6491,357 58,516,715 16,603,499
1,034,593

31

Vicks Shreve & Pac.b—July
Jan 1 to July 31

Virginian

583,945 def121,524

718,424

July 31

Union Pacific RR Co.b. July
Jan 1 to July 31

a

System, the

1,096,583
306,335
946,178
45,251
346,665
413,660
1,008,125
defl,855
def52,9l8

July

Railway,

g Subsidiary companies only,
h Includes
Light & Power Co., the Nashville Railway & Light

milreis.

Tennessee

and the Chattanooga Railway
and elevated lines. J Of Abinjcton &

Power Co.

both subway

Electric Railway

Tennessee

Co., the

& Light Co. i Includes

Rockland (Mass.).

and Other Public Utility

Net Earn¬

ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges

and surplus reported

this week:

982

THE CHRONICLE
Gross Earnings—
Current
Previous
Year.
Year.

Companies.

Net Earnings
Current
Previous
Year.
Year.

$
Jan

1

to

-Oross-

1920.

Blnghamton L & Pow.a. July
Aug 1 to July 31

%

$

49,000

14,100

345,902

116,455

13,761
66,472

61,771

July 31

38,347

3.757
165.461

618,044

Brazilian Tr,
L&Pow.aJulycll,745,000cl0,070,000
Jan 1 to July 31

July——*
12

12

239,450
3,016,731

76,064
76,017

63,423
100,055

1,339.813
9,595,911

347,272
3.166,039

325,936
2,622,040

169,308

35,016
409,065

26,490

N W Ohio

47.439
401,473

38~687~

Sytem.a.July
159,585
Aug 1 to July 31
1,978,049
Philadelphia Co and subsid
Natural Gas Cos.a—July
907,014

-

Ry&PCo.a.July

Aug 1 to July 31

Jan

1

to

July 31

6,821
507.607

399,773
5,250,843

876
66,104

12,822
150,205

10,323

4,573
7 23,893

4,060
22,031

197
17

57,338
560,119

47,175
487,847

25,753
274,761

42,812
545,602

43,106

5,683
195,324

July

a

Vermont Hydro
Elec.a.July
Aug 1 to July 31

Net earnings here
given are after
Given in milreis.

a
c

25,997

23,821
298,188

.Jan

$

Asheville Power &

July '20

Light

73,230
59,391
733,424
589,218

'19
12

'20

mos

'19
Carolina Power &

July '20

Light

July '20

Commonwealth

2,546,612

Power Co

12

*19
2,039,149
'20 29,162,957
*19 24,138,458

mos

Northern Ohio
Electric

July '20

903,028

8,638
8,294
120,542
_68,704

12

mos

390,382
248.943

._'i9

L'_

;

,

35,111
24,354

*19
'20

Southern California""
July* '20
Edison Co
*19
,

7

'20

mos

1,400.896
897,046
6,757,190
5,171,033

794jTT
475,881
3,537,289
2,969,937

'19
United Gas & ElecJuly '20
957.590
trie Corp
'19
773.591
12 mos '20 11,618,764

'19

9,754,931

July '20

Utah Power &*

Light
12

Yadkin River
Power

'19
'20
'19

mos

July '20
12

—

'19
'20
'19

mos

-Gross-

1920.
$
Baton Rouge Elec Co—

1919.
,

July...
38,696
31,239
12 mos
433,759
323,777
Blackstone Val Gas & ElectCo—
July
259,808
208,813

156,328
574,482

126,732
454,899

def2,738
def24,772

14,715
6,369

197,301
726,510

157,395
573,293

14,901
26,961

14,821
16.719
def 2,004

1,315
28,699

20,843
20,957

South

6

687
.

1,487
18,846

646.119
331,159
2,612,476
1,845,258

91,736
100,459
753,565
731,240

27,538
29,259
367,781
360,959

14,995
17,878
180,023
215,367

13,853
14,955
201,672
190,488

-Net after Taxes—
—Surp. after
1920.
1919.
1920.
$
$
$

to

Eighth

Apr 30

Avenue

$

10,796
128,092

9,272

7,405

169,150

125,798

86,202

53,894

56,356

28,734

31,818

48,749

6,337

8,493

621

560,707

3,144

91,318

128,860

25,735

64,578

132,185

101,555

.1,513,101

1,203,647

45,468
644,279

44,741
542,405

13,706

1

to

Elevated

Apr

273,811

99,400

31,094
567,828

27,069

11,481

7,856

462,860

332,221

236,263

49,991

48,200

580,749

476,292

33,830
418,231

326,531

19,010
428,106

316,127

16,123
370,575

236,033

•'

mos

597,464
Columbus Elec CoJuly
12

mos

12

mos

1,393,421

Eastern Texas Elec Co—
July
138,389
12

mos

1,518,353

1,184,824
118,976
1,257,532

Edison Elec Ilium of Brockton—

July...

Jan

1

to

1

to

12

92,449

mos

79,947
994,248

1,257,084

Elec Light & Pow of
Ablngton & Rockland-

July
12

3,577

267,124

2,633

57,440

2,985

48,870

50,376

41,099

123,184
1,401,485

46,221

28,300
390,349

34,097

20,429
304,271

3,323 !

July

156,328
1,768,416

mos

560,085

Fall River Gas Works—

July

74,347

64,726

3,760

16,901

841,814

mos

3,757

723,690

201,395

145,470

199,053

Galveston-Houston
July
12

July...

285,020

112,708

98,347

77,408

2,957,214

63,007

928,842

808,864

506,897

424,089

27,894
354,530

4,695

2,031
25,219

4,169

75,236

66,984

1,380
17,049

7,297
140,973

98,949

5,478
85,826

1,269

587

2,087

12,593

35,507
436,575

mos

Houghton County Elec Light—
July
12

mos

...

37,453

31,141

7,511

491,666

438,710

146,572

Houghton County Trac Co—
July
28,010
12

mos

313,215

3,181

12

mos

30,222

341,242

3,609
95,758

'

24,327

7,742

299,191

72,259

Keokuk Electric Co—

July

25,891
292,148




551,569

240,113
889,610

2.426,843
6,847,389

1,230,148
4,986,611

1,017,542
3,791,089

1,570,043

421,369
1,306,739

13,530
50,447

2,592
3,873

2,003
2,691

97,131
330,687

86,194
319,990

def 13,089

def96,618

def22,101
def38,662

25,261
82,819

17,786
63,812

def 10,800

def20,251

43,018
137,174

47,557
165,410

def4,445
def50.000

4,757
2,537

12,798
41,602

5,578

209

31,162

def24,587

Apr

0,767
21,120

12,442
45,752

def6,079
def21,521

22,283
75,926

21,737
80,601-

Apr 30

Manhat & Queens (Rec)
..Apr
Jan 1 to Apr 30
Richmond Light &
RR__Apr
Jan 1 to Apr 30

51,821
183,803

561

218

6,909

3,287

4,403

955

60,886

34,457

33,417

def 2,670

def967
def 7,470

1,665

def 11,652

384

42,662

74

158,918

def37,838

defl2,091
defl6,229

the

above net earnings are after
deducting taxes.
Brooklyn City RR. is no longer part of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co.
having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the
Brooklyn City RR. has been operated by its owners.
a

The

b The Eighth Ave. and Ninth Ave.
RR.

Cos. were formerly leased to the
Railways Co., but these leases were terminated on July 11 1919
Sept. 26 1919, respectively, since which dates these roads nave been
operated separately.
New York

and

FINANCIAL REPORTS.
Financial Reports.—An index to annual
reports of steam
railroads, street railway and miscellaneous companies which
have been published

during the preceding month will be given

on
the last Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in
which it is
published.
The latest index will be found in the issue of

August 28.

The next will

appear

in that of

Louis-San Francisco

September 25.

Railway.

(Report for Fiscal Year ending Dec. 31 1919.)
Federal Control.—Federal control and
operation terminated at midnight
Feb. 29 1920.
A compensation contract was entered into on
May 15 1920
between the Director-General and this
company, together with all of its
affiliated companies, based
upon the tentative certificates of the Inter-State
Commerce Commission that the
average annual railway operating income
(standard return) for the three years ended June 30
1917 were as follows:
St. Louis-San Francisco
Ry. Co. (including K. C. Ft. S. & M.

Ry. Co., K. C. & M. Ry. & Bridge Co., K. C. M. & B. RR.
Co., Birmingham Belt RR. Co., S. & O. F. RR. and West
Tulsa Belt Ry. Co.)
$13,690,21&
Fort Worth & Rio Grande
Railway Co
1,301
Quanah Acme & Pacific Railway Co
98,939
—

$13,790,453.

Less deficits: Paris & Great Northern
RR., $39,385; St. Louis
San Francisco & Texas
Ry., $327,035; Brownwood North &
South Ry., $8,522; total.

Net total appearing in
pro forma income account
Kansas City Clinton & Springfield Ry. Co.

374,942

$13,415,510
7,890

Final certification by the Inter-State Commerce Commission is
being
deferred pending the decision of certain* questions of
accounting, &c.
Company's Pro Forma Income Account.—The pro forma income account,
balance sheet and all of the statistical tables include, in addition to

the

parent company, its affiliated and subsidiary companies.
They do not
include the Kansas City Clinton & Springfield
Railway Co.
Adequate Maintenance.—No settlement in regard to accrued
depre¬
ciation has yet been made, but data are
being prepared and will be sub¬
mitted to the Commission as soon as
possible, for the purpose of
at

63,436

,

6,029,850

(additional)

337,937

3,438,246

mos

def62,001J
def39,941

—

16,727
142,956

Elec Co—

Haverhill Gas Light Co—
12

459,350

117,124
432,878

516,722
2,021,637

—

23,158

333,873

El Paso Electric Co—

12

16,157

31,774

mos....

12

22,612

def 26,182

defl93,180|
defl4,150|

—Apr

N Y & North Shore
Jan 1 to Apr 30

.Note.—All

1,090,708
4,052,405

23,266
85,708

Apr 30—

Electric

Jan

def48,542)
def367,672

409,347
1,452,744

Long Island Electric
Apr
Jan 1 to Apr 30
N Y & Long Island
Apr
Jan 1 to Apr 30—
Ocean

1,153

Apr 1,727,954
6,867,925

N Y & Queens
County..Apr
Jan 1 to Apr 30

St.

34,674

Apr

30.

Jan 1 to Apr 30
Manhat Bdge 3c Line...Apr

183,466

12

30

Division

13,668

Connecticut Power CoJuly
112,296

Cape Breton Elec Co—
July
54,765

2,511,851
85,345
268,937
Apr
34,581
88,905

Apr

30.

62,637
231,651

718,833)

309,406
1,983,233
Interboro Rapid Tran System—
Subway Division
Apr 2,871 ^271
Jan 1 to Apr 30
11,520,924
Jan

Charges—
1919.

57,890
274,991

Apr

Hudson & Manhattan

14,239
15,428

724,898

1

Jan 1 to Apr
b Ninth hvenue
Jan 1 to Apr

N

2$5,744

140,600
140,529
1,663,788
1,724,750

13,347

Apr 1,776,021«
6,861,787

Brooklyn
.Apr
1 to Apr 30.

Jan

2,876,83,3
2,859,936

761,638

5,838]

Apr

420,223
1,324,426

1,880,795

546,066

15,136V

440,178
1,420,343

1,816,131

68,517
47,089

98,074
328,890

def38,116|

def74,836

Balance'

157,850
151,648

790,725/ def23,7461
2,937,921

27,032

1,364,757
5,093,264

Surplus*

272,216
257,216
1,787,081
1,837,296

Previous
Year.
$

N Y Consol (Rec)
Jan 1 to Apr 30

Fixed

16,958
6,860
150,859

Earnings-

21,283
228,881

JU85.228
232,336*

Apr 30

-Net

Current
Year.

—2,906

63,487
85,963
1,196,448
778,922

240,988

-Gross EarningsCurrent
Previous
Year.
Year.

64.720
115,347

280,629
273,621
4,004,617

512,603
448,686
6,213,797
5,570,575

_

to

31,026
418,049

10,936

5,242
59,638
898,962
471,465

July '20

Palmetto Power &
Light

33,367
493,213

Railways.

def1,294
def8,347

197,749
176,367
2,182,035
1,929,162

2,760,628

35,711

471,757

Street

4,681
14,376

184,366
8,320
1,195,632

8,309,662

37,613

547,229

York

452,196
1,660.084

741,866
683,746
8,550,744
8,044,050

222,507
266,006

17,876
231,134

5,994
18,939

389,874
349,979

3,440,998

288,804

526,958
1,977,063

17,448
15,760
199,081
189,028

'19
803,251
'20 10.743,952

mos

100,043

1,172,297

Bkln Q Co & Sub(Rec)
Jan 1 to Apr 30

22,797
231,962
174,128

'19

12

20,052
■

Coney Isl & Gravesend Apr
Jan 1 to Apr 30

5,083
5,083
62,140
62,137

10,823,557
9,846,129

2,096,971

Nassau Electric
(Rec).Apr
Jan 1 to Apr 30

647,265
781,831

1,462,080
1,122,253

mos

100,564

—676

Charges.

'

507,061

2,126

27,952
28,712
421,066
381,334

122,971
94,483

'19
'20
*19

12

1

Jan

Taxes.
$
29,156
26,877
276,044
224,453

,

112,321
1,399,915

mos—

6New York Ry (Rec)

Net after

95,658

360,602

62,343

766,121

mos

%
Brooklyn Rapid Transit SystemaBkiyn City RR
Apr
872,377
Jan 1 to Apr 30
3,273,762
Bklyn Hts RR (Rec)__Apr
6,876

deducting taxes.

Gross

143,340

54,170

33,206

Earnings.

84,622
805,468

667,322

13,299

South Canada Pow Co
Oct 1 to July 31

220

1,177,342

53,495
.

Coney Isl & Bkln(Rec) .Apr
Jan 1 to Apr 30———

17th St Incl Plane Co.a.July
Jan 1 to July 31..

—

109,664
1,105,803

243,679

7*,012

37,771
——

82,300

850,673

301,100
3,933,100

8,394

Sandusky Gas & Elec.a.July
Aug 1 to July 31
Sayre Elec Co.a
July
Aug 1 to July 31

652,216

14,486
224,723

156,684

125,498

Companies.

32,400

7,947
157,305

-

7,423

1,747,651

1,475,594

mos

New

38,850

4,005

61,240

Tampa Electric Co—

in, 834
1,337,991

*

182,413
1,972,187

278,076

12

162,071
3,884,120

52,413

196,693
2,237,793

2,953,938

12

124,151
1,764,319

297,510

3,797,281

12

43,773

23,470
341,022

16,426
248,278

10,212

321,768

Puget Sound Pow & Light—
July—
766,693
684,345
12 mos—. 9,564,896

July

490,880
5,790,398

86,240

4,772
69,449

334,754

12,898

228,317

93,732

-

6,252

73,255

233,048

July—

13,489
64,571

ReadingTran&LtSys.a.July

$

*v

6,721

989,710

2,529,029

mos

July

"9",758

685,196
7,798.677

272,583
Aug 1 to July 31
2,932,461
Republic Ry & Light.a.July
691,216
Aug 1 to July 31
7,413,277
Rutland Ry, Lt &
P.a.July
49,522
Aug 1 to July 31
554,164

228,842

98,622
1,143,574

mos

12

70,380

142,961

9,141,740

1919.

