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MAR TWO SECTIONS SECTION ONH INCLUDING Bank Quotation Section Railway Industrial Section Bankers Convention Section Railway Earnings Section CCrvmBHTEp H192 Brw LL am B DANA COMPANY NEW york Issued VOL 112 Electric Railway Sectlo State and EKTERED A3 SECOND CLASS MATTER UUHE 23 1s79 AT THE POST OFF CE AT N EW YORK NEW VO K WDER THE ACT OF Weekly NEW 110 08 Per Year YORK MARCH 26 ff manual City Secriosa MARChI 18 WIUmi B Dana Co Publishers 13i Front St Pt Y City financial RJ A M 9QH0 U ZyUi Jffnamfal CHARTERED 1822 HARVEY FISK SONS THE FARMERS LOAN TRUST THE LIBERTY BANK 32 Nassau St COMPANY NEW of New York YORK CAPITAL 475 Fifth Avenue at 41st Street NEW NEW YORK CITY BONDS AND OTHER CHOICE CARE OF DOMESTIC AND OF UNDIVIDED PROFITS UNITED STATES BONDS YORK MANAGEMENT SURPLUS and 22 William Street Correspondents in all K Special facilities countries in Scandinavia INVESTMENT SECURITIES ESTATES SECURITIES FOREIGN BANKING FOREIGN OF The EXCHANGE LETTERS Harris Forbes Co COMMERCIAL CREDIT New York Trust Pine Street Corner William NEW YORK 10 Company LETTERS FORBES CO Inc BOSTON HARRIS TRUST 26 Broad Street ACCEPTANCES Drapers Gardens London E C HARRIS SAVINGS BANK CHICAGO Act 5th Avenue and 57th Street as and corporations and Government munici pal railroad and public utility deal LONDON fiscal agents for munici palities PARIS in BONDS Capital Surplus and Undivided Member Federal Reserve System and New York Clearing Profits House FOR List on INVESTMENT Application Cable Address SABA NEW YORK Established John L Williams Sons BANKERS Corner 8th and Main Edward B Smith Co Streets RICHMOND VA Baltimore Correspondents R LANCASTER WILLIAMS Established 1810 CO Inc The Mechanics GARFIELD NATIONAL BANK 23rd STREET where AVENUE Crosses A Broadway Metals OF THE CITY OF NEW YORK FIFTH Capital and Bank for Surplus Philadelphia New Yore National Bank The Chase National Bank of the 1 1 Capital Surplus Profits the Builders of Business Deposits Feb ESTABLISHED Foreign Exchange Bond Trust BROADWAY CAPITAL SURPLUS AND PROFITS DEPOSITS The Bank of New York City of New York Feb Service OFFICERS A Department BARTON Chairman National Banking Association HEPBURN the Advisory ALBERT H r Board WIGGIN Chairman of the Board of Directors EUGENE CAPITAL SURPLUS V R THAYER Vice Presidents Samuel H Miller Our 136 years service of experience our is at Carl J SchmidJapp the depositors AMERICAN EXPRESS COMPANY George H Baylor M Hadden HoweU Schley Alfred C Andrews Robert I Barr Comptroller Thomas Ritchie SECURITIES Cashier William P Holly DEPARTMENT DIRECTORS Henry W Cannon A Barton Hepburn Albert H Wiggin John J Mitchell SECURITIES 1 Newcomb Carlton Frederick H Ecker Guy E GOVERNMENT NO William E Purdy Reeve Philadelphia CHARTER Edwin A Lee Gerhard M Dahl First National Bank of President Assistant Vice Presidentii Gerhard M Dahl Tripp Hill Daniel C Jackling Eugene V R Thayer Carl J SchmidJapp James N Charles M Schwab Wm A LAW President 65 BROADWAY NEW Andrew Fletcher Wm Boyee Thompson Reeve Schley Samuel H Miller YORK Kenneth F Wood Edward R Tinker H Wendell Endicott Edward T Nichols William M Wood tablets of Jfoteipi Cxtftange SnbtStaunt ousts ant MORGAN CO J P Wall Street Corner Maitland Coppell Co Corner of 5th and Chestnut Streets MORGAN agent of Issue Loans Letters and sold on Commission Commercial Credits Foreign Exchange NEW YORK of Credit Commercial and Travellers Provincial Union Bank England Ltd London National The 18 Broad St BOSTON Telegraphic Transfers of Exchange X XflX X PARIS 115 Devonshire St Corporations and negotiate and of Letters of Credit Vendome 14 Place Securities bought CO as Bills Broad Street HARJES all Investment Securities Orders executed for Act MORGAN GRENFELL CO LONDON No 22 Old KIDDER PEKRORY CD NEW YORK PHILADELPHIA CO STREET 52 WILLIAM of Broad NEW YORK DREXEL VOL 113 CHRONICLE THE a Messrs Mallet Freres Cie Paris v i and V V Principal Places in Mexico Cable Transfers In all Letters for Travelers available parts of the world Circular on Bank of Australasia Agents for the TRAVELERS LETTERS OF CREDIT BROTHERS CO LTD BARING LONDON August Belmont Co BROWN BROTHERS CO s frnt AnET MnA i Members New York Stock j v Agents and SONS Baltimore ALEX BROWN fe PLACE NEW YORK 43 EXCHANGE Bostok NEW YORK Exchange Correspondents of the ROTHSCHILD Messrs London Paris and Vienna Investment OF CREDIT ISSUE LETTERS Securities for Travelers Foreign Exchange Available in all parts Deposit Accounts Co W Seligman Transfers Credits Commercial of the world and make Telegraphic Draw bills of Exchange the purchase and sale Execute orders for of Wall Street Ng 54 Stocks Bonds and Travelers Credits NEW YORK CO BROW SHIPLEY Bonds Equipment T Suffern Taller James G Wallace Grenville Kano FREEMAN CO Street Pine 34 NEW YORK TXILER CO Members 10 Pino Street New New York Stock Exchange York FitaMMa Philadelphia New York Pittsburgh Investment Securities Lawrence Turraure Co 64 66 Wall Street Baltimore Washington Investment Securities New York and sold on com available through Investment securities bought Winslow Lanier Co 59 CEDAR STREET Travelers mission out the United Central America and in and issue drafts NEW YORK Bankers London London Bank Received Subject on Bought and Philadelphia and Pittsburgh Stock Exchanges Joint City Heine Co Draft Interest to Deposits collections Limited Midland Paris Bankers Allowed Make Spain and cable transfers on above Members New York countries BANKERS Deposits credits States Cuba Puerto Rico Mexico Securities Sold on HEIOELBACH ICKELHEIMER CO Commission 37 William Street HUTH Foreign Exchange Letters of Credit MEMBERS N STOCK Y Execute orders for CO EXCHANGE purchase and sale of New York 30 Pine Street Stocks and Bends Foreign Exchange Bought and Sold Bonds foi Investment Credits Issue Commercial and Travelers available in all parts Foreign Bonds Investment Securities Commercial Credits Deposit Accounts Foreign Exchange of the world Correspondents of BERTRON GRISGOM CO INC Keaii Taylor Co 40 John Munroe Co BOSTON NEW YORK Letters of Credit for Travelers Land Title Wall Street NEW Foreign Exchange CO BOISSEVAIN Building CO BROADWAY NEW YORK Members of the New York Stock Exchange 52 INVESTMENT FOREIGN SECURITIES DEPARTMENT EXCHANGE ALDRED CO 40 Wall Street New York Fiscal Agents Cable Transfers MESSRS MUNROE CO Paris London PHILADELPHIA YORK COMMERCIAL Commercial Credits HUTH SECURITIES INVESTMENT Piitshurph Tfeu Sferfc FRED PIERSON CO Amsterdam Holland Public Utility and for Hydro Electric Companies March THE CHRONICLE HI investment anU jKnandal fttmstt Goldman Sachs Lee Higginson Co NEW Millett Roe Hagen YORK 137 So La Salle Street 60 Congress Street CHICAGO Investment Bankers 14 BOSTON Montgomery Street 421 Chestnut Street SAN FRANCISCO PHILADELPHIA 411 Olive Street Boston ATLANTA GA Title Insurance Building LOS ANGELES CAL Chicago MEMBERS Members of New York and Chicago Stock Exchanges Higginson Co 80 INVESTMENT SECURITIES 24 Marietta Street ST LOUIS New York Co 60 Wall Street Lombard St Commercial Paper Securities London E C bought and sold NEW YORK STOCK EXCHANGE v commission on Foreign Exchange Commercial available Travelers in all Letters parts of of the Credit 52 WILLIAM ST NEW YORK world Hornblower Weeks 42 BROADWAY NEW YORK railway equipment Investment Securities bonds Bonds NEW Preferred Stocks MEMBERS YORK BOSTON AND CHICAGO STOCK EXCHANGES Direct wires to all Acceptances EVANS STILLMAN CO Members New York Stock principal markets GO Main Office National City Bank Building Uptown Office Fifth Avenue and 43rd St Exchange BROADWAY NEW YORK Correspondent Boston Chicago Detroit Providence Established Offices in 50 Cities Portland Underwriters Distributers 1888 Industrial Bonds Public Preferred Utility Robinson Co Stocks U S Government Bonds Securities Equipment Trust Certificates Investment Securities Counselman Co Founded 1797 V Investment Bankers 112 W ADAMS ST CHICAGO 26 Exchange Place New York Members New York Stock Exchange Seasoned Investments Conservative Investment Securities Underwritten Distributed 30 Pine Street Investment Securities Yielding 6 New York to 8 Federal Securities Peabodj Corporation EarsiyBros Co 38 South Dearborn Street BLAKKERS CHICAGO MEMBERS PHILADELPHIA STOCK EXCHANGE RongMcling Co EST 1865 Investment Securities 1421 CHESTNUT STREET Distributers 366 Madison Corrigan Bertles Investment GRAND Bankers RAPIDS MICH Marshall Field Glore Ward Co h f bach man Established co H Collins President Southern Securities PEACHTREE CHICAGO INVESTMENT NEW BANKERS ORLEANS Members N Y and Phila Stock 1425 Walnut St HOLTZ MEMPHIS Exchanges 61 PHILADELPHIA T ATLANTA JACKSONVILLE BIRMINGHAM H New York sre URIT1ES 5 ALETS CO B STREET Chicago Ave Howe Snow PHILADELPHIA 187 SOUTH LA SALLE INC So La Salle St Underwriters NEW Broadway YORK RAILROAD INDUSTRIAL GOVERNMENT FOREIGN CO AND MUNICIPAL BONDS INVESTMENT harper INVESTMENT BONDS turner FOR INVESTMENT BANKERS STOCK EXCHANGE BUILDING WALNUT STREET ABOVE BROAD 39 SOUTH LA SALLE CHICAGO STREET PHILADELPHIA Members Philadelphia Stock Exchange Colgate Parker Co 49 Wall Street New York fimmial Jfinattdal financial FINANCE WE ESTABROOK CO Members New York and Stock Exchanges Electric Power Boston earnings BOSTON 15 State Street 24 Broad Street NEW YORK and Light Enter CHASE COMPANY records of established j g prises with BONDS INVESTMENT SECURITIES Vol 112 CHRONICLE THE IV WE OFFER Bankers Dealers Investment and Proven Power BOSTON 19 CONGRESS ST and Light Securities Correspondence Solicited SPRINGFIELD PROVIDENCE HARTFORD ELECTRIC BOND SHARE CO Paid Up Capital and Surplus Co Richardson Hill 71 BROADWAY NEW YORK Arthur Lipper Company Place New Street and Exchange Established 1870 NEW MUNICIPAL AND RAILROAD BONDS Securities Investment YORK SECURITIES BOUGHT AND For 60 Congress Conservative Investment SOLD ON COMMISSION St BOSTON R L York Stock Exchange Boston Stock Exchange New Chicago Stock Exchange Day Co 35 Congress St Boston Branch Offices Members N Y Stock Exchange Waldorf AstoriaHotel N Y N Y Cotton Exchange 11 East 44th St N Y N Y Coffee Sugar Exch Saratoga Springs Philadelphia Stock Exch New York Correspondents Chicago Board of Trade West End N J Long Beach N REMICK HODGES CO N Y N J Atlantic City Y Co W F Ladd PARKINSON BURR Members of the New York Investment and Boston Stock Exchanges Securities 53 State Street 7 Wall Street We Specialize in Government and Municipal Bonds BOSTON NEW YORK William R pmpton o INVESTMENT BONDS New York 14 Wall BONDS St Street New York Cincinnati Louis New Chicago Baker Ayling Young ESTABLISHED 1865 Orleans BONDS RAILROAD INDUSTRIAL BONDS BOSTON 6 Nassau MEMBERS NEW Underlying Tax exempt 55 William Railroad Bonds and PAUL BONDS WATSON H INVESTMENT SECURITIES Deal in I PHILADELPHIA YORK STOCK EXCHANGE PUBLIC UTILITY St N Y Telephone John 1832 St N Y f V Guaranteed Preferred H MOUNTAGUE VICKERS Telegraph Co Stocks Railroad 49 Hollister White Co 0H 0 4rE0 Bonds Wall Street Guaranteed Stocks 1852 FOUNDED Investment Securities fnvestment Securities Exchange Credit Travelers Philadelphia Pa Boston 9 Mass Foreign Letters of BROADWAY NEW YORK 60 Congress St North American Bldg 116 Checks Correspondents Throughout Thomas C Perkins Krnutf Narhoti Kulwf Members New York Constructive Banking lllC 15 State Street Boston Mass FOUNDED 1854 Municipal Railroad 225 4th Ave New York Industrials and underwritten and distributed Industrial Securities mmiNS 8s co is 7 Wall Street Exchange Sr BOSTON new York Cable Address Utility of established and pros Entire stock issues Main Office New York 36 Pearl Street Hartford Conn Specialist for eighteen years in the Financing erous I Stock Exchange Equitable Building Public FACTORS the World Quomakel March THE CHRONICLE v CanaWan BANK OF MONTREAL THE CANADIAN Canadian Established Government and bonds offer exceptional they now PAID UP Rest tunities for sound investment ehased BANK OF COMMERCE Years 100 HEAD CAPITAL Bonds These over Municipal oppor If pur yield will from UNDIVIDED SIR TOTAL ASSETS SIR VINCENT 7 to 8 PROFITS MEREDITH Bart President CHARLES GORDON G B E Vice Pres Principal and interest payable In Head United States funds Particulars C President Sir Edmund Walker O V O LL D D O T General Manager Sir John Alrd Assistant General Manager H V 7 Jones New York Office 16 Exchange Place F B FRANCIS 1 C L C General request on J Agents FOSTER STEPHENSON Buy and Sell Sterling and Continental Exchange and Cable Transfers Collections Manager made at all Wood Gundy Co RESERVE Office MONTREAL Sir Frederick Williams Taylor Full OFFICE TORONTO PAID UP CAPITAL Branches and Agencies points Travelers Cheques and Letters of Credit Issued all parts of the world available in Incorporated 14 WALL Throughout Canada and Newfoundland At STREET NEW YORK In Banking and Exchange business description transacted with Canada Toronto Winnipeg Montreal London Eng London England and Paris Bank of at Mexico Montreal In the United States New York Spokane San City France Chicago Francisco British American by the Bank of Bank owned and controlled Montreal LONDON of OFFICE 2 Lombard Street everj E O BANKERS IN GREAT BRITAIN The Bank of England The West Indies British Guiana and West Africa The Colonial Bank in which an Interest is owned by the Bank of Montreal Bank of Scotland Lloyd s Bank Limited THE Jl Jlnxcs established 1889 2o ACsobers Toronto Stock Sotchang United Financial Corporation jTonmto INVESTMENT BANKERS Montreal VictoriaUC Reserva Funds Total XBowrmrumt Mun icipal Corporation Securities Established Capital Paid Up Limited B ricLcii rt ROYAL BANK OF CANADA Montreal London Toronto Chicago Assets Head Office Montreal BIR HERBERT S HOLT President E L PEASE Vice Pres Man Director C E NEILL General Manager 700 Branches throughout CANADA and NEW FOUNDLAND in CUBA PORTO RIGD REPUBLIC HAITI OOSTA RICA COLOMBIA and VENEZUELA BRFDI8H and FRENCH WEST INDIES BRITISH DOMINICAN 1 Affiliated with HONDURAS and BRITISH GUIANA Guaranty Trust Co York New of ARGENTINE Buenos Aires BRAZIL Rio de Janeiro Santos Sao Paul URUGUAY Montevideo R Co Canada CANADIAN GOVERNMENT C Bank of Toronto Montreal Royal France PARIS 28 Rue Quatre Septembre Bank de af MUNICIPAL AND CORPORATION BONDS Mep mHoifadStodibKtovgo 17 St John Street and J D Leavitt Agents AUXILIARY The FRENCH pNETT PORBIK 00 Daly A SPAIN Barcelona Plaza de Cataluna LONDON OFFICE Princes Street E O NEW YORK AGENCY 68 William St F T Walker J A Beateon E B Mclneray Building Canadian Government Provin cial Municipal and Corporation Bonds TORONTO ONT Bought Sold Quoted STOCK AND BOND BROKERS V GREEN SHIELDS CO The Dominion Bank HEAD Paid CANADIAN OFFICE TORONTO Up Capital Total Assets INVESTMENT Clarence A Bogert London Branch 78 Cornhill S L Jones Manager McDonagh Somers Co Dominion Bank Building TORONTO CANADA City Bonds Small Denominations CANADIAN AND FOREIGN EXCHANGE BOUGHT AND SOLD HENRY NIGHTINGALE CO MUNICIPAL Offerings on Request Correspondence Invited New York Agency 51 Broadway C S Howard Agent Specialize in New York Montreal CANADIAN General Manager President CANADA We John Street INVESTMENTiSECURITIES BANKCR8 TORONTO St Sir Edmund Osier ffOUSSERVbOO OMPANr 17 Stock Exchange Canadian Bond Issues in Reserve Funds Undivided Profits SECURITIES Montreal Members Dealers TRAVELERS AND LETTERS BONDS COMMERCIAL OF CREDIT HERDMAN COMPANY Members Montreal Stock Exchange Canadian Mexican and Foreign Government Securities Phone Bankers Dominion R Adrian H Brokers BROADWAY 42 Broad 7118 Muller A Son Express Building MONTREAL C fMatthews Co CANADIAN BONDS AUCTIONEERS CANADIAN OFFICE No 55 Corner WILLIAM Pine STREET Street C P R TORONTO Bldg BONDS Regular Weekly Sales OF Stocks Nesbitt Thomson Co and Limited Bonds EVERY WEDNESDAY Canadian Municipal Public Utility Industrial At the Exchange 14 16 Vesey Sales Rooms Strest Emilius bonds Established 222 St James St MONTREAL Hamilton Toronto London Ont Jarvis Co INVESTMENT JARVIS BLDG BANKERS 1891 TORONTO CAN vOL 112 CHEONICLE THE I VI Jforetgn New and Australia Zealand LONDON JOINT CITY AND BANK OF NEW SOUTH WALES MIDLAND ESTABLISHED 1817 Fsld Up Capital Kturre Liability of Proprietor The Aggregate AiMtiSQth Septr JOHN Sir S K B E andTAGENCIES in the Zealand Fiji Papua New Guinea and London The Bank transact a very description of Australian Banking Business Wool and other Produce Credits arranged OFFICE DIRECTORS OVERSEAS BRANCH THE UNION BANK OF AUSTRALIA United Incorporated 1860 Atlantic Office OFFICES E C 2 LONDON STREET AND ENGLAND IN WALES OLD BROAD STREET LONDON E C THREADNEEDLE 5 WOOLLEY W E Capital 1J00 HYDE Deposits Dee 31st 1920 HEAD McKENNA R Reserve Fund OVER Established 1887 F Paid up Capital London Office 89 THREADNEEDLE STREET E C 8 Head Office Hon MURRAY B Subscribed 857 BRANCHES Australian States New CIEORGE STREET SYDNEY Right JOINT MANAGING RUSSELL FRENCH General Manager LIMITED BANK v CHAIRMAN Reserve Fund Mauretania Imperator Aquitania CapitalPald Up Reserve Issued and Authorized AFFILIATED ToFund gether Capital Reserve Liability of Total Issued Proprietors BELFAST BANKING CO LTD OVER 110 OFFICES IN BANKS THE CLYDESDALE BANK LTD OVER 160 OFFICES IN SCOTLAND IRELAND Capital Reserves The Bank has 42 Branches in VICTORIA 89 to NEW SOUTH WALES 19 in QUEENSLAND Iflln SOUTH AUSTRALIA 21 in WESTERN AUSTRALIA 3 In TASMANIA and 44 in NEW 011 ALAND Head Office 71 CORNHILL LONDON E C Manager W J Essame Assistant The Mercantile Bank of India Ltd International Banking Corporation WALL 60 Manager W A Lain Capital and Surplus THE in San Francisco Reserve Liability of Proprietors and Undivided in India New Philippines on York Bankers to the Government in British East Africa and Uganda demand Hong Kong Shanghai 6 Bishopsgate London E C Paid up Capital Hongkong Currency 000 WX Head Reserve Fund in Sliver Hongkong Cuit H Office Sydney London Birchin Lane South New Wales Reserve Fund In Gold Sterling Office Lombard Street Oeylon and Kenya Zanzibar Paid Up Reserve Fund The Bank conducts every description of banking and exchange business l 500 00f GRANT DRAFTS ISSUE LETTERS OF CREDIT C K Aden Capital Capital CORPORATION BANKING Burma Branches in India Colony and at Subscribed in Australia and elsewhere Bills on Australasia negotiated or collected Remittances cabled Mauritius Agency R A Edlundh 64 Wall Street Head Office payable Profits Ceylon Straits Settle Burma NATIONAL BANK 0F INDIA Limited and Letters of Credit are issued by the London Branch on tbe Head Office Branches and Agencies of the Bank Drafts l 500 0et Santo Domingo Spain Fund Shareholders Panama Java Established 1834 Incorporated in New South Wales Street London ments Federated Malay States China and Straits Settlements India Japan Capital Reserve Liability of Branches Lyons China LIMITED Reserve Branches London Office Capital Authorized and Subscribed Capital Paid Up Reserve Fund Commercial Banking Company of Sydney PaidUp Profits Undivided Head 15 Gracechurch STREET NEW YORK CITY NEGOTIATE OR COLLECT BILLS PAYABLE IF CHINA JAPAN PHILIPPINES TLEMENTS INDIA St A JEFFREY Agent 36 Wall New Established BET Yori Incorporated by Royal Charter every banking facility for transaction 1B79 ROBERT BRUNNER Offers with 90 STRAITS J Ionian Bank Limited Greece where and years it has has been Branches established for throughout Banker and Broker tbe Country Also 78 at Alexandria Cairo Head Office Basildon House Ac In Moorgate Street LONDON rue de la Loi Egypt BRUSSELS Belgium The Union Discount Co E Gable Address Rennurb C f of London Limited English Scottish and Australian Bank Ltd Pald Up Capital CORNHILL Telegraphic Address Udisco London Address 5 Gracechurch St E C Head Office London E C S Authorized Capital Reserve Fund Subscribed Capital Capital Paid Manager NOTICE RATES Oppenheimer IS OF 30 Years STERLING HEREBY INTEREST on GIVEN allowed that for the money deposit are as follows At Call 5 Per Cent At 8 to 7 Days in Export Banking Nojtice 5 M Per Cent The Company discounts approved bank and acceptances receives money on de posit at rates advertised from time to time and grants loans on approved negotiable securities mercantile CHRISTOPHER R BANKERS FRANKFORT o M c l Banking and Exchange business of every de scription transacted with Australia Lincoln Menny Remittances made by Telegraphic Transfer BlUs Negotiated or forwarded for Collection E M JAN ION Up Fund Reserve Further liability of Proprietors More Than Capital Authorized Subscribed NUGENT Manager GERMANY Cable Address Openhym INVESTMENT SECURITIES The FOREIGN EXCHANGE National Company 85ICORNHILL The NATIONAL BANK Over 500 Branches In Africa Limited Capital Paid Up Capital Fund INTEREST as facilities for the extension of trade and com merce between this country and Africa New York Agency R Beaver St E SAUNDERS Agent by years of actual residence in experience the coun is essential when transacting business abroad STERLING allowed for money on Deposit are 23 Branches in South America 1 Branch in Mexico Offices in Europe 9 follows 5 per Otters to American banks and bankers its superior and of people Reserve KNOWLEDGE the needs and habits f the tries themselves NOTICE Is hereby given that the RATES OF Total Assets Exceed INTIMATE acquired LONDON E C Gable Address Natdls London Subscribed d SOUTH AFRICA Ltd Discount annum at call BH at 7 and 14 days notice Approved Bank A Mercantile Bills discounted Money received on deposit at rates advertised from time to time and for fixed periods upon specially agreed terms Loans granted on ap proved negotiable securities PHILIP HAROLD WADE Manager Anglo South American hbank limited New York Agency 49 Broadway March 26 192LT THE TH CHRONICLE Jforefgn Jnttigw Agency NATIONAL BANK liMillMib 27 Mm Pine St New York of EGYPT 27 Pine St Banque Nationale de Credit New York Established Capital Banks Permit I to draw frs Deposits I and 20 the Reserve a I 4 Branches in fthe of Fund Rhenish Provinces KING 7 WILLIAM ST LONDON E C 4t ENGLAND THE Credit Cable fctetrtteN AND 6 330 Branches in France Foreign Ezehange Letters Law LONDON AGENCY In East Far Egyptian Capital fully paid Office PARIS branches other and under June 1896 with the exclusive right to Issue Notes payable at sight to bearer frs Head Yokohama Enrepe on Shanghai Hong Kong frs Surplus drafts direct Head Office Cairo Transfers GENERAL BANKING BUSINESS Capital Frs DDI NATIONAL PROVINCIAL AND UNION BANK OF ENGLAND Limited Royal Bank of Scotland SUBSCRIBED CAPITAL SWITZERLAND Rest and Undivided Profits Deposits Head Office St Andrew Cashier and General London Office Glasgow Office FUND Government State and Municipal Office 15 Bisbepsgate UndoB England for Investment with Offices numerous in England and Wales Apply to Bishopsgate E C B Head BONDS Square Edinburgh Manager A K Wright PAID UP CAPITAL RESERVE Incorporated by Boyal Charter 1727 Paid up Capital Exchange Square 172 Branches Throughout Scotland Every Description of British Colonial and Foreign Banking Buslneea Transacted Correspondence SWISS BANK CORPORATION ROTTERDAMSCHE BASLE BANRVEREENIGING ZURICH Invited GENEVA Amsterdam Rotterdam Branches all ever Switzerland and in London The Hague BANCA COMMERCIAL ITAUANA CAPITAL LIT LIT CAPITAL AND SURPLUS DEPOSITS Head Office LETTERS Capita Reserves Constantinople HEAD OFFICE ZURICH 60 branches in Italy at all the prin cipal points in the Kingdom ANCA COMtMER CI ALE ITAUANA Sophia and branches France St Gall THE COMMERCIAL BANK Of SCOTLAND 111 Established Heald Bank The 1 ITAMENNE POUR transacts description every Capital Deposits MAGNUS IRVINE See London Office 62 Lombard Street E O Glasgow Office 118 Buchanan Street Reserve ALEX ROBB Gen Mgr 9 AN CO ITALIAN Lima and branches SOC3ETA i A shares of 29 each 5 paid 1 2SO SO B shares of 1 each fully paid branches ITAUANA CREDITO EM COMMER S8CETE GEWERALE ALSMENNE CIALE Vienna Trieste and branches 3ANCO 1810 Office EDINBURGH Subscribed Paid up of banking business L AMERIQUE DU SUO Paris Buenos Aires Sao Paulo Rio de Janeiro and branches BANCA DELLA SVIZZERA ITAUANA Lugano and Lausanne Vevey Geneva E BULGARA UNGARO ITALIANA Budapest FRANCAISE s 1 Sucarest and branches AN QUE STOCKS AND SHARES Berne La Chaux de Fonds 4ANCA COMMERCIALE ITAJLIANA E ROMENABANCA EXCHANGE PURCHASE AND SALE OF BRANCHES Basle INSTITUTIONS Paris Marseilles and branches 4ANCA COMMERCIALE ITALIANA Frs OF CREDIT FOREIGN Broadway Office 1 Old Broad Street E C 2 AFFILIATED COLLECTIONS Established 1863 Milan Italy New York Agency 168 London RESERVE FUND F BANQUE FEDERALE S A LIT FRANCES DE CHILE Santiago Drafts Circular Notes and Letters of Credit 1m 8 description of British Colonlaljand Foreign 0E BANQUE Val paraiso BANCO FRANCES E ITALIANO DE COLOMBIA and every Banking and Exchange business transacted Now York Agent American Exchange Nat Bank Fondee In 1881 Bogota Siege social Strasbourg ArnoldGilissen Co CREDIT SUISSE 4 Rue Joseph Massol Established 1856 Capital ICOJmillions de francs entierement 80 81 Damrak AMSTERDAM verses Capital paid up frs Funds Reserve frs 36 Agences notamment Gable Address a METZ COLOGNE MAYENCE LUDW1GSHAFEN HEAD OFFICE MULHOUSE Achilles Amsterdam FRANCFORT Established 1871 BANKERS AND STOCKBROKERS SARREBRUCK Zurich Switzerland THE HAGUE ROTTERDAM FOREIGN EXCHANGE Branches at Basle Berne Frauenfeld Geneva Giaris Kreuzliagen Lugano Lucerne Neuchatel St Gall GENERAL The United States Life Foreign Exchange IN THE CITY OF Organized 1850 Non Participating Policies only PRAGUE CREDIT BANK HEAD OFFICE Capital paid up tsisi ii Surplus Total Resources CsXr Letters of Credit on holders KONIG BROTHERS LONDON JOHN P MUNN M D PRESIDENT and Good Established in 1870 CD Forty Five Million Dollars Paid to Policy PRAGUE Branches throughout Czechoslovakia Commercial and Travellers NEW YORK Doeumentary Business Letters of Credit Over BROTHERS 168 Purl Strut MEN YORK Insurance Co BUSINESS BANKING KSNI6 territory open for class persona with the producers under Gompany Address Home Office 277 Broa way New York Oity direct high contracts NEDERLANDSCHE HANBEL MAATSCHAPP ROTTERDAM VIII THE CHRONICLE VOL 112 Ranter anb Brokers utsibe fietajgorfc CHICAGO MILWAUKEE EDGAR RICKER CHICAGO 5t CO Cast Water and Mason Streets MILWAUKEE WIS Specializing WISCONSIN CORPORATION ISSUES A G Becker Co TIMBER and Wisconsin Industries South 1ST Investment Securities 322 so Michigan Av Chicago La Salle Street NEW YORK SEATTLE ST LOUIS SAN FRANCISCO LOS ANGELES First Wisconsin Company Investment y ofunderlyingassets CHICAGO Bought and Sold SCOTT STITT INVESTMENT BONDS Securities MILWAUKEE expert verification INVESTMENT SECURITIES Financing of Milwaukee BONDS based always upon COMMERCIAL PAPER WISCONSIN W Monroe 111 Oreenebaum Sons St CHICAQO Rnnlc andTrust Company CINCINNATI Southeait Corner La Salle and Second Ward Securities Co Second Ward Sayings Bank Bldg MILWAUKEE GENERAL BANKING 6 CHICAGO FIRST MORTGAGE for Estates La Salle St BONDS Miami Conservancy District Ohio Individuals and Trustees 5H Bonds Write for Bend Circular C 25 CHICAGO Oldest Banking House la Chicago Due A State Bank June Interest Specialists in Price MUNICIPAL BONDS and First Mortgage Corporation Bonds High Grade Investments Hyney MoRRl ltB0X CO CURIT1E3 9 South Note Bond York 5 30 Savings Department O Co CHICAOO Salle St CHANNER SAWYER I INVESTMENT SECURITIES MilwaukclWg MATiOMM HM SIM Underwriters and Wisconsin our Yield CINCINNATI f T WlftCONSlN Write 1 New Bank Trust Co Issues Emerson La Dec District The Provident Short Term Industrial Imvebtm and Population Wisconsin Municipals I Capital and Surplus Suitable 108 So Madison Sts Specialists in A O Slaughter Co Union Trust Bldg CINCINNATI OHIO Members Issues New York Stock Exchange Ohio Chicago Stock Exchange Chicago Board of Trade Trading Department Securities Municipal New York Stocks and Bonds Bonds WEST MONROE STREET 110 CHICAGO SPRINGFIELD ILL ILL DEALERS IN INVESTMENT SECURITIES Matheny Dixon Cole Co Powell Garard Co SPRINGFIELD ILLINOIS INVESTMENT SECURITIES IRWIN BALLMAN CO Dealers in Municipal and and Corporation Illinois Farm Bonds South La Salle Street Walnut St CINCINNATI OHIO Chicago Philadelphia St Louis Mortgages ssssr bonds BUFFALO EDGAR FRI EDLANDER DEALER Cincinnati Slocum Eckardt Company SaiPKEn OHIO CINCINNATI Formerly SHAPKER WALLER CO INVESTMENTS 420 i COMPANY IN Securities 184 SOUTH LA SALLE STREET TOLED O CHICAGO Ellicott Square BUFFALO N Y TUCKER ROB 1 SON CO JOHN T STEELE Government Mnnicipa Corporation SPECIALISTS to David Robison Jr Sons Investment Securities BUFFALO N Y and Successors John Burnham Co La Salle and Monroe Chicago Bonds Bankers Established 1876 Municipal Railroad and Corporation Bsndi Toledo Gardner and Building Ohio Securities TOLEDO OHIO IN Buffalo and Western New York Securities F WM KRAFT Lawyer Specializing in Examination Preparation of County Municipal and Corporation IRVING T LESSER Proceedings Authorizing Same STOCKS AND BONDS Graves Blanchet Thornburgb Bonds Warrants and Securities and Rooms W Monroe Harris Trust Building St MUNICIPAL BONDS GARDNER BUILDING TOLEDO OHIO 176 Ellicott Square BUFFALO N Y CHICAGO ILLINOIS I March THE CHRONICLE IX JBanfeer anb Jirokerg utstoe J eto gorfe ftTTSBURGH MICHIGAN MICHIGAN gordon company Member of Detroit Stock Exchango a J Hood INVESTMENT BANKERS fembers Pittsburgh Ualea Bank Building Phase Established INVESTMENT BOUGHT SOLD QUOTED PITTSBURGH PA3264 5 Charles A Parcells A Co Years 20 MICHIGAN SECURITIES Stock Exchange Court Company Specialize in Michigan Stocks and Bonds PENOBSCOT BUILDING SECURITIES PENOBSCOT BUILDING DETROIT MICH DETROIT lyon singer co INVESTMENT Members Detroit Stock Exchange BANKERS Commonwealth Bldg PITTSBURGH Securities of Pittsburgh District Pennsylvania Municipal Richard Brand HUGHES GORDON BRASIE CO Company Specializing Detroit Securities High Grade Bonds Bonds DIME BANK BLDG We invite inquiries your 1721 3 Dime Bank DETROIT Bldg Detroit Geo W Eberhardt Co OLIVER BUILDING Stocks and PITTSBURGH PROVIDENCE Bonds Grain Members New Members York Stock Municipal Bonds Corporation Bonde BODELL CO Pittsburgh Stock Exchange Chteago Board of Trade Members WHITTLESEY McLEAN CO Provisions Exchange 10 WEYBOSSET Preferred STREET PROVIDENCE a e masten Established co New Penobscot Bldg York 1891 NEWARK N FENTON DAVIS BOYLE J Chicago Stock Exchange Chicago Board of Trade New York Cotton Exchange Ave INVESTMENT SECURITIES Wheeling W Va List W Carson Dick INVESTMENT Investment CONSERVATIVE Pittsburgh Pa Branch Office Company BONDS DETROIT Boston New York Stock Exchange Boston Stock Exchange Members Pittsburgh Stock Exchange 323 Fourth Stocks Active Members of Detroit Stock Exchange upon Chicago Bankers Detroit Grand Rapid request F M CHADBOURNE CO FIREMEN S INSURANCE BUILDING KEANE HIGBIE CO NEWARK N J l MUNICIPAL 190 896 UNION ARCADE BUILDING 67 TEXAS GRISWOLD BONDS ST DETROIT PITTSBURGH PA J E JARRATT COMPANY INDIANAPOLIS Investment Fletcher American Company Bankers INVESTMENT 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Securities Established ClOlMiM SUTRO CO i INVESTMENT BROKERS Members San Francisco Stock San Francisoo CH Montgomery St SUiAUt MlNN XkDLnS Hunter Dulin Co DENVER and Bond Exchange Municipal and MUNICIPAL CORPORATION California Securities AND Corporation Bonds v DfiMnQ DVJ1NL J DISTRICT COMPANY H WADE WILL INVESTMENT BANKERS Second Floor U S National Bank Bldg Aronson and Company California Los Angeles Los Angeles DENVER San Francisco San Pasadena Diego AUGUSTA Oakland CLEVELAND JOHN W DICKEY We TheGundling JonesCompany Augustm Ga specialize In California Municipal Corporation Southern BONDS Established STOCKS BONDS NOTES Securities 1880 DRAKE RILEY THOMAS BANGOR BUILDING CLEVELAND Van Nuys Building LOS ANGELES E BUSH CO WM Augusta Ga OTIS COMPANY Stocks Acceptances Bonds Members of New York Boston Cleveland Chicago and Detroit Stock Exchanges the New York Cotton Exchange and the of Trade Chicago Board R H MOULTON COMPANY SOUTHERN SECURITIES MILL STOCKS COTTON CALIFORNIA MUNICIPALS Tide Insurance Building LOS ANOELSS American Natl Bank Bldg SPARTANBURG L C San Franoieeo CLEVELAND Boston Detroit Columbus Toledo Akron Dayton Denver New York Cincinnati Youngstown Colorado Springs A M DEALERS IN Stocks Stocks Bonds SAjN Acceptances Montgomery Street FRANCESCO CALIF Stocks and Bonds SHORT TERM NOTES Information and Quotations on and Bonds Southern Textiles all Pacific a Specialty SPARTANBURG S C Coast Securities RITTER COMMERCIAL TRUST LAW CO Inc CHAPMAN DE WOLFE CO Members San Francisoo Stock Bond Exchange CHATTANOOGA CLEVELANDBnineanwrated IM Euclid Ave BUFFALO Niagara Life Bldg NORFOLK VA LEWIS BURKE CO MOTTU CO THE KtlPFEL WASHBURN BERKLEY Established SECURITIES CO NEW YORK NORFOLK VA INVESTMENT SECURITIES Sad Floor National City LOCAL AND SOUTHERN Bldg Broadway CHATTANOOGA James Building INVESTMENTS CLEVELAND O Warren Dayten Bucyrua MONTGOMERY Listed Unlisted B W Inactive Stocks Bonds SOUTHERN Strassburger INVESTMENT Montgomervt ALBERT CLEVELAND O BOSTON HUNTER GLOVER CO Ashtabula of the England Springfield any one can be small FINANCIAL CHRONICLE Yielding 6to 8 Our Classified Department inside back CLEVELAND New York Departments ad in the Classified Department Industrial Securities Investment Securities Philadelphia capable head for obtained by inserting a New Cincinnati and of your FOYER Leader News Bldg ERIE BUILDING SECURITIES Ala A BUSINESS EXECUTIVE J 85 MURRAY WALKER Devonshir tr et Boston cover faces the March THE OHEONIOLE XI Jtanfcera anb JBrofeer i ataftie JJete iiAftiiviiwiinnrifin MARX COMPANY BANKERS THAYER BAKER y Graham Parsons Ca CO 411 OHESTNUT ST BIRMINGHAM ALA S PHILADELPHIA Southern Municipal and PINK NEW ST YOB Investment Securities Corporation Bonds INVESTMENTS NEW ORLEANS Deal In and Purchase Commercial Trust Bldg PHILADELPHIA Issues of MUNICIPAL BONDS BONDS NOTES AND PREFERRED STOCB of Southern Municipals RAILROADS x INDUSTRIAL UTILITIES AND CORPORATIONS of ESTABLISHED VALUE Bond Secured Short Term Notes Cable Address Graco Philadelphia 8 Convertible Preferred Stocks Commercial Bankers 10 Year Gold Notes Paper To Yield 8 Strong well managed Public Utility serving population of 225 000 in one of the richest and most rapid growing sections of the country has applicable net earnings over three times interest charges for this issue Collateral security sinking fund provision and conversion privilege make Acceptances Hibernia Securities Company this Incorporated Investment Securities unusuallv attractive of an tut na Wire Mint phiudelphu Telephone Locust 4731 Send for Circular CC 65 HMByllesby Co Incorporated Direct Private 44 Pine Street Members Philadelphia Stock Exchange fering New Orleans New York Office Boles Westwood Service New brk Broadway Chic ado 208 SLaSalle St JO UI eiarR 0 SfcxSfSrccC ST LOUIS BANKERS Lorenzo E Anderson Company 310 Municipal N 8th and St St Corporation Established Bonds New York Stock Exchange New York Cotton Exchange Members 311 Chestnut St 1 Chicago Board of Trade Established 80 MAIDEN LANE Members New York and NEW Are SMITH MOORE CO your Holdup and YORK MfCwmtCft Bonds Fire Automobile Liability policies properly written Advice INVESTMENT BONDS given BANKERS policy contracts flro on protection and loss adjustments ST LOUIS MISSOURI Prompt desired coverage procured wherever Land Title Members ST Philadelphia Stock Exchanges Tel John 4376 William H Burg M OLIVE ST Insurance Brokers Charles W Moore 1837 Edward E Hall Co St Louis Merchants Exchange St Louis Cotton Exchange St Louis Stock Exchange fferndon Smith Philadelphia Louis Bldg Philadelphia Philadelphia Stock Exchange LOUIS SERVICE Pennsylvania Tax Free Bondi NARK C STEINBERG CO PAUL CO dembers New York Stock Exchange dembers St Louis Stock Exchange N 300 Broadway Mentors Philadelphia Stock Exchange ST LOUIS i 1411 Chestnut Street The Future of PHILADELPHIA Our Railroads Members St Louis Stock Exchange STIX discussed in current issue of Frederick Peirce CO BONDS FOR Investment Securities Co 1421 Chestnut Street 809 OLIVE ST ST MENT Philadelphia LOUIS Free on request Over BOYLE BROCKWAY GRAHAM INC MATTERS INVEST Of the Banks in 30 NATIONAL 27 Pine Street New York New York City SAFETY use PAPER FOR THEIR CHECKS FINANCIAL George La Monte Son Uaiea Arcade Pittsburgh F t i 61 Broadway New Yor Vol 112 CHRONICLE THE XII Current onb Snqutrtejs American UNLISTED Light Traction Acker Merrall Condit 6s 1923 Atlas Portland Cement 6s Atlas Portland Cement 1925 Central Union Gas 5s 1927 Burroughs Adding Machine C O Warm Spgs Val 5s 1941 Croweli Thurlow S S Clev Akron Columbus 5s 1927 Kensico Cemetery N Y East River Gas 1st 5s 44 Nash Motors Terminal Warehouse 5s 1942 Standard Underground Ward West Cable Texas New Orl Cons 5s 1943 IOBEV KHtK Baking Members Virginia Pulp Paper Investment York Stock Exchange New Broad 25 United Lead Deb 5s 1943 Ward Baking 6s 1937 St New York BerheU UrotlierH Southern Pacific Securities uhUt Utility Securities 111 Sraafotuag SNeta San Francisco Terminal First Mortgage 4s 1950 Detroit Edison Co 3 due 1931 Davies Thomas Co Y Members N Stock Idaho Power Co Exchanoe 8 due 1930 Telephone New York 5 Nassau St Telephone Rector ork Broad 3500 Kansas City Pr Lt Co 8 due Louisville Gas Elec Co 8 due 1923 Municipal Gas Co of Albany American Can Deb 5s 1928 American Tobacco 6s Central 1944 Argentine Ry 6s 1927 East or L or Int Wat as 1942 nast St l inc war 5s N Y Chic St L 6s 1931 o i T due 1922 Oklahoma Gas Elec Co SpdlCer IVask Co c KT v 8 due 1931 Penn Ohio Pr Lt Co i Broad Street New York albany boston 8 due 1930 Chicago Public Ser Co of No Members New York Stock Exchange Seaboard Air Line 7s 1923 Southwestern Pr Lt Co 8 due 1941 Swift Co 5s 1944 United Gas Trinity Bldg Corp 5V2s 1939 THQI7DU JUjLrn 2 Rector I7PDCDT LUdLK I St N Y Tel Rector 92G1 So Member New Provincial Municipal and Corporation Securities on Westheimer Cincinnati Stock Chicago Board Baltimore Exchange Exchange of Stock te Philadelphia and Due June the Stock Phones CINCINNATI OHIO and July MILLER COMPANY SUTRO BROS CO Trade Exchange Boston Pennsylvania Co 4y2s Company of York Phone Rector 99S Private 4 s 5s and 6s Canadian Government INDIAN REFINING CO Co 8 due 1930 I Pac Ref 4s 1934 St LSouthw Ry Ry issues all all issues Grand Trunk Pac PROCTER GAMBLE CO i United Lt Rwys Gen 4s 1956 Chic R Impt Co 8 due 1923 tfi0 Erie Gen 4s 1996 Cuban Govt tir due 1930 Members Chicago Stock Exchange Members N Y and Phila Stock Exchanges 110 Broadway NEW YORK Telephone Reetor 7350 of New York Stock Exchange 1 0 BROADWAY Phono 7500 Rector N Y Members BALTIMORE MD Bought Sold Quoted EASTMAN Public KODAK COMMON f3991 Utility Stocks and Bonds Telephone 3992 Rector 3993 Amer Light Traction Amer Power Light 3994 Potomac Elec Pr 6s 1923 ALFRED F 1 NGOLD CO Northern States Pr 7s 1923 International Miss Val Gas Elec 5s 1922 United Railways Light Railways Amer Gas Electric 6s 2014 Union Ferry 74 Lima Locomotive 6s 1932 United Gas Electric United Gas Electric 6s William St New York Phone Hanover Y GLOVER MACGREGOR Fourth Ave PITTSBURGH PA Amer Wat Wks Elec 5s 1934 Stone Prosser Doty 52 Broadway N West Penn Traction 5s 1960 St Paul Union Depot 7s 1923 West Penn Power deb 6s 1924 March THE CHRONICLE XIII Current Jionb 3nqutrie Allied Packers 6s 1939 Am Tel Tel 6s Abitibi P P 6s All Issues KCanadian War Loans Chinese Beaver Board 8s 1923 Government 6s Eastman Kodak Ford Motor of Canada Firestone Tire Com Pfd 1921 Grand Trunk Pacific Issues Brazil Trac Lt Pow 6s 1922 Goodyear T R Com Pfd Lincoln Motors Class A Paige Detroit Com Pfd Rochester Ry Lt 5s 1944 Sen Sen Chick 6s 1929 Shaffer Oil 6s 7s Columbia Graph 8s 1925 Denv Gas El 5s Packard Motor Com Pfd Texas Electric Ry 5s 6s Victor American Fuel 6s 1940 Woodward Iron 5s 1952 Empire Gas Fuel 6s Federal Lt Trac 5s 1946 Georgia Lt Pow Ry 5s 1941 United Lt Ry Com Pref Rochester Ry Lt 5 Pref Willys Corporation Stocks Merrill Lynch Co Grand Trunk Pac Ry 3s Int Ry 5s 1962 Broadway New York Telephone 6070 Rector Private Louisville Gas Elec 8s 1923 toires to Chicago Traders Telephone 7688 Rector Detroit Cleveland Youngstown Grand Rapid and Lansing Milwaukee Coke Gas 7V s 1933 Rio de Janeiro 6s Russian Govt 1931 Albany Susquehanna 3V s 46 Chic St L N 0 1st 5s 1951 Chicago Eastern 5 8 and 6 8 Savannah Statesb 1st 5s 1953 Chic Ind Lou Ref 4s 1947 Central Vermont 4s 1920 Illinois R R General 5s 1951 Chic Mil Pug Preferred Stock Mil Sparta Northw 4s 1947 r Minn St P S S M Cons 4s 38 Common Stock Morton Iachenbruch Cq 42 Broad Street NewVbrk Sd 4s 194S N Y Erie 4th Ext 5s 1930 St L Iron Mtn So Gen 5s 31 When Issued Wisconsin Central Ref 4s 1959 Pri Mte IVires to CHICAGG PHILADELPHIA ST IflUJS PDOUEfiB DETRDIT CLEVELAND GRAND EAPIDS C C Kerr Co S Rector St N Y R W Phone 6789 Rector 40 Wall DO YOU That KNOW In their use and Chronicle the John 807 Classi this Trac of Buff unstpd Railroad Bonds 4s 1949 Minn St P S Ste M 2d 4s 1949 Department use High Grade Columbus Hocking Valley 4s 1948 when the in occa N Y Investors New York arises Corp Northern Pacific Terminal 6s Long Branch 1933 Prince Whitely 4s 1941 Members N CONSTABLE 66 Telephone Choctaw Okla Gulf 5s 1952 S P LARKIN CO WM WW 1946 Chic St Paul Minn O Deb 5s 30 Int mind for sion respective consult Department Keep AA efficient most men Financial Susquehanna Canada Southern Stock the fields fied Albany PRESSPRICH Street New York CONSTABLE Broadway N Y FLEMING K L FLEMING JSL telj Rector 7270 RAILROAD Tel Broad 6323 BONDS Exchange PI Private New York wires to Philadelphia Boston Baltimore Richmond Now Hovon City Telephone Hanover Y Stack Exchange Broadway St Louis Iron Mtn So 5s 1931 St Louis San Fr Gen 5s 1931 Long Island Consol 5s 1931 Manitoba Pacific Ext 4s 1940 Railroad Bond Dept Public Kentucky Central 4s 1987 Cin Wabash Mich 4s 1991 Public Service N J 7s 1922 Cent Ga Chatt Div 4s 1951 So Ry St L Div 4s 1951 Cent RR Canadian Cuban Mexican Utility Dept Federal Lt Traction 5s 1942 United Light Ry 5s 1932 Denver G E 5s Bkg Co Ga 5s 1937 4 s 1935 N Y Penn Ohio Utah Pr Lt 5s 1944 N Y Chic St L 1st 4s 1937 Southern Power 5s 1930 Savannah Statesboro 5s 1953 Peoria Terminal 4s 1937 American Power Light Com Macon Terminal 5s 1965 SECURITIES British American Tobacco Common Imperial Tobacco Com Pfd Republic Ry Light Common Norf West ext impt 6s 34 K C Ft Scott Memp 6s 1928 Northern States Power Common Industrial Bond United Light Railway Pref Dept Cuban Telephone Com Pfd American Real Estate 6s Cuban Telephone 5s 1951 Dominion Coal 5s 1940 Bank Stock Dept Havana Electric Com Pfd Norwalk Steel Chase National Havana Electric 5s 1952 Keystone Steel Wire 7s 1921 Lake Superior Inc 5s 1924 Hanover National Bank Babcock Wilcox Ltd Grand Trunk Pacific 4s 1955 Grand Trunk Pacific 3s 1962 Consolidation Coal 5s Fairmont Coal 5s 1931 American Kuczynski Co Broadway New York Cyanamid Pref Spalding Pref Picture Corp I K C Ft Scott Memp Pref N Y Motion Amer Smelters Securities B American Wholesale Pref Telephone Rector 6834 s CORRESPONDENTS All Important Foreign Capitals PRIVATE Montreal WIRES Right Chatham Phenix Nat Bank 1950 Mechanics Metals Nat Ban s Industrial Stock Dept A G 120 Seaboard National Bank Nat Conduit Cable 6s Mississippi River Power Com Pfd Bank Gillette Razor Ogden Mine RR Standard Oil Atlantic Standard Oil of California Standard Oil of New York Standard Oil Indiana South Penn Oil CARRUTHERS PELL 15 Broad Street New York Dept Refining Common CO Phones 5161 to 5169 Hanover Toronto Philadelphia Phone Locust 572 Bait Phone St Paul 9389 THE VOL 112 CHRONICLE Cnmnt 8onb 3ttqtdrie F York Stock Exchange New UimtMri 61 El J Paso Mobile 5s Racine Water Co 5s 1934 Canada Wichita Water Co 5s 4s Queens County Water Co 5s Otero Irrigation District 6s Railway 1st of 4s Leavenw C y Ft L Wtr gjSsjSs Ry Coal 5s H C SPILLER CO 1937 Railroad INCORPORATED 17 Water St corner Railway 1st 5s Railroad Delaware Central New York Interurban Water 5a Acquackanonk Water Co 5s Southern Lines 4s 1939 Rio Grande Junction Texas Joplin Water Co 5s Railway 5s Marquette RR collateral trust 4s Clinton Iowa Water Co 5s 1930 Birmingham RR 4s 5s Mexico Philippine of Ry 5s Dodge RR 4s 1935 Louis St Northern Manila RR Ulster Birmingham Water Co 5s Middle States Water Works Co 5 Railway Island Rock Minneapolis Great Pere J Vermont Des Moines Fort New Peoria Water Works 4s and 5s BROADWAY NEW YORK Central WE DEAL IN WANTED J LISMAN CO 1st 4s 63 Devonshire St BOSTON Wall Street NEW YORK 5s 1923 5s AND ALL RAILROAD AND STEAMSHIP SECURITIES American Tobacco Underlying VILAS HICKEY BOND Crowell Thurlow SS Co Railroad New York Wall Street 49 BROKERS Scrip Babcock Wilcox MacAndrews Forbes Bonds Orders Executed in Railroad Specialists in all Tobacco Securities and Active Bond Issues for Dealers on Bristol Bauer Commission 12 0 Kfoadrtay Phone Rector 4594 Telephone Hanover 8317 a i n WOOD STRUTHERS CO Central Pacific Canadian Pacific 6s 1924 Nassau Street Austin Northwest 1st 5s 1941 NEW YORK Indiana Steel 1st 5s 1952 Bang Aroos RR underly g bda Central Vermont 5s 1930 Cleve Akron Col 4s 1946 Duluth Iron Range 5s 1937 New York Tel 6s 1949 New York Telephone 4 48 Cleveland Marietta 4 4s Tri City Railway Lt 5s Argentine Govt 5s listed Nor Ontario Lt Pr 6s 1931 Rio de Jan Tram L P 5s 1935 Santa Fe Pres Phoenix 5s 1942 Shawinigan Wat Pr 5s 5J s Soo Leased Line Guaranteed Utica Clinton Bing 5s 1939 Wisconsin Central Ref 4s McKinley Morris Members New York Stock Exchange Finlay Davenport 1 BROADWAY N Y Specialists in Railroad Terminal Bonds 72 Lt Trac Central Petroleum Western Power Christopher 10th St RR Stk Broadway 7th Ave Eighth Ave RR Brooklyn City RR Columbus 9th Ave Nassau Electric RR Bklyn City Newtown South Ferry MacQuoid Coady GARDNER your Classified Department of the A B Murray Co 14 Wall Street Manitoba Pac Ext 4s 1940 Northwest Teleg 4 4s Western Union Tel 5s Man S W Col 5s Phone 1053 Rector New York P 6s s 1939 Southern California Edison 5s 6s Brazilian Cleveland J Trac Elec Power 5s 6s West Penn Utah 7s Securities 6s 1922 Gilbert j Postley 16 faces the cover Argentine Government 5s 1945 Citizens Lt Ht Pr of Pa 1st 5s 34 Dallas Gas Co 1st 5s 1925 Penn Pub Service Co 1st 5s 1962 Penn Pub Ser Corp 6s Penelec Coal Co 1st 6s 1924 CO Ch N W Ext 4s fill vacancies in Inside back Tel Rector 7430 Ch M St Paul Gen 4s to organization through the Tel Reotor 7580 Broadwayf N Y 20 BROAD STREET N Y capable men Our Classified Department Members New York Stock Exchange ISO locate FINANCIAL CHRONICLE Tel Reotor 9970 Long Island Ref 4s Tel Broad 87M N Y THEODORE L BRONSON CO Members New York Stock Exchange Union Pac Ref 4s ABRAHAM CO 27 William St Pacific Gas Electric I 1959 Tel Rector 6881 Trinity PI Tel Bowling Green 2160 to 2167 N Y st 4s Mallory Steamship 1st 5s Empire Gas Fuel 6s Wall St Mich Westchester Lighting 1st 5s Nassau Electric 4s Home Insurance Co Amer Kanawha Union Terminal of Dallas 1st 5s unlisted Fonda John Glov City of Sao Paulo 6s 1939 Chicago Memphis Gulf 1st 5s 1935 Drydock E Bway Battery 5s 1923 Illinois Central Cairo Bridge 4s BROAD STREET NEW YORK March THE CHRONICLE xv Current JBaufc Hfoqutdea American Glue pfd com Bkln Un Gas Co 5s s 29 New Amsterdam Gas Co Cons 5s 48 American Hosiery Co Central Union Gas Co 1st 5s N Y East Riv Gas Co 5s Brookside Mills Chicago Erie RR Co 1st 5s 1982 N Y Queens E L P Co Chace Mills Clev Akron Col Ry 5s 27 4s N Y Westch Lt Co Gen 4s 2004 Edis Dartmouth Mfg common Everett Mills Parr El 111 Edison El Equitable Alpaca Co K C 40 Co Bklyn 4s 1939 III Co N Y 5s 1995 Cf L Co N Y 5s 1932 Sou Ry Co 1st 3s 1950 N Y Penn Ohio P L 5s Northern Union Gas Co 1st 5s Nor 1527 Westchester Light Co 5s 1955 Standard Gas Light Co N Y 5s 1930 Hamilton Mfg Co Kings Co E L P 5s 37 6s 1997 Westchester Ltg Co 1st 5s 1950 Naumkeag Steam Cotton Co Kings Co Elev RR Co 1st 4s 1949 N Y Mutual Gas Light Co Stock Sharp Mfg Co Wm Carnegie Ewen Soule MiH Tel Rector and 3294 Sanford Mills common HOTCHKIN CO Telephone 53 State Main 460 Boston 9 Clinchfield Coal St Mass 2 Wall Street New York Beth Steel Marine Eq 7s 1935 Davis Coal Coke Delaware Lack Western Coal Union Tank Eq 7s 1930 Indiana Illinois Coal Canadian Nat l Eq 7s 1935 Corp Kan Hock Coal Coke Co Lehigh Valley Coal Sales Pennsylvania Coal Coke BULL a ELDREDGE West Virginia Coal Coke Co Members of the New York Stock Exchange 20 BROAD ST N Y Bought Sold Quoted Rector 8460 Tel Federal Farm Loan Bond Specialist In Short Term Securities Equipment Wm C ORTON CO Bonds Specialists Reorganization Securities 28 Broad U S GRADE Stl OA Standard Tank Car Co 1 af Par L Valu Preferred stock Henry D Boenning Co Members Dealer In Philadelphia Stock Exchange Stock Exchange Building PHILADELPHIA Stock Direct Telephone CARL H PFORZHEIMER CO Ptoaae PENNSYLVANIA TAX FREE SECURITIES Eastman Kodak 0 Tel 7166 l t Broad WE WISH TO BUY HIGH Mortgage Trust Co STANDARD Standard St Nsw York Standard 4860 l S Brand Oil We Securities to Berdell Bros N Y Specialize in Goodyear T Rub Com Pf 25 Broad St N T Peerless Motors Stock Notes Rollins Kalbfleisch Co INQUIRIES INVITED Members N Y Stock Exchange ROBINSON 61 Telephone Broad B way N Y SMITH Tel Bowling Green 10098 WE OFFER East St L Interurb Wat Co 1st 5s due July 1942 TO NET Liberty Registered Bonds 81 4 NEWBORG CO Uembers 60 New York Stock Exchange EDWIN BANCKER CO BROADWAY N Y Telephone PRIVATE 4399 WIRE Bowling TO ST Green INVESTMENT SECURITIES 118 Broadway New York City Rector LOUIS Chic East Illinois 5s 1937 Delaware Hudson Ref Evans Terre H 5s Chic East 111 5s when issued Mason Central Vermont 1st 5s 1930 Nickel Plate 2nd 6s Atchison Rocky Mt Div 4s 1965 Ced Rap Mfg Pow 5s 1953 Wichita Falls N W Portland Ry 4s City Fort Dodge 4s Georgia Sc Fla 5s Cin Ind West 1st 5s 1965 Paso Rock Island 5s 1951 5s 1940 Georgia Cons 5s Southern Pacific 4s 1929 Canadian Northern 6S 1924 Burlington C R No 5s Peoria Ry Terminal 4s Hocking Valley RR Common Cincinnati Wab Mich 4s Suffolk Carolina 1st 5s New Orleans Tex Hudson Manhat Com Pref Erie Penna Ogdensb L Champl 4s 1948 E WOLFF STANLEY Telephone Rector Trinity Place N Y Central of Toledo Miss Kan Coll Gen 4s Tex Issues SAM L Phone Bro d Advance Rumely 6s Granby Mining 8s Mexico 6s Ohio Central Lt Power 5s 1942 Rocky Mtn Coal Iron 5s Adams Express 4s 1947 Liggett Myers 7s Conn Valley Lumber 6s Hocking Valley Products 5s Little Rock R E Ref Ext 6s 38 United Traction Electric 5s 5s Manila Electric Ry Pr Lt 5s 1949 Cuban Government 5s Mexican Govt Valvoline Oil RR Issues Preferred GOLDSCHMIDT 25 Broad Street Current Jfonti WANTED Arizona Power 6s Columb Ry Pow nquitit Fe Gen 4s 95 Atch Topeka S Lt 5s Cent 1st 4s 51 Sterling Gt Falls Power 5s 1940 Advance Co Conv 7s 1923 Chile Copper 1933 VOL 112 CHRONICLE THE XVI N Y Chic St L 1st 4s 1937 Rumely 6s Providence Securities 4s Sierra San Fran Pr 5s 6s South Cal Edison 6s 1944 St Paul Gas Light 5s 1944 Reading General 4s 1997 Spring Peor 5s 1939 Mexican Govt Securities Topeka Edison 5s 1930 Union Gas Co Coll Tr 5s 1935 United Water Gas El 5s 1941 St L HUGHES DIER r tr Stocks Bonds Grain ARTHUR E FRANK CO Philadelphia Stock Exchange Pittsburgh Stock Exchange Chicago Board of Trade Members HANSON HANSON 72 Trinity Place New York Members of New York Stock Exchange New York Produce 160 Broadway N Exchanlge Tel Rector 6300 Y 42 New Street Telephone Whitehall 1056 New York Telephone Broad 5140 PortlandJRy Con 5s 1930 Portland Ry Lt P Ref 5s 1942 Westmorel Wat Co 1st 5s 1964 Guaranteed Stocks Caddo Cent Oil Refg 6s 1930 Write St P K C Sh Line Ry Lt P 1st 2d Pref Com Tennessee Ry Lt Pow Pref Sheets Quotation for Iron Mt Ref 4s 1929 Portl Ifnscpfc Stalker Si j otis 61 New York Broadway Bros Montgomery Philadelphia Building 221 Lafayette Lake Shore 4s 1928 FLEMING GEORGE N Members New York Stock Exchange 26 Broad St Telephone Atchison Adjustment 4s 1995 Butte Anaconda Pacific s 1941 Broad New 8063 City Southern 3s 1950 Kansas City Terminal 4s 1960 L N St Louis Div 2nd 3s 1980 Louisville Jeffersonville Bridge 4s 1945 Kansas American Glue Common Douglas Shoe Preferred Mortgage Bond Co New York Telephone 4J s 1939 Norfolk Western Cons 4s 1996 Jessup Moore Paper Com Chemical Merrimac U S Alliance Realty Co Utah Northern 5s 1926 Steel Private Securities BOSTON MASS Congress St Telephone New Telephone Telegraph TPhone 8800 Hanover Exchange Place 42 Tel 6460 Bawling Gram Securities Investment DILLON NEW YORK H Y Broadway CO DUNHAM WALTER S PLACE 35 71 Washington Water Power 5s 1939 Pref M FRANK J Union Pacific Refunding 4s 1947 Preferred Power Wickwire Spencer M Oregon California 5s 1927 Oregon Wash RR Navigation 4s 1961 Co Envelope Common Western Central Union Trust Co N Y Penna Ohio 4M Bond Share Pref Elec York Consolidation Coal 5s 1950 Adirondack Pwr Lt Pref York sad Philadelphia Main 7688 Willys Corp all issues Goodyear Pfd Packard Pfd Rolls Royce Pfd National H H Franklin Mfg Common A Specialty Specialists CHICAGO SECURITIES Motor R B Bought Sold A Quoted Tire Stocks and Rubber Stocks Hathaway Co Y Tel John 5020 1 Joseph Gilman Investment Securities 84 Pine New York City Street 20 Nassau St N Phone 5691 4 John BABCOCK KUSHTON CO Members New York Stock Chicafo Exchanges MOMS IN8 BLDG CHICAGO and Boston ALL 7 WALL STREET NEW YORK F REION V CHECKS S3 USE AND CONSULT BO KIDS the Classified Department of CURRENCIES By and by is easily said SHAKESPEARE M the Our Classified inside back Action V Financial Chronicle is the r a soich co Department faces the tween Exchange Place New York Phones Bowling Green cover connecting link be resolve and Acadia I Sugar 7s Traction 6s 1922 5s 1915 Binghamton L H P 7s FORE1GNJBONDS Argentine Belgian Beaver Brazilian French Consolidated Textile 7s Hudson Manhattan 1st by particular attention special needs Our experience personnel and resources are factors consider if A f W JSit to j KWT Y Russian W A Pw HI the bank s to fcSaKlKsf you are AmericanTCyanamid Atlas Portland Cement Amer Light Trac Com Bordens Com f Pfd British American politan Pfd choosing banking impor a metro connec tion Tobacco 2 Childs Firestone f We invite inquiries Goodyear Tire Rubber Imperial Tobacco Rio de Janeiro 6s St Louis Springf Peori aM 1939 Savannah Atlantic 6s I 935 State of Santa Catharina 6s J 3 J Woodward Iron 5s 19 2 m us kfR i a 4j s 1957 TS K to with German Italian Middle San Paulo 6s 1943 M M ISEBi Japanese J Haytian American Corp 7s Laclede Gas Light 7s West Utilities 8s 1940 Ohio Cities Gas 7s Portland Ry 5s Province of Buenos Aires 6s Port Wentworth Term 8s 1950 jdYS sent tant H Board 8s Empire Gas Fuel 6s Georgia Light Power Rv 5s Grand Rapids Muskegon Pr 5s 1931 General Asphalt 8s 1930 Grand Trunk Pacific 3s 1962 General Gas Electric 6s g is correspondent banks is handled without delay and Brazilian Buenos Ayres Consol Any business plishment which accom f Kansas Tire Gulf Rubber our service about from out of w f L Scottish American town Royal Baking Powder Com Pfd P7 E3 Oil V T banks C Willys Corp Pfd METROPOLITAN ernest smith co TRUST OF 20 Broad StreetJ New York Tel Rector DIRECT WIRE CONNECTIONS TO CHICAGO DETROIT GRAND RAPIDS THE COMPANY CITY OF 60 WALL STREET NEW YORK 716 FIFTH AVENUE Mabch J CHRONICLE THE Accountants jfinanrial INCOME TAX PROBLEMS y yyy West N Y Pa Gen 4s 1943 FINANCIAL REPORTS G R G H M BAUER Associates Financial and I yyy Ry 1st 5s 26 Western Penn Pow 7s 1946 Ind 2d 4s 1936 y v yy yyyyy y y y y l y y yy y v v y y y yy y y yy New York GEORGE W MYER Philadelphia New York Pittsburgh 35 v MOORE LEONARD LYNCH Tax Consultants Wall Street Certified General Asphalt 8s 1930 j y v 63 Portland Railway 5s 1930 Consol Trac of N J 5s 1933 Penn Wat Pow 5s 1940 Gr Rap and r y Pitts Ch L E 1st 5s 1940 Caddo Cent Oil Ref 6s 30 AUDITS JOHN xvn JR Public Accountant NASSAU ST NEW YORK Income Tax Public Utility Returns Telephone Rector 5441 Established 410 Chestnut St Industrial Investment Bonds Bioren Municipal Railroad Government Audits Investigations Estate Accounting Co A B Leach Co Inc Philadelphia Members New York and Philadelphia Stock Exchanges We Investment offer subject to and change In price Securities and own prior sale 62 Cedar State of Florida Everglades Drainage District 6s due So La Salle St Chicago St New York Philadelphia Buffalo Baltimore City of Philadelphia 5s due basis City of Calgary Canada 6s due basis Boston Scranton Pittsburgh Cleveland Minneapolis Detroit i Milwaukee i Ly yy y Vyy y y Aluminum Co of Amer 7s 1925 We WiU Armstrong Cork 7s 1931 J S FARLEE CO RAILROAD Heinz Co 7s 1930 Jones 66 Buy or Sell Gulf Oil 7s 1933 Laughlin Steel 5s 1939 BROADWAY SECURITIES CO Illinois Cent Stock Coil 4s CANADIAN Government Provincial Rector 1195 and INVESTMENTS J H Municipal Bonds Holmes Members New York Stock Exchange Co Tel Broad Broad St Stock Exchanges Members N Y and Pittsburgh 61 Hartshorne Battelle NEW YORK Union Bank BIdg Broadway New York Pittsburgh Direct Private Wire Connection Central Pacific ColL Tr 4s Portland Ry 1st Ref 5s 1930 Portland Ry Lt P Co 5s 1942 Pitts Shen L E 1st 5s 1940 CENTRAL Chic Milw St Paul 4s N Y New Haven Hartford 4s Japanese 5s French Issue AND ALL FOREIGN Lehigh Valley RR Cons 6s 1923 NATIONAL Lehigh N Y RR 1st 4s 1945 Western Penna 1st 4s 1928 BONDS MAXWELL B SMITH 67 Phone Rector 8411 Exchange Place DEBENTURES Price 115 per share Biddle Henry Paid 104 Fifth South PHILADELPHIA 7 in Cash Private Wire to New York Call Canal in Participations at par in 1920 or your Bank own Denver Gas Broker or Elect 5s West 44th New York For an analysis and Report on Security you own or propose buying Facts and Impartial Criticism for Investors Investment Registry of America Inc Rochester Ry G00DELL CO inc 1 Southwest Missouri El Ry 5s 1923 Danville Champ Dec 5s 1938 Kentucky Tract Term 5s 1951 Syracuse Gas 5s 1951 Southwestern Pr Lt 5s 1943 Danville Urb Champ 5s 1923 FERGUS0N ONE DOLLAR any Great Western Pr 5s 1946 Buy through SEND Street Westchester Lt 5s 1954 Ltg 5s 1950 St Louis Levenson Public Utility Industrial Short Term Tel Broad 4931 Securities 27 William St N Y 608 Chestnut Street Philadelphia VOL 112 CHEONICLE THE XVIII Bfbtoenb tbfoenbs COMPANY READING Wl NSLOWjLAW ER CO General Office Reading Terminal Philadelphia March The Board of Directors has declared from the net earnings a quarterly dividend of one per cent 1 on the Second Preferred Stock of the Company to be paid on April to stockholders of record at the close of business March Checks will be mailed to stock holders who have filed dividend orders with the HARRIS COMPANY DRIVER 59 CEDAR Notice of JAY V Secretary HARE The Board of Directors held KANSAS CITY SOUTHERN RAILWAY COMPANY No 25 Broad Street New York March THE lar 1921 at a meeting APRIL 1st 1921 Cleveland Mahoning Valiey Ry Co Reg 5s Cleveland Pittsburgh RR Co Gen Mtge payable April to stockholders of record at 3 00 o clock p m March Checks in payment thereof will be mailed to stockholders at the addresses last furnished the business the current fiscal year iti Transfer April inclusive Preferred Checks will be CORPORATION a dividend of one and one quarter 1M on the Five Per Centum Cumu DIVIDEND stock NATIONAL BANK quarterly per share on able April 1 Checks will be mailed by HANSEL until that date WM E Cashier CABLE Jr JONES v Treasurer THE WESTERN UNION TELEGRAPH CO March 8th 1921 DIVIDEND NO 208 A quarterly dividend of ONE AND THREEQUARTERS PER CENT has been declared upon the Capital Stock of this Company payable at the office of the Treasurer on day of April HANOVER NATIONAL BANK of the City of New York New York March 18th 1921 The Board of Directors have this day declared a dividend of EIGHT PER CENT payable on and after April 1st 1921 The transfer books will remain closed from March 19th 1921 THE and the New York Trust v CLINTON GRAY Cashier PHILIP F j WITT DE dividend of Three Dollars S3 00 the capital stock of this Bank pay 1921 to stockholders of record at of business March the close H March 22 New York of Preferred Company of New York Treasurer March The Board of Directors has this day declared stockholders of record The Transfer Books will not be closed declared of this GEORGE YORK New York a dividend has been on Common stocks at the close of business Tuesday March 15th 1921 of 1 50 per share on the capital Company payable April 6th 1921 to stockholders of record at the close of business on March 23rd 1921 A Second Preferred Stock of tbis Company payable March to stockholders of record March H B CLEVELAND Treasurer lative year able to 2 NO sum a the Preferred Stock payable April 1 a dividend of 1 50 per snare on the Common Stock payable April pay ENGINEERING COMBUSTION from aside for the payment of 7 00 per share for the INTERNATIONAL and NEW dividend A dividend of one and three quarters per cent l on the Seven Per Centum Cumulative First Preferred Stock of this Com IRVING have been declared of 1 75 per share Corporation set N Y has declared a per cent Co UNITED DYEWOOD CORPORATION New York March Preferred Capital Stock Dividend No 18 Common Capital Stock Dividend No 18 The following dividends on the stocks of this 1921 WATER LIGHT AND RAILROAD COMPANY pany 10th Indianapolis School Building 4 Bonds ELMIRA Elmira REEVES Treasurer Directors of the of 5th APRIL E P Board APRIL Ft Wayne Chicago Ry and Original Stock div l Pittsburgh HAND Secretary March 21 The Transfer mailed Agent G C Marion County books will close from March to w March on 4 s and 3 s Indiana Pittsburgh Ft Wayne Chicago Ry Co Com mon and Special Stock div 1M on the outstand quarterly dividend of ONE 1 PER CENT has tnis day been declared upon the Preferred Stock of this Company from surplus earnings of ing preferred stock for the quarter ending March payable on April to stockholders of record at the close of A DURING THE MONTH OF APRIL HOUSE quarterly dividend of one and three quarters per cent 1 DIVI DENDS ARE PAYABLE AT OUR BANKING March declared the regu on FOLLOWING COUPONS AND THE Quarterly Dividends Preferred Stock Dividend No 34 Treasurer STREET NEW YORK HARRISON N J AND GAS HOUSTON CO FUEL the and after the 15th 1921 to shareholders of record at on the 25th day of March close of business 1921 Texas Houston March For The regular quarterly dividend of one and three quarters per cent J on the Preferred stock of this Company has been declared pay able March to stockholders of record March J A McKENNA Secretary the Meeting Annual the of purpose of Stockholders to be held on Wednesday the 13th day of April next the stock transfer books will be closed at the close cf business on the 25th day of March instant and be reopened the morning of the 14th day of April next G K HUNTINGTON on Treasurer ELEVATOR COMPANY 11th Ave New York City March OTIS 26th St The 1 50 per share dividend of 2 00 per share on the Common Stock will be paid April to stockholders of record at the on quarterly the dividend of Preferred Stock and a business will be mailed close of March on H R Year 7 of on the April trustee 1 in April 1 Notes Office NO 3 Borough of Manhattan Light Company has been declared payable April to stockholders of record at place of business March CHESTER C SMITH Secretary Improvement Due October terms of April on the will be these A quarterly dollars per dividend in New York in or their Boston paid in New York at the Bankers Trust 16 Wall Street D MILNE Treasurer declared March 19 cent payable on April of record at the close DAMON CHEMICAL Treasurer CO Richmond Va March DIVIDEND NO 102 two of this 1921 W JOHN OF VIRGINIA CAROLINA per the capital stock on been OFFICE NO 87 of two to stockholders of business N payable by FRUIT COMPANY share Company has notes 1921 at the office or agency 1 Company G UNITED The Directors of the VirginiaCompany have this day consecutive quarterly divi dend of 2 per share 2 on the preferred stock of this company payable Friday April to stockholders of record at the close of business on Saturday April Board of Chemical Carolina declared the 102nd Co Transfer books will not be closed E terly dividend of one per cent 50c per share on the Common Stock of this Company payable April 15 from Coupons Arch Streets Philadelphia March The Directors have this day declared a quar N Telephone Telegraph Co Three Year Six Per Cent Gold Notes Company R A NICKERSON Treasurer of The United Gas W Corner Broad and American City Mo March The regular monthly dividend of Sixty Six and Two Thirds Cents per Share on the First Preferred Stock of Kansas City Power DIVIDEND City of New York will be paid at the Guaranty Trust Co of New York at 140 Broadway DIVIDEND PREFERRED CO Kansas 1925 payable by their 1921 at the principal office the FIRST CITY Telephone Co these Notes Coupons from terms Treasurer Convertible Gold Due Checks 1921 PEPPER Southwestern Bell Five 31 POWER AMD LIGHT Kansas City Missouri KANSAS Internationa 1921 to holders of Common Stock of The record at the close of business March Checks will be mailed 1 W Morris Treas Board of E COLES Treasurer Agricultural Corporation New York March 17th 1921 Directors of the International Agricultural Corporation has this day declared quarterly dividend of one and one quarter 114 per cent on the preferred stock of the corporation payable April 15th 1921 to stock a FEDERAL SUGAR REFINING COMPANY A regular quarterly dividend of one and onehalf per cent 134 on the Preferred Shares of this Company and the regular quarterly dividend of holders of record at the close of business March 31st 1921 May 2nd 1921 to stockholders of record at the close of business April 22nd 1921 PIERRE J SMITH Treasurer March AMERICAN GAS AND ELECTRIC COMPANY PREFERRED STOCK DIVIDEND New York March regular quarterly dividend of one and one half per cent 134 on the issued and out standing PREFERRED capital stock of Ameri can Gas and Electric Company has been declared for the quarter ending April payable May to stockholders of record on the books of the Company at the close of business April FRANK B BALL Treasurer The A per MATI4IESON ALKALI WORKS Inc New York March quarterly dividend of one and three quarters cent I K has been declared upon the THE olders of record at the close of to stock6referred stock payable April business March THE Transfer books will not be closed MATHIESON FRANCIS B ALKALI WORKS Inc RICHARDS Treasurer DULUTH EDISON ELECTRIC CO PREFERRED STOCK DIVIDEND NO 60 The regular quarterly dividend of 134 on the Stock of the DULUTH EDISON Preferred ELECTRIC COMPANY has been declared payable April to holders of record of Preferred Stock at the close of business March T C HARTMAN Treasurer The transfer books will not be closed J WATSON JR Treasurer JOHN and three quarters per cent 1 V on the Common Shares of this Company will be paid VERDE EXTENSION MINING COMPANY DIVIDEND NO 20 UNITED one 233 Broadway New York March 21st 1921 The Board of Directors of the United Verde Extension Mining Company has this day declared a quarterly dividend of twenty five cents per share on the outstanding capital stock payable May 2nd 1921 to stockholders of record at the close of business April 5th 1921 Stock trans AMERICAN CYANAMID COMPANY dividend of 134 on the Preferred three months end ing March has been declared payable April to stockholders of record as at the close of business on March The A quarterly Stock of this Company for the Transfer Books will not be closed C GRANT M Treasurer fer books do not close C terly SANDS Treasurer Studies in Power Corporation Western The P and one half 134 per cent on the Preferred Stock payable April to stockholders of record at the close of dividend of History Economics and Public Law Board of Directors have declared a quar one business March H P WILSON Secretary Edited by the Faculty Columbia By Robert L That a divi 2 be declared out of undivided profits upon the Common Stock of this Company payable April to stockholders of record April W R JORALEMON Secretary DIVIDEND of two THE NO per OF Paper covers Hale Ph D Price Resolved cent STEEL Science of No 185 VALUATION and RATE MAKING CRUCIBLE STEEL COMPANY OF AMERICA dend of Political University TUBE COMPANY AMERICA The regular quarterly dividend of one and three No 215 RAILROAD CAPITALIZATION By James C Paper Bonbright Ph D covers Price 2 00 The most recent and authoritative treatises important phases of the problem of government regulation of railroads on two Longmans Green Co Publishers Dept S Fourth Av and Thirtieth St NEW YORK A A SCHLESINGER President March THE CHRONICLE Jfftianrial XIX jfinantial THIS WILL INTRODUCE sion to refer w ft of yours to we hope you touch with customer some a Bonds Buffalo bank will put him in Among the attractive issues us You may be sure that properly care on our extensive list of for eign Government offerings are some of the better known will we Brazilian Government sterling issues for his bank Their safety is assured ing needs and do all we can to w Government Brazilian The next time you have occa be of service in other They enjoy ways 8 an beyond a reasonable doubt active market Their yield is extremely attractive tbe They offer Marine Crust Company ciation in Inquiries cash or carried conservative terms Inactive and unlisted securities and sold for speculative value due to the possible appre are invited from investment houses and banks American express company STOCKS AND BONDS bought a sterling exchanget on 65 broadway new york Telephone Inquiries invited Bowling green kiooo FINCH TARBELL Members 186 New York Stock Exrhan NF W BROADWAY Texas VO s Municipal Bonds High Yield Short Term County Notes J 141 Tel Member The L ARLITT New York Broadway Texas f 4514 Rector Bankers First National Bank Association of Boston Transacts commercial banking business nature of Make it your New every England correspondent Capital Surplus and Profits Chartered THE GIRARD Trust Company offers to banks bankers and in dividuals the services of its Real Estate ment for the examination Depart care and of proper ties in Philadelphia and vicinity This Department com Equipment Bonds rolling stock among or secured upon railway They the strongest forms of corporate ity and have Upon are marine equipment request a are secur remarkable record of stability we will advise you especially attractive issues regarding bines every advantage of a real estate agency with the added security of a trust W A Harriman Co company GIRARD 1 NEW TRUST COMPANY Broad Chestnut Sts Philadelphia YORK 25 Broad St INCORPORATED SYRACUSE BOSTON Onondaga Bank Bldg 35 Congress St VOL 112 CHRONICLE THE XX financial UNITED CORPORATION BOARD EMERGENCY FLEET STATES SHIPPING Offers For Sale Steel and Wood Ships AND WOOD HULLS AND STEEL OCEAN GOING TUGS private competitive basis in accordance with the Merchant office of the United States Shipping Board 1319 F Street N W Washington D C The ships offered for sale include steel vessels and wooden steamers The steel steamers are both oil and coal burners The Board has established a minimum Bids will be received on a and Marine Act at the price on these vessels Terms on Steel Steamers months 10 per cent of the purchase price in cash upon delivery of the vessel 5 per cent in 6 thereafter 5 per cent in 12 months thereafter 5 per cent in 18 months thereafter 5 per cent in 24 months thereafter balance of 70 per cent in equal semi annual installments over a period the rate of 5 per annum types as follows Daugherty Ballin Peninsula Pacific American Fisheries Allen Lake and Ocean Navigation Company McClel land Ferris Hough Grays Harbor Also have a number of wooden hulls of various types of ten years deferred payments to carry interest at The wooden steamers for sale are of ten different Terms 10 per on Wooden Steamers Balance in equal semi annual installments over a cent cash on delivery period of three years be submitted for one or more vessels or for any combination of above vessels accompanied by certified check made payable to the United States Shipping Board for V i per cent of amount of the bid Further information may be obtained by request sent to the Ship Sales Division 1319 F Street N W Washington D C The Board reserves the right to reject any and all bids Bids should be addressed to the UNITED STATES SHIPPING BOARD WASH Bids may and must be INGTON D C and indorsed BID FOR STEAMSHIP Name of Ship Sale Under American Flag Ship and The The WESTERN NORFOLK the RAILWAY CO Meeting of the Stockholders of Western Railway Company will at the principal office of the Company Annual Norfolk be held Virginia on Thursday of April 1921 at 10 o clock A M City of Roanoke in the the 14th day Directors to elect independent auditors to audit the books and accounts of the Company for the fiscal year to consider the annual report of the Directors for the year ended December to elect to ratify and approve all action of the Directors set forth in such annual report and in the minutes of the Company and to transact such other business as may properly come before the meeting The meeting has also been called by the Board of Directors as a special meeting to consider and proposal to alter and amend Article I Article I Section 7 Article II Sec Article II Section 4 of the Com pany s By Laws by striking out in such secticn reference to the Chairman of the Board Article Section 6 to provide that the Assistant Secretary act upon a Section Insurance Company A Ltd 6 tion and 3 shall in the absence of the Secretary act as Secre tary at all meetings of the stockholders Article II Section 3 to provide for the holding of Direc STbCK COMPANY tors meetings in Philadelphia instead of New York and Article II Section 1 by eliminating obsolete matter A copy of the proposed amend ments will be mailed at least thirty days prior 73 Years in the United States the to meeting in a postage prepaid envelope stockholder at his address as the books of the Company Transfer Books will be closed at 3 o clock P M Friday March and re addressed to each entered upon The Stock Statement 31st December 1920 Real Estate First Mortgage on Real Estate Government State Municipal and County Bonds Railroad and Other Bonds and Stocks Cash in Banks and Offices AU Other Assets Total Admitted Assets Unearned Premiums and All Other Liabilities Surplus opened at 10 o clock A M f Friday April 15 By order of the Board of Directors I W BOOTH Secretary NEW Walter C HONDURAS MINING New pany ROSARIO COMPANY York Honduras Rosario Mining Com will be held at the office of the Company on Wednesday April at 2 P M for the election of directors and for action upon all ques tions that may properly be brought before the meeting The Stock transfer books will be closed at 12 M on DIRECTORS YORK Battery Place N Y March The annual meeting of the stockholders of the and remain closed until 10 April J PERLMAN Secretary March 26 A M of Hubbard Hubbard Brothers Co New York Brown Brown Brothers Co New York Wheelock Brown Wheelock Co Inc New York Edward W Sheldon Pres United States Trust Co New York GENERAL Thatcher M William H Bertram H Borden M C V Borden Sons New York EXECUTIVE OFFICE WASHINGTON PARK NEWARK N J ELECTRIC COMPANY that for the purpose of Notice is hereby given holding the Annual Meeting of the Stockholders of the General Electric Company at Schenectady New York on May 10 1921J the stock transfer books of the Company will be closed at the close of business hours on Saturday April and will remain closed until Wednesday May Hugh R Loudon Manager J B Kremer Deputy Manager Robt H Williams Asst Deputy Mgr T A Weed Agency Supt By order of the Board of Directors M F WESTOVER Secretary March 26 THE CHRONICLE xxi financial for our Investment Department the and more commo dious quarters on the third of the four floors occupied by this Bank opening of new With added conveniences and great ly increased facilities this Depart ment Bank Experience Means investment will continue f to the conserve i 1 interests or investors and to render Safety comprehensive personal assistance in the selection of sound securities A cordial invitation is extended you to call and become better acquainted with the many phases Investment of our service Department Union Trust Company Capital and Surplus South 7 CHICAGO Dearborn St Telephone Central 523 30E Good Bond BANK NATIONAL HE Salesmen OF Good SOUTH AFRICA bond every LTD AN Are NOUNCE THE REMOVAL OF wanted bond house salesmen are in a position accept one to name your you price or by Our SO Lesson Course of Investments THEIR NEW YORK and Securitv Selling the course that is being used by hundreds of successful AGENCY bond TO THE NEWLY ERECTED KERR ING 44 BUILD salesmen today will not only you the information you need to be of real service to your clients but give frill give you a training in Security Selling that will practically insure your BEAVER STREET NEW YORK success It contains the information which distinguishes the Bond Salesman from R E SAUNDERS Agent fhe order taker A request will bring you an MARCH Write for Bulletin H EXEMPT ALSO FROM NEW FEDERAL YORK STATE 3E INCOME TAX INCOME TAX Wellesly Hills Mass Ingen Cor M5JL6364 New Yorfc JACOB INCORPORATED Coupon 5s 6 J Van 60B t BABSON INSTITUTE NASSAU COUNTY NEW YORK 46 Cedar St Outline of Course and copy of What the Investor Likes in a Bond Salesmangratis Branch Office 9156 Exchange So Chicago 111 Ave German Austrian Hungarian Checho slovakian Rumanian and Jugoslav Gov t Bonds and Currency BACKER FINANCIAL Exehanga Bank Bldg BROKER St Paul Minn THE xxn CHRONICLE Vol 112 jftnanrial Behind These Here the are lineage figures of bank and investment advertising in Chicago evening of February Figures newspapers for the month 1920 Daily News 51 979 lines Post Journal American Figures like these the are paper s advertising status can t get around them nition space on that in a news But you can and you You should get judge their real significance figures and what do you find Recog the part of the shrewdest buyers of advertising that the offers the definite index of You can t dispute them behind them if you want to Get behind these one newspaper with a circulation of over biggest market for the sale of good securities and reaching 7 out of 9 English speaking persons in Chicago who read the English language The Daily News does actually reach the greatest number of investors reach able through Get financial it is any behind as single these newspaper figures and in practically every you will know why in important classification always The Daily News First in Chicago v INCLUDING Quotation Section Railway Industrial Section Electric Railway Earnings Section Bankers Convention Section State and Bank Week The Chronicle Clearings For One Year European Subscription including postage European Subscription six months Including postage Subscription including postage Canadian NOTICE On for tances of the fluctuations In the rates of exchange remit account advertisements and subscriptions European must be made lu York funds Subscription includes follovHng Supplements Railwat Industrial semi annually Bank and Quotation monthly Electric Railway semi annually Railway Earnings monthly Bankers Convention yearly Btatk and City semi annually Cleveland Detroit Milwaukee Columbus 45 cents agate line per Peoria Rapids Grand Dayton Evansville On request Telephone State 5594 Office Edwards Smith 1 Drapers Gardens E C Chicago Office 19 South La Salle Street Youngstown Rockford Bloomington Quincy WILLIAM B Fort Wayne Lexington DANA COMPANY Publisher Akron Canton Front Pine and Depeyster Streets New York Decatur Springfield O morning by WILLIAM B DANA COMPANY Presi dent Jacob Seibert Jr Vice President Arnold G Dana Business Manager William Published every Saturday D Biggs Address of all Office of tbe Company Secretary Herbert D Seibert South Bend Mansfield HOUSE The indicates that the total bank United States for tbe week ending to day against last week and the corresponding week last year w 7 been have y p Per Clearings FMurns by Telegraph Week ending March 20 Cent Philadelphia Boston Ci San F ranclsco i Pittsburgh Detroit Baltimore N ew Orleans Eleven 5 days days cities Total all cities 5 days Partly estimated r Francisco Los Angeles Portland Salt Lake City Spokane Tacoma Oakland Sacramento San Diego Stdckton San Fresno Yakima Joser Pacific ending March 19 City Mnneapolis Omaha St Paul Inc or Dec Joseph Des Moines St Sioux City Wichita Philadelphia Pittsburgh Baltimore Buffalo Washington Albany Rochester Scranton Syracuse Reading Wilmington Wilkes Barre Lancaster Trenton Erie Binghamton Greensburg Chester Altoona Montclair Huntington Bethlehem Wheeling York Total Middle Incl Not In total Duluth Waterloo Helena Fremont Boston Hartford New Haven Springfield Portland Worcester Fall River New Bedford Holyoke Lowell Bangor Stamford Total New Eng Not Incl in Aberdeen oth West Tot St Louis New Orleans Louisville Houston Galveston Richmond Fort Worth Memphis Atlanta Savannah Nashville Norfolk Birmingham Augusta Jacksonville Little Rock Charleston Oklahoma i o o total Not incl in Billings C Total all total Knoxville Hastings Mobile Chattanooga Providence Pueblo Fargo York Springs Colorado New Denver Topeka Cedar Rapids at Lincoln Clearings clearings being made up by tbe clearing houses at noon on Saturday and hence in the above the last day of the week has to be in all cases estimated as we go to press Friday night J Detailed figures for the week ending March 19 show Week 7 0 Long Beach v7 v week covered by the above will be given next Saturday Total furnish tbem to day cannot Reno The full details of the We Tot Mid West San Kansas Total all cities for week t S Santa Barbara All cities 1 day Adrian Pasadena Other cities Ann Arbor St Louis Owensboro Kansas City Chicago Seattle New York Lima following table made up by telegraph c clearings of all the clearing houses of the Lansing RETURNS Danville Jacksonville CLEARING Indianapolis Cincinnati 1919 WffS Chicago Springfield 111 Terms of Advertising London Dec Toledo Transient display matter Contract and Card rates 19 Inc or PUBLISHED WEEKLY New ending March at Subscription Payable in Advance For Six Months City Section NO 2909 SATURDAY MARCH VOL 112 Terms of Railway Section Outside N Y Macon Austin Vicksburg Jackson Tulsa Muskogee Dallas Shreveport Total Southern I 1194 iONICLE THE tunately this Oriental demand X TBE FINANCIAL SITUATION initiated change in the method of computing the ratio of usual a We believe that weekly return issued last Saturday reserves Federal Keserve banks to liabilities for the it is which deserves mention here because direction the mained loaded up of The an conservatism greater step in a silver all the Reserve banks to notes silver etc stands at now against only a therefore that the item of lawful truly the position of the Reserve banks the statement meaning the weekly return has been slightly recast in form the main change occurring in the Then followed some explana deposit block clear tory remarks which were not as have they might as been A brief way Previously what are termed deposits included in the the other hand from the amount availability items on thus arrived at there was were deducted the amount ap the other side of the account under the on calculated reserves basis the ratio of wholly whatever money gold basis on a reserves On that to deposit and Federal Reserve liabilities combined in last ment would have been by the Saturday s state method of using new deposits The cotton crop that the computation is now on the deposits where before it was on the deposits but pearing no more We repeat of indicating the nature of the change basis of gross basis of net Marfck on composition should be entirely eliminated and gross would be to say deferred its and year ago connection more At events the aggregate of the holdings of legal tender than veal re subsequently further amounts of nouncement made by the Federal Reserve Board in with the matter said In order to re since ever with this unwelcome silver transferred were materialized never and the Federal Reserve banks have Washington in its Tlie Federal Reserve Board at VOL estimate of the Department of Agriculture issued in December last is proved not to have been excessive as ters at the time of its was claimed in some quar announcement by the final ginning report of the Census Bureau of the Depart of ment this Commerce for ginning report runs On the contrary somewhat ahead of the Ag designation uncollected items and other deductions ricultural from ally the case The Department s estimate made public cluded from the appear as Now both amounts are ex deposits gross computation though the items still part of the weekly return The effect of the change percentage of reserves uncollected items used variably last Saturday the aggregate of the For on uncollected for the twelve banks combined was Now Census the 000 bales of the earlier that amount In neither case is the amount of lin than the tained rapidly that under the even new tion the Board is able to reserves to so method of computa report the ratio of total cash deposit and Federal Reserve note liabili ties combined up to of improving Under the old method calculating the figures the ratio would have been 52 6 We suggest that while the Board is gaged in the task it go a the on reserves entirely step further and compute It is true that while in the Reserve notes the statute which is fixed at of gold on ful is as now of Federal reserve minimum of 40 must consist reserves required to against the deposits the minimum being 35 money case stipulates that the the other hand the be maintained here a en the basis of gold instead of including legal tender notes silver etc done consist either of gold may or law Nevertheless gold is the only true re serve There is an additional reason for eliminating money in the shape of legal tender notes silver etc in the circumstance that the amount of lawful this lawful money and still son is very larger than two we have an returned years ago bales some The Bureau s bales counted over as half over but 3 million report makes the yield of lint cot bales which includes an estimate of bales to be ginned after March 1 and the total of linters we estimate at say Department s estimate lbs gross was bales The bales of 500 each excluding linters but this latest re port gives the average weight of bales marketed as 506 4 lbs gross making the Census total of lint equivalent to bales of 500 lbs each 754 bales above the or Department s estimate As re gards comparison of the ginning of 1920 21 with that of we note the gain indicated came almost entirely from the Southwest Texas Oklahoma and Arkansas although a satisfactory increase in yield occurred in Arizona and California WThile time supply and demand have been from time to during the season the explained in our issue of February 19 dumped large amount of silver into the Reserve banks As will be ob bales under elucidation there has Treasury has in the bales increase of nearly bales an thai last year rea some last year aggregate yield of about The chief much larger for the increase is that the the total running bales round bales ton would of in estimate exceeding it by less been crop statement moderate amount estimated to be ginned a bility items However the position of has 1 1 after March 1 is at hand and it comes within 400 included but assuming that late area usu there had been high record ters of planted Bureau and the aggregate of the deferred availa Reserve banks is as gain in yield of lint of about 13 5 making the cluding items previously added a year out turn the heaviest since the larger than the amount of the de runs ferred avail ability items the amount of as a a approximation last indicated that from deduction almost in as s larger than in the preceding is to reduce somewhat the inasmuch Dec 13 Department the subject of discussion and never been reason to question adequacy of supplies of cotton to meet tive requirements until another crop consump should become way available and current statistics offer ample sub a stantiation of that contention Mill there the pointed out amount of an increase of legal tender over in notes silver shown in the return of the banks for Feb was explained by the Reserve Board to transfer of silver accumulated a with a view to as etc due largely by the Treasury meeting Oriental demands Unfor at home and than a ier The Census Bureau year operations both abroad have not only been less active earlier but the supply of cotton is heav announced stocks of cotton and linters in ments and in public warehouses and the United States of as of July 31 consuming establish compresses in bales which combined March 26 with the r TrprvKnrrnr p inn bales This however does not Carried include the amount at over 1195 UlLKUiNlijLll bales produced in 1920 21 gives total of a TTTT plantations in 2Y2 millions from South America 5 millions from British India a little under 6 millions from China millions from Hong Kong and 1 millions from 1 y2 private warehouses and cotton in transit at the close Australia of the which the Bureau has estimated at season bales nor afloat at that time bales or the stock at mills abroad of ternational the amount in European ports and bales Federation It as reported by the In safe to assume seems therefore that the supply of American cotton avail able to meet was in consumptive requirements of the of 20 million bales excess position now leave no doubt of the season low Furthermore the regards supplies is as to as a year so easy as eight months of the fiscal against was comparatively a movement direction in 1919 20 and 1918 19 of respectively either direction The foreign export total of the United States for for any to be the smallest reported proves month since June 1918 in addition to being much below the aggregate riod of the two preceding for the corresponding pe Lower prices of years have played their part in reducing the to course tals but quantities have also fallen off in This is stances some conspicuously true in the case in of cotton pf which the shipments were only 493 426 bales in February 1921 against 640 320 bales in February 1920 With the price only 17 26 cents last year cents pound this per quantities in densed There has been shoulders lbs though increased on with amelioration of of the adverse conditions some hamper operations during the last 1920 has taken is believed that greater ease lbs against heavily contrasts with merchandise exports a from between eight months since July the a contraction of 103 million previous year comparison being and but there over Mer tendency in materials factors and housing situation to tant future hibiting a two years ex loss of 253 million dollars from the corre a an tivity The Dow Service lions larger than in The net result of the year is an export bal however of this contrasting with a year ago in 1919 The our net credit against respectively excess the of that for ther net inflow of and reached in closing months of 1920 January and showed were a fur Exports totaled only mainly to Mexico But imports of which 10 millions from England 13 millions from France lion from the remainder of a short mil Europe 2 millions from Canada Mexico West Indies and Central America materials bringing levels intimates long expected turn in the construction ket come has exhaustive mar and its conclusions based upon an investigation is that New York at least definitely started building Our ac that the upon program the most active habita of recent times February compilation of contemplated out lay for building operations at 185 cities in various sections of the of the over country offers complete confirmation foregoing in that it shows the a January aggregate and considerable gain compares more vorably with the corresponding period of the vious year than has been the The total of intended the only case fa pre since June last outlay reaches and as far as February is concerned unprecedented aggregate of 1920 while comparing with about 35 millions two and 30 millions and 60 millions respec years ago what Furthermore were allow to be made for the difference in cost of mate rials this year and more creases last the contrast would be some favorable to 1921 New York is The result for Greater quite close to that of in the a year ago in Bronx Queens and Richmond bor oughs largely offseting decreases in Manhattan and The current aggregate for the city is Brooklyn against and compares with but ago gold movement of February 1921 although less extensive than in but comparing with 349 For the eight months abroad stands at 918 and was 478 millions less period of but 824 mil February foreign trade this ance or now un additional stimulus to of them down close to pre war some has a a year Building Report in drawing at ance aggregate is compared with tention to the decline in various For the the as VO tively in 1918 and 1917 than for the similar marked decrease in cost of to be obtained where building is dertaken is proving sponding time in 1920 and of 21 millions from 1919 elapsed portion of the fiscal year relieving the In this city the exemption from taxation for ago ten years to over in noted contractors in various drop of from 15 to 25 stands second exception the smallest in whole will be stimulating parts of the country furnishing estimates showing imports in February at al that neces great extent in the not dis a Already little greater than in January with as a construction has been though were in obtaining instrumental prove chandise a turn for the better and it a financial accommodations and the declining sary Feb value of which gain of 745 million dollars a for in 1920 and For the aggregate records dollars now tion 1921 covered in 1919 against lbs and the other hand the exports of lard Specifically the is shrinkage milk lbs against lbs ham and ruary a number of other directions con a bacon lbs the against 41 32 year small result Building construction work in the United States r only for the month in 1921 against was 706 much lower the value of the cotton shipments in 1920 in so very in movement was ing in a net export of and increasing to the outflow for the eight months against last year and two years ago half of February 1921 in the opposite and silver during the month that had served to price ruling at the present time The year July 1 to Feb 28 the net inflow of gold to large carry over at the end and thus account for the For the and two and three years Outside of this city the estimated expenditures provided amount to for under the contracts entered in 1920 and 27 millions in 1919 of the individual cities losses from the of last into ahd this contrasts with 92 year are At most heavy totals exhibited Cleveland Omaha De troit St Louis Philadelphia Pittsburgh Atlanta Dallas Washington Fort Worth and Houston be ing conspicuous in that regard notable gains are On the other hand to be found at Chicago Boston OH SONICLE THE 1196 San Francisco Buffalo New Orleans Baltimore Denver Birmingham Chattanooga Jersey City and As arranged by us in groups the Portland Ore cities of New England record an augmentation in contemplated expenditure of nearly one million dol lars February last year but the Middle division over the Polish VOL 112 representative in Paris The London cor respondent of the New York Herald cabled that on the is eve of the plebiscite in Upper Silesia feeling running high and is only kept from breaking into violent expression reinforced by Allied troops which have been recently by six British battalions In a exclusive of Greater New York shows a loss of 4 dispatch from Kattowitz Silesia made public here millions the Middle West 3 millions the Pacific Sunday morning it Coast decrease in a only nominal a Western 3 millions and the lions the e sum the Other South close to 6 mil Compared with the three preceding years important gains in all sections estimated outlay are For the two months of 1921 the reaches at the identical 185 cities 1919 and for 967 Greater approximately 59 millions New York s share of this The result for the two months of 1920 was year s aggregate is New England s for 26 cities is nearly 5 millions against a year ago total of and that of for 46 less than last year municipalities in the Middle group Greater New York excluded The Middle West 173 below 1920 by 13 falls millions aggregate 34 cities at with the Pacific Coast compares 15 cities shows a decrease of 7 millions and the Other Western 25 cities of 11 y2 millions over At the South the contrast is between and Reports from Canada indicate that although as in the United States the housing situation is acute the reduction in cost of building operations has not yet been sufficiently great to appreciably stimulate Tn fact at most points much less was done in February of 1921 than in 1920 Montreal and Westmount the Dominion the amount involved by 40 cities in the For being the only notable exceptions permits issued in the month this year is only a little over 3 million dollars against 5 millions last with the two months totals 5 and 9 mil year The cable advices from anything definite evening in which it in perfect order is keener interest in the lead was la t Sunday to decide whether Upper Silesia to the control of Poland or remain un her meet rule than in Europe of the rich ized that if Poland troops their the The Allies real to was France favored fear of political dis attending incident of the voting also that undue influence by the Germans to turn the plebiscite favor Allies Special the objection was raised by reported assembling of German troops near the Upper Silesian frontier The French Ambassador filed proceeding The Council of Ambassadors in Paris a collectively drafted subject was protest a was was said that the German reminded that the maintenance of involved in sowitz In was ernment would be held trict A occur armed given that the Berlin Gov responsible for any should either regular forces warning of dispatch from Tarmade that was exception of Inter Allied Plebiscite suspending telephonic and telegraphic communications with outside the world with the dispatches which however were press subject to the approval of the Silesian authorities The Council of Ambassadors received which it German tier without declared warning in foundation military preparations A reply from a the German Government to its note of on reports of the Silesian fron special correspondent of the New York Times likened the scene on Saturday evening to a He said that 900 000 actual residents would picnic vote while 200 000 so called out voters would also sults first definite statements were a received here Associated Press relative to the re Monday afternoon through dispatch from Berlin In it Dr Simons Foreign Minister announced that the returns showed complete German victory The a event the colors of the German Republic and of Prussia penetrate similar sort incident or irregu into the dis was handed to r being hoisted President Ebert telegraphed to the German representatives in Upper Silesia an expression of his joy over according to reports tricts has been violent that a it remains in one or even if two dis resort to unjust and an indisputable fact overwhelming majority of the Upper Sile an sian the result adding our success prejudiced by methods people has decided in favor of Germany turns characterized as Re official received in Berlin Monday forenoon indicated that votes had been cast for Germany and 389 000 for Poland that was time it At said only two districts were miss Commenting ing upon what was involved in tht plebiscite the Associated Press representative in Berlin said as German fights with British troops at Las Associated Press owing to the order of the exclusively the task of the Inter Allied Commis might bands probably the returns would be delayed somewhat during the plebiscite in Upper Silesia Sunday which an Polish Rosenberg and be witz Upper Silesia the suggestion in sion and the warning lar against this military note to Germany on the same In the note it Government order that ings already have been decorated in honor of the disputed territory an from Kattowitz Si come to win be was eager deposits and other natural intimations would be used in Germany coal Naturally there as reported collisions with Brit Reports had crossed the Silesian frontier into came m further asserted that there correspondent added that the Government build Germany lost she would be less able to were was other single event of any reparations obligations turbances There It lesia during the day stating no Sunday claimed that the plebiscite was confirmation of no ish an in the issued in Berlin was Upper Silesia has been carried out everywhere Walter resources to the results of the voting as semi official statement scite cause Berlin London and Paris published here Monday morning did not contain ing European capitals in the outcome of the plebi the week in armed will attack the soldiers in this district to morrow The Probably there der German enter participate in the election lions respectively should pass were night before that the population which is known to be Commission activity tained there the said that fears was Palm Upper Silesia one war square have Peace likely to go down in history of the most momentous ment of E uropean cent Sunday the day of the voting seems The days in the adjust boundaries growing out of the re area involved comprising some 5 000 miles was the largest section of territory to its fate Treaty submitted but even to a more i plebiscite under the important than the March size of the district THE the material wealth contained was in its varied mineral resources cluding also iron shown and zinc mainly coal but in lead Germany has by her representations to the Allies how vital she considered these to reconstitute herself rations materials to her ability economically and meet demands while the need of the 1197 CHRONICLE repa resources of be accomplished through whole the be partition by the Allied a instead4 of deciding the fate of the authorities province by the total vote According to understanding in London to each country will given the districts where they obtained tial majority except small difficulties ill are the substan a where geographical areas way Actually it Upper Silesia for the economic well being of Po thought that the partition would be made land has been lows hardly less strenuously insisted upon To by the Polish people Later returns received in Berlin indicated er small a majority for Germany than at first claimed Dr Simons estimating that the total for that country would be votes and for Poland On Tb Germany Krewzberg and all the territory west be uncertain The entire to In special dispatch from the Ger a capital to the New York Times different light was thrown instance the assertion was partially a the situation on For made that yesterday s was re according to the vote by communes which gives to Paris man said was French press ported to have demanded that the division be made final official vote 406 for Poland The fate of Betheun of the River Oder Poland the for Germany and 471 fol Poland Pless Rybnik and Tarnowitz Tuesday the Inter Allied Commission announced the as was as took mining and industrial centres correspondent of the New York The Tribune decidedly strong position in favor of Poland a and France in last Sunday discussing the results of the voting In part he said The results of the plebiscite in Upper Silesia show sweeping victory a plebiscite does not decide the Silesian question final for Poland and her ly reports from German sources that Germany had and consequently German apprehensions have by quieted down no means assert case in favor of her influence in the of It is feared France will Rybnik and Poland especially Piess 1 where important coal and zinc mines and cement works and where the ed situated are Poles with the alleged aid of import laborers achieved overwhelming local1 majorities In German industrial circles yesterday s would count for little in that case ed that Silesia she is forming as nomic and industrial lost such victory it being contend one undivided eco unit would be paralyzed if she important centres for raw products and won tal it was lin correspondent of the New York Herald mented in part as follows result of the on the result com The net Upper Silesian plebiscite has been as expected Germany winning the manufacturing was centres and Poland the most gions important mining fanfare of triumph in of ficial circles it is feared that the of the vote will too re But while the early news of the vote brought from the German press a of The Ber geographic division give the Allied Supreme Council ready ethnographical authorization for a a industrially also reflected York in later Tribune situation final a representative in Berlin made the fixation of Allied Supreme plebiscite ment on of the which neWj The New comment little clearer still when he a German Polish Upper Silesian region the press now suggested that frontier in the rests in the hands of the Council in Paris was The function of to indicate to the Allies the senti inhabitants of the various communes they could base the establishment of the frontier Treaty of Versailles the commune is the vot The result of the plebiscite sovereignty all plans for the payment of Germany s cussed hitherto will probably According to the Associated Press in Silesia favorable to voting and fair from were As expression of the popular will Warsaw jubilant stated over the week that the was was not as a free Dispatches people of that city so the plebi decisively in favor of Germany at first believed eral that the final The idea became on a Ger verdict re correct all are Generally speaking all mines and ore great part of the rich a agricultural lands of the province district that voted for Polish Germany had a region within the are sovereignty although majority of the votes in cities in the Polish a number of came Word from Ber yesterday morning that the Inter Allied Com mission has town and proclaimed martial law in Betheun district Kattowitz town and district and Pless Whila first attention in Upper Silesia sight the more as gen disposition of Upper Silesia would was was given to the plebiscite not lost for reparations question itself the outcome of the plebiscite In presenting to mittee on was the the 1921 report on as having that question Senate before French held the moment of regarded was extremely important bearing plebiscite a As has been shown an on Germany cial pays the the Finance Com budget Henry Cheron was re ported to have made the following statement If France will emerge from her finan difficulties notwithstanding the colossal bur dens left the by the French war if she does not the problem France M Cheron said that debt which in August 1914 stood at on March 1 of this to francs to which added in thelfuture thus pay Going somewhat into detail regarding francs amounted year mated the results progressed the European cable ad vices stressed the idea that the result of scite a which the on scrapped reported into Polish hands the coal and the financial status of that except for plebiscite could be challenged that bill dis parts of Silesia which are of any practical value will pass lin means war Germany whereas if the as now ter Allied Commission announced incidents nothing occured be many s offers have all been dependent is insoluble results of the laid down ing unit which decides between Polish and German correspondent at Kattowitz Upper Silesia the In few minor favored Po as policy This tone is integral unit an majority the vot in the partitioning Upper Silesia which hitherto has been a communes By the terms of the plebiscite the organization Germany land how to make of the accumulated fruits of genera gave ing in the most important by products to Poland which would hardly know use Contrary to early brought out to day that although the to popular vote sults of the tions of German labor and ally France at far another had pensions and war must be damages esti francs France francs on Germany s account consequently there would be paid be added pay to her out francs more with interest obligations if Germany did to not I said to have been An unofficial announcement was Berlin in made marks account of on billion reparations obligations Monday that the first on her supposed to be paid on or before March 23 would not be forthcoming at that time and that a formal note to that effect would be dispatched to the Repa rations Commission It was received early Tuesday in upon at Advices from that centre Paris stated that its receipt the Commission went into session The New York Times correspondent in once Paris cabled that the German note said three things First Germany did not owe the money asked for Second If she did owe it she could not pay However Berlin would talk it over Relative to the Allied reply he lies it Third with the Al said that the Commission to night Wednesday reply to Berlin saying Germany could not Reparations drafted a question the figures of the Commission and had not met the demand to fulfill the treaty terms To mor row the Commission will send to ments notification that the Allied Govern Germany has failed to ful reparation terms of the treaty and advising fill the Announcement was made in an action Associated dispatch from Paris Thursday evening that Press the German Government was notified by the Allied the total Reparations to day Commission that gold marks due under Ar amount of ticle 235 of the Peace Treaty Vol 112 CHRONICLE THE 1198 must be paid by May initiative to published paper 4 Greater freedom must extent some be allowed to the co operative societies a The same Washington dispatch last Satur day in which the assertion was made that even then being given to the possibility of consideration is It was added resumption of trade writh Russia th t no decision has been reached yet by the Presi dent and his Cabinet and there ciated under Russia s many internal policy debates strenuous concluded its deliberations on March 17 donment of the seizure of foodstuffs to be replaced and In dispute regarding trades unions Lenin s sort of taxation in kind was decided upon a regulations permitting free trade were adopted old the resolution obtained 569 votes while that proposed The decision by War Minister Trotzky received 50 of the previous Congress dissolving the co operative organization Herbert Hoover Secre revoked was tary of Commerce in a long statement made in Washington economic and on public Monday declared that the present system of the Soviets must be abandoned production of goods resumed before the United States could think of resuming trade with Russia 1 or additional penalties will be inflicted upon Ger the German delegation in Paris with the request that it be trans cient suffi He also declared that Russia does not have The note was delivered to many mitted to the home Government as sible It was quickly as pos reported in a Paris cablegram yes terday morning that another Allied conference will be held in the near future to decide what action to A take dispatch from Paris last evening said that would not take action the Allied authorities after the Easter until gold to enable her to do business with the The opinion prevailed United States and Secretary of State Hughes In the New York Herald a week ago this morn representative of that In munist a remarkable speech to the Tenth Com Congress Nikolai whole Bolshevik program so mad to expect as in Russia It was dated The first paragraph read as fol Reval March 18th lows paper a Lenin the abandoned He said that no one was world revolution ajid that Washington advices the On Tuesday a wireless dispatch was received in stating that with relations Russia own also a grant of capitalists and farmers who must their land giving a part of it as taxes and be It Soviet Government proposes to the United States to On was added that the to send a delegation negotiate a trade agreement Wednesday it was admitted at the White House that such a communication had been received and transmitted to the State Department from Stockholm on from as was themRussian appealed to Presiaent Har ding and the American Government to resume trade ments indispensable given Thursday were somewhat to on Moscow from made that tons of were and that recog contrary therefore agreements with the bourgeois Govern concessions to Harding nition of the Lenin Government would not be Soviet Government has ing there appeared a long dispatch from the special in Washing ton that he reflected the ideas of President London holidays on in which Premier Lenin day the Communist Congress at Mos Aban carried the by pursued different opinions After several appeared cow to the course to be as In an Asso Press cablegram from Helsingfors Finland date of March 20th the following statements are Russia by In a dispatch Wednesday the assertion gold way are was coming to Stockholm of Reval In Stockholm the gold is melted gets the Swedish Mint stamp and is thrown upon the markets of the world The under He said that private standing there was that the American State De enterprises of artisans will be permitted until the partment has eliminated the necessity of a certifi ing allowed the sell the rest big Socialist enterprises hence or more He are established ten years urged free trade intercourse with capitalist countries saying that without foreign sistance we cannot as progress The statements cred showing the origin of the gold which makes cate possible the admission of Russian shipments of the metal into the United ited to the Bolshevist leader attracted considerable without attention in this On Wednesday the State ish Department at Washington announced that it had the received situation country dispatches confirmatory of the New York Herald dispatch nouncement it was In the State Department set forth that four of his an pro posals have to do with strictly internal affairs and 1 are More freedom must be1 effected in the change of goods must be only iet a among the people ex 2 The peasants permitted to sell their farm products and portion of them shall be delivered to the Sov regime as a tax 3 The operations and organiza tion of smaller industries must be left to private States as American Consuls in Sweden it is stated may approve gold shipments tracing them further back than their Swed origin Dispatches from Washington later in day indicated that this understanding of the In an was correct address in the House of Commons Tuesday evening Premier Lloyd George defended the trade agreement entered into by Soviet Government of dependence of nations that Lenin is got to trade Great Britain with the Russia because of the mutual The Prime Minister added beginning to realize that Russia has He thought he could run the State on theories of Karl Marx but instead he found starva tion and famine and his railways completely out of March repair THE CHRONICLE You cannot patch up locomotives with Karl Marx doctrines Minister in New York Mr Piip the Esthonian Foreign special cablegram from Reval to the a Herald quoted was as having said he thought the basic principles of Bolshevism forever and Lenin would be unable gone them later on even if he were wTere to restore desirous of doing so The next day the Minister paper having observed that Lenin s conversion was as merely was quoted in the moral coup d etat a same It would be in teresting to know what the Minister actually said The dispatches from Washington on Thursday indi cated that both the Treasury and State Departments in favor of were resuming trade with Russia if they could be convinced of the sincerity of Lenin Yes terday morning however the representative there of the New York Herald said that President Har ding and his Cabinet will decide the question of newing trade relations with Russia only after ful consideration has been problem given to every re care side of the The 1199 cablegrams from that city said that soldiers opened fire and wounded at least five persons two of whom A few reported to be in are serious condition a days later seven soldiers and a killed and several wounded and were bers of the attacking party killed in military and police Dublin Cork near policeman seven mem an ambush of Dispatches from Monday morning told of the killing of eleven members of the Government forces and of the wound ing of eleven others in various ambushes week end A departure new ish Government in on over the the part of the Brit handling the Irish situation was reported to have been made in the establishment of a publicity bureau at Dublin Castle the Sinn Fein directed in a propaganda as offset to an Special attention dispatch from London Thursday was morn ing to the fact that from last Saturday until Wed nesday inclusive the casualties reported in Ireland comprising Crown forces Sinn Feiners and civilians total 63 killed and 67 wounded An attempt of Speaking in the House of Commons on members Thursday in behalf of the Government and in re prisoners under death sentence in the jail in Cork ply to question Cecil Harmsworth said he hoped a that from the Russian trade agreement erge a without treaty peace would em of the Irish Republican Army to release on Thursday was thwarted by the extraordinary precautions which had been taken by the authori prolonged very delay Former Advices from Berlin and Dusseldorf week stated that the Allied forces of pressed further into Germany It early in the occupation had was even said that United Premier Rene States last He is to proceed Viviani Saturday on sailed for promptly to Washington riving in New York for a probably the fixation of the tariff line in the newly occupied area will be from a point about six miles Harding north the special mission a upon ar conference with President tal that the chief purpose of Hamburg right along about east of the Rhine until it strikes the head and would leave Essen about miles to the east ing Cologne bridge two and one half Germany has also had to tend the present week with another munism miles seven The advices from Berlin outcrop of con com morn distinctly disturbing in that respect were Thursday They told of the seizure of the the shipyards of City Hall in Hamburg and private firm Workers in other a shipyards to It were reported to have left their jobs and begun organizing mass demonstrations have was said further that in wisch and other cities Communists directed in Although various reports have been pub lished it is generally understood in the French capi of the trip is to make the position of the French Government clear to the new President on international matters many of the mission as follows official no mission But the Council will be in position to respond to ques tions which will be asked and to define French pol icy relative to problems which occupy American di plomacy as well as European diplomacy Leipzig Dresden RodeCentral their Germany efforts General regret the continued to be expressed over the resignation of Andrew Bonar Law from the houses city halls public banks and police headquar According to telegraphic advices received in British Berlin Saturday afternoon for ters was exploded in the court house at Cabinet and from house of Lord via fered him London said that the Communist uprising had even more general in Germany Mr Bonar Law Hamburg tinction said yesterday morning that the Communist revolt in the middle German industrial be in area is believed to receding although minor outbreaks new sections the New York sertion was In a are reputed special Berlin cablegram to Evening Post last evening the made that the the Communists has been ders in Central as Hamburg outbreak of put down but the disor Germany continue see material change in the any was in circulation in London ten Chamberlain election been unanimous nesday of the were as In two bombs couple of military lor bored the centre of Dublin institutions near the Exchequer as leader of was luncheon a Members of The said to have thq on Wed Coalition the participants in the lunchean party that both street speech at styled Lloyd George made that a a New instance in Dublin at the beginning of the week patroling of actually took place and England is really a rumor Sunday that Aus the Unionist forces in the House of Commons Disorders often resulting in bloodshed occur al most daily in one important centre or another For thrown at on Chancellor political A definite would be selected to succeed Bonar Law on were said to have declined the dis was because he wished to return to political situation in Ireland from week to week ries King George of hearing of his resignation life in the House of Commons Group It is difficult to He left London last brief stay in the country complete rest peerage upon Central Associated Press a a Government leader Beaverbrook before proceeding to the South of France for correspondent in The the ship in the House of Commons Leipzig the roof blown off and the building gener ally wrecked Advices from Berlin later in the day become the former President of a sudden bomb M Viviani started for Washington yesterday morning He is invested with against court a Perti in the Echo de Paris explained the purpose nax Socialism a vigorous attack He asserted that the Labor a Party in Socialist party and declared Socialism for is fighting to destroy everything parties Unionist and Liberal have la generations to upbuild are as much menaced Parliamentary as private inter THE 1200 ests and the rule of class organization is to be sub stituted for them ordinary securities leading European centres Vienna and 6 in Paris Rome and Madrid 7 in London Sweden and Norway and 434 in Holland In London the private bank rate has not been changed from 7 for short bills and 634 f r three months Money on call in London remains as heretofore at 5 So far as can be learned no reports have been received by cable of open market discounts at other centres continue to be quoted at 5 in Berlin Switzerland 5J in Belgium national financ continued the the Bank of England Clearings through the week were In 7 minimum discount rate London banks for the last statement of Bank of and tabular of the different items of the preceding the total was the week year comparisons append We a England return BANK OF ENGLAND S COMPARATIVE STATEMENT March 24 March 26 March Circulation securities Other securities Govt 1917 March March 23 Other deposits statement of and the year Notwithstanding numerous reports to the contrary Public deposits The British Treasury against at as now year ago a that before Official discount rates at Vol 112 CHRONICLE ending March 19 indicated that outgo bullion had again exceeded income with the result that the Proportion of Exchequer balance was further reduced H to as against a week ago Expenditures for the week were against The Bank of France continues to report small the previous week while the total out gains in its gold item the increase this week being flow which includes repayments of Treasury bills francs The Bank s gold holdings now aggre foreign credits advances and other items was gate francs comparing with against for the week 070 francs last year and with francs ended March 12 Among the heaviest repayments the year previous of these amounts for the week were in Treasury bills and ing for the week Reserve notes coin Coin and reserve to liabilities Bank in advances The total of receipts all sources was which compares a week earlier from with Of this amount reve yielded against last week and savings certificates against Sundries brought in against and repayments against nothing from this source in the previous statement From advances the sum of was derived nues in the preceding week bills totaled contrasting with issues New of Treasury while Treasury bond sales were against Owing to the fact that Treasury bill sales were larger than the amount repaid the volume outstanding was expanded to in comparison with the week before Temporary ad vances however were reduced to a falling off of from the laist week s total The total floating debt aggregates which compares with last week In the corresponding week of 1920 the floating debt comparing with sales last week of was rate francs deposits were the other 000 During and francs in 1919 the week silver increased francs and general augmented by francs On hand bills discounted were reduced 4 824y francs advances decreased francs deposits fell off francs A contraction of francs occurred in and Treasury further circulation bringing the total outstanding down note to This contrasts with francs francs on the corresponding date last year and with francs the year before Just prior to the outbreak of war in 1914 the amount was only francs Comparisons of the various items in this week s return with the statement of last week and are as corresponding dates in 1920 and 1919 follows BANK OF FRANCE S Changes COMPARATIVE STATEMENT for Week Mar Francs Inc No change Francs Inc Gold Holdings In France Abroad Status as of Mar Francs Mar Francs Advances Dec Note circulation Dec Total Inc Silver Bills discounted Dec deposits Dec deposits Inc Treasury General The Bank of held abroad in francs were in England this week reported another In its statement issued as of March 14 the Im albeit total perial Bank of Germany shows that gold was reduced reserve was heavily reduced viz in nominally 4 000 marks while total coin and bullion consequence of an expansion in note circulation of Furthermore the proportion of reserve gained 449 000 marks Treasury certificates in creased marks notes of other banks to liabilities which during the last few weeks has shown encouraging gains fell off to 13 89 as expanded 376 000 marks and bills discounted 4 170 against 14 80 a week ago Last year the reserve 000 000 marks There was also a huge increase in ratio stood at 21 89 Public deposits increased deposits namely marks Advances were augmented marks and investments but other deposits were reduced Loans on Government securities expanded marks Declines were reported in note circulation marks in other securities of Loans on other securities registered a contraction of Threadneedle Street s marks and in other liabilities of 435 marks Gold holdings are reported as stock of gold on hand now stands at which compares with last year and marks which compares with in 1919 Reserves total marks a year ago and marks small increase in its gold item 1920 the amount held was In and the before Circulation is comparison with and year in one and two years ago respectively with loans on in 1919 marks and a Note circulation aggregates In 1920 the year total was marks earlier marks March THE CHRONICLE Somewhat to the surprise of those who had been forecasting improvement funds to the follow to the of return banks last week s statement of New York Clearing House banks and trust companies issued on Saturday made on the surface at least a rather poor showing Not only surplus cut was heavily but loans expanded probably however in connection with the March 15 income tax Net demand deposits fell off to Government deposits payments the other on hand moved increase for the week in to up this item of an less than no 1201 expected iii the immediate future here has been declines in Sears Roebuck stock 3usiness of the mail order country In circles some disposition to regard the continued a as an indication that houses and in turn of the whole will not improve as a as soon and to predicted at the beginning of the The railroad labor situation is practically un he extent year that changed from was week a Bankers do ago not report large increase in the liquidation of industrial any ac commodations that have been outstanding from three to six months In other words conditions sufficiently mixed to make it difficult still are to predict indicating that the Government has definitely regarding the business of the country the been stock market large depositor at the banks this week a result of collections tax Cash in as vaults own members of the Federal Reserve Bank declined to not counted held in other companies of member Bank reserve depositories by State banks and registered banks to feature which trust with the contraction a 1 Re Federal Reserve of to directly responsi the drawing down of surplus and indicating ble for a was heavily diminished borrowing at the Federal Reserve banks to Aggregate declined reserves while surplus reduced to was loss for the week of a figures for surplus the basis of are on the money market or situation is far from satisfactory The European It only helps to complicate things in this country companies to while the expanded of reserve but in vault of State banks and trust reserves increased serves as a The above reserves above Dealing with specific rates for have the loans money ranged during the week between same as week a 6 which call on and Monday the high ago was also the renewal basis with 6 On Tuesday a maximum of 7 was reached low was the minimum 6 although renewals was put through at this figure Wednesday when the still were An easier tone developed call funds ranged between 6 and 6 with the ruling rate still 63 On Thursday a single rate of 6 was quoted this being the high low and renewal basis for the day Friday the Stock Exchange Good Friday and no was closed in observance of official quotations made were legal requirements of 13 for the member banks of During the greater part of the week call loans the Federal Reserve system but not be in vault to the amount of banks Saturday last on statement held by these The Federal Reserve Bank slightly confused by the change in the was method of including cash computing the ratio reserve Under the method the ratio is determined by new adding net deposits to outstanding circulation and dividing the sum into total cash tation was the on basis availability items items deducted Under the lojver the of being from net the case even the uncollected deposit fund ratio is slightly reserve of the New York Reserve Bank new decreased counts serve on and regular improvement in position ratio compu deposits deferred added system the new In the Previously the reserves basis is up to note circulation decided that the was so was while Redis Federal reduced Re The bank s cash holdings were augmented round amounts at the lower levels The above fig apply to both mixed collateral and ail industrial ures loans alike The local call money The to as market was prevailing renewal quotation were arranged at 6 but this afternoon of the spoken of as being and the supply of funds rates was was 6J not true four day week for the Loans on every money market Because of the fact that for the greater part of the time the market was held at disposed to say that actually monetary condi were tions could not be sented The as easy 6J they had been as a stand to the contrary will be sufficient funds for all Those who express be pend on ket some that there legitimate demands a fairly active stock market time money very in ported The idea was sudden outburst of on well expressed on as the excess was more of what money mar Thursday that the speculative activity Wednesday warranted and in as on no little business is important loans maturities any Offerings were re not while abundant could be had at 7 but borrowers were said to be holding off on the ground that quotations likely to go lower shortly The range remains 63 7 fot sixty and ninety days and four months and 63 6 for five and six months without are at alteration Mercantile paper has ruled quiet and featureless Prominent local institutions market are reported out of the temporarily and whatever business is acted is for country banks of and choice character names reached not so trans Quotations for sixty and ninety days endorsed bills receivable and six continue well known at at 7 months Transactions only moderate proportions Banks and bankers acceptances have shown a fair degree of activity were in the ured buyers as however Brokers were are in money Both local and out of town banks market Local savings banks also fig Transactions rate of Detailed are as the aggregate again said to be predicting increased conditions in the not distant future market rates for demand loans ceptances in smaller than those in recent weeks are the still quoted American at ease Open against bankers The Acceptance Council is 6 follows Spot Delivery Ninety Days Delivery Sixty Days Eligible bills ol member banks 6J 6 6 SV Eligible bills of non member banks 6H 6 Ineligible bills H Thirty wUhin Days 30 Dayt 6H bid 6 bid 7U the Stock than conditions might be logically ac posted quotations have not greatly changed and however that whether it develops will de other conditions Exchange repre this opinion believe that there wit enough to finance say observers prevailing opinion is although bankers still take They some In passing and practically names easier both could negotiated at from 5 to 5J outside of the Ex change and it was said that funds were available in There have been no Reserve Bank rates changes this week in The following is the of rates CHRONICLE THE 1202 in effect for the various classes of paper now RATES IN OP THE EFFECT within r bills 90 member maturing Agricul lb day col Bankers accep secured by banks notes Trade tural and accep lice stock disc ted tances paper fteserte Bank of Treasury Other Liberty V rv v j r certifi of bonds wise for maturing maturity and secured member within 91 to 180 indebt Victory and banks 90 days days edness V notes unsecured cates f i Boston fi Philadelphia 6 scarcity of commercial offerings the material Washington authorities might be expected to attracted M Chicago BH 8 BH 6 8 by BH 7 t H t Louis Minneapolis Kansas City Dallas San Richmond Francisco t Discount rate corresponds collateral with minimum of Louis St lor offer and City Kansas normal are As to the rates of basic lines fixed for each member bank Rates on discounts In excess of the basic line artof accom modation extended exceeds the basic line except that In the case of Kansas City the maximum rate Is 12 applying discounts not in to fractionally 3 Sterling exchange continues to mark time pending reparations question and although price levels have been firmly held dealings in if anything were week the preceding quotations way one that much of the time largely nominal with fluctuations were either restricted than even more so the other devoid of special sig or In the initial transactions the trend nificance upward and demand bills marked were up was fraction ally to 3 90 On Tuesday advices that Germany had refused to comply with the Allied demand for a depressing effect and prices reacted slightly proved to be only London sent to temporary affair and soon after a higher quotations which promptly led reports that the prospects for some kind of agree ment the over brightened indemnity with result the here demand going up had payments prices that to 3 91 again stiffened At the extreme close of the week with the widespread observance of the Good Friday holiday little business wa dull to the point of very put through and trading was stagnation As was f the case a week ago London still completely dominates the market with the German dispute overshadowing all else Bankers and others are now as a indemnity market factor looking with some de of hopefulness to the conference of experts which gree it is understood is to be called shortly One very prominent authority is responsible for the statement that a development of the near future is likely to be arrangement between this Government and the an Allies whereby the latter s ments will be funded for the interest enormous present at least pay It is intimated that if the Washington authorities could see their way est for reparations situation period of question matter easy clear to waiving payment of this inter stated a has been the to some Allied on the present some extent forced for the the to to advance on still the part of to trading restricted in volume was undertone continued 3 On Monday the firm with rates up another c for demand for cable transfers and for sixty day bills increase no in activity sagged 3 noted was slightly reactionary trend There was a Tuesday and prices on light trading demand bills sold down to on cable transfers to and sixty days to attributed to the German note indemnity fixed as better was Allies for that date by the Wednesday s market the weakness refusing payment of still quiet though received support and following the receipt of better quotations from London sterling rates advanced to 3 characterized trading on Thursday prices however were for 3 well maintained and moved up to demand for cable transfers and for sixty days On Friday more or less general observance of the Good Friday holiday both here and abroad caused of business and close to the previous day s 3 a very figures demand ranged at cable transfers at and sixty days at were 3 practical suspension quoted rates ruled nominally at 87 for sixty Closing quotations days for cable transfers for demand and Commercial sight bills finished at 3 90 sixty days at 3 83 ninety days 82 documents for payment sixty days at 84 and seven day grain bills at 3 89 Cotton and at 3 3 grain for payment closed at 3 90 The week s gold arrivals comprised from London on the Aquitania and SI 920 000 from India vessel A received from Montevideo Tom on the same consignment of 40 000 in gold has been Rotterdam The Nieuw Amsterdam brought in about shipments of the precious metal are expected Carlsholm the Lapland and the Celtic reported that seven Announcement that the Department of State had eliminated the necessity of a metal in for came the It is also tons of Russian gold are now on heir way to this country United States Large on certificate showing the origin of the a good deal of discussion further into As to the Continental features of ful week an otherwise were exchanges the outstanding quiet and relatively unevent the rise in Austrian kronen and the purpose of enforcing their demands sharp drop in lire exchange which j took place early militate strongly against anything in the amicable agreement over existing differences w transfers subject of foreign credits hand Germany s stubborn refusal to Premiers seem comparatively a terms coupled with threats Germany for the uld to settlement of the of bringing the United States Gov ernment into line On the other be In the opinion of express purpose come years would cable for demand for cable This transfers and for sixty days Dulness preliminary payment of marks had a to on steady and demand bills advanced was and sixty day bills to to settlement of the troublesome the funds to make extensive nor day to day rates sterling exchange Saturday last excess by the Federal Reserve Bank subject to a M progressive increase for each 25 by which the amount a for export purchases for import at this time v shown contrary it is not believed that Russia has much to with Interest rate borne by certificates pledged a In the case of Kansas City and 5H In the case of Philadelphia Note Rates little attention in exchange circles very since despite constantly repeated declarations to the 8 Atlanta Cleveland account Rumors that formally recognize the Russian Soviet Government 6 8 the heav influx of gold would easily prevailing firmness of rates 7 6 the recent for the v 5H te 7 7 5H New York in an fair way a easing in local monetary conditions not to speak of including days the trouble is in speedy adjustment but others take the position that the tances lateral Federal of BANKS RESERVE FEDERAL MARCH Discounted bility of sterling exchange price levels to be fallible indication that at the different Reserve banks DISCOUNT Vol 112 market observers believe the present sta week carrying the quotation down points to 3 84 as 4 09 for bankers some 20 against last week s high recprd of sight bills The recession however March THE not taken very was bankers as a more seriously it on regarded by kronen after finished at as was 4 02 is Later remittances For lire consequent Exchange the mid European republics ruled steady Italian Consul General and of return it in the confidence is that rumored future the of Italian at on previous levels with the exception of Polish change which advanced political affairs been manipulating exchange difficult not to impossible is say speedy relapse in the value of this in an That this is by the proven How currency ever the outlook in Italian affairs is undoubtedly improving and another explanation of the strength is that because of the German restrictions to France and Belgium Germany is her products to Italy who in turn on Czecho Slovakian exchange after is re exporting them that the increased demand for exhange on Rome therefore due erests in this German exports to country are German int also said to be transferring Italy while still another factor often lost sight of is the steady flow of remittances to Italy yearly by Italian residents of this country which certain to officials banking aggregates advance to 1 34 declined and finished at 1 31 against 1 38 Poland at 0 15 against 0 12 and Finland at 2 75 against 2 80 the week Greek before exchange was stagnant ruling at 7 55 for checks and 7 60 for cable transfers the same change last week as Nothing exports exporting now ex improvement in Poland s on Bucharest closed at 1 37 has 4 06 and 4 07 range was Institute attempt to peg lire above 4 cents according for 396 was sight bills and 3 97 for cable transfers finances funds to close the final an is A week ago Government through the Banca Italia and the Italian so and the and reacted checks for bankers issued by the Italian to for was a recov generally attributed to the favorable trade reports cable advancing While the recent sensational advance in support was again tendered and there lire 1203 less natural reaction from the or violent and too rapid rise of the previous week ery to CHRONICLE values rency of moment took place in neutral new Trading quiet and featureless was however sustained well were Swiss francs continue to range at very high level of week a Christiania both were In the Scandinavian exchanges remain remittances cally throughout and close to the Guilders ruled strong and ago fractionally higher ex Cur practi unchanged but Stockholm and Copenhagen higher though the volume of business transacted in nearly almost enough to offset Italy s current adverse trade Pesetas balance here instance every small was advance for the week ago Announcement made was few a days Bankers of the arrival here of the Managing Director of Banca Commerciale Italiana of Milan a former dele sight commercial sels who is said to have this country for the mercial conditions between ago of purpose studying exchange the United States and Italy Reichsmarks showed to 1 64 Silesian it became known that preceding was likely to lose the Silesia upper Advices of Soviet uprisings in various parts of Germany also exercised an Vienna there unfavorable influence little with a are making to ex French francs were against last week s Antwerp exchange quite though the market light trading point of 7 34 usual followed suit as exception of lire which that for high easier and hov on were some may while With the dealt in to time trading a greater was dull be said to have been spotty with here and there small spurts of feverish activity irregular fluctuations accompanied by celebration to came Good of an Friday almost as a With the holiday business complete standstill with closing The official London check rate York 6 as on Paris closed at compared with 56 38 last week sight bills 90 against 17 15 and 23 05 and cable 16 09 for cable the were at finished Sweden on closed transfers against at Norway closed at 15 99 and on Final quotations for Spanish 13 96 for checks and transfers which 13 98 for cable with 13 91 and 13 93 compares a week earlier As to South American in exchange weakness evidence with the check rate 33 60 and cable remittances at and 33 72 at a week ago on was still Argentina at 33 77 against 33 55 Brazil however 14 75 for checks and 14 81 for cable was firmer transfers in comparison with 13 92 and 13 99 the previous week Argentine in that definite trade newspapers report widespread uneasiness Government s lack of country over the a policy regarding the stabilizing of foreign It is stated the that deficit in the current budget it and that recourse country faces with no means a big of meeting will probably be had to another addition to note circulation In New the French centre finished at on cable transfers at after Chilian exchange was receding to 3 91 recovered and closed at 3 93 unchanged Far Eastern exchange is against tion is 6 86 last week Antwerp francs closed at 7 22 for checks and 7 23 for cables against 7 27 and 7 28 a Closing quotations for Berlin marks for checks Last week the close was 1 1 57 for cable transfers 59 and 1 60 Austrian and given Yokohama Manila as follows Hong Kong against 46 46 Shanghai and commercial sixty days at 6 82 against 1 56 exchange transfers against 16 05 and 16 15 in preceding week pesetas This Friday of the on transfer 23 15 against 22 95 and 23 00 while checks 6 were 17 42 Checks against 6 95 commercial sight at 6 88 against week earlier and Copenhagen week week easier closing at 14 29 against 14 58 while Peru prices nominal com a for bankers for checks and 17 43 for cable mid European repub ered around 6 94 and 6 98 for checks extent a deposits of Government securities and other collateral as checks said to be the direct result of tend loans to Austria and other on on quotation of only 00 18 arrangements the Allied Premiers lics based exchange further advance to 00 29 for was a week ago over a In and cable remittances 17 19 for with compares Germany important coal regions of which compares Swiss I francs finished at preliminary returns of the of the news on net closed at 34 36 Amsterdam sight at 34 42 against 34 29 sight bills and plebiscite but later declining to 1 55 when fractional a sixty days at 33 94 against 33 95 irregularity advancing some on at against 34 35 cable transfers at 34 48 against 34 45 gate to the Inter Allied Financial Conference at Brus come to closing steady were Improvement in the silver situa explanation for the advance in rates finished at unchanged as against unchanged Bombay Singapore un changed and Calcutta unchanged V in their Clearing House banks York New The CHRONICLE THE 1204 institutions have a result of the cur operations with interior banking gained net in cash as rency movements for the week ending March 24 V v aggregated while the shipments have reached as per the following CURRENCY table BANKING SHIPMENTS BY NEW YORK INSTITUTIONS RECEIPTS AND Into 24 Banks reason expect serious trouble and to low come around and see us Now the results of this if that did fol tive again fooling with the most seri The regula Commission has experienced a change of heart attitude Still the unnatural attempt persists of ous subjects one now are before the country broad treatment of the immovable arithmetic the whole subject comes on the Gain scene Fed possible to show the effect of Government operations on the Clearing House institutions The Federal Reserve Bank of New York was creditor at the Clearing As the Sub Treasury was House each executives to Banks taken over by the Dec 6 it is no longer eral Reserve Bank on pinch of in prematurely alarmed there did not appear any were but Banks Interior movement Vol frowned and said the railway crease or to make Gain or Loss Banks Week ending March body either grudgingly granted a that and Out of Y receipts from the interior have Their day as follows i diversion from the grim either larger net earnings not and will not allow any alternatives it offers obtainable as far as human foresight can go ex cept by cutting the payrolls or financial collapse and more Government aid which tends straight slough of Government control towards the former ownership or or the Plumb plan or some other un which may yet be people will permit Aggregate Friday i Wednesi v Thursday Tuesday Monday Saturday The encouragement in the present as compared for Week March 24 March 25 March 19 March 21 March 22 March 23 with past line ups is that the thing is so clean cut Cr so sharp and grim so uncompromising and so im possible to cover over with any palaver that now The foregoing heavy credits reflect the huge mass one path or another must be taken for dodging Is of checks which come to the New York Reserve Bank exhausted added to this is the greatest encourage from all parts of the country in the operations of ment the practical certainty that the American peo the Federal Reserve System s par collection scheme ple are awakening or soon will be These large credit balances however show nothing We have the brotherhoods protesting and Mr as to the results of the Reserve Bank s operations Gompers repeats his warnings of revolutions just with the Clearing House institutions They repre ready to hatch and his declarations that there is a sent only one side of the account as checks drawn conspiracy there is but he and his associates upon the Reserve Bank itself are presented directly are the conspirators while the railway employees to the bank and never go through the Clearing DAILY CREDIT BALANCES OF NEW YORK AT FEDERAL RESERVE BANK important variant of destruction CLEARING HOUSE caught up if the American the that assert House executives are not sincere and that the open shop means closing to union labor This is The following table indicates the amount of bul familiar but as thin as stage thunder Plain speak lion in the principal European banks ing is best for everybody now and the plain truth through the ranks of unionism runs a cry March March France a Silver England Spain Netherl ds Nat Belg Sweden Norway Total week Prev week a holdings of the Bank of France this year are Gold Total i Tsmoo exclusive of present wages and hours or just a little more of one and a little less of the other are impossible Dispo sition to but the THE RAILROAD LABOR SITUATION HANDS OFF BY THE GOVERNMENT than the fondest of men has of demands bled white on developed naturally out differences that by the politicians and the public coming forward and demanding more they expected to get so as to afford a basis for so called compromise and the sham arbitrators invariably begged whether crease the men assuming by were it the not as question really entitled to any in They had two answers that the question whether the roads could pay more was far are In the old days when the roads indifferently each set of employees took their turn in a course but has some really encouraging than crying for in parents can set the full moon the cradle when the darling occupant yells for it and everybody that is for and excepting the case of the thou who have suffered most in the last ten years nominal wages sands suffered might themselves were aliunde concerned or that they as were competent to pass upon it but that if the roads could not stand the pressure lative Commission for a they could ask the rate increase as in well set silence are a coming down 1 one board fence across the path of an Alpine glacier as try to prevent of pretended arbitrations of la of the long course looked present Wages everywhere Now if present sharp line up between the railroads and their were grant them all they ask might be ability to do so is lacking employers can no give them what most of them are more and bor of held abroad The of unions for continuance is that the demands Switz Iand Denmark Silver Italy Gold Aus Hun Germany Total Gold regu In its turn everybody would have the sense to see immovable fact of the near future saved a lot of verbal gas time and wage this there might be of minatory talk of loss of and production and of harm to every body from the tallest to the shortest in size by usual worldly measures It is impossible to think the prac tical American people so experience as they go dull as to pay for their and refuse to profit by what they pay for 1 Not the Railway Labor Board or the regulative Commission or the return Act of last year or gress or Con to all combined can prevent the return hardpan and ultimately to bedrock the return can unnecessarily pain retarded and it can be made be ful anil wasteful but prevented it cannot be One of the most unhappy mistakes the railways made long ago although with the excuse that no the foundations of the body had then dreamed that March earth THE to be were soon took to deal with shaken the wage was when they under problem jointly among themselves instead of independently icle the foresaw the action which sion of collective all result was and The Chron earnestly deprecated misconception and a CHRONICLE bargaining We had this perver upon us through the term of weakening the roads and it survives as one mins Act of the compromises of the Esch Cum A centralized control of wages and work ing conditions is just what the A F L and the vicious Amalgamated and all the rest of them long dreamed and struggled fior skin to core have It is wrong from being contrary to natural laws an un alterable part of which are the laws of human ture The progress already made the na progress mak ing from week to week and the only living solution of the labor men man problem are just this and nothing else getting together employer to man troubles and handling their across the outside one and employee as for the time bluntly condemns all centralized arrang ing and national agreements prolific of misun as derstandings and full of the seeds of discord he what is Senator himself says distinctly show To as never and before to govern action clined from causes rect managers are not ready straight down to hardpan fact go accordingly which Traffic fire a He Board or other and you leave smouldering that will presently blaze again experience in the Pennsylvania speaks from which has formed an industrial republic and has been trying earnestly and is step by step succeed ing to get down to an understanding of facts with its men but the main trouble as the firm finger of the points out is that the roads are strug gling under the swollen payrolls immediately forced on them by the taking over plus the long series of increases in the last twenty years what is too Why investigate plain for doubt and if prove the could change anew inquiry The people have of Railway Securities Mr S Davies Warfield forward with National a plan Railway Service made to be selected from themselves Inter State be board of a seven two Commerce up are of five members Commission There group would boards of to be chosen by the roads and by the shippers in each four group rail group boards and forty committees in all way a by the members of the forty members four of whom five comes He would have constituted ganizing the Association Mr Warfield public service and his views are In or rendered a entitled to respect but while according that respect the Chronicle must regretfully dissent from him necessary to examine the would Can it be now details of a plan which bring in or continue the Governmental in terference the complications the hampering of rail executives in their work of management the keeping of the owners of the properties from any con way trol of them in short the resort to more of the tan accomplish a merce the on 27th the chief theme is to be in the ment less Government management in business For the railroads the celerated and marked relaxation of the railway managers very grip which has prevented from doing and almost discour aged them from trying to do their best let us learn from experience and not turn backward when we are looking for Hardly more have looked been on if it distant instead of were ate affairs and waiting for the politicians and the fight out the problem of what shall follow A insistent able general concern lively to uncompromisingly an subject and have it an viewed unmistak and treated according to the laws of business not any batch of statutes this is what the situation needs most to day and nothing can take the place of it A real constructive level headed public opinion is the lack of the hour it is doubtless growing but it should grow more we rapidly and become to go on to some manifest more Are bitter end in the helpless habit of awaiting like so many fatalists on whatever our politicians may hand out to us The people says Gen Atterbury have reached the parting of the ways No they have yet they do not seem to realize it serious question now confronts us One road leads to Government more he adds ownership nation alization Blumb plan ism other to industrial one peace initiative and road is National syndicalism energy and responsibility The sign board Agreements Negotiate directly with the and the continuation of peculiarly American on your own on the other it is employees EMERGENCY LEGISLATION ILLUSORY can be given to Senator a Congressional A AID week or The trouble he says may be or to inefficienc or to the excessive cost of material and supplies or to un two ago Washington news reported President Harding of the opinion that on the whole domestic subject most pressing for revision and during the past a in the determination the year re labor unions to correction is mismanagement right at hand in spect to importance each attending to his immedi inquiry into the operating and finances of the roads to indifferently while the roads have bled and they still view the subject too much TO THE FARMER Cummins s intended resolution for due ac owner as the Chronicle has over and over pointed out these essential properties belong to all the peo ple Oblivious ito this unalterable truth the people recovery approval In both service and ship that individual a people most needed thing is one of wakening the people shall be deepened which is and not regulated a public interest more business methods in Govern lated issues towards right to know the facts They have and they are learning meeting of the U S Chamber of Com gling and meddling which have brought us to the plight we are now in We still have rates regu security three months a what is known to day the Senator At the annual as On behalf of the National Association of Owners de can cor arithmetic that the process themselves and they will stay set some has investigation no their differences call in any proposes a important road whose no Here is the theme for the American tled a cut from the President down and there is wage because it is so not because he says so Here is the crux of the whole case let men settle so estop fling about selfishness the Pennsylvania says now But the way to running into open variety of charges and denials in investigating what is already known as the figures submitted by the what So when Gen Atterbury and not first why spend time and hearing could the serpent in Eden as was compensation paid to those from Presi down whose labor operates these roads differences and regulator and intervenor but he is incurably disturbing dent This leaves out own table common as reasonable 1305 taxation and in this opinion number of his fellow citizens then the story came are a vast disposed to concur that to the Cabinet the most THE 1206 relief for the farm told that Mr Harding has come pressing subject appears to be sened his former social and now Ave are think that should have preference ers to This is a time of well distributed dissatisfaction creased difficulties of under the in living the teachers getting a employees the police and generally except those in the very clergymen the postal the salaried workers large corporations have made the least those who have suffered least or have benefited if said to have isolation and it is scarcely Is It is hard to disputable that his bank account has sAvollen he really in great comparative think so due him lief is been most considerably large class can be benefited by the insane destruction of some attempted re proposed though some bill imposing prod ucts to meet present emergencies to provide re Avenue and for other purposes Who really believes that hungry Europe has a high billow of surplus foods ready to roll over to this country The new revenue provided would hardly be realized the other purposes would offer to the farmer already al call for any if That fiercest emergency an em bargo is not yet seriously complaint need But what if he is and Avhat suffered most deeply Those who have VOL 112 CHEONICLE it the proposition is for a duties upon certain agricultural temporary air with howls threats No more dog ged more selfishly blind and withal more patiently lowed to build a wall around his granary another endured set of profiteers than the labor unionists Avail that might permit him to raise the cost of food have plagued the country profiteering has been as still more But the other purposes served though widely scattered as loving one s self much more than unintended might include a sharper outcry over the one s neighbor and nobody has been louder in de costs of living an interference Avith manufactures a nouncing it than the class whose conduct has done fresh outbreak of labor troubles and a suffering in more than almost any other to produce the high cost whose distribution the farmer could not escape for of living Strict judgment cannot absolve the the effects of higher prices for what he has to sell farmer entirely He has troubles but instead of would surely reach him in higher prices for what he being chased by Government he has been petted has to buy The extent and distribution of disturb Because he is at the very end of the line and Ave have ance nobody can foresee but hoAv can any careful been shivering over the possibility that he might observer of the past doubt that disturbances would decide to grow only Avhat food he needed for him come self a contingency as dreadful as if the sun should Everybody is AAdlling to receive a crown of life get tired of shining and should strike the farmer but nobody likes the cross which is not merely the Avas especially exempted in the LeA er and similar price of the crown but itself becomes the crown its laws he was left free to Avithhold and hoard and thorns blossoming into garlands We recall seeing combine and do anything that promised to give him a sketch of a number of persons who had received larger prices and GoArernment offered him a practi their crosses and nobody was satisfied all but one cal bounty for more Avlieat growing Traders Avere Avere trying to trade Avith others and that one had suspected and attacked the meat industry was put laid his down and Avas laboring to saw off a piece and kept under special fire every dealer in any The artist was thoughtful but forgot one thing he thing Avas held presumptively a profiteer and even should have shoAvn some of them boldly attempting cold storage was accused of conspiracy but the the last seven years have filled the complaints accusations and farmer Avas and absolved stimulus figuratively speaking of course Avas offered him The President suggests a tariff to be started by a joint resolution rushed through to be about two six months while more inches broad and to stand permanent changes can be evolved The first objec tion is that emergency Avork is hurried Avork and liability of applying the wrong medicine involves and at the wrong place It is less than seven years fallen jumping August of 1914 when the Avar had suddenly the world and some Congressmen were upon decapitated foAvls eager to do something about like and do it One immediately but vague about what to do proposition to Avas rise in the cost of food countervail the expected by putting a tax on exports by prohibiting such exports lest Ave ourselves come short The Constitution stands in the way for or bidding any State except by consent of Congress to lay on AA hat is either imports or exports any tax beyond absolutely necessary for executing its own to tie their OAvn crosses to is the Avay of mankind those of others for that Trouble has come on the Avorld and hardly the remotest tropical island escaped feeling it has Yet here are men trying un successfully to separate and segregate themselves classes beseeching relief something must into and shall be done for us is their cry They are not thinking of others but their demand when put into practical results is that others shall be of terms squeezed still more that they may draAv freer breath The labor unions babble nonsense about the aspira tion guaranteed by the Constitution and their right to Avhat they are pleased to call an American stan dard of them an living and only here and there one among remembers that there also is or ought to be American to be relieved of conduct standard For this by casting part of one s troubles on manlike somebody or anybody else is not heroic not not an over cry evidence of that character AArhich can adverse circumstances by bravely triumph suffering it is also not reme will find a way to react upon him Avho would shirk his About seven years ago Senator Colt of Rhode Island himself once on the bench of a Federal court inspection laws and also declaring unconditionally them as a climax to its defects duty shall be laid on articles ex dial for a cross tied to another no tax that or ported from any State One Congressman offered proposition for empowering Congress an amendment to lay such a tax and since the Constitution does not forbid prohibiting exports two bills for such told the Senate some of the many interpretations unfair competi laAv capable of so many con might give to the phrase prohibition as to foods Avere brought forAvard in one the courts Aveek tion and said that a structions Avould certainly lead to endless confu General been improving in years the testimony is that the farmer s lot has many ways in the last thirty The rural free delivery the rural telephone automobile and the lyceum haATe greatly les sion and would be most up injurious also that to set supervision over busi prohibit anything they chose to deem un five men to have a police ness and March THE fair would be unwise must we change legislation and if it is done ideas of liberty our CHRONICLE He was re ferring to the Clayton and the Tirade Commission bills then threatened and soon and he Nearly everybody hand was wholly right after put through ling material things the farmer excepted has been pursued and there is not whole that thing has done it has done good while the probability is harm almost overwhelming audacity and speculative buying and selling under the sole ful practices still own his own But For it would piled orders and ears and lias read us of ourselves and still far from content are talks of The reforming in spite us incompetent teacher shining example a join would be to on not quite virtuous and correcting himself and ler has set to we are tedious lessons us business methods and morals pro a now now that Gov Mil good work for us all that he reduces his swollen see size relaxes his meddling and cuts his wastes and more least this is Rally up short courage leaders liberty At Brace and manhood and if you seem Think less of your own share in the burdens and more found Governments on and clear lesson of the situation a growth world s the individual intiative either look for their roots and try to start on their to less reliance move us on silent who repeat of others especially of more Turn away ones falsehoods promising truth and pay from self chosen which they Seek the bare pleasant to hear are heed to it have uncom Change quar reling into co operation and all pull together to smooth obstacles share and your and increase gradually lightens as it will if and meanwhile which will ous lend hand a surely make abundance do not hinder you to other s some yours seem a almost a for ours We want set forth we Fleece of the a are pro news wealth of newspaper pittance Naturally just passed the great one The cries of hun up foreign trade when have the lar courage opinion founded again treading if we are talked of world trade a judgment which The merce consciousness of up a courageous world wants to Mr Hoover the abid us as much as buy but much of it Secretary of Com new outstanding economic trouble is that farmers and food one confidence draws this picture Another with our reason world and at present needs us more whole cannot pay we Speaking of the much antecedent to effort the world needs need the that popu monitor consensus of will but exert we ing truth should bolster So lack the psychological allusions Yet terra firma on cannot have we courage we common many flowing wind restrictions on our and that camouflage under here And these and personal a adventure of the Golden our modifications we and an open sea on without our We suffering disorder and State contentions de before we Sometimes whirlwind of world very deep of confidence is broken ger load little less griev very as he cannot or agencies that help and by the such war say know too much we very enterprise which is a large scale a by the confused confidence on must believe what the financiers We live in us Take it uncomplainingly until it carry seem are after help who refuses to the sticking place press us Possibly it is in the plan of Providence that suf fering shall tect on courage bewildered We doubt strength of purpose dies by rightly is founded a man producers wasters has boxed our are inertia instance and his on courage bring his on the artificial on proceed cupidity often he who hesitates is lost very and he who waits Government that chief of blunderers dullards and hibitions chief urge of or to of evidence that the a scrap any sheer 1207 raw manufacturers our are overloaded material and goods that we cannot market abroad and at the same time great masses people overseas are cold and hungry These peo ple can only purchase on credit pending their own of COURAGE As long CONFIDENCE CONCENTRATION individuals firms and corporations as are permitted to do business they must take chances must incur of the economics operate as an hazards no production bitions desires of plicitly rely enterprise insurance policy in trade elements in and of No theory intervention of Government The men between can The primal undismayed by the are farmer may am im the unfailing laws of growth but on he is powerless to control the winds storms rain fall The manufacturer may article an the or the laws of need on the appeal of on diversity of popular interest of taste or garies of transportation character or the the economy of substitution or power the va All systems of whatever unable to overcome lack of courage are Thus in the present condition of domestic and repeatedly assured by leading foreign trade we are business that they believe the lowest round of men 7 depression has been reached with They speak of course caution and in general terms For they are cognizant of the fact that always in our periods of highest prosperity there are victims of the midst of all are some lines of trade that comparative dulness Therefore in comment in the face of all analysis the and areas of whole national interest is for something out under consumption our bankers to work Foreign credits are better than rot ten food Apt Yet this is it is not new and is an abstract does not leave this without the as Mr Hoover suggestion of greater co operation on the part of all by combinations in the interest of both buying and selling And he lays the groundwork for this but only the groundwork by saying economic difficulties no business in us Congress has provided the way for creation of for eign credits by banking under co operation under the Edge Act and the logical and economic thing in the rely in the making of but he cannot control the spirit of invention use economic recuperation and our own recuperation depends greatly upon theirs We are thus not fac ing over production but a break down of credit links doubt solve themselves with amount of There are some arising from the war that will time but an infinite misery could be saved if we had the same spirit of spontaneous co operation in every commun ity for reconstruction that we had in war Let us translate the vague word reconstruction used here into renewal and extension the actual confidence the war And behind physical processes is that We denominate How Think a to regain that as of old before bought Lib moment of this who erty bonds and even borrowed to buy them in sight of varying conditions and in the presence viduals of all their free and Indi otism opinion all statistics ahead without the touch of while haphazard no business personal enterprise entered can courage into go And through Did in men bors would wait to own see power patri what their friends and neigh do wait until everybody was good and 1208 ready each THE sometimes crassly say By as we for himself and CHKONICLE bought generously and then bought again and again Here spontaneous co operation was By individual concentration I whether individual This concentration co operation part a community or the individual s on And how doing each own problem this doing and daring for one s share without timid ity or hesitation or fear this was consecration and saved the day Has it application now concentration on one s Yes own business that it resume and increase this is the most Judging by the past no means for the whole country all practical form of Vol 112 within the We may be reasonably sure to put the matter briefly that or ganized labor will not attempt to induce factory workers even in slum cities to forsake a wearing and cramping occupation for the independence of life close to the soil On the contrary judging the past the attempt will be made to show that mechani cal workers both skilled and routine to the best of swer they operation Courage needed yes and confidence Yes but concentration on the work in hand will re many ways each on All FARM LABOR VS FACTORY LABOR tion of Labor to spend publicity takes well consider to economic million dollars in organized political importance on a We say this questions capital and labor so called to per Our political future in the equality before the law is involved in conditions and opportunities of human it is we may political in contradistinction We need not enter into the at issue between ceive a sense of than more relations dependent n character in citizenship We may argument admit the right of publicity union labor but we are compelled to admit also for sake of to that the sole selfish elevation of the factory work if allowed to proceed without relation to other er or workers tends to establish classes public and because of become the within peculiar our the resources foundation nourishing of a Re may dangerous of farmers and farm workers with these federated la bor unions not much real efforts In the first has attended the success place there is not the associa tion of intimate contact there is territorial separa tion and there is no kinship of environment The East and the old Northeast with Northwest is the interior valley South constitutes our thrust into what a was manufacturing territory the Middle West North and or our agricultural territory while modifications must ensue divisions in the main will And these geographical always obtain Yet we all citizens before the law are And any study of in unity and harmony cannot ignore the influence of occupation and environment upon hu progress man character but cannot And this propaganda may influence change We enter here upon the consideration of one of the primal problems of world development and itual advance spir As we are informed by many recent reviews the Norwegian noval by Knut Hamsun Growth of the Soil is a remarkable study in this direction to put it tween the town and inadequately a country contrast be human destiny by reason of character and thus upon Government Im mediately the campaign of publicity in behalf on contemplated of labor becomes tance therefore aside from tions involved How much does it of national impor the current labor ques of unity in citizenship contemplate What will it do to show the influence of the soil upon human thought Will it seek to show forth the influence of upon any free farm life and the Will it exhibit conception of these deeper forces affecting all life are intervene to alter they Nor the can the individual s on that cannot evolve from in we few a go para the man upon factory service future revolution in this in nate the factory not machine and If there is country the farm on blank wall a A whirling are a poor substitute for expansion of soul due to the open spaces And repeat that a matter of politics in the highest is embraced in the consideration sense to of a red pro against the injustice of all things it will origi test we effect character mould all alike however far may something not to be described the law and Gov ultimate graphs about the influence of soil a form of Gov our not equal in their helpful better working conditions There strength there is in overcoming is denied workers in many these mechanical industries They should be paid and well paid because of the non expansive character of the work feeling and aspiration upon and In fact the machine returns The lack of and perfect light and leading in the stan confined occupation is inherent and potentially unchangeable honest basis for greater equable returns under compels no man own choice ness of There is therefore no wage to follow an factory for which occupation not of his of all large and beauty with the farmer worker lies in as conformity not opposition facture has ture system The secret of all success This constant kicking against the pricks in the natural no storms come evolution of manu parallel in the occupation of agricul If farmers because grow returns only political a life of all education in wisdom with the were as disgruntled because weeds seasons cannot be controlled because venting their animus on the soil rather cultivating it that is loving it and harmoniz ing with it there would be ers the forces even more effectual lightens the struggle and insures the dardized than thought But the task is not harder than this contrasted eternal battle with of nature who hate acter thus a parallel to those work capital the soil of manufacture and refuse to respect it and to work with it human relations which defend derly And char engendered has much to do with better liberty law and or processes THE PORT AND HARBOR IMPROVEMENT pent factory life reverse guaranteed the pursuit are occupations work and environment to be mere wages happiness light love and They inducement of this joy in life The attempts to unite the But ernment sectionalism Though there have been should have ernment is an organ enough to teach that in this not the possession of it by that But will buy it men towards entitled might say in we they cannot get it because laughter in life The recent determination of the American Federa And if they can get it are ized trades labor be honest will not are everything despite their passion for circumscribed city life co act of these things will come none purview of organized labor PROJECT There is of the no subject to which to day the attention public should be The welfare of every more strenuously directed citizen the permanent growth March 26 of the State weeks ago some are We called attention involved to the magnitude and pressing im portance of the problem and the physical difficul ties to be time in at cious and a handle the tonnage even done it made and the Governor lost persistent and plausible but mali were needed in the involve an special message a outlining the situation and is sup ported by all the chief associations concerned with the interests of the precipitates itself at any ance The opposition which city upon of the the public put in no appear hearings which were held many to their fest more than three years thoroughness which is worthy of the impor undertaking In many relations this is greatest and most difficult piece of constructive It is no which passes United of less than dealing with the harbor through half the foreign commerce of tl e States about which reside eight millions people within the area to be treated having more industries than the four cities of manufacturing rejected for obvious and deci plan finally taken up and recommended is automatic electric system elements of this based on the general The essential system are A belt line railroad in New Jersey reaching all Jersey railroads that give pier station serv the New ice a joint yard and transfer station on the belt line two parallel but independent tracks of stan dard gauge engineering hitherto attempted in the country bet principle of the moving platform or a continuous task and have done their work with a mani tance of the the given any operating through tunnels f v v 7 7 reasons The an It would also suggestion of improved water transfer were and the sive future platform placed deep underground by the Commission during its work The Commission have Cable trunk lines both considered and now near requirements of the problem not meet the ter important service in present needs plan of a great bridge urged by some would ing the public mind and in delaying the prompt rendered meet 1 struction The not excessive and prohibitive cost for con preliminary action which is required Governor any ex possibility of the expansion that will be city officials which has resulted we fear in confus The would If it really ignorant attack chiefly by certain possible to of the West Side by pansion of the existing elevated or subway systems and would leave no presenting it to the Legislature where it met once mission concluded that it would not be Since then the report of the overcome Commission has been no Furthermore after careful investigation the Com Metropolis and in no small degree the inter ests of the 1209 CHRONICLE THE running in a loop mainly in separate tunnels from the yard to Manhattan and back to yard a series of multiple story terminal build ings over the loop in Manhattan with car elevators from the underground siding tracks to the surface the separate connection and transfer station in Man Railroad a fleet a hattan for the New York Central electrically operated cars and a fleet of small trailer trucks Inbound freight will Philadelphia Chicago Cleveland and St Louis com of bined with 12 great railway systems pouring into four wheeled out of single through it 76 million tpns of freight in a or and in the same period receiving 45 mil year lion tons coming and going by water in con more nection with which has grown up an tricate but quite inadequate elaborate in handling of system freight which must eventually be done away with while at the until the same new time it must remain undisturbed works created and are proved satis is It for sufficient therefore to now asks two say that the Gov things prompt authorization compact with New Jersey for the creation of a a Port District and the establishment of thority with defined when joint transfer station to trailer trucks which will be borne by the electrically op erated cars mainly in eight car trains to the Man The trains will be despatched as possible at uniform intervals and run at uniform speed not Exceeding 14 miles an hour mak ing it safe to move the trains at short intervals At hattan stations nearly as the stations the cars will be raised to the one at surface time in the elevators and their loads ex a changed at the top for trailers bearing outbound factory ernor be transferred at the powers to carry adopted for which the bill now Port Au a out the plan attacked was freight after which they will be lowered and de spatched in eight car trains to the transfer station in Jersey and unloaded into standard freight cars The electric cars will move around the loop in one direction only each loop forming an independent line The trains will be run automatically without train The introduced and also the eventual approval of the operators and controlled by the despatcher comprehensive plan of the Commission after giving plan has been approved by leading electrical engi it neers the prolonged and careful consideration it de This plan will be before the public for some months but requires the preliminary action by the Legislature which has is the Governor project be understood magnitude and its novelty detail The most has The debate asked on we Because both present it in pressing element of the problem is that the greatest congestion both business there also is introducing any There of people and of the greatest difficulty in changes because of established cus manufacturing companies system is being installed by the Post A Office Department of the British Government in London Estimates both of the construction and operating costs of the automatic electric system are so satis factory that the Commission recommends its adop tion as the ideal for Manhattan Many details of design remain to be settled by the body undertaking the construction practical tests v of railroad service to and from Manhattan is and the plan It is important that the main fea yet to come of its which just been taken tures of the some and electrical similar serves tend the which will make the necessary Plans have been worked out to ex system to embrace the remaining railroads of the Port and to extend the service to upper Man hattan Other parts of the Port now having direct rail road service have at present no need of the new sys toms the great cost of any remodeling and of real tem though it can be extended to embrace the whole estate the crowded area and the physical area tion from other Side but parts of the Port District isola Its West problem has long been under acute discussion even if it were satisfactorily solved the other sections would be left unprovided for if in the future this is found desirable The plan begins with a joint railroad yard east of the Croxton yard of the Erie Railroad matic electric line will pass the Hudson River to a The auto under Bergen hill and point in Manhattan at about 47th able St theh passing south by certain streets suit for terminal stations to Battery Place and by another set of terminals to the from there back The line will be minals sewers or the way of any hattan may A Man far below the surface in so existing ter water mains and will be out of future rapid transit system that Man special connection will be made with the New St and a yard will be built similar to the that one be can rental sets aside owner that in the event of sale for less than so the cost demolition the or portion of the a protect the principal of his it is obtained to as investment capital will not be im There is but one natural off set against de paired constructed of the in equipped and put in which If well located it growing value of the land will building has been erected that the occurs match the deterioration of the structure a possibility increase in the value of the site upon an often in New Jersey system proposed has a great advantage it the loss becomes considerable and to keep years pass terioration of structures and that is the require York Central Railroad at 60th The begins to deteriorate since constant use and the ele outside As the ments work destruction inside and himself whole the starting point the yard in New Jersey hattan that it will not interfere with Vol 112 CHBONICLE THE 1210 otherwise replacement fund is essential to protect the land hampering the opera present facilities This is important as at least three years would be required for its con struction The two main lines with their inde lord pendent elevators and platform at each terminal are sum operation without in any way Sinking funds are a common method of overcom tion of the against assurance an from accident on any disabling that might arise 78 freight more float car system the Subway The cost of cost would be 1 82 per ton as against 2 25 of the present float system above and the the basis of the 1918 prices on 5 interest beside this The real saving the investment would include on difference the incidental advan many tages of time gained in delivery the saving of ishable per articles avoiding interruption from fog and the like The eral one York Central Railway The Central s merchandise perishable foodstuff and a East new brought along the Harlem River yard and its other freight the West Shore Railroad over water front River gen express or to a newT It is also ural gas the front of lower are that dividends ed and if he has not had the a of Channel Improvement the Commission and the subjects of Highway Freight Handling Machinery Accessibility Repair Plants for These principles and customs are so well un pal derstood by bankers trustees of estates and large investors that well as But both the a ter will he fit himself for facts to lay out tion of the for the Their a on the basis of these better physical plan of organiza Port and third to work out a legal plan accomplishment of the result work tion and will is before the whose income is It intelligent and large minded attention ous The principle of amortization as Until Geo W applied to prop Alger in tlie Atlantic reports one fourth of Yorks goes to the dumps one third of the oranges nd onefifth of the eggs received are rotten and unsalable and an over earnings derived person be may deterioration is as reaches maturity both undergoing the building are Then begins what perhaps is the most joy No power age of development and until the prime of life reaches what is for him the top of one may foretell whether earning will be curtailed by sickness before it hence the should or accident long its height necessity for beginning the amortization to naturally reach at earn Disease is the senses the earning once his way sure just when the individual of com through life to deteriorate the as a and process body and dull building deteriorates and in time powers are lessened As the earning ca pacity declines there should be something available supplement the smaller earnings of the individual up to the old standard If the earner has amortized himself he is in the happy from outside sources position where an income makes him less dependent or perhaps entirely independent of his own earnings perishables received at the wholesale markets of New nually a far so period of existence the power upon something to round out the total income and keep it erty and indebtedness is well understood an in con stant practice As soon as a building is erected it the age professional efforts or building increasing earning to AMORTIZING ONESELF happy old body with all its faculties body and the mind process people for considera eventually be in the hands of the Port useful and dependent new a concerned the mences Authority for carrying into much needed effect should have a Particularly is this true of every man and woman the ladder second be he wage earner or employer young man when each person amor applied to oneself and the earlier accepts this truth and applies it to himself the bet looked first to get the facts y principle and the practice of tization should be in life by managers of corporations as argument is required to advocate their ap no Vessels the Barge Canal Harbor Pollution and possible War Emergencies have not been over The Commission had before it three definite tasks forethought to set aside portion of his income he will have lost his princi for river forward to the time when all of the assets will have become exhaust The human the paid out of the sale of are must look investor the and likened to Manhattan which has had the special attention practice for investors in land a common either from manual labor proposed be paid out companies to amortize their investments for reason assets tracks should then be removed changes investment in sinking fund at maturity The West Side yard east of the Hudson Extensive aside yearly for set companies timber companies mining oil and nat complete solu problem of the West Side tracks of the business would be diverted to be accurately determined just what be plication amplified plan offers the tion of the New should order that the entire indebtedness may system will than the present moving freight from the New Jersey yard Manhattan to per year It would cost while Railroad Elevated that it may so of the either line With 12 terminals in Manhattan the carry ing funded debts They have been figured to a nicety pounds of fruit and pounds of vegetables are carried by the dump scows to the sea But how may one range with some amortize himself He may ar reliable insurance company for the payment of annuities beginning at a fixed date some In respects this is the simplest method but it may March 26 bind the participant to future payments which he be unable to meet and he has no tangible asset may entirely within his own meet they arise emergencies Again V he as control and available to the on twenty payment plan which provides for the ment to the date which investment of assured at sum pay fixed a when paid would be available for sum so definite a to as yield income an One advan tage of this plan is that the fund comes to him after of experience which are likely to teach him years not to squander the money thus obtained and at a time of life when he has sound An excellent plan if money income in or mit the interest to be added a fixed percen savings bank and a per yearly to the principal difficulty with this method is that because there is not definite a the person make pressure bank meet obligation to be met at fixed date a interested will be in danger of failure to deposits either through negligence for the of his use for resources system is that the requirements in chase of some home a cases of emergency for the pur to engage or An account in a may And the in business savings bank might well be sup Whenever 1 000 is accumulated in savings the money be invested in bonds which will yield an income greater than the rate of interest paid by a high yield savings a bank but securities should be selected with safety rather than for a view of Among the ad vantages of securities is the greater return in the way for use as a collateral in case par appeals strongly to are purchased below par This lis an attraction which begin to amortize himself as soon as own way By he so goes doing strengthen his self respect and the esteem in which others hold and lessen certain to come him he will add to his independ anxiety over highest and best type tribulations which are THE UNITED STATES STEEL CORPORATION If the and steel trades no company is better prepared for it than the United States Steel Cor poration thought annual One is on a forcibly impressed with that study and analysis of the company s report for the calendar year received the present week The position of the company has long been one of exceptional strength and with the enlightened management that I It is not necessary able showing a no other company has wonderful record of successful results based wise and should serve to an as a that the income account say a very such commendable regularity had long apparent fore in that in the favor The quarterly statements issued with that and the complete what respect was As a report already known Yet the figures story they tell made ago annual are be impressive matter of fact the whole history and record of the corporation is impressive not only in the particulars already mentioned but in all other respects and fully warrant the superla tive form of those not expression we are using and which to acquainted with the facts might seem a piece of extravagance The great the vast its financial resources of the Corporation surplus accumulated during the period of existence illustrations of the truth of serve as these statements Take for example the expenditures of the Corporation new capital These have now aggregate falling but little short of an thousand million dollars This appears ment in the from a one state report saying that the total net amount expended since April the date of organiza Steel tion of the Corporation to January but including expenditures by the Tennessee Coal Iron Railroad Company from November only for additional construction and property equals The these most wonderful feature in connection with capital outlays is that they new are still be ing continued in huge amounts and yet in all recent years they have been carried out without the slight est addition to the indebtedness of the concern is the funded debt is truth The being steadily reduced heavy capital outlays During the under review the capital expenditures year less written off to Depreciation and Replace ment funds for investment cost of improvements and equipment dismantled and retired by all companies for the acquisition of additional property and for additions and extensions to was plants less credits for far sighted management the Its adminis bonded debenture and mortgage reduced through sinking fund operations and other processes of retiring debt in the sum of In like manner in the calendar year 1919 when the capital expenditures amounted to there of was a net decrease The truth is current assets mained a appropriation further income which 7 was Surplus account was for additional referred even to after the there re surplus of out of the aside out of income for there debt The remainder needed came of course property out of in In was specifically appropriated from surplus income vear s such they must set for the twelve months of 1920 makes vided on reason standard for all others further Surely if those di as example of corporate efficiency and prudent and lapse of each additional year that feature becomes emphasized world and it is with the idea that for that country faces a long period of depression in the iron The Steel Cor the largest indus recting its affairs had from the first been imbued Nevertheless OF as property sold aggregated no less than with old age REPORT in the concern debt ANNUAL believe still ranks we in face of these best every individual seems out into the world to make his ence ne many persons By whatever method he will wishes to at maturity the principal of the investor is increased should owner paid at are the loan When well secured bonds and trial of income and the availability of the securities gotiate the reached tyty plemented with the investment habit or of are other is always available to money money is obtainable without discount 500 through or One of the great advantages of the savings purpose employees and in provision for their welfare surpassed nowhere and its accounting methods merely emphasizes would faithfully adhere one it would be to deposit regularly tage of earnings a mind to a provide him with the requisite capital may The to what as in business for himself the insurance engage to judgment Or if he has constitutes safe investments of its is poration purchase life insurance may mi CHRONICLE THE carried forward to Undi In 1919 no amount was set new capital additions but surplus net income of which trative methods have been in accord with the best along with current assets was available for the pur modern pose standards its liberal policy in the treatment CHRONICLE THE 1212 Vol 112 According to the balance sheet the grand aggre surplus net income of of which as al gate of accumulated surplus at the end of 1920 stood ready noted was set aside to apply to at the appropriations for additional the This was imposing figure of amount too after having formally written off This for appropriations made from surplus net income tion to prior to January and is in addi of appropriations made out of net income since Of course Steel like other industrial undertakings the Corporation is carrying increased inventories but here again we see the Corporation s strength il lustrated and also the conservative in its policy pursued accumulated fund to serve creased from cover a substantial at which the in part of inventory items are additional an was set aside earnings and added to this fund which now amounts to absorb any and which is available to sudden and violent diminution in inven report also tells conditions which of us that owing to financial prevailed during the latter part 1920 the subsidiaries were required to carry increased amount of credits to customers ceivables Judge Gary points out that due from pendent ceive an these re totaling at December compared with is railroad the at a very 1919 of close considerable part companies and interests de them which have been unable to upon re currently guaranteed and other balances due them from the United States working capital locked up The total amount of in inventories receivables agents balances and accounts due from the U S Railroad Administration increased ing 1920 but the Corporation of culty in taking It is the strong while the duced care worth of the dur had course diffi no evidence of financial condition of the property that holdings of cash during the year were re they still stand at the large figure of Including this cash and the inventories and bills receivable already referred to of what marketable securities Bonds and are called sundry Treasury Certificates the total of the prodigious sum of 702 As against this the total of the current liabilities including payrolls and current accounts payable as tions prevailing referred to tend with the increased vances in labor rates and costs of the er chase from wise of costs had to course con arising from the ad freight rates and the high materials it raw required to was pur It was like outsiders especially fuel handicapped from April to July inclusive by the inadequate railway service then to be obtained due principally to strikes and shortage in fuel well as The suing Corporation a sup accrued taxes and accrued inter is well known has been pur as labor policy distinctly its own not only in the elaborate and well devised the welfare of the increasing And made On Feb wages previous advances numerous there in the year as average 7 00 be may salary stock dividend payable March on Dec no more than In other words the current assets exceed the current liabilities in amount of over Thus in three years 1917 day asmuch as times showing for 1920 it only necessary to say that the earnings before deducting interest sidiary companies on bonds and mortgages of sub were which with in 1919 com After the usual per no less than day cannot be an average 1920 the for the average pay employees has been raised three dol It is pointed out by Mr Gary that in the wage during the does not advances accrued at different the year average of 7 00 per day fully reflect the rate paid at the close of For the month of month it is stated the October average a representative rate of pay was 7 23 day while for the month of December it was 7 19 per day With income very war the Steel mous much smaller than during the Corporation income and no longer pays the enor profits taxes to the Federal war Government that it did while hostilities were for estimated Federal income and tax under Yet the income account for 1920 included 37 wray contributions and was out of As for the the excess In 1919 the amount large profits of when the Corporation was turning out amounts enormous poses With reference to the income to bring up the It compares with set aside for these taxes common aggregated was day of 6 17 in in 1918 