>

Sierra Pacific Elec Co—

6,518
141,749

Penna Utilities

1920.

Northern Texas Elec Co—

914,869

New Jersey Pow &
Lt.a.July
Aug 1 to July 31

19,006

244,933

July...—.

523,855

42,453

1919.

Miss River Power Co—

6,109,012

350,006
3,236,704

62,079
432,772

Illinois Traction Co.a..July
1,616,926
Jan 1 to July 31
11,605,338
Metropolitan Edison Co a July
215,802
Aug 1 to July 31
2,630,127

796,385
7,779,435

451,535
5,122,855

21,046

mos

July

c5,389,000

740,346
8,539,471

Great Western Pow SysaJuly
592,087
Aug 1 to July 31
5,836,793
Honolulu Tr & Land CoaJuly
71,730
Jan 1 to July 31
480,356

Surp. after Charges—

5

Lowell Elec Light Corp—

c72,785,000c64.033,000c39,175,000c33,739,000

General Gas & Elec Co.aJuly
910,336
Aug 1 to July 31
10,272,173

1920.

S

Key West Electric Co—

11,181

c6,118,000

-Net after Taxes

1919.

•

S

61,779
408,821

Beaver Valley Trac Co.aJuly

[Vol. in:

an

adjustment.

Bonded

arriving

Debt.—During the year $4,232,000 additional Prior Lien Mort¬
6% bonds, Series C, were authenticated and delivered under the
mortgage, on account of the following: Equipment notes retired, $793,000;
additions and betterments, $2,530,000; new
equipment, $906,000; new
mileage, $3,000.
gage

Sept. 4 1920

983

THE CHRONICLE

]

DECEMBER 31.

CONDENSED BALANCE SHEET
No stocks,

during the period covered
Mortgage Bonds, Series C,

by the report,

$1,700,000 tem¬
purchased from the
(a)
(6) 1,000
33 light
tenders.
respect
dated
series.
payment of
ending Jan. 15
decapod type
of
annual install¬
the
the

which were pledged to secure
paid off).

bank loans (since

porary

pledged by the
of its system,
except $2,141,000 Prior Lien

bonds or other securities have been sold or
of any controlled or subsidiary company

railway company or

of the War Department.
■.(
Fiscal Year.—This has been changed

STATUS OF

Bonds pledged.

RR.

Administration ($24,757,332)

for—

Cash

158,811

"382*,335

Loans & bills rec.

Miscellaneous..

141,269

"26". 170

4,663
153,826

6,811,297

12,075,290

71,776

have

Def'd liabilities.

1918 and 1919, ten¬
$13,415,510
annum
$26,831,021
deferred payments
287,838
is recorded at _. 3,108,400
of the standard return and interest on esti¬

net debit
books of $20,307,562
Director-General of Rail¬

balances in open accounts ($27,118,859), the
against railway companies on Railroad Administration
shown in the table, leaves a net balance due from
roads of $6,811,297, as shown in condensed balance sheet.

*

Deductions {Con.).

"stand¬

Tentative

ard return"

73,530
a429,243
21,478

74,904
143,339
113,599

13,939,762

13,648,414

225,957
152 628

70,847

123,879

charges..

8,894,825

bonds.

2,326,895

bonds..

2,111,520

8,448,877
2,325,033
2,111,520

114,744

Rentals
Interest

Miscellaneous..
Total

40,009

frig'r Line
Interest chargesFixed

Adjust't
Income

org'n

Taxes

107 059

__defl52,052 surl25,587
Director-General on net

FOR CALENDAR

YEARS {Tons Carried).
Miscell.
Manufac.

219',688

252471

COMMODITY STATISTICS
Agriculture.
3,337,285
.3,432,919

Animal.
754.204
693,672

1917 ___2,979,6I0
1916 ...3,317,120

705,838
701,546

1919
1918

&C.,

TRAFFIC,

Mines.

Forests.

2,609,269
2,939,103
3,460,983
3,067,467

STATISTICS FOR

one

mile

per

one

company,

eliminating the

ending

30'19 Dec. 31 19

Calendar Years

1919.

5,252

5,252

1918.

5,166

1917.
/

5,207

,558,494 47,161,818

6,169,013
of equip't 7,793,743
expenses.
303,159

Maint.way&struc
Maint.
Traffic

82,202,919 72,475,313
6,882,801 13,051,814 10,638,161
.8,291,492 16,085,236 16,352,762
406,282
709,440
608,154
16,785,203 31,852,973 28,171,852
1,269,423 2,524,107 2,139,395
Cr.27.815 Cr. 153,947 Cr. 103,013

36,977,228 45,225,690

Total

Transports exp. 15,067.770

39,421,538

59,676,657
6,853,602
9,887,332
832,723
20,567,230
1,698,547
Cr.228,615
39,610,818

1,254,685
Investment._...Cr.l26,131
,069 ,624 57,807,310
Total oper.exp.30,462,238 33,607,385 64
20,065,839
11,618.305 18 ,133 ,295 14,668,004
Net oper. rev.. 6,514,990
2,757,344
2,812,070
1,295,573
2 ,789 ,445
Taxes..
1.493,872
15,694
26 ,373
24,086
11,960
Uncollectibles
14,413
317,477 11,831,818 17,292,801

General expenses.

5.006,704 10,310,772 15 779,325deb.623^59deb.997.522
equip't__deb.87,326deb.691,999deb 833.551
668,098
411,855
299,848
533,703

Oper.income..

Hire of

Other

income...

3/1,702 11,876.188
993,737
958,909
40,009
55,991

16,707,134
915,019
55,795

123,879

75.166

1,104,593 * 1.138,778

1,045,981

5,219,226 10,152,476 15,
512,702
481,035
Deduct—Rentals.
13,403
26,606
Sinking, &c., fds.
Gross income.

Sep. oper. prop.—

28,325

42,522

Total deduc'ns
from income.

554,430

550,163

Bal. for int., &c_

4,664,796

loss

9,602,314 14,267,109

4,431,287
Cum. adj. bds. 1,163,165
1,055,760
Income bonds.

4,463,538
1,163,730
1,055,760

*1,985,416

2,919,286

*

10,737,409 15,661,153

Deficit.




8,448,877
2,325,033
2,111,520
933,869 *2,148,041

8.894,825
2,326,895
2,111,520

2,930,274

3,583,009

1,976.600

4.067,746

3,396,764

3,396,725

3.395,364

404,217
147,000
719,952
467.802

404,222
147,000
719,982

404,236
147.000
599,946
1,596,088

404,250
147,000

Asht.

stock
Columb.& O. RR

Miscellaneous

.I

-

110, p. 965 for

See V.

8,377,690
2,324,156
2,111,520
2.847,788

200,000
247,264
100,000

79,650

200,000
255,240
100,000

Pref. stock.

Total

107,500

200,000
223,335
100,000

Common

Tol.

139,480

116,442
86,288

2,604,836

&
.1

Wayne

Youngst. &

Pitts.

1,058,174

$9,659,458 $9,714,751 $10,870,641
comparative Income Account.

600.000

2,464,623

$10,085,164

PENNSYLVANIA COMPANY, DEC. 31
PAR) .^217,122,509.

STOCKS OWNED BY THE
AGGREGATING {AT

Allegan &
Belt

S.E. RR.

610X

Ry.of Chicago

2,400

Ry.

1,080

Calumet West.

Central Ind. Ry—
Clev. &

600

betterment 121,003

guar,

Cin.

Cln.

Leb.&N.Ry.
Rich. & Ft.

RR
Union Station
Erie & Pitts. RR.,
Wayne

Chic.

guar,

betterment

Englew'd Con. Ry.
First Nat. Bank at
Pittsburgh, Pa_.
Granlte

Imp. Co..

Gr.Rap.& Ind.Ry.
Ind. &

Fr'kfortRR.
Pitts. Ry.
Miami RR.,

L. Erie &

Little

spec.

Lorain

bett.
Ashland &

guar,

RR...
Bridge &

Southern
Louisv.

Terminal Ry
Monongahela Ry..
Massilon & Cl. RR.
Nor. & West. Ry.
Ohio

preferred--Connect. Ry.

20,993

Penn. Ont.

Western Ry.

$60,000

Detroit RR_
Ohio Valley
Cincinnati RR.

49,993

4,999,300

SO 1,075

Penn.

240,000
108,000
60,000

Penn.

6,050,150

Pltts.
&

Ft. Wayne &

41,820,000

194,661

19,466,100

57,745

5,774,500
2,100,000

Sharpsville RR,
So. Chic. & So. RR.

21,000
5,000
3,402
8,425

& Pe¬
pref..

11,687

1,168,700

Ft. Wayne &

Chicago Ry.

18,388
2,500

919,400

Pitts.

250,000
91,800
70,000

10,627

531,350

8,995

899,500

50,000
40,000

6,519

823,500
106,450
3,190,500

5,000,000
2,000,000
651,900
187,500

10,000,000

St.Yds.

Terre Haute

oria

RR.,

Terre Haute &
oria

2,256,000

pfr

Youngstown

& Aflht. Ry.com.
Pitts. Joint

21,497

2,129
31,905

Youngstown

Ash tab. Ry.,

3,378,600
4,960,000
2.149,700

22,560
16,470

guar.

418,200

Pitts.

Pitts.

49,600

65,124,500

Chic.

Chic. Ry.,

700,000

1,400
33,786

299,650

RR._ 651,245

special

25,757
7,000

918

5,993

Cin.

& St. Louis

Pitts.

9,297,688
2,099,300

1919.

Total Par.

600

1,287,850

Riv.&W.Ry.
1,875
Tr. Co.
Penn.
Tunnel
&
Terminal RR... 100,000

Ohio

Shares.

Total Par

Pitts.

Pitts. RR.,

Cleveland Akron &
Cincinnati Ry.. 92,976^

do

Interest on—
Fixed charges.

Bal. of income.

70,847

Ft.

166,219

53,745
39,825

136,148

Louis RR...
Chic. Ry

175.000

200,000
223.335
100,000

4J4s_
western Ry.

stock
Ohio Connect. Ry. stock
Pitts. Cin. Chic. & St.
Pitts.

$223,433

45,382

Shares.

earnings.24,544,879 29,013,615 53 ,599,251 20,976,513 16,139,384
Passenger......10,447,791 13,151,460 23 ,553,473877,005
976,777
Mail..
447,015 1,106,457 1 ,973.467 1,898,639 1,680,830
Express
837,453 1,136,014 1 720,617 ' 753,143
777,034
Miscellaneous
310,457
410,160
797,617
808,196
681,094
Other
389,633
407,984

Freight

&

Common

1917.

1916.

$219,448

175,000

Pref. stock.

1918.

1917.

$221,048

107,485
79,650

Ry.

Stock

Ref. M.

1918.

$226,287

& Ind. Ry.

Erie & Pitts.

Lake

SECURITIES OWNED,

1919.

Dividend & Interest on—
Cleve. & Pitts. RR. stk.
Gr'd Rapids

of $2,052,588.

FROM FUNDED

RECEIVED

Norfolk &

13,322,806

"standard return."]

5,252

miles oper.

unpaid at Dec. 31 1919.

1,386,763

CALENDAR YEARS.

14,827,788

are

the Pittsburgh Ft. Wayne & Chicago
of betterment accounts; the purchase of the

1st M. 4M>s_
Monongahela Ry. 1st

851,007,465
783,014,137
mile
2.77 cts.
2.68 cts.
21,439,266
22,998,106
...4,036,818,931 4,155,542,672
1.33 cts.
1.13 cts.

Six Months

June
Avge.

attached to this re¬
consisted of the receipt
Ry. Company in settle¬
ment
entire Capital stock of
the Western Warehousing Co.. and the purchase of additional shares of the
Grand Rapids & Indiana Railway Co.
Your company also received
$453,000 of the Pittsburgh Youghstown & Ashtabula Railway Co. First
General Mortgage 4% bonds on account of betterment.
Equipment Trusts.—Payments were made on account of principal during
the year to the aggregate amount of $849,355, leaving a balance of the cost
Owned.—Lists of the stocks owned
The principal changes during the year

of stock from

1,408,527
1,379,217
1,457,792

4,978,067
4,636,152
4,622,468
4,137,041

14,564,107
719,118,333
Revenue
passenger per
2.24 cts
Revenue tons carried
23,011,162
do
carried
mile
3,963,259,492
Revenue per ton per mile
0.99 cts.
Revenue per mile of road
$15,651
$14,031
$11,140
PRO FORMA STATEMENT OF CONSOLIDATED INCOME ACCOUNT.
[The 1919 and 1918 figures in this statement, for continuity of record,
combine the income account of the Federal management with that of the
carried

do

carried....

$3,014,080.

2nd M. 4s

8,351,914
9,917,043
9,784,471
8,660,087

1919.
Number passengers

indebted to the Pennsyl¬
of $6,038,418, and the
The Pittsburgh Cincinnati
of $19,390,000. and to the
Manufacturers Railway Co.,
Co., Grand Rapids & Indiana Railway Co.
Lines West of Pittsburgh, an aggregate amount

Securities

port.

INCOME

Balance
a Includes $287,838 estimated interest due by
current balance from Jan. 1 1918 to date.
Rentals!™""

of

remaining

Deductions—
Exp. corp.

income, which is largely derived from dividends*
$12,819,013, and the net income was $7,272,682>
From this net income a dividend of 6% was
of $1,514,088 applied to sinking and other reserve funds, and
was

of $558,490.

increase

Pennsvlvania-Detroit RR.
and other companies in the

55,991

Re-

Frisco

Def.

Report—Year ended Dec. 31 1919.)
Rea, Pittsburgh, Pa., March 24, wrote

physical property, leaving a
profit and loss account.
additional stocks or bonds were
obligations aggregating
sinking funds and the payment
aggregating $6,000,000,
close of the year, none

"

funds..

serve

13,415,510 13,316,571

text)
Other income—

& Springfield Ry.,

paid; the sum
$297,519 appropriated for investment in
balance of $661,074 transferred to the credit of the
Capital Stock, Funded Debt. Loans.-—No
issued.
Reductions were effected in outstanding
$3,372,355. chiefly through the operation of
of maturing car trust obligations.
Short term notes
and maturing June 1 1920. were outstanding at the
having been retired or reduced during the year.
On Dec. 31 the Pennsylvania Company was
vania RR. Co. for cash advances in the amount
Pennsylvania Company has advanced to
Chicago & St. Louis
RR. Company the sum
Louisville Bridge & Terminal Railway Co.,

16,037

Sink. & other re¬

(see

..357,456,427 358,013,123

Total

Fiscal Results.—The gross
an

$

16,962

charges..

Misc.

138,346

not included in the above, but
Fort Scott & Memphis Ry. to
the interest on the Kansas City Clinton & Springfield Ry. bonds
been charged against income.—V. Ill, p. 897.

interest and rents,

1918.
.

702,939

1,569,088

in substance:

Standard return due companies for years
tatively certified, as above, at
per
Debits & credits covering int. (est.) on
Accrued depreciation which, on Federal books,

$

Profit and loss..

357,456,427 358,013,123

President Samuel

*$20,307,562
The figures shown in the table above do not include the following items:

1919.

529,000

Pennsylvania Company.

U. 8. RR. Adm.

INCOME ACCOUNT.

Sink, fund res've

of

(48th Annual

as per

1918
$

226,385

537,000
738,532
80,127
1,272,475

the railway at par;
$4,709,195 mortgage

meet

not

1919.

390,944

thro.inc.&surp.

which company is operated separately, are
the amounts advanced by the Kansas City

5,945,827
3,500.000
4,495,939
replaced
-758,701
Total
Federal books at St. Louis, Ft. Worth and Quanah. 20,460,970
Net debit against railway companies on said Federal books.. $4,296,362
Add cash advanced to railway companies from Washington, D.C. 16,011,200

CORPORATE

15,325,070
1,594,752

prop,

thro.inc.&surp.

Total book assets, $738,532, less $734,000 issues of
balance as above, $4,532.
b After deducting in 1919
bonds held by or for the railway.
Note.—The transactions of the Kansas City Clinton

account as of Dec. 31 1917, with adjustm'ts
1918 by Railway Co., proceeds of 6 months'
notes issued March 1 1918
Railway companies' assets Dec. 31 1917—collected
Railway companies' property (road and equipment) retired and

Deducting from the sum

101,369

134,010
Accrued deprec. 15,241,436
Unadj. credits..
1,068,135

a

Cash advanced in

*

6,024,750
2,956,224

5,405,531
2,994,450

accr'd.

Fund.debt retlr'd

Due from Direc¬

Total

6,846

239,802
15,066

liability...

Add'ns to

ed debits

$5,439,514

Int., &c.,
Tax

179,453

6,001,343

Miscellaneous..

9,203

unadjust¬

Material and supply

mated net current

Int., &c., matur.

Prepaid rents &

as per

books

36,798
37,729
719,285

250,000

442,309
17,922

682,867

insurance

664,558

Acc'ts & wages.

383,805

Material & supp.

tor-General

Loans

7,360,500
79,707,473

1,960,000
9,554

54,636

Deferred assets.

debt
and bills

Misc. fund,

payable (sec'd)
Traffic,&c.,bals.

1,567

Trafflc,&c.,bals.

Coll. trust bonds

4,055,821
4,088,301

2,535.356

Special deposits.

Due to

against railway companies on
(subject to final determination).

79,719,273
523,433

1,000
413,613
3,061,763

Advances
Other investm'ts

7,170,752
Total
books at St. Louis, Fort Worth and Quanah
$24,757,332
St. Louis-San Francisco Ry. Co. and Subsidiaries—
Railway companies' cAsh Dec. 31 1917
—.... $3,535,041
Railway companies' revenue, &c. .prior to Jan. 1 1918
2,225,462

Total net'debit

7,203,300

Income bonds..

178,571

Railroads

betterments
...
....
—
companies' liabilities Dec. 31 1917 (paid) and expenses
prior to Jan. 1 1918
.
Current account with Frisco Refrigerator Line, &c
Cash advances to pay: (1) balance of six months' notes due
March 1 1918, $1,300,000; (2) equipment trusts principal,
$502,000; (3) interest, rentals, &e., $5,368,752; total

and certificates

319,089

1,548,000

..l

Notes

ADMINISTRATION

Due to U. S.

Mtge.

202,334

Stocks pledged.

Other

1,422,000
bonds..bl80,348,970

447,744
787,962

51,452
788,096

mtg. prop, sold

Misc.phys.prop.
Inv.in affil. cos.*

ACCOUNT WITH U. S. RAILROAD
(•excluding K. C. C. & S. Ry. Co.)

Railway

50,447,026
7,500,000
2,215,000
180,438,929

Equip, tr. obllg's

Depos. in lieu of

to the calendar year.

Additions and

5

$
stock. 50,447,026
Road & equip't.342,085,780 339,210,389
7,500,000
4,689 Preferred stock.
Sinking funds..
a4,532
Liabilities—

$

$

Common

Equipment.—Since Dec. 31 1919 the company has
U. S. RR. Administration 40 locomotives and 4,500 cars, as follows:
3,500 40-ton capacity steel underframe double sheathed box cars;
50-ton capacity steel underframe composite gondola cars;
(c)
Mikado engines; (d) 7 light six-wheeled switch engines all with
The cost of this equipment will be approximately $15,000,000, in
of which the company is to issue, at par, its 6% equipment notes,
Jan. 15 1920: $14,029,500 of these notes have been issued, in five
71-A to 71-E, inclusive, calling for an aggregate principal
$935,300annually for 15 years, beginning Jan. 15 1921 and
1935.
[See page 6 of "Railway and Industrial Section."—Ed.]
The company also purchased from the War Department 10
1 ocomotives (originally built for the Russian Government), at a cost
$250,000—$25,000 payable in cash and the balance in nine
ments of $25,000 each, beginning May 1 1921 and ending May 1 1929,
deferred payments to bear interest at 6% per annum.
These locomotives are to be placed in first-class working order at
expense

1918.

1919.

1918.

1919.
Assets—

2,693

269,300
2,011,200

119,992
Coal Co.
2,625
Ter. Ry.
20,000

11,999,200

com..

Peoria
Western Ry

Toledo Term.

&

RR.

Col. & Ohio
RR.

River

Walh'd'g
Wheeling

Wheeling Coal

RR.

&

RR

Miscellaneous

387,200

262,500

2,000 ,(.00

1,000

(West Va.)

Youngst'n
enna

842,500

20,112
3,872

RR.,

Toledo

Toledo

Pe¬

500,000
170,100

100,000

3,193
844 %.

319,300
78,196

Rav¬

984

THE CHRONICLE

BONDS OWNED. DEC. 31 1919.
AGGREGATING (AT

PAR)

$16,997,620.

Total Par.

Cent.
On.

Ind.

Ry., 1st M. 4%
Ry., cons.

$750,000

fi#M. 4%

coupon

Ohio River A Western 4s
Pitts.
Ohio Valley A

204,000

Dayton

Leb. A Cln. RR. &
Term. Co., lstM.6% coup.
Erie & Pitts. RR. 3Hs

300,000

M.4H8
Long Island RR. Co., Eq. 4s.
Lorain Ashland A Southern

Par

of

Cln.

Inv.

600,000

1,021,000

Miscellaneous

stocks,

a

mortgages,

par value of,

and

1919.

$

Bonds

14,912,937
Notes
853,295
Advances
6,168,235
Other lnvest'ts. 13,167,386
Misc.phys.prop.
4,805,796
Cash
187,565
Special deposits.
571,301
Loans A bills rec 21,711,593
...

117,942

Traffic,&c.,bals.

41,661
249,696

Agents, Ac

'

Material <fcsupp.

Miscellaneous..
Def'd assets, <&c.

Insur., <fcc., Ids.
UnadJ. accounts

302

4,443,027
529,864
4,651,396
1,693,922

3,201,794
1,590,053
5,618,697
1,907.416

3,813,388

994,622
5,603,871'
1,076,459

Loans

and

consolidated

Alabama

Great Southern

(43rd Annual Report—Year ended

on

of Dec.

for

subsequent

required for

leaving

a

the

surplus

Government Contract.—A contract with the
Government for the use of the
property during Federal control was signed and
delivered under date of
Feb. 7 1920 ana provides for the
payment to the company for each
year of
such use of an amount equal to the
avergae annual railway
operating income
for the three years ended June
30 1917, viz; $1,703,179.
The Government
continued to operate the
property until March 1 1920.

Equipment Trust.—Since Dec. 31 1919 the company has entered into an
equipment trust agreement dated Jan. 15
1920 with the Director-General
of Railroads and
Guaranty Trust Co. of N. Y., Trustee, for the
purchase of
three Mountain type locomotives
from the Government for not
less than
$165,000 and not more than $170,985.
(See pp. 5 and 6 of "Railway & In¬

dustrial Section.").

1919.
313

312

1917.
312

1,156,105
101,699,083

2.65 cts.

1,036,624
84,231,639

2.31 cts.

2.08 cts.

5,463,638
5,302,003
4,934,731
838,745,409 807,423,366 766,402,808
Rate per ton per mile
0.89 cts.
0.79 cts.
0.64 cts.
Tons of freight in each train
(rev.)
676.81
518.92
549.78
Gross earnings per mile
$33,601
$29,771
$22,900
STATEMENT OF FEDERAL
OPERATIONS IN 1919 AND
Number of tons carried

COMPARED

WITH THAT OF

expenses
General expenses

$734,759
2,323,722
147,681
3,679,411
172,742
52,965
Cr.7,767

$636,853
1,466,266

$7,103,515
$2,193,120

$1,779,530

$1,925,413

$28,157
317,908

Joint facility, net debits

$163,014

267,707

49,957

$1,489,779

STATEMENT FOR

Operating income—revised
investments

Miscellaneous income
Total corporate income
Rent for leased roads
War taxes

Miscellaneous
funded debt

equipment obligations

Preferred dividends
(7%)
Common dividends (7%)
Additions and betterments

Credit balance

...

1919.

$2,038,471
CALENDAR
1918.

196,644

2,261,268
146,058
43,011
Cr. 15,689

$4,734,410
$2,416,645
403,636




Treasury Certificates

&

Leather Co.

The

$2,013,008
$504,463
54,882

$2,462,588

was made to

Hides & skins used mfg.

supplies & expenses. .$32,315,585
$21,828,487 $23,218,643 $19,490,799
Discounts
1,480,761
1,234,539
1,300,462
932,509
General & selling expense
986,008
683,302
623,176
491,727
Taxes (incl. reserves for
profits tax)

Total
Net mfg.

x837,Q94
y586,617

renew. & rep.
reserve.

21,900

_

xl.164,228
374,347
28,172

x452,728
304,968
45,000

141,355

47,294

2,807

16,717

22,585

33,877

"$3,184,843

$2,491,685

$113,814
511,500

$29,057
511,500

151,330

154,500

pref.

stock held in trust

Total

$1,428,539

Deduct-

Interest

on

earned
on 1st mtge. bonds.
Cost of 150 bonds for s .f

Int.

_

Preferred divs.,
in

$213,634
85,250
25,000

Liberty bonds.

surp.

Cr. $.30,242

511,500
151,656

cash.(9%)1,170,000(7M) 1007500

(5)650,000(7^)975.000

(2)260,000

Total deductions.

Balance,

$3,327,917

loans, less in¬

terest

do

481,400
234,786
4,512

$36,228,865 $25,313,075 $25,944,977
$21,635,733
$1,287,184 $3,280,623
$3,159,451
$2,441,091

profits

Add miscell. income
Div. received on

$1,493,884
for year__def.$65,345

$1,900,414
$1,427,503

$1,426,614
$1,758,199

$1,670,057
$821,627

Includes in 1919-20, 1918-19 and
1917-18 taxes (including estimated
ex¬
cess profits
tax) other than those charged to
manufacturing costs.
y Includes provision for
depreciation for ten months
ending June 30 1920.
BALANCE SHEET OF COMPANY
AND SUBSIDIARY COS.
JUNE 30.
x

1920.

A SSCtS

1919.

^

propert's.a27,104,059 27,009,062
Supplies
16,551,4153 11,840,993
Sinking fund
bl07,527

Cash

for

matured

bonds, &c
Bills and

36,480

accounts

Sundries,

claims,

&c

142,755

Insurance unexp'd
prepaid

in¬

terest

Lib. loan bonds._

179,725
3,213,722
12,700

.

1917.

1920.

Preferred
Common

1919.

$

Liabilities—

Cost of

Cash

YEARS.

amount to $36,480 (out of

$

shares..13,000,000 13,000,000
shares.. 11,500,000

11,500,000
1st M. 6% bonds..
36,480
2,507,000
Interest accrued..
170,500
Bills payable
8,000,000
1,200,000
Foreign exchange..
401,891
621,747
3,878,452 Trade accounts.._
401,270
461,427
Accrued taxes, &c_
51,626
76,083
7,569 Taxes-f
1,109,729
1,521,598
Dividend
219,595
219,595
Sink, fund as res..
5,727,978
5,428,016
161,042 Surplus
9,406,693
9,540,929

1,926,400

1,315,850

.

$1,703,180
166,409
14,564

$1,884,153
$18,216
76,500
44,739
461,917

36,600
236,624
548,100

$461,456

Total

49,855,263 46,246,896

$1,703,180
147,107
6,476

$1,856,763
$18,216
153,000
17,842
452.230
46,050

of

inventories are
stated at not exceeding cost or market
values, whichever is the lower.
Dividends.—For the quarter
ending Oot. 1 1919 a dividend of
3H% was
paid and 1%% each for quarters
ending Jan. 2, April 1 and July 1 1920.
INCOME ACCOUNT OF
COMPANY AND ITS SUBSIDIARIES.
June 30 Years—
1919-20.
1918-19.
1917-18.
1916-17.
Gross output
.$37,516,049 $28,593,698 $29,104,428
$24,076,824
Expenses—

receivable .....c2,614,339

$2 462,588
158,001
5.466

$2,626,056
$18,216
118,831
134,712
405.886
44,789

236,624
548,100
2,221

236,625
*548,100

$382,480

$1,117,207

1.690

Includes in 1917 one
quarterly dividend charged to profit and loss
by the
company.—V. 110, p. 2191.
x

S.

Balance Sheet.—The amount
outstanding against cost of properties at
June 30 1920 was $27,104,059 an
increase of $94,997 as compared with
June 30 1919i which is made
up of miscellaneous additions to the
plants of
the company; less sales.
The total current assets at June
30 1920 amounted to
$22,714,723 and
the current liabilities to
$10,184,111, leaving net current assets of $12,530,612, a decrease during the year of
$2,328,743.
It should, of
course, be
remembered in this connection that the cash
provided for the bonds which
matured on Sept. 1 1919 amounted to
$2,507,000.
The

and

income..

Certified Standard Return under Federal Control Act

on

$7,151,055

$8,463,777
$2,065,963
286,432

__

Operating income
Equipment rents, net credit

Interest

$9,296,635

Cr.16,292

Total operating expenses

Net operating revenue
Taxes accrued,&c

on

51,294

223,988
88,849

Miscellaneous operations
Transportation for investment

Interest

517,956

1.753,438
494,468
14,070

3,906,049

34,036,907 33,823,429

U.

income account for July and
Aug¬
sinking fund of aforesaid bonds and as
as
taking the place of any specific pro¬
vision for depreciation.
For the
remaining ten months of the fiscal year
depreciation has been provided for
specifically out of income and credited
to a special reserve
against which the cost of renewals and
replacements
have been charged.