and 4 16 in entire force of per was increases later employee to Certainly 7 00 day per top of the by reference to the re seen or wage per considered poor pay per still other were on further increase a The result of all this port provision made for employees but also in voluntarily and pares an deviated from the schedules never The company profits taxes payable in 1921 is prices The Steel Cor spring of 1919 est and the preferred stock dividend payable Feb but by year of schedules the by the Industrial Board of the Department of Commerce in the including U S Liberty Loan current assets reaches the nounced the good part of a adhering strictly to lars per same noting as additional some besides prevailing for plies tory valuations The outside steel producers many charging the extraordinarily high market prices ing to take advantage of the unusual market condi compared with such values at close of 1915 During 1920 obtained not by following the wras practice pursued by 1920 during the past five years a re unit values carried satisfactory showing of net income it should remembered poration seeking price stability and being unwill but against this total there has been con According to the report total management amount invested in inventories at the close of was be of January and property struction ness and was the huge of iron making sums a and steel for war pur large profit out of the busi then contributed by this great corporation in the shape of Federal taxes will long stand the as a record in profits of 1918 set aside for corporation history no account Out of less than was of Federal income and wrar liberal allowances for depreciation and replacement profits and funds there remained out of which to earnings of 1917 there was a similar appropriation pay dividends this comparing with in the year of 7 mon 1919 on The dividends payments at the rate the preferred stock and 5 stock took leaving on the even com then a of excess profits taxes while out of the For the four years combined there fore the contribution of this single corporation to the Federal Government for taxes less than wTas only a little V March THE CHRONICLE The RAILROAD GROSS AND NET EARNINGS FOR reviewed the 1920 totals there and net earnings gross the of United States railroads for the twelve months of the late calendar year and dismal exhibit In the found that they made present article and far from there being so showing the results The worse falling off month in 1920 reaches of the net case and in the much The amount of the gross there is gross higher in rates force as being loss of against in January 6 60 or stated is in face of the much higher freight rates in force the present the increase authorized Commission at the follows of was That this was so July The falling from the fact that the volume a year ago will be plain to every one cognizant of the condition of trade and business and informed to the reduction in the force of that has been going on all extraneous an falling off in the as shall we bound to were July s advance in wages by the Labor Board and with the shrinkage in nues as additional an burden the deduction of taxes our figures net before the being always basis for January 1921 is only for January 1920 will be as reve that on as against by the seen following Month of January Int or Dec earnings w Operating expenses that item Net earnings The true present year when drastic significance of the earnings instead In only six upon was so months ago kept plainly in view especially at this junc virtually wage every reductions last At the results for not be time it is important that comparison with overlooked a factor was one of special circumstance stance that should be for 1921 exceedingly are poor The in coincident employees speaks augmentation of 27 the notwithstanding expenses great much smaller force very less eloquently of the no conditions with which the the was only salvation through seeking to remedy that being their now reductions and the wage abolition of the national agreements for dealing with unskilled labor which are operation of the roads the award made proving costly iii the so It will be recalled that by by the Railroad Labor Board last was in amount of This an being found entirely Our compilation increase in the r fact that of gross January still responsibler for the It was confined magnitude of a cause too entirely to the the cause was gains then whose month operation of The bulk of the increase occurred in the mail carriers had a windfall of considerable ex this monthly as present year With gross revenues 1920 still keep expanding expenses matter of point it is only for larger than those month of a reduction in the force the expenses contracting while course that the net necessary earnings On that to say that gross revenue for January 1921 has yielded net no more than and this too before the deduction of the taxes in operating costs as In other words the result of the higher a rise wage schedules has been such that the expenses now con about sume 94 of the leaving the taxes gross entirely out of consideration How serious still appears of turns the more the some the of railroad roads most examine the re student of Let no important railroad systems because of the shrinkage in with the coincident continued augmentation in expenses penses England fell become notwithstanding the heroic efforts of their managers are traffic we has of this pregnant and dismal fact the country situation clearly when separate affairs lose sight revenues magnitude the ran over same January and the explanation was found in the fact that the overcome dwindling to insignificant proportions that single proving to after the great even employees in A means month to the a of the roads How difficult it is over swelled addition to the expenses is made apparent by the January 1919 ip the large amount of or 25 90 while in the net there was a gain of or less than no addition of an kept in mind in measuring the falling off in 1921 un carriers obliged to contend and which condition are of now in story of the falling off in traffic in eloquent have been of over was But entirely falling off of in the they ago It is this special circum January 1920 registered recorded The fortunate labor served a year which of the strikingly good months of the 1920 and the explanation of entirely missing the course in face of the tremendous increase in rates tells gross the now greatly to augment the extent of the falling off extent January themselves for the same other factor in the a of was apart from the adverse comparison with 1920 the in addition to the large January 1920 with which comparison is in and year present year should not be overlooked leading carrier is proposing adequately with the situation at its present critical stage made actual loss judging of the extent of the present year s falling special factor which served to swell the totals are year an off this to cope very of showing close to of about it follows one increase in improvement would have recorded dismissals of employees already referred to in order should eliminated there would have been 6 55 showing for the poor vastly better showing a confidently counted ture when for this were increase of only while the net1 gross an penses should be and net July the annual pay roll of the railroads Miles of road 1919 result a addition in that way gross shrinkage in traffic and the Expenses gross result of last a words both There however and as enlarged to the extent of this presently refer which likewise contributed to the increase other fashion was 1918 less than no railway employees circumstance to which estimate covering an years The 1919 the country with the over consequent growth in idleness also 23 at that time instead of the as and result of year as a much smaller than very This passenger by the Inter State Commerce close of last course of traffic 1920 for the speaking roughly With loss a Dec on reason corresponding for January 1921 is a the from In great deal a prodigious proportions in the even notwithstanding the improvement any actually are included was pay January decision of the Inter State Commerce Commis a was year Gross of a sion we mail at revenues accruing to the Railroad Administration present in the as back figures for the month of January of the current the off extraordinary addition to the mail that time followed from the fact that in the JANUARY A week ago we 1213 failing to This group is earn even conspicuously of roads short of The bare operating true New meeting its of ex the New Haven road expenses in short besides January 1921 the Boston Maine fell short and the Maine Central which Central of the also failed to earn Vermont the systems be may in fall country the no weather results the part in the poor having been extraordinarily present year the winter winter count for much in the never results the show ing for the separate roads is as poor as in any section and in Nashville is respects worse some one other The Louisville important system in the Southern which has failed to meet its ordinary running expenses and the Southern Ry has earned a mere trifle above the expenses while the Central of group M in Louis and enjoy the distinction of having failed Northwestern and Southwestern roads have fared Neither the Milwaukee St Paul Chicago North Western nor the Great ages Our do the Northern and the Northern Pacific man above expenses figures too it must always be borne in mind to show only a meagre sum not cluded take account of the taxes failure to earn With these in would extend to expenses virtually all the leading roads in the country It is this trate and situation last emphasize the desperate character of the and which makes drastic measures for the of the losses as absolutely compared with as The extent necessary a year ago has been already shown exaggerated by the large special contribution by way of the extra mail preceding there had been nothing to boast of in the January net earnings for pay a but even in the roads In the comparison with the inclusion in last year s totals of the year extra mail pay factor just ingly as a as counted of important course as an it did in the general totals and accord result of this and the shrinkage in traffic and combined the list of decreases in both the gross the net is long a In the following we show all one changes for the separate roads for amounts whether increases or in excess decreases and in and net GROSS EARNINGS IN JANUARY Decreases Increases Chicago Burl Quincy Chicago R I Pac 2 Delaware Hudson N Y N H Hartford Dela Lack Western Chicago North West Philadelphia Reading Southern Pacific 8 Elgin Joliet Eastern Missouri Pacific Chesapeake Ohio Michigan Centra Illinois Central Yazoo Miss Valley Norfolk Western Pere Marquette Lehigh Valley Boston Maine Cent RR of New Jersey Mo Kan Texas 2 Baltimore Ohio Central of Georgia Union RR of Penn Chicago St P M Virginian Seaboard Air Line Bessemer Lake Erie Denver Rio Grande Maine Central Cleve Cin Chic St L Florida East Coast Nash Chatt St Louis New York Connecting Wabash Western Maryland Pennsylvania Ry Co all controlling feature that serves to illus relief of the roads in in nothing further to say beyond what has is PRINCIPAL CHANGES IN has met its expenses miles of road in in in 1914 With reference to the returns of the separate there both gross expenses better in in in in in in several others no Q of earn Georgia the Nashville Chattanooga St to t Increase or Preceding Decrease S of already been pointed out Indeed in the South where the rigors mild Given S 1908 In remembered too that adverse played Decrease Nole r In 1908 the returns were based on Wheeling Lake Erie conditions Preceding Year Year mentioned the Pere Marquette Hocking Valley the Grand Rapids Indiana the Lake Erie Western the Toledo Ohio Central It should be Increase or January the and the Year Given 1907 category same Year 1906 The Lehigh Valley the Long Island RR and the Erie among others are conspicuous in this respect in the Middle States group while among Middle Western of Net Earnings Gross Earnings Year Numerous other roads in different parts expenses Vol 112 CHKONICLE THE 1314 years long previous time with only one or two exceptions Kansas City Southern New Orl Tex Mex 3 N Y Ontario Western Pittsburgh Lake Erie Mobile Ohio Duluth Winnipeg Pac West Jersey Seashore Indiana Harbor Belt Cent RR of New England Long Island Bangor Aroostook Toledo Ohio Central N Y Susq Western Kansas Okla Gulf Representing 35 roads in our compilation Western Pacific Chicago East Illinois Atlantic Coast Line Minn St Paul S S M El Paso Southwestern Chicago Great Western Hocking Valley Norfolk Southern Spokane Port Seattle Cine New Orl Tex Pac St Louis Southwest 2 Lake Erie Western Monongahela Connecting Georgia Southern Fla Bingham Garfield Rich Fred Potomac New Orleans Nor E D CT CLSeS Louisville Nashville Topeka S Fe Nevada Northern Tennessee Central Detroit Toledo Ironton 102 955 Great Northern Southern Railway Northwestern Pacific New York Central Northern Pacific Representing 59 roads Chicago Milw St Paul in our compilation Note All the figures in the above are on the basis of the returns filed with the Inter State Commerce Commission Where however these returns do not show the total for any system we have combined the separate roads so as to make the results conform as nearly as possible to those given in the statements furnished by the companies themselves a This is the result for the Pennsylvania RR incl the former Pennsyl vania Company and the Pittsburgh Cincinnati Chicago St Louis com bined the Pennsylvania RR reporting increase and the P C C St L decrease b These figures cover merely the operations of the New York Central itself Including the various auxiliary and controlled roads like the Michigan Central the Big Four c the whole going to form the New York Central System the result is a loss of Atch Union Pacific It is true that in January gains satisfactory recovery 1919 there had also been simply constituted these but and only partial recovery at that from the extreme losses weather sustained in January 1918 when the conditions encountered the were worst experienced in the entire history of railroading ip this country States was That the time when the United was engaged in the prosecution of the war against Germany and when intensely cold weather PRINCIPAL CHANGES IN NET prevailed with freight congestion and traffic em bargoes and reported blockades state the situation in a nutshell everywhere our compilations showed increase in and decrease in gross and summary year of the January back to 1906 we use no Below furnish we comparisons for each For 1911 for 1910 and for 1909 the totals of the Inter State Commerce Com mission but for the preceding sults less than just as registered by years we our own give the tables each Delaware Hudson Baltimore Ohio gross increase in net but following 11 decrease in net in January a To January 1919 re year Delaw Lack Western Central RR of N J New York Connecting Central RR of New Eng Union RR of Penn Mo Kan Texas 2 Norfolk Western West Jersey Seashore Louis 3 N Y Chicago St N O Texas Mexico N Y Ontario Western City Southern Wichita Fails No W Chicago Junction Kansas Okla Gulf Kansas years owing to the refusal at that time of some of give out monthly figures for publication nnn ne n Decreases Atch Top Santa New York Central Union Pacific 2 Fe 2 Chicago Burl Quincy Southern the roads to Representing 24 roads in our compilation arportion of the railroad mileage of the country being always unrepresented in the totals in these earlier EARNINGS IN JANUARY Dpcrpatp Increases Pennsylvania RR 2 StLouis SanFrancisco l Elgin Joliet Eastern Railway Snnthprn PaHfin Northern Northern Pacific N Y N H Hartford Chicago R I Pac Great Chicago Milw St Missouri Pacific Paul Chicago Northwest n Louisville Nashville Boston Maine Clev Cine Chic St L Atlantic Coast Line Maine Central Minn St Paul SSM Chic Eastern Illinois Chic St P Minn Om Denver Rio Grande Central of Georgia Pere Marquette Wabash Michigan Central Erie Cine New Orl Tex Pac El Paso Southwestern Hocking Valley Nashv Chatt St Louis Western Pacific Los Angeles Salt Lake Yazoo Miss Valley Chesapeake Ohio Internat Great North Seaboard Air Line March THE Decrease Richm Fred Potomac Chicago Great WestAlabama Great South n Lake Erie Western New Orl Northeastern Minneapolis St Louis Norfolk Southern Texas Long Island Pacific Central Vermont Lehigh New England189 277 Tennessee Central Representing68 roads in our 165 736 compilation Indianap Louisv This a Pacific Rapids Ind City Atlantic Spokane Port Seattle Chicago Alton Georgia South Fla Chic Grand Deer ease i Northwestern i CHRONICLE The combined the Pennsylvania RR reporting increase and the P C C St L decrease 5 These figures merely cover the operations of the New York Central itself Including the various auxiliary and controlled roads like the Michigan Central the Big Four c the result is a loss of arranged in are groups or geo graphical divisions according to their location it is found that every group with the exception of the Eastern and Middle group sustained a loss in gross and every group Our net without summary by any exception groups is as a loss in the follows January 1920 carloads against as and Omaha at In the South the roads had to contend with off in the cotton traffic well as a falling with acute business as depression arising out of the great decline in the price of the staple The cotton shipments overland 216 242 bales against 273 831 bales in Janu were bales in January and 275 573 bales in 1917 At the ary bales in Southern outports the receipts were only 550 190 against 901 596 bales in January 1920 and bales in January 1919 Gross Earnings Section or Group Inc or Dec January S S S Group l 9 roads New England Group 2 34 road3 East Middle Group 3 28 roads Middle West cars at Kansas City they reached 9 906 against cars bales SUMMARY BY GROUPS the other on comprised 29 141 carloads against 29 741 cago When the roads livestock movement somewhat smaller than in January last For the month this year the receipts at Chi ran year is the result for the Pennsylvania RR including the former Pennsylvania Company and the Pittsburgh Cincinnati Chicago St Louis Western hand in 1315 the will as by appear following Groups 4 Groups 6 Groups 8 Group 10 Total roads Southern roads Northwest roads Southwest r roads Pacific Coast roads Mileage January Group No Groups Nos Total of Galveston 1920 Inc or Dec s NOTE Group I includes all Bales Pensacola c Fla Savannah B pun wick Texas City c New Orleans Charleston 5 610 Georgetown c w Wilmington 3 610 Norfolk Newport News c Total of the New England States J Earnings Groups Nos Group No y January 1920 Mobile AND Ports 7 363d Group No Group No Groups Nos Net RECEIPTS OF COTTON AT SOUTHERN PORTS IN JANUARY Group II includes all of New York and Pennsylvania except that portion west Pittsburgh and Buffalo also all of New Jersey Delaware and Maryland and the extreme northern portion pf West Virginia Group III includes all of Ohio and Indiana all of Michigan except the northern peninsula and that portion of New York and Pennsylvania west of Buffalo and Pittsburgh AN OLD CONDITION BY A NEW NAME Groups IV and V combined include the Southern States south of the Ohio and east of the Mississippi River INVISIBLE GOVERNMENT ALLEGED Groups VI and VII combined include the northern peninsula of Michigan all of Minnesota Wisconsin Iowa and Illinois all of South Dakota and North Dakota A and Missouri north of St Louis and Kansas City also all of Montana Wyoming Nebraska together with Colorado north of a line parallel to the State line fore and passing through Denver of Denver the whole of Texas and the bulk of Louisiana and that portion of New north of a line running from the northwest corner of the State through Santa Fe and east of a line running from Santa Fe to El Paso Mexico Group X includes all of Washington Oregon Idaho California Nevada Utah and Arizona and the western part of New Mexico While merchandise and general traffic suffered heavy reduction by reason larger grain traffic ran a of the depression in trade Western roads on the other hand had the a advantage Even the wheat movement heavier than last year an d of barley and the four wheat corn oats combined the aggregate receipts for rye weeks ending Jan bushels the present year as bushels in the were against only corresponding four weeks of last The details of the Western usual form appear Jan 29 grain movement in in the table we now Flour Wheat ms bush Corn COO v Duluth Minneapolis Kansas City Omaha Indianapolis Total of All v form representatives in the Capital ready to any time in arriving at correct legislators at knowledge of conditions in law making discover the name though it has made to certain ences of the A an of L nor We do not in is the any list refer alleged building to be erected by farming interests are F temple there a taken for Perhaps these influ granted forever knocking at the What class has Congress to be heard efforts go seen down into disintegration raised the alarm cry Who the trusts the trusts now passed into desuetude The propaganda put forth by political industrial and labor classes is responsi As now unwise law And the individual s long as indefensible rights forces are not protected properly by Government they must de fend some aid and is Peoria in business life has long been in the grip of these of a variegated list of indus trial social and political organisms They have all ble for many an Detroit ernment is made up doors of Toledo cording to published reports of the statement which we reproduce on another page this Assistant Gov organization after organization each attempting col or Ac lective Government bush St Louis farmers a at now is bush Assistant What organization is Milwaukee the as It bush bush designated by the representative of ganization our introduce government Rye invisible Barley the Oats Chicago termed Washington namely the interests ence year WESTERN FLOUR AND GRAIN RECEIPTS Four weeks end has been found for what has hereto name been V Groups VIII and IX combined include all of Kansas Oklahoma Arkansas and Indian Territory Missouri south of St Louis and Kansas City Colorado south of new V Take taxation the people are to day It is so heavy a The wit and half wit of Senators and tives in extract jects Congress is strained to find a upon pal taxes dollar from toil and Representa new means trade and which to lay a tribute are burden that groaning and business is stunned new to ob State and munici everywhere increasing There is on part of every tax levying authority a dragnet cast out to draw into the coffers of Administration the As an example income tax law in the State of New York is taxed on income from property that possible source dollars from every in the a new resident not accord into it Pro non resident is taxed on all in the State and may or may never was continent and where time being brought out smaller Our entire confine the close The design being a goinV who delight in paying taxes There may There be some untold numbers who while they are take no the conceived in extravagance and waste and applied on effective not And while classes principle of getting the revenue by the whether equitable or means clamor for the control and even ownership of indus try and a population engages in war and then re fuses to demand disarmament and a creeping hate representatives of the so called peo in the bosom of ple meaning the poor by class contrast airily says pay and thereupoh forced to ac make the rich tion by imperative emergency these representa an proceed to enact a tax law conceded to be the tives history just so long there will be a flock worst in individual ing to Washington to try to preserve the States has point so much injustice exists in its to this come the United Taxation in business life 90 conceded of a three to four billion Federal tax bill for war past present question future that self defense demands a man pay only that which he must pay after careful interpre tation and in justice to his own interests Invariably appear While offerings of the month immediately preceding aim make statements our Size is not our aim and large Unless care is exercised to exclude all is completeness except such actually find a market the totals are as likely to run too large rather than exaggerate the them we themselves furnish no criterion of either accuracy totals in sues comprehensive very against swelling the totals be nevertheless to guard yond their true magnitude or after and purport to show we to too small that is to capital demands instead of reporting new It is proper to mention that though our inadequately is to cover the entire country it is obviously out purpose question to include every stock or bond that may be of the Minor issues of course have to be ignored since put out stupendous and otherwise the task would be altogether too furthermore the sources of information for the purpose are If for instance lacking out a tions or entirely by insiders knowledge taken are to to come sum regarding majority of cases is not likely ever However the omission of insig public notice is of little or this kind issues of since the small private corporation puts a bond issue and the new obliga a the matter in the great nificant consequence no total of them all will never reach any great aggregate A more important matter in our estimation is to eliminate the issues that are never carried to At times of success ferings are only tentative and when they do not meet with of they withdrawn and some other means employed are obtaining the In order to indicate in a desired money general way the plan we are pursuing in our compilations would say that we make every effort to we ments securities such to offered iu limit our state States United the as actually pass beyond the issuing corporation s control for a we FLOTATIONS CAPITAL NEW CURRENT We to show United States In capital flotations in the the current new each month other government financing as represented by the new stock and bond issues brought out occasion tabulations our On the present during the month cover the months of January and February and to make the figures additionally valuable and instructive years To the cier we furnish comparative figures for the two preceding and V authentic investor reliable and information with reference to current demands upon the investment and markets money obviously are Particularly is this true these now 2 offering bankers stated they had pur underwritten or Issues which while it was not claimed were directly purchased or underwritten a definite commitment their part on 3 the as offered by such banking were give practical assurance of houses to Subscription privileges extended to shareholders where right to subscribe to additional stock was of such value to make the taking of the additional stock a practical certainty student as well as to the banker and the finan the rigidly restricted to the following are Issues which the 1 chased it is intended to furnish words of corporate municipal and foreign summary a statements monthly hereafter and which are in to continue mean tended In pursuance to this practice our monetary consideration which begin to day the presentation of compilations of the utmost inasmuch as importance since the 4 Offerings by where assurance corporation of its a was securities direct own to be had that the securities had been sold On the other hand offerings of the following nature have war been excluded flotations capital new have assumed magnitude No such comprehensive pilations as we have in before in certain this It country publications to mind have has report long the and demands proposed some utility afford no the practice terialize that is never reaches guide to the large still born incorpora new figures capital where the even ma never get beyond the initiatory stage Furthermore the of but these though Many projects of this kind often capitalization com attempted capital new proceed further than the taking out of effect elaborate been tions each month in the different States not without tremendous been ever or charter being in a demands for new 1 was Offerings by brokers where it was uncertain if issue underwritten or only being sold on a commission basis and amount disposed of was not known 2 Offerings by corporations of their own securities di rect where it could not be ascertained whether or not the sold had been same Stated in brief totals embrace merely definite and our tangible flotations those that actually found a market and passed taken selves into the hands of investors and bankers thus arrived at definite we and sub divide fore information relating to new corporations or the filing analysis and study of certificates for the issuance of the total issue consisted of bonds how much service for More our bonds is of show the new some stock of the and bond month but these being hastily thrown together have necessarily ously advertised dealt merely with the been in the to the newspapers offerings and have States extends 3 000 miles allot the issues Equipment and the Iron panies Other and each class to those manufacturing and certain definite 2 Public Utility corporations related concerns Manufacturing concerns Industrial of notes and The groups comprise the following Coal Copper and Steel generally across under 1 Railroad corporations 3 in of closer Then we make a further sub division of enterprises conspicu the flotations in the New York market United limited and groups for the purpose In the first place wre show how much hojv much of stock recently summaries have appeared in issues each no purpose daily papers purporting to whereas or rules were segregate accordance with or The totals them by the owners of the enterprise capital come mainly from existing corporations and there of stocks renders it out the success and do not All the newspaper summaries on second day of the month or we in this city or even to the figures immediately present to of the month the first on apportionment so much wrong is imbedded in its causation more than offerings the to much a begin to day is to we the fact that And the subject that have come to our notice mean delight in it desire to do their duty But a spirit of resistance is born in honest men by unjust taxation tabulations the to course absorbed brought out on the Atlantic Seaboard those ceeding beyond this a State and country ourselves of though extent in purpose the cover smaller offerings are all the larger or aggregate besides centres other numerous are York of evidently to catch em a comin an there New ing to chance circumstances ever come income earned inside the Vol 112 CHKONICLE THE 1316 motor Manufacturing Motor com accessories companies Oil 1 March 26 companies THE Realty 10 concerns Shipping corporations and 12 Rubber CHRONICLE prises which latter includes everything not embraced der the other the following In groups un indicate just we what companies are included under each of the groups Railroads Steam panies and v Public roads and railroad steam terminal and bridge railways and electric light gas heating companies water power J V Iron Steel Coal Copper Etc Manufacturers of iron and steel bars sheets structural shapes wire etc coal and coke companies and pro ducers of V zinc etc copper Equipment Manufacturers Manufacturers of Motors and Accessories Consists excluding tire manufacturers which Other Industrial manufacturing and land finished v refining Realty Theatres industries included under rubber are into Oil Producing allied Manufacturing Companies Includes all companies materials raw where and products nqt included else v office apartments buildings farming and companies etc other rubber products and commercial and producers make we is made sents distinctive or other sub division one show how much of the total new case as knowledge goes to our A other refunding separate the obligation takes up what made from one is investments perma It may involve an appeal to the money market for the time being but it does not involve or the latter is concerned it any new additional demand upon the investment market as ity for the The record nishes ruary to a As far market March the had become among congested and time permit of their absorption of the summary new municipalities and ments in comparison importance of knowing the amounts put out for purely re funding purposes is made apparent by the table for it ap that large portion was for refunding in each of the a years in in 1920 and than further far additional below these in 1919 facts the largest by has reason had to on of be The following fur issues for January and Feb on behalf of foreign Govern with the corresponding two months FINANCING largely the V of a Short Capital Refunding Total JANUARY Municipal Total purposes in Contrariwise Foreign government the refunding Total explanation funding under the head of stocks ing there can be no refunding of capital stock re What often does happen however is the taking up of preferred stock with stock and common stock either common or in 1921 preferred is against in 1920 and were in 1919 Here also some striking features observablei financing by municipalities covering The new State and municipal issues item 1919 In the has become only in 1920 there was and Municipal their tax have steadily growing municipal issues was an increase to 111 distributions issues excellent become while rather made in demand on the by other prominent In soldiers to being are in features isssues have extensive ment been exempt State of a further increase to a bonus new reason for 1921 obligations of reason now are new aggregate of the the some by cases building of The placing oil foreign Govern obligations in the United States has also been of recent financing a fea In the two months of 1919 the only foreign Government loan floated was TotalJ W wA A A Britain and Ireland and this went to take up other issues in gated and in the It l FEBRUARY Corporate Foreign government T thus happens that and As MONTHS ENDED FEB Corporate Foreign government Municipal Total Total FEBRUARY Municipal lj Total Corporate Foreign government so the part of corporate undertak a greatly reduced scale aggregating only for 1921 against and financing issues for 1919 too applications has were changed represented The present year Last The character of the the year largely by capital new preferred stock with business depressed and prices declining preferred stock issues no longer command favor and to resort a bonds total of has been found of new necessary In 1920 financing by corpora tions exclusive of that for refunding consisted of stock issues notes and the remainder was made up of In bonds out of a total of only consisted of stocks and this and notes on behalf of the motor There has also been a change in the manufacturing companies have costly have been a or on capital largely was been or behalf of general industrial and undertakings point is more Last year the appeal corporations engaged in making motors accessories Another and investment markets 2JMONTHS ENDED FEB 28 Corporate Foreign government on concerned those were on character of the undertakings making appeals to the Foreign government Municipal were mainly by oil companies while bonds comprised JANUARY Corporate Total applications as are out of Total the new capital flotations municipalities and the placing of foreign loans here far for Total aggre large in 1921 because of the increase in borrowing by States ings foreign Government loans placed here JANUARY Corporate Foreign government Municipal the year 5 gold bonds of the United Kingdom of Great Municipal A word Of course strictly speak MONTHS ENDED FEB 28 Foreign government which be desirable with reference to the may by bonds re than no more in 1921 this be Municipal Municipal of the ing mainly by railroads and public utility concerns of as maturing old in 1919 increased to in 1920 and has run up to Corporate notes took up new fupding was by the issue of notes and in 1921 amounted to only then was the large amount Municipal of as in the main financing On the other hand in 1920 only notes ture Foreign government FEBRUARY was out reference refunding Corporate Ml term with the less no statement done through the issue of notes and was matter of fact some of the too Corporate In 1919 Accordingly vogue highways and good roads New learned are refunding operations detailed corporate financing wTas concerned as hand the issues of notes bonds and stocks the new capital flotations SUMMARY OF CORPORATE FOREIGN GOVERNMENT AND MUNICIPAL From security new last year of The sometimes issued to provide means to take up bonds or notes this year comprising the offerings by corporations by and year months a new secur greatly reduced scale but during Jan on a previous offerings heavy allowed two same Eliminating the amounts put out in retirement of existing of and February the offerings were these and simply substitutes month current issues have been uary in the with 1919 the period immediately succeeding the armistice old one an During as the already outstanding and therefore adds nothing to the total of nent repre impor a very tant distinction and yet no attempt has ever been far but 52 million dollars less than the huge or refunding for corporate capital and how much This is obviously find that the oper That is we issue in each new applications for purely for refunding was comparing still largely of thel packing industry distributing organizations up we doubt any to the actual for the two months of 1921 aggregated flotations by means of note issues tires of Miscellaneous This group Finally was After sifting as offerings in the corresponding two months of last to Shipping Shipping and related industries including steamship ating companies shipbuilders repair and dry dock companies etc sugar capital transporting and marketing hotels Rubber Manufacturers raw placement of which there pears railway equipment automobile of everything down and eliminating offerings com vS j Utilities Street These figures are worthy of careful study concerns Miscellaneous enter izn The present the year oil foremost worth noting Borrowing has grown In other words the new bond and note issues offered at prices and rates of interest considerably higher return to the purchasers yielding As illus THE 1218 trations we mention may CHRONICLE Southern California Edison the Co which in January 1919 sold of its General 6 bonds and Refunding Mortgage found it in necessary floating on a 6 16 basis but additional block of the an issue in February 1921 to offer a return same the investor attract of 7 10 to 1919 the In January and February siderably VOL 112 more for the of 15 year bonds on a similar issues of the Western were they money Two years ago the Illinois Pennsylvania placed at a obtained the necessary funds at and Similarly railroads of the highest credit must now pay con dustrial 7 whereas not Chicago issue North Some of our concerns Oil Corporation ricultural a company 4 to 5 Among the in of such standing as the Gulf recently paid 7 and the American Ag Chemical Co 7 STATES they could have many years ago STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED COMPARATIVE an strongest railroad companies have been obliged recently to 7 25 while the 16 public utility bond issues shown in our table for January and February 1921 ranged in yield from 7 10 to 8 15 between 5 80 and price to net 6 58 borrow at ranged raise to basis to yield 5 while this year yields of 21 public utility bond issues included in our com pilation undertake Central RR brought out JANUARY Total Refunding New Capital New Capital Refunding Total New Capital Total Refunding Bonds S21 190 42C Public Iron uti itics coal copper c steel accessories and Motors JOC manufacturing companies Other Industrial and Oil Realty IIZZIIII u cr boo Rubber Shipping M iscelianeo Total bonds SJS VS NotesRailroads Pu utilities c accessories Industrial and manufacturing companies Mo t s and Othe s Yso odd Oil mood Realcx mi i7o ob 666 Misc 1 neous Total notes boo Stocks Public utilities boo b i o o manufacturers Equipment accessories Motors and Oil Realty Other industrial and manufacturing companies Rubber Sh nnlng M eellaneous Total stocks boo Total Railroads Public utilities accessories Motors and manufacturing companies Realty Shipping Total corporate bob boo securities M iscellaneous Other industrial and Oil Rubber coal copper c Equipment manufacturers Iron steel FEBRUARY New Capital Refunding Total New Capital Refunding Total New Capital Refunding Total Bonds Railroads Public utilities c Equipment manufacturers Iron steel coal copper Motors accessories and Other industrial and manu acturing companies Oil Realty Rubber boo bbb 666 n i Shlpping o o o ob766o COO Miscellaneous b o bb S i2 o ob 666 i bb766o Total bonds NotesRailroads Pub lc uti ities b iVioo ood accessories and Other industrial and manufacturing companies 17 boo b o boo 000 manufacturers Equipment Motors Iron steel coal copper c i3 bo Rubber Shipping boo boo S S S bob Miscellaneous 1 Total not StocksRailroads Public utilities Iron steel coal copDer fcc Motors manufacturers Equipment and sco ooo accessories Other industrial and manufacturing companies Oil Realty Rubber Shipping Miscellaneous Total stocks O S S TotalRailroads Public utilities Iron steel coal copper c Equipment Motors and manufacturers accessories Other industrial and manufacturing companies Oil Realty Shipping Miscellaneous corporate securities O O 6O6 Rubber Total March THE CHRONICLE TWO MONTHS ENDED FEBRUARY New Capital Refunding Total New Capital Refunding Total New Capital Refunding Total 1 Bonds Railroads Public utilities Motors and accessories Other industrial and manufacturing companies Oil Realty Rubber Notes Railroads Shipping Total bonds Iron steel coal copper c Equipment manufacturers Other industrial and manufacturing companies eoo ooo Oil O O i i o o i6 obo Public utilities Iron steel coal copper c Equipment manufacturers Motors and Realty aorp ssorles Rubber Total S i oo o 666 Shipping Miscellaneous notes Stocks f o66 66o Railroads Public utilities Iron steel coal copper c Equipment manufacturers Motors and accessories Other industrial and manufacturing companies io 6 o o Oil y Re ty Rubber Shipping Miscellaneous Total stocks TotalRailroads Public utilities Iron steel coal copper c Equipment manufacturers Motors and accessories Other industrial and manufacturing companies Oil Realty Rubber Total corporate securities OF NEW CAPITAL DETAILS Shipping Miscellaneous FLOTATIONS DURING JANUARY AND V FEBRUARY 1921 JANUARY BONDS To Yield Amount Purpose of Issue Price About Railroad Refunding other corp purposes 7 00 Grand Trunk Ry of Canada 6 eq tr ctfs F 1936 Offered by Dillon Read Co Natlona 1 City Co Guaranty Co of N Y Blair Co Inc Lee Higginson Co Bankers Trust Co Con tinental Commercial Trust Savings Bank and Union Trust Co of Pittsburgh 6 58 Pennsylvania RR sec 6 s 1936 Offered by Kuhn Loeb Co Nat l City Co Guaranty Co of N Y Dillon Read Co Harris Forbes Co Kidder Peabody Co Lee Higginson Co Blair Co Inc Cassatt Co Union Tr Co of PIttsb and Cont l Comm l Tr Sav Bk Chic Public Utilities Improvements and extensions 400 000 Additions and improvements 500 000 Fund capital expenditures Refunding fund floating debt Construction Company and Issue and by Whom Offered New equipment Empire DIst Elec Co 1st L G 8s 1949 Offered by Halsey Stuart Co and Arthur Perry Co 7 80 Iowa Ry Light Co 1st ref M 7s 1932 Offered by Harris Trust Savings Bank 7 20 Maritime Tel Tel Co Ltd ref 7s 1945 Offered Extensions 000 To reduce floating debt Extensions and improvements Northwestern Bell Telep Co 1st M 7s A K Additions extensions c 8 00 Mississippi River Power Co 96M expenditures 97H Ohio Power Co 1st ref M A 7s 1951 Offered by Dillon Read and Continental Commercial Trust Savings Bank 91M 90H 7 10 Palo Verde Mutual Water Co 1st M 6s Offered by Wm R Staats Co Los Angele3 Pittsfield Electric Co l t M 6s 1933 Offered by Company 7 30 Utah Power Light Co 1st L G M 7s 1941 Offered by Harris Forbes Co and Coffin Burr by Harris Forbes Co and Royal Sec Corp Ltd s f deb 7s 1935 Offered by Kidder Peabody Co Stone Webster Inc Estabrook Co and Parkinson Burr Offered by J P Morgan Co Kuhn Loeb Co Kidder Peabody Co First Nat Bank N Y National City Co Bankers Trust Co Guaranty Co of N Y Harris Forbes Co and Lee Higginson Co 97 Co Lee Higginson Co Iron Steel Coal Copper c Construction of new plant Refunding capital expenditures La Salle Steel Co 1st M 8s 1930 Offered by Hyney Emerson Co and Tilden Tilden 7 40 Steel Tube Co of America gen 8s C 1951 Offered by Dillon Read Co 95 H Other Industrial and Manu facturing Liquidate bank loans Additional capital refunding Reduce current liab working cap Additions and betterments 99 H Real estate mortgage Reduce current liab working cap 8 00 Altorfer Bros Co 1st M sinking fund 8s 1930 Offered 7 75 American Agricultural Chemical Co 1st ref 7Hs Black Decker Mfg Co lstM conv 8s 1930 Offered by 8 00 Continental Portland Cement Co 1st M 8s H by Elston Co Chicago Offered by Lee Higginson Co Baker Watts Co and Fidelity Sec Corp Offered by Mark C Steinberg Co and Pape Potter Kaufman Inc 7 00 Dallas Brass Copper Co Bldg 1st M real est 6s Offered by Central Tr Co of Illinois 8 00 La Crosse Plow Co 1st M Offered by Stanley Blssell To net Oil Reduce current liabilities c 6 50 Atlantic Refining Co Acquisitions refunding c Extend plant operations deb Offered by Brown Bros Co White Weld Co Graham Parsons Co Redmond Co and Equitable Trust Co of N Y 8 45 Barnsdall Corp sink fund conv 8s 1931 Offered by Lee Higginson Co 7 00 Raritan Refining Co participating 7s 1929 Offered by company to stockholders offered by Hell wig Reutter Unsold portion Realty Real estate mortgage To yield 7 00 Berknor Realty Co 1st M leasehold 6s Offered by Tillotson Wolcott Co 8 00 Capital Theatre and Office Building 1st M leasehold 7s Offered by Farson Son Co 6 00 Coyne Cromwell Comm l Bldg 1st M r e 6s Offered by Greenebaum Sons Bk Tr Co 99 80 to From 8 to 7 Le Roye Percy 1st M plantation 714s Offered by Wm R Cornpton Co Miscellaneous Corporate To yield 7 00 Agar Provision Co 1st M 6s purposes Offered by Union Trust Co Chicago notes Railroad New equipment To yield 6 Long Island RR 6 equip tr ctfs Offered by Plympton Gardiner Co Cassatt Co Paine Webber Co and Strother Brogden Co Public Utilities Refunding Extension improvements c Refunding Refunding corporate purposes Acquisitions extensions additions Refunding working capital Oklahoma Ry 8s 1928 Offered by Mississippi Valley Trust Co 8 30 Southwestern Power Lt Co bond sec 8s 1941 Bonbright Co Inc and Halsey Stuart Co Inc 8 30 United Gas Improvement Co 8s 1923 O fe ed by Drexel Co and Harris Forbes Co I 7H United Rys Elec Co of Bait sec 714s 1931 Offered by Alex Brown Sons 7 50 Washington Gas Light Co 714s 1926 Offe ed by Crane Parrls Co 9 00 Wisconsin Minnesota Lt Pr Co 8s 1922 Offered by Paine Webber Co Other Industrial and Man ufacturlng Reduce curr liabil work capital Refunding working capital c 99 X 8 00 Grand Rapids Brass Co 8s Hercules Corp 8s 1936 Offered by Stanley Bissell Offered by P W Chapman Co and A B Leach Co Inc Oil Acquisition develop of prop c 95 Realty Real estate mortgage to SO Empire Gas Fuel Co secured 8s 1924 Offered by Henry L Doherty k Co 7K P J S Montgomery 1st M 7s Offered by Wm R Staats Co Miscellaneous RetPe bank loans development Atlantic Fruit Co conv 8s 1926 Offered by company to stockholders underwritten Additions extensions c Approx 10 basis International Products Co 8s 1922 Offered by company to stockholders underwritten Reduce curr liabil work capital Selznick Corp coll tr s f 8s 1931 Offered by Utica Investment Co Vol 112 CHRONICLE THE 1220 stocks Par or No a Involved Purpose of Issue of Shares To Yield Price Amount Share per Company and Issue and by Whom Offered About Utilities Public Offered by company to consumers Offered by company to customers Offered by H C Warren A Co Inc Chas W Scranton Co Richter A Co and Hincks Bros A Co C Los Angeles Gas Elec Corp 6 cum pref SI Additions and betterments Additions Improvements Ac Plant additions 7 50 Pacific Gas A Elec Co Other Industrial Man ufacturing and blO Farr Working capital Additional capital Working capital Additional capital 1st pref Southern New England Telep Co capital stock 104 Offered by company to stockholders Alpaca Co capital stock Offered by Straus Bros Co Offered by company to stockholders Offered by company 8 00 Sldway Mercantile Co 8 cum pref Whitlock Coil Pipe Co capital stock Wizard Check Endorser A Printing Mach Co 7 pref Oil Development of proper ties Mid Colombia Oil A Development Co capital stock ers of Transcontinental Oil Co Underwritten Acquisition of additional property Take over So Pac oil lands Miscellaneous Additional capital Working capital Shares of no par value a 8 00 J Hungerford Smith Co 8 S F and Albany 100 Preferred stocks are taken at par while in tbe case of common Btocks the amount FEBRUARY fev V K Offered by Stephens A Co pref Offered by Edie Sweet Richards Boston City of Paris Dry Goods Co common Offered by company to stockhold Middle States Oil Co capital stock Offered by company to stockholders Underwritten Pacific Oil Co capital stock Offered by Southern Pacific Company to stockholders is based on the offering price f VV bonds v To Yield Railroad Company and Issue and by Whom Offered About Price Purpose of Issue Amount Offered by Kuhn Loeb A Co privately Central of Georgia Ry 6M eq tr ctfs M Offered by Kuhn Loeb A Co and National City Co 6 58 Chicago A North Western secured 6Ms 1936 Offered by J P Morgan A Co 6M Louisville A Nashville eq tr 6Ms D Missouri Pacific eq tr 6Ms A Placed privately Offered by Kuhn Loeb A Co Nashville Chattanooga A St L 1st cons 5s 1928 Placed privately Offered by Clark Dodge A Co Paris Orleans RR 6 bonds up to Offered by A Iselin A Co Halsey Stuart A Co Hemp hill Noyes A Co 99 Offered by Dillon Read A Co 7 United Rys of the Havana A Regla Warehouses eq tr 7Ms 1936 Placed New equipment Refunding New equipment T 99 H New equipment Refunding Fes New equip Ac v New equipment Public Utilities Offered by Potter Bros A Co and Coffin A Burr Inc 7M Cohoes Power A Lt Co 1st 6s 1929 Idaho Power Co 1st Hen A gen 7s B 1947 Offered by Harris Forbes A Co Coffin A Burr Additions and betterments Additions and extensions 750 000 Acquisitions M Inc Lake Shore Motor Bus Co 1st s f 8s H Capital expenditures Additions and extensions Extensions Offered by Stanwood A Co Offered by Tucker Anthony A Co Milwaukee Coke A Gas Co 1st coll 7Ms Offered by Dillon Read A Co Oklahoma Gas A Elec 1st A ref 7Ms 1941 Offered by Bonbright A Co Inc E H Rollins A Sons Spencer Trask A Co Federal Securities Corp H M Byllesby A Co Inc Pennsylvania Pow A Lt 1st A ref 7s A 1951 Offered by Guaranty Co of N Y Harrls Forbes A Co Halsey Stuart A Co and Brown Bros A Co Portland Ore Gas A Coke 1st lien A gen 7s of 1940 Offered by Harris Forbes A Co Southern California Edison gen A ref 6s 1944 Offered by Harris Forbes A Co E H j Rollins A Sons National City Co 7 30 Manchester Trac Lt A Pwr 1st ref 7s a Refunding Capital expenditures Refunding extensions A additions 7M 87M X 7 40 Follansbee Bros Co 1st 7s Iron Steel Coal Copper c Refunding addns wk cap Equipment Manufacturers New equipment Motors and Offered by First National Bank Pittsb J H Holmes A Co Accessories Other Industrial and Manufact Additional facilities work cap Erect mill working capital Ret bk loans new cereal plant a co Offered by Central Tr Co of 111 Hambleton Stewart Warner Speedometer conv 8s Acquis capital expends Ac on i Offered by Stlx A Co First Nat l Bank Sharon Pa 7M Standard Tank Car eq tr 7Ms TC uring 8 20 Davison Chemical Co 98 M 100 s f deb 8s 1936 Offered by Blair A Co Inc Oil7 X Gulf Oil Corp s f deb 7s 1933 Offered by Union Tr Co of Pittsb Guaranty Co of N Y Bankers Tr Co Nat City Co Mellon Nat Bank Offered by King Hoagland A Co Bolger Mosser A WlllaSH Mid Co Petroleum Co 1st 8s man Chandler A Co Inc Howe Snow Corrigan A Bertles 6 67 Tide Water Oil Co 6M s 1931 Offered by J P Morgan A Co First Nat Bank Nat City Co Refunding capital expenditures 99H 96H Fund floating debt working capital Fund current debt add l facilities 98M Realty Real estate mortgage Price on Farm loan 160 000 Farm loan Stephens A Co applica n Bay Farm Island Inc 1st 7s Clover Hill Plantation 1st 7s Offered by First Tr A Savs Bank Chicago Rosedale Plantation 1st M plantation 8s Offered by Wm R ComptonJCo i Shipping Glen Transportation Co Ltd 1st marine 8s Mortgage on vessel Offered by Tillotson A Wolcott Co Miscellaneous Farm loan 300 000 Farm loan Fruit Co 1st 7Ms Offered by Bond A Goodwin Blyth Witter A Co 7M California Orchards A Vineyards Inc 1st 7Ms Offered by Girvin A Miller 7 M Arlington Heights notes S Railroad New equipment to New equipment M 6 40 Minn St Paul A Sault Ste Marie equip 6Ms J Offered by Dillon Read A Co Offered by National City Co yield 7 6 75 Western Maryland Ry equip 7s Public Utilities Additional trackage Offered by Company to employees and customers conv 8s 1931 Offered by Federal Securities Corp H M Byllesby Bonbright A Co Inc Spencer Trask A Co E H Rollins A Sons Portland Ry Lt A Power Co 8s 1926 Offered by company to employeesjand customers Galveston Houston Elec Co 8s M Oklahoma Gas A Elec secured 96M Refunding exts A additions A Co Inc Additions and Improvements Iron Steel Coal Copper c Copper Export Assn Inc secured 8s Finance export of copper Guaranty Co of N Y Nat l City Co Kidder Halsey Stuart A Co Union Tr Co A Savs Bk Illinois Tr Peabody A Co Lee Higginson A Co Dillon Read A Co of Pittsb Mellon Nat l Bank Cont A Comm Tr A Savs Bank First Tr A Savs Bank Other Industrial and Man ufacturing Capital expenditures Fund current liabilities Additional working capital 500 000 Fund floating debt 7 8 Aluminum Goods Mfg Co s f 7Ms 1931 Cont a Comm Tr a Savs Bank 99 Offered by Union Tr Co of Pittsb First Wisconsin Co 7 65 Deere A Co 7Ms 1931 Offered by Central Tr Co of 111 Guaranty Co of N y SH De Laval Separator Co 8s 1931 Offered by Dominick A Dominick White Weld A Co Evans A Howard Fire Brick Co 1st real estate 6s l 6 Offered by Mercantile Trust Co 98 M 100 St L Oil Purchase crude oil Ac Refunding Empire Oil Purchasing Co participating 7s 1923 Offered by H L Doherty A Co 7s 1931 Offered by Blyth Witter a Co 7 10 General Petroleum Corp 99H Miscellaneous Refunding 100 7M Wheeler Timber Co San Fran secured 7Ms 1926 Offered by Lumbermen s Trust Co stocks Par or No of Shares a Purpose of Issue Amount Price Involved To Yield Share per Company and Issue and by Whom Offered About Public Utilities Additional capital Motors and at par 100 United Illuminating capital stock Offered by company to stockholders at Yellow Cab Mfg Offered by company to stockholders of Walden W Accessories Additional working capital par 10 Shaw and Other Construct Industrial Corp Man ufacturing Additions improvements Ac Class B stock nill corporate purposes 100 b96 Che3cbrough Mfg Co 7 cum pref Offered by company to stockholders underwritten 8 33 Vermont Milling Products 8 cum pref Offered by Barstow Hill A Co Miscellaneous Acq A develop sugar properties at par S25 Caribbean Sugar capital stock by sh pref jConstruct and equip theatre l Equipment and working capital Richardson Hill A 1 100 Circle Theatre Corp sh com J at par 100 Offered by United Drug Co to stockholders underwritten Co cum pref Offered by E T Wiley A Co Inc Baltimore do Common Southeastern Express Co capital stock Offered by do do company b With a 10 bonus In common a Preferred stocks are taken at par while in the case of common stocks the amount is based on the offering price do March THE CHRONICLE FOREIGN GOVERNMENT JANUARY 1321 LOANS 1921 To Yield Amount Issue Price About L S Belgium Kingdom of External Loan 20 year 8 s f gold bonds J due Feb Danish Consolidated Municipal Loan 25 year 8 s f external gold bonds due Feb Offered by 1 r P Morgan Co Guaranty Co of N Y First National Bank N Y National City Co N Y National Bank of Commerce in N Y Bankers Trust Co Chase National Bank Liberty National Bank Central Union Trust Co of N Y Lee Higginson C t Kidder Peabody Co Dillon Read Co Harris Forbes Co Halsey Stuart Co Continental Co mmercia 1 Trust Savings Bank Chicago Central Trust Co of Illinois Chicago First Trust Savings Bank Chicago and Illinois Trust Savings Bank Chicago 8 29 National City Co New York FEBRUARY 1921 To Yield Amount Issue Y Y X Price About Yv Y Y Offered by Republic of 20 year sinking fund gold bonds Feb J P Morgan Co Kuhn Loeb Co National City Co N Y Forbes Co and First National Bank N Y due 1941 uxvmt 99 gvents and CjisettssimK CLOSING A CONTINUED OFFERING OF BRITISH TREASURY The usual offering of ninety day British Treasury bills disposed of this week by J P Morgan Co on a dis basis count of 6 the rate which time past some OF has been in The bills in this week s offerings effect are AMERICAN F It EX C11 The 4 7 French this week on dated TREASURY BILLS discount March 25 basis Banking Corporation at Port advices disposed The of bills offered DEUTSCHE BANK YY U V V V TO GERMAN BILL RATE the on March 10 March 11 In the our on unfunded debt and if Bank authorities with Mr Chamberlain a I so view to a reduction of 1 in the have if representations could be made to the early reduction to 6 I anything explained to the House than more now once TARY consultation that the time safely be made in the rate for Treasury bills As from to morrow therefore the rate of discount at which three months when reduction a Treasury bills will be on can sale will be 6 and twelve months bills will also be put on sale at the same rate The interest rate was The Allied Germany to stipulated at Amsterdam INDEMNITY GERMANY S UNITED Reparations STATES Commission in calling upon X 0 gold francs by March 23 indicate in another article that the money pay as we deposited with the Bank of France the Bank of England or the Federal Reserve Banks in the United States lowered on the 11th inst Yi of 1 bringing it down to 6 this representing the first change since April of last year Associated money March 16 Press said Inclusion by as a dispatches As to depository for the from Washington YNY the Allied Reparations Commission of the American Fed eral Reserve banks ments Treasury bills 011 GERMAN the naming of the Federal Reserve desire however to take this opportunity of informing the House that come FOR RESOURCES IN the I have decided after careful consideration and has branch be considerations governing Bank rate and Treasury bill rate respectively and cannot add new NAMING OF FEDERAL RESERVE BANKS AS DEPOSI evening Lieut Col Assheton Pownall an a combines its interests with those of the Becker company about annually on the interest payable save June of Commerce from says respecting the lowering asked the Chancellor of the Exchequer whether Bank rate would Deutsche Bank will open in 23 Huettenwerke having lost Works in Lorraine has bought the Reinholdhuette near Crefeld from the Becker Steel Works It now are of Commons last House March BRANCH The Rombacher furnished in the following which take from the London Financial News of the 11th inst on DUTCH COMBINE Exchequer in Treasury bill rate by the Bank of England made effective we BANK ENGLAND The remarks of the British Chancellor of the the House of Commons BY OPEN STEEL special cablegram to the Journal The OF March 10 The first consequence of the embargo laid on German custom receipts is that orders amounting to marks which had been given to works in the Rhine iron and steel districts canceled were of TREASURY Bank of Canada at Port RECEIPTS A IN Prince has been closed and its au From Frankfort on the Main the Journal of Commerce Frankfort on the Main REDUCTION 1 by foreign firms have been p o c ninety day Treasury bills a IN HAITI said EFFECT OF EMBA RGO ON GERM A N CUSTOMS for CONTINUED 18 cablegram received from the American Minister at Port au Prince dated March reports that the branch of the American dated 1 OX BANK Reports of March reported the following RATE Guaranty Co of N Y Harris business transferred to the branch of the Royal au Prince March 21 of Haiti Foreign BILLS are 3 VYX Commerce was Chile optional depositary for German indemnity pay brought from Treasury officials to night the statement that the Com as an mission possibly had two purposes in view First To enable the which it is said to hold German Government to call upon vast credits through private agents in the United States Second To employ in favor of the Allied Governments the tremendous difference in exchange rates Information gathered by the Reserve banks was said to show that since the armistice OPERATION OF THE NATIONAL EXCHANGE INSTI run Rome ported Assistant the on Department of Commerce Exchange Institute which supervise and was at A Osborne at Washington was formed in December 1917 Italy s financial dealings with other countries originally authorized to continue its activities up to six months control fqllow ing the end of the war The date of the war s cessation was officially de termined last autumn as Oct Accordingly by the terms of the decree which first chartered the Institute the latter would have automati cally gone out of existence April Jan 24 and published in the Gazzetta By Royal Decree No 8 dated Ufficiale of Jan 26 the life of the institute is to be prolonged beyond April 30 next for an indefinite period until the exchange conditions that require its supervision no longer exist In addition to extending the existence of the makes some changes in the organization stitute which was formed Institute this recent decree Formerly the stock in the In banking corporation to deal in foreign ex change under the close control of the Government was held by the four as a principal credit institutions of the country ail of which were represented on Hereafter they will nob have such representation Under the changed regime the board of directors will consist of six members the board of directors The in the Director General of the Treasury the Director General of Credit Ministry of Industry and Commerce a representative of the office of the Attorney General and issue Banca d ltalia Banco di Napoli and Banco di Sicilia one deleagte from each of the three banks of other modifications the National With few Exchange Institute will continue use to func There had been its no ment s banks would tions were sion s proposal several serve as concerned as the reparations note forwarded to The mere fact that this Govern practically neutral territory was not accepted as the full reason although the Reserve banks have acted foreign Governments since the beginning of the Some S is ment of the now so Germany although a far as repara for the Commis as depositaries for war held for foreign Governments the weekly state Federal Reserve Board shows and to receive technical enemy that additional credit to the nations would mean a deposit from only the placing of designated by the Commission Officials gave no explanation of methods employed by the Germans in building up their supply of funds in this country It was said that their Government had used similar tactics in Holland in the Scandinavian tries and more British that the In some lately in London after assurance coun had been given by the deposits would not be confiscated quarters it was believed that Allied intelligence agents had dis covered the existence of the German funds here and that the Commission had acted payments the feeling that Germany would use the money in indemnity The suggestion also was made th t Germany might attempt States in which case the shipment of gold to Europe on to borrow in the United would react favorably on the exchange situation now strongly against all the Allied nations No information has reached the Treasury however it indicate financial houses here would intimation given the United States Government that banking system might be employed Berlin to day suggested officials stated tion in general as it does at the present time subject of course to future fit to make sum into many millions This money it was said was presumed to be for in Germany s future trade much of which would centre in the United changes the Government may see States national No approximate States re March 15 the receipt of the following information The National to Trade Commissioner A of individuals names estimate of the amount could be obtained but officials said the TUTE IN ITALY EXTENDED From Germany has been amassing credits in United banks holding the funds in the that was said that would Germany had sought ot would seek loans through private the vast resources which to Conflicting accounts as marks of In gold coin Germans due the Reparations of payment means on the Commission will hear other than in money but it wants marks gold demanded by May 1 as As for the other balance of then called for reply will constitute a Paris papers point out that this the way for an extension of the penalties against Germany which says that Germany must pay during 1919 refusal will open Article 225 of the Treaty the sum of marks Commission as equivalent is cited by the the gold or its ample justification for its demand of 1921 in the manner called for by 1920 and the first four months Reparations Commission just made on Berlin It is true that Article XII Annex II of the reparations into the United States as approve chapter of the amount of marks bonds not paid by May 1 shall be cared for by an issue of interest bearing bonds for the noninterest bearing bonds now held by the Commission But the Commission contends that Article 235 upon which this section depends clearly gives it what proportion of the remain unpaid on May 1 lowed to It may be recalled that Germany has these provisions marks shall be al suggested referring to arbitration it was empowered to construe In the meanwhile the representatives of the devastated regions are de of the billion marks be turned over at The Times also rate of exchange As most of the has resulted in exports printed on March 18 the following local assembled and turned over to the Allied Reparations Commission through bankers profess little or no knowledge of them but if there are they are not supposed to amount to a very considerable sum in the aggregate nor is it expected that they will be German credits here although available So far as the Reparations the for Commission The attitude of the United States appointment of the Federal Reserve banks as depositary for Commission is concerned the general belief yesterday was that the action was taken merely as a step toward settling up machinery which may become In this respect it was held by the Alien Property Custodian were Government might if it uesful at some future time said that if the property now to be released to its original owners the German minded undertake to arrange some sort curities for the dollar credits which the dollars to the Reparations But this is regarded minute as a of exchange of German se would be created and could then pay Commission through the Reserve banks of the thing of the distant future and certainly not York was follows as Gold is not easily hidden it was None American banks so far as is known has been handled in this way were either on Director of the Mint BANKS BY BUSINESS SUSPEND TO AND FRENCH somewhat misunder of gold were coming here from Sweden numerous inquiries as to the exact status of such gold were made by business interests The facts are as follows 1 Gold bearing the mint stamp of any recognized nation with which the United States is on friendly relations will be accepted by the United States mints This is not a new procedure It is the traditional policy of the Administration has perhaps been the announcement that heavy shipments and with stood of the United States mints not to of business with WITH as well as the Swedish mint mark without further a the taken by Hamburg importers are made known in Times advices copyright from Berlin March 17 which German banks among them the Reichsbank Discontogesellschaft C have agreed to stop all Bank Deutsche business with English and French banks because of uncertainty as to what might become of payments French and or deposits when the new reparation laws now before the The same fear is gradually English Parliaments take effect paralyzing the whole German export and import trade with these countries and it is believed many German few factories will have to close within the next days on account of lack of foreign orders extraordinary meeting of importers yesterday passed a In Hamburg an resolution pledging the members not to buy either directly or indirectly any products in countries which approve the penalties Britain is not technically at war a will be considered as free from any Sweden will not make acceptable the FRANCS FROM from Paris March 20 in a copyright cablegram to the New York Times which says The Journal des Debats reveals to night that in the last ten days Ger many has succeeded in getting out of France through the mediary of neutral bankers francs vent Allied seizure The money was The purpose of the transaction was to pre of this money on reparations account partly payments made by France under the Spa coal agreement and partly funds placed abroad by Germany according to the reported worth reported to be in the hands of banks and business country and which have not been recast nation minted and marked Inquiries made to day were largely in connection with the Government to these Russian rubles attitude of the In all cases the reply was that such and that this policy which was made known some time ago had not been changed This position will be adhered to by the mints of this country unless at some future date the Harding Administration rules that it shall be changed The shipments of gold from Sweden appear in a different light The press dispatches stated that seven tons had gone forward Sunday and would soon arrive in this country and that ninety tons more were at Stockholm awaiting shipment All of this gold it was stated had been received at gold would not be purchased by the United States mints the mints of Swreden and bore the mint mark of the Swedish Government the case it will be acceptable at the mints in this coun medium will be established or pounds would be wortb If the seven tons now said to be en route to this country are short tons the value in the United States will be pounds is worth approximately an ounce they are long tons the value will be If come suspicion or into bars and described in the above paragraph To make these worth of rubles of any value for trade purposes here under the present policy it would be necessary to have interests in this If this proves to be FRANCE by Germany have which the United States stamped with the mint mark of a friendly nation as Reports of the withdrawal of francs from France of Holland Japan China Norway ruling while making acceptable shipments such as are the way from of Russian rubles which are at the rate of about succinctly in the coinage or mint stamp of the Government Italy Belgium France Sweden Denmark or other recognized nations with A short ton of gold WITHDRAWS bear the mint mark of acceptable at any of the mints position of the United States mints is expressed The gold bearing its origin the United States try and its value as a trade GERMANY as to Russian rubles or Russian gold which does not them sent to some foreign give in part herewith the large research friendly and recognized nation will not be and assay offices in But such steps All This policy would permit the purchase by the mints of the United States of any possibility of Soviet origin German banks looking to the suspension English and French banks question the origin of gold which bears recognized nationality the mint mark of a friendly and following instructions which mint officials must carry out BANKS ACTION IMPORTERS Baker the United There had been Offices had not been modified relieving of restrictions of which he was aware no on Action taken by this country the attention of Raymond T today he explained that the policy of States Mints and Assay Gold bearing the official ENGLISH and the published reports that ninetyin Sweden gold which had been converted into ingots the seas or would soon be shipped to When the matter was brought to Great GERMAN of gold importance today as a result of the effort Government is making to obtain the acceptance of a trade tons of Russian seven 2 the United States was not said and it would be large quantity of the metal with that Germany has stores of gold in virtually impossible to ear mark any we Department toward the acceptance of Russian origin took on a new A report taken seriously Government toward the dealt with in a special dispatch to the New Times from Washington March 23 which we quote sbijiment The policy the Reparations over reliable reports the Bolshevist gold reserve gold rubles generally doubted yesterday by bankers the Federal Reserve banks was There may be small totals only Gold exports to England however are very agreement by the United States vast credits in this country which may be bankers they are making kilogram as compared with to only 2 562 kroner per amounts 2 942 for America which the Soviet The idea that Germany has were so gold was bought by Swedish The gold traffic together with the curtailment of credits a decline in American exchange The English rate on gold large profits The attitude of the Treasury advices made in Stockholm are already the ban on Russian of gold of this type for The first shipment for reconstruction work once them further back than their hopeful that many gold can now be negotiated America amounting to seven tons is reported to have gone forward Sunday on board the Swedish steamer Carlsholm About ninety tons more are in Stockholm having been for warded and restamped This gold is said to have been sold months ago subject to the possibility of its non delivery Some remaining stocks of the metal are rapidly being taken up by Americans at the rate of 664 per kilogram delivered in Washington or 2 942 Swedish kroner at the present American deals held up by Reparation Com the financial clauses of the Treaty manding already that France s share gold shipments without tracing According to which she calls ambiguous but that the mission replied that State Department has Swedish origin treaty says that the the right to say makes possible the which showing the origin of the gold admission of Russian shipments of the metal American Counsuls in Sweden it is stated may necessity of a certificate eliminated the Russian and American firms marks in cash i It is also generally believed that the German refusal to turn over the sum from Russia by way of Reval Mint stamp and is thrown melted gets the Swedish the markets of the world The understanding here is that the American upon of which she can pay the particularly in the United States resources out called for and in addition possesses gold are coming to Stockholm In Stockholm the gold is days by the Reparations Germany possesses abroad Commission that the latter has evidence that the Tons of regards payment of the gold demanded of Germany within eight SWEDEN the United States from Sweden has figured in the more important news of the week announcement of this having been made in Associated Press dispatches from Stockholm March 22 which said shipment of Russian gold to A March 71 said It is tho general point of view as FROM RUSSIAN GOLD SHIPMENT holding in this country have appeared in the daily papers following the publication of the above A Paris cablegram copyright to the New Germany is credited in the above as York Times Vol 112 CHRONICLE THE 1232 If ninety seven tons be as additional tons were sent to America making a available for trade purposes the value follows shipment were bureau Many Washington advices respecting the gold Commerce report from its Washing made available in the Journal of yesterday March 25 which in a ton total of ninety in American money would Short tons long tons Some additional of A long ton of gold 2 200 said in part questions connected with the program for resumption of trade Russia and the United States falling within the plan she had followed for the past year and which gave her also control of relations between Soviet considerable funds in England and America province of the Treasury are being held in abeyance and a decision on them deferred until the State Department has further completed its policy which has called next on The Reparations Commission Germany to send over marks gold by Wednesday contends that Germany can uay that sum out of the credits ties exported to at the Bank of France the Bank of origin and the serve bank England or an American Federal Re way does not Indicate willingness to meet the Allied demand for a billion by March 23 coming into the country for payment of Russia by the United States shall be Soviet authorites is a question Germany s action in getting her Paris funds out of harm s commodibarred because of its circumstances under which the gold was acquired by the Whether Bolshevik gold she has abroad and to that end notified Berlin that payment could be made of the which has not been decided as yet question that is pending before the Treasury for decision is that minting of Russian gold with the mark of Sweden in order that cur Another March THE might be made available rency for the payment CHRONICLE of Russian imports Treas to the United States officials declared to day that they are not at all sure that the fact that the gold has been stamped with the mark of the Swedish Government will serve to in the It was never for a minute supposed that Japan would of those islands because she had received her share in Shan be allotted any ury dispel objections to the acceptance of Bolshevik gold Decision on this point will be held up until the State Department has been consulted Secretary Mellon however said that all gold of Russian origin coming here under the mint mark of a friendly country would be received An other question eventually to receive attention is that of whether the Govern ment should attach shipments of Bolshevik gold coming into the country for the purpose of securing advances made by the United States to the for mer Russian Government and which have not been repaid by the present tung which seemed to be ample in view of her insignificant participation war One of the objects of the statement it is reported was to show the unreasonableness of any request that the United States cancel the war indebtedness to it of the Allies The following is the statement Although this question will be decided along the lines of the State Depart stead it is it is not thought here that such is probable a move In vasion of Russia by the United States iiews IVTarch Journal of There is of local bankers the subject of were a respecting the reported ship the following in the Wall Street of believed to have was come New York bank to the satisfaction tentative per Includes indemnity provisions of the paid and to be paid by Germany treaty without enlargement by the Reparations Commission estimated amounts and divisions of indemnity of the hitch State Column No 3 Is the net financial loss to each nation with credit for unpaid as matters now as to certification to the effect that This difficulty Department was evidently the same as stand with inter loans and interest It overcome consignment back to the United States again without having been came off the some of Russian origin was not immediately taken to have been seems 2 Column No 2 As the U S Assay Office refused to accept this gold at that time it was returned to Sweden without ever having left the ship s hold There Supported by Schedules 1 and 7 attached as No directly from the Government Bank of Sweden but bore the suspicion of Russian origin this gold credits extended estimated amount to be paid in pensions and insurance indemnity allowed and shipment of gold reached this city from Sweden Drottingholm which a Includes total military cost civilian cost and damage 1 land In the latter part of 1920 a consigned to No being those made by Prof J M Keynes King s College Cambridge Eng Supported by Schedule 9 attached 24 deal of extravagant talk about the large amounts great Column France Italy Belgium Japan relief contributions loans and Column Soviet Russian gold coming from Sweden according to local bankers the Between United States Great Britain as China and power It is expected that in reply to such representations by the United States the Soviet Government will make a counter claim for indemnity for the in The Prepared by Fred A Dolph from data and authorities quoted Trial Balances likely that the Treasury will await the outcome of the Russian political situation before presenting its bill to the Government then in was in the Congressional appears WORLD S WAR ACCOUNT AS OF JAN J 1921 ment s policy on it as Record regime ment 1233 ship in Sweden this time consigned to another New York Column No 1 Nation United States Great nity r Britahui France Column No 3 Final Loss Indem Credit Gross cost Italy Belgium China Japan bank the National Bank of Commerce Total Considerable part of the gold received by the National Bank of Com from the Sveriges Riksbank was English bar gold with the stamp of Great Britain The purely Swedish gold was all properly Swedish mint merce stamped and fully certified to the entire satisfaction of all the requirements of the State and Bankers believe who Treasury Departments informed well are that there is a much of it of Soviet to vaults of Swedish banks be sent to the United Furthermore under present conditions these bankers seriously are inclined to doubt that any of it has been sent to England or that present it would be received the up to by the Bank of England As to the current reports from Stockholm that restamped Russian gold affairs Sweden of this gold is finding its way more But this gold cannot States Scandinavian of Russian gold in amount origin and that and Swedish in considerable are now about 90 Swedish tons of in Stockholm and destined to be gradually fed out to other countries principally to the United States well informed bankers who know the Swedish situation look upon such reports with great Gold is United States seriously talked of never measured so practically a ton However it assay as being measured in tons of gold would be valued at entirely possible that seems Were is nothing in the necessitate the trade balances be called for as Swedish economic to or Extra cost Government functions under per now to of no such shipment would exist referred was to in issue our Russian origin from Sweden of Nov 13 On 1902 page Dec 25 page 2468 we reported the announcement by the Treasury Department of the suspension of rules and regula tions of restricting the exportation of coin bullion and Bolshevik dealings or Russia transfers of credit Russia as exchange The or well against and Russian rubles exchange transactions with Bolshevik prohibitoin of against Soviet gold currency the restrictions as transactions in was United the also referred to in States issue of Jan 8 our Other contributions TO ALLIES ESTIMATED AT OVER the Allied nations and of the credit been established for each the resulting balance in the war was 177 one the war to every indemnity as of the Allied far as one of it has nations and showing the net loss of each nation presented for insertion in the Congressional by Senator Spencer of Missouri prepared by Fred A on March 5 Dolph places the This gross military cost civilian cost and damage relief contributions pensions and insurance amount of credit of at indemnity paid or In the case this the as of the United States the total war cost is figured at and the final loss at Great Britain s gross cost is estimated at while its net loss according to these calculations will be less than that of the United States the amount ing placed at For France the gross be cost and the final loss at Japan will have the least burden to bear with its final against loss at Cross amount Corporation Credit given by War Department Credit given by Shipping Board Credit given by American nationals to European nationals bulletin of Bankers Trust Co per Government loans to European nations including unpaid interest Credit Received V of German an amount v shipping unknown but it is expected that the amount together with other receipts sum of the amount of the civilian loss pensions c For further explanation see Schedule No 9 Schedule No 2 Great Britain Paid Out War cost estimated by national from present cluding Canada deducting pre war national debts indebtedness of Great Britain in Australia New Zealand India and Union of South Africa which produces And by adding abnormal taxes collected during the since war and Civilian damages and pensions account as per Prof Keynes Total a gross c st to it of A paragraph contained in the statement says With reference to the overseas Square Miles on Indian Ocean Foreign trade cattle head sheep miles of railroad trade head goats seven years over possessions of Germany in Africa and the With 930 miles coast line eign on head sheep diamonds taken out in cattle miles of railroad c Togoland Africa With its vast forests and 228 miles of railroad d Pacific islands New Guinea Bismarck Archipelago Samoan and Solomon e German shipping a proportion of ships taken from Ger many The foregoing items were turned over to the Allies for general account but have since been allotted to Great Britain For further explanation see Schedule No 9 Schedule No 3 France Paid Out Estimated on basis of deducting pre war from present na tional debt and adding abnormal taxes Civilian damages and pension account as per Prof Keynes Total Credit Saar Basin mines producing tons per annum Coal in two allotments totaling deliveries in 10 years of tons c Chemicals Benzol 35 000 tons coal tar 50 000 tons sulphate ammohia 30 000 tons d Live stock Stallions 500 fillies bulls milch cows rams sheep goats Alsace Lorraine 5 605 square miles population and other European countries had taken the European territory that the gallons wine tons iron tons coal possessions would go to England minus a few islands in the Pacific 76 672 tons salt has 5 000 miles paved roads and 1 305 For the Atlantic Ocean Pacific islands it was naturally expected in view of the fact that France overseas to be paid by Germany is placed at leaving the final loss is put at Red German West Africa loans and credits extended estimated amount to be paid in ono half at Congressional European relief Credit extended by Grain 000 head and DOLLARS A trial balance of the gross cost of a German East Africa BILLION Record as Credit COST OF WAR statement conditions estimated With 620 miles coast line now war Treasury 102 page Red Cross contributions will reach the Last year s gold shipment of States Secretary of the Treasury Total bankers say Certainly right exchange conditions situation in settlement shipment of anything like 1 United Swedish bankers may have Russian gold in their vaults There No Secretary Houston as per Civilian damages lost shipping and pensions to be paid as doubt it Schedule Paid Out Military cost annual budget produced THE 1224 miles of railroad all paid to Germany from territory to be taxes and Germany was to issue some off Belgium sforeign debt war of bonds with varying repaid maturities that were to be State Bank of Morocco Turns over to bonds from present na tional debt and adding abnormal tax Damages and pension account as per v Prof Keynes divide but not so at least string in the path between that those islands would be Credit Hawaii and the Philippines and it was thought that was not It within 10 years German treaty from Austrian Austrian treaty of bonds See will be the and pension damages Prof account as per Keynes Total Credit X i j of this statement and more to into the last account we have used deducted its value after estimates of these damages However as we have shown any other items or the United States has invested other nation to off foreign pay LEWIS G HARRIMAN loans HOPEFUL FOR THE REMOTER FUTURE id Moresnet both the original Lewis G Harriman e Kriese of Eupen and Malmedy determined both to be eventually See of Bonds Allotment Schedule before the Buffalo Real Estate Board at in the No 9 Schedule No 6 China Vice President of The Fidelity Trust of Buffalo speaking on Present Conditions its regular luncheon Company plebiscite by Iroquois Hotel Before Out we lay on March 16 said in part as follows the basis for real deducting debts pre war from present national Add civilian damages and pension account comparatively easy A great many Banks ratio of from 42 to 60 reserves as after 35 has been set aside against sign that liquidation is going a will be much easier Total Credit Net loss represents reduced To put debts national only about l 30th of the total betterment it in another way if reserves of the Federal only 45 today a a Shantung with 308 miles of railroad and two concessions 40 mines and equipment which mines with an output v high and that they too must eventually that Cables c Item a All German owned cables in above territory given to Japan directly by the treaty and the other two was and the commission to Japan foreign balance due us apparently the which are now as Between Nations France would charge Great Britain off a All Loans and Extended Credits Are Paid with Interest total loss of United States Italy Belgium China Japan Schedule No 9 Indemnities The treaty provided that Germany should pay and Germany engaged to only three general items of indemnity pay 1 Repay Belgium for all foreign loans made by it to prosecute the war Belgian citizens including all fines and taxes imposed by Germany upon during occupation 2 All damages to persons and property of 3 Pension and dependency claims civilians capitalized on the basis of the French rates Ninety five per cent of all moneys spent by the United States was for items not coming under any of those three for cost of operation of heads All of the money spent the War and Navy Departments relief work contri butions and economic assistance of whatever character is a dead loss are only to be reimbursed for a We little lost shipping and for pensions and de pendency claims at the French rate which is considerably less than our own that no doubt half or two thirds of our pension and dependency so claims will be a dead loss The treaty fixed at the time wjiat was then supposed to be the maximum indemnity that Germany was to pay on account of the three items was to She give up certain territories in Europe which were then and there divided and given to Belgium France and other countries The United States of course did not ask for or get any of that indemnity Then she required to make certain deliveries of coal to Belgium France and Italy of chemicals to France and live stock to both France and Belgium The was overseas possessions in Africa and the Pacific Islands some 847 000 square miles were to be held for he joint account of all allies right these countries have been higher go the unsettled balances estimated at perhaps deflation While it is true that the rise of approximately 130 which took place in commodity prices between July 1914 and March 1920 is now greatly reduced say 45 from the high or putting it in another way that of the 130 point advance 100 points have already been taken off this deflation has not been reflected as already pointed out in broad liquidation of credits It will not do however to regard 1914 price level as at all basic and as marking probably the ultimate price bottom We may very well be in for a period of perhaps ten or fifteen years of declining prices for conditions do not look right for a resumption of general price advances again as far ahead as one can see Gold production is falling rather than increasing A great part of world purchasing power has been cut off and this cannot be righted in a moment Also the fields of Europe again are under cultivation Normal production in other lines will be resumed Energies used in military affairs will be turned to the increase of wealth In certain ways the same conditions which obtained in the years following the Civil War and the Napoleonic Wars may be seen again It will not do to overlook what is commonly called the liquidation of labcr meaning by this term not only the actual reduction in wage scales but much more important the increase in personal efficiency both of which mean increased production and lower cost of production The renewal of competition between individuals and nations should also Considerable capital has been Schedule No 8 Trial Balance on Basis that It must not be thought No less than loans of foreign placed with the investing public since the armistice but it is a problem simi lar to that of Tantalus for the more effort made in the way of liquidating Total 1 040 square miles items have been allotted by the Powers liquidate jthe banking community have not made strenuous efforts to two factors Pelew group includes Yap Caroline Islands Marshall Islands unfortunately even yet show and slow agricultural loans on caused great that mercantile and manufacturing loans are still rapid liquidation of which would have It is also true distress includes coal of 814 000 tons per annum 2 iron The causes are principally two delayed rising rather than a declining tendency cotton wheat etc the railroad mines and 2 gold mines ft Pacific islands of namely the balances due us from abroad which credit Why has liquidation been so Total Credit Reserve banks had ratio would stand at It is therefore apparent that the popular conception contraction is incorrect to a considerable degree Estimated amount of civilian loss and pension account reduction in net deposits of their reserve against customers deposits remained stationary since last September the reserve note circulation for the member banks which represents amounts to Schedule No 7 Japan charged to increased importation of gold Nearly all the rest or one quarter of the whole improvement from abroad Out Estimated cost by deducting pre war from present primarily at least as is popularly assumed holdings most of which simply represents the reserve substantial but it will pay The reason for this improvement has not three quarters of the improvement is to be nearly analyze the reasons for it been the contraction of credit ft German property in China outside of Shan tung to deposits forward and that very shortly money this improvement in the reserve ratio is No w us a Cancellation of Boxer indemnity Paid business prosperity there must be a people point to the improvement in the Federal Reserve reasonably long period where money is Cost estimated by neutral and the Prussian territory Paid in the World War than any more bonds first lien or go will not change the fact that sheep 15 000 sows c Cash finally property before invasion and i delivered ft Live stock 200 stallions 5 000 mares 2 000 fillies 2 000 bulls 50 000 milk cows 40 000 heifers 200 rams a tons of coal to be If the be de columns No 2 and the final difference illustrate the elements the tentative issue of bonds provided for in various parts of the treaty aggregating and in distributing the items in column No 2 we have used the compila tions of Prof J M Keynes in his book entitled Economic Consequences of Peace In that work he went over the subject of damages to property and persons with great thoroughness ascertained the original value of the that must estimated by deducting pre war from present na civilian small the representing the net loss same For the purposes Out tional debt and adding abnormal taxes effect upon the final figures ducted from both columns No 1 and Schedule No 5 Belgium War cost indemnity so that whatever it is large or appearing in the last column on the first sheet of this statement amount collected is large it will be added and if it is small it will About 12 000 square miles Schedule No 9 Paid of the United States See Schedule 8 should participate in any intended that the United States in the German amount will have no b Trentino Istria and part of Dalmatia territory never was manner financial participation in the million against our thirty billion or about one tenth of 1 of the participation V y c Bonds An allotment of might ex conceded to the United States but They were given to Japan whose be to World War turns out to be thirty Total a Coal tons to be delivered one half by rail and one half by water the Samoan Islands and we interest in those islands over to America The islands north of the Equator lie in a pect England to turn Germany s or cost by deducting pre war war ample in view of her war The United States had holdings in 4 Itgly Out Estimated tung which seemed to be in the and thedast item was or will be allotted to France Schedule No Paid France by ber share in Shan insignificant participation because she had received be allotted any of those islands last were specifically given to territories that the minus a few islands in the Pacific minute supposed that Japan would to England go It was never for a to the United States See Schedule 9 the treaty had taken the European possessions would overseas ft Bonds Is to receive of German All of the above items except the expected that in veiw of the fact that and other European countries France all stock nationals of Germany and German Add and the France possession of Germany in Africa With reference to the overseas Pacific Islands it was naturally delivered to the Repara allotted tion Commission to be by it f Equatorial Africa All rights under contracts between Germany and France dated Nov 4 1911 and Sept cash was to be raised with which to pay Seven hundred thousand dollars in private property of German nationals fully 65 of all property in territory all which is VOL 112 CHRONICLE has taken be an made of the fact that a great place through the fall in commodity prices important element factors which appear gloomy mean for a long period Even though we are now in the throes of a depression and may be some time in working out of it it will be du ing these very months that the foundations of real pros perity will be laid for with the easing of rro ley business can go ahead and production increase and that is what really builds up a country Buisness on a lower scale op prices may still be done at a safe and attractive profit During the next few months we must I feir go through further tribu lations There must be further liquidation particularly in certain line not greatly touched so far further passing and reduction of dividends and perhaps more failures The foreign situation is still acutely dangerous and this must be cleared up or at least put on the right road for under present It is that no a fallacy to assume that these prosperity is to be experienced conditions we are at the parting of the ways go far as foreign trade ig March 26 concerned When the 8 bonds not sell at par of the foreign countries of best credit do further financing is impossible and when foreign trade bank ing corporations hardly be floated at all and then only with the greatest can difficulty there will be little hope of paying off current balances owing us for these if not quite reached nearly have now a before year their possible limit real solution is arrived at a comments I think have we improving abroad but with a slow liquidation slowly improving political and situation banking the gloomy but I believe that they reflect only appear rather slow year ahead a conditions There are no patent nostrums to fundamental economic law The elements improvement is certain substitute for the working of the and courage are the things which must of time economy slowly work the all these temporary disturbing factors we may Behind transformation We have the raw materials business capacity a wonderful banking system the most remarkable credit position as a nation imaginable It is a paradox almost worthy of a Chesterton that there is some source of comfort in the very feel that is coming great period of prosperity a the minerals the and the very life of that it is going to be foreign situation directly affects the well being This is the reason is so bad and its proper solution one half of humanity nearly The railroad situation solved so vital Such problems as taxes and tariffs are solved that it must and will be important and are challenges to the far sightedness and genius for adminis our economists and statesmen To believe that they cannot be tration of worked would out be The times estimate of human capacity sorry a unpalatable but they are working and the passing of a few months should see us firmly established and on a solid basis to go ahead with confidence to a security and prosperity hitherto trying the remedies temporarily are In Bank of British North America v Cooper 137 U S 473 Bank China Limited and the Straits Japan C A Reports page Zimmermann 182 App Div 862 that the banker agrees to American Trading Co v 266 Atlantic Communication Co v The terms of the contract are in such send cablegram establishing a a credit with The contract it is said is executory until the foreign correspondent his 741 A C Whit of the cases this purchase of a cable transfer is referred to as a some a case 