$4,889,079

2,356,194

160,372

Transportation

Income from

$6,371,191

$1,513,344
2,587,465

Traffic expenses

INCOME

1917.

$10,529,739

Operating Expenses—
Maint. of way & structures
Maint. of equipment

CORPORATE

AS

523,080
59,059

...

Operating

1918

THE CORPORATION
IN 1917.
1919.
1918.

$7,470,847
2,476,753

Total operating revenues

and

considered

1 mile

Operating Revenues—
Freight
Passenger
Mail, express and miscellaneous
Incidentals, &c

Bonds

Total

ust in respect of
appropriations for
in previous years this was

Bad debts and

1,235,036
93,468,232

Rate per passenger per mile
Tons of revenue freight carried

28,933
448,414
5,361,630

5",744",634

unpledged, $9,448.

fether withoutstanding June 30 1919).
the unpaid interest on coupons,
2,507,000

Replace'ts,

YEARS.

1918.

730,309

Results.—The operations resulted in a
profit of $1,682,068 which, after
charging reserve for depreciation, replacements, renewals
and repairs,
bad and doubtful debts, bond
interest and sinking fund
appropriations for
the two months ending
Sept. 1 1919, the date of maturity of the 1st
Mtge.
6% bonds, is reduced to a net profit of
$1,104,656.
The volume of busi¬

excess

Operations—
Average miles operated
Passengers carried
Passengers carried 1 mile

883,404
c35,805

Since June 30 1907.—V. 110,
p. 2191.

Sinking Fund.—A charge

the

an
increase of
interest and other charges

CALENDAR

adjust. creditsAdd to prop thru
inc. & surp

cancellation, toe

to¬

substance:

FOR

1,681,746
220,578

38,881"

deposited with the trustees to retire the bonds at that
date.
bonds which have yet to be
presented to the trustees for

Results.—The total corporate income was
$1,884,152,
$27,389 over 1918.
After deducting $637,972 for

STATISTICS

1,827,151

about 31% over that of the
previous year.
Bonds.—The 1st Mtge. 6% bonds matured on
Sept. 1 1919 and sufficient
was

1919.)
President Fairfax
Harrison, Birmingham, Ala., July 31,
wrote in

GENERAL

104,307
20,572
162,011

ness was

31

the balance was
$1,246,180 out of which the $784,724
dividend of 7% on each class of
stock was
appropriated,
of $461,456 compared with
$384,700 for 1918.

2,816,033

20,048
90,278

cash

Railroad.
Dec.

Liberty

American Hide

302,195,975 299,291,646

1920, will be found
pagesiof this issue.—V. Ill, p. 901.

3,269,988

(21 st Annual Report—Year
Ending June 30 1920.)
President Theodore S. Haight writes in
substance:

8,745,817
16,178,693

earnings statement

first and second
quarters of

Including U. S.

1,033,337

as

the

.....

Oth. unad. credits
U. S. Govt.—Un-

Indebtedness.
c

30,114,180
15,472,384
17,528,056

14,488,418
16,856,226

158,729
38,866
52,444

Oper. reserve....

Totall
34,036,907 33,823,429
Securities of the company held by it:
a

1,564,766
1,889,193
7,666,031

bills

payable

188,322
154,980
3,184

reserve

Profit and los3...

505,079

2,566,847
1,613,795
Accured deprec.
9,050,496
Other def'd cred.
148,796
Add'nstoprop.y 30,048,542
Fund, debt ret.y
16,123,542
Sk. fd., &c., res.
18,395,475

18,431

200,000
13,475
114,091

Res. for divs

International Cement
Corporation.

and

926,478

925,000
1,500

1,500
200,000
17,273

ma¬

Acer, deprec

adjusted debits

(First Annual Report—Year
ending Dec. 31 1919.)
The report signed
by President Holger Struckmann,
gether with the income account and balance sheet
1919

1,329,789

Insur.

3,380,350
9,534,442

90,526

diva,

385,533

Oper. res,, &c._
Provident funds

302,195,975 299,291,646
Total
Through income and surplus.—V. 110, p. 965.

31

320,694

2,901,943

469,446
514,089

Profit and loss..

A

liabilities
Taxes

3,873,699

81,435

80,000,000
107,631,680

Total
y

86.549

226,681

Govt, def.

assets

380,836
564,814

Int.

7,830,000

9,527,152
715,000

Bills payable

U. 8. Govt.—un¬

$

debt

grants

Accts. & wages..
Misc. accounts-.

449,896
74,455

4,333,170

Deferred assets..
8.

__

1,433,180 Accrued accts
111,165 Def. liabilities...
108,142 U. 8. Govt. def.

116,116
a436,792
52,025

Unadjusted debs.

Common

150,366,874
14,426,348
871,295 Matured int.,&c.
21,726,112 Misc. accounts.
13,153,223 Unmat. int., &c.
4,830,950 Taxes accrued..

1,022,255
15,986,068

Mis. accts. rec...

1918.

Liabilities—
$
stock. 80,000,000
Funded debt...
105,108,680
Equlp't trusts..
2,052,588
Aec'ts A wages.

64,180,958

1,337,759
45,393
175,118
6,505

Other cur. assets-

31.
1919.

$

Road&equip.,&c 65,145,939
Inv. in affll.cos.:
Stocks ......163,353,718

51

$

7,830,000
3,380,350

__

tured

.

U.

1918.

53,356

50

Special deposits..
Traffic, &c., bal.

obligations,

$148,701,450.

GENERAL BALANCE SHEET DEC.
Assets—

trust

481

299,807

55,843

Govt,

Govt,—acc.

compensation
Cash .........i

$217,122,509; par value of bonds,
$16,997,620;
total, $234,120,128.
Ledger value, as per general balance
sheet, exclusive
of "securities issued or
assumed"—unpledged, $755,818; pledged,
$37,531,140; total, $190,962,211.
Of the foregoing securities
there are de¬
posited as collateral with the various
stocks of

481

Advances
U. S.

Funded

1,546,557

299,807

........

Other invests

1,248,000
313,000
873,050

Preferred stock

1918

$

Equip, tr. oblig..
1,546,557

Bonds..
Notes

Toledo

Vandalla RR., consol. M. 4s.

24,207,795 24,296,289
,
12,271
15,948

Stocks........
761,000

31.

1919

Liabilities—

Ordinary stock

Misc. phys. prop.
Affiliated
Cos.—

290,000

Chic. & St. Louis

M., ser. "A" 4s._
Peoria A West.
Ry.,
1st M. 4s

$

in,road and

equipment

Cin.

1st Gen.

750,000
600,000

_I

value

$2,017,000

SHEET—DECEMBER

1918

$

Assets—

Ry., consul. M. 4s
Pitts. Youngs. & Ashtab.
Ry.

1,770,000
400,000

RR.. 1st M. 5s
2d M. 5s

Pitts.

BALANCE

1919

ret.

RR., 1st M. 58

725,570
4,375,000

G. Rap. A Ind. Ry., 2d M. 4s
Lake Erie A Pitts. Ry., 1st

GENERAL

Total Par.

Monongahela Ry., 1st A
M.4^8

Leb. <fe Nor.

[Vol. Ill-

Total

49,855,263 46,246,896

Cost of properties includes
4,517 shares pref. and 2,259
shares common
stock of American Hide &
Leather Co. held In trust,
b Includes only cash
and accrued
interest, the par value of bonds in
sinking fund ($5,341,000)
not being treated as an
asset,
c After
deducting reserves of $178,338 for
doubtful debts and discounts,
f Includes estimated excess
profits tax.
—V. Ill,
a

p.

898.

American Agricultural Chemical
Co.
'
(Report for Fiscal Year Ending June 30,
1920.)
Pres. Peter B.
Bradley, N. Y., Aug. 30, wrote in sub:

Results.—Our gross sales for the
year showed an increase of
the year 1918-19 and
17}$% over
would have been still
greater had it been
possible to
sufficient labor and adequate car
service.
The net profits were
somewhat curtailed in
consequence of the prices
ruling during the fall of 1919
being inconsistent with the increased
cost of

secure

materials, labor, transportation and
supplies,

so

that

our

fertilizer business

Sept. 4

resulted in a considerable net loss over
production.
Prices for the spring trade, however, were
readjusted to a basis more in accored with the cost of production, and as
the demand for our fertilizers and by-products was excellent, the company
was enabled to earn its regular dividends of 6%
on the Preferred and 8%
on the Common stock and carry $1,024,828 to surplus.
Trade Conditions.—The importance of chemical fertilizers in economical
crop production was never so generally recognized the world
over as at
the present time.
The great scarcity pf farm labor is rapidly educating the
farmers to a more liberal use of fertilizers per acre as the cheapest method of
increasing the yield of all crops.
The foreign demand for fertilizers and
rock phosphate is also unusually large, stocks having been greatly depleted

for the first half of the fiscal year
the actual cost of

they were
is

on

which

listed

on

was

[The authorization by the shareholders on Aug. 25 of $1,000,000 Pref.
stock, primarily for the purpose of giving the employees a chance to invest

898.
1920 were
half-

in the conmany, was fully explained in last week's "Chronicle," p.
The result of operations for the three months ended June 30
in "Chronicle" of Aug
7, p 590
Following is a statement for the

ended June 30 1920:

year

FOR

Income, &c., taxes

are

women

Tax

on

do

INCOME ACCOUNT YEARS ENDING

1918-19

JUNE 30.

1917-18

Other

1916-17

$8,035,854 $11,079,957
280,083
170,274
] 297.151

$8,459,896

$9,373,213 $8,206,128 $11,377,108

income.

976,594
431,466

1,092,036
459,680
425.000
1,186,144

freights, losses and
contingencies
Interest on mtge. bonds
do
debenture bonds,..
Factory, min. rep. & dep..

968,463

Profits

404,001
380.784

444,938

2,294,210

1,413,090

$4,091,651
$5,281,563

Total

353,956
253,248

2,308,351

$4,047,458
$4,158,670

$3,266,088 $3,162,860
$8,111,020 $5,546,356

210,264
1,705,460

1,659.896

2,551,275

1,813,125

1,658,487

1,059,777

1,655,067

875,468

Dismantling buildings and
.....

66,041

--

$1,024,828
$ 685,649
$5,326,715 $2,805,557
charges" and Federal taxes for calendar

"operating

1919, 1918 and 19178% for 1919-20; 7H% for

140,000

140~666

(4^)65,250

(4)58,000

65,000
84,000

Feb

[The 7J4% in dividends deducted on the earnings of 1919 include:
1J^%, and May 1919 to Nov 1919, incl , 2% quarterly

Assets—

1919.

Liabilities—

1918.

Preferred

buildings,
machinery, &c._$2 ,992,635 $2,861,505
21,094
21,094
Cap. stock intreas.
Cash
544,954
966,726
Land,

&

Notes

warrants

receivable

144,900

_____

DECEMBER

SHEET

BALANCE

GENERAL

31.
1919.

__

Loans

1918.

stock.—$2 ,000,000 $2,000,000

Common stock.
1
Common stock-., 1,907,000
Accounts payable.
Accounts
384,391
Interest accrued—
Interest accrued..
10,430
10-year gold notes
1,043,000
1926
148,842

for

1,450,000
390,428
15,000

1,600,000

Liberty

receiv..

1,095,414

1,433,437

1,664,204
4,481

2,063,075

Prepaid int. & ins.

15,000

Notes payable....

Note discount

38,640

62,546

Federal, &c., taxes

419",000

90,000

Liberty bonds

10,495

576,032

Surplus———..—

,152,708

902,175

Accounts

Inventory

bonds, &c

— .

22,067

601,712:
771,170

Total
$6,938,591 $7,726,485
sells such municipal long-term obligations as it
the same, which guaranty has never
caused the company any loss.
From the sales of the past the amount now
outstanding is $1,751,312.
These are not included in the above assets.
—V. Ill, p. 590, 898.
$6,938,591 $7,726,485

Total

company

General Petroleum

(4th
'

Corporation.

June 30 1920.)
another week.

Re-port—Year ended

Annual

The text of the report

will be cited

PRODUCTION FOR

YEARS ENDING JUNE 30.

1918-19.

1919-20.
Oil produced cos. properties (bbls.)__
Net storage end of year (bbls.)

(bbls.)..
Sales of refined & fuel oil (bbls.).___.

Oil handled by co.

4,211,716
1,992,440

4,262,465
702,798
20,063,164

19,938,542
12,929,211

11,600,495

CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED
1919-20.
1918-19.

1917-18.

4,728,359*

2,139,382
20,857,650
13,279,961
JUNE 30.
1917-18.

$7,669,305
289,891

$7,864,827
318,068

$8,183,106
286,320

$7,379,414
1,046,968

$7,546,759
872,614

$7,896,786
684,491

$6,332,446
326,225

$6,674,145
172,602

$7,212,295

...

$6 ,658,672

...

1 ,018,486

$6,846,748
211,245
996,570
1,192,248
872,372
78,641

$7,330 ,989
341 ,273
804 ,588.,
865 ,780
202 ,917

profit (oil and transportation)_
Selling and market

Gross

equipment property
Balance surplus
*
After deducting

1918-

and

249.320

Bonus to employees

Pref. dividends (6%)
aCommon
dividends......

_

1919,

Less

1,176,006

_

$353,570

Balance, surplus
$250,528
$84,873
$230,105
$155,570
The taxes as reported above incl. Federal & State income & war taxes.

$8,709,216

sources

Total

-

—

1916.

$596,289
160,934

$415,975
106,627
138,873
(6)85,602

receives for apparatus and guarantees

Income

.

_

1917.

1918.

$924,292
278,888
138,873
(7 ^) 107,002

sales 1919—__

1917

Note.—The

Profits from—
1919-20
(incl. profits of sub.
cos.)*
$9,093,130

CALENDAR YEARS.

Reserve, disputed taxes:

current

and trustees.

(7%)

Common dividends.

$414,730

for taxes, &c_.

1919.
Net profits

$1,103,190
484,505

$535,235

:

INCOME ACCOUNT FOR

facilities to their utmost

operated by your company in Southern Florida, has grown to such an
extent that a large addition to the rolling stock has recently been ordered.
The company is now operating 39 fertilizer plants, 15 by-products plants
and 3 phosphate mining plants, and has more than 55,000 local agents.
There are over 13,000 stockholders of record, of whom more than one-half

$1,259,994
585,744

profit

Net after charges, except reserves

Pref. dividends

1919

1920

Gross manufacturing
Net operating profit

than $25,000,000.

demand for our fertilizers bids fair to tax our
capacity, orders already in hand for the fall trade
being far in excess of those received during the same period of last year.
Our "Other Than Fertilizer" busmess is also constantly increasing and has
become an important contributor to our income.
General.—Our Agricultural Service Bureau has demonstrated by many
field experiments in several far Western States, where little or no fertilizer
has heretofore been used, that the yields of grain, potatoes. onions and other
crops can be increased from 50% to 75% by the use of moderate amounts of
fertilizer, and our business in this section is steadily growing.
The traffic on the Charlotte Harbor & Northern Railway, owned and

ENDING JUNE 30

HALF-YEAR

First Sir. Months—

No process

Outlook.—The

10%.

the N. Y. Stock Exchange.

American demand.

has as yet proven commercially successful in obtaining ade¬
quate supplies of "fixed
notrigen from the air suitable for agricultural
purposes.
We are, therefore, still dependent upon Chilian nitrate, am¬
monium sulphate and various forms of organic ammoniates for our principal
reouirements of nitrogen, the average cost of which has advanced about
100% since 1014.
Finances.—The cost of mining rock phosphate and of all other items enter¬
ing into the manufacture of our fertilizers has advanced to such an extent
that our present average cost of producing a ton of fertilizer has nearly
doubled since 1914.
Our floating debt has naturally risen in consequence,
though this increase is more than offset by the increase in quick assets, which
exceed our entire indebtedness, including all bonds outstanding, by more

1919 there has been fa

31

Common stock, the dividend rate
The Common stock is now

par for par, into
increased in Jan. 1920 to

privilege of exchange,

RESULTS

the output
meet the
great as
before the war.
The production of domestic potash from various
steadily increasing and now fills a considerable portion of the

Potash is again obtainable from Germany and Alsace, but
avilable for export from the latter country is wholly inadequate to
American demand.
Prices, however are more than three times as

Dec.

Increase.—Since

Conversion—Dividend

considerable reduction in the outstanding issue of its 6% Convertible De¬
benture Notes due 1926, some of the holders of same having exercised their

during the war.

sources

985

THE CHRONICLE

1920.]

Trading profit
Gen. exp. and taxes

.

years
a

1916-17.

1918-19; 5M% for 1917-18: 5% for

BALANCE SHEET JUNE 30

1920

Assets

1918

'1919

$17,829,077 $16,918,681 $16,368,928

Land, buildings and machinery

3,856,639

5,141.215

4,369,279

6,455,489

6,411,521

6,008,519

Mining properties.
United States bonds and notes

19,808,753

19.487,801

19,375,237

25,000

2,225,000

1,100.000

good-will,
Sinking fund (amount unexpended)_

1
14,239
29,440,46.5

1
1,035

1
1,998

10,477.495

26,168,066
10.217,338

17,178,292
387,179

19,514,430
379,346

20.703,334
9,786.915
19,523,208

339,157

2,351,686

Equipment and floating property
Other

investments

...

....

Brands, patents,

receivable
receivable.......

Accounts
Notes

_

Merchandise and supplies....,

...

Unexpired insurance, taxes &c
accts. rec.. new cons,, exp.
chargeable to future oper., &c

318,204

Guar,

Incomplete new construction
Advance payment, mdse.. surplus._
Cash in bank and in transit
Total

assets.

i_.

3,445,615
827,683

1,307,229

163,206

....

_

preferred
payable, accrued taxes, &c.__
Notes payable
First mtge. conv. gold bonds
Debenture
bonds

Accts.

186,639

Interest on funded debt

Depreciation of equipment
Exhaustion of oil lands

808,457
78,641

Drilling oil wells
Amortiz. bond discount

(Report for Fiscal Year ending Dec. 31
President J. R. Clarke,

Elmira, N. Y.

1919.)

Feb. 19, wrote in substance:

Results.—The volume of sales or orders taken during year

1919

was some

$6,350,000, as compared with $6,400,000 in 1918.
The invoiced sales or
shipments were $6,425,000, a gain of some $700,000.
Net earnings, after
Federal and State taxes, were $580,404, as compared with $309,348 in 1918.
Loans Paid.—During the past year the loans, which stood Jan. 1 1919

paid, as shown by the balance sheet.
Orders.—The total amount of work on hand on Jan. 1 1920 was $2,100,000,

at $771,000, were

approximately the same as on the same date a year ago.
Some idea of the growth of our business may be had by referring to the
the production of motor fire apparatus, the total shipments
being $1,177,000, with each subsequent year showing a steady
increase, the result being the shipments in 1919 showed a gain of about
450% over 1911.
Manufacture of Motor Trucks.-—To expand the business into the field of
commercial motor trucks, availing of our reputation as builders of motor
fire apparatus, we have thought it wise, because of the lack of facilities at
the present Elmira plant, to undertake the construction of a modern plant
near Newark N. J., in which to manufacture these trucks within easy reach
of N. Y. City, the largest market, and to afford service station facilities
to users.
This plant is located on the Erie RR. lines, on which also is lo¬
cated our present Elmira plant.
'

first year of
for that year




78 ,641

1 ,210,594
177 ",780
397 950
542,849
Other deductions
,018
Common dividends.
.__.(12%)2 I 80 ',852 (11H) 1650497 (10) 1349
224,854'
224,854
224 ,851
Preferred dividends (7%)
363,768
649,146
1,097 .520
Federal income & excess profits taxes.
Exhaustion of oil lands.

Total deductions

Balance,

—

surplus.

—

CONSOLIDATED GENERAL

$6,273, 522
$573 226

$6,615,141
$43,531

$5,142,368
$2,188,621

-JUNE 30.

BALANCE SHEET—

1919.

details for 1920)—
1920
oil lands, &c. property,
$16,681,491; development and equipment, $8,.428,618; total
$25,110 ,109 $23,413,382
7,049,136
Pipe line transportation system
7,370 ,826
951,761
Assets (with special

General Petroleum Corp.,

Construction work in progress

Mortgage sinking funds
—
Investments in stocks of controlled &
Liberty and Victory

5,883 ,330
,
1 ,338
,133

...

21,697
102,672

,550

1,277,700

2,509 ,486
506 ,321

—........

2,537,158

220

other cos

1,194

bonds

in storage,
$667,355; material & supplies,
$1,842,131; total
....
Deferred debit items.
Uncompleted voyages
Cash..
i
Notes rec., $11,280; accounts rec., $3,003,476
U. S. Treasury certificates
Discount on General Pipe Line Co. of Cal, bonds..

Oil

_

...

1,384 ',494

3,014 ,756
147 ,000
...

43 ',075

Miscellaneous

controlled co, Wyoming
Gen. Pet. Corp. secured 6% gold notes.......
Gen. Pipe Line Co. of Cal. IstM, 6s—

Advances to

380.000

1,112,000

Prefeiredsbock
stock
—
General Petroleum Corp. secured 6% gold notes..
Gen. Pipe Line Co. of Cal, 1st Mtge. 6% bonds..
Lands purchase contracts
— .......
Notes payable and accounts payable
—
Salaries and wages payable
Accrued interest not due, $3,265; liability insur¬
ance, $17,318—
Reserve for exhaustion and depreciation...

Reserve) for Federal taxes
Capital surplus
Profit and loss surplus
Total
-V.

66,986
18,795
642,968
3,138,240
850,000
439.078
22,758
205,371

$47,385,418 $42,229,691

Total

Common

American-La France Fire Engine Co., Inc.,

118,694

T

Gross income

1,170,071

3,375.099
2,526,184
2,784,987
$114,74459$110,/33,5t6S102,305.271

$31,979,400 $31,655,200 $18,430,900
28,455,200 28,384,200 27,648.200
3,980,819
3,842,398
4,085,lOl
17,880,000
14,917,500 17,020,000
7,015,000
7,443.000
8,252,000
5,035.900
5,360.100
9,100,000
Reserve for property depreciation..
1,559,715
1,241,127
598,051
do
renewals
192,129
276.740
249,676
do
doubtful accts. & conting's.
541,289
532,833
526,512
Profit and loss, surplus.
18.105.306
17.080.478
16.394,830
Total liabilities........
...$114,744,759$110,/33,5<6$102,305,271
Note.—Marwick, Mitchell,
Peat & Co., the chartered accountants,
Aug. 21, report in part: "No reserve has been set up to provide for the pro¬
portion of Federal income and excess profits taxes applicable to the six
months ended June 30 1920 but the Federal taxes assessed for the calendar
year 1919 have been deducted from the earnings of the fiscal year ended
June 30 1920There has been charged against the operations of the year
$2,308,351 which appears to be sufficient to cover maintenance and depre¬
ciation of the properties during the year.
The account 'Other Invest¬
ments,' includes the investment in the Charlotte Harbor & Northern Ry.
Co. which is owned wholly by the company."—V. 109, p. 1081.
common

......

_

...

Liabilities—

Stock,
Stock,

Net earnings..

Other income

(INCLUDING SUB. COS.).

$3,212,200
21,123,900
383,000
2,537.000
343,210

$3,212,200
17,217,600
924,000
3,781,000
772,634
1,353,882
144,516

20 ,583

1 9,554
5,309,555
909,644

2,132,972
119,479
7,407 ,418

,406
,2891
5.272 ,961 /

367

4,465

8,585,108

.$47,385,418 $42,229,691
...

110, p. 470.

Hupp Motor Car

(Report for the Fiscal Year

Corporation.

ending June 30 1920.)

& Gen. Mgr., writes in subst.:
Operations—Prices.—The difficulties encountered by
manufacturers
during the past year—such as shortage of coal, labor turnover, constantly
increasing wages, shortage of materials, and transportation difficulties
which affected both incoming and outgoing shipments—are matters of
common knowledge.
These conditions have resulted in increased cost
of production, and have necessitated increases in our list prices.
Charles D. Hastings, Pres.

986

THE CHRONICLE

However, 20,705 cars were shipped during the fiscal year, which is
Increase of

82^%

over

the previous fiscal

Adams Express

an

year.

(Financial Statement

Dividends.—Dividends at the rate of 10% per annum have been
paid on
the Common stock, in quarterly payments of 2J^%, on the first
days of
Feb., May and Aug. 1920.
The net profits as shown in this statement are after

deducting

taxes.

Purchases.—In

Aug. 1919, we purchased under land contract from the
adjoining our Detroit loca¬
portion of which we had been occupying under lease.
This property
has on it manufacturing buildings and side tracks, now leased, so that it
carries itself and provides us with excellent facilities for future
expansion.
In order to insure an adequate supply of pressed metal
parts, we pur¬
chased the control of the Detroit Auto Specialty Corporation of
Detroit,
Peter Smith Heater Co., eight acres of property
a

in March 1919.

Additions to Plant.—In accordance with the decision of the directors in

1919 to

provide for conservative expansion in

our production, and to pro¬
in our own factories as have been difficult to secure of the
quality we demand, we have made the following plant additions:
At Detroit, we have completed two wings of a reinforced concrete build¬
ing, and now have the main building under construction.
Both buildings
and wings contain four floors, and will give us 375.000 additional
square
feet
of manufacturing floor space.
These additions replace one-story
temporary buildings.
At Jackson, we have added 40,000 sq. ft. of floor space,
doubling the
duce such parts

capacity of that plant.
[Of the original issue of SI.500.000 Pref. stock, $192,100 has been con¬
verted into Common and $368,800 purchased for retirement was on June
30 1920 held in the treasury for that purpose.]
INCOME ACCOUNT FOR

YEARS ENDING

1919-20
Net profits
Pref. divs. (7% per annum)
Common dividends

Balance,

$2,668,299

1917-18.

$535,603
79,030

66,586

x259,605

surplus

$836,691
91,553

-

$2,342,109

$456,573

$745,138

The company paid an initial quarterly dividend of 2Vi
% on the Common
stock Feb. 1 1920.
i

Quarterly dividends at the

same rate (10% per annum) have been con¬
The surplus for the year 1919-20 is charged with
(5%)

tinued to date.

$259,605 which
CONSOL.

was

paid Feb. 1 and May 1 1920.

BALANCE SHEET JUNE 30
1920.

Assets—

Good-will,

1,394,213

trade

3,858,921
379,832
998,446
56,076
1,721,378
58,457
157,900

Bills receivable.i.

Inventories

3,791,368

Prepaid Ins.& taxes

49,243
152,650

Inv.in sundry sees.
Inv. in Lib.bonds.

187,850

175,400

finance notes...

962,000

Vict'ybonds.

137,280

S.

an.

certifB.

1919.
$

Purchase from Director-General of Railroads of Capital Stock in the American
Railway Express Co., Formerly Owned—Two Classes of Stock, One a Junior

Issue.—In Dec. 1918, a settlement was reached with the Director-General
for the railroad facilities, etc., furnished to this Association
during the first
six months of 1918.
Upon this settlement there was delivered to him, in
lieu of a cash settlement, $5,250,000, stock of the American

Railway Ex¬

press Co., which this Association received on account of the transfer of
assets to the American Railway Express Co.
This Association, has now
recovered by purchase all of this stock, so that it now owns
approximately
$11,904,000 par value of the stock of the American Railway Express Co.
being the full amount of stock originally issued to this Association.
Or this amount (a) $10,310,305 is of the same class as that owned
by the
American Express Co. and the Wells Fargo
Express Co., which also trans¬
ferred their transportation assets to the American
Railway Express Co.;

and

(b) the balance, $1,594,000, is termed "qualified stock."
This qualified stock is subject to the terms of an
agreement made between
representatives of this Association and the other express companies that
transferred
the other,
principal.

ers'deposits.ins.,
spec. disc.,&c..

the Director-General of

and other taxes.

Surplus

ownership, the Inter-State Commerce Commission was expressly authorized
to approve the consolidation of the four
express companies into the American
Railway Express Co.
It is hoped that the application which has been
made by the American Railway Express Co. to the Inter-State
Commerce
Commission for such approval and for an increase in
rates will be promptly
granted, and that this will place the new company in position where it can
pay dividends upon its stock.
A uniform contract, to be effective
Sept. 1 1920, between the American
Railway Express Co. and the various railroads, for the operation of the
express business over these lines, has been approved by the executives of a
large number of the principal railroads, and it is believed that these con¬
tracts will be promptly executed as soon as the
approval of the Inter-State
and

buildings,

847,220
480,000

490,206

1,468,933

539,055

1,660,236

land,

$169,009;

.14,767,808 10,310,624

$1,943,149;

machinery,

Pianos, &c., Cincinnati, O.

(Report for Calendar Year 1919—Balance Sheet June 30 1920.)
The

offering of this company's issue of $2,500,000 8%
gold notes (convertible into one of three classes
8% debenture stock) is described below.
In the following statement the balance sheets of Dec. 31,
given in the last annual report, are shown in comparison
convertible
new

>

with the balance sheets contained in the circular
offering the
notes, namely the actual balance sheet of June 30 1920 and
a
tentative balance sheet showing the
figures of June 30

adjusted to indicate the status of affairs as estimated by the
company with the pending financing completed.
INCOME ACCOUNT FOR

CALENDAR

1919.
sales

Common dividend, 8%
Common dividend, extra, 10%
...

YEARS.

1918.

_

...

...

being disposed of

GENERAL

1917.

as

ADAMS EXPRESS CO.

$

6,137,659

Bonds due 1948.

5,881,069

To secure loans.

Secur.

with

106",390

Sec. of other
Stock

$63,720

SHEET

INCL.

150 ,500

SUB.
As

COS.

Adjusted.