172 App Guaranty Trust Co credit has been established and that upon failure to send the message the rescind the contract and sue to get back his money or else sue customer may Whether the transaction be considered for breach of contract it concerned is money is a mere In either matter of nomenclature case the foreign credit is established marked distinction between these transactions which I have a transmit of the person paying the money and until the transmitter is the agent Such were the is sent holds it as agent or trustee for the owner money of Musco Zottiv United Surety Co 132 App Div 300 and People ex v App Div Flynn In these latter transactions the that the money he gives to his agent shall be sent intention of the payer is It is the amount which he gives that is to be abroad it is sent may be certain a In such cases the bank or specific sum of money to a person abroad rel purchase trust relationship the banker does not hold the money a agent or trustee until the There is cases a So far as this case paid by the customer to the banker becomes the latter s property and does not establish as determine executory contract we need not now or an just described and a direction to a bank or other person to magnitude of the problems facing us The v Foreign Exchange sec 26 p 89 contract Law condition and that we are now passing through the worst the temporary Strohmeyer Arpe Co Div 16 Katcher v American Express Co 109 Atl Rep aker on of These these transactions are matters of purchase and sale and create no trust re lationships I lines but I believe it will take at least expect renewed efforts along these 1225 OHEONIOLE THE How transmitted If there be time currency might be immaterial to him If not it may be transmitted in any form recognized purchased and sent almost undreamed of in financial circles It is not at all necessary that the sender or agent have credit in the place to which the money is to be sent On the other hand in rather the contract for credit it is not a specific sum which is to be sent but a ON ACCOUNT OF COURT HOLDS DEPOSITS Y X ARE TRANSFERS CABLE TRUST NOT The actual thing that recognized important decision affecting cable transfers of money An handed was decision The 1 March by the New York Court of Appeals on down the ruling of the Appel reverses Division which had held that the Mechanics Metals late Co and deposited by paid by the latter to A Bolognesi the firm fore money Mechanics Metals National Bank with the was the made by A Be could be transmitted a general assignment Bolognesi Co and the money was claimed The it to the whether tuted moneys around as to thus deposited with the bank constL said To establish question the In deciding to the contrary the Court trust fund a of Appeals hinged litigation firm was indebted In A ferred creditor that the City of New York under the firm name of a banker at No 64 Mulberry Street transaction is in the nature of a trust and checks specified purposes is apt to lead to much confusion especially when those who have developed this method of doing business into a well in the City of New York who was against the hank by Mr Legniti to In the action brought the Court money judgment gave clusions on Judge of Platzek State the Supreme basing his con for the defendant authority of a previous Appellate Court de the the Ap Notwithstanding its findings in that case cision Division decided pellate that the bank should return the of Mr Legniti s deposit on the ground that amount But Justice Shearn fund it had specific purposes and hence became a trust been paid for wrote a dissenting opinion An appeal was taken to the Court of Appeals which has now reversed the Appellate Division and sustained Judge Plat Court of Appeals written by unanimously concurred in The opin The conclusions of the zek Justice Crane were ion of the Court appears as follows in the New York Law y Journal best rate for the transfer of 18 000 lire to of Feb he made his bank having a a and finan usually represented by draft or check sents the a credit with a correspondent in a foreign country will sell such correspondent to a purchaser who de foreign payment The draft is not the credit but repre credit or in other words it is a notification to the correspondent directed The draft is a It is simply used as such The money paid the bank by the putchaser of the draft becomes the bank s money The transaction is that of purchase and sale No trust relationship is established Taussig v Carnegie Trust Co 213 N Y 627 or foreign representative to pay the money as direction to pay This practice of It is not itself money or credit seling credit by means of drafts or checks grew up among merchants and bankers with the expansion With commerce the increase international relationships of selling credit to be the development of Thus the custom has developed established by cable or wireless not receive a draft or check A purchaser does which is to be transmitted by mail but pays for credit which will be given him in the foreign country by an cable wireless from the seller to his correspondent at the or The thing as of trade and the necessities of of foreign trade and The immediate foreign point sold is the same in the case of the cable or wireless transaction in the case of the draft or check means of establishing or of the transaction It is the credit of the bank or seller transmitting the credit is simply an incident In the one case it is a formal paper drawn up and signed make payment of the In the other case it is a similar by the seller directing his foreign correspondent to amount and to the person direction mean a transmitted by therein stated cable or wireless on transfers therefore method of transmitting money by cable wherein the seller engages that he has the balance at the point on that Cable which the payment is ordered and correspondent at such described in the cable All receipt of the cable directing the transfer his point will make payment to the beneficial I need this money to reach Naples plaintiff s office Co day Lire shall attach to sequence other be forward by cable from New York cabling paid ck Payments required in cash Bolognesi Co Maselli executed after liability in con mistake in transmitting this message or for any cheques otherwise order if accepted will be certified or Bolegnesi Banca Mr Angelo Legniti bought of A Cable transfer to Italy to pay by cable to at A few bill which reads as follows a 52 Wall St cash Caesari Conti tomorrow boy from Bolognesi Co brought a Commerciale Italiana Napoli advice to It is fully understood and agreed that no of us nor delay or any beyond cause correspondent for any loss or damage to our our control Thereupon the plaintiff delivered to the messenger a certified check for This check was in the Mechanics Metals National Bank of New York collected and credited to the account of the depositor The cable credit was never transmitted as on the 11th day of February A Bolegnesi Co made a general assignment for the benefit of creditors Later in March of 1914 a petition in bankruptcy was filed against them resulting in the election on the 14th day of August 1915 of the trustees parties to this litigation On the 10th day of Feb 1914 the firm of A Bolegnesi Co was indebted to the defendant the Mechanics 3 450 indorsed to A Bolegnesi Co and 13 61 in cash deposited the next day by A Bolegnesi Co in its account Metals National Bank of New York in the sum of for moneys and notes There was a balance on deposit with the defendant the Mechanics Metals National Bank of New York to the credit of A Bolegnesi Co of which advanced was secured discounts by acceptances increased by the deposit of the Bolognesi Co and in reduced by three checks plaintiff to A This amount was check delivered by the addition thereto aggregating As against this balance due offset under the above stated has been brought by Angelo Legniti upon the theory that Bolegnesi Co became his agents for the sending of 18 000 lire to its depositor the defendant bank claims the right to Bankruptcy Law the indebtedness of A Bolegnesi Co as This action A Naples Italy and that as the money was not sent he may recover the bank into whose possession it charged with was a trust to pay It Q As I given number of American dollars a certain understand it you sold for a number of lire to be delivered in Italy to That was somebody else A To be trans Q That was the transaction in ferred from my account A evidence here of any trust Alessandro Bolognesi in his examination as follows stated by matter it from The bank he claims holds it to him it is his money he says as he never it can be traced We do not think there is lost title to it this particular Q What is the difference lire credit in Italy A the regular transaction between that and the sale of a draft for so many Only that the draft is advised by mail and this is communication by cable and wireless met the insistent demands for haste and dispatch a to the Bolegnesi send the cable immediately know on account of the failure of as you overdrawn am minutes before 6 o clock on that Thus its draft or check drawn upon sires to make for me to Italy on condition that you to night because I arrangements for this purpose with A representatives I give you the order to cable this He said to their money to Crane J It has long been an established custom among banks cial institutions to sell credit several banking houses in New York to obtain the Naples Italy On the afternoon He applied to at once in arrears in Naples on account of the place Caesari Conti and needed to transfer some money to that one collection of cheque established custom have never treated them as such recover The plaintiff was New York Feb deposited with banks upon the purchase of credit are trust funds held for certain and specific sum Bolognesi were co February of 1914 Alessandro Bolognosi and Aldo Bolegnesi Co failure of rule that in a case like this the claimant becomes a pre a a The facts there right of recovery fore must be briefly stated to determine this question Co by the bank to offset sums to which the plaintiff s agent It is frankly conceded by the attorney for the respondent that the former the plaintiff has no partners doing business in the intended for the purchase of foreign exchange niti money Legniti and A Bolognesi Co a purchase of credit or the direction to transmit as the of money if it be and banks has In the case now before us was difference so have the courts a the transaction between Angelo Bank of New York should refund to Angelo Leg National is done by the sender in both of these cases not be the same but the practice of the merchants may or may FUNDS The amount paid varies with the specific credit which is to be purchased market It will be noted that the bill of Feb 10 above quoted upon stated that he Mr advised by cable presented to the palintiff late in the afternoon which the plaintiff parted with his money Angelo Legniti bought of A Bolegnesi Co cable This Naples after being exchanged for lire It was a case of 18 000 lire being needed in Naples and the purchase of A Bolegnesi Co s credit with the Banca transfer to Italy to pay was not the case of a by cable to Banca Commerciale Italiana specific sum of American money being sent to Commerciale Italiana for this amount which credit was to for the benefit of Legniti Commerciale Italiana for Legniti 10 It was A Bolegnesi Co who on Feb 1914 had either money or credit at the Banca Naples the use be used by and The money was not to be sent to the Banca of which for compensation was Commerciale Itliana of sold and transferred to the plaintiff We are naturally impressed as anyone must be with the fact that the plaintiff gave his money to establish a relative value or worth in Naples and that the receiver kept this money the the money and did not deliver the value and that bank now holds Why should not the plaintiff get it back Upon the failure of A Bolegnesi Company many existence besides this of the far claims sprang into plaintiff and it is the duty of the courts as possible to adjust these relationships according to well as Bank of New York also had given S establish claim for were also many other claimants to the assets To in a case like this plaintiff becomes a preferred creditor as against 619 77 the previous was There that the transaction is in the nature of a trust and that checks with banks upon the purchase of credit are trust INCREASE funds held for certain and method of doing business into a who have developed this when those well established custom have never treated them as such hat of the trial court Division oncur of and Andrews JJ 271 the State of New York Hiscock Ch J Hogan Cardozo Pound McLaughlin Dee Dec totaled more of the State 1920 has set a new record in the his growth and progress of mutual savings banks in According to the Savings Banks Association the amount The phenomenal increase in the United States during the year 1919 was equalled and surpassed amounted to for while the increase for exceeded it by the increase for 1920 namely great Influence in the promotion and develop was 9 45 eighteen States in which December there was on deposit in the 619 strictly mutual institutions in the United States In five States it is not customary to give in banking reports separate totals for deposits in mutual savings banks For ex ample New Hampshire reports ordinarily include figures for the fourteen savings departments of trust companies and the eleven guaranty savings banks in the State The total just given however obtained by special reports represents the deposits in only mutual institutions For the sake of comparison however since separate figures for Decem ber were not obtainable the table printed herewith includes fig for ures banks show that mutual savings are the Vermont For on December and of other banks for both small number a December in the savings deposits depart included for Minnesota two stock savings banks for Pennsylvania one stock savings banks for New Jersey one stock savings banks namely the Paterson Savings Institution of ments thirty eight trust companies fact that the dates of Because of the For example unobtainable October 31 of the figures for Massachusetts 1920 those for Minnesota as of November 15 December West Virginia January ana No are 1920 Increase Increase Incr se rust responded to the requests of our Government for assistance during the war It is to be noted that there are savings and loan associations in 51 of the Connecticut Massachusetts action will No in York New Jersey incl bank L50 Pennsylvania incl stock bank Maryland Delaware Vlrgnia Ohio Indiana Wisconsin Incl stock 1920 sidered the was that fact The Dec 31 to combined based for a were M Total United States Pacific States California 1 Washington credit 1920 year The total which The total expenditure the decrease a year accumulated This is due of the Land Bank as of Dec were resources shows of as prescribed in Section 390 of the Banking Law was expenses the beginning of at part of amounted which is equal to 8 06 for each thousand dollars of capital a to which accumulated capital at the beginning of the year the for earning rate of 6 08 per annum average operating funds of all savings and loan associations earnings the amount of an paid to share was guaranty fund for the protection of their shareholders the previous from of year entirely to the fact that the Land Bank has not been able to market its bonds under conditions present as the return revenue does not compare other securities which are exempt from Federal taxation these bonds were exempted from Federal taxation it would materially the assist Land the and Bank savings associations loan and which it serves The Dec total resources their institutions members the of State increase of an reported as over the beginning of the year are and Unions amounted to These Credit the of organized for the purpose of making small loans the serve needs small of borrowers who were for the De merly the victims of the so called loan sharks the During partment nineteeA Credit Unions Metropolitan and New have Legislature a authorized by were V Associations the year v York proposed and had State Leagues introduced in V v of Savings and the present number of minor amendments which are Loan session of based principally the provisions of the savings bank article of the Banking Law Department has appeared before the Legislative committees in This support of the bills v J DREHER ELECTED HAROLD L Note 619 mutual savings banks 11 guaranty savings banks banks and savings departments of 52 trust companies A5 4 stock savings VICE PRESIDENT OF FEDERAL INTERNATIONAL BANKING CO Harold J Dreher formerly Assistant Cashier National City Bank of New Y ork and later First Assistant Requisi tion Officer of the American 2 banks there period same v guaranty 1920 net on shows institutions like savings banks are required to These their earnings The the during shares and withdrawal of dues and dividends Middle Western States Minnesota membership during the year was 40 175 and the increase holders for matured Southern States West year The total number of members as of 249 174 and the shares outstanding In connection with the increase in resources there should also be con upon stock closed by the Superintendent of loan association was and outstanding shares was Dec Eastern States New associations were authorized by this pending upon which favorable new undoubtedly be taken during the The 462 fourteen year savings Banks to Rhode Island incl the the amount reported at savs cos State counties of the 62 Department and there are several applications New Hampshire lncl 11 banks and 14 trust cos 70 members and at the same time which these associations have assisted their If Ratio of Increase New England States Maine Vermont requests of their members for mortgage favorably with Ratio of Dec as Indi Deposits of Banks Slate guaranty loans before making other investments Of their total resources as of Dec there were in vested in mortgage loans Their bond investment account on the same date amounted to which is made up almost wholly of Liberty and Victory bonds These figures show the great extent to reports by the banks to the banking 1920 are prac associations to first provisions of the Banking Law require these meet the are departments vary figures for all States for December 31 tically the greater part of whom are by assisting the members The increase in Reports from the Banking Departments of the there thrift During Although the actual volume of increase in deposits was considerably greater in 1920 than in the previous year the ratio of increase showed a very slight slackening up for the country as a whole 9 38 was the 1920 increase over December while the 1919 increase over December 31 of The The statement goes on to say reported on wage earners in building and buying homes of New York the year of deposits the than 115 Superintendent McLaughlin in his report These institutions exercise ment loan associations of and savings on says SAVINGS DEPOSITS IN 1020 Y McLaughlin the re George increase of over those an 31 v v Judgment accordingly LOAN York State According to the annual report of the New Superintendent of Banks sources Appellate Division must therefore be reversed and affirmed with costs in this court and in the Appellate The judgment of the OF SAVINGS AND RESOURCES IN ASSOCIATIONS OF NEW YORK STATE deposited specified purposes is apt to lead to much confusion especially tory of the estate bonds and mortgages invested in real was value to A Bolegnesi Company and has a rule that a According to the Savings Banks Association year The Mechanics Metals National The average deposit per depositor De date in 1919 same c ember 31 established principles usages and customs money or money Vol 112 CHRONICLE THE 1226 and more Expeditionary Forces in France recently connected with the Foreign Commerce Corporation of America organized by J P Morgan Co has been elected Vice President and director of the Federal International Banking Co of New Orleans the new foreign trade bank recently established under his new position at the Edge Act by Mr Dreher will twelve hundred Southern banks assume As stated in these columns Feb 26 once page 789 Archibald Kains has been elected President of the Federal International INCREASE IN NUMBER AND ACCOUNTS OF SAVINGS 1920 BANK DEPOSITORS IN First Vice President Banking Co Thomas J Caldwell is Haynes McFadden is temporary Secre tary and A F Jennings is Assistant Secretary Two savings banks records were shattered in 1920 when according to official figures made public by Banks Association of the State of New the small savers of the Empire York the on State added to NEW this by more than year At the close of business December 31 resources of the State aggregated more than of per open accounts 141 savings banks in the and the number totalled The inhabitant December based figure of was as on average the 1920 against deposit census on the YORK The Stock Exchange their accounts and the number of depositors was increased 1920 the total SUSPENDED FROM EINSTEIN WARD CO Savings March 14 city was on STOCK EXCHANGE house of Einstein Ward Co of Thursday of this week suspended for one from membership on the Exchange It is said that the Governing Committee of the Exchange through one of its sub committees had conducted an affairs of the firm with the result firm was investigation into the it is understood that the formally charged with violating the following reso lution adopted on Feb March 26 The acceptance and carrying of an account for a customer member stitute improper either The a legislature of five States namely Mississippi Louisiana kota Georgia and Alabama have enacted laws for the express purpose of detrimental to the interest and welfare of the Exchange the preventing the Federal Reserve Banks from collecting at par checks drawn on the banks located in those States The Mississippi law purports to re customer s securities by a member or his firm is an act use of a not in accordance with the just and equitable principles of trade reckless or unbusinesslike dealing is contrary to just and equitable principles of trade quire all banks within the State including national banks member banks non member and banks by DWIGHT DIRECTOR AS NAMED DAVIS WAR OF Dwight F Davis of St Louis Mo was appointment by President Harding as a direc tor of the War Finance The similar Corporation of COLLECTION CONTROVERSY its annual report the controversy anent the par collec progress Reserve has been made during the year in the check clearing and collection system south During the Arkan South Dakota Washington and Oregon States in which all banks on the par Reserve Banks On January checks on all Arizona Wisconsin Minnesota sas have been added to the number of lists the of Federal could be collected at par through the Federal Reserve Banks On January checks on all but 1 755 of the 30 523 banks in the United States could be thus collected These 1 755 banks are all located in the following seven States of the Southeast Tennessee South Carolina Louisiana Mississippi Alabama Georgia and Florida Consequently every bank in 9 of the 12 Federal Reserve districts is on the par lists the three districts in which there re main any non par banks being those of Richmond Atlanta and St Louis This development in the check clearing and collection system has been accomplished in the face of continuous opposition on the part of some of the 29 557 banks in the United States but 3 996 collection are well organized and their are It banks is evident that as the merits In order to of par becoming more widely known fewer banks are participating opposition but the banks which continue to oppose par the in non member and member collection opposition appears to be as vigorous as ever present clearly the issue involved in the controversy over par development of the That history is given at some length in the letter of the Governor of the Federal Reserve Board dated January to the President of the Senate in response to Senate resolution No 284 of January This letter was printed as it is necessary to review the history of the collection check collection the Federal under system Senate Document No Reserve Act they as purport Board that this is June provides that Federal receive on deposit checks and Reserve drafts payable upon presenta tion the checks which those banks are authorized to receive on deposit not being limited as they were prior to the amendment to checks on solvent member banks The proviso at the end of the first paragraph of section reads 13 nothing in this or any other section of this Act shall be construed That prohibiting as member a non member bank or from making reasonable charges to be determined and regulated by the Federal Reserve Board but in no case to exceed 10 cents per 100 or fraction thereof based on the checks and drafts and ment of but collection or pay remission therefor by exchange or otherwise drafts presented at any one time for total of checks and against the Federal Reserve Banks such charges shall be made no by the Attorney General and as recently held by the United Circuit Court of Appeals Fifth Circuit these provisions prohibit As construed States the Federal from Banks Reserve paying exchange charges to member or non member banks that if Federal Reserve Banks in their capacities as clear It is apparent to render full service to their member banks they must clear checks drawn on all banks including those non member banks now ing houses in few has are number which decline to remit at par Consequently the Board approved the action of the Federal Reserve Banks not only in soliciting also in collecting by presen at the counter checks drawn on non member banks which decline to non member banks to agree to remit at par but tation at par remit Opposition on concrete ous the part of the banks against par collection has taken vari Since Federal Reserve Banks cannot pay exchange forms charges when non member banks refuse to remit at par the Federal Re serve Banks have no choice if they are to collect the checks drawn on suitable selected agents These agents may be employees of the or may be banks express companies or any other through Federal Reserve Banks Reserve Banks take to liance have various obstacles in making as the tender of payment in a manner calcu much time as as possible or the refusal of payment in re agent to find a notary public willing to make the inability of the on encountered such presentation of checks lated The employees and agents of in the same town agents located Federal the banks but to make presentation of such checks at the non member those counters The Board has been advised of one instance where a duly ap pointed agent has within a few days after appointment given notice to the Federal Reserve Bank that he would no longer act as agent for fear of protest injury to his business Other of banks including some member banks have resorted to the device stamping legends valid not On if their blank checks to the effect that the check is made through the Federal Reserve Banks January a number of non number banks filed a petition in Ga for an injunction restraining Federal Reserve Bank of Atlanta from collecting checks drawn on the the of Fulton County Superior Court the plaintiff banks in was of decision Court case any manner transferred to the United trict of has the the district court through the mails was The suit Court for the Northern Dis the complaint upon the merits The by the United States Circuit affirmed the Fifth Circuit on November and the been appealed to the Supreme Court of the United States The Appeals now other than States District which dismissed Georgia of restraining of on presentation is order for obtained by the plaintiff banks at the commencement pending the appeals to the Circuit Court suit has been continued Appeals and the Supreme Court of the United States and this accounts in large part for the fact that no material progress has been made by the Federal Reserve Bank of Atlanta in adding to the number of banks of whose checks it can collect at par account of the refusal such refusal is based alone on the The Federal Reserve Board banks and State banks which have to make exchange charges against opinion no the constitutionality of the to as they purport to affect non member State banks believing as question which can be settled only by the courts Prior to of the South Dakota and Louisiana laws all banks in South a the enactment Dakota and in that part of Louisana which is located in the Eleventh Fed eral District had been placed upon the Federal Reserve Bank par Reserve lists and the Federal Reserve Banks of Minneapolis and Dallas have since the enactment of those laws continued to receive for collection at par all drawn checks In those banks on Board s attention was called to certain charges February the made by State bankers in Nebraska that employees of the Omaha branch of the Federal Bank Reserve had and used Kansas of City had acted in an unseemly manner methods in oppressive the presentation of checks on non The Board held member banks hearings on February 24 25 and May 5 to inquire into these alleged acts and methods at which hearings the Federal Reserve Bank officials and employees involved were examined under oath and denied the charges in every particular The hearings were attended by bankers delegation of Congressmen from Nebraska and the State charges and their witnesses were also invited to be a making the of For the convenience present committee members hold its of submitted in In specific charge of improper support of the charges consisted of a series of affidavits was any the Omaha branch substantiated the part of an employee of on all the circumstances and at view of In hearing in Nebraska in the Board s opinion instance no conduct latter the Board offered to have a No witnesses on produced however and the only evidence the a behalf of the State bankers were the request of some of the op this Banking and Currency Committee of the House of Repre persistent oppo In this letter the Board called attention to the sentatives sition to Banks were collection and par encountering the obstacles which the to be to collection of checks should continue with a view to recommending Federal Reserve Banks of function a further amendment to standing in the Banks by the for par which would either remove the obstacles collection at the present time or permit both against the Fed such charges of course to be reimbursed to the Federal the banks sending the checks for collection par collection of attention of Congress not it brought the matter to the checks and because of any doubt on its part as to the effect law but because the issue involved the propriety of the legislation the of law thoroughly convinced of the advantages of a universal sys The Board is tem of way the non member banks to make exchange charges eral Reserve Banks Reserve itself The occasion to point out that in their has frequently had Board origin exchange charges were justified on account of the the Federal Reserve and suggested that the committee might deem it advisable to consider whether the par a Con for such action as that body might care to take In accordance with determination the Board on May addressed a letter to the member and System Reserve obtained has far so chairman of the of on Banks Reserve laws in require national to Federal the joined provides that the Federal Reserve Board may act as a clearing house for Banks and may require those banks to act as clearing houses for their member banks Section 13 as amended by the so called the Federal Reserve amendment such non payment is position that these laws are clearly unconstitutional in so far gress may whatso but merely pay cash item when such pay provisions of the Federal Reserve Act which relate to check clearing and collection were last amended by the Act of June Section 16 Banks agency ponents of par collection the Board concluded to present the facts to c 184 The Hardwick other exchange and the laws of Mississippi Louisiana further provide in terms that there shall be no right to Dakota to The development States Virginia West Virginia Kentucky North Carolina 11 year any not mandatory action either at law or in equity against any bank in this State for a refusal Federal checks and we take therefrom the following Federal are ground of the non payment of such exchange the Federal Reserve Board devotes considerable space to the Substantial other States the four any agency has taken the of and remitting The laws of Mississippi Louisiana South Dakota and officer of the respective State from protesting any prohibit such any of tion of of charges Alabama and In collection agency or by any or laws check for non payment when FEDERAL RESERVE BOARD S REVIEW OF PAR THE collecting for purport to give to all banks within the respective State the right to make On March 23 a recess company ever FINANCE CORPORATION charges bank banker trust company Federal Reserve Bank post office ex any press make to presented to the payer bank for payment through or cash items which are given South Da non member without proper and adequate margin may con or a an act actually transporting currency high cost of conditions those charges can necessity for and but that under existing be justified upon no scientific or economic principle since the payment of checks at places other than where the drawee banks are located involves little expense and that is borne by the Federal Reserve Banks Even the banks which decline to remit at par to the Fed Reserve Banks eral receive the benefits of the Federal Reserve check clear collected through a correspondent bank which is a member of the Federal Reserve System al though they contribute nothing to the strength of the system To the extent that the practice of charging exchange is continued under the operattion of the Federal Reserve System it is an anachronism which permits the charg ing banks to impose a charge upon commerce and industry after they have ceased to perform the service which in former times justified the imposi tion of such a charge In this connection the following is quoted from a letter dated April address by the Board to a United States Senator ing facilities by having the checks which they receive Since the establishment of the Federal Reserve Banks the cost of trans ferring balances from one section of the country has been almost entirely Each Federal Reserve Bank carries a portion of its gold reserve eliminated in gold settlement fund which is kept in the a and there is Board for all fund is Treasury at Washington daily telegraphic clearing conducted by the Federal Reserve 12 banks and for their branches The amount of gold in the a practically a stable quantity but its ownership varies from day different banks Trans banks and also for non member banks through the medium of member banks by telegraph without any charge whatever to the member bank or its client all costs being borne by the Federal Reserve Banks Thus a bank in Wisconsin or California Maine or Texas can secure an instantaneous transfer to any day according to the debits and credits to the to fers are one of the branch sum made by the Federal Reserve Banks for member Federal 12 Federal total of Reserve Reserve these fund above referred Banks transfers to is cities or to the 20 cities where there are without any settled daily The Federal expense whatsoever and the settlement through the gold Reserve Banks pay all costs of trans porting currency to or from their member banks as well as transportation sent them by non member banks in payment of checks The total volume of transactions through the gold settlement fund in charges the on currency 1919 year cluding the was expense approximately and the total cost of the leased wires was about in This cost borne by the Federal Reserve Banks and does not represent any expense whatever to the member banks or their Customers Thus it will be seen that was the basic cost of making cent for amount expense entire each domestic exchange in the year 1919 was 0 3 of a 1 000 transferred A charge of 10 cents per 100 on the through the gold settlement fund would have involved an cleared of 1 amount for each 1 000 transferred or about for the Vol 112 THE CIIKONICLE 1328 The intradistrict clearings made by the Federal Reserve Banks eliminat amounted to about and the total ex pense of these transfers was borne by the Federal Reserve Banks Had the Federal Reserve Banks been obliged to pay for these transfers at the Tate of 10 cents per 100 it will be seen that the total expense would have been ing duplications amount is far in excess of the total earnings of the been absorbed by them which On lars which had stantial such transactions which increased since the discontinuance of the subtreasuries further volume of and number the in have been with which the bulk of such deposits at least Act Reserve impose Federal Reserve par vigorously developing and maintaining the collection system while the opponents of par collection it the upon duty of The opinion of the United States Cir the contrary view urge the Federal Board believes that the present terms of The Federal Reserve previously referred to decisively upholds the Board s cuit Court of Appeals of fur binding all parties the final interpretation of Section 13 of the Federal Re Act by the Supreme Court of the United States Consequently unless point of view and Congress having taken no action in the matter ther legislation on the subject the Board will of course regard as upon serve court that the decision of the United States Circuit Court of Ap reverses that Congress desires the Federal Reserve heretofore to develop will assume the Board peals Board and the Federal Reserve Banks to continue as during the year ag in in 1916 and in 1915 making a grand total of since the operation of the fund was begun on May A comparison of the amounts of the average weekly settlements shows clearly the growth in in 1917 of the volume of transactions Average Weekly Volume of Clearings and Transfers bank might constitute an actionable wrong and one that might be prevented by injunction we do not think the amended bill presents any such case There is no specific charge in the bill of any threat to present the checks accumulated in any oppressive or manner on which a court of Nor does the bill charge the appellee with acting from a merely malicious motive if that is material It aver that the purpose of the appellee was to compel the appellants equity would be justified in acting bank does to accept the lesser of two evils and to remit at par for checks drawn upon borne out by the exhibits which it is not it would If this charge was it not constitute legal duress which on a legal complaint could be predicated system of universal par clearance The exhibits show that the adoption of a banking policy The adoption of appropriate means of the appellee bank to accomplish this end cannot with any propriety be attributed to malice on its part against appellants and other banks in like condition Nor does the adoption of the method of was advocated in good and as well faith by the appellee bank as a proper by Congress and the Federal Reserve Board presenting checks over the counters of the drawee bank imply an attempt coerce them into becoming member or depositing banks The Federal to Bank Reserve interested was its member and to supply clearance universal a the For clearings that of transfers drawn If drawn upon the checks and remittance of the proceeds checks such collect by presentation reasonable to therefore in payment inetrest of October 15 due through the mails that its declared suppose It could only to the drawee bank purpose It is of making such established Extraordinary transac settlement fund operations include payments covering the sale and re was the gold with connection When without the gold fund the banks total wires and salaries This represents generally imposed SECRETARY Reserve districts have would A WAR OF AND WEEKS depositing banks with it It constituted essential an of War John W Weeks and the in addressing that fact dealt with by Secretary were Joseph W Fordney Chairman Chamber the its meet of Commerce of March 19 on Government the months will have to to CONGRESSMAN Ways and Means Committee of the House of Repre sentatives without step AND PROBLEMS TAXATION to or the GOVERNMENT S FINANCIAL ON ing facilities to its member banks arid was not for the purpose of injuring which universal par clearance was not possible of accomplishment if Treasury and cents per to expense an Pittsburgh at its annual banquet destroying the drawee banks or of coercing them into becoming member leased charge of 10 involved The Government s finances of the to the value entire cost of the country of FORDNEY I incalculable of including the accountants was approximately of the commerce been the public and the basic cost of effecting the domestic exchanges between Federal several the of dollar of gold it will be seen that the a operation of expense credits were of the leased telegraph wire system have operations transfers of gold enormous means physical movement of Government the that these instantaneously by settlement The October it is considered made almost the loan issues the redemption of Anglo French presentations was in furtherance of its policy of furnishing complete clear or 15 transfers incident to Liberty approximately on and transfers incident to bonds maturing on a person transfers affecting in of for record figure demption of Treasury certificates on October at par for non member and non de positing bank which refused to remit at par it was disabled under the statute from handling such checks through the method of transmission of whatever banks the 15 21 and week funds of ing from its member and depositing banks all checks tendered it by them upon October week combined tions It could accomplish this only by accept depositing banks collection system drawee of course be regarded as The following extract from that opinion sustains in every re unnecessarily and maliciously injure his neighbor even though his act is otherwise lawful is also invoked Conceding that the accumulating of checks and their presentation when accumulated with the intent to embarrass and injure the simplify interoffice accounting gregated as compared with Circuit Court of conclusive as to the construction principle that one must so use his property as not to 2 clearings and transfers through the fund Combined spect the position which the Board has always taken that its duty under the law as it now stands is to develop and perfect the Federal Reserve par The February and 2 January service and to pending before it the opinion of the United States of the law and authorized respectively to settle direct with other Federal Reserve Banks and direct settling branches through the gold settlement fund under arrangements described in previous reports whereby branches of Federal Reserve Banks were authorized to settle direct with other Federal Reserve Banks and direct settling branches through the gold settlement fund in order to facilitate the development of branch bank effective perfect the Federal Reserve par collection system Until the United States Supreme Court renders its decision in the appeal Appeals must Bank of San Francisco of Chicago were the Detroit branch of the Federal Reserve Bank and now had previously been made Angeles branch of the Federal Reserve The Los dol immediately in a sub previously been the rule This resulted increase transferred to the depositors of the checks so it will be seen that a charge of 10 cents per 100 upon the business handled by the Federal Reserve Banks would have involved last year a cost to the commerce and industry of this country of the charge would have had to have been settlement amount instead of in even against national bank notes to be made in any Federal Reserve Banks and therefore could not have If not absorbed through the gold April 10 the Board authorized payments by Federal Reserve Banks to the Treasurer of the United States for account of member national banks for credit to their 5 redemption fund fund within the Referring next thirty provide something like running and expenses operations refunding Secretary Weeks said FEDERAL RESERVE BOARD ACTIONS THROUGH ON GOLD VOLUME OF TRANS SETTLEMENT This is an infinitely greater task than was ever undertaken by any nation in the world in time of peace and there is no one FUND skilled in financial opera tions though he may be who does not view the prospect with more or less the volume of transactions through The statement that the gold settlement fund has shown continued and steady a during the year tary Weeks who declared that in not was crease volume of inter Federal Reserve Bank rediscounts is made in the annual report of the Federal Reserve Board presented to Congress last month and some extracts from which were given in our issue of Saturday last As to the Weeks a continued the and increased of the check Banks affected to a during the occasioned year in shown by part clearing and collection facilities of the Fed Bank Reserve large years rediscounts the gold extent by the During the past year settlement fund operations have fiscal operations of Large amounts of transfers have continued to be made on the Treasury Treasury certificates of indebtedness and the payment and on The tion the excess Reserve Bank and the fully in pre began telegraphing the settling branch the account of 1 each whereby each other Federal direct settling branch before the final closing of the books arrangement the a settlement is now made their The resources effected by the Board the same day telegrams are dispatched to each bank and direct so the tariff a more revenue which should were made each previous day Reserve Banks morning The new Bank for of the made and their books Under the original plan settlements credits wired to the Board as of the plan has resulted in the elimination of the interwhich had previously been carried by some Reserve Banks on account of payments receired float other they a were on on point where it must make New problems seem asso to him that the amount be produced from He is further quoted year importations as a follows Whatever may be finally determined it wuld seem to me posed should be based on the duties im the normal rate of exchange and that the Secre tary of the Treasury should have the power to change the rates of duty to correspond to any material change in the rate of exchange under conditions like the present would no on needs in our an un nearly revenue some the past and now has been to provide for our own and protection but in framing a new tariff law we must consideration if for no other than the most selfish reasons to markets cost of placing those countries where the rates of exchange are Our first purpose in give Otherwise tariff rate could be imposed which protect this country against some nations without bearable burden Federal Reserve than complicated question than usual he de normal finally closed for the preceding day less exchange growing out of the war made clared adding that it would settling branch so as to reach them in advance of the opening for business are much during 1930 that were change in its tariff system the following morning when the necessary entries instances Pittsburgh dispatches report Mr Weeks ciated with rates of of Secretary large profits in 1919 paying stating the country had reached radical published innumerable were would be between five and six hundred millions of dollars March direct collected for Under the new day has been explained probably would be shown opera and amount gross in the method of year arrangement made effective Bank Reserve the Board distribution of profits taxes gold settlement fund which reports was the Federal for and only important change during the past of vious accounts of income of as there profits lost Jan 1 as these on 1 that which account of trans actions incident to the collection and distribution of funds from the sale funds as concerns tax Jan by member banks and in part by the increased vol the previous three during been increase inter Federal of through the gold settlement fund has steady use Reserve eral ume of transactions contended where a volume tax urged by Secre period of falling prices a when the returns for this year were gold settlement fund the report says The effective an will proposition The repeal of the excess profits tax was of the check clearing and collection facilities of the Fed use that occasioned in part by the increased eral Reserve banks by member banks and in part by the in of folly to undertake commitments if they can be avoided and I assume that no one new dissent from increase height With this situation facing us it is the alarm To impose a greater duty than the ordinary difference in the production would mean destroying the possibility of European mar by the correspondent Federal Reserve Bank one day in advance of paymmt kets especially where the rate of exchange is such that they cannot pur through the gold settlement fund chase from us except under the greatest stress March 26 In THE CHRONICLE discussing the reorganization of Government depart Secretary Weeks asserted that during the recent the Treasury has been called upon to redeem ments enormous expansion of Government activities had been paid to the proper March 1 war savings certificates aggregating were presented for redemption against for the corresponding period a year ago Officials said this reduction indicated a permanent absorption distribution of those activities the departments with the result that there among expensive and inefficient hodgepodge was of this employees an PROTEST consistent a As to what he had to say a products and is the South America if need be he said be to one but preserve tariff protection to save the American standard of conserved our Mr Fordney said Is it not Give a job to The plan advanced by former Secretary Houston to levy taxes in the next thirty months sufficient to pay off Government obligations falling due in that time was attacked by the speaker He said he hoped a found to convert these short term obligations into long time he said would be program There is a very strong a hardship The cry and after the they as contend the is for simplification new the nation obliged to law is not pay He added The complaint we most taxation is altogether too compli If however tax laws law is written taxpayers were new on demand for tax revision often hear is that the present system of cated more in part find they are are paying as changed much or under the old provisions they will not In a success reality what is wanted is a reduc tion in the amount of taxes together with a simplification in the tax pro visions All the perplexing questions now confronting the taxpayer cannot be removed As long as there is an income tax and the income tax is here to stay annoying questions will arise in connection with the definition of in The most come ever that perplexing and troublesome question of taxation how invested of capital can laws and its elimination will be a be largely eliminated from welcome relief our tax Congress is committed to afford substantial relief in the matter of taxation and will undertake this April 11 It must be predicated on economy in Government expendi tures and the The funding of short time obligations guests of honor at Davis shutting off imports from foreign markets TO CONVENE APRIL proclamation convening the come out by President Harding see member was unfair to now assessed use 1092 of page our between the President and Senator as foreign goods Marshal Field Co of Chicago sent to each today a protest the correspondingly measured in the terms of those currencies the rate of exchange bears approximately the currency at the to commodities American Comparison of values existed as when same exchanges relationship same advance in cost due to higher actions as made by ourselves in which the identical goods were imported in 1914 and 1920 and 1921 The importations of the pre war period are reduced at the normal rate of exchange and those of the year 1920 and 1921 reduced at the current rate of exchange established by the the Treasury Depart The increases in the foreign cost in the latter years more than offset ment depreciated exchanges and ents much we find comparative United States equival higher than the prices of 1914 Attached to the communication is from France a list of about ninety articles Marshall Field Co state that under the on consequently would imports practically Lodge a conference The proclama OF cease INDUSTRY SUPERVISION while the uncertainties raw as be made by the Execu may Details of the final FEDERAL UNDER FAVORED BY WAR report of the War Industries Board just completed by its Chairman Bernard M Baruch requires the Congress to public by the United States Council of National De on March 20 The report recommends on convene extraordinary occasion an in extra session at the Capitol in the City the 11th day of April 1921 at 12 o clock shall be at that time entitled to act as noon of are required to take notice radical a change toward such of the United States the one hundred and forty fifth WARREN G v HARDING President CHARLES E HUGHES Secretary of State and tax groupings This is one of the conclusions the Board came to the result of its direc necessity It is held that great public benefits in the way of prices and of being groups abundance of effected through the mutual cooperation of members of industirai and that the present governmental policy of enforced isolation and 1 Check But the as same power benefits may also make be created some sort for vplfare Injustices born of association that makes for of government agency which shall supervise such checking their opposite potentitalities A concise recommendation is also made for the maintenance of According to figures made public by the Treasury Depart Washington Victory Notes current fiscal year on March 20 approximately were retired in the eight months of the The February purchases it is stated aggregated The advices from Washing press 20 had the following to Notes as rapidly next as possible in thirty months consequence of their maturity It has been the plan to have the issue aggregating around reduced to the point when it matures that those bonds remaining unpaid may be converted into what is described the floating debt and gradually paid off a substantial reduction in the amount of war form and immediate way savings certificates which skeleton its peace time contact with industry would be capable of expansion of action in the emergency of another war the experience gained in the world war may In this be permanently capitalized One is led to the thought Mr Baruch says that in a similar emergency there ought not alone to be a mobilization of man power but of things and of dollars is issued in book form from the government printing office and is entitled American brief report made by Mr the Board s general work promised was as it as Along with the figures on bond purchases by the Treasury there is shown also its The report sinking fund provided for by the Liberty Loan Act began to a organization along the lines of the war industries board which by reason of say operate last July 1 the Treasury policy has been to reduce the outstanding potential for potential injustice it is recommended that there associations both for the purpose of promoting their beneficient possibilities and CERTIFICA TES REDEEMED as goods resulting from economies in production and distribution are capable costly competition is not conducive to the general VICTORY NOTES RETIRED WAR SA VINGS Washington tion of industry during the war in conjunction with the temporary associa Congress new The its account of the report and its findings says in part revision it is believed will be the first subjects before the in the present attitude of the tions of the various industries evoked by the war thousand nine hundred and twenty one and of the independence other associations of industry under Governmental supervision Post in which all members thereof among things encouragement of permanent intimate combinations Done in the District of Columbia the 22d day of March in the year of our as were made Government America do hereby proclaim and declare that Victory material INDUSTRIES BOARD March 22 Proclamation V within the since proposed plan of American valuation the importer would never know his costs in advance and that Now therefore I Warren G Harding President of the United States of Since the In prac or more fense a tive ton March imported Germany Great Britain Japan and Switzerland involving ment at normal were is reflected in similar comparisons in American goods For example the attached list of merchandise was selected from actual trans or 000 in We find to United States ascertained in European commodities compared so change will show approximately the labor c day of Tariff it with similar commodities at pre war prices reduced to normal rate of ex April 1921 to receive such communication one saying that change in ascertaining the value of Part of his communication stated therefore that the cost of such commodities when reduced Whereas public interest requires that the Congress of the United States should be convened in extra session at 12 o clock noon on the 11th Lord against this plan for the reason As the currencies of Europe declined the prices of commodities there ad vanced issue of March 19 tion reads By the President of the United States her by rather than so be detected soon the depreciated exchange values upon which duties are COMBINATIONS announcing tentative selection of this date in Washington in the open and do This matter of American valuation is meeting with determined opopsition from many importers Sixty seventh Congress new on an said that was CONGRESS 11 in special session at noon April 11 was issued persons who imports It would force him to close his factory PRESIDENT ISSUES PROCLAMATION FOR of on tariff that would be iniquitous surrounding the domestic manufacturer who wished to import I A a tically every case the value in American dollars has doubled the gathering included besides tary of the Treasury A W Mellon and Secretary of Labor J dasigned to mask was put them into effect under a disguise which would Secretary of War Weeks and Congressman Fordney Secre J basis the Republican members of the committee fully realized the criticism they problem at the special session of Congress called by the President to meet on made that the plan to place the valuation was American price committee Any other Ways and Means Com mittee charged with the framing of the proposed bill said adequate Government bonds and distribute the payment over a number of years Washington dispatch relative to the a i way would be from Marshall Chicago according to the New York Times prohibitive rates they would employment while the former American soldier is walking the street out of American valua would be under in formulating a tariff and that if they wished to establish time travesty on justice to permit conditions a exist under which the ex German soldier returns to his home to find of these protests has one views of the sub committees of the and result in home market under at this imports Denial up living Speaking of German goods coming into the American market come on Field Co of field for selling 95 of American made an tion pf March 24 which in their goods and thereby raise money to pay their debts to the United States the speaker said that the home market is the one which consumes IMPORTS reported amendment which would place He found in higher customs duties a means to stop the importation of underpriced foreign goods which he declared is hurting American industry On the question of whether America must surrender either its home market foreign market in order to give European nations TARIFF LEGISLATION PLACING VALUATION ON already been registered against the forth coming tariff legislation and more especially against the take the we AGAINST Protests have following from the Pittsburgh Dispatch of March 20 or some redemption until they mature AMERICAN Representative Fordney treated of Our Nation s Diffi culties his remarks centering on taxation and the proposed legislation for An entire re group increase in the salaries of those retained tariff class of securities by investors who probably will offer fewer and fewer of them an ing of the minor divisions of the various departments was advocated by Secretary Weeks who urged a drastic reduc tion in the number of Federal During the eight months ended attention no 1229 Industry in the War The preface quotes the Baruch to President Wilson at the conclusion of in Dec 1919 in which a full and detailed history It describes the book which contains about 150 000 words an analysis and narrative of the War Industries Board whose function to supervise the industries of America that the energies of each should was far as practicable supplement those of all others and that all should contribute to the limit of their combined ability to one common purpose the winning of the war THE 1230 Cooperation Whole Hearted the whole nation because of their ability I found my support to come as Democrats quickly from the Republicans as from the In the spirit of national emergency there were fused all differences of politics of ancestry of religion all were Americans and as such soldiers of tne common good To these men on the Board and to the American employer and employee goes such praise as the organization service because of the world crisis and the may have earned conservation price fixing labor administration and the work of the board s foreign mission administration of clearance priorities attained through the Control Embraced machinery izations developed as problems came establish a very by forward until in the end it was found comprehensive scheme of control over the en the end control was tire industrial life of the nation and indeed toward extended beyond our borders to every part the result of national control of many sulted of the people operated with far less machinery of organization than that used engaged in the war Over the War Industries Board a natural growth that Had Tremendous Powers the charge that the Board was an While denying mendous powers and no institution with tre responsibilities a sort of ruthless tyrant set up by quality easily suscepti democracy it is admitted that its powers were of a should be entrusted only to men of extra ble to abuse and of a kind which ordinary integrity and talent More than a hundred such men were mus positions under the Board most of then serving without tered for the key and sacrificing personal interests time money and sometimes even health for their work While the book gives much The second part of the report into credit to the Board s functions in solving the requirement of the priorities be to the and introducing order and systematically comparing inventories of resources and facilities the emergency principle and its elastic and adaptive application are held greatest It was destined to become the most achievement dominating feature of the whole scheme of war time and characteristic programs Priority it is held established order fixing and regulations of the Board The rules and workings of the priorities scheme which was simply a vast and smoothly working ar rangement by which war material was produced according to priority of supervision over the industrial forces in production and delivery stabilized prices supplemented price put teeth into all the need are given in detail contracts success Priorities The mere annually through substitu insistence that manufacturers of thread should wind 200 instead of 150 yards on each spool released 600 freight cars a year Elimi nating the use of tin for putting the rustle into silk saved 50 tons of then Tacking certain dry goods in bales instead of boxes saved Invaluable tin detail the toluol and other chemicals for rubber disributive processes that pendices afford a vast time history and economics Trade a scheme of point the way to future reform in productive and will no doubt result in providing abundantly in the land price fixing describes on the chaotic market conditions brought about by government buying on an unprecedented scale in a limited field of supply and and demand was points out that the corrective action of the law of supply non existent in the conditions that prevailed positive control over the major portion of was of longer At the preparedness measures against some future war that the resources and facilities of the should be an should industries be encouraged to coal tar derivatives serious shortage and 3 certain c of which there is a complete lack or a war maintain skeleton organizations through which they could rapidly expand the production munitions and other direct military equipment Favors a their emergency the stimulation of the domestic production of such military necessities as nitrogen United States of guns airplanes Tribunal As a result of the successful uniting of government and business under Industries Board for national purposes the conclusion further advises that there should be established some sort of government tribunal the War which should sanction in the public interest industries which resulted in such economies the intimate associations of and enlargement of production during the war The report therefore recommends that purely as a lation be adopted that civic measure legis will permit the continued functioning of the indus represented by the war service committees and the related associations of manufacturers whose establishment was forced by the war trial groups associations as they stand says the report are capable of They can increase the comfort of the people by inaugurating carrying out purposes of the greatest public benefit the amount of wealth available for multiplicity assist in cul tivating the public taste for rational types of commodities by exchange of trade information extravagant methods of production and distribution can be avoided through them and production will tend to be localized in designed to eliminate wasteful practices attendant upon rules of styles and types of articles in the various trades they can places best suited economically for it an associations in peace is recommended as economic reform pure and simple it is pointed out that their existence organizations in time of war would be of incalculable aid to the supply As the associations have power for as evil as well as good such for example unduly restricted production and lifting strict governmental control prices they must be under The agency of such control should act both good of association might be of co operation reflected in reduced costs to the consumers rather than in excessively positively and negatively to the end that the encouraged and the evils prevented that the economies be enhanced profits little or no pro direct legislative the food administration the war trade board and the shipping board the railway administration c were available for the purposes of the war industries board in enforcing price fixing as report holds that in much else of its work price fixing was necessary not only for the pro tection of the Government and the public against exorbitant prices but means of stabilizing industry abundant protection and stimulating through assured fair The patriotic submission of industry to price fixing is considered a prime factor in its success In steel for example the result of price fixing was to reduce ship plates from 12 00 to 3 25 per hundred pig iron from 60 00 to 33 00 a ton coke dropped from 12 75 to 6 00 copper from 37 cents to and 26 cents per COMPARISON pound zinc from 22 50 to 12 cents a pound not attempt The report does to estimate the savings either to the Government or the public price fixing but independent estimates have placed the saving in steel and iron alone at more than Management of Labor connection with the Board s labor division the report sketches the national management of the labor problem throughout the war OF AND WAGES FEBRUARY AND EMPLOYMENT SECLECTEI INDUSTRIES IN 1921 As with many of the other cedures of the war industries board there was j nation adaptable to war purposes accurately known quantity and the nucleus of control be at all times ready to expand 2 Price Fixing authority for price fixing but the powers vested in the President the army whol and trade Board shows the These areCl a peace time skeleton organization following the lines of the War Indus tries Board which would keep the Government in touch with industry so IN 1920 Continued decreases in February of signing of the armistice such sweeping regulation was about to be and navy In success of the War Industries It is declared that the experience need of three to consumption applied to the shoe industry and trade from for more increasing willingness on the part of the interests affected duration would have ultimately controlled prices of virtually all Tells of prices showing results of an extraordinary courage being left to other controlling factors but as the war goods from raw production a bred taken under control with an At first prices were established only on basic materials in and ultimate prices The Success character after trade developed the industrial fabric shortage was occurring or threatening the regulation of middle a progressed the field of price fixing was widened and had the struggle been as Trade Taken which by the summer of 1918 was may Under these circumstances the United States made its first experiment in price fixing after declares that the Board had finally In conclusion the report While the continuance of these for elemental comforts of every person which transportation textiles leather and related ap reservoir of original material for the student of war These as well as the 44 machinery and power c Of Great Value in War it is considered that they chapter and brass the nonferrous metals nitrate chemicals forestry munitions industrial products and building materials tools Reform striking were the economies effected by the conservation division that The Board as differen principle is described Here is set forth dealing with the bristling industrial mobilization problems cases Points to Future So of more than 350 nearly 500 000 wooden 17 312 carloads of freight space cartons and packing the actual work of the afforded by iron and steel copper These the report was largely on industry alone it saved 260 000 tons of tin plate tions study of the groups It is in the second part that Saved of the conservation program says the establishment of priorities It reached hundreds of in dustries thousands of plants and millions of consumers In the canning dependent the wrar service committee largely through industrial exigency What The is devoted to an exhaustive the agencies through which most of the Board in price fixing priorities con servation c were concretely applied They were the universal joints that articulated the Board with the industries and they in turn effected their complex problem of industrial mobilization through them with reliable industries might have re Industrial Groups 350 general functional activities of the successful it is re marked that this organization which eventually came to regulate the ex penditures and stimulate or restrict the activities of every person in the nation was never specifically authorized by any legislative act So truly was definitenoss of the principal war t 57 commodity sections which were This came gradually and it was founded always common counsel with those directly involved It depended in any other country pay and demand that had become effective at the report a system for inter of the world from which war always in large measure on the good will and sound purpose and it was of supply If the War had confined says drawn were effect in the allied world the of the mission was to purpose coordination home in bring about a which this was consum natural evolution by which methods and organ The of effort mated is described as a as Another tiated from general policy and World grand purpose of the War Industries Board was to supplies and wool same defines its purposes and treats by which the board became the one necessary to of price control was system War Industries Board of the governmental body that dealt comprehensively with the exceptional military and civil industrial require ments caused by the war and the resources and facilities with which to meet them and how the balance bet ween them on the success of which hinged industrial mobilization and the outcome of the war itself was sought and The American of the book traces the origin of the The first part co ordination the in the Council of National Defense process illuminating account of how adopted internationally to a large extent One purpose of the mission was to insure from the Allies particularly the British reciprocity in pirce and allocation of necessary materials Before this mission went abroad the United States was giving the Allies the benefit of prices established for itself but was not receiving reciprocal treatment in such essential foreign commodities as tin jute chapter on the foreing mission gives an The cooperation there being not one slacker in the whole business world Due to this coopera tion not one default was recorded on any demand made by the military establishments of the War Industries Board Of the men who made up the personnel of the Board Mr Baruch says In my associates chosen from for its whole hearted industry is praised American VOL 112 CHRONICLE this year as compared industrial lines are shown by the Bureau of Labor Statistics of the U S Department of Labor at Washington in making public on with last year in the numbers employed in March 17 the results of the reports concerning the volume received and tabulated from representative establishments in thirteen selected manu facturing industries and in bituminous coal mining The of employment for February Bureau says 1921 with those of identical establish decreases in the number of persons employed in all industries The largest decreases are 44 2 in hosiery and underwear 41 3 in automobiles 36 3 in leather and 35 1 in woolen The smallest decreases are 2 in bituminous coal mining and 0 1 in cotton manufacturing When compared with February 1920 the amount of the pay roll in Feb ruary 1921 shows decreases in all industries The greatest decrease 74 4 is shown in the automobile industry Respective decreases of and 44 3 appear in the hosie and underwear woolen and leather industries Bituminous coal mining shows a decrease of 1 Comparing the figures of February ments for February 1920 it appears that there were MAKCH 26 COMPARISON OF IN THE EMPLOYMENT IN IDENTICAL FEBRUARY 1920 AND CHRONICLE ESTABLISHMENTS FEBRUARY 1921 lishment decreases ranging from 15 to 20 were made while in another establishment all employees had decreases ranging from 10 to 15 One of No of PeriodNumber on Pay Estab Industry I of I lish Payments Automobiles Amount of Pay Roll in f C V crease February or RoU crease February or 1921 I De crease moJl M In De Iron and steel of In Roll In crease week repairing Cotton mfg mo week 53 975 Cotton finishing Hosiery and un week Car building and derwear Silk week 52 J weekj wks j clothing i i week 34 week Boots and shoes 84 week Paper j making J 55 Men s Leather Cigars week 56 Coal 86 bitumin s week mo Comparative data for February following table January and in four the woolen 21 1 a industry 1921 and January and thereVere increases compared with as in increase of an increase of 20 8 an appear clothing shows Per centage decreases of 12 8 and 3 3 appear in car building and repairing and cigar making respectively When comparing February 1921 with January 1921 eight industries show increase in the amount of money paid to employees and six show an de a crease The most important increases 34 6 and 31 4 occur in men s ready made clothing and woolen respectively Car building and repairing shows a decrease of 14 4 while the decrease reported in the leather in COMPARISON OF EMPLOYMENT IN JANUARY 1921 IDENTICAL IN AND No of Period Number Estab Roil of on January February Dec Feb Dec 114 H mo week mo Cotton mfg 53 1 week Cotton finishing 16 1 week week 52 1 week Silk 42 2 wks 46 1 week 36 1 week week Paper making Cigars week week Coal 79 H mo clothing bitumin s CHANGES IN WAGE Iron and Steel All the decrease of 21 a in per in the first hour affecting new employees only was reported by one fecting all employees capita earnings show Slight business depression Boots and Shoes Approximately 75 of the force in by The granting of establishment one capita earnings show for establishments reporting wage rate were one in two establishments had was made in two othor plants affecting all the men a decrease of 25 Eighteen in the second plant mill 50 of the force in Ninety per cent of the mill and laborers only in one employees in one plant received a decrease of 18 A general decrease of 15 was made by one concern while in two other concerns a force respectively 15 decrease affected 60 and 90 of the A wage rate decrease of approximately 12 was made employees in one establishments 100 of the force mill and 95 of the employees in the second mill a Paper Ten cent of the employees in per reduction of Two plants reported affecting the entire force in plant I one mill one were reduced 20 in improved earnings showing an was of the force made to 8 of the plant time and one half one mill Conditions In one mill while all one half men In in another concern eliminated resulting in decreases ranging was to 14 in earnings decrease A a rate wage of 10 Another plant reported the elimination of but did not approximate the reduction in earnings Automobiles A decrease of about 15 ment affecting 30 plant had of the force Department of Labor The Bureau s weighted index number which includes 327 commodities or a series of quotations and in computing which due allowance is made for the relative importance of the different commodi ties dropped from 177 in January to 167 in February or nearly 5 The fall ffom the high peak of prices in May 1920 was 383 In making public the details on March 18 the Bureau says from the previous month the decline in each group being over 7 per cent of the employees are are Following the period of depression gradually resuming operations and the per 16 2 greater than last month before Cloths materials and 4 M were decline of nearly 2 J4 a Of from the January level thel327 commodities In 87 cases are plants reduced When comparing the per those for January a decrease of 1 9 capita earnings for February with is shown Manufacturing All employees another establishment in reported by one The concern per de establishment were one Five plants reported a 10 affecting the entire force in all plants wage employees rate decrease of An average decrease of 7H capita earnings of the workers increased 2 during this month as compared with last month and Underwear Three decreases of 22H ployees affected plants a wage reported prospective wage rate 15 and 10 but did not state the number of em of the employees while one half of the employees in establishment had a decrease decrease of 10 of in wages per Increased production capital earnings are was A decrease of 7 5 in preliminary of commodities and subject A general wage decrease of 20 to as computed by the Bureau of Labor The figures for the last named month revision The base for the calendar used year in computing 1913 Index Numbers of Wholesale Prices by Croups of Commodities 1913 equals Feb Farm Fuel and BuiIding materials Chemicals and drugs lighting Food etc Jan 237 products Cloths and clothing Feb All Commodities goods House furnishing Comparing prices in February with those of a year ago as measured by changes in the index numbers it is seen that food has declined over 38 cloths and clothing over 44 maining groups except of metals and 26 materials and farm products over 45 In the re fuel and lighting smaller declines have taken place case of chemicals and drugs to 22 in the case on the in the case of building materials contrary were 16f4 the corresponding month of Fuel and lighting higher than in February 1920 All commodities taken in the aggregate were almost 33 cheaper than in last year per affceting the entire In t wo concerns reduction capita earnings is shown when establishment was reduced 21 in wages mill In one estab was reported by one DECREASE IN RETAIL PRICES OF FOOD The comparing February with the January figures one increase shown the index numbers of wholesale prices in the United these index numbers is the average force in the bonus of S3 per week was discontinued and in addition a wage Silk The entire force of an majority belong three 5 3 higher than during the previous month Woolen Three mills reported a decrease of 22 of 7 was made In reported by several plants force in two mills and 95 of the force in the third mill a a reported affecting the entire force in was the first plant 75 of the force in the second and 20 of the third plant Of these ranging from 9 in the A decrease of 20 in wages was made by one establish ment affecting 98 another mills decrease and 33 showed a food and clothing Miscellaneous creased 15 in wages while a reduction of 12 was made to all a In the group of house price quotations included in the comparison Statistics fori the months named are Metals and 2 change in price was recorded the groups of Below or was over months 207 showed no tobacco cheaper and fuel and lighting decline of nearly 4 and chemicals and drugs furnishing goods the decrease for the two 424 were cheaper in February than in January products registered metal soap decreased about 5 4 below the level of the month clothing Metals and metal products Reductions in the number of employees were reported by wages Farm products and miscellaneous commodities the latter group including such important articles as bran cottonseed meal and oil lubricating oil jute 1920 Car Building and Repairing The entire force of one shop was Hosiery to Continued recession of commodity prices at wholesale is shown for February by information collected in representa tive markets of the country by the Bureau of Labor Statistics reported by one establish decrease of 5 while about 24 of the employees in a January establishments capita earnings was Twenty five another plant received a decrease of 4 was 12 CONTINUED DECREASES IN WHOLESALE PRICES OF lishments reported irregular operations due to lack of orders in of decrease made by four plants was decreased 2 4 since the January pay roll period earnings reported for this pay roll period as compared with the pay roll period for January show a decrease of 6 2 Many estab Cotton appear to affecting practically the entire force in two plants 90 of the force in the The per capita many wage third plant and 60 of the force in the fourth plant General wage rate reductions were reported by two concerns The per capita earnings States byf groups approximately 1 20 in a of 10 those reported for last month the per capita over employees of in establish increase of 0 1 Cigars One establishment reported of the one decrease rate wage a plant and 70 of the force in the other A 10 bonus was discontinued by be somewhat in in one the per of the employees in another establishment had 15 employees in another mill received reductions ranging from 8 to 16 A decrease of 5 to all men was reported by one concern while a decrease and an dis increase of 14 2 when comparing the earnings an A reduction of 16 2 3 was made to all employees in wages ment while 95 decrease of 10 was made affecting from 40 All employees in two concerns had decreases ranging from 7 to 15 were made to about 10 time was February with those of the previous month andlwood pulp each from 9 factory had 10 bonus a Due to increased production Food articles and building materials showed the largest price decreases men plant and 95 of the one another mill one and per i average wage reduction of 12 continued reported was decrease of 1 when comparing February with a January figures rubber newsprint and wrapping paper millfeed middlings In five establishment while another establishment reported a decrease of 30 cents per day af mills reported a decrease of 20 affecting the entire force in 15 mills 66 to re A decrease of 5 cents of the force in to all was Practically all employees of three tanneries had wages RATES AND PER CAPITA EARNINGS In 12 of the 14 industries there men In three plants approximately the entire force tannery 20 respective wage reductions of and 7 decreases during the period Jan 15 to Feb while one duced of the United States Boots and shoes Leather un derwear Woolen Men s Leather A bonus for full time service was granted by one establishment Decreases ranging from 20 to 25 were made to about 60 of the employees or 1921 Car building and Hosiery and a gradual increase of business is reported for thoso in operation capita earnings have increased 11 1 during this period COMMODITIES IN FEBRUARY Iron and steel repairing closed Per Inc or Jan 1921 Automobies of Amount of Pay Roil in Inc Pay ments ESTABLISHMENTS 1921 FEBRUARY Pay Itoll in of lish Industry were reported for this industry during the February pay roll period causing the per capital earnings to be increased 9 Men s Ready Made Clothing Weekly reductions ranging from 2 to 5 were made by one establishment While many concerns are still partly dustry is 0 8 Increased hours of operation and increased production The smallest and steel and leather iron decrease to 93 of the force Three mills affecting all employees in two mills and 90 of 15 a the employees in the third mill 1921 appear in the The largest increase 42 is shown in Men s ready made and hosiery and underwear increases pay roll in February decrease The figures show that in ten industries in the number of persons on the reported concern made a decrease of 10 in 60 Woolen 1331 The retail food index carried by the Bureau of Labor Sta tistics of the United States Department of Labor shows that there age was a decline of 9 in the retail cost of food to the family in February as compared with January aver In re porting the price decreases in February the Bureau in its statement made public March 18 has the following to say articles are reported to the Bureau of Labor Prices of 43 food From January 1913 to December 1920 22 arti used in this index but from January 1921 43 articles are FRANCE GREAT BALANCE ON FOREIGN TRADE IN APPROACHING THE NORMAL BRITAIN consumed in the aver weighted according to the quantity of each article The The issue of Index published on Feb 21 by the workingman s family age cles of food were included in index number the Month One In addition to the prices of 43 articles received each month prices on certain months of the year and are not included in the index number During the month from January 1921 to February 1921 all of the 44 articles decreased in price with the exception of 1 articles 13 rice 12 pork chops 9 plate beef and sugar 8 chuck roast lamb butter lard and prunes 7 round steak and fresh milk fe sirloin steak rib roast oleomargarine crisco and onions 5 nut margarine and com meal 4 bacon flour rolled oats navy beans cabbage baked beans coffee and oranges 3 bread canned corn canned peas canned tomatoes and bananas 2 canned salmon evaporated milk cheese corn flakes The price of hens hems however increased less than five tenths of the month in the prices of the other decreases shown during The Strictly fresh eggs 39 storage eggs 35 potatoes follows were as of The statistics show that the the foreign war The is of these toward equilibrium in the relation of values but the trend States for 1913 As a result of the favorable balance of trade was much more pronounced in 1919 But with resumption of production on a larger scale by France and England in 1920 the trade balance of the United States has rapidly swung back The following table shows the changes analysis of the foreign trade figures of the United that imports amounted to 72 of the exports An indicates influenced by the war conditions period February 1920 to February 1921 the percentage For the in all articles of food combined was 21 decrease Thirty seven of the 44 articles follows Cabbage 53 rice 43 lard 36 onions 57 sugar 58 potatoes 25 coffee 24 corn meal 23 butter and prunes 22 flour and canned tomatoes 20 oleomargarine 18 plate beef and oranges 15 pork chops 13 chuck roast and lamb 12 bacon nut margarine and cheese 11 evaporated milk and baked beans 9 round steak fresh milk and canned corn 8 rib roast 7 sirloin steak 6 ham bread and canned beans 30 storage eggs crisco 32 strictly fresh eggs and navy Imports Per ct of her The 5 articles which increased in price during the year were 25 macaroni 7 rolled oats 3 cream 1 five tenths of the Prices were same in February and February 1920 for 1921 canned case of exports balance was almost attained in Great Britain the pre war trade 1920 indicated As between British difference 1913 balances is 1920 and comparative figures the only 2 following by the I British Foreign Trade Balances Exports Per ct of exports to The of the times and a imports trade balance recovery made by France percentage of three the countries times compared In 1919 The returns her exports salmon and bananas was greatest her imports were about three 1920 her imports were only one her exports but in of amount half Imports Raisins of wheat 2 and tea less than imports to the In 5 hens 4 corn flakes 1 peas ces prices were secured on both dates decreased as for which 61 U S Foreign Trade Bala Exports Year One exports to im ports is now unmistakable in Changes trade of Great Britain France and the United normal balance In total value the com course still greatly enhanced over pre war countries is of decreased less than five tenths of prices of ham and cream of wheat the year the close closely approaching a States merce macaroni tea and raisins 1 l significance in the foreign trade figures have just been published for within a very short period after nations which three leading the 1920 of Restoring the Balance in Foreign Trade on comparison discloses special A storage eggs are secured only for York contained the follow Liberty National Bank of New ing article in Changes Statistics These average prices are then prices are made for each article average From these prices 51 important cities each month by retail dealers in VOL 112 CHRONICLE THE 1232 follows are as French Foreign Trade Balances Changes Since February 1913 For the 8 year period 1913 The price of hens in and bread 89 lamb 85 bacon 75 pork chops fresh milk cheese and potatoes 73 The other articles for which prices were recieved on both dates showed in creases ranging from 22 for rice to 72 for corn meal The index number based on 1913 as 100 was 158 in February 192T1 combined was 63 increase in all articles of food creased 107 flour 97 ham 90 storage eggs Francs v February 1913 to February 1921 the percentage Francs Francs Imports o Exports Per ct of exports to imports EMBARGOES SOUGHT BY WOOL AND OTHER INTER ESTS PRESIDENT HARDING S PROPOSED PRICES IN RETAIL AND WHOLESALE IN DECLINE TARIFF LEGISLATION FRANCE Generate de of Bureau giving France la Wholesale retail showed according to is un index quotations the retail on public by the Board as follows WHOLESALE PRICE INDEX NUMBER FOR Bureau de la Statistique Generale Prices Compiled by of February according to family consumption quotations weighted The details are made price wholesale weighted and based upon 45 price 7 of decrease a The compilations and re wholesale the 8 during the month whereas prices declined prices these 18 Bureau of Statistique France price indexes for France for the month tail Board an from the Gen March 14 the receipt of a cable on Statistical eral office of the Federal Reserve York New The nounced FRANck de la France Raw Vege table Coffee Foods Min Tex Sun Foods January Sugar Animal Foods Cocoa 20 erals tiles dries All Mat ls 25 Further appeals have been made to President Harding imposition of embargoes on imports of farm this week for the referred to the March 16 and 17 in support of embargoes on wool hides meats butter lemons cottonseed oil and cotton On March 19 an em bargo on the importation of meats and readjustment of freight rates on live stock from the West and Southwest was urged upon President Harding by a delegation which was accompanied by Senator Capper and which included Judge Samuel PI Cowan of Texas general counsel of the Rational Live Stock Association T A Tomlinson of Den ver Secretary of the Association and J IP Mercer of Topeka Chairfrian of the Kamsas Live Stock Association Senator Capper is reported to have stated later that he had also urged legislation to provide immediate relief to agricul products Saturday last page 1100 we presentments which had been made to him on tural interests February March April L appeals in behalf of the farmers brought promises the 19th inst for remedial measures The May June in the shape of from the President on July Septem r October Novemb r an emergency tariff bill and on the 21st that the Plouse suggested to Chairman Fordney he 532 6 December inst August January February RECOMPUTED WITH Ani coffee foods foods Raw Foods Min to the terials tariff that would take care of farmers upon by the Republi The1 Journal of Com in Washington advices said Tentative legislation has been can members of agreed the Committee tariff without the extra items which were tacked to the Fordney bill were received at the White House to day March 24 after a conference between the President and Senator bill for the cocoa erals tiles dries All S the Senate Republi feasibility of early passage of an emergency Indications that the President may ask ma Sun Tex as merce of March February table PRICES IN Sugar mal January Vege Ways and Means Committee sound out cans Congress for an emergency protection of the farmers chiefly and Willis of Ohio After the meeting which lasted for three quarters of an hour the Senator March April said that the tariff May September October November Willis said is to enact a measure for the assistance of agricultural interests It was intimated that the Chief Executive is not much concerned about the increased tariff pro vided for such items as sugar and wool which he is inclined to believe might wait for the permanent tariff legislation While this feature was not ex plained fully it was taken to mean that the Fordney hill as originally drawn would come nearer to meeting the desires of the President than the later measure with other productive sections added Senator Willis said to day that he would favor an emergency tariff bill just two inches long which would accomplish the purpose of aiding the farmers until permanent revision can be undertaken When he was asked if this would be in the nature of an embargo he said that he did not like to use that word but it would be essentially the same There was some question how much the views expressed by Senator Willis represented his own convictions and to what extent they reflected the intentions of the June July August December January February RETAIL PRICES IN PARIS PRICES JULY January 290 June 369 November February July 373 December September March April May August October January February situation The chief purpose President was discussed from various angles of the President Senator March within the Alschuler REDUCES WHEAT AUSTRALIA PRICES TO MEET AMERICAN COMPETITION Melbourne press prices of wheat exported from Australia reduced the rate for East Africa and certain islands from S statement has must 9 shillings to 7 shillings 11 pence per This reduc bushel made for the purpose competition tion according to the dispatch was meeting North American of WHEAT PRICE IN FRANCE TO BE MAINTAINED AT 100 FRANCS Cablegrams from Paris March 6 the 1920 wheat crop will be main quintal according to an announce daily to the stated that the price of tained at 100 francs per Oise the Ministry of March 6 before an assembly of Finance in an address on farmers cablegram from Acting Commercial At Daniel Waters Lima under date of March the According to tache a Peruvian export duty on rubber gum has payment of the been June suspended in the Department of Madre de Dios until The Peruvian export duty on rubber is ad valorem except on that from levied at the rate of 8 Putamayo where it is only one half of that amount industrial strife whenever possible have been turned loose EMPOYEES A VERTED THROUGH matter of the amicable settlement on prevented by the agreement he was calling a meeting of their union employees through the mediation of Secretary of Labor Davis to representatives of both sides who called upon him on March 24 The callers included Secretaries Davis Hoover and Wallace and Samuel This action on the part of the President signified his view of the importance of the issue as bearing upon the industrial situation President Harding said Gompers I have learned that suspension of activities in the packing of the Cabinet representatives who have joinred you in this matter to express the appreciation of the Executive I want to say in regard to the controversy that this Administration has nearest to its heart at all times any righteous helpfulness that it can give in avoiding a suspension of industrial activities in this country I have said publicly and I want to say it to you if we can bring our civilization to a point where we can meet around the table in advance and adjust our dif ferences righteously we have made a long step toward tranquility Please know those of you who speak for labor and those of you who speak for management that the Administration does not want to intrude unduly on any occasion but we always want to be helpful in the cause of justice and the harmonizing of these two elements of American activity Please go away assured of the appreciation of the Executive that you have brought about a solution of the controversy in the great packing industry I am I have asked you you in solely for my own satisfaction avoid have found a way to American people will be pleased preceding day following a three days discussion The compromises by both sides it is stated made possible a Employees agreed to accept the wage reduction settlement of 8 cents ers an for ment hour and 12 for piece work while the pack extension of the war time arbitration agree six months or until Sept 15 next Another accepted an retention of the basic eight hour provided in a previous arbitration The full terms of the settlement are as follows important provision was the day and overtime rates as ruling First The wage cuts of for all 8 cents per hour for hourly workers and 12 Yz pieceworkers shall remain in effect as of the dates announced by the be subject to any further arbitration If any further shall be submitted to the administrator Second The basic eight hour day and overtime rates as announced in the latest rulings of Judge Alschuler shall be restored subject however to packers and shall not reductions are desired they the right submit to the administrator if changes therein of the employers or employees to they desire any question as to Third The agreement of Dec and extensions thereof decisions thereunder except as Sept at which time and supplements the agreement and all wards Our attitude from the which administrator shall retajin and exercise all of the jurisdiction and tofore existing authority here and the employers and the employees shall decision in all matters of abide by his jurisdiction and power under the administration conditions and adjustments thereof ex cepting as hereinbefore set out The employers and employees shall how ever be permitted to put into operation plans whereby they may develop a method to handle between themselves all matters of mutual interest so and all subjects of hours long as they do not wages interfere with the administration hours or wages submitted to the Fifth Any questions relating to ad in of the agreement shall be submitted briefs unless otherwise requested by the administrator ministrator during the continuance written to be taken as outside of the district embraced in the agreement added to the statement the following paragraph Sixth We understand and appreciate that this agreement contemplates and covers the exigencies and conditions at this time in the packing houses The employees in order to show that their decision was not binding on fellow workers of industrial He got the gist of the whole matter economic conditions that the question of when he realized issue he was the in pressing a settle contributed valuable assistance with his problems of the cattle industry are highly pleased that Secretary Davis has I eight hour day quickly and recognition of the unions was not an entirely converted to our side I believe Mr Wallace also We He showed a remarkable principles and an accurate acquaintance with grasped the justice of our claims he knowledge cko not agree with him on knowledge committed himself to all economic questions but greatly admire the spirit he showed in the conferences with us His con tention that a reduction of wages is the proper way to solve present indus trial problems I believe is wrong James G Condon and arl Meyer representatives of the which read packers issued a statement After several conferences with Secretaries Davis Hoover and agreed with Secretary Davis to a have we time labor Wallace definite termination of the war 4 agreement This will enable the packers to adjust between themselves complete plans already announced to and their employees all matters of mutual interest It was only after the most companies decided upon wage They regretted the careful study of conditions that the packing reductions and changes in working conditions necessity which compelled this decision people have the same attitude toward our Government to day in its problems now confronting the country that they had Our efforts to solve the big during the through war co operation and helpfulness The country is going result of the war and we want to lend retard or inter serious adjustment as a a possible assistance and do nothing that would seem to fere with the sincere efforts of President Harding and his every in Administration solving these tremendous problems the call made upon the President on Davis issued a statement in which he that lowered wages in the packing industry was Subsequent to March 24 Secretary asserted logic of the situation the inevitable I am somewhat He said surprised at the statement of Mr Brennan attorney for Workmen of North America in the press reports in which he says I do not agree with the Secretaries as to the necessity of wage reductions for packing house employees These wage reductions were agreed to by Messrs Brennan and Lane representatives of the employees in the packing industry after a conference in my office with Ethelfctert Stewart Commissioner of Labor Statistics in which the cost of living was thoroughly discussed Secretary of Agri culture Wallace and Secretary of Commerce Hoover were not present when the Amalgamated Meat Cutters and Butcher the matter of wages was under consideration V 1 have received an increase in wages of nearly 100 Mr Stewart and myself were of the opinion that it might be wise to accept the wage reduction stand for the eight hour day time and a half for overtime double time on Sunday and the following holidays New Year s Day Memorial Day Fourth of July Labor Day Thanksgiving Day and Christmas Day induce the packers to recognize the existence of the war time agreement and provide for its ter mination at a definite date and refer all other matters to the administrator Messrs Brennan and Lane immediately assented and it was agreed to The reduction of wages was the inevitable logic of the situation I intend to inject that principle into everything I do I know that is what the President wants Nobody will want for a hearing while I am Secretary Nobody will get otftier than justice I going to fight for the policy of give your fellow man a helping hand but always do the right thing and I am sure that if we get a little of that spirit injected into the Department of Labor endless good will be accomplished Since 1917 the employees A thereunder connected there terminate Fourth Judge Samuel Alschuler or his successor as until said date and all herein modified shall remain in effect until and renewals thereof and understandings with shall absolutely officials and their reduction he said first completely won Secretaries Davis Hoover and Wallace I want to say that in the past I have never considered Herbert Hoover friendly toward labor but I was gratified at the way in for a wage pressure a industry and I wanted in the presence grateful to you for myself and I know the employees in Chicago on Commenting on the work of the Government Sunday March 23 of the dispute packers and between It is national importance that the I Harding personally expressed his satisfaction Presideht over would understanding has been reached Mr Brennan said that the employees had always been underpaid and had worked too many hours If the ten or twelve hour day had been allowed he said it would merely have meant the discharge of more men who would have circulated among the unemployed to create unrest A return to such a ment GOVERNMENT MEDIATION their course the fury of the men New leaders would have entered the field packers had persisted in If the of the STRIKE OF PACKING If the hostility to the employees hostilities will be resumed on Sept 15 when wartime agreements expire The Government got this agreement through pressure on the packers We agreed to a cut in wages because the three Secretaries held the opinion that wages must come down and also because we wish to avoid Mr Brennan said RUBBER IN PERU Davis packers continue their conditions has been SUSPENSION OF EXPORT DUTY ON Secretary The New York Times is to sign a truce to prepare for war have really done we said that the statement as follows of March 24 reports What Secretaries held that wages eight hour day the advocated papers by M Paisant Under Secretary of ment a cut because the three come down He also wage Redmond representative of the employees issued a in which he asserted that the men agreed to the Brennan board controlling agreement on March 23 was reached After the cablegrams from London March 22 a dispatch to the London Times reports that the According to administration without relation to industrial conditions generally wages or of the five big packing houses lowered wage rates and which resulted in a threatened history of the controversy over changed working conditions strike follows Feb 26 withdrew from then war time arbitration agreement when Federal Judge Samuel A Alschuler wras advised there would be no further use for his services as arbiter The agreement referred to arose out of The packers on differences between a strike was The granted workers a increase of approximately a year an eightday and other benefits The packers it is said took could not be adjusted be referred to Judge Aslchuler latter under this wage hour the view that there packers and their employees in 1917 when threatened and provided that differences which was no agreement is said to have inasmuch as the war further need of had been over the agreement two years J Ogden 1234 CHKONICLE THE Armour President of Armour Co March 8 issued the on 7 V An orderly and established Effective March 14 the wage scale for Armour plant employees average of approximately an vised e This does not The revision affects chiefly the killing gangs whose hours of labor are by live stock receipts which packers have no control over days and some To assure employees he then eight hours work more for 40 hours of work whether or not that pay This guarantee very frequently results in actually done mployees being paid for many hours of labor each week for which they acally perofrm no work u We know of other industry that provides such no guarantee or minimum wage to its employees dded the penalty resulting from n When on top of this is basic eight hour day the burden he a the last two years that will not carry it day the following statement same issued by was Statements that strikes ot labor troubles would be welcomed by There public is not kept in cold storage it is fresh meat and eaten by the American it has to be kept moving from the time of slaughter until it is on the dealers block is It absurb to say that present accumulations of hides have been inventoried at low values in order to show losses We invite those who equally stating to buy or find a market for these hides are so Ninety per cent of our employees appreciate that lower production costs essential and justifiable and we The revision in hours and wages is designed to make it possible for the by dustfy to continue to serve live stock producers and meat consumers do not believe they are going to be swayed cept when there is conflict simply that the business cannot exist if its margins than its much today as they were before the war as he main objective in revising is to hich paid thereby obviating the penalty incurred through the pay are ent of large for which sums work in return for the wages assure work is performed no We will continue pay double time for Sundays and holidays and time and one half for work in of xcess 54 hours week a Despite the lower rate which will obtain mployees can probably earn as much The ons campaign to get back to normal The matter of times 40 hour monstrated minimum wage than under existing eondi or more with its basic eight hour day has ation averting the proposed strike through medi brought was March 11 on for discussion at up Cabinet meeting a On the following day Secretary Davis sent a telegram to Dennis Lane Secretary of the Amalgamated Meat Cutters and Butcher Workmen of North America at Chicago which at the virtually identical with the telegram sent was time to five same big packers The telegram read The Federal Government is deeply concerned about the maintenance of positively during the two years that it has been in effect at it results in decreased y Y Y 1 regard to wages is a definite part of the whole nation s is very small in view of the fact that packing average three ouse wages g Our action with The fact expenses are greater few self styled leaders whose jobs and salaries are always in danger ex a 1 The reduction of 12 meat aid in disposing of big accumulations of meat are wholly erro are no such accumulations The great bulk of the meat as an neous are he employers desires under the circumstances are not at issue a strike in order to dispose of accumulated supplies of meat greater than the industry can bear and the public has shown plainly mes i Wv method of proceeding in industrial affairs Ogden Armour denying that packers would welcome packers equitable earnings despite fluctuations of receipts industry guarantees mount of work is J than eight hours other days on On the The eight hours just as usual of de purpose v vv by conference and arbitration is urged in the telegram and hours of work will be 12 These receipts vary from day to day providing much less work will be the elimination of the eight hour day mean whistle will blow in the Armour plant at the end of determined body blow at organized labor for the at the same time a stroying it following statement educed Vol 112 The industrial activities in fullest understanding and hopes there will be no in justment should enable all plant employees to average 48 hours wages terruption of the continuity of employment in the great packing industries r weekly wage earnings for the employees week and their earnings will compare favorably with the earnings of milar workmen in other industries We in complete are ctualities which On the we same tion of the attune these theories encounter in n the The necessity for caused a dealing with producers and over the country and reduce us to particularly the conditions our expenses 1 stayed The values of are our cost of doing decline severe ever experienced three times as high as in war level They are Delegates to wages and America on President Harding to hold the packers to the Government March 9 adopted A telegram him to arrange Davis The resolution a to appeal to then sent the President asking with the packers to keep the wage and hour was changes in abeyance pending an investigation by Secretary dispatches of that date Secretary of Labor can investigate charges The conference also resolution requesting the President to use his good offices to compel the packers to comply with the agreement entered into by the a Government and that unless the packers consent that he exercise his power place the packing house industry under Government control and opera to tion and publicly brand the present owners and managers of the industry as a menace to the Government and society in general A strike warning appeared in the same resolution which instructed the union officers to take such action t esistance to a as will result in return to the ten hour a assurance of action Secretary Treasurer of the work day wage reductions and other 1917 unless President Harding resolution according to Dennis Lane This union means the authorization of a strike affecting all packing house employees of the United States and Canada During the war the telegram to Mr Harding said workers of the packi ng plants were confronted with mounting living costs and at the same time i nformation of the enormous profits of the packers was published broadcast In this national emergency the employers showed fight and said they were willing that a strike should take place On the other hand employees representatives induced them to remain on President succeeded in an the the job as a patriotic bringing the packers into conference agreement that during the period of the in existence between your We note that you war they continued after the armis packers and then says Now at the very beginning of the reconstruction period the packers repudiate their agreement They have further announced that beginning next Monday they will reduce wages 12 H to 15 and reinstate the ten eight hour day in his first having granted the employees award charge that the packers having forced livestock prices down to a lower than pre war level and having filled their store houses to overflowing with meat bought at the lowest of prices on the hoof now propose to cripple industry deliberately for the purpose of unloading this meat at enhanced prices upon the public thereby achieving the double purpose of enormous profits by adding to the cost of living to the general public and of striking date for the conference and no we have infor This the conference when you set the date We next respectfully suggest that such conference be held in Washington Friday March 18 as we have conference arranged here for the 16th a of all trades involved Heads of offer the packing houses held an all day session Mr Davis s over Toward evening a telegram was sent to Secretary Davis by Armour Co saying Your message received 26 Will be glad to follow given out at the same your suggestion time by the packers makes no by them mention Feb on It says regarding the recent announcement of reductions of wages and readjustment of worldng hours that except through such have measures as we adopted the possibilty of industrial difficulties that might close our us in the face plants would stare The statement reads The nation s insistence time on a return to normal and its refusal to pay war prices in peace times has caused the prices of our products in the aggregate to drop to what are practically pre war levels This has forced the price of live stock down to the very Our a point which threatens existence of the live stock industry own business the statement was issued by J Ogden Armour been conducted at loss for two years but all that time a our has operating ex remained at the war time peak penses Wage reductions therefore are not a matter choice of They are essential not only from the employer s standpoint but from the standpoint of live stock producers who are We Nor is having to bear with there can not justly be responsible an for issue been less than 1 000 cattle on the as many as a a on some Chicago market while on in This live stock days there have other days there work day of a definite number of hours cannot meet There are bound to be days when employees will few hours just run of hours fluctuations such conditions only the losses involved the matter on day by day receipts fluctuations illustrated by the fact that are us that the justice and necessity of wage cuts will not be an assume issue company the We 1 specify partment and the packers will arrange to select representatives to attend manufacturing an and other regular organ ours and other organizations who are parties to the agreement between your De The telegram recites that the agreement tice at thef request of the hour day in all their plants Judge Alschuler Department mation that the packers contemplate taking advantage of that fact would submit all points of difference with their employees to arbitration Judge Alschuler was selected to arbitrate these differences was We accept your tender of service to work izations and the packers It is obvious that Wilson agencies trary violation and repudiation by the big five packers of the agreement duty and the result was follows as solution of the present situation brought on by the deliberate and arbi a now unanimous and effective barbaric conditions that existed prior to sends was of the wartime arbitration agreement which was canceled telegram to the President asked him to request the packers to hold abeyance the wage and hour changes announced as effective Monday adopted A Chicago dis March 12 says on reply of the unions to Mr Davis s offer of mediation sent to day by Secretary Treasurer Lane A statement The until the t e hope of finding that solution accepted the conference plan patch to the New York Times following in regard to the resolution and tele appeared in Omaha acquainting them am Surely there must be a just solution and the good essential to the promotion of the common good so out doing business Amalgamated Meat Cutters and Butcher Workmen of North agreement sending like request to the employers and am offices of this Department are tendered in with all Governmental 1917 our cost of conference in Omaha called by the a helpful in leading as may prove just and satisfactory solution It has always been and is the policy of our organization to co operate Following the announcement of the lowered n I Agriculture and Commerce requests that two representatives of possible such inquiry into the situation with this reqest to you Our profits have fallen continuously since effect a gladly of industrial readjustment is of such widespread public engaged in the packing industry will report to this Department to The still at the are increased hours of labor employees of the packing houses threatened a general strike if the propositions were put in i to down almost to the values of 1914 Wages re by far the biggest expense in gram labor Both sides materials cattle hogs c and of our meat our raw Our expenses of doing business almost ments of up by products have suffered the most They But the cessation of operations such services by that the Department of Labor with the knowledge of the Depart concern of doing business great increase in prices living expenses and costs of doing middle of 1920 have been going down ever since has The whole problem make Prices and living expenses which reached their high point the business and consumers be helpful in promoting understanding and can this Department will be given most possible to the economy packing Industry compel war business as day Swift Co issued the following explana Business conditions all i nearly as Department of Labor aid in any way to avoid can sympathy with short work day and fair wage theories nd our problem is to If the as work there will be days when they cannot take care of in eight hours The standards of the hours of labor established in mines foundries and institutions handling non perishable products applied in plants handling perishable products able to say that the harvesting of crops must It would be just be accomplished cannot be as reason on an eight hour day basis and extended over a designated period of time Any industry that has not established its working conditions and hours of labor to handle is fundamentally perishable products in season economically and promptly wrong The basic eight hour working hours day was not a measure for determining the actual It simply served to penalize work in excess of eight hours and provided no offset foij work of less than eight hours Any adjustment of wages that requires extra pay for less than fortyeight hours work per week unless that work is performed at unusual hours is an unjust tax on the business which the public eventually has to pay Mabch 26 Our plan contemplates giving the men and does not contemplate reducing forty eight hours work weekly our present work forces and thereby In such a situation there can be little question in the mind tremendously of the people where justice lies not intend to be drawn into a controversy All of the big packing plants said to have been operat are ing with full forces under the reduced statement issued Another scale wage gangs yards were rather heavy we believe we can handle them with eight hours of work to morrow conditions make possible eight hours of work every do not expect to average more than and which are They content themselves with stating that they have at issue not now nor joined in They long have anit union campaign an operated their plants without discriminating against union labor having worked eight hours and while the receipts of cattle and hogs at the Chicago with Mr Gompers over allega tions which have been thrashed out and disproved long ago neither initiated by J Ogden Armour on March 14 said To day our killing do Pending the results of the Government s investigation the packers adding to the great number of men out of employment we 1235 CHRONICLE THE employed both union and non union men although the latter probably predominate in the ratio of about three to one We will be very glad if day but in any event PLAN PACKERS forty eight hours of work a week public has little reason to fear interruption of the meat supply as the result of a strike It must be obvious even to the union leaders that we INDUSTRIAL DEMOCRACY The Reports from Omaha St Louis Kansas will be able to continue operating City St Joseph Fort Worth Sioux City and other packing centres th Steps toward the formation of industrial democracy in the packing industry through which employers and workers will have morning indicated there were several thousand applicants for jobs at our plant We firmly the job This is much more than usual employment offices intend to stay on believe that the great bulk of our employees believe that retailers will be able to secure the continuous We fully supplies they need The a is the first made by move labor controversy and is of the cases the administration in new therefore accepted as an indication policy to be pursued in that respect in other similar that may arise in the future formulate PACKERS OF PART CAMPAIGN NEW IN ON contemplated plant conference board of five members in each plant and a general conference board of three members selected from all Samuel Gompers companies Federation of Labor issued a dent issued their that an President of the American statement on March 15 in their campaign He calls attention to the fact hours in announcement this respect was preceded arbitrary reduction of wages and readjustment of of labor arranged without consulting the workers alleges profiteering prices were charged by the He further packers during the war and since and states that while they emphasize their desire to serve the public their real intention is to fleece the He people which agreements cannot be reached J Ogden Armour Presi statement in which he said that the meat a cooperation between employers and employees The Directors of the company have must medium where recognize the responsibility that the business has to the learn and public and its limitations in the matter of providing for the needs of both its owners and the workers success of the business is measured by the returns to the owners and No business can succeed if it does Disagreement means business failure no dividends employees and by its service to the public not serve all three for the owners no wages With view to making a for the workers no service for the public real co operation possible a plan has been evolved whereby employees are to share with the management in the knowledge of When organization has been effected of mutual interest all conditions will thereby be provided for prompt means matters and orderly consideration of all hours of labor working con of mutual interest such as wages ditions sanitary and safety measures A the owners and Swift in Chicago and that declaration was anticipated by an arbitrary reduction in wages a lengthening of the hours of labor without consulting or conferring a To properly exercise this function the employees discussed and adjusted says The success of the business is measured by the returns to decided to establish by matters of mutual interest to the employees and the company may be The by on It continued which he characterizes the scheme as a part of against the labor unions Questions to be referred to arbitration be greater the Armour and Swift by It is intended eventually to have ing hours and conditions a Bitterly attacking the industrial democracy and mutual plan It is believed this method will permanent plans packing industry had reached a situation where there must MUTUAL RELATIONS PLAN relations election for the choosing an satisfactorily dispose of questions in regard to wages work plants ANTI UNION ALLEGES they called by employees of members to compose a temporary board to are GOMPERS equal representation were taken by Armour Company March 14 when on synopsis of the plan Principles To give was employees as follows conditions of labor also given out voice as to To employees says the announcement of Armour and provide expeditious orderly procedure for prevention and adjustment of yet disputes and with the employees proposed by the packers as a means of affording employee The board is confined strictly representation the execution or carrying The management into effect is in the hands of the management of employment etc the management has the right and the power to veto So the practices of years on the one hand to take ad vantage of their employees and on boards The meat packers consideration for the public was shown in the sale of with policies through it before recorded profiteering prices charged to the public by them during the great war Forsooth the meat packers service to and consideration of the What the packers given the employees real representation and which have measure public seek is the destruction of the trade unions which have of real freedom and the substitution of this representation and something that will destroy After feeling among the men was so tense that they were seriously considering stoppage of work to secure some hands of the packers President Wilson one in which the packers The was Court in Chicago was the packers and agreed upon as adjpstor of any differences between can have either initiated or have campaign and announce first a reduction in consent be referred to impartial arbitration Decisions All decisions by General Conference affected as much of industrial democracy as within the gates Mr workers would enjoy the cattle and the sheep once Swift Co also have an intemperate statement at a time when the economic necessities of the nation demanded the coolest judgment and unimpassioned thought from those leaders to We regret that Mr Gompers should see fit to issue such whom large groups Mr Gompers has look for guidance said tion and that has been a great deal that is obviously based on misinforma disproved time and gaain by official records fortunately his statement obscrures rather the situation of Un than clarifies the essentials of I which he speaks The packers The con suming public however has insisted and insisted successfully that prices be lowered In the meat and live stock industry prices have been reduced Labor very naturally dislikes to have wages reduced themselves regret the necessity a Their similar project It is the desire of Swift Co to establish some means may meet at intervals with the management to discuss their mutual relations it can for its so announce i that the company may whereby employees all matters affecting be enabled to do the best employees and the employees the best they can for the company Steps are being taken to work out details of the plan We hope we will the employees cooperation CERTAIN CHICAGO PACKERS COMPELLED TO SHUT DOWN BECAUSE OF WAGE Because CONDITIONS they could not realize a profit at the prevailing selling price with the cost of materials and labor at its present have issued through the Institute of American Meat Packers Washing ton by a large number of these dealers on March 17 in defense of proposed wage reductions in the packing industry level the majority of the smaller packers in Chicago of the packers plants Gompers statement brought the following from the packers Board binding on plants r ment reads and then propose to introduce a scheme of so called democracy in their plants It is seriously doubted that they succeed in putting that into operation for the about basis of employee representative for the first 500 employees and one additional Management to name equal number of representatives agreement is impossible matter may by mutual the wages of the workers industrial Board arbitration there were mutually satis Under that arrangement for over two years factory results achieved but the packers now followed into the anit union He will within ten days plan of settlement or refer matter to General Conference have your their employees tie it may on request of either Arbitration Where and the employees representatives should participate and which resulted in a fair adjustment of the dispute best service was given by the men and production to its fullest height achieved Under that arrangement Judge Alschuler of the Federal and did participate a for each 1 000 consideration at the Secretary Baker and Secretary the city of Washington Wilson directed that a conference should be held in If matter remains be referred to General Superintendent Gneral Conference Board General Conference Board formed on consideration to their employees as a result of the then soaring of living that when the Employee and management groups vote separately each being a unit In case of tie matter reopened and attempt made to If he does neither matter may go to As for the industrial democracy proposed by the ployees it should be known that during the war they refused the slightest high costs have Board Employees as propose a gained for them a give to the packers unabridged autocracy and power packers to their em of May elect three spokesmen Board may reach agreement group presented through representatives or privilege of appearing call any employee investigation and discussion the Board will vote on all Secretary matters and since Board concerned solely Execution in hands of the management Procedure of Plant Board Matters and the on and recreation and athletics employees trans portation and other matters of mutual interest their tainted canned meat for our soldiers during the Spanish American War and the conditions disclosed in the investigation some few years ago recommendations prevention of accidents health and plant sanitation hours of labor educa before board thought has been and is to fleece the people Conference equal in number to employees representatives Duties and Powers Board may consider and make the other to impose upon the credulity They blatantly talk of service to the public when their only of the public on appoint representatives to Employment and working conditions wages and cost of living safety tional and plant publications packers of Chicago have made public their new scheme meat It is in keeping with their employee representative to each Management Representation Management to and the employees are supposedly to have equal represen recommending poilcies as to wages one Not less than five employee representatives Board recommendation of policies to the tation and even when they agree upon hours and conditions Equal representation for employers and employees Representation Generally employees of effecting a wage reduction suspended operations according to a joint statement Live stock and meat in price but wage products it is declared have declined rates have not shown a proportionate decrease and the proposed reduction is coincident with the general rearrangement of commodity prices in other indus tries The existing wage scale has resulted in disastrous conditions during the past two years while the war time schedule of a forty hour guarantee and time and a half for THE 1336 overtime after eight hours work where fluctuation of re ceipts necessitated eight hours had just established is open to criticism at all it is only on the ground that it does not The statement reads large enough reduction a A number of the so called smaller packers companies whose volume of business nually today issued of Chicago representatives of into many million dollars an runs Those joining in the labor situation a statement on the statement include Roberts Oake William Davies Co Louis Pfaelzer Co Boyd Sons The Independent Packing Co The Brennan Packing Lunham Co and Miller Hart ENCE It is further almost ruinous effect an ful Washington of the packers in Chicago have suspended smaller operations They could not operate at a profit with their products selling at present values and with the cost of raw and down in proportion wage rates have not gone Government GOVERNMENT in Farmers Union issued at was and Chairman tional Board of Farm Organizations from and power new Washington March 14 by Charles S Barrett President on of the National of the Na The press dispatches Washington in their account of Mr Barrett s state ment in the matter say The assistant It is It is association of specialists an know all the of Government Mr Barrett says has one advantage the Constitutional Government work and materials and wage rates what they are Live stock has declined tremendously but so have our products ASSISTANT alleging the existence of a assistant over Most OF A statement Charles Roberts of Roberts Oake said VOL 112 C S BARRETT OF FARMERS UNION ALLEGES EXIST days of less and some of more than some declared that if the wage scale constitute CHRONICLE and men legislative administrative and bureaucratic who women streets avenues alleys in Washington belong to this interesting and patriotic collection and women men Individuals named by Mr Barrett The majority of the smaller effectively trained for Its more Eminent included among these as Joseph are packers shut down because they were facing an inevitable loss on every hog Defrees of Chicago President of the United States Chamber of Commerce operations than to sell at a Alfred P Thorn general counsel of the Association of Railway Executives U D A Morrow Vice President of the National Coal Association George dressed found They it cheaper to cease grievous loss Wages constitute the largest item in of livestock ment of results effect for operating last the time scale of a two material necessitate of more reflect years facturers a precarious enterprise and than eight hours has been an almost ruinous subject to it and was only accepted as a imposition rates on the pack Moreover war time measure disadvantage with respect to packers in other packing Certain packers outside of Chicago long ago centres war John reduced their wage II Emery general counsel for the National Association of Manu Willis Compton of the Hardwood Kir by of the Southern Pine President the of National Caimers Lumbermen s Government the are Association Institute of American Meat Packers the American Automobile Association the Southern Pine Men Manufacturing Chemists Association of America Council of American Cotton Manufacturers Southern Industrial Industries National Education Association Bureau Society American Wholesale of Founders Association Automobile Lumber of Chamber Distributors Highway Commerce Mining American Congress American Realty Exchange National Merchant Association Association and R T Strasbaugh Other interests which Mr Barrett says are represented in the assistant half for overtime after a days of much less than eight hours and some days some it has placed us at a The conditions disastrous industry where fluctuation in receipts of raw an Cashing Managing Director of the Wholesale Coal Dealers Association James A forty hour guarantee and time and eight hours of work in ers packing house is a W general readjust Even with the present wage commodity prices in other industries scale in and is next to the cost our expense The reduction of wages is a reflection of the Marine Asso extensive ciation League of Commission Merchants of the United States National business in this country and Europe endorsed the statement of Mr Roberts Oil Bureau National Petroleum Association American Patent Law Asso ciation National Committee of Gas and Electric Service National Commit James S Agar of William Davies Co a large concern doing an added and Packers stand very little more hammering can If the larger packers should be persuaded to make any unfavorable revision of the wage reduction they have just effected the action would artificially peg up the wage rate of all Chicago packing houses to point at which many establishments a probably would be compelled to remain closed indefinitely Although there is plenty of meat to be had prices such work a situation hardship to a as reasonable wholesale now at I have just sketched would reduce production and If the wage scale which has just been consumers established is open to criticism at all it is only on the ground that it does not constitute tee tection Patrick Brennan of the of the market as are most of the packing companies in Livestock is much cheaper now than ones months ago but our labor costs have been too high with prod was some ucts Freight Association National Independence National Association of Colored Races National Commit of Armenian tee the and Syrian Relief National Federation of Federal Em foreign Governments according to Mr Barrett who their representatives without not are says Of course it is improper for a foreign diplomat to attempt to influence out are Chicago except the largest it Dixie ployees and National Women s Trade Union League statement We Conditions American Rights in Mexico National Popular Government League National Committee to Secure Rank for Army Nurses National Even Independent Packing Co made the following Utilities of Negro Business League National Voters League National Forestry Asso ciation National Patriotic Press League for the Preservation of American largo enough reduction a Public on Association for Constitutional Government National Association for Pro selling at their present levels to permit packing industry was one a reasonable margin of the first to lower its values last to lower its wage rates It was one The of the Co Miller Hart and the Brennan Packing Co indorsed the state executive action but or Legislative committees bureaus associated with the a way has been found to accom names tangible Nevertheless the country which complete assistant eager to of the men and census Government in both branches of Congress there do is to consult with the or beneficiary of their activities statement is in doubt a definite no estimated by persons who believe they have correct every man under created been These have Mr Barrett says no one has yet taken a If DAYLIGHT SAVING LAW OF NEW YORK REPEALED have such like the diplomat represents is the Washington ready and by the other so called smaller packers or connection with any accredited diplomat women David Pfaelzer of Louis Pfaelzer Sons R W Trotter of Boyd Lunham legislative of educational The moderate reductions just made should have been effected long ago ments made American plish this but that it is information that for at least two patriots in are instruct him in his duties on a matter he continues all he has to member of the inner circle of the assistant Govern a ment and he can instantly be set straight CITY ORDINANCE AMENDED TO LIMIT PERIOD TO FIVE MONTHS LITTLE LIKELIHOOD An amendment to tlie New York City daylight saving ordi nance passed without debate by the Board of Aldermen was March 15 providing for five months of changed time in on place of the this in months of other years seven city will therefore commence Daylight saving the last April and end the last Sunday in September tee s Sunday in The commit report reads An hour of extra daylight great boon to the men and mercial enterprises of this recreation or of millions during the spring a who toil in the many industrial and com women city and fall has been summer The use of this extra hour of daylight for study will contribute to the mental and physical improvement of our citizens without in any way detracting from efficient service to their employers The Lowman Betts ing Act was bill repealing the State Daylight Sav nicipalities under the March 11 on the last Sunday in March or operation later than the last The by a repeal vote of 27 to 22 of defeat a measure was one Sunday in October within came a vote than more margin necessary majority vote of the entire membership of the Senate be ing necessary for the passage of taining 51 members been The bill and the Senate approval of previously secured by act met with a a the vote of 79 to 60 on March 10 to which a nevertheless signed the measure The neighboring on the The New Rochelle and lar ordinances to public hear The Governor following day State of Massachusetts has adopted the daylight saving law and in New Jersey pending a large number of civic organi zations sent delegates to make final protest is The repeal strong opposition from business interests and organized labor and Governor Miller granted ing outlook There will probably be a gradual re sumption of building activity in the spring that will mount slowly month by month until by the late summer it may reach substantial levels and possibly by the advent of some fortuitous circumstance may by municipalities of Mt a similar Yernon Jersey City it is expected will that of Business New York City measure Yonkers pass simi and men this fall take the aspect of on Writing in the current issue of The Credit Monthly Dr Whyte activity spring says economists look in part who hopefully predicting are to the revival of business a industry construction They point out the familiar facts that the country is under housed under equipped in short under constructed They cite with conviction the familiar words There is a shortage of a million homes in the United States They have and facts railway season vival of figures to power even these thoroughly mand that must soon show that there is a shortage of be met shortage of a mileage railway demonstrable facts here that in a railway They cars conclude tremendous de and they look for the opening of the building which usually takes place in April and May to start a building re large proportions and thus to give impetus to a revival of business activity along general lines con Assembly had building construc extensive study of the present situation and an future the from narrow was boom in research National Association of Credit Men who has just of passed by the Senate March 3 The bill securing but remain in a spring according to John Whyte Ph D director of completed Mu law may operate under daylight new saving by local ordinance if they so desire The length of the period is also optional but the law stipulates none can take effect earlier than There is little likelihood of tion this great activity signed by Governor Miller CONSTRUCTION OF BUILDING BOOM AT THIS TIME Potential There There is exists shortage strange of that extends to does not point to obvious seeking homes are ers is and is but the mere of housing existence immediate demand actual and an assume conclusion to the great shortage all lines almost Take for example of a There is a the shortage each house will shelter four persons there that are But these four million people four million not people who are homeless they all tucked away somewhere They may be potential buyers and build of homes but to make them home builders or owners something more needed the as to the existence of a short age of industrial as than the consciousness potential ment of demand railroads industrial justifies the and into actual other past of the now the part industries country are of the community that they Something else is needed to translate and immediate demand Under equip on ought to have homes of their own the Actual Demands vs doubt no flexibility to so called demand million houses a The course doubt likewise no equipment of as is well also as an established fact and its present economic status conclusion that this under equipment will be relieved question in both cases is this The When will this potential overhanging de March 26 be mand dustries translated involved them on for 1921 A consideration and figures that facts of the in available are the trend in the construction industry on statistics of Contracts Awarded Building Operations was written by Judge Cuthbert W Pound Hiscock Judge as powers and Judges Cardoza Hogan concurring and Judge McLaughlin dissenting The decision affirms the Contracts against for January 1920 The figures represent a smaller volume than the figures for any of the last years with the exception of January 1919 the second month after the these armistice There is not much encouragement to be gleaned from It must of course be emphasized that January figures are figures not in themselves prophetic of the Price More amenable to What is the the is May June or July figures or right of the State under its police to deal with the matter of rents and housing in an is done under the laws in question emergency as tent of the rent laws is that attempts at forecasting than the figures of Contracts relative situation ties Bureau The index here Labor of number price commodities of The building the building industry for all commodi general index number Statistics of in the for month materials of December ties than is emphasizes materials and normally the 266 was In exchange an of detail the disparity between in the price of liquidated laborer household factors the merchant or commodities only at struction materials is tion economic considerable construction products at their whether they commodities for the farmer construction The high price of con discouraging factors in the construc industry The in landlord shall charge no exorbi large item in construction building trades labor for 1921 be general a it 1920 is reduction in is are the though the union scale of Costs in The union The some scale wage likely labor Even than it was in and in some be paid to only a few workers the other workers through com for labor or other factors receive a higher scale One factor petition that will reduce construction costs in a marked degree in 1921 will be efficiency of labor Building trades labor in 1920 was no toriously inefficient With great unemployment in the present depression the efficiency of building trades labor is sure to be increased perceptibly One superintendent of the F T Ley Construction Co is reporting an increased of average increase bricks laid 1 400 is andlords be to sure per man unusual and least indicative of the trend of labor Investment against as above far 400 the last year Such but average it an is at efficiency Factor More funds in such ment elsewhere Money fewer There is available The price factor and opportunities will thus for of if s are the forecast tively investment of construction and to of new houses is money construction new of But and course a continued sav construction new to any Whether existod not start off with a rush spring that it summer will mount reach may fortuitous in the vation slowly substantial circumstance like month levels by and bumper a What is likely to of building activity in month until by the late possibly crop by the may advent by fall take of on aspect of business ceive ward a great activity If this reasoning is correct the revival of activity frequently predicted for the spring of 1921 will not re tremendous impetus from the construction industry but will go for slowly wears gradually receiving on impetus and it to and and impetus take from on the cumulative force construction ushering in gradually a by The four attorneys the for due law of process impaired the obli contract a or not a public emergency existed question of fact debated was a primarily to the Legislature If the lawmaking power knowledge and obser common such evidence on permitted by the constitutional limitations the That it promised not to be presently self curative and called for action has determined the existence of the emergency and has in the main dealt with it in affects the class of landlords who same legislative upon now a manner power so far challenge the statutes the To uphold the right of the landlord to maintain ejectment would be to crack the legislative design into fragments which would afford little pro tection to the tenants in possession The legislative or police power is a dynamic agency vague and undefined in its scope needs period uncontrolled by the or limits its use when great constitutional that the State has surrendered of the attributes of one sovereignty for which While in theory it may be said that the building of houses is not a monopo listic privilege that houses are not public utilities like railroads and that if the landlord turns one off another may take him in that rents are fixed by econpmic rules and the market value is the reasonable value that people often move from one city to another to secure better advantages that no one compelled to have legislation an of private property transfer a home in New York that crisis exists that to no exercise of the police power when it is plainly for private of labels which does a and without compensation is use not affect the nature of the taking a mere legislation yet the Legislature has found that in practice the state of demand and supply is at present abnormal that no one builds because it is unprofitable to build that those who seek the uttermost own farthing from those who choose to live in New York and pay for the privilege rather than go elsewhere and that profiteering and oppression have become general It is with this condition and not with economic deal in the existing emergency to theory that the State has The distinction between the power of eminent domain and the police power is often fine In the main it depends whether the thing is destroyed or is taken over for the public use property rights are here invaded in been If degree compensation therefor has a provided and possession is to be regained when such compensation re mains unpaid What is taken is the right to use one s property oppres sively and it is the destruction of that right that is contemplated and not the transfer thereof to the public use The taking is therefore analogous to the abatement of establishment of building Emergency laws in time of restrictions and is peace are uncommon nuisance a within the or to police but not unknown the power Whole sale disaster financial panic the aftermath of war earthquake pestilence famine and fire a combination of as the alternative of confusion or men or the force of circumstances may chaos demand the enactment of laws that would be thought arbitrary under normal conditions cannot become the source of power giving ford a reason for putting forth a Although emergency and although the Constitution cannot be suspended in any complication of peace or war prosperous due the blessings of freedom and to promote the general welfare and relative public of Governments are founded and made itself powerless to secure to its citizens season business requirement Either the rights of property and contract must when necessary yield to the public convenience and the public advantage or it must be found the as industry of which takes private property require process spring of 1921 gradual resumption a leases executed on that the laws denied them equal protection appeared from public documents and from on forecast They are almost implicit in building materials suddenly drops to compara railway credit and public utility credit suddenly happen is that there will be presented and debatable which addressed itself new vital the whole complexion of industry may be changed contingencies it is more than likely that construction barring these the the turn quantity of construction and s levels if will some the re established But the for If the price of low becomes and inevitable an commodities determine the ings do eventually result in There there are rent The decision reads is enterprises and the accumulated capital must seek employ becomes plants one the recover pays The decision dispossess proceedings in which as them of property without gation of call the lasts well objections were deprived Favorable Saving continues during a period of depression The savings at first during the early part of the depression do not usually go into fresh in vestments in construction they are likely to be employed to buy up busi ness enterprises that are on the bargain counter But the longer the de pression actions to as interfered with freedom of contract and commodities in scale wage is years may the constitutional for wages There of building trades scale is the minimum wage cost discussion be in force in prevailing cover expires legislation should be upheld labor under wages may likely to be the more 1921 always now will after his lease even April unobjectionable tenant who an stays had been agreed upon before Oct as Construction A it is said any be reasonable rent a price level a higher level of disadvantage of the most one still a community exchange can a of farm With building materials at furnishing goods at in With hardly be expected to purchase in can thing like his former quantities and the price other commodities price level of 144 the faimer 266 can be bought by other The index number for all commodi case eject nor 189 was commodity for commodity fewer building materials materials rent tant after of Construction Compared with Price of Other Commodities Awarded to opinion Chief 1921 five of The with and Andrews Awarded for December and January show only too plainly how the depression has affected the building industry In January 1921 the F W Dodge Company reported in for 1237 CHRONICLE 1921 Present The of use light some demand actual an through the throw may the year into THE an emergency may af latent governmental power already en joyed but not previously exercised Legitimate governmental authority ought to be able to project unobjec tionable tenants ready and willing to pay reasonable rents from wholesale CONSTITUTIONALITY OF 1920 HOUSING AND RENT LAWS UPHELD BY COURT OF APPEALS Supreme Court from the decision Appeals the of The on 1920 March 8 New which upheld York emergency of the Court of the constitutionality housing and rent laws ruling reversed that part of the decree of the Appellate Division First Department which held that the Legislature legally take from the landlord the right to dispossess tenant at the time of the respects the lower court expiration of was on eleven each of pooled which it cases was a lease In other upheld and the constitutional ity of all the laws sustained The decision was handed down before the Court of Appeals in contended that the unconstitutional with particular reference 1920 laws to were Chapter 947 which is an Act to amend the code of civil procedure in relation to actions to cover the possession of real property in certain cities and which declares that in view of the public existing emergency no action shall be maintained to the possession of real property except on the ground that the person holding the recover must be proven occupy in court property is objectionable which or where the owner wishes to the property personally and erect another or stantial to tear down a brought them Legislature by their greed and extortion without building grievance to a restraint that a ously offends one class of tenants has protection because homes cannot be provided of sub no class has invited by its conduct One class of landlords is selected for regulation because one class out could not a selves to the notice of the subjecting landlords who have not offended and tenants who have Representatives of real estate interests in this city are said to be contemplating an immediate appeal to the United States evictions for the further enrichment of profiteers who have with places to sleep and eat possession willing to pay exorbitant rentals or all conspicu who seek Those who are unable to pay any rentals whatever have been left to shift for themselves but such classifica tions deny to no one the equal protection of the laws tween the groups is real and rests on a The distinction be substantial basis The rule alike for State and nation is that private contract rights must yield to the public welfare when the latter is appropriately declared and defined and the two conflict not designed to accomplish a But if the law is arbitrary unreasonable and legitimate public purpose the Courts will de clare it invalid Laws and the are directly nullifying not some essential part of private contracts are rare lightiy to be upheld by heavy and sweeping generalizations common on good but no decision upholds the extreme view that the obli gation of private contracts may never be directly impaired in the exercise of the legislative power No vital distinction may be drawn between the exer cise in times of emergency of the police power upon the property right and the contract obligation for the protection of the public weal The State in an emergency caused by flood or fire when multitudes are home upon less might conceivably compel owners of houses to take in undesirable occupants in order to shelter them from exposure to storm and cold then would the State have terms upon which a no power reasonably to regulate for landlord under such conditions may put a Why time the his tenants out as long as they promptly pay a reasonable compensation for the of the property No constitutional laws or an on difficulty presents itself in the way the ground of uncertainty as to what constitutes oppressive agreement use of enforcing the a reasonable rent Courts and juries are in civil cases constantly dealing with questions of proper cafe just compensation reasonable con unreasonable dealing with necessaries becasue the language is too in punish the act of making any unjust or that Congress may not in rate or charge is not what the the liability The test jury may say but what the jury may reasonably infer from The exaction of an unjust and unreasonable rent makes uncertain upon which to fasten criminal definite and evidence be recovered The question comes back to what the State may do for the benefit of the community at large Here the legislation rests on a secure foundation The struggle to meet changing conditions through new legislation canstantly goes on The fundamental question is whether society is prepared for the change The law of each age is ultimately what that age thinks should be oppressive the agreement under which the same is sought to Decisions of the Courts in conflict with the law such decisions have been thought to be unwisely met legislative policy when hard and stiff have been by constitutional amendments as in the case of the preme decision of the Su which led to the Court of the United States in the income tax cases this Court on the statute which fixed an eight hour day and the prevailing rate of wages for employees of municipal contractors and on the Workmen s Compensation law Each of the latter laws was also approved by the Supreme Court of the adoption of the Sixteenth Amendment and of The reaction on the Courts is that a strong opinion in any real or fancied But constitutional on the power of Government are self imposed restrictions upon the people and qualify the despotism of the majority Such do not yield to strong opinions merely They are incorporated public need has been suggested as the sufficient test the will of limitations in the fundamental law to trol the use of his property Isolated expressions of whatever private right to con public welfare reacting upon tenants as well as property owners In addition to causing complete the many may earnestly desire to deprive him of unconstitutional and arbitrary po ver What not uphold the exercise of plied to a Furthermore these laws have permitted a doubling up of tenancy most dangerous to public health and morality also creating unprecedented con gestion in the Courts and preventing consideration of cases other than rent litigation Regardless of constitutionality books just Neither layed ment and reasonableness in order to bring about a great good to a large class sacrifice of private rights While some Curative action is needed may question whether it may be said without exaggeration that these enactments promote or do in morals or safety they a vantage in the face of the extraordinary which the Legislature has on The conclusion the public health measurable degree promote the convenience public convenience and the public welfare and ad of many which is the and unforeseen public exigency is in the light of present theories of the police power business however honest in itself if it is or business of renting homes in the City of New York is eminently such an instrument and has therefore become subject to control by the public for the common good that the regulation of rents and the suspension of possessory remedies so far tend to accomplish the purpose as to supervene the constitutional inhibi tions relied upon to defeat the laws before us The order appealed from become an instrument of widespread oppression that the should be affirmed with costs The decision vindicates the new legislation proposed by the declared Senator Charles C Loekwood in commenting on the Court s decision ac Loekwood Housing Committee cording to a of March statement printed in the New York Tribune 9 which reads The decision of the Court of Appeals rendered to day completely vindi session sustained in every particular the The constitutionality of all the laws is Court holding as they remain on the nor any method will unscientific other Real estate interests will take immediate appeal from an the decision to the United States Supreme Court announcement made an on according March 9 following a confer between the Real Estate Board of New York the Real ence Estate Investors of New York and the Apartment Association obtain repeal of the housing and rent laws will be continued a the on Owners In the meantime it is stated their efforts to ground that they hamper the building of new apart ment houses UNITED UPHOLDS COURT SUPREME STATES BERGER S PAPER OF EXCLUSION The action of former Postmaster General Albert S Bur leson who withdrew from Victor Berger s newspaper The Milwaukee Leader privilege class mailing second the because of alleged violation of the Espionage Act through printing articles tending to create insubordination loyalty in the military naval forces or upheld was on dis or Mar 7 Associate Justices by the United States Supreme Court The court sustained the Supreme Court of the District of Columbia in its refusal to issue a mandamus order compelling the restoration of the The New York Call which also was barred the second class mail by Mr Burleson was affected by privileges from the ruling the appeal to the Supreme Court it had joined The Milwaukee Leader in as of March 8 contained the The opinion by Justice Newspaper dispatches following in regard to the decision Clarke affirming the decision of the lower court to Berger s publishing company appealed which The order simply from withdrew the Democratic Publishing Company the exclude its paper from other relator the Milwaukee Social second class privilege but did not classes as it might have done and there was It was open to the conforming to the law and then nothing in it to prevent reinstatement at any time legislation proposed by the housing committee at the special cates the rent exemption Brandeis and Holmes dissented sufficient evidence found to exist that the State may regulate a may the long as long will the solution of the housing problem be de so this problem solve The time is They must be repealed coming when tenants will realize this fact for statute of high public consequence but the Legisla latitude in doing what seems in accordance with sound judg of citizens even at some other legal question the supreme or any issue is the repeal of these laws To uphold private contracts and to enforce concrete set of facts their obligations is a matter ture has a wide which were thus withdrawn from the ordinary channels of trade and commerce arbitrary and what is beneficent must be decided by common sense ap is stagnation in the building of apartment houses these laws have tied up in the Court millions of dollars the Courts may suggest that whatever the Legis of public policy should be sustained but the Courts lature enacts on grounds Public welfare is more impor issue question of constitutionality and the effects of the rent laws have already shown that they are harmful to the They forbid the Government to restrict power take from the owner without compensation may tant than any to United States limitations The decision is not the paramount It is quite a different thing to say duct fair market value and the like VOL 112 CHRONICLE THE 1238 tljiat when the rights of property and things conflict with the rights of people the rights of people must prevail as being the first concern relator to mend its ways to publish a paper for the second class mailing privilege This it did not do but for reasons not difficult to imagine it preferred this futile litigation to apply anew undertaken upon the theory that a Government competent to wage war against its foreign enemies was powerless against its insidious foes at home Whatever injury the relator suffered was the result of its own choice Justice Brandeis asserted that Mr Burleson had gone beyond his authority of government Judge Pound in his learned opinion well stated that either the rights and that the decision of the Court endangered the freedom of the press and contract must when necessary yield to the public con of property Justice Holmes announced that he agreed with Justice Brandeis in sub found that the State has stance adding that the right of free speech is almost as inherent as the venience and the public advantage or it must be surrendered one of the attributes of sovereignty for which governments are right to use our tongues Alluding to some of the articles published in The Milwaukee Leader founded and made itself powerless to assure to its citizens the blessings of freedom and to promote which Postmaster General Burleson based his ruling Justice on the general welfare Clarke said into detail it was declared in the quoted articles unjustifiable and dishonorable on our part a capitalistic Without going much Praises Latoyers that the City of New York are under lasting war was war which had been forced upon the people by a class to serve selfish ends Bernard Our Government was Hershkopf who have given unreservedly of their time and ability in the and The committee and the people of the obligations William to D Guthrie Julius Henry Cohen and preparation and argument of these cases on behalf of the people in all the courts cease In regard to a plutocratic Republic a financial this feature the New York Times of March 9 The decision of the Court of and it was represented that soldiers in France were becoming of closed cars were being used to obeyed insane in such numbers that long trains convey and the city face another housing crisis had the following to say diate as oppressive with the implied counsel that it should not be respected or Representatives of the realty interests in New York claim that unless the laws are amended building operations will practically denounced political autocracy and resident Russians were praised for defaming it Other articles denounced the draft law as unconstitutional arbitrary and them away from the battlefront These the publications were not designed to secure amendment or repeal of denounced in them as arbitrary laws protect criticism and agitation for Appeals means that there solution of the housing problem in can be imme no New York City according to and oppressive not extend to law of the as modification but to create Freedom of the press may hostility to and to encourage violation of them or repeal of laws but it does protection of him who counsels and encourages the violation The Constitution it exists was adopted to preserve our the Real Estate Investors of New York Inc in a statement through Ernest Government not to serve as a protecting screen for those who L Pratt Executive Secretary ing its privileges seek to destroy it rent laws stopped the when the present even Continuing the statement said that the building of apartment houses and consequently laws expire in November 1922 the situation would be acute than it is at present more COMPLETE After declaring that a canvass of the builders in New York amounted to construction went into Court decisions as of a money stores lofts and offices usually devoted to apartment house field not restricted by legislative action upholding the constitutionality of the rent laws building of housing accommodations they will demand their repeal Appeals terminates only litigation precipitated by the laws determined one phase of the granted Act Defense him were Their constitutionality will not be fully transmitted by Congress WAR FUND by announced on the on under March the 9 National Mr Wilson prior to the adjournment Treasury months to make Appeals is merely on the constitutionality It will not abridge one whit the rights of property owners as set forth in the than they had legislative enactments Tenants will have before the decision was handed down no more called for in a the when Appropriations made public a report O Reilly Chief of the Divison of of funds aggregating 150 Congress a of M fJ Bookkeeping and Warrants that it will require about three states complete audit of the accounts fund disbursements An itemized statement of the war The decision of the Court of WILL given by former President Wilson as A final accounting was not presented until the United States Supreme Court has handed down its decision of the laws are re favorable to their interests by the vast tenant population of New The decision of the Court of WILSON to the distribution of the two war House Committee York City the statement said but when tenants realize the full effect of these laws in stopping the Some of the details resume the statute books the statement building and the amount invested in apartments only thus showing that garded were on that during 1920 the OF TAKE THREE MONTHS houses has brought the unanimous declaration that these builders would not operations while the rent laws AUDIT City who have constructed hundreds of millions of dollars worth of apartment went on to say whlie claim resolution Gould of New York and introduced by was Representative adopted by the House on Feb 15 rights by a vote of 211 to 79 Particular interest at that time was March 26 THE CHRONICLE displayed in the expenditures of ex President Wilson during his attendance at the Peace Conference at Paris in connection with data supplied American Coolidge American delegate mission for Expenses Marcus A earlier by him resolution furnished that at the of time Commission at special interest total a Another entry The returned amount Com Line Terminal and Navigation Company balance of the due these companies paid from second appropriation for national defense of W W succeeding Anthony Caminetti pended for supplies for Russian civilians at for the operation of Transand Chinese Railways Mr O Reilly says ated after the manner of a AND Characterizing from and the net allotments Net allotments under the State Treasury Independent Pood tion control Commerce Labor Justice Agriculture Total Interior Some of the sums expended by the President from the fund authorized April 17 1917 were Alien Custodian Expenses Property of organization c salaries Committee on Food and Fuel of coal supply educational campaign other expenses v v Trade Board Administration of Espionage act other expenses International Y M C A Buildings equipment c items were and other commissions to Russia purchase of Russian supplies entertainment of foreign missions expenses of missions Department Total of which some of the confidential work railways military publicity State sent abroad Treasury Bureau of War Risk salaries and expenses total Treasury Department Federal Trade Commission Cost of production steel lumber and coal Board Repairs to German vessels purchase of vessels re patriating crews of Dutch vessels c In addition to these disbursements there were many from the Shipping fund Some of them were State Department Aid to farmers in educational work intelligence work drought stricken regions Fighting and preventing forest fires purchase of stock of Sugar Food administration for Equalization Board Confidential Labor Department Organizing Loyal Legion of Loggers and Lumbermen Committee on Public Information additional building War Industries Board Entertaining Prince Axel of Denmark and party Archangel Improvement of economic conditions in Russia Requisitioning Dutch vessels and returning crews Purchase of property in Virgin Islands by Alien Property Cus Supplies for civilians at todian National War Labor and War Labor Policies Boards representatives in Europe C Howe for expenses of commission to Syria Bernard M Baruch for expenses as Peace Commission Commission Mr increase a year later was jmade and cost of supplies was recommended by Robert Brookin Chairman of the Price Fixing Committee of the War Industries Board Neither Mr Baruch nor Mr Ryan had any part in the negotiation The letter concludes with a warm tribute to the wartime service of both men The text of the letter follows by raised railroad rates My Dear Mr called to certain Garrett My attention has recently been of Representatives charging that certain men had profited out of the Government as a result of the fixing of the price of copper These charges and intimations have been satisfactorily answered but a statement of the facts in the matter of the fixing Of the price of copper during the war on my part may further clarify the situation As a matter of fact Mr Bernard M Baruch and Mr John D Ryan whose names have been linked with irresponsible gossip in connection with the fixing of the price of copper had nothing whatever to do with the price fixing negotiations which finally resulted in the statement I made fixing the price either at the time the price was fixed or subsequent thereto Judge Lovett acted as Chairman of the Committee which considered the price first fixing of copper and after due consideration recommended to the President in September 1917 that ho had fixed the price of 23 cents per pound on condition that the wages of the employees of the copper producing com panies should not be reduced below the then prevailing price which was technical ad riser American distinguished service in the war rendered who based on 27 cent copper readjustment of the price was made necessary by an increase and costs of supplies and after negotiations which many months a further increase was recommended by Mr Robert Brookin Chairman of the Price Fixing Committee of the War Industries Board Neither Mr Baruch nor Mr Ryan had any part in these A year in later a the railroad rates over in the fixing of the price only after an independent negotiations which resulted prices were fixed the announced by me and examination and most the costs of pro Federal Trade Commission as to thorough report by the duction For six months after the United furnished all the copper necessary by our allies without any purposes producers and all that was required fixed the producers taking the for our war needs price being asked or position that they consider fair and just per States entered the war the would furnish all the copper necessary for war and adjust their business to whatever prices the Government would admirable in the circumstances The full production of the cop and the Allies and or the President mines was placed at the disposal of the Government urging upon the part of the Government without unnecessary notably increased this being an additional proof on the part of the men at the head of the copper industry of the country of their unselfish patriotism It was their example of meeting the needs of the production of copper was the country the movement to increase production the early stages of the war Mr Baruch or Mr Ryan had influenced the action that gave impetus to all the industrial plants To state that either the Federal Trade in of the country in Commission in ascertaining attempting to dictate the recommendations Board or any of the price fixing committees of the cost of produtcion or either of the War Industries is utterly foolish and without The price of copper was fixed solely by me upon the recommendations of the War Industries Board and the Federal Trade Commission after full examination into the costs of production and without foundation of any any Tl Crosby Norman H Davis and staffs and other Treasury Frederic of Interallied Commission to Poland Expenses of O and party to Peace Conference Major Gen Kernan for expenses Riggs mission to Russia Captain Gheradi mission to Germany General Churchill of Military Intelligence Department Special employees Navy Department Business men to aid commercial attaches abroad Lieut Col the were initial stage and that the extended Department of Justice for war activities Committee on Public Information for foreign March 1 in a letter to Represen a sweeping vindication of the fixed only after a thorough examina voiced attacks made in the House V Administration Preliminary expenses control War and expenses Public Information Salaries educational work in Russia had profited greatly the price of copper during the war pointed out that ex Judge Lovett acted as Chairman Committee who negotiated the price fixing in its necessary Navy against Bernard M by the Federal Trade and report Wilson of War Prices two men gossip and utterly of the House on Feb 21 President Wilson on tative Garrett of Texas former combined funds were DEFENSE OF BARUC RYAN irresponsible result of the fixing of as a appropriation amount In the same the appropriation were Post Office Executive as IN by Representative Mason of Illinois Baruch and John D Ryan that they from the allotments total the foolish charges made on the floor the net allotments were manner WILSON EX PRESIDENT revolving fund as may be seen from the fact that while the total allotments to a vv and and were in a number of instances reimbursed in whole or in part and the amounts of allotments so restored to the appropriation were available for reallotments and in this way each of the appropriation accounts oper ed problems principal accounts of the appropriations of The Senate on the same day confirmed by the was Archangel Siberian President Harding on March 12 and the the sums ex Among was Mr Husband was nomin nomination Mr Husband has spent many years in the study of immigration problems In 1905 he became Secretary of the Immigration Commission created to study the different phases of the question Its report consisted of forty volumes and covered the status of aliens in this country Recently he has spent some time in Russia the Balkans and Central Europe studying similar ated by the crews of Dutch is mentioned as a specific The total of the net allotments under the com funds Johnsbury Vt has been appointed Immigration in the new administration Commissioner of Shipping Board for the repatriation of bined HUSBAND APPOINTED IMMIGRATION HEAD W W Husband of St vessels seized in the Hudson River instance reads for property of North German Lloyd Dock and Hamburg American pany appropriations and the of to the advance under the fund Dec Payment was advanced to be covered by future in trust this money going through the Alien Property Custodian somewhat less than of Dock Company received 47 500 for property The North German Lloyd acquired by the United States The total expenses of the Ameri Paris was given as It is impossible to ascertain at present how much may be added to this by reimbursements In some cases funds were fund Chinese Eastern Railways Gas experiments displayed in regard to an item read ing Damage to property at Hotel de Crillon An entry of for the ex President s confidential expenses in Paris was also assailed because it was asserted no explanation had been given for such outlay The pre liminary statement made public on March 9 does not elabor ate on these expenditures It shows that the balance on hand of the fund Feb 15 was and that there was remaining of the and Railway Service Railway Corps in Russia Russian Corps Operating Trans Siberian and apportionment of the money to different depart showed the Peace information incomplete in that it merely was ments without itemizing can The nature Entertaining Sir Eric Geddes and party Dec 8 last in response to an on same 5 000 Council of Teschen kind of copper producers or Mr Baruch or upon this Government or upon anybody boards having to do with these vita Imatters attempt upon the part Ryan to exert any pressure nected with either of the I cannot allow this occasion to pass expressing my great my dear Garrett confidence in the gentlemen Mr Mr con i without again Bernard M Baruch THE and Mr John D Ryan whose with this matter There names not was CHRONICLE have been unfortunately connected notable so entrusted suggestion of scandal connected with a either of these gentlemen in any of the war activities in which they which faced during the critical days of the war us every so patriotism I distinguished cross examination was conducted by Mr Walsh question of whether negotiations between executives and employees should be national or local in scope was first crisis In every transaction dealt with know share you admirably covered it in of opinion in this matter for you have my addresses in the House of Representatives your Cordially WILSON instead of national was v by J ESCH GIVEN APPOINTMENT RECESS AS On March 22 John J Esch former Wisconsin Harding sion as a As a appointment however tion interposed by Senator La Follette the special adjourning nomination on the head ment BEFORE LABOR EXECUTIVES BOARD the between controversy tatives of national employees railroad heads and agreements during bers of the Association of the Board P March of examination wero mem See The witnesses page Labor no previously stated that the were adopted by the Association right to employees and they argued that national adjust chance and lead men no shop and eventually to the nationalization of our railroads in accumulation of work which an see the Labor Board break be prevented but we feel can greater misfortune could happen than an attempt to handle disci pline and interpretation matters by employing the services of examiners who in the nature of things would be laymen line by any workers for law contemplates that there shall be a any we of the organizations in hundred by one or or on the motion of the Labor Board purpose of itself unorganized we were forced to the the best interests of the srevice and with the avowed assisting in every practicable could best do this by way to make undertaking to reach an the law a success agreement through nego tiation with the representatives of the so called standard recognized labor railroad organizations by which the national bi partisan labor adjustment boards had own proposed would give non union as conclusion that General W W Atterbury Vice President Walsh boards reports were made by Mr Atterbury more Committee and were based on the idea that the carriers had the Appreciating therefore that the Pennsylvania RR Carl Gray President of the Union Pacific and T De Witt Cuyler Chairman of the Asso Mr It does not contem General Atterbury alone minority report for local adjust a We submit that the railroads cannot afford to that on 1103 of far called so report said final appeal to the Labor Board and that this appeal can be accomplished Frank of the ciation Sept 2 Two the They to a closed Railway Executives ordered before witnesses in response to the request of as Walsh counsel for the employees the issue of down under the past week have been for the major part devoted to the cross examination of the were not involved The the interest of labor organizations represen the matter of the abrogation of the on follows as The majority report of March signed by C R Gray then Chairman referred to above read in part Hearings before the United States Railroad Labor Board in Wages Boards Atterbury submitted 1 negotiate with their RAILWAY presented in special Chicago dis a decentralization June 30 and OF The documents listed in April 10 The Association by a vote of 60 railroads to 41 favored the Atterbury report Thereupon Carl R Gray President of the Union Pacific resigned as head of the Labor Committee and Mr Atterbury took his place as the and ments Sept 3 CROSS EXAMINATION were road of dealing with such questions through the medium any of local Adjustment session March 16 without taking action on na April 10 following finally adopted to the New York Times working conditions plate depriving April 3 Mr prevented through the opposi was the dissents and will present a minority report member of the Inter State Commerce Commission confirmation of Senate or issue of March 12 Mr Esch our March 11 by the President as a on over recommended National Adjustment Boards to dispose of grievances rules Representative from recess reported in was named was given difference a the carriers March A majority report of the Executives Labor Committee appointment by President member of the Inter State Commerce Commis was March 18 on patch of that date INTER STATE COMMERCE COMMISSIONER on member vote of 60 to 41 a evidence JOHN among working agreements but a minority report submitted by General Atterbury favoring local boards of adjustment yours WOODROW opinion in March 1920 tional With sincere regards To Hon Finis Garrett The unions undertook to show from the records of the Labor Committee that there had existed they were actuated by the highest part a to adjust the whole The which they handled for the Government in the varied activities in which they played railroadjemployees agreements The again to say how admirably they served the needs of the nation and how unselfishly they devoted their fine talents to the Government in by the rank and file of matter of national played part and I wish before the closing days of this Administration a Vol 112 em would be created The committee desires to emphasize the fact that the proposed plan of ployees expected to establish providing adjustment boards 1 What led to the carriers decision to have national agreements abro gated 2 why the carriers have refused to meet representatives of the em contemplate depriving any road of dealing with all such questions through the medium of local adjustment boards and it desires to point to the manifold advantages derived from a plan which will provide a ployees this on subject interested in doing the agreement national away 3 whether the executives are fundamentally with the waste and extravagance chargeable to and 4 that national agreements are hearing a basic program or sentatives of the railroads and one half of the In upon which labor would be willing adjust the argument in regard to national agreements was Railway Labor This tives to Employees of the American Federation of matters was unanimous counsel contended the part of the roads but dominated on was contention of a the The bill of 1 an Eight hours Payment for that the The excess national agreements had of the beginning and ending of arranged of Applicants for employment they have served work for a an as so as to mechanics to be required to show that On apprenticeship of four years or apparent in the Labor Department no less as a whole The spirit and purpose of recently published reports that no doubt that this is or soon men will be true and that year a Can you not recognize concentration of control in France I witnessed the result of such concen Every railroad every industry every union stopped on May 1 they had any wage adjustments or grievances under discussion merely to show their power syndicalism in its most highly organized I on each railroad to select a quite grant that the proposition of the majority is much the easiest It is also clear to me that laissiez faire as a policy will ruin the way country performed mechanic s the agreement 10 Craft point seniority limiting seniority to the local shops or points and not permitting interchange of seniority with other shops crafts or de partments of railroads The right to organize and the protection of employees against dis crimination because of membership in labor organizations Mr Jewell then stated to the Board To acquiesce in the suggestion that we nationalize the voluntary boards of adjustment is merely a demonstrate how easy it would have been had the railroads been sincere would have been if they were and how easy it straightforward now for the representatives of railroad managements to meet with those who have playing into the hands of those who have in mind reproduction in this country of the situation in France and England The Executives Association is of Class 1 composed of representatives railroads each road having deciding of matters of policy one Questionings vote in the on March 19 brought out the fact that the New York Central System controlled ten votes and the Pennsylvania System six following specific testimony by Mr Cuyler denying the alleged domination of the two lines is quoted from the The New York Times of March 20 Don t you think you are taking an inconsistent attitude when you or for summarizing these fundamentals is to I have May 1 of last or reason were not because similar period representatives who shall handle all grievances which may arise affecting all emplpyees of the craft in accordance with provisions of Our such Railroad Law as well Brotherhood of Railroad Trainmen will also join The right of the majority of each craft 11 no organization of over develop sufficient The right of the majority in each craft to determine what organization shall represent them this organization having the right to make agreements which shall apply to all workers in the craft 9 Present conditions call for in addition the Brotherhood of Locomotive Firemen and Engineers and the tration 8 committee The plan adopted was forced on conditions state apprenticeship rules competent and efficient mechanics 7 new in this country as to per Clear and concise definitions of the work of each craft to be performed formulation war the power for evil in such so by mechanics and helpers The by ductors have affiliated themselves with the American Federation of Labor and this now gives Mr Gompers a solid safety of employees 5 occurring before March I would further call your attention to the mit of reasonable living arrangements by employees and their families 4 Reasonable rules for protection of health and 6 was in effect during Federal control being continued in effect by the Director General to adjust the Brotherhood of Locomotive Engineers and the Order of Railroad Con regular eight hours at work shifts to be 1920 General Atter that the trend at this time is toward a policy of decentralization The pro posal contained in the majority resolution practically reverses the action of Congress the recognized measure of the standard workday with in against the as the report of the President s industrial conference indicate plainly that public opinion is cognizant of the evils and by two approximately in 1920 worked now The evils of centralization the wage time as resolution provides for perpetuating the same machinery than in the Railroad Administration not proper overtime rates 3 employees policy rights laid down by Mr Jewell reads as adequate hourly 2 roads loss to them of con for settling grievances that the Administration large systems the New York Central and the Pennsylvania the so called spy system maintained by the roads and the caused minority report of April 3 The majority and plan the Committee and which the labor his and which is followed by testimony by the road execu opinion antagonistic to national boards of adjustment which had existed in the Association s Labor as working bury said presented to the Board by B M Jewell President of the or alternative of running the risk of overloading the Labor Board bill of rights of eleven points to dispose of grievances rules clearing house through which disputes may be passed under conditions re quiring the vote of a majority of membership consisting of one half repre whether these executives really believe unworkable unjust and unreasonable At the opening of the to ditions does not been selected and more a specifically tne Pennsylvania and New York Central roads determine policy which affects the lives and safety of railroad men said Mr Walsh Mr Cuyler replied that he refused to admit the premise March 26 Mr THE CHRONICLE Gray in his testimony stated that it is impossible to devise rules which operate justly and whole country following The reasonably relative his to Information for the employees of the six mechanical shop crafts That there will be the over mi retained cross on no seniority provision for or positions provided for or seniority roster of the six shop crafts at the various points the to any other than employees and members of the international organiza tions affiliated with the Railway Employees Department who negotiated examination is also quoted from the Times of March 20 and After outling the activities of the committee of which he was Chairman signed the national agreement which provided for seniority rights Mr Gray explained the basis of his majority report on the subject of estab per Rule 31 of said agreement and only for those who lishing national boards of adjustment the as Railway Employees Department member roads and of the a Pennsylvania This report was rejected by the J minority report of W W Atterbury Vice President was The majority report Mr Gray said was presented with the idea that easiest way to settle disputes The report was not urged by the employees that they would was mind an open should be national regional on require too ma The cross examination of General and although railroads Mr Sheehan asked Mr General of Railroads technical yet on Mr Sheehan asked had if there ever been The figures are Could any road operate with all these rules in of these rules are almost impossible to set up any set of rules increase in effect Mr Sheehan March 21 on reality as or per man was 4 4 in 1920 over 1917 Assuming that to men handle the increase in In business I have shown we required 229 968 additional men or an excess of was were business require 53 086 additional It is He 1917 number of employees is directly proportionate to the an assumption in the employees favor it would the increase in the which will do justice to all took the stand the payrolls an increase of caused by the eight hour day decrease in production earnings were or per amn v men General Atterbury was The increase in ton miles principles laid down Gray said loss to the really grossly under estimated declared Mr Atterbury The total earnings in restrictive Mr very a and increased business Mr Atterbury continued per man the asked Certain through waste and extravagance caused In men were employed and in 1920 there were In 1920 the labor s bill of rights by union officials yesterday of persons on This increase Never Mr Gray replied Mr Sheehan then referred to the eleven fundamental were continuation of national agreements by the executives as declared York Times o The statement said that the 1920 pay roll of the railroads was unfair on he New disagreement any The Executives from data obtained from the Inter State Commerce Commission Director of Operations under the Director produced extraordinarily unusual and results under estimated and he offered statistics compiled by a bureau of the Association of Railroad country said Mr Gray I have had rules before me which seemed reasonable applications loss to the railroads of figures railroads of in 1920 experience as an operating official in many my as which 1920 The counsel for the unions took up the contention of the roads that the My feeling is that it is practically impossible to devise rules which country and in national agreements such rules parts of the had caused March 23 said questioning thus far had not borne on the justness or reasonableness of I reached this conclusion fulfilling of the terms of grossly Gray to tell what he thought about national agreements contending that operate justly and reasonably over the whole concluded was a Upon completing his cross examination Mr Walsh turned the witness over the Atterbury presented by him to uphold were con v appointed Chairman to James M Sheehan counsel for the Figures the national agreements of the Labor Committee member he suggested to Mr Cuyler that Mr Atterbury be as a 23 the contention of the roads that the men many Mr Gray stated that he resigned as Chairman March on local or against the closed shop either the closed union shop shop am closed non union whether boards of adjustment when the member roads adopted the Atterbury report tinuing The I Atterbury or The objection to regional local or That is clearly an attempt to force the men into the unions said Mr the was C recommendation Mr Gray said a jority of the committee had boards SULLIVAN Acting Secretary of Blair County Local Federation Altoona Pa adopted instead agreement to national boards which were H represented by are employees over what should have been needed at the average These excess of earning show an excess expenditure conse quently of emphatic in his expressions of opposition to the national Mr Jewell March 23 issued the following statement on agreements which he characterized as a dog collar about summarizing the testimony of three the necks of the roads Atterbury Cuyler and Gray free to negotiate testimony on declaring that each road should be directly with its this date Times of that date Rules should be His employees own First That the establishment of bi partisam follows as eight hour day especially train service cannot men that way be roads of the Executives universally applied to all employees has destroyed the energy and abolition of piece work would be the and initiative of shop employes most dreadful thing that could happen to railroad General Atterbury fronts us come to the issued a employees statement which said in part No more serious question con parting of the ways tion Plumb Planism and syndicalism the other road to industrial peace and the continuation of that individual initiative which is peculiarly American agreements on The sign board the other road energy on one and responsibility road is National Negotiate directly with your own em ployees a railroads by coercion heritage of private management Confusion misunderstanding and bitterness between officers and employees are bound to continue until the so called national agreements are General to Atterbury declared that he organized labor limits it is a as was wiped out not antagonistic such and said that within reasonable healthy spur conditions employee has the right to to bring about fair He named six conditions which an expect and the employer should furnish as follows As A be a union organizations as the industrial that the Pennsylvania maintained a spy the New York Times dated March 22 with reference these features said in part The testimony to day centred to on Mr Atterbury s claim that he could ne gotiate agreements with his own employees but that nobody could negotiate national agreement Walsh attorney for the brotherhoods charged with the railroad s reactionary and so hostile to labor so The Pennsylvahia idea of dealing with problem is unenlightened unreasonable and unreasoning be sure but he wants it on his own terms seeking to establish peace on terms conforming to modern principles of industrial relations and carrying out both the letter accepted and the dealing with each have international in their scope and application and yet he opposes all national rules and agreements to govern the relations between the carriers and their employees To use that attitude is so inconsistent that we cannot conceive of its being Today Mr Atterbury admitted that the railroads in other through the Master Car Builders Association for many years had rules and agreements approved that are not only national but American people and we are content to the fair minded by leave our case to that tribunal the national agreement added As to Mr Atterbury s figures that to the expenditures of the railroads in 1920 to the fact that those figures are mere of the Executives Association and post war I need only call atten estimates compiled by thb Moreover when such figures ar inefficient management is the profiteers during the periods endeavored to place the responsibility for out fooled then it will not be in connection general treatment of its employees that prior to Federal REBUTTAL deceived now I left in 1917 but the labor replied in the affirmative Board interrupted at this point declaring that the subject did not come under the matters before the Board Mr Atterbury then charged that the unions were using coercion to estab