Exp.

Co.,

Bldg.

Interest accrued..

Accounts payable, cur__
Other current accounts.

713,237

348,136
6,627,930

Total

outst'g...

cos. at

—bal.

outst'g.

9,027,000

9,738,000

7,297,000

Deficit

115,359

3,342,017

7,824,000
7,298,275

27,959,920

30,983,641

391,563

17,152

20,000
574,495

bldgs., &

equipment

317,211

572,139
547,427

75~666

425

9,041.232

3,527,694
1,791,599

3,265,895
3,405,168
34,862

34,863

$7,202,568

$800,000
1,339,825

Total

27,959,920 30,983,641

-

$800,000
2,000,000

2,341", 989

2.896", 188

1,613,996
483,200
670,529

1,490,934
609,200
420,619

1,985,776.

275,000

200,000

$7,880,354

$7,202,568

$800,000
2,000,000
2,500,000
2,748,338
1,985,776




(President's

Chemical

Report for Fiscal

Co., Richmond, Virginia.
Year ending

May 31

President C. G. Wilson, Richmond, Va.,
Aug

1920.)

31, writes

in substance:
Earnings.—The earnings for the last fiscal year have been exceeded but
in the history of the company.
The total turnover amounted to
$138,918,234.
The average net profit on turnover was 5.29%,

once

355,617
895,706

828,891

360,349
$9,293,636 $10,863,006

Adjusted by company to show the estimated effect of the sale in
Aug1920 of $2,500,000 5-year 8% convertible gold notes.
See news item be
low.—V. 108, p. 577.
x

Total

Consisting principally of securities of Adams Express Building Co. and
securities of other companies—see text.
b Of this amount $1,000,000 is
deposited as collateral with DirectorGeneral of Railroads for indebtedness of the Southern
Express Co. for
express privileges.—V. 110, p. 765.
a

$9,293,636 $10,863,006

2,630", 893

_

profits taxes—

bal,

Due Mar. 1 1948

570,314

Set aside for income and
excess

469,490

3,587,161

Coll. Tr.4% G. BondsDue June 1 1947

cos.,

Virginia-Carolina

payable

credits..

Reserves

2,250,000

Interest accrued..

$800,000
1,406,735

Reserves
Bills

239,262
118,961
427,588
4,746,109

Deferred assets...

cum.,

stock

10,997

463,988/ $1,636,411

$1,172,4231

3,205 ,421
2,050 ,075

5-yr. 8% convert, notes.
Surplus (earned)

67,130

194,152

Liabilities—

Common

753,159

Acc'ts pay. & accr.

167,769

75 ,000

6%

753,159

15,254

xJuly 1 '20.

$7,880,355

stock,
$100

of

Deferred

8,910

Ry.
Exp. Co. at parbl1,904,301

Land,

4,434,837

RR.
(Southern
Exp. Co.)

Am.

Sec. of sub.

S

10,000,000

90,000

loans

Gen.

Apr.10'19.

$

10,000,000

150,500

eferred deb. items._.

par

Director

Cash

150,500
665,373
135,000

iberty loan

Pref.

6,772,481

unpledged

in

LIABILITIES.

a7,790,555

Industrial Com.
2d M. bds. of Ad¬
ams

Secured

Acc'ts rec. & accr.

June 30'20.

720",779

671 ,986

Total

AND

July 31 '20.

7,006,451

State

$98,140

BALANCE

ASSETS

Liabilities—
Capital stock

Bonds due 1947.

(at par)

$66,910

OF

$

Secur, pledged, mkt. val.:

lOb", 034

375 ,000

lventories

change in the

& SOUTHERN EXPRESS CO.

STATEMENT

July 3V20. Apr. 10*19.
Assets—

$231,051

$666,037
421,459

-

...

no

collateral to

APPROXIMATE

354,482
48,000
101,952

$870,944
,944
481,429
,429

...

ills & acc'ts rec

There has been

secure the two bond issues is at this time
slightly in
of the interest required to be
paid annually on the outstanding bonds.
[For the $9,027,000 outstanding bonds due 1947 there are in the hands of
Guaranty Trust Co. as security, securities having a market value of $6,137,659; for the $7,297,000 bonds due 1948 the Bankers Trust Co.
holds as
security, securities having a market value of $5,881,069.—Ed.]
[As to operation and status of American Railway
Express Co. see V. 110,
p. 2289.
Regarding the increase of about $40,000,000 annually in wages
awarded to railway express employees on
Aug. 10 1920, see V. Ill, p. 654,
694.
For auth. to increase express
charges, 12XA%, see V. Ill,p. 754,
also for application for
further rate increase of 15%
to cover wage
award of Aug. 10, see V. Ill, p. 898.1

$7,882,554

Dec. 31 '18.

S. cert, of indebt...

.

possible.

excess

486,137
48,000
107,052

-Actual Figures-

ash

as

$5,219,773.
The balance sheet
shows the full amount of the bonds as a
liability, and the securities pledged
as collateral for the bonds are shown in
the asset column at their market
value, at the date above stated.
The income received from securities

$8,150,897

Dec. 31 '19.
...

rapidly

Re Purchase of Bonds.—The Association has
during the year purchased a
under the indentures of 1947 and 1948,
which purchase is reflected in the statement of
assets and liabilities.
As
pointed out in the preceding report, the two issues of collateral trust bonds
of this Association which now
aggregate $16,324,000, as shown in the pre¬
sent balance sheet, do not mature until 1947 and
1948, respectively.
The market value of the collateral
deposited as security for these bonds
on the date of this
statement, July 31 1920, was not equal to the par value
of the two issues of bonds by the sum of

fair value

lvestments

as

further number of bonds issued

unpl. (mkt. val.)
_

5% out of accumulated
surplus of date July 1 1912

eal estate & bldgs
iachinery & equip

109,

situation with respect to the claim asserted
against the Association by
railroads for unpaid express privileges for the last six months
of 1917.
The
Association continues to dispute their correctness because of the
defective
service and facilities furnished by the railroad

$9,074,906
769,083
48,000
108,386
133,820
123,063

Stock div. of

Assets—

(V.

E. 980). The period within which suitsamay be filed for loss and damage
expired, but there are still pending
large number of suits, which are

$355,814

Earnings.
Preferred dividend, 6%

CONSOLIDATED

-

Damage Claims—Disputed Express Privilege Liabilities.—The

companies making the claims.
The amounts set up as a reserve for loss and
damage claims and for the dis¬
puted claims for unpaid express privileges are the face value of the claims
asserted against the Association, and are,
therefore, believed to be more than

1920

Carried to surplus.

company

as

4,002,345

Peter Smith prop.

Total

reserves

agreement with

Railroads, which in effect guaranteed the

againsj loss from operation, and with the end of Government control of
railroads this arrangement was continued until
Aug. 31 1920 (V. 110, p. 715).
Under the Act of Congress providing for the return of railroads
to-private

deposited

Added to

Railway Express Co. May Continue in Business—Uniform Contract

with RRs.—Since July 1 1918, the express
transportation business has been
conducted by the American Railway Express Co. under an

Loss

Reserve for Federal

14,767,808 10,310,624

SALES AND

to

sufficient.

The Baldwin Co., Mfrs. of

Total

the new company, making this stock
junior to
regular stock, with respect to dividends and distribution of

Commerce Commission has been obtained.

$548,652, factory equipment, $610,850; and furniture and fixtures, $66,520,
total, $3,338,180, less reserve for depreciation, $695,854, balance, $2,642,326; add $550,000, Peter Smith Property not used in
operations, total,
$3,192,326.
x Includes
in
1920 accounts receivable for cars protected
by B-L drafts, $997,208; for parts protected by customers' deposits, $187,449, and sundry debtors, $252,379; total, $1,437,036, less reserve for doubt¬
ful accounts, $39,060.—V. Ill, p. 697.

of

their assets

or

Association has continued to dispose of loss and
damage claims

I

In

said building (subject to a first mort¬
contain annual sinking fund pro¬

1,366,527

liabilities

(not due)
Ites've for custom-

12,147

♦Includes

on

1,062,500

ccrued int. Gov't

Total

value second mortgage bonds

5,192,100

and

sec

par

gage of $5,000,000).
Both mortgages
visions (V. 110, p. 765, 980).

5,192,100
939,100

1,500,000
10,000

U.

of the Bonds and Stock of the Adams Express Building Co.—As of May

1,838,110

Preferred stock

Current

&c

3,858,921
1,026,048
Acc'ts receivable. _xl ,397,976
names,

Cash

Mfg. Co.).

$

Common stock...

,.*3,192,326

&

1920.
Liabilities—

Land ,bldgs., equip¬

ment, &c

Unci. Amer. Gear

1919.

$

Sale

as

1 1920, the Association disposed of its ownership in the securities of the
Adams Express Building Co., which owned the
building at 61 Broadway,
New York City.
The purchase price was paid in cash, except $2,250,000

American

hi.

JUNE 30.

1918-19

Company.

of July 31 1920.)
Pres. William M. Barrett, N. Y., Aug. 16, wrote in subst.:

excess

profits taxes paid or due for the calendar year of 1919, and after setting up
what we believe is an adequate reserve from January to July for the 1920

tion,

(Vol. 111.

Cost of Supplies.—The cost of raw
materials, both foreign and domestic,
entering into commercial fertilizers maintained a high level.
Shipments of
potash salts in substantial quantities from the German and Alsatian
fields,
cut off during most of the war
period, were resumed in the autumn of 1919]
and are now being received, but at
practically triple the pre-war price.
Market for Fertilizers.—The producers of
staple crops within the fertilizer
consuming territory of the country, upon the average experienced
favorable
yields and received good to high prices.
Farmers and dealers discounted

their bills to

an

unusual amount.

Sept. 4

Southern Cotton Oil Co.—The

operations of this

military guncotton;
smokeless powder;

in a
rates

subsidiary, resulted

profit showing.
During the fast half of the year in particular the
foreign exchange were abnormal and fluctuated widely.
There was
moreover a marked curtailment in buying of oils, fats and feed stuffs on

fair

European countries, important products of The
These and other factors, occasioned a reaction
domestic markets, with a consequent impairment in the volume
transacted.
It is thought that stabilized conditions will prevail

the part of several of the
Southern Cotton Oil Co.

of business
within

reasonable time.

a

commanded

continuous
inade¬
prevented as
made by
Phosphate rock

^1)

Plant—
Aetna

largely to trans-

These plants were

Plant—

N. J.

{Semi-Annual Statement as at June 30 1920.)
Bonbright & Co., Inc., report that operations for the first six months of
1920 resulted in gross sales for regular account of $12,228,114 and net
earnings after reserves for State and Federal texes of $1,350,263. which is
at an annual rate very substantially in excess of net earnings for the year
1919 amounting to $1,242,123.
[In Nov., 1919,they offered $1,000,000
7% cumulative Class "A" Preferred stock.
See V. 109, p. 1794.]
BALANCE SHEET AS OF JUNE 30 1920 AND DEC. 31 1919.
June 30 '20

Dec. 31 *19

Pref.
2,328.610
$100).. 4,100,600

1,695,000
2,050,317

1,364,097
4,941,700
1,329,434

1,471,700
722,314

Liabilities—

Assets—

Land,

bldgs.

7%

and

employees

Com. (par

for

33,753 Accounts payable-

65,433

-

159,035 Notes payable
Res. for Fed'l taxes
46,586 Res. for accidents

219,104

Investments

Deferred charges..

5,607

insur..

58,422
5,955,939

Unexpired
Inventories

-

3,304,981
to employees
2,556,916 Purch. money mtg.

4,440,556
100,000
2,139,352

Acc'ts & notes rec.
U. S. Lib. bonds..
Cash

673,186

Carnegie Plant
♦Howard Smokeless
Howard Picric Acid
♦Noblestown Plant
Oalcdale Plant

(3)
Smokeless

Brighton Mills is one of the oldest
fabrics in the country.—V.

bile tire

United States Glass

8,503,856

of automo¬

Co., Pittsburgh, Pa.

conditions.
INCOME ACCOUNT FOR YEARS ENDED JUNE

CONDENSED

Interest

-

Net income

3,204,676

200,531
1,006
20,742

257,049
2,957
23,580

27,633

254,399
1,941
16,309
$270,815

$1,638

$1.755

$272,570
$68,650

$203,920
$4,363

$611,851

$121,665
$11,723

loss for year..—

$7,581

3,974

37

$105,968

$199,520

(4)128,000

(3)96.000

$462,170 def.$22,032

$103,520

$606,170

for year

(4 ^ %) 144,000
surplus

CONDENSED BALANCE SHEET

•

1920.

—
401,259
res..1,261,075
Inventories
1,035,472
U. 8. Govt, oblig...
71,600
Co's. 8tk. & oth. sec.
21,565
Mis cel. accounts
39,288

Cash......

acc'ts

Glassport Land Co.

1920.

LlaJiUUies—

142,110
608,950
892,661
119,263
21,935
8,247

Invest:

$

1919.

$

Capital stock
3,200,000
Notes payable
572,000
Accounts payable...
356,393
Accrued accounts...
18,540
1st Gen. M. 5s
390,000
Res. for taxes & cont.
255,Q00

3,200,000
380,000

Surplus............1,236,618

857,497

171,269
14,787

390,000
29,373

646,754\
126,811/' 797,806
Land, bldgs., equip.2,393,091 2,418,645
Total (eachside)..6,028,551 5,042,927
Deferred charges
31,635
33,308
Chartered accountants say in brief:
"Notes and accounts receivable
aggregate $1,271,075, from which total $10,000 has been deducted to cover
probable shrinkage.
The inventory value of raw materials is based on
cost or market,
whichever is lower.
In lieu of an allowance for deprecia¬
tion for the year, expenditures for extraordinary repairs and replacements
amounting to $216,848 have been charged against operations. Provision has
been made in the Balance Sheet for all known liabilities at June 30 1920,
(book v.)
Open account

Cap. stk.

including Federal taxes.
"The net assets

of the London,

England branch reports, to us as amount¬

ing to $369,135 at June 30 1920, are
at che conversion rate of $3 96 per
to $265,185.

included in the annexed Balance Sheet
£ Sterling; the bank balance amounts

profits for the fiscal year audited, after deducting a liberal
vision of $160,000 for Federal taxes, amounted to $606,170."—V. Ill, p.
"The net

Aetna

903.

Explosives Company, Inc.