lish the closed shop He read a statement from the official Bulletin of the Railway Employees Department of the American Federation of Labor which asserted that no shop craft employee not a member of the union could kept guns and revolvers the witness rights The statement follows LABOR BEGINS hiearings Railroad Labor Board began its by the carriers in support of the agreements when B M Jewell President of the Railway Employees Department of the American Federation of Labor presented a statement con abrogation of national printed pages In the course would cost the railroads establish and maintain local boards of adjust sisting of approximately 1 000 argument he asserted that it ment He also read into the records correspondence to good relations that existed between railroad workers and the Director General during Federal control stating that show the the workers knew Judge Barton Chairman of the Labor exercise his seniority OF EVIDENCE AGAINST March 24 in the continued rebuttal of evidence offered to system was maintained up to the time on before the United States While explaining that people hadi one at the same time he added Asked if the road did not have little arsenals at various points where you CARRIERS NATIONAL AGREEMENTS by the road s police organization in 1914 protective measures Mr Atterbury admitted that OF Railroad labor of his this amount covered all FEDERATION AMERICAN He said had spy man Mr Atterbury wants peace to We are control the Pennsylvania maintained a spy system a long as a is Mr Atterbury The public was not the system in 1917 but added that the labor people had one at the same time He charged union coercion in maintaining closed shops and read a labor bulletin in substantiation A special Chicago dispatch to been spent so by rageously high prices on increased labor costs man system prior to his leaving Frank P industry directed and following day General Atterbury under coss exam ination admitted fair dictated war determining the rules and regulations under which he worked The right to be or not to a in the railroad trying to alibi by placing the blame on labor just as Opportunity to elevate himself in his employment On the and establish peace the labor policy of the managements is presented it merely means that extravagant and Time for recreation A voice in his railroad the Pennsylbania when that signed agreements with labor and when that road spent as no in one year to maintain arsenals police and a spy as agency on going back to pre war con espionage system to fight labor unions tion steady employment as possible good wage J much the held the balance of power and decided the issue prevailed as the member spirit of the labor provisions of the Transportation Act V The national agreements were superimposed on the under Federal administration and became road had on Surely the public must see the hopelessness of all efforts to One road leads to Government ownership nationaliza to day ditions such forced Association by a vote in which one system Third That the Atterbury program means J Establishment of the hourly basis of shop work We have New York Central Because the Lord didn t bulid the railroads 1 national adjustment boards Second That the Atterbury minority program was negotiated between officials of the roads and their own employees across the conference table like a game of poker The overwhelming majority of the Labor Committee of the an Railway Executives favored bargaining with us on a national basis through summarized in the New York was adverse witnesses Jewell is likely to money so Mr His testiChicago dispatch to they would get a square deal be on the stand several days far presented is reported in a dated March 24 as follows the New York Times Abrogation of the national agreements as Jewell said would cost sought by the executives Mr He figured it this way Association of rules and working conditions to the respective railroads and committees of their employees for conference on individual lines the employees conference If the request Obviously the conclusion to be deduced is that it is costing the railroads of the Conference Committee of Managers of the Railway Executives were granted remanding the subject matter of committee on each railroad would necessarily be composed of at least one of the railroad too much to earn the money the figures show that at a total required for ninety days of the services of 5 158 committeemen would be daily expense of and a total expense Much of this enormous expense on both railroad management and railroad and essential railroad officials and valuable time of the highly skilled railroad employees should be eliminated recognized railroad by cooperation between railroad management and the labor committee au hand railroad management and on the organizations through the creation of a conference thorized to represent on the one the Railway Employees De partment of the American Federation of Labor was organized there had not federated shop craft employees He went on been one authorized strike of It is also toward the and working conditions and uniform significant that during this time the greatest progress attainment of just and reasonable wages rules applying alike to all railroads was made Federated Shop Crafts Employees we hold that an As representing the all railroads will be a great if not the greatest factor in assisting to establish efficient and economical railroad operation It will remove the costly labor turnover which always has existed to a great or lesser extent and is due mostly to the fact that wages and conditions of employment on one railroad were more favorable than upon another railroad the railroad the good relations existing Mr Jewell read much correspondence to show between employees and the Director General under Federal control and said the workers knew they would get a square deal to survive and render are the Director General in the employees whom they represent can be relied upon our This be due of may be due to the may ex the service which the people of question I have proposed must be answered and fair administration of existing law the prompt the people have a after It However that be may right to know all the facts and make up their own minds intelligent consideration of the entire subject an To that end the investigation I have suggested ought to be made and so far as I can influ the matter it will be made ence There be seems to understand a widespread misapprehension with regard to the causes I find among those who have given some study prevailing conditions radical differences of opinion both as to the the to and the cause from if not misapprehension at least a failure to situation which threatens the solvency of many of the best a railways of the country This conflict of opinion arises in my judgment remedy misunderstanding of the facts which have transpired in the last a and it seems to me that there ought to be an immediate inquiry attended with the utmost publicity into the the railroads since they were returned to I intend at the ate operation and management of their owners With this in view opening of the next session of Congress to submit to the Sen resolution proposing the a broadest sort of investigation into the sub The people want to know just what has happened during the past ject why existing railroad rates have not accomplished the purpose of the year Act which returned the roads to their owners and especially why of maintenance and operation has not been the cost reduced It is obvious that rates should not be increased if for no other reason than which the net income can be advanced By an increase in the volume of traffic without a corresponding in First crease probably diminish rather than There are therefore but two ways in enlarge the net railway income in the cost of maintenance and operation Second By reduction in the cost of maintenance and operation a It is generally believed that to cooperate willingly volume of traffic operation of the greatest industry in our country it speedily wisely and justly It will be found I think does not lie in the main with additional legislation but in that another general advance in rates would opinion is the foundation of successful operation of the railroads during Federal control and during what was the crucial test of the railroads thus establishing beyond question the fact that if cooperation is desired and that desire is expressed by the railroad managements the federation of shop craft organization and This policy announced by or unreasonable compensation paid must be answered He went on in the If the railroads the country must have the year agreement applying alike to inefficiency those from president down whose labor operates these roads to for this lamentable result or other railroad employees of their particular crafts Mr Jewell asserted that since 1912 when which they are earning or to cessive cost of material and supplies or to that the answer besides additional expenses labor together with the consumption of mismanagement course to For the 107 roads listed from each craft at each point man Vol 112 CHRONICLE THE 1242 was during the latter part of the year 1920 the materially less than for corresponding periods in for and if this be true it would tend to explain the decrease in net mer years operating income for the cost of maintenance and operation does not dimin ish in the exact proportion of a THREE MORE RAILWA Y EXECUTIVES CALLED The BOARD BEFORE In addition to those members of the former Labor Com mittee of the Association of Railway Executives who have already been examined before the United States Railroad Labor of the to testimony is referred to in another their Board item in this issue three railroad presidents also members committee have been requested to appea r on April 4 net ton miles number of W are G Besler Central Railroad of New Jersey of the President the of ume was passenger miles during the same The time in 1920 was Measured by this standard the vol In round numbers figures for the entire year 1918 are and for with passenger miles for those two and respectively years Toward the latter part of and still is the and continuing up to this time there year remarkable decrease in the number of cars of revenue a freight loaded Another which has indication of a condition which began in Nov and 1920 progressed steadily up to the present time is a surplus of freight that is to say the number of cars for which there is no present use cars Chicago Milwaukee St Paul period in 1919 the aggregate same of traffic upon all the railroads of the country was greater in 1920 than in 1919 E E Loomis President Lehigh Valley and II E Byram President of the the the number of tons of freight carried one mile means while for 1919 it was was They For It is I assume understood by everybody that the phrase testify concerning their attitude toward national boards of adjustment lessening traffic aggregate net ton miles carried from March 1 1920 to Dec was Dec On The number rose the number of such cars was during Jan 1921 and at the close of that month was and Feb the number was SENATOR CUMMINS EXPLAINS CONGRESSIONAL NECESSITY RAILROAD OF These statistics very clearly show that while the volume of traffic for the last INQUIRY Asserting that if the railroads to survive some plan whereby their operating expenses can lowered and that the remedy does not lie in the main with man of existing law Senator Albert J Cummins Chair the Committee Senate on Inter State Commerce has furnished the Chamber of Commerce of the United States with statement a setting forth facts and figures intended to substantiate his contention that the present railroad carriers Congressional inquiry necessary on in order to furnish speedy relief from their desperate condition Senator s The proposed resolution calling for this investigation mentioned was situation is a on page 986 of our issue of March 12 A comparison of railway performance under Federal and pri vate control he declares is favorable to private manage ment but an inquiry to develop details regarding the recent poor been public may know the in rates would not be due to that both Congress and the reason He well solve the problem traffic account for the will show so nor that an advance will diminished our operating1 costs he states year a diminution tremendous in traffic These there accord statistics observation with respect to the decline in business during the latter I direct attention now to the operating revenues and operating expenses from March 1 1920 to Dec The operating revenues of all class 1 roads amounted Operating expenses including taxes and the to adjustment of equipment and joint facility rents leaving a amounted to net operating income for these ten months of and if we assume that the remaining two months of the year from March 1 1920 to March 1 whole 1921 show no better results then for the period the net operating income will amount to no more than one fifteenth of one per cent of the value of the railroads as estimated by the Interstate Commerce Commission It is interesting and instructive to know that the net operating income for 1920 March was In April there was a net deficit of in May of in June of in July of The great deficit of March is and in August of probably accounted for by the back compensation ordered paid to the employees by the Railroad Labor Board in July In September that being the first1 month under the increased rates which established by the Interstate Commerce Commission there was a net operating income of in October a net operating income of in November of and in December of income in November and December seems coincident The decreasing net with negligible net income which the The excessive inefficient says greater than during the part of 1920 and the early part of 1921 were income showing is needed was November and proceeding rapidly to the present moment as has additional legislation but in the prompt and fair adminis tration of whole period in 1919 or indeed at any former similar period yet beginning early as with must be formulated be are months of 1920 taken as a ten same the decreasing volume of traffic which began in November and which is still in progress may PENNSYLVANIA PRESIDENT APPEALS TO MEN management high costs of material and supplies or to unreasonable compensation paid to those from President down whose labor operates these roads justice and fair play would be accorded all Samuel Rea He President of two ways by which the net income may be in 1 Increased volume of traffic without increased names creased cost and 2 Assuring employees men reduction in maintenance and operating costs He concludes by giving comparative statistics as to volume nection of would be traffic operating and 1921 a number of revenues and cars of revenue expenses freight loaded and for various periods in 1920 The statement follows a weight which can be given to the diminished traffic it will not account for the negligible net Neither will it suffice to say that critical Pennsylvania Railroad 22 requesting contemplated their wage cooperation in cut is no no promised there was as If every man on your national organizations addressed to the men who work for this follows this railroad could come into my office and the facts that confront us I would not be We have come to the addressing you this comparison of the railway performance for the economies have been made in every other way possible have been reduced more than 70 000 men year just closing with the control is exceedingly favorable to That comparison however satisfactory to those who private management Federal believe in private ownership under public control does not solve the prob lem and wages see for himself way necessity of reducing salaries and wages railway performance under con unfair reductions put in effect and that there conspiracy to disrupt railroad that After explaining the need for drastic economical measures he The statement Present operating expenses are too high and both Congress and the pub lic are interested in knowing the reason Giving all the income which the year will show with the that company made a personal appeal to the March on of Drastic Working forces With less business to handle taking the abnormal sum of nearly 70 cents out of every dollar the railroad earns the remaining 30 cents is not sufficient to buy fuel other materials and supplies and pay our taxes and other obligations and There March THE CHRONICLE is only one way left to keep our expenses within our income and that is to lower salaries and wages Under such circumstances to ask for your cooperation and I have known that I do so as these it is necessary Pennsylvania Act wage provision when it comes up to all Resumption of local freight and have given their word that justice and fair I promise you in Federal District Court at Atlanta long men so without hesitation The Directors of this company play will be accorded 1243 that policy will be scrupulously followed exception the of VVaycross service with the passenger Division announced was by Receiver Buggs on March 21 You have been asked to send representatives to meet the general managers to discuss what conditions to just and reasonable wages in the light of present are Committees at work are now submit for your consideration what are the facts so preparing new con schedules of rates that all may know national your We are simply face to face with organizations conditions that force the steps we are taking You It is men our have assisted in making this the greatest railroad in the country job yours and mine to serve the public efficiently as economically and as possible as v and understand All I want to ask you is one thing Be open minded We have no inten tion or desire to reduce wages to unfair levels There is no conspiracy to disrupt B 0 PRESIDENT THINKS FUTURE OF RAILROADS It is our purpose to tell you exactly impossible to operate the roads for the interest of the public interest of the employees well as as for the One of the most unfortuntae features of the to retain the most efficient us employees and to them for the pay they do and the energy initiative and loyalty they put into the job We have succeeded in the past by and cooperation feel that I can decided In that continue to count working together with mutual good will on spirit of fair play common sense and your wholehearted service the College BOARD The During many Atlantic Railroad Board on Chicago questioned in was a March 21 by B L Bugg Birmingham brief filed with the receiver according to The hearing in the dispatches press wage the page The full text of brief does not appear in the dispatches took the stand Feb 25 he is not a party to award of but it is reported he and not bound by the on wage July 1920 and the Board is without authority to fix wage rates on the railroad and being charged benefit of all parties unquestionably had authority to determine what wages the receiver could and should pay remanding the dispute to further to an admission that the Board without was jurisdiction to fixing of which the road wages unable to was probable resultant confiscation of property Fifth Amendment the to unconstitutional the at Mr to the pay and utterly Act which stipulates wage Vice Presi Conductors and they allege a section of the Newlands twenty days notice and a hearing a In short If reduction was placed in effect March 1 1921 by court order after a The main contention of the road was that it was losing a month The Board however ruled that financial ability to pay was without and remanded the case for further conferences between the carrier and its employees Subsequently the road went into the hands of the receivers and the prgosed wage cut was made employees then went on strike with the authority of their inter national officers The strike was called however by local committees of They employees the labor representatives told the Labor Board today contended that since the road had violated the Board s ruling to tain the wages of the award of July 1920 the employees were main justified in Conferences had been refused them they maintained They declared they had complied fully with the Transportation Act up to the point of the walk out and contended that the law did not deprive them of the right to Employees representatives declared that the wgae reduction was put into a twenty day riotice and hearing prior to under authority of the court This it explained referred to present employees a force the receiver declared was The building up out of many applicants for employment question before the Board resolved itself into a decision whether the action of the Federal Court had removed the case from the jurisdiction the Board or whether a conflict of authority had developed would take the matter under advisement members its opinion on this question Attorney so that there need be no or not having been made possible whole continue to want it and as a satisfied with the service existing policy largely the railroad upon of vision and if they realize their responsibilities are men well as as semi as trustees of properties of great value owned alike by large and small investors of as I believe they do if they feel that the policy private ownership of property which has been the fundamental economic policy in this country since its be continued and if as very inception is the best policy and should good citizens they are willing and not only willing but anxious to do all they can to make that policy enduring I believe they as then I also believe they will succeed in their undertaking are spite of all the difficulties confronting the railroads at the present time I cannot help feeling optimistic conservatively optimistic concerning the future Private enterprise and private capital together in the past created in the United States the greatest permitted will in the future growing and most efficient system of trans Private enterprise and private capital if provide the additional facilities required by our commerce Railroad freight rates in this country as a whole have been lower in the past than in any other country in the world and that fact has contributed not little to the wonderful development and prosperity of the United States Railroad rates and charges in the United States today notwithstanding the fact that they have been greatly still are relatively lower than in any increased within the last four I am years other country in the world and when the readjustment which we are now going through has been accomplished confident that railroad rates and charges in this country lower than in any other country in the General of The Board will still be world war because I do not expect to see wages or near future as they were before the war but relatively and compared with other prices I expect to see the rates and charges just low as than in any other country fall on that basis WARE I ELD railroad they have ever been in the past and lower as Private ownership can well afford to stand or the PROPOSES SYSTEM TO All RAILROADS proposed plan for the rehabilitation of the railroads of it is stated will insure annual sayings of millions increase facilities and service and lower rates the has been Warfield on President railroad fares and Senator Cummins with Committee Senate vies filed supervision under Federal to be carried out country which Chairman of Inter State Commerce of the National by S Association Da of 10wners of Railroad Securties who has presented a printed statement accompanied by mit more supporting exhibits and will sub The proposal by Senator complete details later Cummins for Congressional investigation of the transpor a referred to 1104 of the issue was of March Unless more intensive economical methods of operation 19 the Dauglierty are said and later publish employed on Mr page Warfield believes future ownership inevitable to which in his opinion people have evidenced strong opposition said to be The plan is amplification of one previously submitted by an nection with Congressional committees in 1919 in con the enactment of the Transportation Act It provides for the formation by Act of Congress of the Na tional Railway powers means Service a Federal body with supervisory supported by various boards and committees as a of co ordinating tailed by Mr leased for facilities and service briefly de Warfield in an abstract of his statement re publication on March 21 as follows J according to anfAtlanta dispatch to the New York Times dated March 21 has instructed Federal District Attorney to defend the Newlands they were before the as price of materislas low in the the Association to dispute between him employees are glad and willing to work for the wages he is authorized to pay was a This hearing is to be held March 26 The receiver however declared that there was no self and the employees as the he be themselves public servants despite the section of the Newlands Act of July regarding receiverships which required cut in wages can wherever I view the matter whether private ownership continues to be as Government leave the service under satisfactory conditions any or tation situation withdrawing from the service effect people It proposed to reduce wages by one half of the increases granted since Dec 31 The they A dispute between employees and the road had failed of settlement its jurisdiction that there interruption of service because of disputes between the the economic policy of this country depends very read in part so of unified direction and control whenever measure in the interest of the people A Chicago dis reduction is made effective patch to the Journal of Commerce under date of March 21 A wage economic policy but it has also provided as an which they receive from the railroads under the low other things violation of a were I do not expect to see railroad rates and charges in the near future as hearing dent of the Order of Railway before personally appear Employees were represented by E P Curtis among a is repugnant Constitution Bugg s did not with there I shared that opinion at that time this in turn will depend upon whether they are carrier to pay and the a control Congress by its actions has made private ownership possible but whether a ability of Federal policy in this country under the laws they then existed as will depend upon whether the discussion between road and union officials he says amounts consider the financial the over rates and see other country in the any preceding economic as an portation by rail in the world The action of the Board in immediately years private ownership will actually endure In The Federal Court having the road in its possession he expects to says railroads and their employes concerning wages or working conditions He adds with the duty of administering the property for the concerned Mr Bugg s having been appointed receiver that Mr Willard is optimistic and Congress by virtue of the Transportation Act of 1920 has not only made private ownership and operation of the railroads 987 of the issue of March 12 and page 1104 of the issue of March 19 an I feel now however the managers on Company in who seriously doubted if private ownership and operation of the rail and conditions con troversy in which this road is involved before the Board was referred to the roads fear in the future of of the Atlanta case matter Willard students of the Massachusetts Agricultural Further it has provided by definite enactment RULING a Daniel Mr Willard said in part world necessary constitutionality of the ruling of the United States Railroad Board in the declared charges continue lower than in possible A B A RECEIVER CHALLENGES LABOR people March 16 on of the fullest ownership of railroads is the address to roads would continue alone we can succeed now and I want to way by President of the Baltimore Ohio Railroad present situation is the fact that these national agreements make it impossi work be to future The railroad is opposed to the national agreements because they make it ble for NOT UNFAVORABLE The continued private The Inter State Commerce Commission to select five from among its members to constitute the Service Division This Division to have su a pervision the board and or initiatory staff of the powers to National Railway Service and regulatory be exercised through 1U4 CHRONICLE THE railroad b A Board of forty members subdivided into two divisions Finance Administrative and Railroad Officials twenty members each A Chairman four Vice Chairmen Treasurer Secretary and other officials Executive Committee c Four and Group by each each of four eleven as territories rate by the railroads of each in group each serve now into group has Commission the Ten committees of five members each to four means Group committees will Railway cover Boards large a and all in committees forty ice is are Normal equipment requirements of each rail additional equipment to be leased from the National Railway Serv study of joint a A railroad e the operations working conditions wages etc 1 National Railway Service Corporation recently The Association of Security by conditional sale Owners to by Railway Service Board of the profits obligatory by Act of Congress individual committees group to with bring about the joint operation and other proposed methods neces to economical ends sary transportation the statement continues certain consolidations of are required but are entitled to the benefits of the immediate co ordination far as emergency now exists practicable of the facilities and as existing roads and systems It is shown that The which Act become effective State any states that if notwithstanding It then consolidations all the the decision or The or carriers order dangers railroads ity decisions porate the aid the of States to allegiance and Commission service goes on as of the follows desirable in ricultural and approved involved by the assent Commission thereto may the law of State authority to the contrary injunctions by dissenting stockholders the constituent companies owe their cor business development The heading Relief for Short Lines it is stated that this method equipment would greatly relieve the short lines Besides lease they would be saved shop expenses the connecting lines taking care of their repairs equipment under Present methods under which transportation is conducted is discussed at decision is reached in respect to the length Before a suggestion herein contained the statement continues which means the solution of the greatest remaining transportation problem yet unsolved it becomes neces sary for the Congress to consider the conditions under which the transpor tation system is now required to function as a whole what have been and are at present the methods employed Two methods have thus far been ratio to 1 The voluntary action of an association composed of railroad execu tives each representing distinctly conflicting interests which has been tried the results speak for themselves In the nature of things voluntary must difficulties has been fail of and in the effort transportation must and broader to individual interests the of the points deal its with national under individual of the view aspect voluntary railroads which public have always inherent are complexity ented ment Prior action of the continue to be controlled consistent with the and must continue or extension of the Inter State Commerce Commission the Govern of operations now properly employed as emer extension of these powers made permanent would authority into those gency This powers Government operation mean bilities not if the be method is inconsistent with the con eventually of private operation That it throws already overtaxed regulatory body the responsi railroad operation that the Commission would likely rather initiative and Commission of thus an burdened and prefer that its duties continue to be regulatory and confined to the supervision of the organization or agency suggested That the first named method is then the only present means at command to bring about economies by the co ordination of facilities and service essential in purchase the public equipment interest to meet its That each maximum railroad is now requirements required Its to normal equipment requirements would hereafter only have to be financed its requirements being supplied under lease a great saving in capital expenditures for equipment by each railroad seasonal Mr Warfield recalls that last fall the railroad executives felt required to request the Commission to use the1 car division emergency powers granted by the Act The extent to which operation by the Commission should reach is dis cussed as follows The question now to be cern is whether the service do not decided and its decision is of most vital con to the co ordination of facilities and beyond those of regulation and into the field of powers necessary extend The and or their return upon estimated appreciably felt with the necessity calculations a on the railroads of revenues selling have would The price slowed have of the down increase in This of done not was these meeting normal increase ex in the instead of increasing de resulted products under normal with prompt decision a transported Low prices for shipments causing the equally unpreced and the expected return has not materialized revenue concludes paper sity for conditions Economies must and they can be met a statement as to the neces because of the present demor alized condition of the roads through Government operation Senator adjustment Cummins is reported as stating that the Senate Inter State Commerce Committee will hold ings a series of hear railroad problems soon after Congress convenes in on April GERMANS WIN REPORTED Polish IN TO SILESIA HAVE PLEBISCITE POLES INVADED SILESIA have recently crossed the border of troops portion of Silesia the upper zone the which favored Poland in the plebiscite held on March 20 seized the Gov ernment and issued in the of name a proclamation claiming the territory according to reports transmitted Poland a Berlin copyright dispatch by the Chicago Trib Co published in the New York Times of March 24 through une Poland has been intrusted mandate to occupy or of attempt to incite an by the Allied Powers with Silesia in case civil a of a war a German insurrection it is stated in another copyright cablegram by the Chicago Tribune Co dated Oppelu March 23 and a Polish army has been held in readiness to the frontier at cross Upper Silesia nearly 200 of an area iron nearly 5 000 or which for has been under German control and coal mines Poland moment s notice a the country under discussion years square Its miles and possesses covers rich zinc population it is said is about Its retention by Germany or acquisition by division between the two Governments is to a be decided Article 27 of the Treaty of Versailles fixes the frontiers between to It s pointed out that this latter tinuance upon their business of com conditions basing its drop in railroad which consideration by those who represent not The other method is through the enlargement powers not faced was unprecedented gross 65 Polish regulatory pay be instituted to meet these conditions and control in necessarily given to the interests of them to and back turned as from the average of the available action return a southeastern handling securing the control the period March 1st to September 1st falling off of 31 from what had reasonably been expected The selling price of commodities such as cotton grain lumber general merchandise perishable fruits vegetables etc have fallen with such un precedented rapidity that freight rates necessarily show a disproportionate consistent with competitive service and ag Under the of for advanced period and war Commission and That the organization proposed would effecting consolidations of railroads as may prove the public interest demoralized The required by Con of Federal beginning was to been rates and after war of any of which conditions of called Act adjusted good repair and in substantially the become No cash the in the condition The Act at and 21 existence in a owners as in was carriers had the 1920 and the public pointed out and that dissenting States will likely challenge the author of Congress to authorize a consolidation contrary to the statutes or are it believed says combination revenues of the railroads adjusted rates to yield the return called by the Transportation Act They rapidly came violent after war read for troublesome question arises from the provision of the a from Control substantially Commission traordinary commqdities To solve the great problem of American an Federal as Had of the and clined made the gross to consolidate the railroads into by the Inter State Commerce Commission this be that proportionately as expenses were they would have been absorbed in general business activities and increased established organize culminating disrupted justment to the operations scheme it will be necessary to fact the increase in rates of 25 only was made during Federal control by the Director General of Railroads This it has been estimated yielded four groups corresponding to the four rate groups already division great financial necessities the Commission the not returned to their approximately Warfield points out that in order to carry out the power preserved and private owner An Service financing and leasing equpiment under plans it is said will save many million dollars in preventing duplication of equipment by the carriers now necessary when each carrier is required to buy its maximum equipment requirements The twenty trustees of the Service Corporation will serve as the Finance and Administration Division of the Mr under ganizations the carriers with extended powers for National exists were plete equipment lease is superseded by the National Railway or what yield Mr Warfield each railroads in service organized furnish equipment to below crisis gress surplus property not required in legitimate transportation cost of carry ing purchase of fuel and supplies application of a standard of efficiency in far railroads of terminals yards and shop facilities use to be are private to Government ownership of the railroads is indeed rates would standardization of equipment useless expenditures incident to wasteful competition This is supervision of the Commission the present return in the aggregate value of railroad properties of investigation and report range under Referring to the existing crisis and This These Included in which road service incentive and initiative distance from with each of co operate from the railroads of each group performed by the be narrow d and if of the carriers to the Government with their four Boards Railway Officials Division of ithe National Railway Service the four Group Boards and selected shall powers ship survive and two from the shippers located Board these We have always favored extended regulatory powers being given the Commission but should Government regulation be extended to the point of operation with the tremendous indebtedness of approximately divided consist of seven members five The twenty officials forming these territory the as facilities which and whether regulatory agency alone or whether Congress shall enable the railroads themselves to bring about such co ordination of compel essential organized and selected from constituted by the Commission in each Four Boards in all each to selected will and members Boards of railroads group the the country of Railway operation Governmental and An Vol 112 Germany and Poland adding in regard upper Silesia The frontier the region under dispute will be fixed in accordance with Article 88 of the present Under Article treaty is charged with as to a a 88 the Inter Allied definite determination of On conclusion of the voting ciated Powers with mendation as a the number of votes cast in each full report as to the to the line which in upper Silesia as commune principal Allied and Asso taking of the vote and In this recomendation regard will be of the inhabitants a recom shown paid to the by the vote and to the geographical The Foreign Office points also provision for handing over to Germany and to Poland the part of the It says this leaves no leg for the German contention plebiscite held on March 20 and on which the eyes centred resulted in a German territory going to each The of the ought to be adopted as the frontier of Ger and economic conditions of the locality to the on Section 5 of the Annex reads vote will be communicated by the Commission to the many Silesia division between Poland and Germany based commune wishes Commission upper the whole majority of world were approximately to the New York Times The official returns Simons the A London dispatch dated March 21 said of the plebiscite in upper Silesia German Foreign Secretary in a as given by Dr telegram to London are March THE Germany Poland in the whole plebiscite CHRONICLE As to what Premier Briand had to say on March 16 in defending the decisions of the Conference we quote the following copyrighted advices to the Times approxi area or mately 61 for remaining German territory and approximately 39 for incorporation in Poland Giving details of the polling Dr Simons says All the towns especially the industrial centres German vote There show In overwhelming an few words the theme of the Premier s a Germany in only Polish majorities in the country especially are 1245 a vigorous speech was better economic position than France and without an dreaming of gaining by industrial imperialism what she in those parts to which contrary to the urgent desire of the German Gov exterior debt was ernment troops were not sent in time for the protection of the German failed to gain by military imperialism population sorely tried by the Polish terror The next day France and Berlin dispatch dated March 22 to the a be abandoned until Journal of Commerce reported the result as follows on The final vote in the plebiscite in upper Silesia as announced to day by the Inter Allied Commission is Poland will press for distribution of the a and Germany favor of Polish the numerical Germany has claim to the entire region indicated regard to the vote by districts The given in are a Washington dispatch to the Journal of Commerce dated A plebiscite the Polish Legation here announced tonight Foreign Office at Warsaw Of a upon in the rich coal and industrial are section it receipt total of sixteen districts in the province Poland has definitely carried nine added was Returns from which the Foreign Office statement was based the legation France criminals war Parliamentary debate in bringing cheers to whether The ovation yesterday not France is united in her purpose to or h V bring Germany to v r v y v Wall M Briand began by saying the Chamber had sent him to London with instructions not to recede from the figures of the Jan 29 accord and he had done his duty retreat I told allies our inch he said one I against was up wall and could not a France should rejoice that allied soldiers were shoulder to shoulder with French soldiers Discussing the penalties he said such on the right bank of the Rhine program was the only a course to take before the attitude of the Germans said we should have gone further I answer you know them those I hear it the penalties decided are by our military chiefs and lam satisfied that the opinion of Foch of Weygand and of Gouraud is wiser in such matters than mine We had to upon choose the most efficacious and least that Allied all of which trying to cheat something penalties would not disarmament and punishment of the As for the military penalties he continued majority of the district of Upper Silesia were carried by Poland in the of official advices from its on was was satisfactory settlement not only a Told Allies His Back Was to the March 22 which says recent reparations but terms her the basis of on Germany had given This program of from the extreme Socialists who attacked him voted in communes majority without reference to districts latest advices in many due he received should remove all doubt from the minds of the Berlin statesmen territory in question between Poland while rule intention to lay even as the idea that on the To this end she their permit and the M Briand showed his mastery of Germany Poland the Interallied Commission it is said the other Allies of would not and could not cannon are efficacy recall that we costly penalties Let us remember trained upon Essen and from the point of view of control most of the coal traffic of the Ruhr said were not complete but were conclusive and showed that Poland had gained majorities in 462 communes and Germany in but 92 No advices received concerning the results in the other seven districts were It is evident that the Germans believed this occupation would cause us The districts claimed by the Polish legation in its statement great difficulties that there would be revolts of workers and that sort of But the German workers understood perfectly that we did not come thing Pless are make war but that our to penalties necessitated by the attitude of were Rybnik Sprehlitz Gleiwitz Tarnowitz Hindenburg Beuthen Makowitz their leaders and fortunately they have not consolidated with certain Of and Koenigs Huette their imperialistic captains of industry y As The result of the plebsicite will be determined the legation said not by a majority of the general vote cast but by commune The Inter Allied Mission the message from for the customs said will present to the Supreme Council of the League of Nations the plan for A French dealer into of Upper consideration Silesia the on the basis of the commune vote taking geographical and situation economical of each Washington dispatches dated the following day fur press nish later advices to the as vote commune a an francs In the ten districts which voted Polish as reported were was meeting of Allied Premiers for division in invited Germans will according to York be Herald should The total ma dated enforcing this penalty but were confident they could be over was Germany Hiding Her Resources What we must do he said is to would like to make herself look firm Germany Will discover on Germany see resources as she is and not as she I predict that if the Allies stand paper which will surprise dream yet of military revenge but they seek to guard their enterprises to reparation keep their profits to get into all the world markets and at the same time to hide their wealth The 23 matter of To day we see Germany the beggar trying to stir up the neutrals by subsidized newspapers But should a day come when we slacken rein and appear to abandon our rights will see German statesmen furnish the proof the states of Germany who has no exterior debt whose taxes are whose economic position is better than that of France REPARATIONS CONFERENCE APPROVED BY FRENCH ABILITY TO Germans at Spa swore they could deliver not more than Under monthly PAY pressure Deputies on March 17 approved vote of 491 to 66 the decisions of the London Repara a tions Conferences occupation of Dusseldorf and the the application of the penalties imposed Allies According the New York to cablegram the only opposition end of the Chamber unjustified were on on came Germany by the Times copyright Paris called on May 1 He gave Germany had violated the the explanation that railroads delivery of coal and payment of marks to the Reparations could have effect only if it was accepted and Germany s refusal to accept entailed the A it penalty which was provided for under the Treaty of Versailles of the seizure of guarantees until the notable feature creditors should of to day s debate was War Minister Andre Lefevre pay cause thej right of While it was was canceled by German non acceptance and previous day March 16 during the discussions in the French Chamber of Spokesmen for the Communists Socialists Republican Socialists and Radical Socialists attacked the decisions of the London Conference for the Particularly strong was the declaration of Vincent Auriol Socialist that the penalties would be ineffective because according to the most reliable statistics France s part of the duties which it would be possible to levy would after payment of the expenses show a of occupa deficit of francs annually instead of furnishing cash for reparation Ger But Germany was defeated in 1918 defeated Let conquerors Chamber rose and cheered the but we have no spirit of hate continued In marching into Germany we perform an act of justice not The German people must understand that Germans who war have The German people must understand that their leaders against Germany When the Ger people understand that it is to the interest of Germany to pay up we man M Briand said the Government man era penalties would not end on vague promises of the Ger The questions of responsibility for the war of disarma ment of reparations and of war criminals must first be settled You ask what will we do to morrow he went on we We have a treaty will enforce it He mentioned that the Commission on many to pay Reparations had called on Ger marks by May of which must paid by March 23 This billion she has in her cash box he said and she must hand it over Deputies of the London reparations negotiations some of the opposition which was expressed reported as follows in Associated Press cablegrams tion are who try to cheat the Allies are working be it was not be M Briand JAPANESE DEMOTED GENERAL SHOOTING SENTRY was application of the penalties longer publish your profits no that if in 1871 France had to pay he said had not been defeated wealth must pay by the letter of the Treaty that the Allied policy must be dictated The you You have mines forests responsible for the war but because she was defeated was We French and Treaty and that it was by the Treaty that the Allies must The Accord of Paris prosperous Premier To this the Premier replied that no provision for permanent control was made in the me At this point nearly every member in the destroying and surrendering arms Germany he said had kept all the means i of manufacturing more whenever Allied control was removed abide so the right to say to the whole wealth all your resources tell the Germans that since 1871 something has happened me of former perpetual inspection and control of the manufacture of munitions she will enter upon a new the participation He wanted the Allies to reserve and factories Von Simons said to Of The Paris accord had been handed to the Germans as an ultimatum which your Pay up punishment of war criminals Commission It is and the presence of our soldiers on the Rhine proves she was Once more M Briand had to intervene and give the reason why the Allies At for which is pledged for the payment of your debt had to extend the occupied area and establish the customs line now and not treaty on four vital points disarmament tons of coal altered their proposals that so In face of this behavior this chicanery we have captains of industry over there many The cablegram further said penalties finally they were willing to pay for the first five years what the accord of from the Communist the ground that military penalties lighter than ours For instance the of penalties they delivered tons London the Germans in face of the The French Chamber of ready to seek which she failed to win by force of arms Do you want proof You then you will see another Germany the real Germany who stands there across the Rhine in the econmoic domain the conquests men by Berlin They do not v CHAMBER GERMANY S even German imperialists have under fear of popular uprisings stood in the shadow reparations is referred to in another item in this issue technical difficulties come they make overtures to March receipts would be the reparations basis which meant He admitted there Since their defeat the German captains of industry and copyright Paris cablegram to the a on He settled consideration of the Brussels to which the or seller German the German a with connection shortly either in Paris that end German in the way of the basis of the compared with 140 in favor of Germany jority claimed by Poland in the ten districts will be held on giving Polish majorities 507 communes were said to have as and German Government much mooted point by saying that after May 1 these France would get 42 of all numerical majority in the entire territory in favor of Germany for Poland Silesian a augmented total number of districts and communes which voted latest returns New buying 100 000 francs worth of German goods would pay Government French put into a common fund and divided follows as Latest advices received today from Warsaw by the Polish Legation while admitting A the German goods in Allied countries proposed by Mr Lloyd George He explained how it would work The seller would be reimbursed by the locality showed has1 no hidden purpose M Briand then said that the tax upon the Foreign Office at Warsaw had been division penalties they aroused certain suspicions of France but France proclaims that she majorities A note delivered Feb 22 to the t NOT American FOR LANGDON GUILTY Embassy at Tokio on by the Japanese Minister of Foreign Affairs and transmitted by cable to Secretary of State Colby expressed deep regret for the shooting of Lieutenant W H Langdon by a Japanese sentry at to on page Vladivostok 438 of the issue of Jan 29 on Jan 8 referred and placed the ma Major General Nishicommanding the Japanese garrison at that point who jor responsibility for the affair upon liara since has officers were subordinate Four demoted been held jointly The responsible and sentenced to prison terms R E Saunders New York agent South New York doing but so J finement for false testimony as to the circumstances of the The Japanese note was the in reply to a communication for Washington soon after shooting of Lieut Langdon and is said to be looked upon Japanese note as made public by Secretary Colby follows A most thorough exhaustive examination and court martial resulting in of army conducted by was The held court the the removal from the active list of the Japanese garrison at Major Genjeral Nishihara commanding the Japanese Vladivostok that Nishihara General had been guilty of misinterpretation of the barracks service regulations and had thus incurred He has been deprived primary responsibility for the unfortunate incident of the command of the he previously been barracks officer of the rank of major lias The held for ment The assistant barracks officer thirty days lieutenant and the a regimental commander have both been sentenced to a similar punishment a period of twenty days The company commander has been sentenced for lesser period to a commander in chief The vostok has paid the Japanese of Expeditionary Force in Vladi manding officer of the ship his regret at the The sentry who fired the orders and actions his of squarely placed and who the of com of the incident occurrence fatal shot has been held to be excused by the superiors upon whom responsibility has been to are be punished The sentry how stated as found guilty of deception in his testimony as to the circumstances was ever the Legion of Honor in war fatality and for this has been sentenced to confinement for thirty In addition to the expressions of regret on the part of the commanderin chief of the Japanese Expeditionary Force the Minister of Foreign Af fairs in the communicating Government The Japanese Government the hope the at action the the of of expression court martial At a meeting of the Executive Committee of the Board of on March 7 Sigmund Metz and Rudolph Goepel appointed Assistant Vice Presidents of the company were of occurrence conveys the to with this most unfortunate now considered officially closed except for the subject of reparations which is still open for Special Department the Representative America South in Manager of the Paris office Assistant Manager of Assistant London Acting Joint Manager of office the London office and Manager of the Constantinople office which he He has done organized the for he in company on a great deal of investigation work Goepel Mr Europe was born in Jan and received his early education Brooklyn Polytechnic Preparatory School from which at the was He spent the next year traveling graduated in 1900 in Switzerland and Internationale at Germany and then attended the College Geneva for a Returning to this year country he became an assistant buyer in the import depart of ment Davis Co remaining in that position Parke three years He then joined the staff of Schulz Ruck gaber and eventually became vited a junior partner He was in join the Guaranty staff last August and came a to month later Assistant Manager of the as Foreign Depart ment At incident It is stated the matter is Manager of the Foreign which time he has been Assistant sincere spirit that the Government of the United States will fully appreciate in which the Japanese Government has acted in dealing during Mr Metz has been with the Guaranty since 1915 deep regret on the part of the this sad event and expresses recognition of his services during the Directors days American recommendation of the French v Brooklyn visit to the U S S Albany and expressed to the a March 21 that upon on garrison and the rank of Brigade Commander which adjudged guilty of responsibility in the matter and sentenced to confine iv company s Paris office had been nominated a Chevalier of The paraphrase of the satisfactory in official circles as cable Guaranty Trust Co of New York was informed by Ministry of Finance Georges Hebmann Manager of the fatality at the court martial proceedings warded by the State Department at newly erected Kerr Building 44 Beaver Street March The sentenced to thirty days con was of the National Bank of Ltd has announced the removal of their Africa offices to the sentry who fired the shot was found to have complied with orders in VOL 112 CHRONICLE THE 1246 meeting of the Executive Committee of the Board of a Directors March on 17 the following appointments made Arthur E Burke Assistant Trust were Officer Harry D Quinbv Assistant Secretary Daniel H Bender Assistant discussion Secretary RH INELAND An Amsterdam STOPS EXPORTS Holland press TO HOLLAND cablegram March 11 said Exports from the Rhineland to Holland have stopped altogether says the Essen correspondent of the Rotterdamsche Courant Neither buyers nor sellers are willing levies tax ITEMS to risk imposition of the Allied ABOUT BANKS No sales of bank the Stock TRUST trust company or at auction this week stocks were Chase director and formerly Cashier of the city died on Mr Chase March 18 made at retiring been a as this of Cashier in October 1917 Exchange was closed yesterday in observance of Good Friday but will be open to day Holy Saturday the Board of Governors at a meeting on March hating declined to grant the request of members for the closing of the Exchange to day The Ney York and New 23 Orleans Cotton exchanges and the New York Coffee and Sugar Exchange will be closed to day in day addition to yester Broadway this 88 years He old sixty two years Mr Chase also had director of the New York Plate Glass Insurance Co city The New York Stock was had been connected with the institution for COMPANIES ETC or Exchange William H National Butchers Drovers Bank of 683 y The final accounting of the Superintendent of Banks as liquidator of the Carnegie Trust Co which failed in January 1910 filed was approval the in New York March 17 on Supreme discloses that It Court claims for aggre gating were filed against the trust company and that claim has been made for deposits of no to the creditors final distribution of the funds which will it is said Superintendent the State The come out of Banks has on At a tional his regular meeting of the board of directors of the Na City Bank resignation took March 22 James A Stillman tendered President as which the board man on to take effect immediately unanimously refused to accept this action because of the of which has been located for Tontine new Street The twenty years of Kerr affairs A brief as President ten was Australia and have number of years in the been leased for a of period of the Chartered Bank of India Aus tralia and China in London the directors of the institution will recommend to the stockholders that a dividend be de clared for the past half year at the rate of 14 per annum and a bonus of 6s 3d that be added for each share free to the reserve said of income the settlement the fifth and final dividend it is than one half of 1 In other words will be less The Harlem Safe new outstanding tificate from of the new Deposit Co of this city is the title of which has just received an institution will be President Lionello Perera Vice President Secretary and Treasurer A A Pinto company a authorization cer the State Banking Department The officers company The has been formed with a capital of and surplus of its stock par 100 being offered at 110 per share The company will begin business about Sept 1 tax fund that fund that premises account and that be car ried forward 25 in March in October and 4 in February 1917 If the Court each creditor will receive for each dollar At be added to the officers superannuation be written off were approves old At the approaching annual general meeting the stockholders They in October 1915 China Steamship Co Building at 44 Beaver quarters Already four dividends aggregating Building at 88 Wall Street has leased the second floor of the 1 a the 3 268 creditors with claims amounting have been paid all on Supreme Court orders meeting reads India be deducted leaving to be divided among to Bank held to day the resignation of Mr Stillman Bank the total amounting to making in all From this 10 782 must or dered to take effect immediately but the board unanimously declined to accept it Chartered to be collected with interest Mr Still At the regular meeting of the board of directors of the National City The some widespread publicity which has recently attended his domestic statement issued after the board hand together with of a meeting of the directors of the Brookline Trust Co Brookline Mass on Mar George B Baker of Baker Avling Y oung was elected a director of the company March 26 THE Philip A Hart has been elected President of the Bryn Mawr Trust caused Co of The of Jesse H Hall fill the director of the trust company to a v Baltimore to which National referred Feb 19 is scheduled for we will locate in the old First Building at 17 South Street which was April 1 The Bank company bought by Eugene L Norton the President of the trust trust company The subscription books of the The recently company closed March 19 with 745 subscriptions a capital and surplus of on The stock consists of 10 000 shares of the par 000 each value of 50 a share which will be disposed of at 100 per share 50 of which will to the capital and 50 to surplus go trust of the new The other officers company are Vice Presidents J Bos Laurance Jones and James Bruce ley Jessop Secretary and acting Treasurer Richard H Bond Assistant Vice President and Donald Reitz and J will include tors following dent J S Bridges Muffler Safety Valve Co Presi Co printers and engravers President Automobile Club of Maryland W Corporation New York City the board Commercial Credit Co Baltimore and Commercial Acceptance F C Herbert B Flowers Vice President Loan J Thomas Lyon Baltimore Reliance Securities Co the respective institutions was disposed of is Trust Co 125 Loan Co Securities Co At a meeting of the stockholders of the City Savings Bank and Trust Company of the effective Sun Ezra B Whitman land formerly Thomas B Finan With this increased re capital and surplus the bank will be in better position tively engaged following named directors for the ensuing year A G Reeves W H Morgan S L Sturgeon B F Weybrecht John Eyer W H Ramsey Chas Y Kay J M Walker J C Devine G Tolerton the following officers W H Assistant Cashier and F W Shaffer Assistant Cashier In its Dec 31 statement the institution of reported deposits and resources of y engineer Public Service Commission State of Mary President and Chief Engineer Water Board President Footer s Dye Works Cumberland Md regular meeting of the directors of Chicago Trust Co at Chicago Deyber has been elected President of the duties as Samuel J Commissioner District Prescott Vice President of the Second the stock prevented his acceptance of the position Mr Chairman of the Board of the Deyber has been connected with a number of Washington banks namely the old West End Citizens National National the the Federal the Commercial National served he as Assistant Cashier and the Second National of which he had been later was Vice President also formerly President of the Washington chapter of the American Institute of Banking 4 The Reliance was declared placing Organization the Reliance Savings Peoples Trust Savings Bank Chicago a new A new the Empire National is to be opened for bank the northwest side of Chicago business July 1 on tion will be at Ashland and Chicago avenues The loca a build where ing has been purchased and plans for its reconstruction into a modern the of banking house have been made have received bank The organizers permission from the Treasury The bank is Department to go ahead with the enterprise being organized by Frank J Rathje who is President of the Mutual National Bank Others interested are L D Strand berg contractor and S L Rathje County Judge of Wheat The bank will start with capital of and sur business on March 5 The three during the year it will conduct a business The Reliance Savings Loan Co has an au and a Chicago The Union Trust Co of new and more announces the opening commodious quarters for their investment department on the third of the four floors occupied by this bank in the Tribune Building Dearborn and Madison streets The Lincoln State Bank of dividend of 1 Chicago has declared an extra besides the regular quarterly of 1 subscribed capital of and limits its business to making first mortgage loans on real estate and the reserving of savings deposits Co has a capital and surplus of and deals in second mortgages and miscellaneous securities The officers of the Reliance Trust Co are Vice President of the Geneva Board Chester G Dixon President Charles J Phypers Vice President Harold S Craigie Secretary Otto C Eckert Treasurer Edward J McNab Assistant Secretary E R Powell Assistant Treasurer The officers of the Reliance Savings Loans Savings Bank Chairman of the Co raise to general banking and trust Chamberlin notwithstanding the recent capital increase from to financial institution in surplus of which it plans to Reliance Securities have voted to pay a quarterly dividend of 3 on April 1 on companies will be situated in the same banking room at 1630 Euclid Ave The Reliance Trust Co has a capital and thorized capital of was plus of Loan Co and the Reliance Securities Co all of Cleveland began The previous rate Cleveland which is composed of the Reliance Trust dividend of 2 8 annual basis an on 6 and 2 extra was declared last year National had been but the calls upon his time by his other has been elected where a offered the Presidency X in growth in all departments of the bank including the Com Directors of the Charles paper mercial the Savings and the Trust Departments in which they are ac At the Second National Bank of Washington D C succeeding Cuno H Rudolph who resigned in order to devote his entire attention The A local attorneys at law Baltimore Steamship Co formerly of the Board Deyber incorporat was w A J Townsend Vice President Mr stock being new ferring to the action taken by the stockholders at the annual C M Baker Commerce National time will be same The institution capital of a unanimously was capital will become the 100 share ed in 1892 with new The surplus at the April 1 increased from to Charles F Stein attorney at law Mr The by the stockholders Ramsey President I G Tolerton Vice President S L Sturgeon Cashier John E Semmes Jr Semmes Bowen Semmes bank Feb the on capital from to ratified The directors later organized and elected City York City Joseph G Reynolds grain member of firm of Gill Fisher Chamber of Prescott Alliance Ohio recommendation of the directors of the institution to increase Douglas I MacKay 30 Church Street New York interests formed and was began business in 1914 The stock of the three institutions is in shares of 100 The price at which the stocks of the Geo W Sturgeon and I Joseph Mercadante President the Nafra Co New new organized in Jan of the present was organized in June 1919 and started business was 1919 July Hendley Co T W Justus lumber operator his Chapman Secretary and began business Mar the Reliance Savings The stockholders elected the Air Brake Co New York City and General Manager the United Rail Electric Co Baltimore Md C W Hendley O W to The officers of Douglas President Phypers Treasurer E R Powell Assistant Secretary The Reliance Trust Co year Trust Chicago 111 Charles B Ellicott Manager Westinghouse Victor B II J Phypers Vice President Charles J Phypers Vice to care for the A E Duncan Chairman of Shipping are President and General Manager L F S Cahill Co builders of marine engines boilers c v Co meeting to enlarge the capital said Manager General Chemical Co Baltimore Md Edward N Chilson J G White Engineering ways Securities Reliance G S Smith Assistant Secretarys and Hammond Assistant Treasurer Cahill proprietor W S Powell and M R E sold at 150 per John S Bridges President of the Coale E F Brundage Vice Presidents Jones President Norton and Bruce and the Gill The direc Jacobson Assistant Secretaries and Treasurers W dents L F Chapman Secretary F C Phypers Treasurer formerly President of the Equitable Trust Co of Balti more Phypers President G W Phypers who will be President of the Atlantic Trust Mr Norton was J Moore H J Douglas and R R Newell Vice Presi new institution will have new Charles are E L the 4 opening of the newly organized Atlantic Trust Co about Co L V W the board vacancy on V Bryn Mawr Pa to fill the vacancy by the death of Anthony A Hirst has been elected 1347 CHRONICLE Hiram Roger of the Midland President Lyon with died Lyon Chairman of the Board of Directors National on Sank of Minneapolis and formerly March 12 after 65 years brief illness Mr of age National Bank of St Paul of that institution but In 1881 he the Midland he was made Cashier Mandan N D of which he President at the time of his death Mandan was left the bank and in 1885 organized the First National Bank of with a Mr Lyon first became identified banking interests in 1877 when he entered the Second was National was Besides his connection and First National Bank of Vice President of the Russell Miller 1248 THE CHKONICLE Vol 112 Milling Co Vice President of the Electric Steel Elevator received and Co President of the Northland Securities Co and of the cash and the gross and net debt on those Mandan Electric banks Co He also head of was country seven CASH AVAILABLE TO MATURING PAY financial institution which Company is the title of a new Deduct Excess to aid in the liquidation of the Peoples Bank Trust Company institution has been organized primarily days ago 4s Loan of s new 4 to 6s certificates of indebtedness 2s certificates of indebtedness 3 s First Liberty Loan 4s First Liberty Loan converted all deposi Thomas Wellford S N Meely L J Moss Henry Hotter H G Dutt linger R H McWilliams and R P Cary It is the intention of the directors who constitute the entire list of stock holders at the present time to shortly increase the capital stock of the bank at which time the present board of directors of nine members body of new selected from the bank to shortly take over all of the assets of the People s Bank Trust Company and expand its general banking business along liberal yet V v Y v v vv v i yyy con A strong finance committee has been named to cooperate with the officers of the bank at daily meetings Mr Rome who Aggregate of interest bearing debt Bearing no Interest is Vice President and widely known in the community having been prominent in public Net debt many The now bank will open up this morning not alone for the primary purpose of aiding in the liquidation of the old People s bank but also for the receipt of deposits and the general banking business cl favorably affairs for and being at present potentate of A1 Chymia Temple of the Mystic Shrine a Total gross debt years past doing of ceased Deduct Treasury balance elected was Mat 2 s Postal Savings bonds 1st to 16th series J J Matured interest servative lines x J J stockholders With the hearty cooperation of the depositors it is the expectation of the new J J J D J D s First Liberty Loan converted J D First Liberty Loan second converted J D s Second Liberty Loan M N Second Liberty Loan converted M N Mb Third Liberty Loan M S Fourth Liberty Loan A O b Victory Liberty Loan J D s Victory Liberty Loan J D a a s War Savings and Thrift Stamps Series by the directors who consist of C C Hanson S B Anderson J will be materially increased by a number of new directors Q F Q M Q J 3s Conversion bonds consisting of was bank Q F of s Of 1961 Oct Q F Panama Canal Loan 2s of and the new institution will tors in the defunct bank but also the stockholders stock of the Sept Payable 2s Consols of 1930 People s Bank Trust Company conserving its assets and taking such steps The entire capital INTEREST BEARING DEBT OUTSTANDING this morning primarily for the purpose of aiding and assisting the Superintendent of Banks who is also the receiver in the liquidation of the to Title of Loan open up best caluclated to insure not only the ultimate payment of Interest some Balance says granted warrants Total S 8 McConnell State Superintendent of banks yesterday qualified the bank to enter into the banking business A charter with a temporary taken belated receipts over Bailey Cashier was OBLIGATIONS Matured interest obligations Disbursing officers checks Discount accrued on War Savings certificates Temporary officers elected by the Board of Directors are C C Hanson President 8 B Anderson and E A Rome Vice Presidents and J G capital of Deficit x Of these totals bear various rates of interest Includes notes deliverable amounting to a does not include partial pay ments received amounting to On basis of cash receipts and repayments by the Treasurer of the United States c Add Treasury deficit Note Issues of Soldiers and Sailors Relief bonds not Included above was of which 29 400 had been retired Total issue to Oct The directors of the Fort Worth National Bank of Fort Worth Tex beg to announce the resignation of Thomas J Caldwell Vice President Mr Caldwell having accepted the Vice Presidency of the Federal International Banking Com pany of New Orleans La THE ENGLISH GOLD AND SILVER MARKETS We print the following from the weekly circular of Samuel Montague Co of London written under date of March The First National Bank of Berkeley Berkeley Bank of Savings Trust Co tion of Egbert A Brown effective March I of The California r Calif and The announce the elec Vice President of both banks as Mr Brown for many years was Cashier National Bank of Sacramento and of The GOLD y vv The Bank of England gold reserve against its note issue is practically unchanged with compared as The fair amount of gold that was on offer this week It is reported from New York that received Jan there from London ounces week a ago taken for New York was gold to the value of has been The 1921 amounted to 46 956 Dec 1920 and 43 428 California Trust Savings Bank of Sacarmento Southern Rhodesian gold output for compared with 46 190 ounces as ounces for for Jan 1920 CURRENCY The Directors It is reported that the French Mint did not strike of kane Washington the Exchange announce National Bank of Spo the resignation of O M Green Directors state after twelve years ice Mr Green is leaving to The of loyal faithful serv the assume last year management of seem Olympia National Bank Olympia President Wash Vice as and bronze to mint a coins struck were Some of the certain amount of silver franc and 8 one issued and considerably were over American states still The Colombian Government has been authorized to have three million dollars in silver money and one million dollars in and The single piece of gold a but two franc nearly fifty centime pieces nickel Vice resident and Director effective March as nickel money coined and placed in circulation If the variety quality of the silver coins be identical with those minted in 1918 the required would amount to about fine ounces amount of silver y SILVER Since At meeting of the directors of the Merchants Bank a Canada of Montreal Canada Wilson was elected of succeeding the late Andrew J Dawes been the Mr institution Wilson has member bf the board of the bank for many years a well as of March 18 F Howard on Vice President as a director of the Bankers Trust Company of last addressed you a short lived rally ensued in the price owing activity in the Indian Bazaars where a rumor emanated that an import duty was about to be placed upon silver in the forthcoming budget to Ltd Mr Wilson is also President of the J C yesterday s press disposed of this imposition of a proposals in which possibly had arisen from the rumor duty Upon manufactured gold and silver However even before this announcement appeared the heavy tone of the market reasserted itself and the price again began to droop Some purchases continued to Wilson of the largest paper manufacturers of Canada one we some This week s steamer is the last due to arrive before the commencement of the fiscal year The publication of the Indian Government Montreal which is closely associated with the Merchants Bank cover have and been made are now for shipment to India much less a for cash Bears have important factor in the market China has figured as a considerable seller The quotation on the 25th ult delivery 31 d was the lowest since Aug was no quotation for forward delivery On that date there Advices from Montreal state that age firm of MacDougall Brothers of that city had assigned in favor of creditors treal The firm was a member of the Mon Stock Exchange and one of the oldest houses in the Street The and killed and Feb 23 the broker on was Manager W A Holland by Major R W Griffith alleged to have had a was recently shot who had lost heavily grievance against Mr Hol land Reuter cables part of the address of the Chairman of the Hong Kong and Shanghai Banking favorable to present the the Corporation future at of silver the He annual said meeting China s even maintain last year s SEPT SO AND OF OCT 31 UNITED STATES not are bare of its normal exceed the normal pre war figures The markets of the interior supplies justifying the anticipations that trade will soon resume and The course prospects of the cotton foreshadow is equally serious a statements of the public debt and Treasury cash holdings of the United States as officially issued for Sept 30 and Oct delayed in publication have now been As China are postponement of the establishment of notably to regards the consortium no loan pay can in its present unsatisfactory condition at home rather than revenues from salt obligations and admin its disproportionately large be considered strife continues and the central Government s hold a Financially the position The Government in spite of large istrative requirements The industry in The political unrest in China and the wide gulf between the South and customs is still in dire straits to meet its many 1920 at that import of 98 ounces is at least doubtful Speaking generally the stocks of imported goods lying in Hong Kong and China ports are not excessive and representative authoritative central Government STATEMENTS is hardly The prospect do encouraging DEBT which trade balance is governing factor of the silver situation China will be able to increase or North PUBLIC a Treasury latter have become the Offices of the new company Regard ing the organization of the latter the Memphis Commercial as are disbursements Deduct outstanding obligations Memphis which failed last month and the quarters of the Appeal of March 22 append The of by daily statement c Items began business in Memphis on March 22 new we Sept Oct Balance end month The Madison Bank Trust dates thereof summary t interest attaches to the details of available as on so long as army factional the provinces remains If this results in China borrowing abroad so much the better March 26 RETURNS CURRENCY INDIAN Feb and bullion in India Total receipts of flour and grain at the seaboard ports for 19 1921 follow coin Feb Silver Feb In Lacs of Rupees CHRONICLE THE the week ended Mar Flour Wheat Corn Oats Barley Rye Barrels Receipts at Bushels Bushels Bushels Bushels Bushels Silver coin and bullion out of India New Gold coin and bullion out of India No rupees were The stock in Shanghai on New Orleans Montreal St O John Boston dollars and 900 bars of silver Total Statistics for the moorth of February are appended Gold Silver Delivery Forward Delivery Cash 21 wk Since Jan 1 21 Shanghai exchange is quoted at 3s d the tael The Since Jan 1 20 and 900 bars of silver as compared with the 19th ultimo on Week the 26th ultimo consisted of about about ounces in sycee Baltimore Galveston coined during the week ending 22nd ultimo in sycee dollars ounces York Portland Me Highest price 37 d 36 d 107s 2d Lowest 31 d 31 d 104s Receipts do not include grain passing through New Orleans for foreign ports through bills of lading 7d price Silver Bar 4d U March 2 d February 28 March 1 d 32 d 106s Id d 105s lOd d 8d 105s 31 d Average 105s 31 687d 32 041d 105s 10 8d 7d quotations today for cash and forward delivery are respectively The silver the several seaboard ports for the week shown in the annexed statement Wheat Flour Oats Barrels Corn BuShels Exports from Bushels York New Portland Baltimore Galveston John N B Week week d and d below those fixed a week ago Total Philadelphia New Orleans St Bushels Bushels Bushels Me Boston Peas Barley Rye d are Bushels d 32 February 26 ending Mar 19 Fine oz 106s 31 d d Mos 2 Cash Quotations February 25 Bar Gold p Std oz p The exports from 105s ll 7d 33 906d 34 744d Average price on 4 032 ENGLISH FINANCIAL MARKETS PER CABLE The daily closing quotations for securiites c at London The destination of these exports July 1 1920 is for the week and since below as reported by cable have been as follows the past week as Mar 19 Mar 21 Mar22 Mar 23 Mar 24 Mar 25 London Sat Silver per oz s Gold per fine ounce Wed 34 Fri Thurs 33 Tuts Mon d 33 Week ending Mar s lld 104s 10d 105s 2d 105s Holiday Consols 2 per cents Holiday Since Week Since Week Since Mar 19 July 1 Mar 19 July 1 Mar 19 July Ju y 1 to Bushels Bushels Bushels Bushels Holiday British 4 per cents Week and Since Holiday British 5 per cents Corn Wheat Flour Exports for Week 33 In Paris fr Holiday French WarLoan in Paris fr Holiday French Rentes The price of silver in New York on the same day has been Domestic TRADE AND TRAFFIC MOVEMENTS COAL SHIPMENTS The shipments ANTHRACITE of anthracite coal for the month of February 1921 of 1918 when gross shipped The shipments last month exceeded the previous month of January a long month by 225 563 tons The shipments for the coal year beginning April 1 to was in the war year tons were date total tons as against tons now So Cent Amer 54 859 West Indies Brit No Am Cols Other Countries Total Total The world s shipment of wheat and corn for the week ending Mar and since July 1 1920 and 1919 are shown in the following as re ported to the Anthracite Bureau of Information at Philadel phia Pa established a new record for that month aggre gating tons The Bureau s report states that the nearest approach to this figure for February shipments during a normal year was in February 1912 when the ship ments amounted to tons and the next nearest approach Kingdom Continent cts Silver In N Y per oz Foreign Barrels Barrels United corresponding period last year we give the shipments by the various carriers for the month of February 1921 and 1920 and for the respective Wheat Corn Exports Week Argentina Australia Week Since Since July 1 July 1 Mar 19 July 1 July 1 Bushels Russ Dan Since Mar 19 North Amer Since Bushels Bushels Bushels Bushels India Oth countr s Total Bushels l 91l for the coal years since April New York Ontario Western Lehigh New England Central Railroad of New Jersey Delaware Lackawanna Delaware Western Hudson Pennsylvania Erie I United bush Baltimore Newport News mJm Chicago Flour Detroit Barley Rye Omaha Indianapolis Same wk Louis City Peoria Indianapolis Omaha Total Mar Total Mar Total Mar bushels New York bushels in 1920 barley Note Bonded grain not included above Oats Duluth total against Buffalo Duluth 1 000 total bushels bushels In 1920 New York Ft William Pt against Canadian I Montreal Other Canadian Arthur Yi 66o Total Mar Total Mar Summary Canadian Total Mar Total Mar J Total Mar Total Mar Since Aug Total Mar Total Mar Detroit American Same wk 19 TotAl wk Kansas City WW bush Peoria Toledo Louis Oats Duluth St Corn L Buffalo Minneapolis Milwaukee Wheat bush Buffalo Kansas bbls l96lbs bush 60 lbs bush 56 lbs bush 32 lbs bush A8tbs bush bQlbs Barley Galveston St Receipts at Rye bush New Orleans Minneapolis brought from page 1317 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 Oats bush Duluth figures Corn w Philadelphia Milwaukee Breadstuffs the stocks in at lake and New York Boston Chicago Commercial audBXiscellaiieous Wheat States Toledo Total comprising GRAIN STOCKS tons Philadelphia Reading Lehigh Valley supply of grain at principal points of accumulation seaboard ports Mar was as follows granary 11 Mos Coal Yr Mar I February 1921 Road visible The Below Total Mar Last week s figures no report received THE CHRONICLE National Banks The following information regarding national banks is from the office of the Comptroller of the Currency Treasury Department March Capital Succeeds First National Bank of Bridgeport Neb Correspondent A J Sutherland Bridgeport Neb March Shares 16 The First National Bank of Hermansville Mich Capital Correspondent Dr G W Earle Hermansville Mich Capital Correspondent A L Edwards Attorney Osceola Mills Pa v v March 17 The Empire National Bank of Chicago 111 Capital Correspondent Frank C Rathje 29 So La Salle St Chicago March 16 National Bank of 50 each March Shares EXISTENCE Bk of per sh 143 Commerce In St Louis j The First National Bank of Alexandria La Capital V To take effect March 1 1921 Liq Com J A Bentley W D Hill Gus Gehr and L J Hakenyos of Alexandria La Assets purchased by the City Savings Bank Trust Co of Alexandria La which changed its name to the Guar anty Bank Trust Co Alexandria La The First National Bank of Jakehamon Tex Capital 25 000 To take effect Dec Liq Agt Walter Nance Jakehamon Tex OF NEW YORE MONTHLY Slocks persh Imports c Mass Lighting Cos com 10 rights Edison Elec November December OOI IRQ Total persh lot 72 Shares Stocks persh 1 3 U 8 Envelope common Gillette Safety Razor 10 National Shawmut Bank of 94 Percent 1 000 City of Newton 4s City of Springfield 4 s City of Cambridge 4 s City of Taunton 4 s City of Chicago 4s City of Medford 4 s Canal Fish Freezing 1st 6s Dec 1920 on 100 flat coup By Messrs Barnes Lofland Philadelphia Shares Stocks persh 50 Wm Frelhofer Baking 1 380 United Security L I T 136 5 Philadelphia National Bank 312 11 North Phila Trust 50 ea Integrity Trust 50 each 60 Camden Fire Ins Assn 1 Pa Acad of Fine Arts Bonds 1st 5s 1933 certf of dep Union Utilities 1st 5s Muncie Elec Lt 1st s I 5s Amer Pipe Constr 50 ea 5 3 Girard National Bank 385 30 Am Pipe Cons Secur pref 200 Mahanoy Vail Coal 50each ll lot 10 Pacific Office Bldg Washing P 1944 5 Per cent 1st Reading Co equip tr 4 s series F 1S26 4 000 Reading Co equip tr 4 s series G N Y Cent RR equip tr lot Traction Tide Water Pow 1st 5s Newport News fc Hampton Ry Gas fc Elec 1st ref 5s Per cent 4 000 Northampton Trac Columbian Paper 50 each 20 American Cities preferred ref s N Y Cent RR equip tr 4 s s Stocks 12 Bigelow Hart Carpet pref Bonds Fall River Elec Lt ex div 1 York August September i October i lot Exports July I sh Assn 10 F H Roberts preferred U S Worsted com 10 each 10 Edwards Mfg Johnstown Customs Receipts S January February Pub 4 Farr Alpaca ex div Locust Gap Improvement Bonds Month Shares 77 ton D C at New Press p v Italian 1st 6s Great Falls Mfg Pepperell Mfg Dartmouth Mfg common 260 STATEMENT Merchandise Movement at New York Cy 2 8 rights Edison Elec 111 Brock ton TRADE Brockton FOREIGN Nat Bk of Jersey Bonds Home Nat Bank Milford 10 Dartmouth Mfg pref 3 Ludlow Mfg Associates The Ephrata National Bank Ephrata Pa until March The First National Bank of Greenwich N Y until March V VOLUNTARY LIQUIDATIONS 17 a 50 lot By Messrs R L Day Co Boston Shares RE EXTENDED par 200 Nat Tool Machine TheReaItyCo ofMass 85par 35 EXISTENCE March no 7 000 Guffey Glllespie Oil 11 per sh Subscrip warrants for 19 sh 1st J20 H 2 Bates Manufacturing 5 Berkshire Gotten Mfg The Merchants National Bank of Cedar Rapids la until March March Slocks Price 1 000 Murphy Process Corp com per sh Slocks 52 Nat EXTENDED Hicksville National Batik Hicksville O until March First National Bank of Gordon Tex until March 8 1941 First National Bank of Moody Tex until March First National Bank of Barnesboro Pa until March CORPORATE Shares The Itasca National Bank Itasca Tex until March The American National Bank of Lebanon Tenn until March The First National Bank of Cresson Pa until March The 5 759 The 5 774 The 5 818 The Milford National Bank Charlottesville The First National Bank of Falmouth Ky Capital President Geo W Berger Cashier Geo Bradford CORPORATE 41 By Messrs Wise Hobbs Arnold Boston Price cional ctf of dep 25 per sh 33 000 Forty Mile Pow Dredg Inc 1 each lot Va S100 000 Conversion of tne Commerce Bank Trust Co Charlottesville Va President McLane Tilton Cashier Thos B Behrendt Slocks 200 Ralston Steel Car 13 per sh 400 East Cuba Salt Inc pref CHARTERS ISSUED Commerce Allied Packere Inc com temporary certfs persh 10 Ccmpania Swift Interna The Peoples National Bank of Osceola Mills Pa The Capital Sales Among other securities the following usually dealt in at the Stock Exchange were recently sold York Boston and Philadelphia Messrs Adrian H Muller Sons New York APPROVED The Citizens National Bank of Bridgeport Neb Auction not at auction in New APPLICATIONS TO ORGANIZE Vol DIVIDENDS Dividends first rent week we we are now grouped in two separate tables bring together all the dividends announced show Then the we follow with dividends cur second table in which a previously announced but which have not yet been paid The dividends announced this week Movement of gold and silver for the 8 months Per Name oj Company Gold Movement at New York In the the are When Cent Books Closed Days Inclusive Silver New York Railroads Month Imports Exports s Imports Exports Steam Chicago Burlington Quincy quar Special payable in stock Great Northern quar Norfolk Western adj pref quar Philadelphia Trenton quar July August October November December January February September Total Canadian Bank Clearings The clearings for the week ending Mar 17 at Canadian cities in comparison with the same week in 1920 show a decrease in the aggregate RR 1st pf qu Second preferred quar Kentucky Securities Corp pref quar Lancaster Co Ry Light com qu Preferred quar Clearings 17 at Inc Canada Montreal Toronto Winnipeg Vancouver Ottawa St John London Calgary Quebec Halifax Hamilton Victoria Edmonton Regina Brandon Lethbridge Saskatoon Brantford Moose Jaw Fort William New Westminster Peterborough Windsor Moncton Canada Not incl in Prince Albert total Mar 19a rec Mar 31a rec Apr 1 May 19 Holders of rec Apr Apr 12 Apr Apr 1 to to Apr 11 Mar 31 Mar 22 2 Apr 1 Holders of rec Mar 23a Hi 1 Mar 31 Holders of rec Mar 21a Mar 31 Apr Holders of rec 15 Holders of rec Mar 31 Mar 21a Apr 2 2 Mar 31 Holders of 1 Mar 31 Holders of rec Mar 24a rec Mar 24a Apr Apr 15 Holders of rec Mar 31 Apr 1 Holders of rec Mar 26 Washington Water Power quar 1 Apr 15 Holders of rec Mar 25 Holders of rec Apr 1 Banks America Bank of quar Fifth National quar Garfield National quar Gotham National quar Irving National quar Mechanics Brooklyn quar Mutual Bank quar 3 Apr 1 Holders of rec Mar Apr 1 Mar 29 to 3 Mar 31 Mar 25 to Mar 31 3 Apr 1 Mar 29 to Mar 31 3 Apr Apr 1 1 Holders of rec Mar 25a Apr Apr Apr Apr Holders of rec Holders of rec Mar 31 Mar 19a Mar 25a Holders of rec Mar 30a Mar 27 Mar 31 to New York County National quar Holders of rec Mar 25 Public National quar United States Bank of 4 Mar 31 Holders of rec Mar Apr 1 Holders of rec Mar 28a quar Washington Heights Bank of quar 3 Apr 1 Holders of rec Mar 31 Trust Companies Mercantile quar 2 Apr 1 Holders of rec Mar 15a U S Mortgage Trust quar 6 Apr 1 Holders of Fire Insurance Hanover Fire quar 2 Apr 1 Mar 20 1 Holders of rec to Mar 26 Apr 1 Miscellaneous Acadia Mills quar Adirondack Pow Lt Corp pf qu Air Reduction quar Alabama Co lst A 2d pref quar Preferred Preferred Apr 1 Apr VA Apr Apr i l Apr 25 Apr 25 Apr 1 Apr rec to rec Mar 22 Apr 1 Mar 31a Holders of rec Mar 23a Mar 22 Apr 14 Holders of May 16 Holders of 1 VA 1 Mar 22 Holders of to Mar 31 rec Apr rec May Holders of rec Apr Holders of rec Apr 4 2a 8 8 Mar 22 to Apr 1 1 Mar 26 to Apr 1 to Apr VA common quar Preferred uar Associated Industrials Corp 1st pf qu Apr 1 Mar 26 VA quar Shipbuilding Apr quar American Multigraph pref quar American Piano common quar Amer Alabama Fuel Iron quar All America Cables quar American Bank Note common quar American Ice common quar Common extra rec Holders of 2 Holders of 1 American Screw quar Holders of May 2 qu Nassau National Brooklyn quar New Netherland quar Sherbrooke Kitchener Dec Hat or Mar Manchester Tr L Pow quar Philadelphia Western Ry pref qu Scranton Wilkes Barre Tr pref Week ending March Total Eastern Texas Elec Co common qu Elmira Water Light of Medicine Street and Electric Railways Capital Tract Washington D C qu Conestoga Traction pref quar 2 e54 13 Apr 1 Holders of rec Mar 25a VA 2 IX May May 2 2 Holders of rec Apr Holders of rec Apr May 2 Holders of rec 15 Apr 15 2 Apr 15 Holders of rec Apr a March THE Per Cent Name of Company Miscellaneous Continued Auburn Automobile Co com quar Pre erred quar Beacon Oil quar Bliss E W Co common quar Preferred st pref IK Apr 4 Holders of rec Mar 24a IK Apr 4 Holders of rec Mar 24a 2 Apr 1 1K Apr Apr Holders of rec Mar 26a 20 Holders of rec Mar Holders of rec Mar 22 Apr IK Second preferred vquar IK qu com to Apr 1 Mar 19 to 1 Holders of Mar 28 Apr IK Electrical Securities common quar Preferred quar IK Mar 22 rec Holders of to 2 Mar 22 to 15 Holders of 1 Apr 1 Apr rec 1 May 31 Holders of rec Mar 15a 20 Holders of rec Mar 31 May Apr Apr 16 to May 1 Apr 1 Mar 27 to Apr 1 May IK Apr 3 Mar Mar 31 1H May IK June Holders of rec Holders of Mar 22 rec to Holders of Mar 31 Mar 26 rec 2 Holders of 1 Mar 21a rec Apr Holders of rec June 1 2 Holders of rec Apr 22 1 Holders of rec Mar 26a May IK Apr IK Mar 31 IK Erie Lighting pref quar Falcon Steel common quar Apr 1 Apr Apr 1 Holders of rec Mar Holders of rec Mar 20 Holders of rec Mar 18a 2 Preferred quar Farr Alpaca quar Flint Mills quar K Glidden Co pref quar Godchaux Sugars Inc prei qu Goodwins Ltd pref quar Greelock Co preferred quar Harrisburg Light Power prei quar Mar Apr Holders of rec Mar 25 Holders of rec Mar 22 Holders of tec Mar 16 lv Apr IK Apr 1 Mar 19 IK Apr 1 Holders of rec Mar 21 Apr 1 Holders of rec Holders of rec 1 Holders of rec Mar 18a to Apr 1 IK Mar 31 IK IK Heath D C Co preferred quar Hibernia Securities Co Inc pref qu Holmes D H Co quar Apr 1 Holders of rec Mar 28 Apr 1 Holders of rec Mar 26 1 Holders of rec Mar 26 3K IK quar Howe Scale common quar Preferred quar Apr Mar 31 Mar 16 Holders of rec Mar 16a 1 IK IK IK Apr Apr 1 Holders of 1 Holders of rec Mar 20a 1 50 Apr 6 Holders of rec Mar 23 Indiana Coke Gas 1st pref quar Second preferred quar Internal Combustion Engineering Corp J ohnson Iron Wks D D Ship pf qu 2 Apr 1 Mar 19 to Apr 3 Apr 1 Mar 19 to Apr 3 1 Apr Mar 20a rec Mar 31 to Apr 1 Holders of rec Mar 26a 2 Apr 1 Holdeis of IK Mar 31 Kansas City Power fc Lt 1st pf mthly 66 2 3c 1 Apr Lancaster Gas L Fuel quar a 2 Mar 31 Lawton Mills Corp quar a 2 Mar Loew s Incorporated quar Apr 1 Holders of 1 Mar 20 50c May 1 Mar 31 rec to Holders of Mar 24 Mar 31 rec Apr 16 IK Apr 15 Holders of rec Apr Apr 11 Holders of rec Mar 31 Apr 5 Holders of rec Mar 25 3 Massachusetts Gas Cos com quar IK 1K Michigan Limestone Chem pf qu Midland Securities quar IK 2K Monatiquot Rubber Works pref qu Monomac Spinning Co quar to Holders of rec Mar 24 2 Maple Leaf Milling Ltd com quar quar Mar 22 Apr Mar 26a Holders of rec Mar 19 IK Preferred rec Holders of rec Mar 18a 2K Louisville Gas Elec pref quar Lyall P Sons quar Magnolia Petroleum quar IK Apr 18 Apr la 18 May Apr Holders of rec Apr 3a Holders of rec Apr 3a 2 Holders of rec Apr 15 15 Holders of rec Mar 31a Mar 31 1 Apr Holders of Mar 25 Mar 11a rec to Mar Apr 1 2 Apr 15 Holders of rec Mar 31a IK Mar 31 Holders of rec Mar 25a IK Montreal Telegraph quar Mortgage Bond Co quar 15 Holders of rec Mar 31a 15 Holders of rec Apr Nashua Mfg pteferred quar National Fuel Gas quar 2K Apr Apr National Oil pref 2 Apr quar National Paper Type com fc pf qu New England Coal Coke quar Apr Holders of rec Mar 22 Holders of rec Mar 23a Holders of rec la Mar 31a New England Fuel Transp quar Newton Watertown Gas quar Noble Chas F Oil Gas com qu 3c Mar 30 Holders of rec Mar 25 Mar 30 Holders of rec Mar 25 Mar 30 Holders of rec Mar 25 Apr 15 Holders of rec Northern States Power pref quar Nova Scotia Steel Coal com quar 1K IK Apr 20 Holders of Apr 15 Holders of Preferred quar 2 Preferred Apr quar quar v v Mar rec Apr 15 Holders of rec Mar 31a Apr 15 Apr 1 Apr 15 IK quar IK IK Pittsburgh Rolls Corp pref quar Providence Gas quar Public Utilities Corp pref quar Robinson Dwight P Co Inc IK Parke Davis Co quar Penick Ford Ltd pref quar Pennsylvania Power Light pref qu Pilgrim Mills common and pref quar Pittsburgh Coal common quar 15 Holders of rec Mar 31a 15 Holders of rec Mar 31 Apr Apr Mar 31 First preferred quar Sayers Scovill Co pref quar Scott Williams Inc pref quar Second preferred quar Shaffer Oil Refining pref fquar Shredded Wheat Co common quar Preferred quar Sinclair Consolidated Oil quar Sonora Phonograph preferred quar Mar 31 1 Holders of rec Mar 15 Mar 31 Holders of rec Mar 26a Apr 25 Holders of Apr 25 Holders of 1 Apr Holders of rec Apr rec Apr SI to rec Mar 31 8 Holders of rec Mar 15a Holders of rec Mar 15a IK Apr 1 IK Apr 1 IK Apr 1 Holders of rec Mar 28 Holders of rec Mar 21 Holders of rec Mar 21a 1 Apr Holders of Apr 25 Holders of 1 Apr Holders of Apr 1 e2 Apr Apr 1 Apr 1 IK Apr 1 5 Apr 1 Mar 21a rec Mar 31 rec Mar 21a Holders of rec Mar 31a Holders of rec Mar 31 Mar 23 to Apr 1 Holders of rec Mar 25a Holders of rec Mar 21a Holders of rec Mar 22 Apr 1 Apr 1 Holders of rec Apr 9 Holders of rec Mar 25 Holders of rec Mar 25 Apr 1 Holders of rec Mar 20a IK qu Apr 1 Holders of rcc Mar 21 2 Apr 1 Holders of rec Mar 25a 40C 1 Mar 20 to IK Apr 1 Mar 20 to 1 Apr 15 IK 2K Mar 21a rec Apr Apr 20 Apr 28 9a 2a Holders of rec Mar 31a Holders of rec Mar 31a Holders of rec Mar 17a Holders of rec Mar 17a Holders of Mar rec Mar 31a Apr 15 Holders of rec Mar 31 Apr 1 Holders of rec Mar 29a Apr 1 Holders of rec Mar 22 IK IK Will Baumer Candle Corp pref qu 2 Apr 1 Winton Company pref quar Young J S Co common quar IK Apr 1 2K Apr 1 Holders of rec Mar 15a Mar 21 to Mar 31 Mar 19 to Mar 24 IK Apr 1 Mar 19 Preferred quar Below we not to Mar 24 give the dividends announced in previous weeks paid This list does not include dividends yet announced this week Per Railroads Steam Beech Creek quar Apr Apr 15 Apr 15 Holders of When Cent Name of Company Payable 2 Buffalo Susquehanna com quar Canadian Pacific com quar IK 2K Preferred Mar 29o 4 Holders of rec Mar 23a Apr c Apr 1 25 Apr 2 3K Apr 15 Holders of rec rec Mar 31a Holders of rec Mar 12a Holders of Mar 12a rec Holders of rec Mar 22a Holders of Holders of rec Mar 19a rec Apr 2 quar Reading Company common quar 1 May Apr 2 1 la Holders of rec Mar 14a IK IK IK IK Preferred Apr IX IX Pittsb Bessemer Lake Erie com Pitteb Ft Wayne Chicago com qu May 2 Holders of 2 Reading Co 2nd pref quar St Louis San Francisco rec Mar 18a Apr 1 Holders of rec Mar 15 Apr 1 Holders of rec Mar 10 Apr 5 Holders of rec Mar 10 May 12 50c Apr K C Ft S M pref tr ctfs qu 1 Southern Pacific Co quar Southern Ry M O stk tr ctfs Union Pacific common quar 14 Apr 1 IK April 1 2 Apr April 1 2 Preferred K 2 United N J RR Canal Cos quar Western Pacific RR Corp pref qu 1 Apr 19 Mar 28 Mar 26 to Apr 1 Holders of rec Feb 28a Holders of rec Mar 15a Mar 13 to April 12 Mar 13 to April 12 Mar 20 to Mar 31 Holders of rec Mar 18a Apr 10 Apr 1 Apr 1 Holders of 2 IK rec Mar 21 Apr 1 Holders of rec Mar 12 IK Apr 1 375 Apr Bangor Ry Electric pref quar Boston Elevated common quar 1 Holders of 1 Holders of Brazilian Trac L Pow pref quar Carolina Power Light pref quar IK IK Chicago City Ry quar Cincinnati Street Ry quar 1K IK IK rec Mar 19 rec Mar 17 Holders of rec Mar 15 1 Apr Holders of reo Mar 12 Mar 31 Mar 26 to Mar 30 1 Apr 1 Mar 17 Apr Apr 1 Holders of rec Mar 15a 1 Holders of rec Mar 18a IK quar Duluth Superior Tract pref quar Duquesne Light preferred quar Apr 1 Cleveland Ry to Mar 31 May 2 Holders of rec Apr Apr 1 Holders of rec Mar la IK Apr 21Kb Apr IK Apr Frankford k Southwark Pass quar Manila Elec RR Ltg Corp quar Monongahela Val Trtict pref quar Northern Ohio Trac L pref quar 1 Holders of rec Mar 21a 7 Holders of rec Mar 31a Ottawa Traction quar Holders of rec Mar 10a Holders of rec Mar 15 Apr 1 75c Apr 30 Holders of rec 1 50 May 2 Apr 2 Holders of rec Apr Apr 1 Holders of rec Mar 10a 1 Holders of rec Mar 15 Six per cent cumulative preferred Traction qu 1 Public Service Corp of N J com qu Preferred quar Mar Mar 31 Ridge Ave Passenger Ry Phlla quar 3 Apr April com rec rec IK Street and Electric Railways Asheville Power Light pref qu quar 1 April Holders of Holders of 2 Wisconsin Central preferred common la rec J Ltd Apr 1 Holders of New York Central RR quar N Y Lackawanna West quar Northern Pacific quar Philadelphia 18 1 Preferred quar Porto Rico Railways Preferred quar Apr IK Minn St Paul S Ste M com pf Philadelphia Co Holders of rec Mar Holders of rec Apr Apr quar quar Leased lines Holders of rec Mar 16a Holders of rec Feb 28a Mar 10 to Mar 31 Holders of rec Mar la Apr IX Joliet Chicago quar Kansas City Southern pref Lehigh Valley common Mar 31 Days Inclusive Apr 2 Cleve Cine Chic St L pref qu Great Northern Iron Ore Properties Books Closea 50c Apr 1 Mar 31 Boston Albany quar IK Apr Apr 1 1 la la Holders of rec Mar 16 Holders of rec Mar 26a Holders of rec Mar 19 Mar 16 to Apr 1 la Second 3d Sts Pass Phila quar 3 Springfield Ry Light pref quar Tri City Ry Light pref quar Twin City R T MInneap pref qu United Light Rys pref quar IK IK IK Apr 1 Holders of rec Mar 18a Holders of rec Mar 15a Wash Bait 1 Apr 1 Holders of IK Apr 1 Holders of rec Mar 19a 1 75 Apr 1 Mar 23 to Apr 1 1 Mar 24 to Apr 1 2 Holders of rec Apr 21 May 16 Holders of rec May May 16 1 Apr Holders of rec May 2 Holders of rec Mar 12 Preferred IK Annap El RR com qu quar Ry Boston West End St common West India Elec Co quar West Penn Power 7 cum pref qu West Penn Tr Wat P pref quar Preferred acc t accum dividend Yadkin River Power pref quar Atlantic National IfSxtra IX IK IK hlH IK quar 1 Holders of rec Mar Apr 1 Holders of rec Mar 15a Apr Apr 1 Holders of rec Mar 21 1 Apr May rec Mar 19a 2 Apr 1 Holders ol rcc Mar 28a K Chase National quar Chase Securities Corp quar Chatham Phenix Nat quar Coal Iron National quar Colonial quar Commerco Nat Bank of quar Apr 1 Mar 28a 1 Holders of Holders of rec Apr Apr rec Mar 28a Holders of rec 1 Mar 20 1 Holders of Apr 1 Holders of rec Mar 21a 3 Apr 1 Holders of Apr 1 6 to rec 10 Apr 1 Holders of rec Mar 31a Holders of rec Mar 31a 3 1 Holders of 8 Apr Apr 4K Mar 31 Holders of rec 2 Mar 31 Holders of rec Mar 31 6 Apr Apr 1 Holders of rec Mar 22a 1 Holders of rec Mar 19a Mar 25a rec Mar to Apr 1 Holders of rec Apr Apr 1 Holders of rec 1 Holders of rec Mar 24a Apr Apr 1 1 Holders of 5 Holders of rec rec Mar 31 Holders of rec Mar 31a Mar 24a Mar 24a Mar 2la 6 Apr 1 Holders of rec Mar 21a 3 Apr 1 Holders of rec Mar 24a Mar 31 Holders of rec Mar 21 rec Mar 21a Trust Companies 5 quar Equitable quar Fidelity International Apr 1 Holders of 6 Apr 1 Holders of rec Apr 1 Holders of rec Mar 19a Mar 31 Holders of rec Mar 21a K 4 Mar 30 Holders of rec Mar 21a 4 quar Hudson quar Mar 31 2K Mar 31 b quar Guaranty Mar 31 2K Mar 31 Holders of rec Mar 21a Mar 22 to Apr 1 Mar 16 to Apr 1 Holders of Metropolitan quar New York guar Mar 19a Mar 20 to Mar 31 Holders of rec Mar 18 Manufacturers Brooklyn quar tec 21a Mar 31 Mar 20a 4 2 Company quar York Bank of N B A quar Park National quar Seaboard National quar Yorkville quar New Mar 20 2K Lawyers Title Trust quar Holders of 9a Mar 18a Empire Mar 31 Mar 31 rec Mar quar Liberty Securities Corp pref quar Manhattan Co Bank of the quar Mechanics Metals National quar Metropolitan quar National City quar Central Union Mar 31 Mar 28a Apr Apr 3 quar National quar quar Hanover National quar Extra Fifth Avenue Brooklyn Mar 31 2 K quar quar quar Columbia quar Thayer Foss Co pref quar rec Golders of 1K Kootenay Pow Lt Ltd pl qu Whitman William Co Inc pf qu Bankers Apr May Tecumseh Cotton Mills quar Holders of 15 50c West National City IK 1 Holders of rec Mar 1 Apr Mar rec IK 1 Mar 31 Apr IK Liberty 1 1 Stover Mfg Engine com quar Common extra IK IK 2 Apr First Apr 2 IK 5c IK Greenwich Apr K Apr IK 8 Mar 25a IK 2 rec Mar 31a Holders of rec Mar 21 Holders of rec Mar 31a Mar 22 to Mar 30 IK IK rec Holders of rec Mar 31o Holders of rec Mar 9 Banks 2 1K 1K Holders of Apr 21 Mar 31 6 Mar 31 Holders of 1 Spicer Manufacturing pref quar quar Standard Textile Prod pref A B qu Steel Co of Canada com pref qu Standard Screw common Union Natural Gas quar rec Apr Apr Southwestern Cities Elec Co pref qu Tuckett Tobacco common quar Preferred quar Holders of Holders of rec Mar 26 Holders of rec Mar 31a Traylor Eng fc Mfg com pref Trumbull Steel common quar Preferred quar Mar 31 Holders of Preferred quar Ottawa Light Heat Power quar Pacific Gas Electric common quar Preferred rec 15 Apr Ohio Fuel Supply quar 62 Kc Apr Extra pay in U S Vic L n bends H2Kc Apr Osborn Mills quar Apr Otis Elevator common quar Mar 31 rec IK Ohio Brass common Holders of rec Mar 24c Holders of rec Mai 22c IK Mar 27 IK Eight per cent preferred quar Jordan Motor preferred quar Lawyers Mortgage Co quar Liberty Steel preferred quar IK Johnson R F Paint 7 pref quar May Western Power Corp pref quar Western States Gas Elec pref quar Mar 18 IK Apr First and second preferred quar Washburn Wire common quar Preferred quar Mar 31a rec IK IK Corp pref quar Shuttle common quar Preferred quar U S Printing Lithog 1st pref qu Virginia Carolina Chem pref quar Warner Charles Co of Del com qu and 1 Mar 12a IK IK Elk Horn Coal Corp pref quar Elgin National Watch quar Elyria Iron Steel preferred quar Empire Safe Deposit quar quar Mar 21a Apr rec Holders of 1 1 25c Apr Mar 31 25c Concluded Apr 5 to Apr 12 1 Holders of rec Mar 23a Mar 11 to Mar 31 2 Holders of rec Mar 31a 25c Apr 2 June Duluth Edison Elec Co pref quar Edison Elec Co Lancaster Pa quar 40 United Verde Extension Mining quar U S Automotive Mar 31 62 Ac May 12Kc May rec Holders of 1 1 Apr Apr quar Co pref quar quar Dominion Coal pref quar Dominion Steel Corp pref quar Driver Harris Co pref quar United Gas Elec Engineering Corp United Utilities preferred Miscellaneous Apr 1 Mar 22a 2 Diamond Match Gas Fuel pref Mar 19 Apr 2 Dixie Terminal Houston Mat 30 SI Detroit Creamery quar Mar 21 Apr 25c Apr Apr IK si qu Cosden Co com no par stock quar Common 5 par value rec 2K IK Cleveland Automatic Mach pref qu Cieveland Elec Ilium pref quar Cleveland Union Stock Yards quar Colt B Patent Fire Arms Mfg quar Congoleum Co common Connor JohnT common quar Consumers El Lt Pow N O pf Holders of Mar 31 Holders of rec Mar 30 Holders ot rcc Mar 25 1 Apr Holders of rec Mar 21a 1 Holders of rec Mar 21a Apr IK Books Closed Days Inclusive Company U 8 Bobbin 2 qu Preferred quar Holders of rec Mar 21a Mar 30 Holders of rec Mar 25 Mar 31 Mar 22 to Mar 31 Apr 16 Holders of rec Mar 31 Apr 11 Holders of rec Mar 26a 1K IK IK When Payable Name of Holders of rec Mar Holders of rec Mar 24 Apr 15c Apr Chicago Pneumatic Tool com qu Chicago Ry Equip quar Citizens G L Quir Mass quar CitizensGas F Terre Haute 1 Apr Apr Per Cet4 Days Inclusive 1 Holders of rec Mar 21a Mar 30 Holders of rec Mar 25 55c Apr 1 Holders of rec Mar Central Illinois Public Serv pref qu Chace Cotton Mills Corp quar Dome Mines IK Canada Cement Ltd common quar Canadian Car fe Fdy Ltd pref qu Canadian Cottons Ltd com quar 5 Preferred quar v Central Aguirre Sugar quar Cincinnati Abattoir Payable 1251 Books Closed 3 Preferred B quar Boston Consolidated Gas quar Brighton Mills pref quar When CHRONICLE rec Mar 31 Apr 1 Mar 21a 4 Mar 31 Holders of rec Mar 18a 8 Mar 31 Mar 27 to Mar 31 Per Per When Payable Days Inclusive Name of Company When Books Closed Cent Books Closed Cent Name of Company Vol 112 CHRONICLE THE 1252 Payable Days Inclusive Miscellaneous Continued Concluded quar Trust quar Tru t Companies 5 Apr Holders of rec Mar 1 Mar 31 Holders of rec April April Mar 31 Apr 1 IK Apr 1 25a Apr Holders of rec Holders of rec rec Mar 21a Amer Fuel Oil Preferred quar quar Preferred 1 Corona Typewriter common Holders of rec Mar 18a Apr 1 1 Holders of rec Mar 16a Apr Holders of rec Mar 16a Apr 1 Holders of rec Mar 16a Apr 1 1 Holders of rec Mar 19a Apr Apr 1 Holders of 1 Apr 1 Apr 15 Holders of rec Mar 18 May 2 Hoi ders of rec Apr Apr 1 Mar Apr 15 April 1 April Holders of Holders of rec Mar 15a Mar 31 Holders of rec Mar 15a Mar 22 IK April April IK Apr IK Apr 3 Apr Apr pref qu April 1 Apr IK Founders com quar Preferred quar Amer Wholesale Corp pref quar Amer Window Glass Mach com qu Amer Type Apr IK Teleg quar American Tobacco pref quar Apr IK Apr IK pref quar Arkansas Natural Gas quar Arlington Mills quar Armour Co pref quar Armour Leather pref quar Asbestos Corp of Canada com quar Apr IK Amer Woolen com Apr IK quar Apr 20c Apr Apr Apr IK Apr IK Apr IK Apr IK quar Avery Co pref quar Babcock Wilcox Co quar Apr 2 Apr IK quar pref quar Apr IK Apr to Mar 29 to Apr Holders of rec Apr IK quar quar quar Steel Corp com quar Bell Telephone of Canada Apr Holders of Eight per cent cum conv pref quar 2 Apr IK Apr Apr 2 Apr Extra Brandram Henderson Ltd Preferred quar pref qu Apr Apr 3 Apr Apr IK 40c quar Apr Apr IK Brltlsh Amer Tobacco IK pref quar Billings Spencer Co pref quar Boston Wyoming Oil No 1 Brler Hill Steel com rec Mar 10a Holders of rec Mar 15a 1 1 Holders of rec Mar 21a 1 Mar 20a Mar 2la Mar 16a Apr to Holders of rec Holders of rec Holders of rec Holders of rec Apr Apr ll Interim Brunswlck Balke Collender pref qu Bucyrus Co pref quar Mar 31 Holders of rec Mar 3la 15 1 Holders of rec Holders of rec 1 1 Holders of rec 1 Holders of rec 1 Holders of rec 25 Holders of rec 25 Holders of rec Holders of rec 1 to Mar 21 1 to 1 Mar 21 2K preference Brlt Amer Tob ordinary to Mar 22 9 IK Apr IK Apr Holdersof quar Apr IK IK IK IK Great Lakes Towing common Apr Cambria 1 Apr IK April Holders of reo Mar 15 Guantanamo Sugar quar IK Mar 31 Holders of rec Mar 24 Gulf States Steel 1st pref quar IK Mar 31 Mar 21 to Mar 31 IK Mar 31 Mar 21 to Mar 31 3K Preferred Canadian Westlnghouse quar Canadian Woollens Ltd pref quar Carbo Hydrogen Co of Am pref qu Apr 2 quar Apr IK Canadian Locomotive com quar Apr 2 Preferred Apr Apr 1 IK 8Kc Mar 31 4 Mar 31 Case J I IK Apr Case J IK April preferred Plow Works 1st pref qu I Thresh Mach pref qu Cellu cid Company quar Carbon Steel 1st 1 1 Central Coal fe Coke com 2 Mar 31 2 Extra Mar 31 IK quar Apr Common extra 1 Preferred quar Greenfield Tap fc Die com Holders of rec Mar 15 Holders of rec Mar 20a quar Six per cent preferred quar Eigtjt per cent preferred quar H Knitting pref quar pref quar com pf qu Schaffner Marx Inc pref qu Hartford City Gas Light Holders of rcc Mar 20a Haverhill Gas Light quar 28 Holders of rec Mar 19a Holders of rec Mar 26 Mar 9 to Mar Holders of rec Mar 31a Holders of rec Mar 3la preferred monthly payable in common stock Common Preferred B monthly Mar 17 rec Apr to 9a 10 Mar 31 1 Holdeis of rec Mar 19a Holders of rec Mar 15a 1 Holders of rec Mar 15a IK Mar 31 April Mar 31 Mar 25 to Mar 31 to Mar 31 to Mar 31 2 Apr 1 1 Mar 25 IK Apr 15 Holders of rec Mar 31a Holders of rec Mar 31a Preferred quar Hlgbee Co 1st pref quar Hillcrest Collieries com quar quar to Holders of rec Mar 14a Holders of rec Mar 22a Holders of rec Mar 26 Holders of rec Mar 15 IK IK Apr 1 Holders of rec Mar 19 Holders of rec Mar 21a 2 Holders of rec Mar 21a Illinois Bell Telephone quar 2 Holders of rec Mar 21a Imperial Tobacco of Canada ordinary Holders of rec Mar 10a Holders of rec Mar 10a 15c Apr 1 Preferred Preferred II to Apr 10 K Apr 1 1 Holders of rec Mar 15 Apr Apr 1 Holders of rec Mar 15 K May Holders of rec Apr 15 Holders of rec Apr 15 Holders of rec Apr 15 Holders of rec Mar 15 Mar 31 Holders of rec Mar 19a Apr 1 Holders of rec Mar 15a Mar 31 Holders of rec Mar 30a 1K Mar 30 Mar 31 Independent Pneumatic Tool quar Apr SI Apr 1 Holders of rec Mar Holders of retjj Mar 21 Mar 21a 15c Mar 31 Holders of S2 quar Indiana Pipe Line quar Indiahoma Refining May 14 Holders of rec Apr Corp pref quar Mach qu International Cement quar Internat Agric Internat Buttonhole Sew K Apr 1 2 Apr 2 Indianapolis Water Works Securities pf Interlake Steamship quar Extra to Mar Extra Mar flK K 1 Holders of rec Apr Mar 21 1 May Mar Mar 31 K 50c Holders of rec Mar Holders of lApr Mar 31 May May IK Hoders of rec Mar 17 Apr flK Apr 1 IK IK Holders of rec Mar 15a Holders of rec Mar 25a Holders of rec Mar 15a Apr Apr 15 Holders of rec Mar 15a Common and Apr 50c Apr IK IK Apr Apr Preferred B monthly 2 Apr IK Common Holders of rec Mar 15a Holders of rec Mar 15a Apr Holders of rec Mar 10 monthly payable in com stock Holdersof rec Mar 15a Apr Apr IK Common ana pref Apr d2 IK IK IK 1 Chicago Nipple Mfg cl A quar IK 75c pf qu Huntington Devel Gas pref quar Hupp Motor Car Corp pref quar Hydraulic Steel pref quar Ide Geo P Co Inc pref quar Apr Cities Service d2 Apr dl Mar 25 Hooven Owens Rentsohler Co 3K 1 Apr Holders of rec Mar 21a Holders of rec Mar 15a Apr quar to Apr 1 Holders of rec Mar 15a Holdersof rec Mar 15a Apr 2K Apr Preferred Mar 31 1 Apr IK Chicago Morris Plan Bank quar Mar 16 to April April April Holt Renfrew Co Ltd pref quar Apr Mar 16 Apr quar extra Holders of rec Mar 15a 2K Mar 31 IK IK IK Common Holders of rec Mar 10a IK quar Chandler Motor Car quar Chesebrough Mfg com quar IK Holders of rec Mar 14a 1 2 Second preferred Holders of rec Mar 15a Mar 31 Mar 26 to Apr 1 Mar 26 1 Central States F lec Corp pref quar quar Apr 1 Apr Central Teresa Sugar pref Certaln teed Products Corp 1st pf qu Holders of rec Mar 15a Mar 31 Holders of rec Mar 21a 1 1 April Apr Mar 31 Mar 31 Holders of rec Mar 21a Apr IK Central Petroleum preferred Apr Apr to Apr Apr 2K Mar 22 Apr IK Seven per cent preferred quar Mar 22 Holders of rec June IK IK IK quar Holders of rec 1 Apr IK pref quar Co com quar quar IK Preferred Central Leather pref quar July IK IK 2K Preferred Herring Hall Marvin Safe com quai Mar 29 Apr Holders of rec Mar 19a Holders of rec Mar 31a Helme George W Hendee Manufacturing pref to Apr Heath D C Co Holders of rec Mar 17a 9 Apr IK Holders of rec Mar K Apr Holders of rec Mar 14a Mar IK 9a Holders of rec Mar Haskell Barker Car quai Holders of rec Mar 21a Holders of rec Mar Apr Holders of rec Mar 25a 1K Harbison Walker Refrac pref quar Harris Bros Co Hart IK Holders of rec Mar 26a Holders of rec Mai IK IK quar Apr 15a Holders of rec Mar 15 IK April 15 Apr 1 Holders of rec Mar 26a Preferred quar Great Western Sugar com Holders of rec Mar 15a April IK quar IK Apr Apr IK quar Apr 2 Holders of rec Mar quar Gray Dudley Co quar Great Lakes Steamship quar Hanes P Holders of rec Feb 28 1 Apr IK Preferred Apr quar Canadian Gen Elec com quar Holders of rec Mar 31 Apr IK IK IK Preferred Holders of rec Apr Holders of rec Apr IK 2 K Holders of roc Mar 15a 22a 22a la May la Holders of rec Apr 15 May 15 Apr IK quar quar N Co Ltd com quar quar qu California Petroleum Corp pref qu quar Canadian Consol Rubber pref quar Canad Crocker Wheeler Ltd com qu Holders of rec Mar 19a May May 15a Holders of rec Mar 17 a Holders of rec Mar 19 IK Holders of rec Mar 21 Iron quar Holders of rec Mar 15 Canada Steamship Lines pref Apr IK quarv Mar 31 Holders of rec Mar 21a Holders of rec Mar 17a Holders of rec Mar 20a Holders of rec Apr 2 2 Goodrich B F Co pref Apr Holders of rec Holders of rec Mar 17a May 10c Apr Electric quar Goulds Mfg common Holders of rec Mar 15a Holders of rec Mar 20a IK Mar Holders of rec Mar 17a Holders of rec Mar 14a IK IK qua Apr Apr Holders of rec Mar 17a 1 April Mar 31 to Holders of rec Mar 21a Apr a Mar IK 28a Holders of rec Feb Preferred Apr Holders of rec Feb 2 pf qu 2 California Elec Generating pref Apr 1 25 Apr IK Apr 6 pref qu hK Burt F Apr IK General Fireprooflng com Goodwins Ltd pref Holders of rec Mar 19 Apr 75c Apr Burroughs Adding Machine quar dividends Apr 3 quar Buffalo General Electric quar Preferred account accum Holders of rec Apr 30 Mar 31 Mar 16 to April April IK la Holders of rec Mar 19 Holders of rec Mar 21 Apr 2K quar General Cigar deb p ef quar 1 May 24 IK No a 20a IK pref quar 1 No 851 Mar 20a Holders of rec Apr 2 pf qu General Amer Tank Car Corp 1 Holders of rec c Apr coup Holders of rec Apr quar Federal Sugar Refg com Grasselll Chemical com Mar 31 Apr Holders of rec Apr quar l Famous Players Lasky Corp pf qtl Famous PIayers Lasky Corp com qu Farrell Wm Son Inc pref quar Preferred to 2 2 quar Preferred Mar 20 May pref quar Mar Mar Apr Apr May pref qu General Ry Signal pref quar General Tire Rubber pref quar Goid Stock Telegraph quar Apr Apr Apr Endicott Johnson Co com quar to to IK pref quar quar Firestone Tire Rubber 5 Mar 20 Mar 20 Apr Bros Inc pref qu Emerson Elec Mfg Holders of rec Mar Apr IK General Mar 15a Holders of rec Mar 31 IK Mar 15a Mar 15a 5 Holders of rec Mar Holders of rec Mar 15 Co Mar 15a Mar 18a Mar 15 Holders of rec 1 1 Apr Edmunds Jones Corp Preferred Holders of rec Mar 15 Holders of rec Mar 15 I 1 IK Preferred quar Seven per cent Holders of rec Mar 19a Apr 15 IK quar quar General Baking com Mar 31 to Mar 22 25a Holders of rec Mar 24a Mar 31 to Mar 22 Apr ilK H common Nem Po wd corn quar quar Eastern Mfg common quar Eastern Potash Corp pref quar Eastern Rolling Mill pref quar Eastman Kodak common quar Preferred Apr Holders of rec Mar 24a IK Federal Oil pref quar Mar 22 IK IK Fairbanks Co pref Holders of rec Apr Holders of rec Apr Apr Holders of rec Mar 31a Holders of rec Mar 31a 3 du Pont E I de Nemours Debenture stock quar Preferred Mar 31 to Mar 16 Holders of rec Mar 15 Apr IK quar Electric Storage Battery com Mar 31 to Apr IK Apr 1 to Holders of rec Mar 15a Apr Elec Controller Mfg com Mar 17 Apr April preferred quar Preferred Apr IK Holders of rec Mar 18 Holders of rec Mar 18 Mar Apr 1 Apr 15 2K Eisenlohr Otto Apr IK quar Seven per cent non cum 9a 9a Holders of rec Mar 2nd Holders of rec Mar 21a Apr IK Holders of rec Mar 15a Apr 4 IK Common Class B Apr qu Galena Signal Oil pref quar Preferred quar Bethlehem r Holders of rec Apr Barnhart Bros Splndler First and second pref li Mar 19a 19 1 IK rec Apr to Holders of rec Mar 12 Apr 1 Preferred Mar 11 M 1 IK Preferred to 10 Holders of rec Apr 2 IK quar Second preferred Holders of rec Mar 10a Apr Mar 26 2 d u Pont E I de 1 1 Holders of reo Mar Holders of Apr April April to Mar 22 Apr 1K la Holders of rec Apr rec Holders of rec Mar 11a Mar Amer Telep Holders of First Holders of rec Mar 10a 1 15 May quar Dominion Textile common Dunham James Holders of rec Mar 15a Holders of rec Mar 15a 1 1 Apr April quar Dominion Iron Steel pref quar Draper Corporation Mar 11a Apr 1 pref quar Preferred Mar 20 Apr to IK Dominion Glass common quar to to Apr IK Dominion Canners Ltd Mar Apr 2 Preferred quar Preferred Apr 2 Dodge Mfg common Common special Mar 20 Apr IK quar quar to Apr quar Mar 12 Apr to 10 10 IK quar Apr to Mar 16 IK extra to Mar 16 Apr 30 Mar Apr 10 Apr 10 Apr 15 Mar 16 IK Co com qu Dominion Steel Corp com Mar American Surety quar Beatrice Creamery common rec IK Apr 75c Apr Amer Sugar Refg com Barnet Leather 1 1 Holders of rec Mar 31a Apr IK quar Baltimore Tube Inc pref IK IK Ault Wiborg Co pref Apr Holders of rec Mar 11a Holders of rec Mar 17 Mar 31 fl 3a May Apr 9 Holders of rec Mar 16a Dartmouth Mfg common Mills 50c Apr IK 2 Dictograph Products Corp pref Apr 6 Holders of rec Mar 15a Holders of rec Mar 11a Mar 31 Apr rec to Mar 31 IK Holders of quar Detroit Edison Holders of rec Mar 22 IK Amer Stores com quar First and second pref quar Apr pref quar Dayton Rubber Mfg pref quar Detroit fc Cleveland Nav quar Apr 1K IK quar Apr IK Holders of rec Mar 15a Holders of rec Mar 17 Holders of rec Mar 19a oavol Mills quar Holders of rec Mar 15a Mar 31 to Mar 16 IK quar quar Associated Oil quar Apr to J Dayton Power fc Light 1 1 May 16 Apr IK quar quar Preferred Holders of rec Mar 25 1 IK Locomotive com quar quar American Power Light pref quar American Public Service pref quar Amer Radiator com ouar Am Seeding Machine com pref qu Amer Smelters Securities pref A qu Preferred B quar American Snuff common quar Preferred Damascus Brake Beam Davis Holders of rec Mar K Preferred Preferred 5a Holders of rec Apr Preferred Preferred Holders of rec Mar 11a 75c Apr Amer Amer Steel Foundries com 21a Apr 2 v American Linseed pref rec Mar Holders of rec Mar 19a IK Lace Mfg quar Am La France Fire Eng Inc com qu Preferred quar Amer Laundry Machinery pref Holders of rec Mar 15a Apr Frst pref Mar 31 2 American Apr 2 quar Second preferred quar Creamery Package Mfg com quar Preferred quar Crucible Steel com quar t Crucible Steel pref quar Cuba Cane Sugar pref quar Cuban American Sugar com quar 5c Apr Holders of rec Mar 19 Apr quar Holders of rec Mar 18a 20c Apr American Hardware Corp quar Amer Hawaiian S 8 quar Holders of rec Mar Mar Mar 31 2K quar 1 Mar 28 3 Apr American Gas Electric com April 5 Apr 3K preferred Transp com No 1 American Fork Hoe first quar American Express Apr 2K Cornell Mills quar Amer Exchange Secur Apr IK Holders of rec Mar 12a Holders of rec Mar 15a Holders of rec Mar 15a IK American Cyanamld 2K Holders of rec Mar 31a Apr IK IK quar pref quar Corp cl A qu Amer Cigar pref Apr Holders of rec Mar 25a Holders of rec Mar 15a 1K Consumers Power pref Mar 21a H oldens of Apr 15 Apr 15 Holders of rec Mar 10a Apr 1 quar Continental Can com pref quar Coombs H L Co Ltd common 16a Mar 21a Holders of rec 11 April 1 Computing Tabulatlng Recordlng qu Consol Gas E L P Bait quar Consumers Gas Toronto quar Holders of rec Mar 24a Holders of rec Mar 21 1 IK quar pref quar Preferred v IK IK Holders of rec Apr IK American Chicle Stone Mar 29 to Holders of rec Mar 26 Holders of rec Mar 22 Holders of rec Mar Cluett Peabody fc Co pref quar Columbia Graphophone Mfg pf qu IK quar Apr Cleveland Worsted Mills quar 3 pref quar Amer Car Foundry com Mar 11 Apr City Investing pref quar Mar 3D to Mar 30 to Holders of rec Mar 15 Mar 22 Cleveland Amer Can Mar 29 IK Apr Holders of rec Mar 19 Holders of rec Mar May 16 Apr 15 IK Apr 15 May 5 mtbly Citizens Gas of Indianapolis a Mar 15a Apr 35c Holders of rec Mar 19 Mar 31 Preferred quar quar 2 Amalgamated Sugar 1st pref quar I 2 Amer Agrlc Chemical com quar IK Preferred q uar IK American Art Works com pref qu 75c Amer Bank Note pref quar IK Amer Beet Sugar pref quar Amer Bosch Magneto quar 1 Amer Brake Shoe A Fdy com quar Mar 15 Apr 1 quar Cities Service bankers shares 1 IK IK Amalgamated Oil Preferred 30 Mar 23 IK Ltd pre qu Advance Rumely Co pref quar Aeolian Company preferred quar Aeolian Weber Piano Pianola pf qu Allied Chemical Dye Corp pf quar Allis Chalmers Mfg com quar Abltlbl Power Paper Holders of rec Cin Suburban Bell Teleph IK Cincinnati Gas fe Electric quar Mar 31 IK IK Title Guarantee Miscellaneous Holders of rec Mar Mar 31 4 Peoples Brooklyn Apr Apr IK Apr 1 IK 62 Kc Mar 31 Mar 22 rec to 23 Mar 31 Holders of rec Mar 17a Holders of rec Mar 17a Holders of rec Mar 31a Holders of rec Mar 15 Holders of rec Mar 15 MABCH THE Name of Payable Days Inclusive Pref e red account accum 1H dlvldeuds Kelly Sprlngfleld Tire Mar 24 of rec of rec Mar 22a IK l2Kc Apr 15 IK Apr IK IK Apr Apr IK IK Apr rec rec rec Apr Apr Holders of rec Mar 15 Mar 31 Holders of rec Mar 10a rec Mar Holders of Holders of rec rec Apr 1 rec April 1 Holders of 1 Apr 1 rec Mar 15a Holders of rec Feb 28a Holders of Apr rec Mar 23 Holders of Mar 31 rec Mar 23 Holders of rec Mar 15 Mar 31 Holders of rec Mar 19a IK Apr 1 Holders of rec Mar 19a 3 Apr 1 Holders of IK Apr 1 25 Apr 1 quar IK 1 Apr 15 IK Apr 15 IK 1 Apr Apr IK Apr IK 1 Holders of Apr 1 rec Mar Holders of rec Holders of rec Apr Apr Holders of rec rec Mar 18a Mar 31 Holders of rec Mar 31a 1 Apr 15 Mar 31a Apr 15 Holders of Holders of rec rec Mar 25 Apr 1 IK IK IK Apr Mar 15a Apr rec 2 K rec Mar 21a Holders of rec Mar 17a Mar Mar 31 4 Apr 1 April 11 April 1 Holders of rec Holders of rec Mar 15a 3 April 1 Holders of rec Mar 10a April Holders of rec Mar 10a Apr 1 15 rec Mar Apr 15 Holders of rec Mar 31 Apr 15 Apr 15 Apr 15 Apr 1 Apr 1 April 1 April 1 Holders of rec Mar 31 Holders of rec Mar 31 Extra 1 quar c quar 2c 2c lc IK quar quar IK Holders of Holders of rec Holders of rec Mar 21 rec Mar 21a rec Mar 15a rec 1 Holders of rec 1 Holders of rec 2 K Mar 15a Apr 1 Apr 15 IK IK IK May 31 Holders of rec Mar 31a Holders of rec Mar 31a Holders of rec May 1 la Stamping com qu quar quar Aug 31 Holders of rec Aug 11a Nov 30 Holders of rec Nov 10a Mar 31 Holders of rec Mar lla quar June 30 Sept 30 Holders of rec June 10a Holders of rec Sept 10a Dec 31 Holders of IK IK IK IK Preferred quar National Lead common quar National Licorice pref quar National Refining pref quar National Sugar Refg I quar Surety quar New England Telep A Teleg quar New River Co preferred quar Mortgage quar New York Transit quar Niagara Falls Power pref quar North American Co quar Ogilvle Flour Mills quar Ohio Oil quar 2 rec Apr Apr Apr Holders of rec Mar 15a Holders of rec Mar 12 Holders of rec Mar 18Holders of rec Mar 16a 2 rec rec April Apr Ohio State Telephone pref quar Oklahoma Natural Gas quar Oklahoma Producing A Refg cOm qu Mar 31 Feb 27 to Mar 31 Feb 27 to Mar 27 IK 1 75c IK qu Pan Amer Petrol A Trans com qu Common Class B quar quar quar Common quar Common quar quar quar Penn Central Light A Pow pref qu Penney J C preferred quar Pennsylvania Water Power quar pf qu Holders of Apr 1 Apr 1 Mar 16a IK IK 2 Apr Apr Apr Apr April Mar 26 Holders of Holders of Apr Holders of Prairie Pipe Line quar Procter A I Gamble preferred quar Preferred quar Pure Oil Co 5K pref quar Six per cent pref quar Eight per cent pref quar Quaker Oats com quar Preferred quar Holders of rec Mar 31a Holders of rec Mar 25a IK Apr Apr Mar 10a rec Mar 10a Mar 15 Apr 1 Mar 31 Mar 16 to Apr l Holders of rec Mar 26a Holders of rec Mar 20a 5 Holders of rec April 15 Holders of rec Apr 1 Holders of rec Apr 1 Holders of rec Mar 31 Mar 31 Apr Apr rec Mar 15 April l Mar 10 Mar 20 Holders of rec Mar lla Holders of rec Dec 10a Holders of rec Mar 15a Holders of rec Mar 31 Holders of rec Mar 17a 1 Holders of rec Mar Holders of rec Mar 25 Apr 1 Holders of rec Mar 19 a Mar 31 Holders of rec Mar 21a Holders of rec Mar 17a Apr 1 April Apr Apr 1 Mar 16 1 roc Mar lla 1 to Apr 7 Holders of rec Mar 22a April 21 1 to Mar 21 Holders of Apr IK Apr 1 Holders of rec April 1 Mar April 1 Holders of Holders of rec IK rec April 1 Mar Mar 4a Mar to Mar 19a 4a 31 J c Mar 31 Holders of rec Mar 31 Holders of Holders of rec Mar 2la Mar 21a Apr 25 rec Apr 1 la Holders of Holders of Holders of rec Mar 18 rec Apr rec May 16a Holders of Holders of rec Mar 2 common Apr May 1 2 IK June 1 Apr 1 Apr 1 Apr 15 50c Apr IK IK 15 15a 15a rec Mar 15a Holders of rec Mar 19a Holders of rec Mar 31a Holders of reo May 31a 16 Holders of reo Apr July 16 50c Apr 37 3 c Apr quar Apr 5 Holders of rec July la Holders of rec Mar 21 Holders of rec Mar 21 quar la 1 Mar 31 Mar 16 to Mar 31 IK IK Mar 31 Mar 16 to Mar 31 Apr Holders of 15 Mar 31a Holders of reo Mar 21 rec 3 Apr IK Mar 30 Mar 2 Apr 1 Holders of rec Mar 24 Mar 31 Holders of rec Mar IK IK 1 Apr Apr April 2 i IK IK Mar 31 Mar Apr Mar Mar 2 rec Mar 16 Holders of rec Mar 17 Apr 1 to Apr 5 Apr 1 to Apr 5 Holders of rec Mar 15 Holders of rec Mar 3 Holders of rec Mar 3 Holders of rec Mar Holders of Apr 1K Apr 25o Apr 20c Apr quar to Holders of 1 Apr Mar l rec Mar 19 Holders of rec Mar Holders of rec Mar Holders of rec Mar Holders of rec Mar Mar 26 to Apr a 24a 13 Holders of rec Mar 31 a Holders of rec Mar 31a Mar 31a Holders of Mar 16 rec to Holders of 1 Holders of rec Apr 1 rec Apr 1 Mar 14a Holders of rec Mar 14a 2 Apr Apr Apr Apr 1 Holders of Mar 31 Apr 1 IK Apr 1 2 Apr 1 IK IK Apr 1 Apr 1 IK IK Apr 1 IK Apr 15 IK IK Apr 1 Apr 1 50c Apr 1 50c May 1 50c June 1 Mar 20 rec Mar 20 Holders of rec Mar 16a Holders of rec Mar 21 Holders of rec Mar 21a Holders of rec Mar 18 Holders of rec Mar 18 Holders of rec Mar 19 Holders of rec Mar 10a Holders of rec Apr 5a Holders of rec Mar 21a Holders of rec Mar 21a Holders of rec Mar 25 Holders of rec Apr 25 Holders of rec IK Apr 1 Holders of rec May 25 Mar 25 5 Apr 1 Holders of rec Mar 21 1 Apr 1 IK com quar pr 1 Holders of rec Mar 20a Holders of rec Mar From unofficial sources 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 6 Less British Income tax d Correction rec Mar 15 Mar 15 e Mar 15 IK IK Apr Apr Apr of accumulated dividends Holders of rec Mar 15 Mar 15 Mar 15 1 Mar 30 81 Kc June 15 quar rec Holders of 9 2K quar rec 31 Apr 1K Holders of iMav Holders of 1 Holders of rec to 1 5c Apr 1 25 Apr quar quar Holders of 1K com quar Apr rec rec 9 rec Mar IK quar Apr Apr Holders of Mar 18 Apr 5c IK I Holders of April 15 Holders of rec Apr IK 1 1J Holders of Holders of 2 Mar 15a 15 Ij IK Youngstown Sheet A Tube 30 Mar 18 IK Mar 19a 30 Apr Apr rec 1 rec Apr rec IK Mar 15a Apr Apr rec Preferred Holders of Holders of Holders of Holders of Holders of 2 Woods Mfg pref quar Woolwortb F W Co Holders of Mar 15 Mar 19a 1 IK quar 1 rec 1 75c Mar 31 monthly quar Winnsboro Mills com Preferred quar Mar 15 reo quar com Mar 24 Mar 15 Holders of IK quar Paper Preferred Provincial Paper Mills Ltd com qu Common extra Mar 24 Holders of April 4 rec rec 1 Apr Mar 15a Mar 31 April 1K Wilson C R Body Co pref quar Wilson Co Inc pr6f 1 rec Mar 25a Holders of rec Mar 31a Holders of rec Mar 31a April to Mar quar White Motor 1 3 Mar 23 1 Apr 5c Preferred class B quar Whitaker 1 Mar 31 Apr rec Apr Apr 25o pref quar Worthlngton Pump A Mach com qu Preferred A quar Preferred B quar Wrlgley Wm Jr Co com monthly Common monthly Common monthly Preferred quar Yale Towne Mfg quar to Holders of Apr 20 clO quar Wheeling Steel Corp pref cl A quar Holders cl rec Mar 17 Holders of rec Mar 15a Holders of rec Mar 15a Holders of rec Mar 21 Holders of rec Mar 18 Holders of rec Mar 21a Holders of rec Mar 18a April 11 Mar Preferred Holders of rec Mar 16a Apr 1 to Apr 15 IK 37Kc Apr 3 April 30 1 rec Apr Mar 31 rec Holders of rec Holders of reo Holders of rec Holders of rec Mar 31 IK Apr 15 Westlnghouse Air Brake 1 75 Apr 30 quar We8tlnghouse Elec A Mfg com 1 quar Apr 30 Preferred quar 1 Apr 15 Westmoreland Coal quar Z 1 25 Apr 1 Weyman Bruton common quar 23 Apr 1 Mar 15a Holders of rec Apr 21 Holders of rec Mar 18a Holders of rec Mar 21a 2 quar 1 Apr Apr rec May 2 90c Apr 1 Mar 31 IK Pittsburg Prairie Oil A Gas quar Holders of c quar quar quar 30 Apr April 2K Western Electric common quar Western Union Telegraph quar Holders of rec Mar 15a Holders of rec Mar 15a Holders of rec Mar 15 IK 2 Pond Creek Coal 1 1 Mar 19a Mar 19a 3 quar Holdersofrec Apr 30 2 Holdersofrec July30 2T rec rec IK quar quar quar West Coast Oil Mar 18 Holders of IK First and second pref quar Walworth Mfg preferred quar Weber Piano Co pref Apr c Mar 31 Holders of rec Mar 50c June 30 Holders of rec June 50c Sept 30 Holders of rec Sept 50c Dec 31 Holders of rec Dec 2 May 16 Holders of rec May 1 quar Aug 16 rec Mar 21a Apr Apr IK Apr 15 IK Apr April April 11 Pick Albert Co pref quar Plerce Arrow Motor Car pref quar Pierce Oil Corp pref quar Plate Glass com May 15 rec Apr IK Pacific Telep A Teleg pref auar Panama Power A Light Corp pref Phelps Dodge Corp quar Holders of 2 Manufacturing auar Pettibone Mulllken Co 1st A 2d May 16 50c Owens Bottle common quar Preferred quar common Mar 23 IK IK Orpheum Circuit Inc com quar Preferred quar Otis Steel pref quar Penmans Limited Mar 15a rec 2 quar quar quar Panhandle Prod A Refg pref rec Holders of 2 Holders of 1 Mar 25 Holders of Holders of 4 Waldorf System Inc com Holders of rec Mar 25a Apr Apr Holders of IK 2 Old Colony Woolen Mills pref quar Ontario Steel Products common Peerless Truck A Motor com Common quar Apr 1 Apr d20 Preferred Mar 22 Mar 25 rec 2 Victor Talking Machine com Preferred rec rec Mar 31 2 fquar quar Wabasso Cotton Apr 2 dividend Improvement Wabl Co common Apr 22a Apr 13 2 Utah Power Light preferred Utilities Securities preferred Mar 27 Mar 15 a reo Mar quar Holders of rec Mar 22a Extra Mar 22 Mar 15 IK Universal Leal Tobacco preferred Utah Copper quar rec Mar 22 Holders of rec Mar 31a Holders of rec Mar 15a Mar 19 rec IK U S Steel Corp com quar Mar 22 Apr rec Holders of IK Preferred quar U S Industrial Alcohol pref quar U S Playing Card Mar 19 Mar 19 30c Apr quar Machinery Mar 25 Mar 25 rec quar Preferred quar U S Gypsum common Mar lie rec rec Holders of Holders of Apr 1 Mar 31 quar United Paper Board pref quar Preferred quar United Shoe 10a Holders of Holders of Apr Holders of Apr Holders of April 15 Holders of 4 Dec Mar 31 Mar 31 Mar 31 1K N Y Title A rec Preferred Holders of 1 rec to 13 quar United Dyewood com quar Preferred quar United Fruit quar United Gas 1 Apr Mar 10a Mar 10 Mar 10a rec 1 United Drug common quar First preferred quar Second preferred Mar 21a Apr 1 stock United Cigar Stores com Mar 15a Apr K National Biscuit com quar Nat Enameling A Ottawa Car Preferred Holders of Holders of Holders of 1 rec rec Mar 31 America pref qu Union Twist Drill com Holders of Holders of Holders of 1 1K IK Tobacco Products Corp pref quar Tonopah Belmont Devel quar Tonopah Extension Mining quar Tonopah Mining of Nevada Torrington Co common Mar 31 1 Apr Apr Apr m quar Underwood Computing Mach pf qu Underwood Typewriter com quar Preferred quar Union Carbide A Carbon 1 Co pref quar Narragansett Elec Ltg quar National Automatic Fire Alarm quar Water Oil Mar 17 IK quar Thompson Starrett Co pref Tide Holders of 1 1 IK IK Preferred Mar 15a J Company 2 2 quar Thompson John R common quar Holders of rec Mar 5a Holders of rec Mar 19a Holders of rec Mar 15a Texas May Apr Apr 50c Texas Pacific Coal A Oil quar Texon Oil A Land quar Textile Banking Co Mar 19 1 IK IK Sterling Oil Development Sullivan Machinery quar Mar 15a Holders of l Apr rec Holders of Holders of Holders of Holders of IK IK Swift A Co quar Tecumseh Cotton Mills quar Texas Company quar Holders of rec Mar 21a Holders of Holders of 1 1 50c Apr 1K Mill Factors Corp class A quar Mississippi River Power pref No 1 Montana Power com Common and preferred Mar 21 Holders of 1 com Mar 15 Apr IK Standard Oil Kentucky quar Standard Safe Deposit quar j Steel Tube Co of Mar 15 Mar 21 4 Sugar 5a rec rec IK Preferred quar South West Pa Pipe Lines quar Spanish Rivei Pulp Paper Mills Ltd Mar 21a rec Holders of Holders of 1 Apr Apr Apr 25 quar Holders of rec Mar 31a Holders of rec Mar 31a Holders of rec Mar 5a Holders of 1 IK quar South Penn Oil quar South Porto Rico Mar 22a rec IK IK 2 Soden G A Co 1st pref quar Second preferred rec Mar 16a Holders of rec Mar 16a Holders of quar Manufacturing Mar 21a Mar 31 1st pref qu Shawinigan Water A Power quar Sherwin Williams Co of Can com quar Preferred quar Simpson Creek Coal pref quar Singer Mfg l Slosa Sheffleld Steel A Iron pref qu Smith Howard Paper Mills Ltd Common quar Preferred quar Mar 21a IK quar Middle States Oil Corp Preferred Mar 17 Holders of Holders of S ser Salt Creek Producers Association quar Sears Roebuck A Co pref quar Scovill Mar 15 rec 1 50c quar Preferred Preferred 16a Mar 19a Apr Apr 25c Merrimack Chemical quar Mexican Investment pref Mexican Petroleum common Preferred Mar 19a Mar Apr IK May Department Stores pref quar McCrory Stores Corp pref quar Merck A Co pref quar Mergenthaler Linotype quar Preferred la 1 Mar 20a Holders of 2 Alkali Works pref quar Maverick Mills pref quar National Apr Mar rec Holders of Holders of IK qu Preferred rec rec 2 Manhattan Shirt pref quar of rec Mar 15a Holders of Holders of Holders of IK Manning Maxwell A MOore Inc qu Manufacturers Light A Heat quar Massachusetts Lighting Cos pref Preferred of rec Mar 15a IK Preferred quar Mackay Companies common quar Preferred quar Malllnson H R Co Inc pf qu Manatl Sugar pref quar Manhattan Electrical Supply quar Preferred rec pf Holders of rec Mar 17a 1 Apr Apr IK quar Preferred quar Republic Motor Truck pref quar Reynolds R J Tobacco com quar Common B quar Preferred quar Riordon Co Ltd 1st cum pref quar Cumulative convertible pref quar Riordon Pulp A Paper preferred quar Royal Baking Powder pref quar Safety Car Heating A Lighting quar St L Rocky Mt Pac Co com qu Apr 17 Mar st Books Closed Days Inclusive Apr 1 Second pref quar Reo Motor Car common quar Republic Iron A Steel com of rec Mar 28a of rec Apr 21 Holders of Apr IK Loft Inc quar Common quar Common quar to of IK Star Gas quar Loose Wiles Biscuit first pref quar Lorillard P Co com quar Preferred quar A Mar 24a IK Lone Montgomery Ward Apr 1 Holders Apr 1 Holders Apr 15 Apr 1 Apr 1 Holders Apr 1 Holders Apr 1 Holders May 1 Holders Apr 1 Holders 2 Remington Typewriter Mar quar Mar 25a Mar Reece Buttonhole Machine quar Reece Folding Machine quar Regal Shoe preferred 28 rec IK Preferred Feb rec 1K Preferred quar Preferred extra to rec IK Extra Preferred quar Midwest Oil common 24 Holders of 3 Library Bureau com quar Preferred quar Liggett A Myers Tobacco pref quar Lindsay Light preferred quar Loew s Theatres Co quar common Feb Payable quar Mar 22a Holders of Holders of pref Mathleson rec Mar 31 IK Lehigh Valley Coal Sales qu of rec Mar 25a Holders of When Cent Company Miscellaneous Concluded Railway Steel Spring com Holders of rec Mar 15a Ftb 24 to Feb 28 Mar 31 1K quar quar Lueey Mfg class A quar MacAndrews A Forbes Co com Apr Holders IK quar quar King Philip Mills quar Klrshbaum A B Co pref quar Kolb Bakery pref quar Kresge S S Co pref quar Kress S H Co pref quar Kroger Grocery A Baking 6 pref qu Seven per cent preferred quar Lackawanna Steel common quar Laurentide Company Ltd quar Kerr Lake Mines Ltd Apr 1 50 Apr quar Kaufmann Department Stores pf qu Kaynee Co pref quar com Apr Per Name of 2 Interprov Clay Prod Ltd pref qu Island Creek Coal com A pref qu First and second preferred Apr hK InterprovlnclaLBrlck ofCan Ltd pf qu Kayser Julius Co Apr 15 IK IX IK Jones Bros Tea pref quar Kansas Gas A Elec pref quar Kansas Gulf Co 1253 Books Closed Cera Company When Miscellaneous Continued Intetnat Harvester common quar Internat Motor Truok 1st A 2d pf qu International Salt quar Internationa Sliver pref quar Midway Gas CHRONICLE Per Payable in stock Payable in common Payable In stock Liberty o or Payable In scrip h On account Victory Loan bonds k Transfers received in order in London on or before March 5 will be in time for payment to transferees payable in rec April 1 I rec May 2 m common stock or scrip convertible Into Dividend is 20 French francs Per share common stock Stock Exchange daily weekly and yearly Brought forward from page 1258 Boston Clearing Transactions at the New York Monday j Saturday Tuesday Wednesday Thursday Week ending Sales at Exchange Par value Time deposits U S Clearing House banks Due from other Reserve i bonds State mun Ac bonds RR and misc bonds Total bonds PHILADELPHIA AND TRANSACTIONS AT THE BOSTON BALTIMORE EXCHANGES York City Clearing House Banks Companies The following detailed statement shows the condition of the New York City Clearing House members for the week ending Mch 19 The figures for the separate banks are the averages of the daily results In the case of totals actual figures at end of the week are also given The return of the Equitable Trust Co has been included in Sept 25 this statement since Wuk ending Bond Sales Shares March Tuesday Wednesday NEW YORK HOLI DAY Friday Total Loans Discount HOUSE Average Co Mech Metals Bank of Amer National City HOUSE Staled in thousands of Atlantic Nat I Week ending March Nat bks Feb 21 Invest State bks Feb 2 8 ments c Tr cos Feb 28 Bank Battery Park Nat Res Mutual Bank Co Yorkville Bank Total Banks Not Members of the Fed l Reserve Bank Bank of Wash Hta Nat l Net Time Bank in Legal De De Circu Imp Trad Nat National Park Vault Deposi posits posits lation East River Nat Companies Not Members of the Fed l Reserve Bank Mechanics Tr Bay Commonwealth Garfield Nat l Fifth NationalSeaboard Nat l l ooo i ooo Peoples Tr Co NY Trust Co a57 251 a56 872 a55 953 a Metropol Tr Co NassauNat Bkn Farm L Tr Co Columbia Equitable Tr Co Avge Mar Individual deposits deposits Time Total deposits deposits not Included Reserve with legal deposit s Reserve with F R Bank U S vault and cash held Reserve required Excess rec cash In vault Total reserve Cash In vault not oounted a reserve March for Federal Reserve members Feb c c c c of F R Bk Not Members Totals actual co ndition Mar 19 Totals actual co ndition Mar Bowery State Bank Avge Mar Members of F R Bk Mar 5 Not Trust Cos Title Guar Tr Lawyers Ti Tr Totals actual co ndition Mar 19 Totals actual co ndition Mar 12 Totals actual co ndition Mar Avge Mar Totals actual co ndition g cond n jMar Comparison pre vious week Gr d aggr act Total Gr d aggr avge Comparison pre vious w eek March profits disc ts Investm ts Exchanges for Clearing House Due from banks Totals actual co ndition Week ending March Trust Totals actual co nditlon Mar Totals actual co ndition Mar 5S weeks preceding is as follows Reserve requirements for members of the Federal Reserve system are 10 on demand deposits and 3 on time deposits all to be kept with the Federal Reserve Bank Cash in vaults is not a part of legal reserve For trust companies not members of the Federal Reserve system the reserve required is 15 on demand deposits and includes Reserve with legal depositaries and Cash in vaults l OOO and other liabilities FJl System Companies Lincoln Tr Co Columbia Tr Co 6 672 a USMtg TrCo Guaranty Tr Co 40 figures for the two Cash In Brooklyn Tr Co Bankers Tr Co Philadelphia Banks The Philadelphia Clearing House the week ending Mch 19 with comparative Bank deposits 672 Union Exch Nat Coal Iron statement for Loans Continental State Banks Surplus and NY County Nat Greenwich Bank Capital Membersof omitted U S deposits Two ciphers Avenue deducted payable rediscounts acceptances Excess reserve decrease a National Comm l Exch Bills 898 Chase Fifth Gr d aggr Feb Gr d aggr Feb Mar Gr d aggr Mar 6 404j lo ooo Fidel Int Tr Co 3 300 Comparison previo us week s 9 772s Average Avge Grand aggregate Gr d aggr Average Trust Total National National Irving Average la tion lories S posits i 116 242s l OOO Second Nat l First Deposits Deposi Average Liberty 600 Total Corn Exchange Net tories Vault Demand State Colonial Bank Pnenlx Nanover Natl with Nat Bk of Com Chat Average Average Average Average Average Average Members of Reserve Cash Circu Exch Nat Metropolitan Dis counts Bank De l OOOl 1 138 Chemical Nat 1 Pacific Bank omitted Loans Net Capital Projils CLEARING HON MEMBERS v dollars thai is three ciphers 000J Y NBA Manhattan Amer Time Demand 1921 jTr Cos Feb 28 Nat Butch Dr NEW YORK CLEARING Net Legal in i jState Members of Bk of N NON MEMBER INSTITUTIONS OF c 000 omitted Fed Res Bank New York City Non Member Banks and Trust Com panies Following is the report made to the Clearing House by clearing non member institutions which are not included in the Clearing House Returns in the next column with Cash merits Natl Reserve j J Invest MEMBERS March of dollars that CLEARING Week ending HOUSE RETURNS is three ciphers 000 omitted WEEKLY CLEARING Stated in thousands Bond Sales Shares Bond Sales Shares Monday Saturday W R Grace A Inc and Trust Baltimore Philadelphia Boston Fed l Statement of New Bonds Government RETURN OF in excess Federal Reserve Bank shares par Thursday S R Bank bank and Bank Cash in bank and F Exchanges for Stocks No shares DAILY investments Loans disc ts 1 to March 25 Jan March S Inc Inc Dec Inc Dec Inc Dec Inc Dec United States deposits York Stock New March 5 previous week Circulation Due to banks March Individual deposits incl Total Changes from March Bonds N Bonds HOLI DAY Friday HOUSE MEMBERS CLEARING BOSTON the Boston weeks V s Foreign c Bonds Par Value Shares Banks We give bekrw a sum House showing the totals for all the items in Clearing House weekly statement for a series of mary State Mun Railroad Stocks Week ending March Vol 112 CHRONICLE THE 1254 Gr d aggr act 1 cond n Grd aggr act 1 cond n Gr d aggr act l cond n Gr d aggr act l cond n Mar Mar g g g Feb Feb g3 798 837i in foreign branches not Included In total footing as follows Bankers Trust Co Guaranty Trust Farmers Loan Trust Co Equitable Trust Co Balances carried in banks In foreign countries as reserve for such deposits were National City Bank Bankers Trust Co Guaranty Trust Co Farmers Loan Trust Co Equitable Trust Co c Deposits in foreign branches not included eU S deposits deducted fU 8 deposits deducted Bills payable rediscounted acceptances and other liabilities Includes deposits National City Bank Co March THE CHRONICLE STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS COMBINED 1255 RESULTS OF BANKS AND TRUST GREATER NEW YORK Averages Loans and Reserve Reserve in Total Reserve Reserve Required Reserve Vault Depositaries Jan Jan Feb 5 Feb Feb Feb Mar 5 Mar Mar Cash Members Federal Total Reserve Surplus Reserve Required Reserve S Reserve banks State banks Trust companies Total Mar 12 Total Mar 5 Total Feb Not members ol Federal Reserve Ban This Is the reserve required on net demand companies but In the case of tl notes t Corrected legal tenders national bank notes and Federa figures Bank of New York at the close of business March in comparison with the previous week and the correspond ing date last Mar Mar Resources Gold with foreign agencies Total gold held the case Federal by bank Gold with Federal Reserve Agent of State banks Reserve Total gold reserves banks Total reserves Legal tender notes silver c Includes also amount of reserve required on net time deposits which was as follows Mar Mar Mar Feb b This Is the reserve required on net demand deposits in the ease of State banks Gold settlement fund F R Board Mar Gold redemption fund deposits In the members of year Gold and gold certificates Total Mar Condition of the Federal Reserve Bank of New York The following shows the condition of the Federal Reserve b in Depositaries Vault Figures Reserve Reserve in This item includes gold silver Reserve Actual trust Reserve in in Vaults Total Mar 19 Total Mar 12 Total Mar 5 Total Feb Total Cash a Jan Trust companies a Demand Deposits Surplus Depositaries in Members Federal Reserve banks State banks Bills discounted Secured by Government and trust companies but in the case of memffers of the Federal Reserve Bank Includes also amount of reserve required on net time deposits which was as follows Mar Mar Mar Feb war obligations for members All other For members Less rediscounts with other F R banks State Banks and Trust Companies Not in Clearing House The State Banking Total i Gold Currency and bank notes Deposits with Federal Reserve Bank of New York Total deposits Deposits eliminating amounts due from reserve depositarles and from other banks and trust com panies in N Y City exchanges and U 8 deposits Reserve on deposits Percentage of reserve Differences from previous week 5 redemp fund agst F R bank notes Inc Uncollected Items Gold abroad in custody or in Dec Dec All other resources Inc Total Includes deposits with the Federal Reserve Bank of New York which for the State banks and trust companies combined on March 19 were k The Equitable Trust Co is no longer included in these totals it having become Clearing House and being now included in the statement of the Clearing House member banks The change began with the return for Sept Other deposits incl foreign Govt credits F R bank notes in circul n net liability Deferred availability items All other liabilities Total Ratio F of liabilities total reserves to depost and R note liabilities combined ing liability and trust companies in Greater Nfcw York City outside of the Clearing House are as follows The Federal Reserve on bills purchased for foreign correspondents of the New York City Clearing House banks and trust companies combined with those for the State banks 41 8 gold reserves against F R notes in circulation Contingent Banks and Trust Companies in New York City The Ratio of reserves to deposits after deduct member of the averages deposits F R notes in actual circulation a Due to members Reserve account Total Trust Companies Liabilities Stale Banks Deposits in banks trust companies transit Capital paid in Inc Total resources Inc Inc Government deposits Total earning assets Bank premises RESERVE Cash in vaults bonds hand Surplus on U S Victory notes U S certificates of Indebtedness Figures Furnished by Stale Banking Department k March 19 bills U S Government SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK NOT INCLUDED IN CLEARING HOUSE STATEMENT Bills bought In open market Department reports weekly figures showing the condition of State banks and trust com panies in New York City not in the Clearing House as follows Loans and in vestments IN Investments Week ended Cash and COMPANIES Note In conformity with the practice of the Federal Reserve Board at Washing ton method of computing ratios of reserves to liabilities has been changed beginning with the return of this week Instead of computing reserves on the basis of net deposits that is including in the total of deposits deferred availability items but deducting uncollected items the new method is to disregard both and figure the percentages entirely on the gross amount of the deposits For the previous week however and for last year the computations are on the old basis Banks Following is the weekly statement issued by the Federal Reserve Board on March 19 given in the following table and in addition we present the results for seven preced ing weeks together with those of corresponding weeks of last year The second table shows the resources and liabilitiesseparately each of the twelve banks The Federal Reserve Agents Accounts third table following gives details regarding transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks In commenting upon the return for the latest week the Federal Reserve Board says The figures for the system as a whole are Aggregate reductions of 107 4 millions in the holdings of discounted and purchased bills accompanied by decreases of 69 1 millions in deposits and of 42 9 millions in Federal Reserve note circulation are indicated in the Federal Reserve Boards weekly bank statement issued as at close of business March Government operations during the week included besides the redemption of the bulk of about 500 millions of certificates maturing on March 15 the payment of semi annual interest on third Liberty bonds also the handling of income and excess profits tax apyments all of which fell due on March 15 and the issuance on that date of two new series of tax certificates aggregating about 482 millions on Redemption of Treasury certificates enabled member banks to liquidate heavily their indebtedness to the Reserve banks Loans secured by Government obligations carried by the Federal reserve banks accordingly show a reduction of 5 6 millions other discounted bills fell off about 138 millions while acceptances purchased in open market declined by 23 8 millions On the other hand holdings of Treasury certificates increased by 29 3 millions of which 25 millions represent the amount of special certifi cates held at the close of the week by the New York Cleveland and Rich mond Banks to cover advances to the Government pending collection of funds from depositary institutions The balance of the certificates held except 5 6 millions is composed of 1 year 2 certificates deposited with the Treasurer of the United States to secure Federal Reserve Bank culation In consequence of the changes above noted total decreased by millions note cir earning assets 138 1 millions and at the close of the week stood at 2 658 5 with 3 107 9 millions on the corresponding date of compared last year In order to reflect more clearly the position of the Reserve Banks the statement has been slightly recast in form the main change occurring in the deposit block Instead of total gross deposits the statement shou s total deposits which are made up of the following items Government deposits due to members Reserve Combined Resources and Liabilities Mar of the ilfar 11 Gold and gold certificates Gold settlement fund Total gold held by banks fold with Federal Reserve agents Gold redemption fund gold reserve F R Board Gold with foreign agencies Total Afar TT counted for the Dallas Bank compared with 13 5 millions the week before while acceptance holdings of the Boston Philadelphia Cleveland and San Francisco Banks are given inclusive of 5 9 millions of bank acceptances purchased from the New York Bank compared with 13 7 millions shown the previous Friday Government deposits decreased by 22 7 millions and members reserve deposits by 53 7 millions while other deposits composed largely of nonmember banks clearing accounts and cashier s checks increased by 7 3 millions During the week the volume of Federal Reserve note circulation for the first time since February of last year fell below 3 billions the March 18 total of 2 962 9 millions being 442 millions below the peak figure of Dec and 84 2 millions less than on the corresponding date last year Federal Reserve Bank note circulation shows a further decline oi 2 8 millions and totaled 179 3 millions compared with 211 1 millions about a year ago The banks show a further gain of 18 1 millions of gold while their total cash reserves increased by 17 4 millions on Federal Reserve Banks RESOURCES and other deposits including foreign government credits Reserve ratios have been calculated in the same manner as heretofore except that instead of net deposits total deposits as described above have been used in the calculation Neither Uncollected Items among the assets nor Deferred Aavilability Items among the liabilities have been considered in the present statement in calculating deposit liabilities and reserve ratios and this practice will be followed in the future Calculated on this basis the banks reserve ratio stood at 51 0 Of the total holdings of 1 000 4 millions of paper secured by U S Govern ment obligations 581 9 millions or 58 2 were secured by Liberty and other U S bonds 259 6 millions or 25 9 by Victory notes and 158 8 millions or 15 9 by Treasury certificates compared with and 108 8 millions shown the week before Discounted bills held by the Cleveland Reserve Bank are shown inclusive of 13 4 millions of bills dis account at the Feb Feb Close of Feb Business March Feb Jan Mar S Mar Mar Bills bought In open market hand on U 8 Government bonds notes U 8 certificates of Indebtedness Total earning assets Bank premises 5 redemp fund agst F R bank note Gold abroad In custody or In transit Uncollected items resources COO resouroee LIABILITIES Surplus Government deposits Due to members reserve accountOther deposits incl for n gov t credits Total deposits F R notes in actual circulation F R bank notes in circulation net Deferred availability items All other liabilities Il b Total liabilities Capital paid In to deposit F R note liabilities combined and deposit and Ratio of gold reserves Ratio of total reserves a46 4 a46 2 a 45 3 a45 5 atl 9 a44 7 a 14 5 a a50 9 a50 8 a49 9 a50 3 a 9 6 a 9 3 a 19 0 a to a59 9 a59 3 a58 1 a a56 9 a 56 5 a note liabilities combined F R j Total All other All other Secured by Govt obligations Total bills Jan Mar S Feb 1921 Feb Feb Feb Total reserves Bills discounted U 8 Victory Afar S Legal tender no tee silver 60 VOL 112 CHRONICLE THE 1256 Ratio of gold reserves to F R notes in after circulation setting 35 aside against deposit liabilities S Distribution by Maturities S O0O days bills bought In open market days bills discounted days U 8 cortlf of indebtedness days bills bought In open market days bills discounted days U 8 certif of Indebtedness days bills bought in open market days bills discounted days U 8 certif of Indebtedness Over 90 days bills discounted Over 90 days certif of indebtedness daya bills bought In open market 1 15 days bill discounted 1 15 days U 8 certif of indebtedness Federal Reserve Notes Outstanding Held by banks In actual circulation Amount chargeable to Fed Res agent In hands of Federal Reserve Agent Issued to Federal Reserve banks How Secured By gold and gold certificates eligible paper By Gold redemption fund With Federal Reserve Board Total 4 Eligible delivered to F R Agent paper Rpvised ability Items on the old basis of net deposits that v is after deducting from gross deposits uncollected The new method Is to disregard both of v v items but including also In the gross deposits deferred avail these see matter printed in Italics in introductory remarks on Page WEEKLY STATEMENT OF RESOURCES AND LIABILITIES Two ciphers 00 omitted Federal Reserve Bank of Boston New Yotk Phila RESOURCES Gold and gold certificates Gold Settlement Fund F R B d P figures Calculated a Immediately preceding OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS Cleveland Richmond s Atlanta Chicago St Louis Minneap Kan City Dallas 35 S MARCH San Fran s Total Gold with Federal Reserve agents Gold redemption fund COO Total gold reserves Legal tender notes silver c Total gold held by banks Total reserves Bills discounted Secured by Gov ernment All obligations a 1 other Bills bought In open market b Total bills on hand U 8 Government bonds U 8 Government Victory notes U 8 certificates of indebtedness Total 5 redemption fund Gold abroad In custody or transit Uncollected items All other resources resources r against Federal Reserve bank notes Total earning assets premises Bank C LIABILITIES Capital paid in Surplus Government deposits Due to members reserve account Oth deposits lncl for Govt cred Total deposits F R notes in actual circulation F R bank notes in circulation Net liability Deferred availability items All other liabilities March THE Two ciphers 00 omitted Boston Neto York CHRONICLE cievdand Richmond Phila Atlanta 1257 St Louis Minneap Chicago Kan City Dallas San Fran Total LIABILITIES Concluded Ratio of total reserves to deposit and F R note liabilities com bined per cent S Memoranda Contingent liability Discounted 45 8 endors as er on paper rediscounted with other F R banks Bankers acceptances sold to other F R banks without endorBem t Contingent liability other F R banks viz b Includes bankers acceptances bought fr Federal Reserve notes Phila Clece S Gold settlement fund Federal Reserve Board Eligible paper Amount required held C of amount Federal the Reserve Rlchm d Atlanta S Chicago St L Minn L K Dallas San Fr Total City Liabilities Collateral received from New York amount Federal Reserve notes outstanding Collateral security for Federal Reserve notes outstanding Gold and gold certificates Excess Boston hand Total in Thousands of Dollars on oth F R banks om 831 0 Federal Reserve Agent at Resources Comptroller of Without their endorsement Net bills purch for foreign correspondents a Includes bills discounted for on notes received from Currency Gold Federal Reserve Bank Eligible paper Total Federal Reserve notes outstanding Federal Reserve notes held by banks Federal Reserve notes In actual circulation Member Banks of the Federal Reserve System Following is the weekly statement issued by the Federal Reserve Board giving the principal items of the resources and liabilities of the Member Banks Definitions of the different items in the statement were given in the statement of Dec published in the Chronicle Dec page 2523 I STATEMENT SHOWINd PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTINQ MEMBER BANKSIN FEDERAL RESERVE BANK AND BRANCH CITIES AND ALL OTHER REPORTINQ BANKS AS AT CLOSE OF BUSINESS MARCH tu er liquidation of 77 millions of total loans and investments of all reporting banks show a decrease of 77 millions and those of New Yor members a decrease of 59 millions accom Sanied by a smaller reduction in indicated in the Federal Reserve Board s deposit liabilities and increased borrowing Federal Reserve Banks is om weekly statement of condition Accommodation March 11 of 824 member banks in leading on cities Loans secured by Government obligations show a decrease of 16 millions before Boston Including bills discounted Loans sec with F R by U 8 Govt 3 obligations Total loans and discounts s Government increases from millions in to in ratio of accommodation deposits net show an aggregate increase of 17 millions but a decrease of 24 millions for the member banks in New York City Time deposits declined by 10 millions of which 2 millions represent the decrease at the New York City banks Reserve balances with the Federal Reserve Banks are shown 23 millions larger than the week before the increase for the New York members alone being 27 millions Cash in vault shows an aggregate gain of 2 millions and a gain of 1 million in New York City at close of Atlanta 84 business March Chicago 43 Three ciphers 000 omitted St Louis Minneap Kan City Dallas V are deposits Bills payable with F R Bank Secured by U 8 Govt obligations other Three San Fran Total oblig ns Loans secured by stocks A bonds AI1 other loans and discounts 11 Mar City of Chicago 72 Mar 72 S Reserve balance with F R Bank Net demand deposits Time deposits deposits Bills payable with F R Bank Sec by U 8 Govt obligations All F R Bank Cities 52 All other 11 Mar 4 F R Branch Cities AllOther Report Bks Mar Mar S Mar Total Mar Mar 4 21Mar l S Ratio of bills payable A rediscounts with F R Bk to total loans and Mar Comparable figures not available Bills rediscounted with F R Bank Sec by U 8 Govt obligations Mar All other U 8 Victory notes r U 8 certificates of indebtedness Other bonds stocks securities Total loans disc ts A invest s incl bills redlsc ted with F R Bk er cent discounts Cash in vault Mar 4 52 S bonds investments omitted Number of reporting banks Loans and discounts Incl bills redis counted with F R Bank Loans sec by U 8 Govt Government Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks Mar Total loans and New York City ciphers Bills rediscounted with F R Bank Secured by U 8 Govt obligations All other a banks 14 4 to in loans dlsc ts investments incl Net demand deposits Time deposits Z bills rediscounted with F R Bank Reserve balance with F R Bank Cash in vault O Banks Government deposits show a durther decrease of 50 millions for all report ing banks and of 21 millions for the New York members while other demand U S bonds All bonds U 8 Victory notes U 8 certificates of indebtedness Other bonds stocks and securities Total 58 York re bank Loans secured by stocks and All other loans and discounts 113 New and from noted New York PhUadel Cleveland Richm d 49 For the accommodation Data for all reporting member banks In each Federal Reserve District Number of reporting banks Loans and discounts Reserve the week Government obligations of 32 millions in loans secured by corporate obligations and of 36 millions in all other loans and discounts with an aggre gate decrease of 72 millions in loans and discounts are shown Only minor changes are shown in the holdings of Government securities holdings of Victory notes showing a decline of 2 millions and those of Treasury certificates a decline of 6 millions Other bonds stocks and securities on the other hand show an increase of 18 millions for all reporting banks and a slightly larger increase for the member banks in New York City alone As a consequence of these changes total loans and investments Federal Reserve District banks at the Federal creased for the week from 1 832 to 1 854 millions and constituted of the bank s total loans and investments copmared with F yvee c mans secured by corporate obligations a decrease of 22 millions and all other loans and discounts a decrease of 48 millions the aggregate reduction in loans and discounts thus amounting to 87 millions For the New York City banks decreases of 4 millions in loans secured by 1 of reporting k a a a VOL 112 CHRONICLE THE 1258 for activity this week Railroad and and Central the week have transpired in Eastern events of Board Europe and thus far have produced no important effect in the business affairs of this country It is therefore evident that Lenin s declaration of taken too change of front is not domestic nature importance to change the tone or character of the security markets The latter therefore drifted so to speak until Wednesday when the volume of Neither has anything of a that matter occurred sufficient of business increased to more and there its force on that day and on ment spent in than twice its previous average But this move general advance in prices was a anticipation of Thursday perhaps prolonged Easter holiday the market a settled back into its former some signs however of an improvement are The money market continues to grow other kinds of steel is somewhat represented in detailed list our High bonds First 4s 1 Low Close 1 ts Total sales in SI 000 units Low Close First 4 s bonds of 87 50 High 4 Converted i First Second 4 s Low Close I Total sales in SI 000 units High I bonds of Second 4s 4 v Low Close High Second Liberty Loan Converted 4 bonds i Second 4 s Low q Tota Bales Close Third High t Low I Close In SI 000 units Liberty Loan 4 bonds of 1928 Third 4 s Low I Close High f High Low Close Total sales In SI 000 units f High Fourth Liberty Loan I 4 bonds of Fourth 4 s Total sales In SI 000 unlts Victory Liberty Loan notes of j 1301 Total sales In SI 000 units Par Shares Mar All American Cables 100 per share 23103 Mar 23 2l 52 Mar Mar Mar 23 per share AmericanChlcle no par Mar 21 Mar American Radiator Mar M Mar 21 18 Mar 24 10 I Mar 19 23 Mar 22 Ann Arbor RR Assets Realization 30 Atlantic Petroleum Tack Atlas no par 25 Barnsdall class B Chic StPM Om lOO Mar Cluett Peabody Co 100 Davison Chemical no par lar De Beers Cons M no par Mar 24 16 Mar 22 Detroit United Ry Mar Mar Mar 24 35 Jan 1 Jan Mar Mar Mar 21 Mar Mar Feb Mar Mar Jan 56 Jan Mar 24 12 Mar 23 12 Mar Mar 24 Mar 24 55 Jan 8 Mar 23 Mar 24 60 Jan Jan Mar 15 Mar 23 Mar Mar 60 Mar Mar 79 Jan 8X Kayser Julius Co Mar 19i Mar 22 68 Kelsey Wheel Inc 100 Preferred Mar 22 Mar 23 35 Mar 48 Mar Mar 21 Mar Mar 76 Mar Locomotive Mar 24 Mar Mar 74 Mar Mar 23 Mar 23 19 Mar 21 Jan Lima Shirt 25 Manhattan 7 Jan 3 Jan 6 Mar 23 2 Jan 1 Mar 22 X Jan 8 Mar 21 7 Jan Mar 23 6 Mar 23 5 Mar 9 Mar 23 3 Mar 23 3 Mar 3 2 Mar Ctfs dep stpd ass td 100 Ctfs dep stpd ass td Second pref ctfs dep Ctfs dep stpd ass td 100 5X Mar 21 1 Mar 22 First preferred Mar i Mar 23 Maxwell Motor 3 Mar 23 Jan 12 Jan Mar Jan Biscuit National Preferred Southern 100 Norfolk West pref 100 Ohio Body Blow no par Otis Elevator Mar Feb Jan 28 Jan Jan 108 Jan Jan 120 Jan 33 Feb Mar 13 Mar 17 Jan 15 Mar Mar 23 88 Mar 24 80 Mar 21 77 Mar Stern Bros preferred Texas Co warrants Tex Pac Land Trust 100 Third Avenue Ry Preferred trust rects Union Tank Car Preferred Jan 12 Mar 24 67 Mar 76 Jan 80 Mar 21 80 Feb 85 Feb 67 6 Mar 23 77 Mar 24 4 i 73 Mar 19 106 Mar Mar Mar 23 Mar 41 Mar Mar 19 230 Mar 22 210 Jan 6 Jan Jan 106 Mar Mar 25 Jan Mar 43 Jan Mar Jan Mar 23 19 Mar 23 18 Mar 24 107 Mar Mar 24 100 Mar Jan 20 Jan Mar 107 Mar Mar 100 Mar 20 Mar 21 9 Mar Mar 24 94 Mar 21 x Mar 23 43 Mar Mar Mar 24 72 Mar Mar 19 73 Mar 24 12 Mar 23 For transactions on 8 Jan1 Feb and 1254 Railroad Bonds No sales of State fionds reported at the Board this week market for railway and industrial bonds has been active than of late and generally steady Of a 28 well known representative issues just one half are more fractionally higher or unchanged business has been increased by notable offerings including Atlantic Refining Bell Tel Cuban Amer Sugar Cuba Cane N W Bell Tel New York Cent Pennsylvania Tidewater Oils and Wostinghouse Several of the local tractions including activity of some of the newer week follows Paris Bankers Francs High for the week Germany Bankers Marks High for the week Low for the week Amsterdam Bankers Guilders j 33 83 Low for the week displayed any ac of business being moderate Prices held firm with the exception of one when selling pressure developed causing some weaken Outside tivity very Exchange Chicago par 1st Louis 15 25c per Boston par San Francisco par Montreal 135 per Cincinnati par Domestic day High for the week Cables Checks Sixty Days on Market Only a few issues the curb this week the volume In the industrial Stutz Motor inactive for some time was traded in up from 9234 to 106 and down to 100 Durant Motors weakened from 22 to 21Cleveland Automobile Co advanced two points to 46 Gardner Motor eased off from 22 to 2034 and sold finally ing though changes were not section motor shares at 21 important commanded attention Lincoln Motor after early weakness from 18 Mar Jan 13 New York Boston Philadelphia Baltimore exchanges see page Jan Jan Mar Van Raalte 1st pref 100 no par Mar Jan Feb 18 Mar 19 9 Mar First preferred Jan Feb Tol St L W tr rccts 41 Jan Mar 88 Mar 12 Mar Feb 9 5 Mar 24 So Porto Rico Sugar Mar 19 9 Mar 19 67 of for foreign exchange for the Low for the week premium 100 volume The range Mar 14 Mar 23i 14 Mar 23 14 Mar 22 15 Mar 19 exchange were for cables sixty days 3 and documents for payment sixty days payment and grain for Sterling Actual High for the week The actual rates for sterling 3 91 for checks and banks sight fr low Jan 130 Mar no par Mar 24 trend de throughout on light payment To day s Friday s actual rates for Paris bankers francs were 6 82 a 6 82 for long and for short German bankers marks are not yet quoted for long and short bills Amsterdam bankers guilders were 33 94 for long and 34 42 for short Exchange at Paris on London 56 40 fr week s range 56 25 fr high and discount Shattuck list of on ninety days Cotton for Mar Phillips Jones pref 100 Pittsburgh Steel pref 100 The Friday s To day s Commercial Jan 100 slightly somewhat reactionary Jan 100 have been a irregular fluctuations 3 87 for sixty days Jan 100 and exchanges with dealings 10 Penney J C pref 100 State veloped Weber Hellbrcner Continental to to 87 20 I 96 92 to to s Mar Mar 24 only sales of coupon Foreign Exchange The market for sterling exchange ruled dull but firm and without essential change In the Mar 400 United Drug 23 2d 3 687 bonds were to 86 74 Mar 5 Temtor C P cl A i Jan Mar22i Mar 24 9 Mar23ii 9 66 Mar 24 66 Mar Mar 24 9 Mar 24 8 Mar Mar 19 128 Parish Bingham no par Arizona 4 s 3 2d 4s Peoria Eastern Mar Pacific Mail S3 5 1st Preferred Mar 26 Mar 19 27 Mar 23j 21 Mar 19il06 Mar Mar Mar N Y Shlpbulldlng no par Norfolk line ctfs includes Low for the week M St P S S M leased Mulllns Body no par table 27 3d 4 s to th 4 s 53 Victory 4 s 20 1st 3 s Jan Mar Mar 24 above Transactions in registered 870 Jan 70 Mar 21 640 Hydraulic SteeL no par Ills Cent RR Secur stock trust ctfs series A Jan 44 Homestake Mining 100 International Salt 100 Mar Indian Refining Jan 5 Mar Mar 23 23 X Mar 23 Mar Mar 19 60 Feb 12 fMar Kodak Eastman Mar Mar lar 23 Mar Mar 22 190 Mar Mar 19 Mar Mar 23 Mar X Jan 3 Feb X Mar 21 3H Mar Central RRof N J 100 Jan Mar 22 Batopllas Mining 20 Brunswick Terminal Note The bonds Mar Mar 19 16 Jan Jan Mar Feb 66 Mar 22 8 Mar 22 Feb Jan 54 Mar Mar per share per share Feb 100 Feb Mar 21 Amer Bank Note Total sales In 11 000 units Second 3 High bonds Highest Lowest Highest Lowest Close 4 Victory 3 s for Week 25 Week ending March 1 Range sinoe Jan Range for Week Sales STOCKS ts Total sales In SI 000 units Low 7 First 3 s Converted 4 Mar 2iMar Low the pages which follow on Mar 21 Afar 22 Mar notes of Victory 4 s Close Total sales in SI 000 units better sales have occurred this week of shares not The following Mar 19 High 3 bonds of Converted Governments at the Liberty Loan issues For weekly and yearly range A 1 given below following J Total sales In SI 000 units condition in general easier as the bank statements are week by week more favorable the the foreign exchanges show a tendency towards normality and it is reported that the outlook for sales of structural and There business are page First Liberty Loan Government s failure to obligations is not regarded as a settlement of treaty fourth various the to Dotty Record of Liberty Loan Prices the German seriously here and meet its a limited are To day1 s prices see Bonds Sales of States United March Miscellaneous Stocks The most stirring Wall Street Friday Night prominent have also been Hud Man and Westchesters labile 3atxlijersr 18 rose to 1934 and ends the nental Rubb declined from week at 10 34 to 10 and 19 to Interconti recovered finally Chicago East 111 RR new stock was traded in for the first time the com between 1234 and 13 and the pref between 3034 and 31 Oil shares were ccjmparatively quiet with narrow price changes Carib Syndicate eased off from 7 to 6 and ends the week at 634 Carib Trading on fair to activity advanced from 12 to 18 and dropped back to 12 Internat Petroleum weakened at first from 15 to 14 later recovered to 1534 and sold finally at 1534 Maracaibo Oil advanced from 24 to 2634 and closed to day at 2634 Salt Creek Producers sold up from 10 to 1234 and at 12 finally Skelly Oil moved dowh from 6 3 8 to 534 closing to day at 5 The mining list showed considerable activity Price changes on bonds for the iiiost part were small A complete record of curb market transactions for the week will be found on page 1268 New York Stock Exchange Stock Record Daily Weekly and Yeariy 1259 OCCUPYING THREE PAGES For sales during the week of stocks usually inactive see preceding page Sales HIGH AND LOW SALB PRICE PER SHARE NOT PER CENT PER Monday Tuesday Wednesday Thursday March 19 March 21 March 23 March 24 STOCKS NEW YORK STOCK Week Friday March 22 for the Saturday per share i i i g 36i i per share 9U 113U 59 3i2 3i l4 i s lg U Jan Deo i I6I g g 687g g g g h 29 QU June Jan Marll 6 Feb 7 77 Feb 17 74 Jan 12 N Y Chicago A St Louls lOO I 42 Marl2 50 New York Central First preferred Q 1434 Mar 17 16 Marll Marl Northern Pacific Pennsylvania k 200 a Marl8 1584 Marll 4134Jan 19 Jan 14 Dec 32 Feb Jan 20 50 Deo 68 Feb Jan 37 Dec 57i Mar21 32 Jan Oct Oct Marll 75 Jan Marl Mar 12 55 Feb Marll 5784 Jan 15 Marll Jan Jan St Louis San Fran tr ctfs Marll 24 Jan Jan s 3 000 Preferred A trust ctfs 100 St Louis Southwestern J l l H Do Do Jan pref Marll 19 Marll 53 Marll 16 Jan 5 36 Jan Marll 64 Jan 3 Oct Oct Oct Feb 11 Oct Jan May Dec Dec Feb Feb 33 66l2 14 Deo 47 Mar 43 Oct 247g Feb 25i 40 Feb 11 122 Jan 10 Feb 27 June 110 Feb 7 Mar11 8 Jan 12 pref 1A Marll 23 Jan pref Marl2 9 Marl2 Jan Jan 13 12i2 8 Weste Do n 200 Maryland new MarlO 12 Mar Mar 3 2d pref 100 Western Pacific Marl2 29 Mar Jan Do B pref Wheeling A Lake Erie Ry 100 Do pref Wisconsin Central 15 Marll 4 Feb Oct Oct 20 Oct 118 Nov Sept Jan Do 9 Jan 19 Jan 11 Jan Wabash United Railways Invest 100 Do pref Jan 60 61 May 7 8 Aug 14 Aug 7 May Twin City Rapid Transit 100 Union Pacific Marll 8484 Sept 103 Nov 65l2 337g 48I4 Do Jan 100 CoL Jan Texas A Pacific Do 30 Mar Marl 1 Southern Railway Do pref Feb 15 5 Mar CO Marll 89 Jan 100 pref Southern Pacific 27 pref Seaboard Air Line W pref o o H pref Reading Pittsburgh A West Va 500 o Marll Sept 27 Oct o 6 Feb 105X2 Nov 95 Nov 44 Oct Feb 55i2 Oct 884 Oct 65 Oct 8414 Nov Feb 16 1st 37 Oct 11 Nov Feb June 66s4 June 3778 May 2d pref Apr Do 31 Oct pref v t c Do Oct 40 66i2 Nov 112 Jan 6684 Oct 100 Pere Marquette v t 0 Do prior pref v t 0 Do 17 Oct 3584 Oct 97 Oct 6 Oot 17 Nov 27X4 Oct 62ia Oct 2484 Oct Oot Oct Oct Sept Oct Sept Nov Mar Oct Jan Feb i g Oct Norfolk A Western 19 Jan 3 101 Feb N Y Ontario A Western Jan 73i4 41i4 May 15 Dec fa Oct Do Jan Dec Second preferred N Y N H A Hartford l l Feb 23s4 Feb 4G Jan 10 o s4 Jan Jan Marll 21 Feb 6678 Aug 64s4 Feb 3278 Mar 33 Mar 15 Feb Feb 24 Feb Marll 4 Jan 5 Aug Nat Rys of Mex 2d pref 100 New Orl Tex A Mex v MarlO Feb 94 a Feb 39s4 May O Missouri Pacific trust ct s 100 Do prei trust ctfs 100 58 Jan 25 May 8ig 16 w Jan June Dec Dec Dec Dec 56 Jan 5 103 Jan s4 llx2 33 3i2 z49 Marll 9734 Jan 20 45 Jan Jan a ig Jan i V Aug 8i2 Dec 13 May 89 Feb 21 Do pref 100 Missouri Kansas A Texas 100 Do pref July 8 Deo Do pref Lake Erie A Western Do Jan Jan 25 16 Jan ig Dec 80 Feb Jan Interboro Cons Corp No par Do pref 100 Kansas City Southern Jan Feb Jan Jan Marll Marl2 3 Jan 7 10 Jan 14 Dec Marll 87 68l Central June 2478 Deo Mar 4 9 Feb Jan 12 Jan 12 Jan Mar Marl9 Jan i2 Nov May 6 Dec 9i2 Feb I6I4 Dec pref Marll Minn St P A S S Marie Mob A Nor tr ct s 100 Do Marll 28 Jan 3 4 Jan 7 Jan Manhattan Ry guar Mlnneap A St L new Do 2d pref 100 Great Northern pref 100 Iron Ore propertles No par Illinois 484 Jan 31 1 Mar24 484 Feb 23 11 Marl 2 Oct 260X2 Sept i2 Nov st pref 2 Jan 29 Mar Do 7 Feb pref Erie Gul 84 Jan Louisville A Nashville pref Do Denver A Rio Grande Jan Jan Marll Deo 46 Mar Mar21 Mar U Marl Jan July 35 Aug 83i4 June Oct Oct 54 Mar pref Lehigh Valley 100 45g 36X2 Mar 3 2484 Mar 3 49 Mar 5 14 Jan Feb Feb 4 45 Jan g 78i2 347g Dec g g 36 ig 4 68i Mar 4 3 Do Jan Duluth S S A Atlantic Jan J 87 2i Feb Do 2 pref Delaware Hudson 1 Oct Oct Sept 100 Delaware Lacl Western 1 Marl5 Mar pref Colorado A Southern Do 1st pref Do Clev Cin Chlo St Louis i loo 43 pre erred Chlo Rock Isl A Pac Oct Mar 120 Jan June Feb Mar23 Feb Dec Jan 60 Mar i2 Deo pref Dec 3634 Deo g Jan lg 21 50i2 oU2 99 g Jan Jan 46 Jan Jan MarlO 64 88i2 53g 15 Deo MarlO Chicago Northwestern 100 Jan I5I4 9 28 Jan Dec Dec 8 20 Jan Marll 85i4 5ig Mar 9 1534 Marl4 Jan 70 Nov 15 Sept 17x4 Sept 14x2 Oct 33 Oct 4412 Nov 6834 Mar 12 5684 Marl Feb Feb pref 134 Deo 10 7 pre erred Chicago Milw A St Paul 100 Do 119 Jan 62 Jan 634 Jan 6 Jan pref Do Mar24 Jan Do Marl Chicago Great Western MarlO Chlo A East Illinois trust recta Do pref trust recta Jan 1478Jan 25 Jan 12X4 Sept Oct 49 Oct Deo Mar24 Chesapeake Ohio 17 I Dec Mar 13 Mar May ig Oct 17 Sept 5 600 pref Aug Do Brooklyn Rapid Transit Jan per share per share 76 Feb 90 Nov June share per x2 1098g Certificates of deposit Canadian Pacific 100 Baltimore Ohio Jan 3 Jan Feb Mar g l Jan 3 37 Jan 12 Do pref 100 Atlanta Birm Atlanta 100 Atlantic Coast Line RR Highest 80 Mar24 303g Mar 11 Atch Topeka A Santa Fe I 79 Jan 24 7 Jan Lowest 77 Marl2 75 Jan 3 2 Feb Hiohest I per share Year Par g 8 323g 59 Railroads per share Lowest i g 49 13i2 8I i2 327g per share ig g ig per share 81 SHARE Range for Previous Shares I per share 81 78ig PER EXCHANGE March 25 SHARE Ranoe since Jan 1 On basis of 100 share lots 19 Jan t2 64i2 Oct Oct 129 Nov 69 Jan 15 Oct 32 Oct 13 Oct 34 Oct Oct Dec Dec Feb July Sept 27i2 Oct Feb Feb 40 Sept 78 Nov Oct Jan Dec May Oct Feb 1 36 Jan May 48 Oct 26 Jan 3 35 Jan 28 22 Dec 14 Dec Apr 46 Mar 40 Dec Deo Marll Marl Jan Industrial Miscellaneous Adams Advance g g si Bid and asked prices no sales on this day t Ex rights 45 AJax Rubber Inc Alaska Gold Mines 60 10 Alaska Juneau Gold Mln g 10 Allied Chem A Dye no par Do pref Allls Chalmers Do Jan 25 Feb 24 39 Jan 11 7gJan 14 1 Feb I84 Feb Jan Mar 8 z87 Maris 3 Marl6 55 Jan 13 937g Jan 26 38 Mar23 83 Mar23 45 Feb 25 65 Jan 7234 Feb 28 39 Marl 2 90 Jan 51 Feb 15 74 Mar 8 74 Jan Amer Bosch Magneto No par 49 Jan Jan 3 59 Mar24 3284 Jan Jan 3 88 Do pref American Car A Foundry 100 Do pref 100 American Cotton Oil 100 pref 100 Do pref Do pref a Ex dlv and rights 6 Mar Jan 79 Deo 32 Dec Apr 75 Oct 45X8 Dec Dec Dec Jan Feb 25 15ig 69i2 6 Dec Jan Feb Jan 8 5 Dec 38 Jan 5 8 Feb 11 z46 Mar 1 8334 Marll 81 Feb 4 100 Jan 4 Jan Jan 101 Jan Apr M Feb Jan Mar Jan Mar Jan 53 Marl7 35 Dec Mar24 37 Aug 63X2 Mar 627g Mar23 53 Feb 68 Deo Dec 120 14i2 4984 Jan 10 Jan ig Jan 31 42 Dec Aug Deo 109 Jan Mar23 107 Feb 26 10 Jan Jan 20 Ex dlvldend Jan 53 5 Marl4 Marll 93 Jan 128s4 6I Jan Jan Deo 133 Jan Sept Dec Dec 8 Marl American Safety Razor Am ShfD A Oomm no pir Dec 10584 July pref American Locomotive 92i2 Nov Do Deo Dec Dec 127 Jan 10 Jan Jan 281 64 Jan 10 884 Jan 11 Mar 8478 26i2 67x Amer International Corp Jan 40 Feb Am La France F E 20 2 Mar Dec Dec Jan 19 Marll 5834 Jan 6 100 American Linseed Jan Jan Deo pref Jan American Ice American Can moo Leas than 100 shares American Beet Sugar Do pref Do Jan 8 52 Feb pref pref Jan Amer Agricultural Chem 100 Do Jan 32 Jan 100 Mfg American Hide A Leather Mar no par Amer Druggists Syndicate 10 American Express Rumely pref Reduction Inc Do Do Air Express 96X2 June 618 Dec 7 nw 107 Jan Jan Jan Jan Apr Jan Apr Mar 17 June 301 Jan New York Stock 1260 Record Continued Page 2 week of stocks For tale during the usually Inactive see second preceding page March 19 March is s s s 33s a s l s g Chlno l l s s I6I l Z5 325s 57l l s 133s U i I6I Do s 18 187sl Bid and asked prioes no sales on this day Jan Aug f Less than 100 shares 3 Nov 7 Nov 16 Dec Jan 19 41 Marll 59 Jan 11 80 Feb 18 83 Mar Dec Dec Jan Jan 100 Jan 5 t Ex rlghts 3 Aug 93 Mar 46 Apr 97 Dec Dec Feb 25 21 Dec 605 Apr Feb 16 21 Feb 23 65 Mar23 9 May 13 Dec 13 Jan 28 Jan 10 Jan 17 Jan 25 52 Jan Jan Jan 48 Jan Jan Dec Mar23 Dec 21 Dec 78 Dec 10 Dec 12 8 Dec 19 2 Jan Jan 32 2 Dec 43 Dee 71 2 Dec Dec Deo 51 Marl Dec Marl8 16 Jan Dec 172 Jan 12 4 Dec 42 Mar 112 Jan 62 Jan Dec Dec Dec Dec 4934 Dec Dec Mar23 Feb Jan 28 Marl5 36 Jan Marl 7 60 Feb 3 19 Jan 59 2 Marl2 11 Jan 4 80 Jan Jan 5 Aug 7 93 Jan 22 103 Jan 3 100 Feb 16 110 Jan Jan 3 16 Jan 7 64 Jan 20 Jan Jan Apr 40 Dec Nov 142 Apr Apr 100 Nov 115 Jan 10 Dec 44 Nov 51 4 Jan 111 Jan Apr 28 2 Dec Nov 84 Jan 64 Dec 71 Apr Jan Dec 38 2 Dec 69 Dec 91 4 Mar Dec 47 July 27 2 Dec Jan 434 Jan 8 11 Marl 7 4 Dec 61 2 Jan 7 4 July 3 Dec 21 4 Jan 8 2 Jan 2834 Feb 21 7 Sept 45 4 Jan 14 Jan 25 2 Jan 27 49 Jan 11 30 Jan Marl Jan 94 Jan Jan 7 12 Marll 8 Jan Marl2 40 Jan 3 Louis 100 No par Liggett A Myers Tobacco 100 Lee Rubber A Tire 100 Incorporated No par Par Jan Marl4 4 Jan Keystone Tire A Rubber 10 Steel 100 Ex dlv and rights Jan No par Lackawanna a 6 16 Marll Kelly Springfleld Tire Temporary 8 pref Kennecott Copper No par Loew s Dec 9 Dec 13 2 Jan pref International Paper pref Dec 65 4 Dec 9 Dec International Nickel The Do Dec 63 Jan 15 Jewel Tea Ino Dec 25 Mar21 Jan 8 Feb 10 Jan Feb 28 42 Mar 1 12 Jan Island Oil A Transp v t C Jan Jan Jan Jan Jan Aug Jan July Apr Sept Apr Apr Apr Iron Products Corp Apr Jan Jan Jan Jan Jan 94 Jan 9 Jan Dec Jan Dec Marl2 Jan Jan Nov 44 Jan 3 18 Marll 46 Marll 30 Marl5 Corp Dec 71 Feb 18 70 Jan 13 82 Jan 24 71 Mar 8 34 Marl Apr 16 Mar 44 4 May 134 Mar 48 Jan Jan 10 63 Marll Jan Jan Dec 71 Jan 12 4 Marl5 20 Jan Jan 80 Jan 5 120 Jan 10 Jan Jan 1 Marl7l 40 Jan 3 80 Jan 3 54 Jan 3 72 Dec 16 Mar23 3 5i 13 Jan Jan Jan Jan 28 90 Jan Jan Apr Jan Dec 70 Mar23 87 Mar23 3 5 Mar 8 76 Jan 23 Dec Mar24 5 2 Marl4 btamped pref Apr Apr Jan Do Feb Invincible Oil Jan Marll Dec 24 2 Dec Jan pref Jan Apr Apr Dec 20 Marl2 61 Jan Apr pref Dec Jan 11 91 Jan 17 26 Feb Jan Internat Motor Truck No par Dec Jan 10 25 Marll 73 Jan June Mar24 104 2 Jan pref Do Jan 11 63 4Jan 11 38 Jan 7 76 Jan 18 Do Jan Jan 100 pref new Jones Bros Tea Inc new Int Mercantile Marine Laclede Gas St 27 Dec Feb 10 23 Feb 10 25 Jan pref 2d Do Inter Harvester Do Inspiration Cons Copper 20 Internat Agrlcul Corp Jan Dec 100 1st Hupp Motor Car Corp Indlahoma Refining Do Dec Houston Oil of Texas s Manufacturing Jan 12 Jan 8 62 4 Feb 10 Deb stock Hendee s 67 5 Mar 18 34 Marl May Dec 56 2 Marl5 50 Haskell A Barker Car No par Do Deb stock Goodrich Co B F Do pref Granby Cons M S A P 100 700 Gray A Davis Inc 25 400 Greene Cananea Copper 100 Guantanamo Sugar No par Gulf States Steel tr ctrs Dec 11 Candy Corp No par pief Do Do Jan Jan Jan Mar Apr Jan Jan Jan Jan Jan 29 82 Mar23 70 Jan Feb Dec Dec 80 Dec 24 Dec 59 Dec Jan June Jan s Dec Jan Jan Dec Jan 75 Dec Dec Nov Jan Apr Apr l Refining 100 Do pref Cosden A Co No par Crucible Steel of America 100 Do pref 100 Cuba Cane Sugar No par Do pref u 100 Cuban American Sugar 10 Dome Mines Ltd 10 Elk Horn Coal Corp 50 Endlcott Johnson 50 Do pref 100 Famous Players Lasky No par Do preferred Federal Mining A SmeltinglOO Do pref 100 Fisher Body Corp No par Flsk Rubber 25 Free port Texas Co No par Gaston W A W Inc No par General Asphalt Do pref General Cigar Inc 100 Debenture pref 100 General Electrlo 100 General Motois Corp No par Jan Dec 55 Dec 15 Nov s 3 Jan pref Jan Feb Jan Dec Aug 99 Dec 2 4 Dec 56 8 Feb 21 94 Feb Dec Jan Jan NY 100 Textile No par Continental Can Inc Apr Jan 32 Apr 90 May Marl Dec 77 Jan Consolidated s pref Jan 12 96 Feb 24 19 Corn Products l Jan Jan Jan 82 Dec Dec Consolidated Gas Jan Mar 19 Jan No par Consolidated Cigar Jan 26 Dec 26 Marll pref Computing Tab Recording Dec 8 Jan Dec No par Do Do Dec Jan 20 64 Feb 17 45 2 Mar24 77 2 Jan 31 7 2 Jan 8 8 2 Jan 13 43 Jan 19 3 Jan Columbia Gas A Electric Columbia GraphophoneNo par Copper June Jan Marl9 Tool Cola Coca Contlnt l Jan Chandler Motor Car No par Chile Copper Jan May Dec 20 Cerro de Pasco Cop No par Chicago Pneumatic Jan 3 11 Mar 1 59 Mar 15 25 Jan 5 68 2 Jan 4 4 Marl2 5 4 Feb 21 No par Dec 91 Jan 21 6 Jan 8 4 Marll Wks Leather pref Dec 8 Dec Jan s Jan Jan 5 Zinc Lead Jan 8 8 Jan Dec Jan 102 Jan Feb Aug Dec 6 Jan Jan 94 Jan 82 Marl2 97 Marl5 2 Jan 4 99 Jan Jan 125 Deo Jan Jan 13 Jan Marl Feb 21 80 Feb 17 23 MarlO Colorado Fuel A Iron Jan Mar Zlno v tc Jan Jan Jan 63 Mar s 287a 28 Dec 6 Jan No par pref Do s Jan 3 cum conv Central Mar Jan Do Apr Dec 59 Jan Case J I Plow Dec 63 Jan Do Dec Jan 22 Callahan Jan 26 45 Butte A Superior z Jan 20 35 Mar 21 Marll 33 Jan pref 100 Butterlck Jan Jan Jan z53 2 Marl5 Feb 9 90 Butte Copper A Jan 33 Jan Dec 14 No par Bares Bros s l l Jan 20 26 Dec 28 2 Dec 534 Dec 29 Marl 8 8 Marl2 100 Do a Feb 21 pref Dec Feb 21 Mining Caddo Central Oil A Ref lOO No par 1 950 California Packing California Petroleum U Dec Class B common s Jan pref Booth Fisheries Dec Do Wks 100 Bethlehem Steel Corp goo Do Feb 17 72 Mar24 97 Jan 17 Baldwin Locomotive Brooklyn Edison Inc I47s Feb 17 94 Jan 31 Austin Nichols A Co No par Do pref 100 Bethlehem Motors Dec Marl 2 87 Jan 4 9 Marll pref 142 Apr 118 Jan 106 Mar 105 Apr 100 Mar 283 Jan 97 4 Jan 210 June 165 2 Jan 105 2 Jan 92 May Mar Do Feb No par Fruit At Gulf A WI SS Line Dec Jan Mar 73 Jan Do s 47s 90 Dec 83 2 Jan 95 Jan Jan 93 Dec Dec 79 Jan s 53s 19 Jan 100 JM 50 7 Mar Nov 107 Jan 27 Jan Mar Jan Mar Marl Feb s Jan s Atlantic Feb 85 Mar 72 Deo 64 Dec 26 share per 83 Dec Jan Do pref 100 Amer Sumatra Tobacco 100 Do pref 100 Amer Telephone Teleg 100 Amer Tobacco 100 Do pref new 100 Do common Class B 100 Amer Woolen of Mass 100 Do pref 100 Amer Writing Paper pref 100 Amer Zinc Lead Smelt 25 Do pref 25 Anaconda Copper Mining 50 Associated Dry Goods 100 Do 1st preferred 100 Do 2d preferred 100 Associated Oil Feb 10 83 Jan 20 73 MarlO American Sugar Refining Jan Highest 9 per share 9 Feb Jan s Par s per share Amer Smelting g 8158 Lowest Highest per share Refining 100 Do pref 100 Am Steel Fdry tern ctfa 33 1 3 Pref tern ctfs 100 Am Smelt Secur pref ser A Con Indus Mlscell On basis Lowest Shares f per share Range for Previous Year of 100 share lot EXCHANGE 64i2 403s NEW YORK STOCK Week per share per share per share per share 61 March 23 tor Friday March 25 Thursday March 24 Wednesday Tuesday March 22 Monday the NOT PER CENT SALE PRICE PER SHARE HIGH AND LOW Saturday SHARE PER PER SHARE Range since Jan Sales STOCKS 17 2 Jan 14 138 Jan 22 97 Jan 3 Jan 3 15 value SI00 17 Mar23 13 Dec 25 2 Dec Dec Dec 5 4 Dec Dec 46 Jan 29 35 Aug 58 2 Jan 29 2 Mar23 153 Feb Feb 8 18 Marl9 0 Old stock Dec 127 Nov Dec 14 2 Dec Ex divldend Jan Jan Apr Jan Jan Oct Jan Jan Jan Apr New York Stock Record Concluded Page For sales during the week of stocks Tuesday Monday March 19 j March 21 per share I Wednesday Thursday March 25 Shares 35 35i l I I Y l s l o J I i i Jan 3 Do 1st pref U S Smelting Ref A M x Bid and asked prices no Bales 44 pref on this day Utah Securities v t 0 Vanadium Corp Do Marl4 95 Mar24 100 V Vlvaudou 84 i Lees than 100 shares Ex rights Mar24 Jan Jan 19 17 Feb Mar 51 Jan Mar23 103 Jan Feb 17 Jan Feb Dec 10 Nov 5 15 Dec Dec Dec 56 Dec 90 Aug 35 Nov 53 Dec 12 Mar 17 7 Aug Dec Dec Dec Jan 8 Jan Jan Jan Jan 3 96 Jan 42 Jan Mar Marl2 12 Dec Dec Dec Jan Jan Jan 102 Jan 3 Jan 3 59 Jan 5 Marll 49 Jan 4 No par Exp ess Mar July 89 Nov 40 Dec Feb Jan Dec Dec Nov 1 534 Marl 2 5 Jan 3 18 Jan 9 Jan Jan 7 26 Wilson A Co Inc v t c No par Wool worth F W Marl2 47 Jan 7 347s 108 Feb pref Jan 18 C Jan 100 v t Jan pref A pref B a Ex dlv and Jan 100 Worthlngton P A M Do rights x Jan 61 Ex dlv Mar23 Feb Jan Reduoed Feb Dec 46 Nov 100 Willys Overland The Do pref new Do pref Fargo Jan 8 Feb 25 Marl 7 No par Virginia Iron CAC Do Marll Virginia Carolina Chem l00 Westinghouse Air Brake 50 Westinghouse Elec A Mfg Jan 58 Feb 17 18 Mar Marl4 100 Copper Western Union Telegraph Dec Dec Wells Jan White Motor Jan 41 Marll Dec Do pref 50 United States Steel Corp Dec Jan 2484 Jan Dec Dec Dec Dec Dec White Oil Corporation No par Wick wire Spencer Steel 5 J I Dec 35 Jan Dec Dec Jan Feb 64 Jan Jan 10 Dec Dec 29 Mar Marll 41 Marll 62 Jan 3 101 Jan Feb Jan 92 Jan Marl4 19 Do pref 100 U S Realty A Improvement 100 United Stages Rubber Jan Marl8 U S Expreas 100 U S Food Products Corp 100 U S Industrial Alcohol Jan 75 Jan Jan 9 Jan 20 43 United Retail Stores No par Mar23 6 Marl2 U S Cast I Pipe A Fdy Do pref par Dec 57 Jan j 16 Dec 36 Jan Marll pref Dec 7 13 Jan 11 7 Mar Mar Mar24 10 Jan Do 1 200 Deo Dec Dec 45 Utah Mar23 Mar Dec Marl2 4234 I 77 7 Do Oct Dec Feb 24 36 Marll Dec el42 Dec 100 June Tenn Copp C tr ctfs No par Texas Company The Jan 7 MarlO No par No par Mar 7 20 Studebaker Corp The Dec Jan Dec Jan Feb Feb 28 167 Jan 13 Jan Dec 42 Jan Mar 14 27 Mar 97 Marl Marll 43 Jan 3 No 7 25 Jan 27 Do pref Submarine Boat Deo 20 par Superior Oil Superior Steel Corp n 9 Dec Dec Deo Stromberg Carburet No No par 50 5 Mar21 Deo Stewart Warn Sp Corp No par United Alloy Steel Unted Fruit Jan 110 Union Oil Feb Mar Marll 41 Marll 73 Feb 28 Transcontinental OH No par Jan Transue A Williams St No par Union Bag A Paper Corp Deo Mar 2 Jan Dec 11 Jan Shell Transp Trading 2 Sinclair Cons Oil Corp No par Sloss Sheffield Steel Iron Jan Deo Nov 69 Jan 17 pref non voting Steel A Tube of Am pref Dec 9834 Jan Do 92 May Jan MarlO 73 Dec 12 Marll 135 Dec Dec Dec 84 2 Jan 3 68 Mar24 25 Dec Mar 2 24 Jan 25 No par Saxon Motor Car Corp No par Sears Roebuck Co Mar 14 Jan 5 37 Jan 20 39 Jan 12 73 Jan 13 Seneca Mar 7 Mar Jan 21 Mar Deo Dec Deo 90 Mar Marll Do preferred Standard Oil of N J Deo Jan 11 MarlO 3 Feb 3 11 Jan 3 Copper Dec 12 Jan 51 Jan 56 Feb Feb Jan 89 Jan Texas Pacific Coal A OH 21 Dec Times Sq Auto Supply No par Tobacco Products Corp Dec Marll 6038 Jan Jan 62 Jan 26 88 Jan 19 14 Jan I No par 47 i Jan 102 Marl Jan 8 93 Mar 7 Mar24 Aug Deo Marl5 81 Jan V 7 Deo Marll 82 Jan San Cecilia Sugar v t c No par Dec Dec Deo Marll Savage Arms Corp Deo 84 Replogle Steel pref 6 31 Jan 8 35 Mar23 5 Do Public Serv Corp of N J 10u Pullman Company 100 Republic Iron Steel Dec Jan 3 Jan Marll Dec 41 May 3 Jan Deo Feb 17 71 Jan Marl8 100 Deo 48 Jan 10 41 Jan 4 1934 Jan 100 pref Deo Pressed Steel Car 12 a Pond Creek Coal 8 Nov 35 Jan pref Jan 100 Pittsburgh Coal of Pa Jan 1934 Jan Dec 3 Nov 23 Mar 25 pref Dec Pierce Oil Corporation 13 Dec 43 Mar21 Remington Typewriter vtc pref Jan 54 Jan 11 z6i Marl5 2 58 Marl5 834 Marll 33 Jan B Jan Marl2 Class Do Mar Oil Penn Seaboard St l vtc No par People s G L A C Chic 100 Do Deo 2 Jan Do Jan Pacific Pacific Gas A Electric Dec 7 12 Jan 12 Mar 12 46 Marl6 11 Marl4 46 Jan Feb 17 4 Railway Steel Spring 100 Do pref 100 Ray Consolidated Copper Nov 3 25 par 4 95 Nov Feb Mar 9 Dec Feb 14 Deo No Dec 4 Jan Republic Motor Truck No par Royal Dutch Co N Y shares St Joseph Lead Dec Jan Punta Alegre Sugar Jan May Pure Oil The Jan I I I Jan 3 Jan Development Dec Jan Stepl Pacific Do l ioo Dec Mar 8 1 Owens Bottle Do Dec Pierce Arrow M Car No par Otis Pan Am Pet Trans Orpheum Circuit Inc Jan l2 25 Feb 1 45 Feb 15 61 Mar 2 Jan Nunnally Co The No par Oklahoma Prod Ref of Am 5 Ontario Silver Mining Feb 100 Nova Scotia Steel A Coal 100 Philadelphia Co Plttsb 50 Phillips Petroleum No par North American Co preferred New York Dock Feb 20 Feb l Do pref Nevada Consol Copper New York Air Brake Dec Dec Deo Aug Feb Dec Mont Wd CoIlls Corp No par National Acme 50 Do Jan 28 15 Jan 8 Marll 74 Marl2 20 Feb Mar Dec Oct Jan 4 56 Jan 11 11 Marl2 100 pref 3 11 Nov MarlO Power 15 Jan Jan Aug Deo 148 Feb Miami Copper 5 Middle States Oil Corp 10 Mldvale Steel A Ordnance Jan zl37 Marl5 100 88 Marll pref Marl8 Jan 34 33s Mar Jan 8 9 Marll Mar23 Jan Jan pref Mexican Petroleum Do Jan Feb 2 89 Feb Sugar 100 May Department Stores 100 Marll Jan Jan Jan Dec 59 Jan 100 Nat Enam g Stamp g 100 Do pref 100 National Lead Dec pref Feb Deo Dec Jan 24 Jan 2 Mar Dec Jan Deo 3 Highest Deo Jan Marll 100 pref 100 Do pref 100 Nat Conduit A Cable No par I Jan 164 Feb Marll National Cloak A Suit Feb I Jan 136 Do P Montana I I preferred 12 Jan Do Lowest per share 9 Nov 9 Mar21 Manatl d Lorlllard Do Do Highest per share Loose Wiles Biscuit tr ctfs Mackay Companies i2 i47i Do I 147U Year 1920 I per share Indus Mlscell Con Par Loft Incorporated No par t SHARE Range for Previous Lowest PER Range since Jan 1 On basis of IQQ share lots Weey 8 per share 934 SHARE EXCHANGE March 23 t March the Friday STOCKS NEW YORK STOCK S per share t per share third preceedlng page for March 22 97g 61 Sales S per share per share see PER high and low sale price per share not per cent Saturday usually Inactive Feb 11 R5L to Mar 4 5 Dec Dec Dec 100 June 102 Dec 35 Dec 73 Dec R91a TYaa basis of 26 par a Far New York Stock 1262 Jan the Exchange Exchange BOND Record Friday Weekly and Yearly changed and prices are now and method of quoting bonds was interest except for income and defaulted bonds BONDS II N Y STOCK EXCHANGE Week ending March 2 5 a Range BONDS Price Week s Range or Since N Y STOCK EXCHANGE Week ending Mareh 24 Thursday March 24 Last Sale Jan 1 Range or Since Last Sale Jan I S First Liberty Loan J D 90 03 Sale D 87 48 Sale 86 96 Sale D J D Mar 21 Seoond Liberty Loan 4 Of Conv 4 of Loan M N 86 90 Sale 86 96 Sale 4Ji 90 20 Sale C OO Fourth Liberty Loan M S of M N Third Liberty O 87 12 Sale D 97 56 Sale 97 06 D A 4K Of Sale Victory Liberty Loan M Notes of H Notes of s l941 Chesa A O fund A impt 5S 1929 1st consol gold 5s ale 90i i s 1945 5S Christiania City s f 8s A 73 Copenhagen 25 yr s f 514b 1944 J Cuba External debt 5s of 1904 M Exter dt of 6s 1914 ser A 1949 F Sale 99 40i2 41 Sale i i i2 Sale i2 98 4 Sale F A F F F French Republic 25 yr ext 8s 1945 M Danish Con Municipal 88 A 1946 Series B 1944 Dominican Rep Con Admsr5 58 External loan 43 8 Denmark external s f 8s 8OI i2 Gt Brit Ireland U K of 5 year 5 4 gold Sale notes 1921 M N bond 534a 1937 F A 1929 3 year conv 5348 pl922 Italy Kingdom of Ser A 634s 25 Japanese Govt loan 4 4s 1925 10 year conv 534a year U Sale 887 Sale Sale F F F F Sale X 82 1925 J Sale J 73 74l2 7434 Lyons City of 15 yr 6s 1934 M N 74 74 8 Sale Marseilles City of 15 yr 68 1934 M N Mexico Exter loan 5s of 1899 Q J X 45 32 D 32i2 83 Gold debt 4s of J 99 O 9912 Sale Norway external s f 8s 1940 A 96 O 963g Sale Paris City of 5 year 6s 1921 A 97 J San Paulo State ext s f 8s J 10234 Sale J 104 Switzerland Govt of s f 8s 1940 J Tokyo City 5s loan of 1912 M s Sale 95 o 93 Zurich City of s f 8s 1945 A XThese are prices on the basis o 5 to 82 j t 82 Sale 44b General consol 1st 5s 1937 U S Mtg A Tr Co ctfs of dep 1st consol gold 6s City Securities and City 4Ms Corp stock 1960 hi 4 b Corporate stock 1964 IB 8 S 43is Corporate stock A O 434s Corporate stock July s Corporate stock 1963 4 Corporate stock 1959 4 Corporate stock 1958 4 Corporate stock 1957 4 Corporate stock reg 1956 New 434s Corporate stock Corporate stock s Corporate stock Highway Improv t 434 s 1963 Highway Improv t 43 s 1965 Virginia funded debt 2 3S 1991 N Y State 4s Canal Improvement 4s Canal Improvement 4s J D IB 8 IB N M N IB N M N M N IB N IB N IB 8 J J J J M S IB 8 J J 86i2 80i b General 44b Series 65 Gen A ref Ser A 4 s 84 B C Gen ref conv Ser B 5s 4s Atch Top S Fe Gen g 4s Registered Adjustment gold 4s Stamped Conv gold 4s Conv 4s issue of 1910 East Okla Div 1st g 4s k1990 Q J A O 1995 A O 1995 Nov 1995 Nov 1955 J D 1960 J D 1928 IB 8 87 Sale Sale s Feb Mar May Jan Dec 20 67 Sale Fargo A Sou assum g 6s 1924 Milw A Nor 1st ext 4 4s 1934 Cons extended 44b Mar Sept us Convertible 4 Js Wis A Minn Div g General 4s 1987 Registered Sinking fund 5s 83 Mar Debenture Mar Registered IB 15 year secured 6t g 44b 47 IB Elk A Mo V 1st 6S 1933 A Des Plaines Val 1st gu Frem Man G B A N W 1st Dec 20 51 Mar Mar Mar Feb Mar Jan 21 79 Jan 21 129 g Aug Nov 20 Oct Mar Ref A impt 6s 8S7g Cairo Div 1st gold 4s 76 ll Mar g Feb Feb Mar 2l Feb Jan 20 85 Apr Dec Feb s s d Jan 21 Nov 20 72 Jan Mar I Oct Feb 21 J J Mar 21 Mar m Nov 16 75 Mar 21 82 Sept Jan Feb Mar Sale Mar 31 67 Sale May 18 J July Due Aug oDue Oct Sale 72 F Feb 19 J 1936 Q F Cin S A CI cons 1st g 5S 1928 J J C C C A I gen cons g 6S 1934 J J Ind B A W 1st pref 4s 1940 A O O Ind A W 1st pref 5s dl938 Q J Peoria A East 1st cons 4s 1940 A O Income 4s 1990 Apr Cleve Short L 1st gu 44b 1961 A O Colorado A Sou 1st g 4s 1929 F A Refund A Ext 44b 1935 IB N Ft W A Den C 1st g 6s 1921 J D Conn A Pas RIvs 1st g 4s 1943 A O Cuba RR 1st 50 year 5s g 1952 J J Feb J M S Mar 21 81 Jan 21 80 Mar Nov Mar 21 88 Sale M N 99 Feb 2l Mar Registered JDua April iDue May zDueJane ADue Jan 21 Apr Sale Q Nov A 1993 J s J i0l Sale 101 Oct 16 75 Mar S MN 1939 4s 1991 St L Div 1st coll tr g 4s 1990 Spr A Col Div 1st g 4s 1940 W W Val Div 1st g 4s 1940 CIStL AC 1st g Mar Series A Cin W A M Div 1st g year deb 43 8 General 5s Series B Nov A O F A 4 s 41 J D Chic St P M A O cons 6s 1930 D J Cons 6s reduced to 3H8 1930 Debenture 5s 1930 IB 3 J North Wisconsin 1st 6s 1930 J M S Superior Short L 1st 5s g el930 J D Chio T H A So East 1st 5s 1960 Chic A West Ind gen g 6s el932 QM J J Consol 50 year 4s 1952 J J Cin H A D 2d gold MN C Find A Ft W 1st gu 4s g 1923 J J Day A Mich 1st cons J D Clev Cin Ch A St L gen 4s Jan 12 Mar 19 89 Mar St Paul A K C Sh L 1st ii 68 Feb 20 Feb 21 98 Keok A Des Moines 1st 5s s A O 4 S 1934 IB S Burl C R A N 1st 5s 1934 A O C R I F A N W 1st gu 5S 1921IA Ch Okla A G cons 5s 99 Feb R I Ark A Louis 1st Dec 20 x 99 Refunding gold 4s Registered Feb Mar J Sale J 68 Mar 21 Mar Mar 21 74 St L Peo A N W 1st gu 5s 69 Sale S 85 651a Sale 85 Jan 21 75 o J 1988 J 1988 J Feb Chic R I A P Ry gen 4s Jan 21 65 Mar 21 J Feb 21 67 J J 4s 1947 IB 98 Feb 20 86 s 1st gold Mil Spar A N W 1st gu Mich Div J 3 s l94l J J Mil L S A West 1st g 6s 1921 IB Ext A imp 8 f gold 5S 1929 F Ashland Div 1st g 6s 1925 IB Milw A S L 1st gu Oct Sinking fund deb 5s Mar Q F MN M N M N A O A O A O A O A O 1921 A O 1933 IB N 1933 IB N 1930 J D 5s Registered 10 year secured 7s g July Registered I M N Registered Pl Mar s General gold Feb Ex 4s l886 26 N west Sale C M A Puget 3d 1st gu 4s Chic A Sale Sale Sale Mar Sale 15 Feb Sale Dec 20 Friday latest bid and asked aDueJan Sept 20 July 20 May I Sale 1 Mar Permanent 4s J 733g 75 J 78 78 Cal Ariz 1st ref 434s A 1962 IVI 8 88 S Fe Pres Ph 1st g 5S 1942 M S 77 Sale Atl Coast L 1st gold 4s 1952 M 8 10 year secured 7s 1930 IB N Gen unified 434s 1964 J D 90 Ala Mid 1st gu gold 5s 1928 M N 76 83 Bruns W 1st gu gold 4s l938 J J Charles Sav 1st gold 7s 1936 J J LAN coll gold 4s 01952 M N 101 Sav F W 1st gold 6s 1934 A O 92 1st gold 5s 1934 A O Bait A Ohio prior 334s 1925 J J 78 Registered 1925 Q J 68 Sale 1st 50 year gold 4s 1948 A O Registered 1948 Q J 66 Sale 10 yr conv 434 a Refund A gen 5s Series A 1995 J D 88 Sale Temporary 10 yr 6s 1929 J J Pitts June 1st gold 6s J J P Juno A M Div 1st g M N 63 Sale PLE A W VaSysref 4S 1941 MN 76 76 Southw Div 1st gold 334s 1925 J J 80 4 Cent Ohio 1st c g 434s 1930 M S CI Lor A W con 1st g 5s 1933 A O 85 90 Ohio River RR 1st g 5s 1936 J D 75 General gold 5s 1937 A O 9634 Sale Pitts Clev A Tol 1st g 6s 1922 A Q 53 Sale Tol A Cin div 1st ref 4s A 1959 J J 9134 93 Buffalo R A P gen g 5s 1937iM S 81 83 Consol 434s 1957 IB N 70 All A West 1st g 4s gu 1998 A O 82 4 Clear A Mah 1st gu g 5s 1943 J J Roch A Pitts 1st gold 6s 1921 F A Consol 1st g 6s 1922 J D 83 87 Canada Sou cons gu A 5s 1962 A O Sale 78 25 year debenture 4s Chic A L Sup Div g 5s 1921 Chic A Mo Riv Div 5s Sale Mar 21 Mar Feb J Trans Con Short L 1st 4s 1958 J M N Rocky Mtn Div 1st 4s No price Mar Sale Mar AO J g Sale S 8 Railroad Ann Arbor 1st g Sale IB J s deferred Brown Bros ctfs I Sinking fund 6s Oct Mar A el989 el989 el a2014 a Registered Gen l gold 3J s Ser Mar Ch M A St P gen g 4s ser Mar V i2 82 82i2 8H IB N 1956 Sou 50 yr 4s 1956 East 1st 4 s l Refunding 4s Series C Ind A Louisv 1st gu 4s Stamped 4s General 5s stamped Refunding gold 5s Mar Mar s 1947 Chic Ind A Louisv Ref Registered State N Y j IB N 1936 Chicago Great West 1st 4s 1959 Chic L S A Nov Guar Tr Co ctfs of dep Chic Ind A Chic A Ind C Ry 1st 5s 75 no I47i series Sterling loan 4s 1958 g 1955 of dep Chic A E 111 ref A imp 4s Registered Stamped Second Joint bonds See Great North Nebraska Extension 4s 1927 U S Mtg A Tr Co cts June Div 4s General 4s Sept 16 73 Mar S IB Illinois Div 3J ale M N Chic B tri A Q lin Illinois s Sale 9134 Sale 99 Sale do Aug 1921 F A 1929 F Chile Repub ilc ext sf 8s 19 41 F Chine He Hukuang Ry 5s of 1911 J do 2 yr 5Hs gold notes 10 year 5Hs 72 J Jan J 987g J July 20 Jan 21 J Sale do A O 1931 A O do J Railway 1st lien 3Hs 99 Mar 17 J Chic A Alton RR ref g 3s J June J Sale 94 Sale O D D J Sale J A 85 Jan 18 79 i s Sale 82 Sale 1989 Greenbrier Ry 1st gu g 4s 1940 Warm Springs V 1st g 5s S R A A Div 1st con g Sale 93 92 IB N 4HS Feb 21 Mar 2 A 72 2d consol gold S Mar F M Sale 70i J IB Dec 20 90 mm High June 17 mmmm IB N U J J Big Sandy 1st 4s Coal River Ry 1st gu Sale 69 2 S Belgium 25 yr ext s f 7J J D 5 year 6 notes Jan year s f 8s 1941 F A Berne City of 11 8s 1945 M N Bergen N rway 8 f 8s 1945 M N Bordeaux City of 15 yr 8a l93 M N Canada Dominion of g 5s 1921 A O 83 M S 30 year conv secured 5s Craig Valley 1st g J J Registered Potts Creek Br 1st 4s Foreign Government