May 22 1920.)
President Odell for the year ended June 30

of
given in V. Ill, p. 788.
George C. Holt and Benjamin B. Odell, as receivers, made
their final report as of May 22 1920, saying in brief:
Business in 1917.-—When the receivers were appointed in April 1917 the
business of the company was of two kinds, viz.: (a) Commercial business,
consisting of the manufacture of black powder, dynamite and other high
explosives for commercial uses, the gross product not exceeding $500,000
per month; (6) military business, including important contracts with the
French Government for trinitrotoluol, picric acid, smokeless powder and

1920

was




the military plants as was

recommended by several large interests.

the

which could be
the adjust¬
the
withheld.
Canadian
utilized
acid. The
with the
reduced
cash require¬

filed with the receivers aggre¬
contested claim of Johns & Bassick
after a decision generally in the re¬
ceivers' favor, was settled for $900,000.
A number of the larger claims were
settled for a comparatively small amount.
Other contracts were settled
'

Claims Against

the

Company.—The claims

gated over $16,500,000. including the
for over $4,000,000.
This last claim,

by making new contracts.
All filed claims which were
interest to the

date of

payment.

allowed were eventually

paid in full with

total issue of $5,300,000
$2,188,000 were held by the public
value of $1,353,333. From
considerably leas than their
July 31 1919 only $799,350

Bonds.—At the outset of the receivership of the
bonds, $58,200 were held in the treasury,
and the balance as collateral for notes of the face
time to time the receivers acquired bonds at
face value until there was finally outstanding on

bonds.
•
.
,
„
■
Business.—'The gross sales made by the receivers from
31 1919 aggregated $82,436,723. of which
of dynamite, black powder, blasting caps and other

„ ..

April 20 1917
$15,809,074 represents
sales
commercial sales,
and $66,627,649 represents sales of smokeless powder, guncotton, TNT,
picric acid and other military explosives.
On April 19 1917 the receivers took possession of assets having a book
value (without deduction for amortization funds) of $30,000,000.
On
July 31 1919 the assets, without such deduction, had a book value of over
$31,000,000.
The amortization fund had increased from $5,074,158 in
April 1917 to $11,108,254 in July 1919.
The difference of approximately
$6,000,000 represents substantially the net profits made during the receiver¬
ship after deducting in addition to ordinary expenses all extraordinary losses
such
the losses of over $2,500,000 to explosions, the $900,000 paid to
Johns & Bassick, &c.
A copy of the consolidated balance sheets of April 19 1917 of July 311919
and of Jan. 31 1920 is hereto annexed [to the pamphlet report].
Government Orders.—The explosives manufactured by the receivers were
sold princip Uy to France and to the U. S. Government.
At the outset of
the receiver
ip, as above stated, the receivers obtained no assistance what¬
from
e U. S. Government.
At the close of the war the reputation
of
munltio
company, the receivers believe, stood higher in Washington
than that of t e Aetna Explosives Co.
A list of the contracts made by the receivers is as follows:
Partv
Article.
Amount.
Date.
Republic of France Picric acid
28.025,000 lbs. Julyl9 '17-Aug.15/18
Republic of France TNT
12,133.000 lbs. July 19 T7-July31 '17^
Republic of France Smokeless powd. 14,333,000 lbs. July 19 |l7-Jan. 6 18
Republic of France Guncotton
26,750,000 lbs. July 19 17-Oct. 9 18
U. S. Government
Picric acid
!£s*
« •i-J"** y in »!§
TNT
28,000,000 lbs. Nov. 6 17-May 10 18
Gross

to July

,

no

—

—

■

Navy Dept.
Benzol
I 600.000 gals
Nov.,1917
Government
Nitrate of Amm. 7,500.000 lbs. Apr. 22 '18-Apr. 29 '18
U.S. Government
Smokeless powd. 28,500,000 lbs. Jan. 11918-July 31 '18
U. S. Government
Detonators
600.000 lbs.
July 22 1918
U. S. Government
Note.—At the time the receivers were appointed the company
tracts with the French Govt, for the sale per month of
1 150.000 lbs. of picric acid, 1,000,000 lbs. of smokeless
U. S.

U. S.

had con¬
1.000,000 lbs. of TNT
powder and 750,000
lbs. of military guncotton.
Explosions.—The most serious explosion occurred at Oakdale. Pa., on
May 18 1918, where the entire TNT plant was destroyed by explosion and
fire with a total loss to persons and property amounting to approximately
500 000.
This loss was all charged against operating prof.ts. It was
finally agreed that the plant at Carnegie should be continued in operation,
that the receivers should erect a new TNT plant at Mt. Union, Pa., and
the time for performance of the Navy contract should be extended.
Settlement of Military Business After the War.—On the 13 claims against
United States there was finally allowed as due to the receivers an aggre¬
of $1.754,457, all of which has been paid except $150,000.
The settle¬
with the U. 8. Navy for $1,420,709 involved the payment for the
expenditures incurred by the receivers in the erection of the new TNT plant
atOur' settlement "with the Republic of France Involved a payment by us
$241 425 arising as follows: Amounts owed to France (a) $632,358 for
materials, (b) $684,140 for advances, (c) $124,639 on duplicate payment;
offset to a total of $1,199,612 by losses on resale of raw materials and other
oxoenses caused by the cancellation of contracts.
Sale of Military Plants.—The receivers determined that It was not eco¬
nomically feasible to convert the military plants into any kind of commercial
olants and that the best course was to sell them practically for their scrap
value
This conclusion was also reached by the other large manufacturers
military explosives and by the U. S. Government. We therefore sold the
plants at the best prices obtainable, practically scrap value.
The plant at Drummondville, Canada, brought $350,000.
The Aetna
hemical Co. of Canada was liquidated.
The receivers negotiated the sale
the Carnegie, Oakdale and Noblestown plants of the Aetna Chemical Co.
M aine and most of the military machinery and equipment at the Mt.
nion and Emporium plants.
The personal property located at the Mt.
$2

that

the

gate

ment

pro¬

{Final Report of Receivers, Dated
The report

partially disman¬

After careful

soever

JUNE 30.

1919.

$

$

Assets—

cost?
..$2,987,190

Keystone Plant,

as

Cr. 1.901

Dividends

Notes &

145,703

"

$120,027

U. S. Glass Co

adjustment

Powder

Aetna mortgage

87,458

$796,851
$160,000
25,000

Glassport Land Co.

Balance,

3,364,363

216,848

contingencies, &c

Federal taxes

Net income

Net gain

4,783,774

$121,665

Gross income

Reserve for

$3,947,674
26,196

$5,912

Sundry income

Reserve for

$3,881,421
25,986

April 19 1917, was $7,764,588.
Chemical Co. of Canada, Ltd.
Plant at Drummondville, Que., Canada, book

of Aetna

Plant

investigation the receivers came to the conclusion that
poor results shown were due to contracts and conditions
altered or discontinued.
,
Temporary funds to operate the business were obtained by
ment of a contract with Kidder, Peabody & Co. and from payment by
French Government of certain large sums which had been
The receivers succeeded in stopping work under the unprofitable
contract without penalties.
Thereafter the Canadian plant was
for manufacturing nitric acid, smokeless powder and picric
receivers also succeeded in modifying the four important contracts
Republic of France in a manner estimated to have
the
ments of the receivers between $1,000,000 and $2,000,000.

30.

$6,051,836
37,997

$790,939

accounts

Losses on

Net

not close

1917-18.

1918-19.

1919-20.

from operations
Discount on sales.
Operating charges (incl. labor, mat's,
gen. repairs, maint., &c.)__.
Extraord. exp., repl., renew., &c
Depreciation
Administrative expenses

Gross income

cost of $2,961,826.

Inter-Company

preparedness for any future

as

Guncotton

Aetna

Debts.—Due to the inter-company transactions, there re¬
mained as of April 19, 1917 a debt due from these chemical companies to
the parent company to the amount of $14,656,208 on account of advances
for construction and operating costs.
Financial Condition in April 1917.
When the receivers were appointed
a most precarious condition existed.
The credit of the company was exhauted and certain of the plants were operating at a loss.
Without assist¬
ance from the U.S. Government it was a great question whether we should

Report—Year ended June 30 1920.)
President Marion G. Bryce, Aug. 11, wrote in substance:
Our expectations of last year have been more than realized; and the
company is now in position to continue its plans for improvements and ex¬
pansion out of earnings.
The putting of part of the earnings back into the
business is believed to be for the best interests of the company—and the
gradual modernizing of the plants produces greater efficiency and profits,
well

powder

Chemical Company of Maine.
Located at—
Product.
Carnegie, Pa
Phenol and T. N. t.
Pl't-Emporium, Pa
Smokeless powder
Emporium, Pa
Picric Acid
..Noblestown, Pa
T. N. A.
;..Oakdale, Pa
T. N. T,
Mt. Union, Pa...
Smokeless powder & T.N.T.
by

plants the following were pot in operation:
Harrington Plant. Warren Plant, Noblestown Plant (all
tled) and Howard Smokeless Plant.

(29th Annual

as

Black powder

♦Of the above

57,524
1,788,826

15,086,204

Total

and largest manufacturers
109, p. 1794.

Sub.Cos,
subsidiaries:

Commercial powder
Ala .Commercial

April 19 1917..'

582,943;

8,503,856

Chemical

Silverford Plant
The book cost of these plants,

44,989

53,922
57,524
910,317

100,000 Surplus...

15,086,204

Total

Cumul.

"A" & "B" stock

1,719,642

2,101,791

mach., lessdepr.
Adv. on houses

but the manu¬
plants owned and operated

carried on books, April 19 1917, at a

Owned

Plants

(2)

and balance sheet

Dec. 31 '19

of

deliveries

Explosives Co. and Its

Warren, Pa...:

♦Warren Plant.

given in V. Ill, p. 585.

June 30 '20

no

.Emporium. Pa
Commercial powder
Prescott, Ont., Can..Fulminate of mercury
Ishpeming, Mich
Commercial powder
Port Ewen, N. Y
Blasting caps
Sinnamahoning, Pa
Commercial powder
Xenia, Ohio
Blasting caps
Emporium, Pa
Commercial powder

♦Harrington Plant
Emporium Plant..

served? the
16 1920.

Brighton Mills, Passaic,

No. Birmingham,

.....

♦Keystone Plant
Prescott Plant
Pluto Plant
Brewster Plant
Sinnamahoning Plant

work,

comparative table of income account

month

for smokeless

substantially all of the stock of these
Located at—
Product.
Aetna, Ind
Guncotton

Fayville, 111
Goes. Ohio

Plant.
Jefferson Plant
Goes

adjust

were

Plant

Fayville Plant

Repairs.—We expended for repairs and maintenance. $3,461,038.
Construction Curtailed.—Because of the present extraordinary cost of
building, it was thought prudent not to undertake new construction
designed alone for expansion or increased output.
Wages.—Recognizing toe costs of living, we have endeavored to
salaries
to a basis relatively in keeping with the conditions of the times.
Death of President Morgan.—Mr. S. T. [Morgan, who so ably
company as its President from its organization in 1895, died April
He was one of the founders of the company, and under his
direction its
present proportions were developed.

The

Principal Properties Owned Directly by Aetna

The Aetna owns all or

Florida mining field strike early
•

Sortation obstacles and the effect of the
11919.

per

subsidiary, the Aetna Chemical Co. of Maine and the Aetna
Canada, Ltd.
The Aetna Explosives Co., Inc., owned five-sixths
ot the stock of each of these companies.
In all there was employed by
the company and its subsidiaries over 8,000 men.
by a

,

practicable, but at excessive freight costs.
unusually high price during the year, due

an

Canadian contract for 1,500,000 lbs.
contract with the U. 8. Government

facture of the explosives thereunder was done at

Phosphate Rock.—Our phosphate rock properties showed a
improvement in production.
Mining costs advanced, and with an
quate supply of railroad equipment retarding shipments,
satisfactory earnings as was to be desired.
Shipments are being
water wherever

a

a

powder; also a contract with the British Government on which
had been made.
The company had made these contracts in its own name,

of

m our own

987

THE CHRONICLE

1920.]

of

raw

of

military

'

988

THE CHRONICLE

Union plant and at the smokeless
powder and picric acid plants at
Emporium
sold for $230,000.
The Carnegie plant was sold for
$300,000 and the
Oakdale plant for $39,000.
The Aetna Chemical Co. of Maine has not
yet been dissolved, the holders
of its stock
disputing certain charges against that
company
made by the Aetna Explosives Co. under
contracts made prior to
the re¬
ceivership.
If the charges are not sustained the Aetna
Chemical Co. will
be entitled to receive from the
Explosives Co. a substantial sum; on
the
■other hand, the Explosives Co. will
receive five-sixths of all
remaining assets.
of one-sixth

town, O.

cap press, approximately
As a result the plants show an

doubling the

Officers.—Chairman of board, James B. Kennedy; Pres., James H.
Grose;
Vice-Pres's., Geo. F. Alderdice, Joseph G. Butler Jr. and John
Tod; Sec.,
E. Parker; Treas., N. B. Folsom.
Advisory Committee.—E. L. Ford,
John Tod, John
Stambaugh, W. A. Thomas.
Directors.—James B. Kennedy, James H. Grose, Geo. F.

Alderdice, John
Tod, W. A. Thomas, John
Stambaugh, Fred Tod, R. C. Stuse, Joseph G.
p. 391, 192.

Butler, Jr.—V. Ill,

Union

increased

Brier Hill Steel

Merger.—Formed Jan. 29 1912, by consolidation of
interests prominent
in the Mahoning Valley for
many years, including: (1) two blast furnaces
at
Youngstown (the Grace and Tod stacks), theretofore
controlled respectively
by the Brier Hill Iron & Coal Co. and the
Youngstown Steel Co., and
located on the present tract of about
250 acres at Youngstown, O.
(2)
Sheet mills at Niles, 9 miles west
of Youngstown, the
Thomas Works,
formerly of Thomas Steel Co., and the
Empire Works of Empire Iron &
Steel Co.
(3) Extensive coal property in Western
Pennsylvania, in con¬
nection with which has been

built a plant for
making Connellsville coke
adjacent to the coal mines.
(4) Valuable ore mines in the Lake
Superior
(5) Extensive coal fields, bee-hive coke ovens
and limestone
deposits in Western Pennsylvania.
district.

Open Hearth Steel Plant and Subsequent
Acquisitions.—In order to over¬
the lack of steel
making capacity, necessary to render the new com¬
pany a self-contained
unit, work was begun in 1913 on an
open-hearth
steel plant and rolling mill on the
Mahoning River (adjacent to the blast
furnaces), consisting of seven open-hearth
furnaces and a 600-ton mixer.
A rolling mill, with a
capacity for handling 2,20(rtons per
day, was built
at the same time and on Feb. 7
1914, the first ingot was rolled.
This mill
produces "semi-finished material" and it
embraces a battery of 32
soaking
pits for reheating the ingots; a 40-inch
blooming mill; a six stand continuous
come

and

mill

a

six

stand

merchant mill.
increased to 12 furnaces with a

In

1914 the open-hearth plant was
capacity equal to that of the rolling mill.
in Dec. 1916, the
purchase of the Western Reserve Steel
Company's
plant at Warren, O., 5 miles west of
Niles, was consummated, increasing
the number of sheet mills to 28
with a greater
producing range in sizes.
A by-product coke
plant was erected in 1917,
consisting of 84 by-product
coke ovens, an ammonium
sulphate plant, and complete equipment for
the recovering of benzol,
toluol, xylol, napthalene, &c., as well as immense
quantities of tar and gas, the latter
being used as fuel in the various plants.
In 1918 the Jeannetbe
Furnace was blown in,
increasing the pig iron pro¬
ducing capacity by 500 tons per day, and a
concrete ore

yard, of 1,000,000
tons storage space, was erected with
traveling ore bridge and car dumper
equipment, capable of unloading 150 cars per
day.
Immediately west of the original property, in the fall of
1917, the erection
of the Brier Hill
plate & jobbing mills was commenced.
One yoar later the
first plate was rolled on this
mill, the largest mill building, under one roof,
in this country.
The plant with its 84-in.
three-high mill and 132-in. mill
of the same type,
produces sheared plates of all
descriptions, ranging from
7-64-in. to 2-in. in
thickness, and widths up to and
including 120-in., and
is one of the finest of Its kind.
Its monthly
capacity exceeds 35,000 tons.
The recent acquisition of
additional ore mines and coal fields
places the
Brier Hill Steel Co.
practically independent of the open market for re¬
quirements of raw materials, for an indefinite
period.
The company also operates in
connection with the Tod Furnace a washed
metal
plant having a capacity of 150 tons
per day.
of its kind in the United
States.
The process which

This is the only plant

removes all of the silicon
and manganese,
90% to 95% of the phosphorous and
30% of the sulphur,
produces the highest grade of
recarburizing metal known, and this metal is
also one of the most
important elements entering into the manufacture of
high grade tool steel, electric crucible

steel, &c.

Lake

Superior

Iron

Ore.—The Biwabik,
Pennington and Dunwoody
Mines, operated by the'Brier Hill Steel
Co., are situated in the Lake Supe¬
district, the mines of which are almost
entirely of the open or "strip"
variety.
The cars used for
transmitting the ore to the elevated dock on
the lake are the
fifty-ton steel nopper type, arranged to
empty the ore
through the bottom to bins
rior

("pockets")

chutes into the vessel
by gravity.
minutes was established in 1917.

on the dock, whence it Is fed
through
A loading record of 12,032 tons in 125
Lake rates in the past have been as low

as

$.0007 per ton per mile,
while, at the

or

more

than

seven

times

as

same

1919.

estate,

and

$

plant

equipment-24,749,781 23,364,141
3,402,761

Cash

Deferred assets—
Total

1919.

Common

stock...12,319,713

Preferred stock

Stock & lnvest*ts_.x3,581,954
Inventories
5,432,753
Acc'ts & bills rec..

was

6,567,408
3,183,269 y7,037,614
257,322
1,275,343
25,672
31,346

.........37,230,751 41,6^8,613

$.005

(Compiled for "Chronicle'').

zl918.

$

Assets—

Bills & acc'ts

5,000,000

pay.\1,978,789

Reserve for taxes./
Renewals & repairs

Surplus

499,475

zl918.

12,302,746
5,000,000
5,219,769
1,067,244

17,432,774 18,088.854

Total

37,230,751

41,678,613

Represents stocks and investments in
underlying
companies, viz.;
Biwabik Mining Co., Red Stone
Central RR., Brier Hill
Supply Co., Brier
Hill Mining Co., Brier Hill Coke
Co., Pennington Mining Co., after de¬

ducting depreciation.
y

1918 figures are final after

[The company does
account of the last

not confirm
the
following extracts from an acannual'meeting published in the "Iron Trade Review"
strike cost the Brier Hill

Steel Co.

largely responsible for the slump in the com¬
pany's profits after all deductions, to $1,136,421 in
1919 from $4,470,792
earned in 1918.
The year's business follows:. Finished
producst, 349,789
tons; shipments, 337,835 tons; sales, $29,090,328."
On
April 26 1920 a stock dividend of 20% was declared, with a
view
to increasing the authorized Common
stock to $50,000,000, but in
June the
plan for both of these steps was abandoned in favor of the

it

issue of

no

par

Accordingly, at a meeting of the common stockholders held
July 2 1920,
was unanimously agreed to
reorganize the company under the "no
par
stock plan.
Under this plan the Pref. stock remains
unchanged;




PETROLEUM

(See

also

V.

Ill,

788).

p.

CO .—Production:

5,000 barrels dally
under lease, of which 26,416 are
Drilling: 23 wells in the Hewitt Field,

acres

Kansas.
Oklahoma.
Casinghead Gasoline: 6 plants producing
gasoline daily (V. 111. p. 391. 789.
796, 898).

15,000

gallons

of

(ft) COLUMBIA OIL PRODUCING
CO.—Production: 3,050 barrels
daily net, in California.
Total Production for 1919;
1,001,000 barrels, net.
Acreage: A total of 5,445 acres in Los
Angeles and Orange Counties, Calif.,
300

are

leaseholds and the remainder owned in

fee

or

mineral

Drilling: 9 wells in California (V. 109, p. 983, 1082).
(c) PUENTE OIL CO.—A
marketing company with a small refinery at
Chino, Calif., a mixing plant at Los
Angeles and 16 service stations and
17 trucks for distribution of
gasoline and lubricating oils in Los Angeles and
Orange Counties.
(d)

COMMONWEALTH PETROLEUM
CORPORATION.—This ac¬
brought to your company $2,680,000 cash and the
following
Western Union Oil Co., United Western
Consolidated Oil

quisition

properties:

Co..
The Dunlop Oil Co. and W. D.
Head Drilling Co., together with
acreage in
W. Va. and Texas as shown
below (V. 109, p.
75, 175, 985, 1894, 1990;
V. Ill,p. 796).
Production:

2,125 barrels daily net, in California.
Total Production for
1919; 628,900 barrels net.
Acreage: A total of 50,693 acres under lease as
follows: 12,956 in
California; 19,557 in West Virginia; 18,180 in Texas; not
including acreage in Wyoming where a test well is
being drilled.
Gax
Wells: 9 producing gas wells in
West Virginia.
Drilling: 12 wells as follows:
10 in Calif.; 1 in Wyo.; 1 in W.
Va.
Absorption Plant: Produces 2,500
gallons of gasoline daily.

Ce) W. D. HEAD DRILLING CO.—A modern
drilling organization with

15 rotary drilling
equipments.
California properties.

Operations have been concentrated

on

the

(/) EDDYSTONE OIL
CORPORATION.—Organized in Dela., Jan.
20 1920, with $500,000
Capital stock, entirely by Union Oil Co. (of
Dela.).
Except where business is conducted under
original corporate organization,
properties purchased are being taken and
operated in the name of this co.
Purchases made recently which
Peterson and other

are operated by
Eddystone are the Carr
acreage in Oklahoma and properties of the
Way land Oil
Virginia (V. 110, p. 772, 1096, 1328; V.
108, p. 1388).
Production: 450 barrels daily net, in West
Virginia and Oklahoma,
Acre¬
age: A total of 10,916 acres under lease as
follows: 8,454 acres in W. Va.;
1,186 in Ohio; 1,116 in
Oklahoma; 160 in Kansas.
Drilling: 12 wells as
follows:

eft Gas Co. in West

11 in West Virginia;

(0)

1 in Oklahoma,

SHIPPING.—A

steamship company was incorporated in Delaware'
Jan. 8 1920, with 500,000
shares, no par value, owned entirely by the Union
011 Co. (of
Delaware).
[The company mentioned is Union Oil SS.
Co.,
V, 110, p. 368.]
Four modern steel
tankers, totaling 45,000 deadweight tons or 300,000
barrels capacity, are under
construction.
Two are under contract for
delivery in Nov. and Dec. 1920, and two in Feb. and March
1921.

Demand for tankers exceeds
by far the available carrying capacity and
ships will be very profitably utilized

there is every assurance that
your
and contribute
substantially to the

(2)

(а)

earnings of

Affiliated

your company.

Companies.

NATIONAL

EXPLORATION CO.—This organization in which
owns 26% of the issued
Capital stock, consists
geologists, and is
conducting active and
com¬
campaigns of investigation, exploration and
acquisition of

Union Oil Co. (of
of

oil

experts

prehensive

Delaware)

and

oil leases in
potential oil territories.
be invaluable to your
company.

This work is confidently
expected to

(б)

UNION OIL COMPANY OF
CALIFORNIA.—Union Oil Co. (of
Delaware) owns 25% of the Capital stock of the
Union.-Oil Co. of Cali¬
fornia, one of the largest in the
country and having vast acreage under
lease, principally in California, but
large holdings also in Wyoming, Texas
and Mexico.
The annual

report for 1919 (V. 110, p. 763) shows net
earnings, after
deducting all charges, of $10,638,000 (an increase of
$4,615,000 over 1918>
and after charging off
$5,740,000 to depreciation cost of new
drilling.
For the first six months of
1920 (V. Ill, p. 396) the sales
approximated
$29,360,000 and profits, subject to Federal
income and excess profits,
taxes, were $6,350,000 compared with
$5,500,000 for 1919.

Union of California
pays an extra quarterly dividend of
addition to the regular
quarterly dividend of $1 50 a share.
Production: A total for 1919 of 8,705,000 net

$1

a

share

in

barrels, which with regular

Surchases and agency of the 97,300,000 1919 barrels of marketable oil
approximated 19,700,000
arrels
about 20% deliveries during
net
or

netpro¬

With Mexican purchases the total
quan¬

tity of oil handled was 22,100.000 barrels
during 1919.
Production for the first half of 1920
approximated4,175,000net barrels.
Mexican Well: A well with estimated
initial capacity of 80,000 barrels
daily was brought in in the Chinampa
district, Mexico, in July 1920.
Acreage: The following is a summary of the land
holdings on Dec. 31
State of California, fee,
35,823 acres; mineral rights in fee, 129,087
acres; mineral locations, 10,940
acres; leaseholds, 36,537 acres;
total acres

States of Wyoming,
leaseholds,

States of Texas,
leaseholds,

Total

212,387
acres

-

acres

acres

Drilling: 51 wells
lines

being drilled in Calif., Wyo., Mexico and Texas.
of trunk

extend

sections

of

22,02535,34915,836

285,597*
are

Pipe Lines: 421 miles

Normal

complete audit and adjustments.

value"

Delaware.

lines; 321 miles of gathering lines.

from three tidewater
ports to the four
California.
Pipe Line Capacity: About

great

90,000

Trunk
oil producing
barrels daily.

capacity about 60,000 barrels daily.
Storage: Reservoirs with capacity of 500,000 to
1,000,000 barrels; 236
standard fuel oil steel tanks.
Combined crude and refined storage
capacity
about 19,000,000 barrels.

Includes U. S. bonds and certificates of indebtedness.

x

Yalue Common shares.

cf

Mexico, leaseholds, acres}

x

of Cleveland, Feb. 5 1920: "The
steel
the sinn of $1,230,291 and was

Subsidiary Companies

CENTRAL

duced in California that year.

COMPARATIVE BALANCE SHEET DEC.
31

Real

time, the rail rate

much.

(1)

(a)

net, In Oklahoma.
Acreage: 27,736
in Oklahoma and 1,320 in

rights in fee.

(Balance Sheet Dec. 31 1919—-Description
of Property.)
The company has favored us with the
comparative balance
sheet shown below, which we
preface with a description of the
property condensed from the Brier Hill Reference Book.

Co.

The report for the half
year ended June 30 1920, cited in
"Chronicle" of Aug. 21, p. 788,
789, also shows in substance:

of which

Co., Youngstown, Ohio.

Oil

{Semi-Annual Report—Description of
Subsidiary Properties.)

ca¬

output per
man hour and also an
increased yield from the raw materials.
The organi¬
zation also has been
greatly strengthened by obtaining the
exclusive time
of certain executives who
previously gave all or the greater part of their
time to the war business.
Compare V. Ill, p. 788, 794.

644.1

J.

the

blasting

p.

authorized Common stock is set aside as
follows: (a) For sale to employees
such times and terms as the board
shall determine, 150,000 shares,
(ft) Held in treasury for future financing,
300,000 shares.

preparing
a new power house and a ingredients of dynamite
new transportation
sys¬
tem, doing away with horses; (e) at the Goes
plant the black powder facili¬
ties increased by about
25%; if) at Fayville plant housing facilities for em¬
ployees; (0) a new chemical and physical
laboratory, which has already de¬
veloped a new powder that promises to be a
commercial success; (h) at
Port
a

100,

at

however,
over
reorganization
ending
in an injunction and
reorganization according to a plan
prepared by the
reorganization committee appointed by Hon. Julius M.
Mayer, Judge of the
U. 8. District Court (see
plan, V. 108, p. 2243).
The business was turned
back to the company July311919.
Improvements to Ccrrnmercial Plants and
Business.—During the receiver¬
ship large amounts have been expended in the
improvement of certain of
the commercial plants,
notably: (a) At every dynamite
plant, except at
Sinnamahoning, a new nitric acid plant (the vital part of a
dynamite plant);
also automatic dynamite
packing machinery (doing away with the old
hand packing) and new
cartridge-making machines; (ft) new nitroglycerine
houses at the Pluto and
Emporium plants; (c) the equipment at the various
plants have been standardized facilitating
replacements; (d) at the Emporium

Ewen, N. Y.,
pacity of the plant.

See V. 110, p. 2659; V. Ill,
p.
sale of bonds (since
retired) see V.

The amount of working capital as stated
under the no par value plan is
"$5,000,000 Pref. stock and $12,500,000 Common."
The remainder of the

has not been a
single
appeal from any administrative order made
by the court on the recommen¬
dation of the receivers.
There was
bitter litigation,

ave

Common stock, on presentation
Savings & Trust Co., Youngs¬
192, 391.
For status in 1915

at the office of the transfer
agent. The Dollar
on

Reorganization.—During the entire receivership there

elant been installed, for drying and
new facilities also

[Vol. 111.

but the authorized Common stock
was made and now consists of
1,250,000
shares of "no par value"; of which
amount there were issued 750,000 in
exchange for the Common stock then
outstanding, at a ratio of six shares
of the "no par" stock for one share of
the old

was

Refineries: Five, with maximum capacity of 62,800 barrels
daily.
Compressor Plants.—Five, with daily capacity of
15,000,000 cu. ft. of gas.
Marine Equipment: 12
steamers, 5 barges; carrying capacity, 527,044 bar¬
rels: 4 additional steamers under
charter, 285,000 barrels; total, 812,044
barrels.
Two additional steel tankers, 12.000 tons
each; are building.
Distribution: 158 domestic and
foreign distributing stations and com¬
mission agencies in
principal Pacific Coast cities and towns in Hawaii,
British Columbia, Chili and
Panama-

Transp. Facilities: 172

tank cars, 575 auto trucks, 323
autos, 217 horses.

Crude and Fuel Oil: The
Union Oil Co. of California

quantity of crude and fuel oil, owned by the
on Dec. 31 1919, was
approximatelylO.225,000
net barrels, the total oil
storage in the State being at that date about
28,000,000 barrels.
For alliance with Indian
Refining Co. see V. Ill, p. 594, 697.—V. 111,,
p. 903, 78a.

»

SEPT. 4

New York City.

mechanical

following as the terms upon which the strike may be brought to an
(1) That the men shall return to work.
(2) Tha