Argentine Internal 5s of 1999 IB General gold 4J s 20 year convertible 79U Apr 20 8712 Mar A1987 Registered Q N Y A Long Br gen g Registered Mar D Feb 21 981 Mar 19 99 4 IOOI4 July 18 9934 lOOt No Low Mar 21 88 Mar Mar 21 66 Dec 20 90 May yr 5s 38 J Am Dock A Imp gu 5s Feb i lOOU 10012 June 20 J 11930 J 2s consol coupon dl930 F 4s registered 1925 F 4s coupon 1925 F Pan Canal 10 30 yr 2s Pan Canal 10 30 yr 2s reg 1938 Q N Q M Panama Canal 3s g 1961 Registered 1961 Q M 28 consol registered D D Central of Ga 1st gold 5s pl945 F A Consol gold M N 10 yr temp secur 6s June 1929 Chatt Div pur money g 4s 1951 J Mac A Nor Div 1st g 5S 1946 J Mid Ga A Atl Div 5s 1947 J Mobile Div 1st g 5s 1946 J IB N Cent RR A B of Ga coll g 58 1937 J Cent of N J gen gold 5s 1987 J Car Clinch A Ohio 1st Sale 7S 1940 J Canadian North deb s f 87 00 J of High No Low J 3H of Conv 4 of Conv4tf of d oonv 4tf High Ask Low Bid Government High Ask Low Bid U Range Week s Price Thursday March 24 Nov Dec Nov Mar Mar Sale Sale Mar pDue Nov jDue Deo Option sale New York BOND 1263 Record Continued Page 2 S X3 BONDS Week s Price Range BONDS N Y STOCK EXCHANGE Thursd iy Range or Since N Y STOCK EXCHANGE Week ending March 24 March 24 Last Sale Jan 1 Del Lack A Western Low Morris A Essex 1st gu 3 82000 J d N Y Lack W 5a 923 F a Term A Improve 4s 923 vi N Warren 1st ref gu g 33 8 Delaware A Hudson 1st lien equip g 4 js No Low High Feb Feb F a 102 8 j Feb 21 78is Mar is st A ref 4s 943 M N 30 year conv 5a 10 year secured 7s 935 A o 930 j D 946 a O Alb A Susq conv 314a Renss A Saratoga 1st 78 Den A R Gr 1st cons g 4s M N 936 j Mar Mar J 936 j Consol gold 4 8 Feb J 67 4 n Ash Low N o 695s j Sale j 105 j 1945 M Registered Long Isld 1st 70 4 gold cons A1931IQ 1st consol gold 4s General gold 4s S j A1931 Q j 1938 j d 1922 m g 75 M M j D 71 Ferry gold 4 tfs 955 F A 44U 455s Gold Unified gold 4s 1932 j d 1949 m S Debenture gold 5s 1934 j i4 297s Apr ll Dec M M Rio Gr Sou 1st gold 4s Guaranteed 940 J j 940J J Nov I NY Dul A Iron Range 1st 5s Dec 20 Mar Ma m 1 I Registered 1051 j Dul Sou Shore A Atl g 5s Feb Erie 1st consol gold 7s NY4 Erie 1st ext g 4s 99 3rd ext gold 4 s 17 Jan I 920 A O 91 4 Mar 211 93 June 20 928 j d 9434 Nov 15 NYLEAWlstgfd 7s Erie 1st cons g 4s prior 920 M s 98 2 Aug 19j Registered j j 1st consol gen lien g 4s conv 4s Ser A do Series B Gen conv j Registered Penn coll trust gold 4s 60 year 951 f 953 a v Dec Feb 21 Unified gold 4s Registered Collateral trust gold 5s 7312 Feb 21 36 o 3912 Chic A Erie 1st gold 5s Cleve A Mahon Vail g 6s I067g Erie A Jersey 1st s f 8s Genessee River 1st s f 6s Feb 21 Dock A Impt 1st ext 5s Feb 21 N Y A Green L gu g 5s N Y Susq k W 1st ref 5s Dec 20 Long Dock consol g 6s Coal A RR 1st cur gu 63 397s 457s Jan o 953 a Jan 18 2d gold 43 8 General gold Terminal cons gu g 10 year secured 7s Sale I 1st A ref 4tfs Series A 97 s j Registered Registered Reduced to gold 4 s I 7 Feb Mar st consol g 6s Sept Minn Union 1st g 6s 995s Mont C 1st gu g 6s 101 Feb 2l 99 Mar B WillA SF 1st gold 6s Green Bay A W Deb ctfs A si Feb A J Houston Belt A Term 1st 6s 937 J Illinois Central 1st gold 4s 951 j 8312 Registered 1st gold 3tfs Registered 951 a s Sept 17 951 j Jan 21 Nov st gold 3s sterling 951 M Collateral trust gold 4s M 8 952 a o Dec MN 75 Purchased lines J 68 4 LNOA Texas gold 4s 963 MN 1st refunding 4s j Cairo Bridge gold 4s Litchfield Div 1st gold 3s Loulsv Div A Term g 3Xs Middle Div reg 6s Omaha Div 1st gold 3s 921IF Bt Louis Div A Term g 3s Gold 334 s 951 J Spring Div 1st g 3Hs 951 j Western Lines 1st g 4s F Jan S9H Dec Dec 20 Sept F Bellev A Car 1st 6s 923 j Carb A Shaw 1st gold 4s 932 m Chic 8t L A N O gold 5s 951 j 951 j Oct 20 Registered j J 813 Sale MemPb Dtv 1st g 4s 951 J l j Registered 950 J Int A Great Nor 1st g ext 7s James Frank A Clear 1st 4s 959 j Wftnaa D city Sou 1st gold 3s 950 a o 950 a Registered Ref A Impt 6s Kansas City Term 1st 4a Sale o l Mar Feb 2l A Aug J Jan 21 i 940 J Sept 19 bid and asked this week a Due Jan Des M A Ft D 99 1st cons 693j 70 8 Mar F Mar 21 gold 5s 1938 d 1951 S 40 4s int gu 38 j 79 con g Sale j Trust Co certfs of deposit 1st ref 4s 2001 Dec Feb M M M M Jan Mar 21 35 mm m A o mmm m A 54 O 42 M K A Okla 1st guar 5s 1942 m n M K A T of T 1st gu g 5S 1942 m m m 51 2 mm M M 69 Oct 20 Jan Oct Mar i3 84 Mar 21 M m M a 89l S 53 4 Sale M n D 2d extended gold 5s 1938 f St L Ir M A S gen con g 5s 1931 J Gen con stamp gu g 6s 1931 a a 793g j M MM St Louis Div 5s 1927 M S il927 J d 1938 Q J 1947 M S g Guaranteed general 4s g 70 4 Oct g Due Feb Due June ft Due July Mar 21 Dec Mar Mar Mar Mar Sale 15 Dec 20 Dec g Mar g j 653s Sale D Sale 60 2 Sale 887s Sale s Sale 1003g O 6a 1935 m n 1930 M s O g 77 77 j 1997 A g j 1934 m n 77 8 Sale June m n j J 75 2 Sale 75 2 l 8 F 1998 f A 61s4 Sale 61 2 Sept Due Mar A Mich Cent coll gold F A Registered 1998 f A Battle Cr A Stur 1st gu 3s 1989 J d Beech Creek 1st gu g 4a 1936 J j Registered 1936 J j 2d guar gold 5s 1936 J j Registered 1936J j Beech Cr Ext 1st g A O Cart A Ad 1st gu g 4s 1981 J d Goub A Oswe 1st gu g 5s 1942 j D Ka A A G R 1st gu g J j Registered Sept 20 995a 9988 Sale j 1998 f Ref A Impt 43 s A 2013 A New York Cent A Hud River 30 year deb 4s Lake 8hore coll g n 07V Non cum Income 5s A A conv deb July A 1931 5s s Sale f Nashv Chatt A St List Jasper Branch 1st j Mar 21 June 19 75l Aug loo Oct 18 74 mm1 O 1933 J j 1926 M N g 5a mm M J J Feb 21 30 m m a O Jan 21 Dec 20 627g m a 1929 A Jan 21 Mar 21 32 m 1st A refunding 6s Ser a 1965 F 1st A refunding 5s 8er B al923 f 1st A refunding 5s Ser C 1926 f 1938 M S 1948 M n Jan 2l Dec 20 42 mm 70 58 m Texas A Okla 1st gu g 5s 1943 m S Missouri Pacific reorg Co vi S d Jan Dull A Waco 1st gu g 5s 1940 M N General gold 4s Feb Kan City A Pac 1st g 4s 1990 f Mo K A E 1st gu g 5s 1942 A Montgomery Div 1st Dec Sale secured notes ext s Jan 21 85 a 1st A refunding 4s 2004 m S Trust Co certfs of deposit Gen sinking fund J J D 01990 f j M n Mississippi Central 1st 5s 1949 J St Louis Div s 1st Chic Term 3 f 4s 8ept 20 mm mmm 68 2 s j 1st gu 4s 1935 Registered Mar Oct 09 o July 20 Mar a 5s 67 Nov 10 d 1934 m n gold Debenture gold 4s J 937 j 2d gold 5s North Ohio 1st guar g 5s No price Friday atest Mar 10 d 1st consol Mortgage 3Hs Registered 941 J Lake Erie A West 1st g 6s Registered j Apr Leh Val N Y 1st gu g 4tf Nov 17 Mar MN j 91 2 Mar 21 931 M S St Louis Sou 1st gu g 4s Ind 111 A Iowa 1st g 4s m S f g 5s 1925 j 1927 j 10 year coll tr 7a Consol 4s Series A May io Mar 19 July 18 Gold 3 s Joint 1st ref 5s Series A s 1st A refunding gold 4s 1949 vi Ref A ext 50 yr 5s Ser A 1962 N Y Cent RR Mar 21 D Midland Term 1st Minn St Louis 1st 7s N O Tex A Mexico 1st 6s Mex Internal 1st cons g 4s 1977 m S NO A N Elst ref A Impt 4HsA 52 New Orleans Term 1st 4s Nov 16j 69 4 Nov 10 34 Nat of Mex prior lien 4 s st consol Dec 20 Jan May jj 94 4 Jan 2l 82 2 Jan 21 Nat Rys of Mex pr lien June J vi n M Feb M sua 83 s St L A Cairo guar g 4s Mar l F Registered j 953 J 74 Dec a O 1945 1st ext gold 6s 75 Sale 950 J 70 Feb MN 934 j J Registered 16 year secured 5 He 1936 Rlv A G Div 1st g 4s Verdi V I A W 1st g 5a Mob A Ohio new gold 6e 8ept 19 Mar Registered July s Mar 21 6512 Mar 21 5s Unified A ref gold 4s 951 a Registered Pac R of Mo 1st ext g 4a 1938 j Nov 19 104 Aug yr 5s cons gu g cons gu 3d 7s extended at 4 Cent Br U P 1st g 4s Mar 2l 951 j 99 4 Missouri Pac 40 year 4s Jan 21 951 j Extended 1st gold 3Hs Nov 20 79 a mm 76 General Feb 21 74i2 73 2 June 18 73 2 Oct 18 955 F 76 2 8her Sh A So 1st gu g 5s 1942 j 90 Sale 6 4Hs 999 J 83 8 j 5212 Dec Trust Co ctfs of deposit 1st ext gold 5s 1944 m n J tQ 21 Jan Sale Gulf A S I 1st ref A t g 5b b 952 J a May 06 1st guar gold 5s Feb 20 Feb 21 j N Fla A 8 1st gu g 5s MM m Mar 21 85 j Mar LAN South M joint 4s 1952 j Registered d gold 4s Mar s Mar 21 83 Registered m Jan mm 77 8 Mo Kan A Tex 1st gold 4s 1990 j mm 98 M 8 8 M A A 1st g 4s int gu 26 J Pacific ext guar 4s I May 16 Registered Mont ext 1st gold 4s 72 957g June 16 96 St Paul M A Man 4s 6Ui Sale Feb J j Lex A East 1st 50 yr 5s gu 1965 a O LA N A MAM 1st g M S M St P AS S M Kentucky Central gold 4s 1987 j 1st 6378 Great Nor C B A Q coll 4s Col A H V 1st ext g 4s Col A Tol 1st ext 4s m 103 4 Sale Hender Edge 1st s f g 6S 1931 m S Refunding gold 4s MM Iewa Central I Mar 21 Grand Trunk of Can deb 7s Registered Aug 10 Ft Worth A Rio Gr 1st g 4s Galv Hous A Hend 1st 5s cons g 81 2 June 12 Florida E Coast 1st 4V s Fort St U D Co 1st g 4 8 Registered 60 4 Mar SAN Ala 67 21 Nov MM M m j Pacific Ext 1st g 6s Sept 20 Nov 11 m 88 a 2d gold 3s 1980 M 9 Atl Knoxv A Cln Div 4s 1955 m n Atl Knox A Nor 1st g 5s 1946 j d Stamped guaranteed 81 2 Feb 21 E Minn Nor Div 1st g Jan st general gold 5s Mt Vernon 1st gold 6s Bull Co Branch 1st g 5s Registered 58 2 Nov 19 6s Sale 78 2 La A Jet Bdge Co gu g 4s Manila RR Sou lines 4s Jan 21 5s Evans A T H 1st cons 6s Debenture ctfs 1 Feb 21 gold Wllk A East 1st gu g 5s Hocking Val 1st Registered 76 j 1931 m n 1930 m n 1931 m n 1930 j j L Cln A Lex gold 4 s N O A M 1st gold 6s Gen Dec 06 5s 1st Mid of N J 1st ext 5s Ev A Ind 1st 98 Jan 18 59 j 1940 j N A C Bdge gen gu Pensac A Atl 1st gu g 6s j Nov Jan d gold 6s 1930 j Paducah A Mem Div 4s 1946 f St Louis Div 1st gold 6s 1921 m June o 953 a 4s Series D Oct 20 41i nil 85 i 996 j 60 4 Mar l 66 2 Oct 06 Mar th ext gold 5s 6th ext gold 4s 68 S A O 1927 M S Feb Mar 21 j Oct A R B 1st gold 58 m m 60 2 g Nor Sh B 1st con g gu 5s al932 q 75Ul m m 65 Feb 2l mmm mm m 85l2 May 20 Louisiana A Ark 1st g 5s 1927 jM S Louisville A Nashv gen 6s 1930 j d Gold 5s 1937 m n d 1949 m con g 91 g jivi n Registered N Y B A M B 1st 9312 Det Riv Tun Ter Tun 4 a Dul Mlssabe A Nor gen 5s Elgin Jollet A East 1st g 5s p m deb 5s Guar refunding gold 4s 507s Dec 16 63 Det A Mack 1st lien g 4s Gold 4s 20 year Mtge A coll trust 4s A 4s Jan Rio Gr West 1st gold 4s 11 Oct j 6 42i Mar Safe 1st A refunding 5s M S Improvement gold 5s Trust Co oertifs of depoa Rio Gr June 1st gu 5s No Mar 211 j Leh A N Y 1st guar g 4s High or 77i2 77i2 9134 Mar O Leh Val RR 10 yr coll 6s nl928 Leh Val Coal Co 1st gu g 5s 1933 j Registered 1933 j 1st Int reduced to 4s 1933 j Range Last Sale Bid Lehigh Val Pa cons g 4s 2003 m General cons 43 s 2003 vf Leh V Term Ry 1st gu g 5s 1941 a Registered 1941 A Mar 2l Week s Thwsdav March 24 24 High 6712 Mar j Price Week ending March May Mar 21 62 Feb 21 49 Feb 20 47lg II11 81 2 Mar Nov 16 101 May June Due Oct Option sate I New York BOND Record Continued Page EXCHANGE ending March 24 Week s Range or Week Last Sale gold 4s 25 year gold 4a Registered 4a Moh A Mai 1st gu g Mabon C l RR 1st 5a Michigan Central 5a Registered 4a 1st gold 4a OI Sale 79 Sale Non conv deben Non conv deben 4b Non conv deben 4s Conv debenture 3Hs Conv debenture 6s Cons Ry non conv 4s Non conv deben 4s 1956 4s 1954 B A N Y Air Line 1st 4s 1955 Cent New Eng 1st gu 4a 1961 Housatonlc Ry cons g Naugatuck RR 1st 4s 1954 N Y Prov A Boston 4s 1942 N Y W ches A B 1st Ser 14H8 46 Boston Terminal 1st 4s 1939 New England cons 6s 1945 Consol 4s 1945 Providence Secur deb 4s 1957 Providence Term 1st 4s 1956 WACon East 1st N Y O A W ref 1st g 4s 71992 Registered 5 000 only 171992 General 4a 1955 Norfolk Sou let A ref A 6a 1961 Non conv deben 4s Harlem R Pt Chea 1st 69l2 94 way A Feb 2l 9912 Feb Sale 33i st A cons 6s Series A Atl A Birm 30 yr 1st g Feb Oct Mar Jan lOo i2 76 Jau Sale Sale Safe 54i 83i8 99i i Jan Mar Virginia Mid Ser D Feb Feb Mar OI s U Sale 85i Sale 97i2 Sale D J D 67 O 79i2 Sale Mar Mar 20 67 Dec 20 67 Jan 20 Mar year guar 4a ctfs Ser E 1952 M N Cin Leb A Nor gu 4s g 1942 M N Mar Feb Dec Feb 20 IW N 1942 A O 8712 87i2 A O Feb 12 68l2 90 Dec i8 75 A J J J Gr R A I ex 1st gu g 4Hs 1941 J Ohio Connect 1st gu 4s 1943 M S Pitts Y A Ash 1st cons 5s 1927 M N J 70i i2 Sale Series F guar 4s HS 1963 J gold Series G 4s guar Series I cons guar F A D M N F A General 5s Series A 1970 J D C St L A P 1st cons g A O Phlla Bait A W 1st g 4s 1943 M Nl No prloe Friday latest bid and asked i i OI Sept 17 85 Mar 21 85 Feb 20 Dec Feb Apr Oct 20 Feb June e Due Jan so Oct 20 Mar 21 0 Due Feb nDueJune 99 Dec 20 Feb 2l 94 Mar s St L M Bridge Ter gu g 58 1930 Texas A Pac 1st gold 5s 2000 2nd gold Income 5s 72000 La Dlv B L 1st g 5s 1931 W Min W A N W 1st gu 58 1930 Tol A Ohio Cent 1st gu 5s 1935 Western Dlv 1st g 5a 1935 General gold 5s 1935 Kan A M 1st gu g 4s 1990 2d 20 year 5s 1927 Tol P A W 1st gold 4s 1917 Tol St L A W pr lien g 3HS 1925 50 year gold 4s 1950 Coll trust 4s g Ser A Virginian 1st 5s series A 25 July Mar Oct Mar Feb Mar Sale 82 Jan Dec Mar J 78 J J J Mar 21 87 Sale 81 Mar 10 67 Feb 21 88 Feb s Feb 21 O Feb 21 J o 89 J MN IW J 94 J 73 J O 56 M N IIII 88 IW N J 63 A Jan 21 80 May 20 65 Aug 19 87 Nov 20 60 Feb Dec 20 90 Jan 21 Jan Jan O J Feb 21 65 Feb 21 85 Mar Oct 20 J 71 O A Mar 21 J Jan 21 70 Mar 21 O July 20 D Mar 21 Mar Mar 21 J 65 J Dec 20 106 Nov Feb Jan Feb 21 84 Dec Feb 19 Oct 20 Mar D Mar Nov 20 Feb 21 D 75 A O J J 80 Sale J J J J s IDueAug Sale st A refunding 4s 2008 M S J J 10 year perm secured 6s 1928 Ore RR A Nav con g J D Ore Short Line 1st g 6s 1922 F A 1st consol g 5s 1946 J J Guar refund 4s 1929 J O Utah A Nor gold 5s 1926 J J 1st extended 4a 1933 J J Vandalia cons g 4s Ser A 1955 F A Consols 4s Series B 1957 M N Vera Cruz A P 1st gu 4Hs 1934 J J ftDueJuIy Feb Apr 20 80 Aug 20 76 Sale 70 72 deposit 4s s Jan Sept 20 J Gen refund s f g 4s Ulster A Del 1st cons g Sale 91 s W O A W 1st cy gu Feb IW 20 year conv 4s Feb 21 90 J Spokane Internat 1st g 5s 1955 Term Assn of St L 1st g 4H8 1939 Registered 84 Mar 21i 85 S 1st cons 60 year 5s Union Pacific 1st g s Va A So w n 1st gu 5s 69 Jan IW 5s Mar IW 1st refunding g 4s Oct F General 5s 145 I 84 D Tor Ham A Buff 1st g 80 Dec 20 82 Series Series E 6s J 1st 3s Trust co ctfs of Mar 10 85i Sale Sept Series E 3Hs guar 80 93 Series C 4s 1942 M S P C C A St L gu 4Hs A 1940 A O Series B guar 1942 A O M N gold 1949 Jan 21 Apr 20 79 May 19 85 J 1942 M N Dec s 1st cons gold 5s J Feb Mar lien g 5s 82 Dec Cons 1st gold 5s E Tenn reorg Ga Midland Oct 19 76l o 1944 g 4s guar 4s Ga Pac Ry 1st g 6s 1922 Knoxv A Ohio 1st g 6s 1925 Mob A Bir prior lien g Mortgage gold 4s 1945 Rich A Dan deb 5s stmpd 1927 Rich A Meek 1st g 5s s Atl A Yad 1st g Oct is Mar A E T Va A Ga Div g 5s Jan 21 70ls Guar 3Hs trust ctfa D Series D 4s guar 2d 5414 Oct Sale Guar 3Hs trust ctfs C 1950 F J Pennsylv Co gu 1st g 4HB 1921 Registered 1921 Series C guar N J 1921 A O Atl A Danv 1st Feb 19 Erie A Pitts gu g 3Hs B 1940 J Series C 1940 J J N N Mem Dlv 1st g 4Hs 5s 1996 St Louis div 1st g 4s 1951 Ala Gt Sou 1st cons A Atl A Charl A L 1st A 4HS 1944 June Sept 10 A D 1st 30 year 6s Ser B Feb 21 Sale 72 Sale A Mob A Ohio coll tr g 4s s M N Nov Develop A gen 4s Ser i2 Sale Jan 21 Mar Dec 20 75 J 1 Feb D 1949 F 1929 J gold 3Hs Registered i2 F J 1934 J 1921 J No of Cal guar g 5s 1938 A Ore A Cal 1st guar g 5s 1927 J So Pac of Cal Gu g 5s 1937 M N So Pac Coast 1st gu 4s g 1937 J J J Tex A N O con gold 5s 1943 J 80 Pac RR 1st ref 4s 1955 O San Fran Terml 1st 4s 1950 J Southern 1st cons g 5s 1994 Dec 19 100i Dec Louisiana West 1st 6s Safe 4s jM S Gen gold 4s Int guar Nov Mar J GllaVG AN 1st gug 58 1924 IW Hous E A W T 1st g IW 1st guar 5s red 1933 IW H A T C 1st g 5s int gu 1937iJ Series B 4Hs Mort guar J J 20 year conv 2d extcn 5s guar J Sale May s 1920 J Registered 55 Feb Sale A coll J 20 year conv i2 Guar 3Hs coll trust reg A 1937 M S Cent Pac 1st ref gu g 4s 1949iF 96 S Registered D Waco A N W dlv 1st g 6s 1930 IW N A J Gold 4s Cent Pac i Sale F Southern Pacific Co Sale J A JtN Wist gug 5s ii Jan s ol945iJ g 5s 1929 J Seaboard A Roan 1st Mar 21 37 Sale 45 73i ale Sale J Ga Car A No 1st gu Sale 4s el933 M S 58 1 Consol gold Ga A Ala Ry 1st con Mar 21 Sale i2 99is A J Tol W V A O gu 4Hs i2 Nov 20 6OI4 A Series D 3Hs Sale 77 66 Sale Sale O Series C 3H8 Jan 21 48 A 3Hs Oct Int reduced to year secured 0Hs 1936 Alleg Val gen guar g 4s 1942 D R RR A B ge 1st gu 4a g 1936 Series B Dec 19 74i2 D Q M J Nor Pac Term Co 1st g J J Oregon Wash 1st A ref 4s 1961 J J D Pacific Coast Co 1st g 6s 1946 J Paducah A Ills 1st s f 4H8 1955 IVI N Pennsylvania RR 1st g 4s 1923 Consol gold 4s 1943 M N Consol gold 4a 1948 IVI N Consol 4Hs 1960 F A General 4 Ha 1965 J D A CI A P gen gu 4Hs Ser A 1942 J Sale 1949 J Fla Cent A Pen 1st ext J 1st land grant ext g 5s 1930 J Feb st consol gold 4s CI A Mar 1st gu g 4Hs 97 J Caro Cent 1st con g 4s Sept s J Guar 15 25 year gold 4a 1931 A Through St L 1st gu 4s 1954 A O G H A S A M A P 1st IW N 62 Wash Cent 1st gold 4s B J D F 5s 4s 40 IO6I2 May 15 87 July 14 83 Aug l2 NOV Mar Sale 47 Sale J 1950 A 1950 A 01949 F 1959 A 1945 M S 40 Feb s 1947jJ 40 Oct 19 68I2 5634 Adjustment 7834 July 18 49 M S M S 1968 J 73 Oct 17 70i Guar 3 Ha coll trust Ser Registered certificates 1923 St Paul A Duluth 1st 5s year secured 7s 42 40i2 Mar 21 Sale Sale 60 Sale 86 Sale J J 1947 A O IW N Gray s Pt Ter 1st gu g S A A A Pass 1st gu g 4s Seaboard Air Line g 4s Refunding D 5s Sale 1931 J Mar 21 IIII Feb Oct J Gold 4s stamped l i St Paul Duluth Dlv g General Sale 76 F St P A N P gen gold i2 June 20 a Registered Ref A Imp 4 8 ser A Jan June J J O O St L 8 W 1st g 4s bond ctfs 1989 M N 2d g 4s Income bond ctfs pl989 J J Consol gold 4s 1932 J 1st terminal A unifying 53 1952 J Mar 21 J J J gold 5a K C Ft SAM cons g Dec s 1936 A KCAMRAB lstguSs 1929 A 93 Sale 11II 80 o K C Ft S A M Ry ref g Oct J 7 Jan 21 Dec J Southw Dlv 1st g 5s Jan J St L A S F RRcons g 4s Nov J 4s 1989 M N Registered General lien gold 3s General Feb Mar 21 hl955 A O Cum adjust Ser A 6a Income Series A 6s 98 Nov 16 70U N J J A J J J IW N F A J J M N IW N A O J J A O J J J J IW N IW S J J rall 1997 Q 1997 Q a2047jQ O St Louis A San Fran gen 6s 19311J 97 Feb S S O J Pacific prior lien land grant g 4s 551s J 1950 J 1928 J Prior lien Ser C 6s 7H2 NOV s 1922 J Northern SaleJ 36 39 Co Prior lien Ser A 4s Jan 21 Mar J 1940 A 1943 J 1997 J 1997 J 1951 j A 1951 J 1947 J Prior lien Ser B 5s May A N N A New River 1st gold 6a 1932 A O N A W Ry 1st cons g A O Registered 1996 A O Dlv l 1st lien A gen g 4a 1944 J J 10 25 year conv 4a 1932 J D 10 20 year conv 4s 1932 M S 10 25 year coiiv 4hs 1938 M S 10 year conv 6a 1929 M S Pocah C A C Joint 4s l94l J D Sclo V A N E 1st gu g St Louis A San Fran reorg Nov 20 89i t4 F Norfolk A Sou 1st gold 5s 1941 IW Norf A West gen gold 6s 1931IW Improvement A ext g 6s 1934 F C C A T 1st guar gold St Jos A Grand Isl 1st g4s i2 I 3Hs s ftl922 A O 1941 iJ J OgALCham latgu 4sg 1948 J Jj Rut Canada let gu g 4s 1949 J JJ St Lawr A Adir lBt g 5s 1996 J J 2d gold 6a 1996 A O Utica A Blk Rlv gu g 4a 1922 J J Pitta A L Erie 2d g 5s al928 A O Pitts McK A Y 1st gu J J 2d guaranteed 60 1934 J J West Shore 1st 4a guar 2361 J J Registered 2361 J J NYC Lines eq tr M N Equip trust 4Hs J J If Y Connect let gu 4Hs A 1953 F A Nl IW A J IW J 1 F J Jersey Central coll g 4s Atlantic City guar 4a g 71 Nov 17 Feb Rutland 1st con g 4Hs Mar gold 4s gen Registered R W O con let ext Non conv deben 3 Hs Reading Co 7414 8ept 20 66i8 Mar 20 70ig Mar 21 77i2 7854 e s mn 4a 1993 A O 1932 J D 1st consol gold 5s Nov 19 82 Sale J 4a l937j J f s Pitts Sh A L E 1st g 5s Dec O Oct Sept 20 J Philippine Ry 1st 30 yr 98i2 NOV IIII 1st 4s 1936 F A N Y Harlem g 3Hs 2000 VI N N Y A Northern 1st g 5s 1923jA O RYNHA Hartford Non conv deben 4s 92 1st Series B 4s Jan F 1st Ser A 58 1950 J 1950 J Pere Marquette Dec 20 No Low High Ask Low 102 Bid J J J J S MN 2d gold 4Hs 93 May 20 9912 Aug 17 88iS 5s 1924 J Sodus Bay A Sou 1st g 8412 Nov 19 69 Last Sale Sunbury A Lewis 1st g J U N J RR A Can gen 4a 1944 IW Peoria A Pekln Un 1st 6s g 1921 Q i8 82 N J Junc RR guar 68 66U Chic St List g A O Registered A O Debenture 4a 1931 M N Pine Creek reg guar Sale 7234 N Y N Y A Pu 1st cons gu g 67 Sale 3 Range or March 24 Pennaylvanla Co Concl i M N 1929 A O 3HS 20 year debenture V i J 1940 J J 1951 M S Registered J L A 8 1st gold 3Hs 2 High Thursday Week ending March 24 Jan 1 NoJ Low 08t D D S N N S 1934 J J 1931 IW S 1931 Q JW Registered Debenture 683g Sale J 1 M ivi M M N Y STOCK EXCHANGE Since High Ask Low Bid N Y Cent AHRRR Con Lake Shore gold 3Ha 3 Week s Price BONDS Range Price Thwsdiy March 24 BONDS N Y STOCK 1926 M N Due Oct Sale 99 Sale 78 Sale Sale Sale Sept Mar Feb Mar Safe v Due Nov Due Dec Jan 21 Mar lOptlonsale New York BOND Price 1 Week s Thursday Week ending March 24 Bid As Low S A i2 73i S i M S 5514 A 665s 705s 7914 West Maryland 1st g 4s West N Y Pa 1st g 5s Gen gold 4s Income 5s Western Pac 1st ser A 5s 1946 IVI 1920 A 1st g 5s Wheel Dlv 1st gold 5s Exten A Impt gold 5s A Refunding 4Hs series A 1960 RR 1st consol 4s S M S Street g 5s 1945 A 2002 J 1st refund conv gold 4s secured notes Bk Q Co A S con gu g 5s Bklyn Q Co A S 1st 5s Bklyn Un El lBt g 4 5s i D Atlantic Rerg deb 614 s 193l M S Booth Fisheries deb s f 6s 1926 A O Braden Cop M coll tr s f 0s 1931 F A Bush Terminal 1st 4s 1952 A O Consol 5s Sale is A 54 A 53 A Hud A Manhat 5s A ser A j 1957 F income 5s N Y A Jersey 1st 5s 1932 F Interboro Metrop coll A Certificates of deposit Interboro Rap Tran 1st 5s 1960 j Manila Elec Ry A Lt f 5S 1953 IVI S 1931 J Montreal Tram 1st A ref 5s 1941 J New Orl Ry A Lt gen J Mar 21 19 Jan 21 27 Dec Sale 31 31 J II J Sale s s s 68 68 Sale Feb Mar and Electric Light Bklyn Edison Inc gen 5s A 1949 J J Bklyn Un Gas 1st cons g 5s 1945 M N Clncln Gas A Elec 1st A ref 5s 1956 A O Columbia GAE 1st 5s 1927 J J Stamped J st A ref 5s ser A Sale 84 J Columbus Gas 1st gold 5s 1932lJ Consol Gas 5 yr conv 7s 1925 Q Cons Gas ELAP of Bait 5 yr5s 21 Detroit City Gas gold 5s Detroit Edison 1st coll tr Sale F M N 19231J M S 89 Duquesne Lt 1st A coll 6s 1949 J J Eq G L N Y 1st cons g 5s 1932 IVI S F Kan City Mo Gas 1st g 5s Kings Co El L A P g 5s A 87 mi O Ed El 111 Bkn 1st con g 48 1939 Lac Gas L of St L Ref A ext 5s 34 Milwaukee Gas L 1st 4s Newark Con Gas g 5s YGELAPgSs J 6634 5s 1995 g 5S 1930 Ch G L A Coke 1st gu g 77 conv g 5s conv s f 6s g 88 2 Mar Feb J J M N Feb Dec Mar Apr May S Feb 21 85 Sale a e i2 Mar 21 Apr 17i Mar 17j May i2 Syracuse Lighting 1st g 5S 1951 J Syracuse Light A Power 5S 1954 J 72 83Bs s Nov Nov 20 July 19 United Fuel Gas 1st f 6s 1930 J J Utah Power A Lt 1st 5s Utlca Elec L A P 1st g 5a 1944 F A 1950 J 5S J J Utlca Gas A Elec ref s Westchester Ltd gold 5s 1950 J 72 84 D s l Apr 14 June l Jan i2 797g A O Feb Sale Sale Sale Sale 88 D 83 Mar A O F A M N esij 89 Sale Mar Nov Oct 19 78 i l8 94lt i l 1951 F A 1939 J J 68 8 Baldw Loco Works 1st 5s 1940 M N Cent Foundry 1st s f 6s 1931 F A 75 O 92i2 Am Writ Paper s f 7 6s Cent Leather 20 year g 5s 1925 A O Consol Tobacco g 4s 1951 F A Corn Prod Refg s f g 5s 1931 M N J A J O 10034 Sale J D J M N M N D 10 year 7 4s 1930 U S Smelt Ref A M conv 6s 1926 Va Caro Chem 1st 15 yr 5s 1923 Conv deb 6s el Sale Mar 2l 83 2 Feb l2l 91 s Dec 20 72 Feb 21 84l Mar Nov 20 80 8 Nov 20 86 2 Jan s Feb 21 Sale 75 2 83l Mar t D 9134 Sale 9134 O 90 2 Sale 92 2 Sale 95 2 Sale Sale g M N 1922 J J Westlngh E A M 7s 1931 M N Wickwire Spen Steel 1st 7s l s I Steel 1926 J 90 Sale 1942 M N 81 Sale 1930 J J S D 8134 96i2 77 A D 70 J J Illinois Steel deb 4 s Indiana Steel 1st 5s 1940 A Jeff A Clear C A I 2d 5s 1926 J O 1952 M N July Sale l Feb S l2 Mar s 1957 J J f 1940 A J J dl963 MN Sale l2 74 2 Aug Jan i Mar 2l Mar Nov Sale 945g S lOO 78 72is 91 94 Jan s Mar 21 955s 95 2 Oct Mar Mar Telegraph Telephone Am Telep A Tel coll tr 4a 1929 J Feb dl963 M N 1931 M N J O St L Rock Mt A P 5s Btmpd 1955 J Tenn Coal I A RR gen 5s 1951 J U S Steel Dec Sale 93 Nov 20 D Lackawanna Steel 1st g 5a 1923 A O 1st cons 5s series A 1950 M S Lehigh C A Nav si 4J4sA 1954 J Midvale Steel A O conv s f 5s 1930 M S Pleasant Val Coal 1st s f 5s 1928 J J Pocah Con Colliers 1st s f Utah Fuel 1st s i 5s Victor Fuel 1st s f 5s 1953 J Va Iron Coal A Coke 1st g 58 1949 M A J F F D al920 M Cahaba C M Co 1st gu 6s 1922 Colo F A I Co gen s f 5s 1943 Col Indus 1st A coll 5s gu 1934 Cons Coal of Md 1st A ref 58 1950 Elk Horn Coal conv 6s 1925 Corp coup 99 8 10l Nov Sale A A Sale J J J Sale 10 60 year 5s reg s 87 4 f Sale 80 2 s J s Jan S J Repub IAS 10 30 yr 5s A Sale s f 5s 1st A ref 5s guar A Feb yr p m A Imp s f 5s Buff A Susq Iron s I 5s Debenture 5s 93 Dec Coal Iron Beth Steel 1st ext f 7 4s West Electric 1st 5s Dec A s Union Oil Co of Cal 1st 5s 1193J U S Realty A I conv deb g 58 1924 U 8 Rubber 5 year sec 7s year Feb A series A Dec 20 70 Standard Milling 1st 5s 1930 M N Steel A Tube gens f 7s ser C 1951 J J Union Bag A Paper 1st 5S 1930 J 1st A ref 5s 78 j 117 O O Stamped D D F Nat Enam A Stampg ist 5s 1929 Nat Starch 20 year deb 5s 1930 National Tube 1st 5s 1942 N Y Air Brake 1st conv Mar s Sale 83 2 Sale 1951 5s Sept A 1951 F Lorillard Co P 7s Sale A 78 Mar 21 Sale A 5s Sale 2i Mar J Paper 5s Feb 1940 F Liggett A Myers Tobac Jan 21 J Ingersoll Rand 1st 5s 1935 J J Corp 1st 20 yr 5s 1932 M N International IIII M S J J 1942 F 1952 M Gen Electric deb g 3J4s Debenture 5s 20 year deb 6s 777s Sale 1934 M N 1930 Cubm Am Sugar 1st colics 1931 Distill Sec Cor conv 1st g 5s 1927 E I du Pont Powder General Baking 1st 25 yr 6S Sale M S Mar 21 20 year conv 4Ma 30 year temp coll tr 5s 7 year convertible 6s 1933 M S 8334 Sale 83i J D 8178 Sale F Bell Teleph of Pa s f 7s A 1945 A Cent Dlst Tel 1st 30 year 5s 1943 J Commercial Cable 1st g 4s 2397 Q Cumb T A T 1st A gen 5s l937iJ A s f 6s Feb West Union coll tr cur 5s Fund A real est g 4 a 103 D J 85 J 1949 F A Mut Un Tel gu Sale Sale Sale 90 8 Sale Sale 835s Sale g 203 94U Mar 21 64 2 Feb Sale Apr 16 1 86I4 80U 85 8S i J 815s Sale 84l J 815s J J tJ A J 1950 M N ext IVI N Northwest Tel gu 97 4 Sale O Keystone Telephone 1st 5S 1935 J J Mich State Teleph 1st 5s 1924 F A N Y Telep 1st A gen s f 4Hs l939 M N Pacific Tel A Te 1st 5s South Bell Tel AT 1st sf Oct Feb Sale 10058 O Northwest n Bell T 1st 7s A 1941 F 77 a i 91 A 4s 30 year deben 7734 Sale Oct J No Price Friday latest bid and asked 78 2 III I Convertible 4s Feb J D J Trenton G A El 1st g 5s 1949 M S Union Elec Lt A P 1st g 5S 1932 M S Refunding A extension 5s 1933jM N 76 a July f7 2 III S M N D Jan Mar Sept s l937 J 5s 1947jM N Philadelphia Co ConGCoofCh l8tgug 5s l930 J IndNat Gas A Oil 30 yr 5s 1930 Mu Fuel Gas 1st gu g e 1943 A O 1947iM S cons g Refunding gold 5s Apr 20 Apr Pacific GAE gen A ref 5s J 1942 J Pac Pow A Lt 1st A ref 20 yr 5s International Series 1930 F A Pat A Passaic G A El 5s 1949 M S Stand Gas A El s Corp unifying A ref 5s 1937 M N Sept st con Pacific GAE Co Cal G A E Peop Gas A C 1st D 1949 cons g NYAQ EI LAP IVI N 1948 Purchase money g 4s Ed Elec III 1st 74i l2 883s I1 Feb 21 June Purchase money 6s Convertible deb 6s A 1949 M N s 1933 J J 1940 M S Havana Elec consol g 5s Hudson Co Gas 1st g 5s Sale 1st A ref 6s series B i2 Feb A Gold Apr Am Agrlc Chem 1st c 5s 1928 Conv deben 5s 1924 Am Cot Oil debenture 5s 1931 Am Sm A R 1st 30 yr 5s ser A 1947 Am Tobacco 40 year g 6s Mar 21 Sept Mar 21 32l2 34 Sale 33 J Mar 21 68 II11 64i2 O O J 1927 A A J Feb 17 Dec Mar O 3 Jan 21 O J Oct l J Int Agrlc Eqult Tr N Y Inter ctfs Va Ry Pow 1st A ref 5s 1934 J May Manufacturing and Industrial IVI N St Louis Transit gu 5s United RRa San Fr s f 4s Union Tr N Y ctfs dep Sale 6 J 1934 J 73 2 July Sale 73 2 Feb 21 14 Certificates of deposit N Y State Rys 1st cons M N Portland Ry 1st A ref 5s 1930 M N Portld Ry Lt A P 1st ref 5s 1942 F A 19 Dec 19j United Rys Inv 5s Pitts tea United Rys St L 1st g 4s Apr 20 Feb J Third Ave Ry 1st g 5s 1937 J Tri City Ry A Lt 1st s f 5s 1923 A Undergr of London J Income 6e O al960 A g 23 A Tide Water Oil 6J4s 1931 F Wilson A Co 1st 25 yr s f 6s 1941 A 10 year conv s f 6s 1928 J 1st 25 year s f 5s Cuba Cane Sugar conv 7s 54 II 93 Certificates of deposit Adj Income 5s N Y Rys 1st R E A ref 4s 1942 J Portland Gen Elec 1st 5s 1935 J St Paul City Cab cons g 5s 1937J Third Ave 1st ref 4s I960 J m Ontario Transmission 5s 1945 IVI N Pub Serv Corp of N J gen 5s 1959 A O Standard Oil of Cal 7s al931 F A Tennessee Cop 1st conv 6s 1925 M N s 94 F Niag Lock A O Pow 1st 5s 1954 M N Nor States Power 25 yr 5s A 1941 A O Ontario Power N F 1st 5s 1943 F A 37 2 l Oct 19 J al942 A J A 1966 J 30 year adj inc 5s s 55 5578 Mar 21 5534 Mar 21 635s 23 a mm J 77 8 Nov 20 J s f 5s J Jan D Col A 9th Av 1st gu g 5s 1993 M S Lex Av A P F 1st gu g M S Met W S El Chic 1st g 4s 1938 F A Milw Elec Ry A Lt cons g 58 1926 F A 58 Feb l2 54 is Sale 1734 Sale 537s Sale O Metropolitan Street Ry Bway A 7th Av 1st c g J Munlcip Ry 1st I 2478i 63 64 Sale 82 j Sale O exten 4 s 58 A 1990 A s OI4 O Manhat Ry N Y cons g 4s 1990 A Stamped tax exempt i2 June j U i2 Sale S Nov 20 J Stamped guar 4J s 1951 j Det United 1st cons g 4 s 1932 j Ft Smith Lt A Tr 1st g 5s 1930 IVI Mar J A J A ser Sale 79 8 Sale 83i2 Sale 7612 Sale 997g Mar l s Sale I Sale Dec s A 1928 IVI N 10 20 year 5s series 3 1932 N Y Dock 50 yr 1st g 4s 1951 Niagara Fails Power 1st 5s 1932 Ref A gen 6s al Mtge Bonds N Y 4s J 73 Dee 201 A 1950 F con O 71 4 May A f 0s 194l J s 70 JDec M N 1941 j j A ser Rec Feo l2 44i2j 42 Mar 21 j J j j J Feb s O Mar 21 30 O Mar 21 35 Coll tr A conv 6s Computing Tab High Feb No Low Mar 211 Feb Sale 81 J Chic C A Conn Rys s f 5s 1927jA Chic Un Sta n 1st gu 4 4s A 1963 J 1st Ser C 6 4s ctfs 1963 J 19 Sale I 1 Sale M N Great Falls Pow 1st s f 5s 194 1 M N Inter Mercan Marine s f 6s 1941 A O Montana Power 1st 5s A J Morris A Co 1st s f 4 1939 J A 1934 J guar tax ex I960 A Granby ConsMSAP Stamped Feb 21 68 deb 7s 1955 J Building 5s Feb 21 68 conv Chile Copper 10 yr conv 7S 1923 M N D Oct es 66 8 J Chicago Rys 1st 5s 1927 F Conn Ry A L 1st A ref g J Gas Jan 21 55 J Stamped guar 4 5s 1956 F Kings County E 1st g 4b 1949 F Stamped guar 4s 1949 F Nassau Elec guar gold 4s 1951 J N Y Oct O 1921 J Certificates of deposit Certificates of deposit stmpd Bk City 1st cons 5S Refunding A S Railway Brooklyn Rapid Tran Adjust 58 S 1926 IVI 905g Mar Winston Salem 8 B 1st 4s I960 J J Wis Cent 50 yr 1st gen 4a 1949 J J Sup A Dul dlv A term 1st 4s 36 IVI N 12 53U 87 s M S 1925 Wl Oct 19 Jan J 1948 IVI Alaska Gold M deb 6s A Conv deb 6s series B Atlantic Fruit Since Jan 1 High Adams Ex coll tr g 4a Range or Ask Low Jan 21 845s Week s Range Last Sale Bid Armour A Co 1st real est 4J4a 1939 J Feb Miscellaneous 60 Aug Sale 8 O 1928 J 1930 F pl943 Nov Wheeling A L E 5314 Price Thusdiy March Ma F July 19 62 Feb st 40 yr guar 4s High Aug M Wash Terml 1st gu 3 8 Low Mar 21 J 1954 g 4s No High 1939 IVI N Om Dlv 1st g 3Hs Tol A Ch Dlv g 4s BONDS N Y STOCK EXCHANGE Week ending March 24 Since Jan F Det A Ch Ext 1st g 5a Des Moines Dlv 1st 3 yr 7 Range or Last Sale 1939 J 2d gold 5s Debenture series B 6s 1st lien equip s fd g 5s 1st lien 50 yr g term 4s N Range 24 March Wabash 1st gold 5s Record Concluded Page 8 9 BONDS N Y STOCK EXCHANGE 4 8 g l934 J J Sale 79 8 Sale lli Sept 17 64 Nov 16 Due Jan Due April e Due May g Due June h Due July Due Aug 0 Due Oct v Due Nov g Due Deo s Option sale EXCHANGE Tuesday March 21 Wednesday Thursday Friday the March 23 March 24 March 25 Week March 22 Monday March 19 Railroads Shares 64l Boston Elevated U I l I Last Sale i YT i s 3634 a t Mar is4 15 i 8i Last Sale 8 Mar 21 Last Sale 04 Mar is t i w Last Sale 1 Mar 21 Last Sale Mar Last Sale Last Sale Keweenaw 3 Last Sale Mar 21 Lake Copper Mar 21 La Last Sale 2 Last Sale 1 Mar Mar 21 Mason I I I Last Sale Mar it g 2 13s s i g Last Sale Last Sale Bid and aake prices Ex dlvldend and rights Mar 21 Mar 21 Last Sale 48 t Assessment paid 7 20 June 15 Nov Dec 10 Jan Valley Mine Consol Mohawk New Cornelia Copper Quicksilver New River Company Do pref N1 pissing North Qulncy 25 St Mary s Mineral Land 25 Shannon Lake Superior 25 Superior A Boston Copper 10 Trinity Copper Corpn 5 5 5 Utah Consolidated 1 Y Utah Metal A Tunnel Victoria 25 Winona 25 26 wolverine Utah Apex Mining 85 4 Jan Mar 55 Jan 25 Apr 133 Jan 76 Mar 28 Apr 32 Dec 22 Sept 12 Feb Jan Dec Nov 97 Nov 50 Deo 21 Nov Feb 15 39 Jan Jan 27 17 Jan Mar 21 15 Dec 14 Dec Feb 18 14 Dec 17 Jan Nov Jan Jan 34 Mar 176 Jan 99 Jan Jan 61 Nov 101 Dec 13 July 8 Sept Dec 146 Dec Mar 23 24 Jan Feb 18 87 Feb 17 14 Jan 10 Jan 26 Feb 19 Mar 23 Apr 44 Jan 26 Feb 1334 Mar 12 IS Feb 24 20 Jan Dec 20 Jan 12 25 Jan 12 27 Dec 25 Jan 20 30 Jan 11 25 Dec 35 Jan 18 Jan 11 15 Dec 32 Sept 8 15 Mar 4 60 Feb Wyandotte Ex dividend 25 40c Aug 3 75 Mar Mar June 33 Jan 4 3 6 Jan 3 Mar 6 22 Mar 04 Feb 7 Jan 27 Jan Dec 7 Dec Jan 40c Jan 409 Jan Jan 40 16i 48 Jan 4 Mar 14 Jan Jan 16 Apr 50c Aug 5 2 Dec 6 Mar 1 Jan Feb 60 Sept 77 Mar 16 75 Nov 82 June 8 15 Dec 38 Jan Dec 5 Mar Deo 1 Dec 2 4 Jan Apr Dec 3 Jan Dec 3 Jan Jan 4 3 Feb 16 2 Feb c 1 Feb 25 Dec 3 Deo 5 Jan 5 Jan Jan 6 1 Dec 7 Jan Jan 3 Jan 3 Feb 19 2 Jan 3 Jan 4 39 Jan 1 Jan 25 1 Jan 22 Mar 15 Nov 23 Mar 3 Jan Aug 25c 2 Jan Feb Jan Dec 12 Nov 35c Dec 72 Mar 24 Jan 21 Mar 48 Oct 7 79 Feb 95 Sept 3 8 Jan 20 7 Dec 12 Jan Mar 23 12 Feb 21 8 Deo 21 Apr Oct 80c Jan 3 48 Feb 25 13 Mar 11 95 Jan 7 16 Feb 19 95 Jan 7 50 Mar 9 43 Jan 40 Feb 80 Jan 7 Jan 8 Jan Apr 15 Jan 10 Apr 3 Jan 22 Jan 3 2 Mar 14 2 Jan Jan 1 Feb 18 1 Mar 16 25 Mar 18 48 Jan 3 75 Jan 6 10 Jan Dec Jan 10 Jan Dec 25 4 Jan Jan 3 1 Mar 21 Dec 10 Nov 6 Dec 35 Feb 15 27g Mar 12 5 Jan Oct 2c 200 Jan 28 10 Dec 6 Mar 4 16 Jan 17 12 Mar 17 42 Aug 5 2 Jan 259 Dec Deo 2 87g Jan Jan Feb 11 3 Jan 7 9 Jan 6 Dec 20c 35 Jan 28 17 Jan 2 Jan 1 Feb Jan 40 Jan Mar Mar 8 1 Feb 9 15 Jan 3 23 Mar 23 35 Jan 3 28 Jan 3 75 Jan 3 1 Jan 22 04 Mar 3 Mar 4 18 V Jan 12 95 Mar 50 Jan I 7 Jan 7is 1 Jan 1 Dec Jan 15 Dec 37 Jan Jan 30 Jan 20 Deo 58 Jan 41 Jan 34 Dec 65 Jan 36 Feb Dec 58 l A Jan 28 50c Dec 2 Jan Jan 18 10c Mar 2 Apr 8 3c Dec 25o 4 Feb 11 2 Dec 6 Jan 2 Feb 17 1 Deo 6 Jan 33c Dec 2 12 Jan Jan 17 2 Mar 9 3 Jan 3 Jan 3 5 Jan Jan 4 Jan Jan Feb 15 40 Jan 2 Mar 1 Marl6 35 Jan 11 Jan Jan Jan 4 Oct 9 Feb Nov 3 Jan l A Aug 2 Dec 2 Jan 31 2 Feb 17 42c 1 Dec 3 Jan 4 25c Sept 2 Jan 8 Dec 23 15c Oct AEx rlghts 82 May 9 Dec 7 28 Jan 11 z35 Mar 21 23 Mar Jan 53 7 Dec Jan Nov 11 Mar Feb 2 104 Feb 25 3 Feb Apr 9 9 Jan Nov 7 Jan Apr Apr Sept Jan Nov Nov Jan Dec 68 Feb 62 Jan 22 Jan 26 6 Jan 80 Feb Feb 23 85 Jan 8 Jan 21 8 Jan 12 Mar 21 13 Jan 24 17 Jan South Utah M A S Jan 4 Mar 18 13 Jan 11 25 Mar 2 4 Jan 3 80 Mar Tuolumne Copper 50 Jan 6 Dec Dec 4 Dec Feb Mar 21 Dec 21 Mayflower Old Colony South Mar Mar Last Sale 3 I Last Sale Last Sale Salle Copper Mass Oct Jan 80 Feb May 7 8 Mar 18 Mar 8 Mines 5 Butte North Lake 25 Ojlbway Mining Old Dominion Co 25 146 Osceola I Co New Idria Jan 21 88 Copper Michigan Mar 21 Last Sale Lake 3 Last Sale Isle Royale Copper Jan Mar June 29 Mar Jan 26 60 Feb 25 0 Deo Apr 9 95 Jan Jan 36 Dec 8 I pref Do May Dec 15 Ahmeek Kerr Mar May 88 Apr 164 Nov Dec 119 Consolidated Algomah Mining 25 30 Allouez 25 100 Aecadlan Consolidated 25 15 Arizona Commercial 5 Bingham Mines 10 Butte Balaklava Copper Calumet A Heel a Carson Hill Gold Centennial Copper Range Co 25 Daly West Davis Daly Copper 10 140 East Butte Copper Min Franklin Hancock Consolidated 25 Helvetia Indiana Mining 25 427 Island Creek Coal 1 20 I Dec Aug 16 Jan 17 8 Jan 36 Dec Jan 14 Sept 6 Mar 85 Mar Jan Nov Dec Jan Adventure 2 i Jan U 18 Mar Mar II Magneto I Last Sale Mar 21 8 i U Mar Last Sale I 8 Last Sale l i I i 10 Apr Jan Dec Jan 17 25 Jan 20 Feb 28 3 Mar 10 Llbby 10 Novj Jan Swift A Co 100 Torrlngton Union Twist Drill 5 1 792 United Shoe Mach Corp 25 275 Do pref Venutra Consol Oil Fields Waldorf System Ino 10 230 Waltham Watch 100 28 Walworth Manufacturing 20 15 Warren Bros 50 184 Do 1st pref 50 20 Do 2d pref 50 30 Wick wire Spencer Steel no par Theatres SI trims I Apr c 22 Mar 21 8 Jan 3 534 Mar 8 32 Mar 16 20 Jan 29 39 Mar 14 81 Jan 7 25 Corp no par Apr 10 Jan Jan Mar 17 10 Mining Feb 17 Mar Mar 21 Last Sale Jan Dec 60c Jan 10 Dec Dec 5 Jan Apr Jan 10 6 Jan Orpheum Circuit Inc Pacific Mills Jan 70 Ohio Body A Blower no par 85 8 Jan 12 4 Jan 27 4 no par pref Apr McElwaln W H 1st pref 100 69 Massachusetts Gas Cos 100 Do 212 pref 100 21 Mergenthaler Linotype Mexican Investment Inc National Leather National Oil New England Telephone 100 Loew s Jan Jan Jan 10 4 Feb 11 23 Jan 8 17 Jan 31 rdner Llbby McNeill A Mar Island Oil A Trans Corp 83 Dec Nov 13 Mar Jan pref Nov lc 9 Feb Jan 10 10 pref Products Jan 21 25 Mar CI A no par Cotton Mills Apr Nov Feb 18 Inc 10 pref Jan 13 Nov 100 Sept Feb 80 4 Mar 18 25 Mar 12 Root A V Dervoort Feb Reece Button Hole Last Sale 20 Jan 73 Feb Feb 19 80 Jan Mar 3 Nov Feb Mar no pir Jan 55 Dec 1 3 Jan no par 89 Nov 45 Jan 3c 5 Jan 3 fJan 21 3 Jan 96 Jan Mar Do Feb July I Pneumatic Service 25 pref 50 Telep A Teleg 100 Engineering Internat Mar 3 52 Feb 10 Plant Thos G Mar Jan Do 45 Last Sale j 13 YT 49 Sale 80 Last A Mar pref Internat Jan Dec Internat Cement Greenfield Tap A Die June M tor no par Gorton Pew Fisheries 50 G Edison Electric Ilium Mar 21 Last Sale 22 I Mar Feb Do T 590 Last Sale 22 Oct Jan 26 Elder Corporation Apr l July July Eastern Manufacturing Mar Dec Jan 27 89 Eastern 88 Lines Ino 75 Last Sale Feb Sept 86 Jan Dec Jan Jan Sept Dec 10 Mar I Jan Century Steel of Amer Connor John T East Boston Land Last Sale 16 I Jan 12 43 Feb 60 Boston Mex Pet Trustees no par Jan 65 Dec 32 Dec Jan 12 Blgheart Prod A Refg Mar Jan 19 Beacon Chocolate Mar I Feb 16 Feb Atlas Tack Corporation no par Mar Last Sale Nov Mar 75 Anglo Am Comml Corp no par Art Metal Construe Inc 10 Feb Mar 3 Amoskeag Mfg Do pref 159 Last Sale v Ye Ye Last Sale A I Ye Last Sale Do Amer Amer Dec 3 Jan Am Oil f 10 75c Mar Do Mar West End Street 79 Oct Dec 60 pref Vermont A Massachusetts 489 Last Sale i Mar 25c 10c Colony Rutland Mar 21 Oct 143 Miscellaneous g Old I 31 63 Last Sale B Feb 21 Norwich A Worcester pref Northern New Hampshire N Y N H A Hartford 36 Mar 19 15 Mar 17 73 Feb 24 74 Jan 28 Mar r Last Sale 75 Last Sale r i 71 Maine Central 49 Jan Feb Jan Dec Jan Jan 19 Feb 26 i 67 Sept Jan pref 89 Nov 4 Jan Jan 29 no par pref no par 100 Do Jan Chio June Ry A U 8 Y Mar 21 14 i i pref Bost A Woro Eleo Last Jale s Do 30 Jan lli Dec 13 Dec Jan 21 2 Feb Nov Oct 134 May 74 Mar 22 2534Feb 8 Mar Feb Jan 78 Boston Suburban Elec no par Last Sale zl30 Mar pref Boston A Providence Jan 21 Feb 21 Last Sale 25 Last Sale Do 131 Mar 21 Last Sale 125 pre Do Boston A Maine 287 Feb 21 Last Sale Jan 11 Highest Feb 25 66 Mar 4 Mar Boston A Albany GOOD Lowest Highest Lowest FRIDAY l Range for Preqtoas Year 1920 STOCK BOSTON for 1 Range since Jan STOCKS Sales PRICES CENTUM PER PRICES NOT SHARE Saturday EXCHANGE Stock Record BOSTON STOCK Mar 14 Feb 21 48 Jan 13 Jan 1 Mar March THE CHRONICLE Outside Stock Exchanges Pittsburgh Stock Exchange Record of transactions at Pittsburgh Stock Exchange March 19 to March 24 March 25 Good Friday holiday both inclusive compiled from official Boston Bond Record Transactions in bonds at Boston Stock Exchange March 19 to March 24 both inclusive Thurs Week s Range of Prices Low High Sale Price U S Lib Loan st Lib Loan Is d Lib Loan 4s st Lib L n Jan 85 44 Mar 87 64 Jan Jan 88 52 Jan Jitn 88 72 Jan 88 10 Jan 91 26 Jan Jan S Jan K Feb H 52 Feb 97K Mar Mar 97 k 76 2 COO 75 Mar 82 Jan Feb 79 Feb K j 84 88K 85K 88K 85 K Preferred Jan 74 K Jan 78 Jan 79K Jan 85 Feb Marland Refining 88 K Mar K k 88 K 85 k Jan Nat Feb Stock Exchange Record of transactions at Chicago Stock Exchange Mar 19 to Mar 24 both inclusive compiled from official sales lists Thurs Sales Last Stocks American Par Radiator Low Price k 9l 71 91k 317 12k 12k k 88 k 91 11k uk Deere Co pref Match 12 k Feb k Mar 94 Jan 11k Mar 42 Feb k Feb 5 Jan Jan 20 Mar 6k 6k Mar k 108 6k 161k Motor Feb 91 Feb Jan 105 Mar 61 Jan k Feb 11K Jan 15k 63 k Mar 9k Mar 69 k k Jan Mar Carbon pf new k Feb 7k 8k 195 6k Jan 8k 105 8k 1 People s Gas Lt Coke 100 Pick Albert Co v i Jan k 8 Mar 9k Jan Mar 28 k 43 k Mar 25k m 25 k PigglyWigglyStores Inc lok 65 25k 34k 23 k Jan Feb Jan Jan 26 k Feb Mar Mar Jan 87 76k Mar 1 76 k h Feb 91 27 k 78 21m com k 69 y Jan 69 k 99 10 Jan Jan 27 k 87 Mar com k 25 k A Thompson J R Mar 18 Mar 24k 24 25K 3K 49 K 30 K 3K 8 25 com 29c 116 Yellow Mfg Co Jan Mar 96 Feb 97K 42 V 9 Jan 48K Mar 100 Jan 14 Mar K Mar 85 K Mar 95 Mar Feb s 20 48K K 86 K 85 K Last Sale Stocks Par Alliance Insurance American Gas Price Elec Storage Battery 100 General Asphalt Hunt Broad Top pref 50 Insurance Co of N A 10 l5 Keystone Telephone 50 Lake Superior Corp 100 Lehigh Navigation 50 Lehigh Valley V Jan 55K Jan k 15k Feb k 9k Feb Jan Mar 23 k Jan Jan Feb Reading 19k Jan 8k Jan 32 k Jan 69k Mar Tonopah Mining 70k Jan Union Mar Jan Jan k Jan Feb 64m 39 k Feb Mar Jan K K 50 United Gas Iropt Preferred i 34 K Jan 88 Jan Jan 85 k Feb 52 K 71 U S Lib Loan 3KS st Lib Loan Jan Jan Feb 28 V Feb Jan 18 K Jan Jan 55 Feb Mar 15 H 51K Jan 88 IK 200 IK Jan IK 1 163 IK Jan Jan 11 16 Jan IK K 35 K K 30 Jan 49 K 8 36 K K Jan K Feb Mar Jan 71 Mar 32 Mar Feb Jan 8K Feb 80 Feb Bonds Jan Jan 21U 49 K 8 Warwick Iron S 399 IK IK IK Westmoreland Coal Mar Sales Week s Range of Prices Low High 25 Week Shares 25 Low K 6K 2K Range since Jan for 6 21K IK 5K High Mar 25 Mar 83K Mar 4 Mar Jan Jan 7 42 Mar Feb 23 83 M 84 K 83 K K 83 Mar K Jan 370 3K Jan 83 K 84 K i K Mar Feb 83 27 Mar Jan 6 23 K SO 80K Atlantic Refg 6Ks Bell Telep of Pa 7s 96 k 97 K 96 k 97 K 07K 79 10 yr 79 Jan C Lake Roland EI gu 5s V 87 Jan Feb 97 K 79 K Mar Jan 76 K Mar Jan 90 k 87 Jan 97 K 94 K Mar Mar 80 Jan 83 Mar 32 Mar 32 Mar 63K K 62 K K Jan CK 99 K Jan 65 Feb Jan 102 Mar Feb 91 A 102 91 V Jan 65 K 91 K Mar Jan K Feb 82 Jan 84 K Feb 81 Jan 86 K Mar K Mar Mar Feb 78 Mar Jan Feb Jan Feb Jan Mar 99K 57K Jan 61K Jan Feb Mar 43 K 62K 102 Mar Jan Feb 66K 63 K 43 K 66 101K 98K K Jan 87 77K 84 85K 7 000 Mar 67 K K Mai 83 y 84 K Feb Mar Jan 97 77K 77K K 97 K Mar 76K Jan Jan Mar Jan 72 small Mar Jan 5 000 do 98 K 101K 101K 99K 99 y 1921 Cons coll tr 5s stpd 51 Phlla Elec 1st 5s 1966 do small 1966 1st s f V 92 K 97 M Jan 4 000 Jan Mar Mar 103 K 56 89 Jan 7GK Jan 50 Jan 99 Jan k Feb 66 K 76 75K 54K 50 99 K United Rys Invest 5s 1926 Jan 96 k 93 K Mar 101 Feb Mar Mar 7s P W B ctfs4s Peoples Pass tr ctfs 4s 1943 Philadelphia Co K 77 94 K 97 K 900 K 84 y Jan Feb K 102 H 54 y Mar Mar Jau 71 69 K K 70 V 68 79 K CO Feb 71K Feb 100 Jan 75 Jan 84 K 97K Jan Kb Lehigh Val Coal 1st 5s 1933 Penna RR 15 yr 6KS 1936 Feb Jan 75K 74M 54K Lehigh C Nav Consol Jan Jan Jan 66 K 26 K H 103 Jan 80M Elec Peoples tr ctfs 4s 45 do small Jan Jan 66 K Jan CO Mar 87 20 Mar V Jan K 04K 77K Reading gen 4s 1997 Schuylkill Riv E S 4s k Jan 6K C2K Bonds 74 K Mar Amer Gas Elec 5s 2007 do small Jan Jan 66 Feb Annap pref 50 Jan Jan K 28 Preferred ndiahoma Refining 5 MtV Woodb M i lls pf v t r 10C Northern Central 50 Pennsylv Wat Power 100 Feb th Lib L n 4Kb 1933 38 Victory 4 s Mar 24 K Jan d Lib L n 4 V a d Lib Loan 4KB Jan Jan Jan 22 K 27K 17 K Devel Traction 80 k 22 Va Mid 5th series Tono Belmont 51K 22 Feb M Philadelphia Traction k Feb k 4C Income 4s Mar 3 27 Preferred Phila Rap Transit 78 k 75 7K notes Mar 74 K 47 Jan 41K 24K Funding 5s Jan Jan 24K Md Electric Ry 1st 5s 1931 Seaboard Air L adj 5S 1949 United Ry E 4s 1949 Feb 56 K K f 71 Mar ry Jan 62 79 K s Mar 49 31K Jan 27 Convertible 6s Jan Jan 27 Refunding 5s K 51H Mar 79 Cosden Co conv Jan 68 33 K Jan 6K 41K 7K notes Consol Coal ref 4Kb 1934 Jan 33 K Jan 26 24 K Consol Gas gen 4Kb 1954 Jan Pref cumulative Phlla Insul Wire no par Phila Elec of Pa 25 Mar Mar 25 Cons Gas EL P 4Ks 35 8K 42 27 k Houston Oil pref tr ctfs 100 I Benesch Sons no par Wash Bait Jan Jan 25 Bait Electric stpd Jan Mar K Jan Jan 64 K K Jan 22 K 29 y 34 K 83 k K 8K 27 K 7 y Jan 14 83 k Price 100 Cosden Co pref erred 5 Davison ChemicaI no par 233 Jan K k Last Consolidation Coal 28 K Mar k Sale Preferred B25 Consol Gas E L Pow Jan Jan 50K 8M Mar 36 K 49 k 10 Thurs Jan Mar Jan 32 25J4 i5GK 73 Baltimore Stock Exchange Record of transactions at Stock Exchange Mar 19 to Mar 24 both in clusive compiled from official sales lists Preferred Commercial Credit Preferred V 106 60 H 64 K 15 15 Mar 19 35M Par High Mar 73 Baltimore Stocks Low 17 K 29 Pennsylvania Philadelphia Co Pitts No par value Arundel Corporation 50 Atlau Coast L Conn 100 Cent Teresa Sugar 10 90 Pennsyl Salt Mfg uk Ramge since Jan 1 Shares 53 X 91 wo par 1st preferred 18 for Week 25K 29 American Rys pref 100 American Stores Sales Week s Range of Prices Low High Jan f g 5s 1944 Jan Jan 24 k Jan k 95 4S Thurs 83 k Commonw Edison 5s 1943 Swift Co 1st Jan 116 Feb 36 k c Jan 24 K 94 K 105k 31k k 39 k Feb 113K 18 Jan 55 63 k 39 k 63 k 25c Jan Mar Jan 4c Bonds Chicago City Ry 5s 1927 Chic City ConRys 5sl927 Chicago Railways 5s 1927 4s Series B Jan 100 15k 9k Feb 2c k 84 Mar k k Jan 58 K 500 Mar k Jan Minehill S H Jan Mar 2 000 Jan Ward Montg Co w i 20 Western Knitting Mils Wrigley Jr com 25 5 2o Feb 52 y i 60K Feb 31 54k Unit Pap Board com 100 Wahl Co Mar c 66 26 k c 2c 95 Feb Jan w 100 15k GO M Feb 25 v 12 k 13k Union Carbide Carbon 10 United Iron Wks v t c 50 5 notes 9 Jan Jan Feb 12 Jan 12 Feb Jan 3K 46K 38 18k Mar Jan k Jan Mar Mar 26 17 H Mar k 102 k 22 K 49 K 8K 17K Stew Warn Speed com 100 Swift Co 100 Swift International 15 Temtor Prod C F 1X 4 8H 17 H 93 W Rights 2K 6K Feb Scrip Shaw W Jan 1 Philadelphia Stock Exchange Record of transactions Philadelphia Stock Exchange Mar 19 to Mar 24 both inclusive compiled from official sales lists Jan 76 k Pierce Arrow Pub Serv of N 111 com 100 Quaker Oats Co pref 100 Reo Motor 10 3K Not e below Mar 105 8k Orpheum Circuit Inc 1H at Jan 8k on Jan 10 k 6 6k 8K Feb M 69K Jan 69K Mar Friday of last week and not reported Stocks Crucible Steel pref 10 at 88 Metropolitan Nat l Bank 10 at 75 Pittsburgh Coal com 40 at 58M pref 10 at 86K Westinghouse Elec Mfg com 100 at 48 Bonds West Penn Railways 5s at 78K Note Sold Jan 15k 64 16k 95 Mar Jan 8 Bonds Cent Dist Teleg 5s Pittsb Brewing 6s Mar k Preferred Jan National Leather 10 Sears Roebuck 185 7k 89 k 71 63 k 10 k Co Mar Mar k 87 k Brick Jan Jan Libby McNeill LIbby 10 Lindsay Light Hupp Motor Jan Jan 6k 12k 6k 100 Hartman Corporation 100 Feb 88 k 101k Great Lakes D D 5 Feb 1 Jan Jan 13k Mar Diamond Feb Jan 515 W Penn Tr W P com Jan Mar Mar 94 k 17 19k common Chicago Elev Ry pref 100 Chic Rys Part Ctf Ser 1 Commonw th Edison 100 Continental Motors 10 Chic Cy Con Ry pf Jan Briscoe Mar 84 73k Union Storage Co 25 West house Air Brake 50 West house Elec Mfg 50 Jan Preferred High k Beaver Board Low 1 15 Booth Fisheries new Mitchell High Feb 29 K Pittsb Mt Shasta Cop 1 Pittsb Plate Glass com 100 26 V 2H Pittsb Jerome Copper 1 Range since Jan Amer Steel Foundries Armour Co pref 100 Nat Shares 100 Armour Leather Illinois for Week Jan Mar 50K 8H Jan lOK 2K ee Jan com 100 Preferred See Note belo Week s Range of Prices Sale Pittsburgh Brewing com50 Pittsburgh Coal Mar Jan Mar 12 25 K Fireproofing com 50 Preferred Preferred Ohio Fuel Supply Oklahoma Natural Gas 25 Chicago 10K X 5 Metropolitan Nat Bank S Mar 115 Mar M 4K 20K 5K 6K IK Mfrs Light Heat Mar K K 6K IK 1 Lone Star Gas High Feb Kay County Gas k bn 10K Low K Consolidated Ice pref Crucible Steel pre See Note b elow Guffey Gllles Oil no par 11K 10 K Indep Brewing com 50 2H 2K Jan Carnegie Lead Zinc Jan 97 k m 25 Range since Jan 1 11K 65 Mar 77 11K Carbo Hydrogen Co com Toy Week Shares UK Arkansas Natural Gas 10 Barnsdall Corp Class B Atl G WI S S L Chic June ScU S Y 5s 1940 Mass Gas 4Kb j for of Prices Low High Price Sales Week s Range Amer Vitrified Prod com 50 Amer Wind Glass Mach 100 Jan Par Mar k Last N Y Cent conv 6s Swift Co 1st 5s t Stocks High 89 84 Mar Am Tel Tel coll 5s 1946 Miss Riv Power 5s N E Telephone 5s Low Sale Range since Jan Ks Convertible 6s for Week Ks th Lib L n Victory 4Kb I Thurs Shares d Lib Loan 3d Lib Loan sales lists Sales Last Bonds Jan Jan New York Curb Market Below we give a record of the transactions in the outside security market from Mar 19 to Mar 24 Mar 25 Good It Friday holiday both inclusive covers the week ending Thursday afternoon It should be understood that no such reliability attaches to transactions on the Curb as to those on the regularly organized stock exchanges On the New York Stock Exchange for instance only members of the Exchange can engage in business and they are permitted to deal only in securities regularly listed that is securities where the companies responsible for them have complied with certain stringent requirements before being admitted to dealings Every precaution too is taken to insure that quotations coming over the in the official list at the end of the tape or reported day are authentic Vol 112 chronicle the 1268 Sales Thurs Mid Colombia Consolidated r Producers r m 15 16 Jan Jan 2 1 Feb Mar Jan Woodburn Oil 40 k Mar 40 Feb Feb K Jan Mar 13K Feb Alaska Brit Col Metals 1 Mar 14 Jan America Mines r 1 Feb Atlanta Mines r Feb 12 Mar 13 Mar Atlas Mar 31 Mar Feb Jan Belcher Divide r 10c Belcher Extension r 10c 4c 3 c Jan Big Ledge Copper Co Jan Booth 26 Mar IK Feb Jan 4 Mar Mar 19 Mar Feb 50 Mar Mining 1 Candalaria Silver r Caledonia Cash Boy Consol r Jan 8 Jan Consol Virginia 100 Mar 36 Feb Jan Copper Canyon r Cortez Silver r Jan com 100 r Mar 1 Mar Mar Jan 21 Feb 7 Feb 26 Jan Mar 2 Jan Feb ik 5k 2 9 ik 5 7 c 6 1 Silver r 5 Jan 0 33 k 21 22 2k k 4c 64c 11c 15c 1 Boston Montana Dev 5 r Jan 8 Jan 72c Crackerjack r 8 Cresson Con Gold m m 1 1 Divide Extension 1 46c Emma Silver 3 Eureka Croesus 1 72c Eureka Holly r Forty Nine Mining r 1 k Goldfield Consol d r 10 7 e Goldfield Devel r 10c 2 c Goldfield Florence r 32 Gold Zone DIvide r 1 18c Great Bend r c Harrnill DIvide r 10c 10c Hecla Mining 25c 3k 1 1 Mar 3 Feb Mar 9 Mar Jan 14 Feb Jan 10 Feb Feb Feb 66 k Jan 72 Feb 10k Mar Mar Mar 20 Mar 1 Feb 4 Jan Jan 19 Jan Jan Kewanus r c Jim Butler r 1 Jumbo Extension 1 Kerr Lake r l 10 Intercontinental Rubb 100 Internat Cult pref ir k Boat r io Lehigh Val Coal Sales r 50 Llbby McNelll Llbby r 10 Lake Torpedo 1 pref 100 Lincoln Mot cl a r 50 Locomobile Co com r 10 Lima Locomotive 19 ik 15 b 2k Magazine r t par Ltd Preferred 2 2 Amer r t Roy de France TolletProd 5 Standard Tobacco com b ik 7 Candyr t com r 50 com r 10 MacNamara Mining r Jan Jan Magma Copper Marsh Mining r 2 Feb Motherlode Mar Jan 19 Mar 5K 28 Murray Mog m Mar National Tin Corp r 50c Mar Jan 2 Jan Jan 23 Mar Jan Jan 6K Jan Feb 54 Mar Mar Jan ik Jan Jan 72 Feb South Amer Gold pi r 10 60 Jan Standard Silver Lead Jan Success Jan Sutherland DIvide r Jan Talapoosa Silver r Mar 1 IK Mar 9 Jan Jan IK Mar k K Mar IK Jan k IK Jan 3 Jan k Feb c 2c 66 5 c Simon Silver Lead Jan ik 7 16 mln 1 Jan Rex Consolidated ik Mar Feb 15 Jan 25 Silver King Mining Tonopah DIvide r 1 1 Tonopah Extension Tonopah Mining r 1 1 United Eastern Mining 1 2 United Mines of Mexico r 1 Tonopah Belmont Dev 1 Zinc r u s Continental Mines r 1 United Rights 14 Reading Co r 2 Texas Company r Mar IK Mar Feb Mar 10c Victory DIvide r 5 Copper r l White Caps Extension 10c White Caps Mining 10c Wilbert Mining 1 West End Consol d Western Utah oh Subsidiaries Jan Mar 172 Mar 80 Mar 86 Jan 75c 12c 14c 16c c 7c 69c 72c ik 50c 35c c 9c 2c 3c c 20c 4c Jan 8 Feb 10 Feb Mar 1 Mar 15 16 Jan 4 Jan Jan 2 Mar Mar c IK 22c 11c Jan lc Feb 26c Feb c Jan 3c Feb Mar 34c Feb Jan 16c 9c J an Mar Mar c 8c Mar 46 Mar c Feb 3c Jan c Jan Jan K Jan 1 16 3c 17c Mar 65c Jan 26c 14c Feb 74c Mar Jan 9c 3 Mar 2 Jan Mar 2c 4 Feb 4 Feb Feb Mar 19c Feb Jan 7c 12c Feb 4c Jan 3 Mar lc Jan 4c Feb 7 c Jan 24c Mar 4c 5c c Jan 8c Feb 15c 18c c Jan 20c Feb c Mar 19c Feb 25 Feb 6 cMar 10c Jan 4 cMar 5 c Jan 61c Feb 17c 20c 15c 16c c 6 c 5c 4 c 61c k Jan Jan Jan 8 Jan 1 Mar 6 Feb Jan 6 4c Mar Jan lc Jan c l c 3c c 7c c 3c lc 2c Feb Feb 3 c Feb Mar 69 Jan 11c 3 c Jan 100 Feb 9c Mar Mar Jan 3K Feb Jan 3 16 Jan 2o Jan 4c Mar lc Jan c Jan 9 16 Feb ik Jan Jan Mar IK Jan IK K 4 Feb 36 Feb Jan Jan Feb 7 16 Mar K 7c 63 Feb 48c ik c Jan 2k 2K Mar Mar K Mar 1 Mar Jan Jan 10 c 10c c c Mar Jan 6c 4c jan Jan Jan ik K 15 Feb Mar Feb 7c 8 C c Jan 4c Jan 3c 4c c c 8c 9c 62c k Jan Jan 24c c Jan 3 c Jan c 6 2 Jan 9 c Feb 2c c 1 40 Feb Mar Jan Mar l c Feb 10c Jan Jan 4c Jan Feb 288 Jan 60 Jan Mar 49 K Mar Mar Allied Pack conv Jan Jan Aluminum Mfrs 97 Jan 97K Jan Feb 323 Jan Amer 85 Jan Feb 74 Jan Amer Lt Trac Mar Mar 95 Mar Mar Mar 359 Jan Amer Sumatra 94 Jan 98 Jan Standard Oil Calif 100 Standard Oil Ind r Standard Oil of n y Stocks New r 10 Arkansas Nat Gas com 10 Allied Oil r c 15c lie r c 7 Mar 2 Jan 11 16 Jan 1 Mar 5 Mar 10 Jan 7 Mar 42 Jan Jan 1 k Jan 1 Jan Mar 3 Feb 3 Mar K Feb 900 Feb 1 Mar 1 Mar k k ik ik A IK Mar Feb 2 Jan 1 Feb 2 Jan 9K Mar 98 Jan Mar Feb 8s rl933 Beth Steel 7 notes r 1923 Equipment 7s r 1935 Canadian Nat Rys 78 1933 iCerro de Pasco Cop 8s 1931 Chic East Ills 5s r 1951 Cities Serv deb 7s ser d 66 Cons Gas of n y 8s 1921 Consol Textile deb 7s 1923 Copper Exp Assn 8s r notes r Feb notes r Feb notes r Feb 15 1925 Diamond Match 13 K Mar 117 Jan Mar Feb 1 30 Feb k Mar Feb 3 Jan K Mar 3 Feb Mar 4 Feb Jan Mar 11 IK Jan Deere Co 8s r Jan Feb 11 Marland Oil Del no par Jan 99 Mar IK k 89 K Feb 14 k t Jan Maracaibo Oil Explor r t Jan Jan Livingston Petrol r 97 Jan 5 16 no par Kansas Gulf Oil r Jan K Guffey Gilieepie Oll r t Henderson Farm Oil r Beaver Board Cos UK 95 Mar Mar Mar IK 10 Jan I k notes Series a 1929 Anglo Amer Oil 7 s r 1929 Armour Co 7 notes r Emerich Oil r 95 96 k Feb 20c Jan Feb Jan 13 K Feb 26 Jan Mar 31 2 Jan Feb Jan 50 IK Mar Tob 7 s r Amer Tel Tel 6s r 1922 6s r 1924 Anaconda Cop m in 7s r k 9 90 Mar s r deb6s r 39 7s r l925 Agric Chem 7 sl941 Feb 11 000 ik ik ou r l ik 1 8 ik 1 800 Bonds Jan 37c 10c Mexico Oil Corp 67C Mexican Eagle Oil r 59c Merritt Oil Corp r Feb Magna Oil Ref Manhattan Oil r Jan 7c South Penn Oil r Hudson Oil r 6c 7 16 Jan Mar 100 Glenrock Oil r 30 Jan Jan Mar 3c 2c Prairie Pipe Line r Inter Petrol r Mar Anglo Amer oil r 1 Illinois Pipe Line r 100 Indiana Pipe Line r 60 Ohio Oil r 25 9 c 4 c S Ac Jan c l c Jan Feb 26 Jan 5c Jan 2c Jan 1 2c Jan 3c Red Hills Florence r Mar Mar 103 4c r Jan Zinc Mar Jan Nipissing Mines 5 Ophir Silver Mines 1 Platinum PalladlumCorplO Prince Consol 2 ne w Jersey Divide r 1 Silver Mines of America r Silver Pick Cons d r 1 Mar Jan 5c 2 c 3 c Mar 15 Jan Jan K lc Jan Feb Feb K c 1 Mar Willys Corp com r no par Ltd IK c 1 1 Jan 1 u s Ship Corp r 5 v Jan 30 u s Light Heat 1 Jan 53 United Profit Sharing 25c Jan Corp r t Union Carbide c arb r t c 5c 16c 16c 10c Exp r t Mar Star r k 2 l c 2 c MacNamara Crescent r l Todd Shipyard Lone Mar International r 16 Jan A Stutz Motor Car r no par Knox DIvide r 6 Mar 2 2 2K k 1 54 Stanwood Rubb r no par Jan Mar Reynolds rj Tob b r 25 Mar c 6c 1 Mar 6 18c 7 c Blossom r Iron Mar Paper t Peerless Trk Motor r 50 Perfection t r r 10 Nor Am Pulp Jan 9 16 lc Henrietta Silver r l National Leather r Heyden Chem r no par Gold r k 18 T k Mar Mining Stocks k ik Corp r t a 13 31 6K 12 Wilcox Oil Gas r k Picture r Engineers Petrol Co r 4 Mar y oh Gas r 14 Jan Jan Fay Petroleum r Federal Oil Jan Jan 900 Mar Trading r Denny Oil r Elk Basin Petrol r Jan 5 22 Carib Feb Feb Jan Jan Carib Syndicate Feb Mar Mar Jan Oil r K 2K Mar Jan Boston Wyoming Jan Boone 11 16 Mar 200 7K va 40 k 7K 4 Ajax Oil class a r Allen Oil r K 15 Other Oil Jan Mar Standard Jan Mar Former Jan 3 Jan Jan pref r First Mar 2 5 par U S Steamship Mar u s Distributing Jan 30 Feb Farrell Wm Son com r t Un Retail Stores 14 Mar 2k 15 Tobacco Prod Mar 15 Swift weets Go of Arner r Empire Food Products r Reo Motor Car r Mar 1 21k Radio Corp of Preferred r Feb Mar K wm Co r no par Durant Motors r no par Profit Sh c r s r Jan Mar 98 Victoria Oil r Davies Nat Ice Coal 5 United Royalty r United Tex Petrol r 48 Motors r no Feb Jan ek Morris Philip Co Oil r 7 Mar 4 Mar 100 Mercer 6 k Jan Conley Tin Foil r t Continental Motors r 10 McClure s Mar 68 Jan Com wealth Fin Corp corn Maxwell Chalmers Mar Mar ok 31 Imp Tob of gb i k K 61 Jan Mar cl a r 10 Cities Serv Bankers sh r t Cleveland Auto Co t Colombian Emerald Synd r r Feb 76 Preferred w i Preferred Chic Nipple Mfg Havana Tobacco com Jan Feb 85 ChemlcaLr lo Brlt Amer Tob ord l Ordinary bearer 1 Car Ltg Power r 25 Chic East iii com w Goldwyn Jan Brit Amer Goodyear t r Motor r no k 78 t Beaver Board Cos com r t Bliss e w co com r t Gardner Automatic Fuel 8 r Federal Tel Tel 13 16 Jan 18k 78 Preferred r Preferred 100 Texon Oil Land r 1 Skelly Feb 1 k ok Aluminum mfrs com r Refrlgerator r 9 Jan l8 Bardie c s r t 100 Amalgam Leather com t Aetna Explos s Araer Mar New IK Jan k SImms Petroleum r no par Mar Mar 1 Coal r Settled Prod r Sinclair Cons Oil pref r Industrial Misceli Acme Feb Red Rock Oil Gas r Salt Creek High Low Shares High Oil r Pure Oil 8 pref Week of Prices Low 5 4k 10 Producers Refiners r 10 Ryan Jan Feb K 10K Jan Preferred w Pennock Jan 145 Mar t Panhandle Pr Ref r Range since Jan 1 for Week s Range Sale Price Par Omar Oil Gas Sales Last 25 Week ending March Stocks North American Oil r K Noble Oil Gas k 10 k 6 Mar k 9 High Low Mountain Productions in or even that dealings in spurious securi ties may be included should hence always be kept in mmd particularly as regards mining shares In the circumstances it is out of the question for any one to vouch for the absolute trustworthiness ofj this record of Curb transactions and we give it for what it may be worth 1 Week High Shares Low Oil Midwest Texas tions may creep Thurs OIl r t Refining r Midwest Price Par Concluded Stocks for of Prices Sale Other Oil Range since Jan Week s Range Last 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 On the Heinz h j Co 7s r 1930 Humble Oil Ref 7s Feb Jan 96 Jan Feb Jan Mar 102 Jan Jan 108 Mar Mar 70 Mar Feb Mar Jan Mar 100 Feb Mar 100 Mar 99K Mar Feb 99 Mar Mar K K K Feb Jan Jan Feb Mar Jan Jan 85 Jan ii Jan 96 Mar C0 Mar 7 s r 35 Empire Gas Fuel 6s r 24 6s r 1926 Empire Oil Purchasing 7s Galena Signal Oil 7s r 1930 General Asphalt 8s r 1930 Goodrich b f Co7s r 1925 Grand Trunk Ry 6 s l936 Gulf Oil Corp 7s r Jan Mar 93 Jan 97 Jan Mar 102 Mar K Jan Mar Mar 98 Feb Jan Jan 94 Jan 98 Jan 96 Mar 97 Mar March THE CHRONICLE 1269 Thurs Week s Last Sale Bonds Concluded Interboro R T 1921 Sales Range Low Range since Jan 1 Week High Low Laclede Gas Light 7s r Liggett Myers 6s r Kennecott Copper 7s r 71 ml 99 New York for of Prices Price s132j Louis Nash St L 6s w 1 MorrIs Co 7 s r Natl Cloak Suit 8s 1930 National Leather 8s r All 67 Jan 72 Jan 94 Jan 84 Jan 94 Jan Mar Mar 99 Mar Mar 96 Jan Feb 93 Jan Ask Alliance R lty Lawyers Amer Mtge Bond M G City Investing Preferred Surety Jan Mar 97 Jan Jan Jan Jan 96 Nat 91 Jan 94 Jan 94 Pan Amer Pet Tr 7s Jan 20 Mar Jan 20 Mar Jan 99 Jan Mar 97 Jan Mar Govt 6Hs r l ser notes r Oct 15 22 ser notes r Oct Sinclair Con Oil 7Ks r 1925 Solvay Cle 8s r l bond prices are and Interest except where marked f Standard Oil Stocks Pe r 6 35 Borne Scrymser Co Anglo American Oil new Atlantic Refining Preferred 1 Feb Buckeye Pipe Line Co Jan Chesebrough Mtg Central of Georgia Jan Feb Jan Jan Continental Oil Jan 102 Jan Crescent Pipe Line Co 50 Cumberland Pipe Line Chesapeake Ohio 6 8 Equipment 5s Chicago Alton 4 9 5s Chicago Eastern 111 5Hs Chic Ind Loulsv 4J s Chic St Louis N0 5s Jan 102 Jan Jan 102 Jan 103 Jan gold deb gold deb Jan 103 Mar Feb 103 Jan ser 1931 Swedish Govt 6s J ne Jan 84 Jan Jan 98 Jan Jan Mar Jan Jan 102 Switzerland Govt Texas Co 7 equ nts r 1923 i Onion Tank Car eq 7s 1930 United Rys of Hav Western Elec 7s rl J s Jan Preferred new new Eureka Pipe Line Co 100 Galena Signal Oil com 100 Preferred old Budapest 4s r Erie 4 S 5s Hocking Valley 4 s 6s Illinois Central 6s Jan 26 New York Transit Co Feb 100 Feb Jan 100 Jan Penn Mex Fuel Co 79 Mar 81 Jan Prairie Oil Gas 16 Mar Mar 2 Mar Jan Mar Jan Mar Jan Feb Mar Mar 17 Jan Mar Mar Mar 2 2 Mar Standard Oil of New Y k Mar Mar 2 Mar Standard Oil Ohio Preferred Mar Mar Swan Finch Vienna 5s v w Warsaw 6s r Mar Standard Oil Kentucky 100 Standard Oil Nebi aska 100 Standard Oil of New Jer Preferred 100 value par i Listed Exchange this week where additional transaction When Issued Ex dividend x t Dollars per 1 000 lire flat I Listed prospect a as be found will Ex rights y z on o Stock the New Ex stcck stock dividend Insurance Co Ltd a stock that leaving a surplus of The in real estate in first mortgages doing assets on include real estate in Government State county and municipal bonds in railroad and other cash in banks and offices that its securities bonds and besides stock in A notable fact in connection with the company is placed in trust with influential American citizens are for the satisfaction of the company s claimants in the United States directors of the United States branch Walter O are The Hubbard of Hubbard Bros Co New York Thatcher M Brown of Brown Bros Co New York Wm H Wheelock of Brown Wheelock Co Inc New York W Edw Sheldon President United States Trust Co New York Bertram H Borden M C V Borden Sons New York States branch of the company are Blankenhorn Hunter Dulin largely in Co Angeles Oakland and San Diego firm will be continued under the of United of the liabilities excess Francisco Pasadena Los that beginning March 23 the announce name The assets of the San of Hunter Dulin Co The Guaranty Trust Co of N Y has been appointed Transfer Agent Bid Amer Excb Ask Bank Atlantic NY 176 Liberty Manhattan Bid Ask Bankers Trust Equipment Trust Co s V 100 Bid Brlt Amer Tobac bearer par Johnson Tin Foil Met Porto Rican Amer Tob Scrip Reynolds R J Tobacco Preferred Park Bryant 155 Nat Cuba 60 New Neth New York Co New Chat Phen iPacific Chelsea Exch Park Chemical Public Coal Iron Republic Colonial Columbia Commerce Comm l Ex 170 Inter 93 Mississippi Rlv Pow com Young J S Co Preferred notes 1922 A O 7 notes 1922 MAN M N Anglo Amer Oil 7 s 25 A O 360 Law Tit Tr Arm r Co7s July 15 30 J J Lincoln Trust Beth St 7s July 15 22 J J15 7 notes July 15 23 J J15 Canadian Pac 6s 1924 M S2 Mercantile Tr 280 Metropolitan Mutual West Tradesmen s AnacondaCop Mip 6s 29 J J State Amer Tel Tel 6s 1924 F A chester N i Y Life 425 U S 900 Fifth 150 First 890 Garrield 220 Gotham Homestead Greenwich Mechanics Hanover Montauk Harriman Imp Trad Industrial s Nov Fifth Avenue Brooklyn st 86 Mtg Tr States M N Laclede Gas 7s Jan 1929 F A Lehigh Pow Sec 6s 1927 F A 6634 9S Llggett MyersTob6s 21 J D Penn Co4 s 1921 J D15 Pub Ser Corp N J 7s 22 M S Miscellaneous Pe Borden du Pont E I de Nemours 98 Co com Debenture stock Havana 99 Tobacco Co Preferred First 215 Hamilton Intercont l Rubb com Reyn R J Tob 6s 22 F A International Salt Sloss Sheff S 16s 29 F A Kings County Manufacturer 9714J Southern Ry 6s 1922 M S People s Nassau 7 notes Oct 15 25 A OIS 220 Texas Co 7s People s Ridgewood 200 North Side Banks marked with are State banks this week I New stock x Ex dividend Swift Co 6s 1921 F A f Sale at auction or at Stock Exchange y Ex rights West Elec oonv 7s 1925 A O Per Flat share price 99 M S U S Rubber 7 s 1930 F A Utah Sec Corp 6s 22 M S 15 6 Basis a Nominal International Silver pref 100 Lehigh Valley Coal Sales Manufacturing Preferred Singer 99 Singer Mfg Ltd pays Phelps Dodge Corp 100 Royal Baking Pow com Ex divldend d Purchaser also x A O 1st gold 5s st g 5s June 1 1922 J D Greenpoint Company Preferred Company com 100 Preferred Bliss E W Co new no par Preferred 60 Coney Island shar 6 American Brass Brooklyn Brooklyn Tr r American Hardware Amer Typefounders com 100 Preferred Industrial and Corp Preferred preferred Western Power Corn Exch United Cent K C Term Ry 4 s 1921 J J Chi ds Co com 305 H ts Celluloid N Y Trust Wash Title Gu Tr Yorkvllle Preferred 50 Tennessee Ry L P com 100 Preferred 100 United Lt Rys com Standard Gas A El Del Union Exch Interboro R T 7s 1921 M S United States Preferred Hocking Valley 6s 1924 M S South Calif Edison com 100 Preferred Goodrich B F Co 7s 25 A Republic Ry A Light Preferred Puget Sound Pow Lt lOO J J Pacific Gas El 1st pref Ins Trust Cosmop tan 1929 Series B Federal Sug Ref 6s 1924M N Continental East River Am Tob 7 notes 1921M N 913s Cot Oil 6s 1924 M S Rubner 7784 North n States Pow com 100 Preferred North Texas Elec Co comlOO Preferred Northern Ohio Elec Corp f Preferred 100 Cleve and pr ices Firestone Tire Rub com preferred Preferred Stocks First Mtge 5s J J Sf g deb 7s 1935 M N Preferred 94 Fulton Guaranty Tr 1250 Seaboard s Weyman Bruton Co com 100 Preferred 100 Hudson Second notes d Ward Common wealth Fidelity 150 Chase York 340 Farm L Tr Elec Bond Share pref 100 Federal Light A Traction Short Term Securities Pe Butch Drov a 40 Cora w th Pow Ry A Lt 100 Preferred Tobacco Prod Corp scrip Am Cent Merean Preferred Colorado Power com 100 Great West Pow 6s 1946 J J Preferred fd Portage Rubber com Commercial Preferred 100 Swinehart Tire R com 100 Preferred Empire Equitable Tr Preferred B common stock Carolina Pow A Lt com 100 Cities Service Co com Mac Andrews Forbes Amer Public Util com 100 Preferred Imperial Tob of G B Ire 50 Amer Power Lt com 100 Preferred new no Foil 60 xI00 103 Amer Lt Trac com Preferred 13 Helme Geo W Co com 100 Preferred Utilities Amer Gas Elec com Preferred 90 Conley Ask Ask Ry 6s Public 98 Columbia Central Union Virginian City 6 75 Union Pacific 7s Nat Nat American Amer Machine Fdry 100 American Tobacco scrip Mech Met Bid Mutual Share Equipment 7b Southern Railway 4 8 Equipment 6s Toledo fc Ohio Central 4s Par Miller Rubber New York Boro Bronx Nat Bronx 7 00 Seaboard Air Line 6b Battery Park Bowery Reading Co St Louis Iron Mt Sou 6b St Louis San Francisco 5a Broadway Cen American Pittsburgh Lake Erie Preferred Goodyear Tire R com 300 Preferred 100 share Irving Nat of 232 America Pennsylvania RR 4 8 Equipment 4s American Cigar common 100 Preferred 100 Mohawk Banks N Y Pacific Fruit Express 7s 5 Midwest Refining Tobacco Stocks Per Preferred per preferred City Banks and Trust Companies prices dollars I 106 Gen l Tire Rub com 100 All 7 00 Stocks Petroleum Rubber of the Common stock of the General Syndicate Inc New York Northern Pacific 7s Brltlsh Amer Tobac ord l has been total with unearned premiums and other liabilities of assets of Mexican Eagle Oil New stock Liverpool and London company Oil Globe Southern Pacific Co 4 s Magnolia The statement of the United States branch of the Washington Oil Other business in the United States for 73 years as of Dec shows s 100 Imperial Oil NOTICES Preferred Vacuum Oil k Correction CURRENT Ohlp 4kb 5s N Y Ontario West 4 8 Norfolk Western 4Hs Union Tank Car Co f No 8 00 Equipment 328 Mar 14 4 s r Mar New York Cent 4 8 5s Vienna Bank stock and 70b Vienna a Missouri Pacific 5s Mobile 72 I Equipment 6 s 7s Missouri Kansas Texas 5s 228 Southwest Pa Pipe Lines Standard Oil California Michigan Central 5s 6s Minn StP SSM4 s 5s Standard Oil Indiana 25 Standard Oil Kansas Equipment 6H Hamburg Bank 4s r Hamburg 4Hs r Nuremberg 4s r Unlisted Kanawha Michigan 4 8 Louisville Nashville 6s Southern 5s Equipment 4 is Equipment 7s Southern Pipe Line Co 100 South Penn Oil Colorado 148 Jan Northern Pipe Line Co 100 92 Ohio Oil Co Feb Marks 16 Chicago N W 4 8 Chicago R I Pac 4J s 5s Municipal Bonds Dollars per 1 000 Marks G 4H8 4 s r new Illinois Pipe Line Indiana Pipe Line Co Prairie Pipe Line Solar Refining Badische Anil Soda Preferred 94 43 International Petrol no par National Transit Co German Government and r Jan Jan Canadian Pacific 4 s 6s Caro Cltnchfield Ohio 5s Mar Buff Roch Pittsburgh 4 s Basis Jan Swift Co 7s r r RR Equipments Per Ct Baltimore Ohio 4 8 Ask lots shar e Bid Par Equipment 6s West Bronx Frankfort 4s r gold deb 1927 gold deb Odd 160 Mortgage ser gold deb ser U S Casualty U S Title Guar 7 00 ser Berlin 4s r Equipment 4s A E 181 Title West Va State 102 Surety 900 gold deb conv 95 Assoc ser r All Jan s Brooklyn Realty set Southw Bell Telep 7s 1925 Stand Oil of N Y 7s r l Quotations for Sundry Securities Jan Ask 115 Title M G Jan Bid Mtg Jan 7s r Sears Roebuck Co 7a r 21 Bond Y N Jan s share Ask Mar s r Russian per Bid Mar H N Y N H Hart 4s r 1922 Ohio Cities Gas 7s r 1921 7s r 1922 prices dollars Bid Jan City Realty and Surety Companies High accrued y Ex rtghta dividend New 3 stock nvtzstmmt mtl Mnilximtl utellxpttce RAILROAD GROSS EARNINGS following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns can be obtained The first two columns of figures give the gross earnings for the latest week or month and the last two columns the earnings for the period from Jan 1 to and including the latest week or month The returns of the electric railways are brought together separately on a subsequent page The Jan 1 to Latest Latest Gross Earnings Week ROADS Current or Year Month Year Previous Year Previous Year Chicago Alton Chic Burl Qulncy Chicago East January January January December January January January January January January December January January January December January January d wk Mar January 2d wk Mar d wk Mar January January January January January January January January January January January Chicago Great West January Panhandle S Fe Atlanta Birm AtlAtlanta West Pt Atlantic City Atlantic Coast LineBaltimore Ohio B O Ch Term Bangor Aroostook Bellefonte Central Belt Ry of ChicagoBessemer L Erie Bingham Garfield Birmingham South Boston Maine Bklyn E D Term Buff Roch Pittsb Buffalo Susq Canadian Nat Rys Canadian Pacific Can Pac Lines in Me Caro Clinch Ohio Central of Georgia Central RR ofN J Cent New England Central Vermont Charleston W Car Ches Ohio Lines I Chic lnd Louisv Januarys Chicago Junction January Chic Milw St Paul January Chic North West January Chic Peoria St L January Chic R I Pac January Chic R I Gulf January Chic St P M Om January Chic Terre H S E Cine lnd Western Colo Southern Ft W Den City Trin Brazos Val Wichita Valley January January 2d wk Mar January January January Colo Wyoming December Copper Range January December Cuba Railroad Camaguey Nuev Delaware HudsoD January Del Lack Western January Denv Rio Grande January Denver Salt Lake January Detroit Mackinac January Detroit Tol Iront January Det Tol Shore L January Dul Iron Range January Dul Missabe Nor January Dul Sou Shore Atl 2d wk Mar Duluth Winn Pac January East St Louis Conn January Eastern SB Lines Elgin Joliet EastEl Paso Sou West Erie Railroad Chicago Erie N J N Y RR Florida East CoastFonda Johns Glov Ft Smith Western Galveston Wharf Goorgia Railroad Georgia FloridaGrand Trunk Syst Atl St Lawrence ChDetCanGTJct Dot G H Mllw Grand Trk January January January January January January January January January West December Great North System January West January Gulf Mobile Nor January Gulf Ship Island January January Hocking Valley Illinois Central January December Internat Grt Nor January Kan City Mex Or January KCMex OofTex January Kansas City South January Texark Ft Sm January Kansas City Term January Kan Okla Gulf January Lake Sup Ishpem January Lake Term Ry Lehigh Hud River Lehigh New Eng Lehigh Valley Los Ang Salt Lake Louisiana Arkan Louisiana Ry Nav Louisville Nashv Louisv II end St L Maine Central Midland ValleyMineral Range Minneap St Louis Minn St P S S M Mississippi Central Missouri Kan Tex II December January 101 076 January 2d wk Mar January 375 972 December 228 173 December Green Bay Illinois Terminal December i January January January January January January January January January d wk Mar d wk Mar January December S January January January AGGREGATE OF 1st 2d 3d 4th 1st 2d 3d 4th 1st 2d Weekly Summaries week Jan week Jan week Jan week Jan week Feb week Feb week Feb week Feb week Mar week Mar We no 10 roads 13 roads 20 foads 19 roads 17 roads 14 roads 19 roads 19 roads 18 roads 19 roads Previous Year Year Decrease Current Year Previous Current Previous Year Year Year Mo K T Ry of Tex January Mo North Arkan December Missouri Pacific January Monongahela M onongahela Conn December Ja nuary January Nashv Chatt St L January Nevada Calif Ore 4 952 1st wk Mar Nevada Northern 54 085 January New burgh Sou Sh February New Orl Great Nor February N O Texas Mex January Beaum S L W January St L Brownsv M January New York Central January lnd Harbor Belt January Lake Erie West January Michigan Central January Clev C C St L January Cincinnati North January Pitts Lake Erie January Tol Ohio CentJ January Kanawha Mich January 365 987 N Y Chic St Louis January N Y Connecting Co 291 816 January N Y N H Harfcf uary N Y Onfc Western J 959 526 ary N Y Susq West Ja ary Norfolk Southern January Norfolk Western January Northern Pacific January Minn Internat January Northwestern Pac January Oahu Ry Land Co December Pacific Coast January Pennsylv RR Co January Balt Ches Atl January Cine Leb Nor January Grand Rap lnd January January Long Island Mary Del Va January N Y Phlla Norf January Tol Peor West January W Jersey Seasb January Pitts C C St L January Peoria Pekin Un January Pere Marquette January Perkiomen January Phila Beth NE December Phila Reading January Pittsb Shawmut January Pitts Shaw North January Pittsb West Va January Port Reading January Quincy Om K C January Rich Fred Potom January January Rutland St Jos Grand Isl d January St Louis San Fran January Ft W Rio Gran December St L S F of Texas December St Louis Transfer January San Ant AranPass January San Ant Uvalde G January Seaboard Air Line January December 138 186 South Buffalo Southern Pacific Co January Atlantic S S Lines January Arizona Eastern January Galv Harris S A January I Hous Tex Cent January Hous E W Tex January Louisiana Western January Morg La Texas January Texas New Orl January Southern Pac Syst January 2d wk Mar Southern Railway Ala Great Sbuth January Cin N O TexP January January Columbus Gr Georgia Sou Fla January Mobile Ohio 2d wk Mar New Orl Nor E January January Northern Ala January Spokane Internat Spok Portl Seattle January January Staten Island R T Tenn Ala Georgia 2d wk Mar Tennessee Central January TermRR AssnofStL January January St L Mer Bdge T d wk Mar Texas Pacific Toledo St L West January Ulster Delaware January II 726 007 January Union Pacific February Total system Oregon Short ne January December Ore Wash RR Union RR Penn January January Utah Vicks Shrev Pac January Virginian Railroad January Wabash RR January Western Maryland 2d wk Mar January Western Pacific Western Ry of Ala January Wheel Lake Erie January Wichita Falls NW January January Yazoo Miss Val St Louis Southwest January StLS W of Tex January 2d wk Mar Total system and Monthly Monthly Summaries Mileage April May June Curr Yr Prev Yr July August September October Montour or Current Increase longer include Mexican roads in any of our totals Month GROSS EARNINGS Weekly Current or S Alabama Vicksb January 2d wk Mar Ann Arbor Ateh Topeka S Fe Gulf Colo S Fe Week ROADS S Jan 1 to Latest Dale Latest Gross Earnings Date Current November December January Previous Increase or Year Year Decrease S March THE CHRONICLE 1271 Latest Gross Latest Gross Earnings Earnings by Weeks In the table which separately the earnings for the second week of March The table covers 19 roads and shows 4 19 increase in the aggregate over the same week last year follows we sum Second Week of March Ann Arbor Buffalo Rochester Pittsburgh Canadian National Railways Canadian Pacific i Colorado Southern Duluth South Shore 8c AtlanticGrand Trunk of Canada Grand Trunk Western I Detroit Grand Hav Milw I Canada Atlantic j Mineral Range Ohio Tennessee Alabama Georgia Texas Railway Mobile Pacific Western Maryland Total 19 roads Net increase or Company Month January January January January Blackstone Val G E January Brazilian Trac L P January Cape Breton El Ltd January Carolina Power Lt December Cent Miss Vail Elec January Chattanooga Ry Lt January Cities Service Co February Citizens Traction Co January Cleve Painesv East January Colorado Power Co January Columbia Gas Elec February Columbus Elec Co January Ry Lt February Connecticut Power January Consum Pow Mich January Cumb Co Pow Lt January Dayton Pow Lt Co February Detroit Edison Co February Duluth SuperTracCo February g Net Earnings Monthly to Latest Dates In our Rail way Earnings Section or Supplement which accompanies to day s issue of the Chronicle we give the January figures of earnings of all steam railroads which make it a practice to issue monthly returns or are required to do so hy the Inter State Commerce Commission The reader is referred to that Supple ment for full details regarding the January results for all the separate companies In the following we give all statements that have come in the present week We also add the returns of the indus trial companies received this week Gross from Net from Railway Railway light power cos January E St Louis Sub Co January East Sh G E Subsid January Santa Fe Ry 20 Chic Burl Quincy def90 233 defl08 727 defl Jan Colorado Southern System Ft Worth Den Jan 21 Net after Net after Taxes Equip Rents Wichita VaU RE Jan Dul So Shore 8c Atl Jan defl03 132 defl28 132 defl38 109 def57 523 def77 908 def East St Louis Conn Jan def def43 031 def 2 382 def57 736 Jan Feb ver City Gulf Mobile Nor January Edison Elec 111 ofBroc January Elec Lt Pr of Ab R January El Paso Elec Co January Equitable Coal Coke January Erie Lt Co subsid January Fall River Gas Works January Federal Light Trac December Fort Worth Pow Lt November Galveston Hous El Co January General Gas E Co January e Great West Pow Sys February Harrisburg Ry Co January Havana El Ry L P December Haverhill Gas Lt January Honolulu R T Land January Houghton Co El Lt January Houghton Co Trac January Huntington Dev Gas January Idaho Power Co January d Illinois Traction January Indiana Gen l Service January Atch Topeka Santa Fe Syst Panhandle Jan Interboro Rap Tran Total system February Keokuk Elec Co January Keystone Telep Co Key West Elec Co Lake Shore Elec Ry Long Island Elec CO Lowell Elec Lt Corp Manhat Bdge 3c Line Manh Queens Rec Manila Elec Ry LtMwell Elec Lt Corp Metropol n Edison Co eMilw El Ry Lt Co February January December October January October October January December January November Miss River Power Co January Nashville Ry Lt Co January Nebraska Power Co November Nevada Calif El Corp January Laks Jan def53 116 def42 174 def58 050 def46 046 def55 818 def44 026 New York Dock Co February N Y Long Island October Louisiana Ry 8c Nav Co Jan def 8 285 def N Y Queens County October b NY Railways October Mo K T of Tex Jan 21 Kansas City South 20 Jan 1 to Feb 28 21 Superior Ishpeming New England Power January New Jersey Pow Lt January Nevada Northern Jan def def Newburgh South Feb def def 1 237 defl def def def45 472 def38 421 def3 149 def43 108 def Shore Jan 1 to Feb Jan 21 Quincy Omaha def Jan 21 St Louis San Fran 20 St Louis Transf RR Jan v def Kansas City Newp N H Ry G E January b def defl93 089 def253 397 def Eighth Avenue October b Ninth Avenue October No Caro Pub Serv Co January Northern Ohio Elec February Nor Texas Elec Co January NorthwOhioRy PCo January Ocean Electric Co October Ohio Power Co January Pacific Gas Elec Co Pacific Power Light Paducah Electric Co PennCentLt P Sub November November January January Pennsylv Util System January Philadelphia Co and Subsid Nat Gas Cos January Philadelphia Oil Co January Phila Western February Phila Rap Transit Co February Southern Pacific SysFeb Jan 1 to Feb Jan 21 Terminal RR Assn of St Louis def46 082 def 3 635 def def Bridge Term Jan 21 Union Pacific RR Jan 21 St Louis Merch def def198 537 def Oregon Short Line Jan Jan def def def 39 015 Feb St Jos Grd Isl 20 Union Pacific Sys Jan 1 to Feb Corrected figures ELECTRIC RAILWAY AND PUBLIC UTILITY COS Portland Gas Coke November Porto Rico Railways January Port Ore RyjL PCo January Puget Sd Tr Lt P January Richmond Lt RR October ReadingTrans LtSys January Republic Ry Lt Co December Rockford Electric Co January Rutland Lt Power January Sandusky Gas Elec January Sayre Electric Co January Schenectady Ry Co November Scranton Electric Co January 17th St Incl Plane Co January Sierra Pacific Electric January Southern Cal Edison January South Can Power Co February Tampa Electric Co January Tennessee Power Co January Tenn Ry Lt Pow January Third Avenue System Twin City Rap Tran January February United Gas El Corp January Utah Power Light January Latest Gross Earnings Jan 1 to Latest Date Current Company Month Previous Current Previous Year Year Year Year Adirondack P LCorp January Alabama Power Co February Appalachian Pow Co February Arkansas Lt Power December Asheville Power Lt December Atlantic City Elec Co January Atlantic Shore Ry Co Bangor Ry Elec Co Bklyn Rap Tran Syst flBklyn City RR aBklyn Heights RR Coney Isld Bklyn Coney Isld Grave Nassau Electric South Brooklyn New York Consol Bklyn Qu Co Sub January JanuaryOctober October October October October October October October Utah Sec Vermont Name of Road or Previous 1 to Latest Date Current Year Year Previous Year DuquesneLtCosubsid Eastern Texas Elec Current Year fcBarcelonaTrac L P Baton Rouge Elec Co Beaver Valley Tr Co Binghamton Lt H P Com w th P J St Louis South western Southern Decrease Iowa Central Minneapolis St Louis Increase Jan Name of Road up Corp Subs December Hydro Elec January Virginia Ry Power Wash Bait Annap Wheeling Electric Co Winnipeg Elec Ry Yadkin River PowCo Youngstown Ohio January January January December December January a The Brooklyn City RR is no longer part of the Brooklyn Rapid Transit System the receiver of the Brooklyn Heights RR Co having with the approval of the Court declined to continue payment of the rental therefore since Oct the Brooklyn City RR bas been operated by its owners b The Eighth Avenue and Ninth Avenue liR companies were formerly terminated on July respectively since which dates these roads have been operated leased to the Ntew York Railways Co but these leases were separately all sources c e Includes Milwaukee Light Heat Traction Co Includes constituent or subsidiary companies d Includes Earnings gven in Light Power Co the Nashvilleonly h Includes Tennessee a Subsidiary companies Railway Light Co the ailway milreis Tennessee Power Co and the Chattanooga Railway Light Co i Includes both subway and elevated lines j Of Abington Rockland Mass k Given in pesetas Electric Railway and Other Public Utility Net Earn ings The following table gives the returns of ELECTRIC railway and other public utility gross and net earnings with charges and surplus reported this week Current Year Previous revit Year Year New v i R Alabama Power Co J Feb Mar 1 20 to Feb South Canada Pow Co Feb Oct 1 20 to Feb Jan Western Union Fixed Feb mos mos 20 Jan 21 Atlantic Shore Ry 20 Co Jan 21 Citizens Trac Co 20 and Subsidiaries 12 mos Jan 21 Colorado Power Co 20 12 mos Columbia Gas Electric Co Jan Feb 21 Commonw th Pow 20 Ry Light 2 mos Dayton Power Light Co Feb 21 Duluth Superior Feb Traction Co 2 mos Jan Jan Erie Lt Co and Subsid Cos mos Feb 21 Great West Power 20 System 2 mos Jan 21 Idaho Power Co mos Jan 21 Indiana General mos Service Co def4 687 def def def def defl df df mos Dec Montana Power Co 12 mos 20 Bklyn Newport News Jan 21 Hamp Gas Elec def Feb def New England Co Power System def 20 418 Jan mos New York Dock Co Feb mos 21 Nor Ohio Elec Corp Jan 1 31 Oct to 1 Jan Oct to Coney Island Graves Oct Jan 1 to Oct Oct Jan Oct to 31 def def def defl70 l7l def Coney Isl Bkly Rec Oct def def Jan 1 to Oct 31 def 14 695 def 72 291 b New York Ry Rec Oct Jan i def558 406 def to Oct 31 N Y Consol Rec Jan 1 to Oct 31 Oct South Oct Brooklyn b Eightji 1 Jan b Ninth Avenue 1 Jan def Oct Oct to def 16 236 def282 465 def J 31 Oct to Oct Avenue Interboro Rapid Transit System Subway 1 Division Oct to Oct Jan def def def8 439 def Oct to 3c L Oct Manhattan Bridge Jan 1 to Oct N Y Queens 1 Jan 31 1 Jan Oct 31 Oct to County Oct Oct to Long Island Electric Oct def8 856 def def Oct def def Manhattan Qu Rec Oct Jan 1 to Oct Oct N Y Long Island Jan 1 Oct to Ocean Electric Jan 1 Richmond 1 Jan to Oct Lt to RR Oct def def 6 136 def33 798 def 16 228 def 2 334 Note All the above net earnings are after deducting taxes a The Brooklyn City RR is no longer part of the Brooklyn Rapid Transit System the receiver of the Brooklyn Heights RR Co having with the approval of the Court declined to continue payment of the rental therefore since Oct the Brooklyn City RR has been operated by its owners b The Eighth Ave and Ninth Ave RR Cos were formerly New York Railways Co but these leases were roads have been FINANCIAL leased to the terminated on July Sept respectively since which date these operated separately and REPORTS Annual c Reports The following is an index to all annual and other financial reports of steam roads street railways and other companies published since Feb This index which is given monthly does not include reports in to day s Chronicle Full face figures indicate reports published at length Page Steam Roads Canadian Pacific Ry Delaware Lackawanna Western Nashv Chattanooga St Louis Ry Pennsylvania RR St Louis San Franrisco Ry Electric Railways Year Year 8 defl Oct to Elevated Division Oct Feb 21 Rap Tran Oct to 1 Jan mos Eastern Shore as El Co Subskl Interboro Surplus Year def i def J Q Go Sub Rec Oct def Jan Balance Charges Net after Taxes Gross Net EarningsPrevious Current Bklyn Hts RR Rec Oct Nassau Elec Rec Earnings Atlantic City Elec Co Year Companies Railways Previous Brooklyn Rapid Transit System S a Bklyn City RR Oct Year f Street Gross Earnings Jan Previous York Current Net Earnings Gross Earnings Current Companies VOL 112 CHRONICLE THE American Railways Co Boston Elevated Ry Canadian National Rys Capital Traction Co Central Illinois Public Service Chicago North Shore Milwaukee 1023 Cleveland Electric Ry 1143 Duluth Superior Traction Co 932 Eastern Massachusetts Street Ry 1143 Federal Light Traction Co 849 Indianapolis Street Ry 849 Inland Empire RR Co 849 International Ry Buffalo 932 Iowa Railway Light Co 849 Memphis Street Ry 933 Chicago City Rys Industrials Continued Bell Telephone Co Pave of Pa Brier Hill Steel Bueyrus Co Butte Superior Mining Co By Products Coke Co 1147 Caddo Central Oil Refining Corp Calumet Arizona Mining Co Canadian Salt Co Ltd Case Threshing Machine Co Central Leather Co Certain Teed Products Corp Chandler Motor Car Co Chicago Pneumatic Tool Co 1142 Chic Jet Rys fc Union Stock Yds 1147 Chicago Rys Equipment Co Chicago Utilities Co China Mail SS Corp Chino Copper Co City Ice Delivery Co Coca Cola Co Columbia Gas Electric Co Milwaukee Elec Ry Light Co Mfg Co 1028 Commonwealth Edison Co 852 Mohawk Valley Co Consolidated Cigar Co New York Consol Gas Elec Lt Pow Co 11 48 Columbia Graphophone Jan 21 2 Ohio Power Co Spokane Eastern Ry Power Co Continental Oil Co Corn Products Refining Co Terre Haute Ind East Trac Co 850 Union Traction Co of Ind 933 Crescent Pipe Line Co Curtiss Aeroplane Motor Corp 853 Washington Baltimore Annapolis 933 Davies Co Inc mos mos Penn Central Lt Pow Co Subsid Jan mos Philadelphia Rapid Feb mos Transit Co Feb mos Philadelphia Western Co 20 Jan 21 Pine Bluff Co mos Jan Rockford Elec Co 12 mos 21 20 Jan Scranton Elec Co defl def def defl Railways Northern Ohio Electric Corp 933 Philadelphia Rapid Transit American Chicle Co American Cigar Co American Gas Co American Gas Electric Co American Hide Leather Corp American La France Fire Engine Co Jan Utah Power American Stores Co American Sugar Refining S mos Light Co 12 mos Feb 21 Virginia Ry 20 Power Co 2 mos American Linseed Co American Locomotive Co American Milling Co American Multigraph Co American Radiator 935 Co 935 American Sales Book Co American Ship Commerce Corp American Smelting Refining American Snuff Co American Steel Foundries Co American Tel Tel Co American Tobacco American Woolen ArkaDs 8 Light Power Co Jan Wheeling Elec Co Jan Atlas Baltimore Tube Co 12 mos Fixed charges include interest stocks of constituent companies and dividends on outstanding preferred Atlantic Fruit Co Bros Barnsdall Corp Gulf States Steel Co Harbison Walker Refractories Co Hawaiian Sugar Co 937 Hercules Powder Co 1019 Hood Rubber Co Hupp Motor Car Co Co Barnet Leather Co Barnhart Hayes Wheel Co Corp Barnard Manufacturing 1022 Ltd i Gaston Williams Wigmore Inc 847 General Baking Co General Gas Electric Co General Petroleum Co 853 General Ry Signal Co 1149 Giant Portland Cement Co 1149 B F Goodrich Co 1140 Grasselii Chemical Co 1029 Great Atlantic Pacific Tea Co 937 Gulf Oil Corp 853 Gardner Motors Co Armour Leather Co Tack 1027 Co Freeport Texas Co Galena Signal Oil American Sumatra Tobacco Co Wash Bait Annap Elec Co Co American International Philadelphia Davis Daly Copper Co Deere Co 1148 Youngstown Ohio River RR Dominion Canners Co Dominion Engineering Works Ltd 1148 Industrials1139 Acme Packing Co 1026 E I du Pont de Nemours Alabama Co 851 Eastern Rolling Mills Co 937 853 Albaugh Dover Co 934 Empire Steel Iron Co Alaska Gold Mines Co 847 851 Endicott Johnson Corp Alaska Packers Co 1026 Famous Players Lasky Corp Aluminum Goods Manufacturing Co 851 Fayette County Gas Co 853 American Bank Note Co 930 Federal Motor Truck Co American Bosch Magneto Corp 934 Fensland Oil Feb Consolidation Coal Co Winnipeg Electric Ry York Pa Railway Co mos 21 Twin City Rapid Transit Co Spindler Hydraulic Steel Co Illinois Brick Co Imperial Tobacco Co Indiana Pipe Line Co International Cement Corp 1149 Internat Mercantile Marine Corp 1149 Internat Motor Truck Corp 1138 International Silver Co Interstate Iron Steel Co Intertype Corporation Iron Cap Copper Co Island Oil Transport Co March THE Industrials Coni nued Pane Kelly Springfield Tire Co Lackawanna Steel Cp Liggett Myers Tobacco Co Loft Inc Mass Consolidated Mining Co Massachusetts Gas Co u 1031 Standard Gas Electric 940 Standard Oil of California Standard Oil of Indiana Standard Oil of Kansas Mathieson Alkali Works Standard Oil of Kentucky Michigan Copper Brass Co 939 Midvale Steel Ordnance Co Montana Power Co 929 Standard Oil of Nebraska Standard Sanitary Mfg Co National Fireproofing Co Stephens Fuel Co Studebaker Corp Submarine Boat Corp North Milwaukee Lt Power Co 1150 Northern State Power Co 939 Nova Scotia Steel Coal Co Union Bag Paper Corp Ohio State Telephone Pacific Mail SS Co United Drug Co 1030 expenditures Parke Davis Co 1151 United States Envelope Co United States Worsted Co Penmans Ltd 1030 Utah Van Raalte Co Copper Co Virginia Iron Coal Coke Co Vulcan 1031 Detinning Co Waldorf System Inc Warren Bros Co 1151 that after providing for operating expenses tax accruals income deduc tions c the amount available for interest and dividends was as follows Warner Sugar Co Out of the above amounts the railway was able to meet in 1919 the its fixed charges but not on the share capital which includes Pittsburgh Steel Co 855 Welsbach Co Provincial Paper Mills Ltd Public Service Co of Northern 111 Pure Oil Co interest West India Electric Co 1172 Western Light Power Co 855 White Motor Car Co 4 Guaranteed Ordinary stock Pyrene Manufacturing Co Quaker Oats Co 940 Wickwire Spencer Steel Corp Wilson Co Railway Steel Spring Co Ray Consolidated Copper Winchester Co Robert Reis Co Replogle Steel Co 1031 St Joseph Lead Co 855 a Yale Towne Mfg Co 1172 Young fc Co 941 San Canadian National being substantially shown as Third Preference stock and The report of President Wm G Kerckhoff together with the income account balance sheet and other tables will be found on a subsequent page V D Reid Minister of Railways before the House of Commons at Ottawa March 18 reported in sub follows and Report for Fiscal Year ending Dec Results for Year ending Dec as Second Joaquin Light Power Corporation Railways The Hon J stance First In making this statement I am not taking into account the loss of on the Grand Trunk Pacific Ry a subsidiary of the Grand Trunk Ry for which the Grand Trunk Ry Co was responsible an amount sufficient to wipe out at any time all of the excess earnings V 112 p Worthington Pump Mach Corp 1038 Wm Wrigley Jr Co R J Reynolds Tobacco Co Stock 1920 the company fell short of meeting interest on fixed charges The Grand Trunk management however had had to pay to the employees for back time between May 1 and Sept 1 when no increases for freight rates had been allowed on In Wisconsin Gas Electric Co very heavy closing statement from the Grand Trunk management up to the present time I sent an expert auditor to secure from their books a statement as to results of operations for the years 1919 and 1920 and secured the report means get the annual It taxation for many years and it would be a very serious matter to have in creased taxation for railways to the extent of from to per annum I cannot see much prospect of any material reduction in the loss on Grand Trunk Pacific and Transcontinental Railways for some years but the losses on other portions of the roads must be materially lessened every year Results on Grand Trunk Railway I have not been able to U S Cast Iron Pipe Foundry Co 1171 United States Distributing Corp This is without a dollar for carrying on necessary public works soldier settlement re establishment and other U R S Candy Stores Inc Penn Seaboard Steel Corp Interest public debt including sinking fund pensions permanent expenditure for carrying on the affairs of the Government about making a total of about Page Steel Wire Co Parish Bingham Corp Phillips Petroleum Co Albert Pick Co Pittsburgh Coal Co Pittsburgh Oil Gas Co Pittsburgh Rolls Corp a billion dollars What Faces Canada The result of operation of the Canadian National no worse than obtains outside of Canada but that does not mean that every effort should not be made to prevent losses At the present time the country is faced with permanent fixed charges as follows Railways is 1032 United Profit Sharing Corp United Retail Stores Corp Pacific Tel Tel Co 1 United Alloy Steel Co United Cigar Stores Co Government threatened loss of Union Natural Gas Co 939 Oklahoma Natural Gas Co Ottawa Light Heat Power Co 1033 Temtor Corn Fruit Products Co 1032 Texas Co 1139 Tobacco Products Co North American Company Niles Bement Pond In 20 months the has had to provide about under the Government guaranty and claims are being made by the railways totaling for arrears of maintenance abnormal wear and tear and replacement of stores The British Government therefore faced a Sullivan Machinery Co 941 Taylor Wharton Iron Steel Co Niagara Falls Power Co New York Air Brake Corp Stern Bros Dry Goods Stewart Warner Speedometer National Starch Co Nevada California Electric Corp Nevada Consolidated Copper Co Montreal Cotton Co Ltd National Acme Co Total Howard Smith Paper Mills Ltd 1031 John M Smythe Co 940 Solar Refining Co 1031 Manufacturers Lt Heat Pow Co estimated for year 1921 after fixed charges In addition there was interest payable to the Finance Department for advances made to the Canadian National System by the Government or a total of Rolling Stock Purchases which have been made of rolling stock and motive power from the proceeds of votes passed by Parliament last session include 75 locomotives in addition to box cars snow plows sleepers and passenger equipment Prices for rolling stock and locomotives had in creased greatly Locomotives which in 1914 cost 24 000 now cost as high as standard sleepers in 1914 were 49 500 in 1920 Similar increases had taken place in all classes of rolling stock England s Experience In England passenger fares are 75 above pre war figures and freight rates have increased 112 Cost of materials has advanced 200 and wages 250 Further rate increases are anticipated though short haul freight has already commenced to move over the highways 1031 Simms Magneto Co Shredded Wheat Co Magnolia Petroleum The estimates show in detail for 1921 Loss on Canadian Northern including fixed charges Canadian Government Ry operating deficit Grand Trunk Pacific deficit on operation and fixed charges Sawyer Massey Co Ltd 1151 Saxon Motor Car Corp 940 Shattuck Arizona Copper Co 940 Shawinigan Water Power Co P Lorillard Co Loose Wiles Biscuit Co 938 Los Angeles Gas Electric Corp 1150 Ludlow Mfg Associates 854 McCrory Stores Inc Mackay Companies Page Saguenay Pulp Paper Co Savage Arms Corp 1019 Lee Rubber Tire CHRONICLE Industrials Concl by 112 the Toronto Globe of March 18 United States Steel Results When I made my annual statement a year ago would be able this year to report that the deficit of 1919 which had been reduced in 1920 I believed I proved to be 1025 p Corporation 19th Annual Report Year ending Dec The annual report signed by Elbert H Gary Chairman Board will be found at length on subsequent pages of to day s Chronicle together with many important tables of operations balance sheet c Instead of a reduction the loss in operation alone for the year ending Dec is much larger than it was in 1919 and is as follows Canadian Northern Canadian Government of the To this must be added the interest on bonds c or what are called fixed charges and which have been paid or assumed by the Government viz a Canadian Northern Grand Trunk Gross sales and earnings Mfg cost and oper exp Railways total operating deficit of the Canadian National Railways To which we add the operating deficit of the Grand Trunk Pacific which since Aug 23 last has been under management of the Cana dian National Board amounting to making a total operating deficit of INCOME ACCOUNT Pacific making the total deficit for operation and fixed charges And this does not take into consideration any interest or fixed Transcontinental charges A Canadian National income credit Administration selling general of detail reduces this sum to and fixed charges for 1920 as which is the loss against 48 millions in 1919 The management explain this increased loss of chiefly by increased expenditures in payrolls and fuel In a word out of every dollar we had to pay 75 cents for operating wages and 20 cents for fuel leaving 5 cents for all other requirements which totaled 29 cents Total expenses Misc net mfg gains Adjustment inven value di J Total net income construction Compensation accrued c was Rentals received miles There were added 140 miles by purchase and 236 miles on completion of new during r i Balance Mileage Operated The total mileage operated by the Canadian National cos Commercial disc ts int earned management at the end of of trans Taxes ordinary Estimated Federal taxes operation on excl expenses gen exp which will be shown in the statement l on Intercolonial Railways or INCLUDING SUBSIDIARY COMPANIES Net profits of prop owned INCOME STATEMENT OF CANADIAN NATIONAL RY 1920 AND Gross FOR CAL Int c 1 and Earnings Operating Expenses Operating Deficit s Totals Fixed Charges do Northern do Grand Trunk Ry Due Interest due Pacific Due public Government public do do Interest due do do Interest on Government receiver s certificates Totals I Total Deficit after Oper Exp and Fixed Charges Northern Ry Canadian Government Grand Trunk Traffic Freight tonnage in 1920 increased 16 traffic by about a million but the haul in each over 1919 and passenger case was shorter Rates and Wages Rate increases have been given from time to time in an the increased costs of operation under the McAdoo and United States Labor Board awards under which the average wage per employee of the Canadian National System is now 1 850 as compared with 700 before the war As a result the operating payroll last year was as compared with in 1917 In addition wages on capital work required making a total payroll of These figures justify an immediate discussion between employees and man effort to meet agement The present railway situation is a A readjustment was Cr Cr Cr Cr sum by subsid railroads of inventory Propor of extraordinary cost of facil s installed Int charges of sub cos on securs held as on invest t bonds mortgages subsidiary companies Net earnings Deduct Charges c Depr extraor replac t and sink funds on bonds of subsidiary cos Charged off for adjustm t Int on U S Steel Corp bds Sink fund c U S Steel Corp Prem on bds red sub cos ilI 17 915 Approp for add l property and construction Amortiz n of war annual rate Total deductions Balance surplus facilities Preferred dividend 7 Common dividend do expected in the price of material and also in wage schedules and working conditions due U S Reserve for excessive cost product of the war Outlook for 1921 Dealing with 1921 the estimates before the House the management figure on reduction and economies Train services would be curtailed maintenance forces reduced and other economies practised deb deb Deduct Total Acer est Total deficit for year Net bal profits sub cos a Pacific U S bonds securlties dr Int investments Total income Canadian on deposits C on Deprec on book value of s C Nor Ry Can Govt Gr Trk P Canadian whose oper are not incl YEARS c For use of subsidiary railroads under Federal control estimated UNITED STATES STEEL CORPORATION COMPANIES DEC 31 BALANCE SHEET OF GENERAL AND SUBSIDIARY ITS S Assets America the several Deferred compan es l operations Ac Mining royalties Cash held by trustees on account of bond sinking funds in par value of re deemed operation by April 1922 Shipbuilding Plants Enlargement of Ship Repair Facilities A modern floating dry dock with a lifting capacity of 10 000 tons has been completed at the Fore River Plant in Massachusetts At the Sparrow s Point Plant in Maryland a second floating dry dock with a lifting capacity of 6 000 tons has been completed and at the Union Plant in San Francisco an additional floating dry dock with a lifting capacity of 12 000 tons is nearly completed The ability to handle efficiently a large amount of repair work should insure the profitable operation of the shipbuilding plants during periods when there is little or no new construction Orders for new construction on hand will keep the principal shipbuilding plants of your corporation well employed during the current year bonds held by treated as INCOME ACCOUNT CONSOLIDATED trustees not an asset other property owned Depr A insur fund assets A purch bonds avall le for future bond sinking Net before deprec c after all taxes 1 I Other income Cash CongingentfundAmisc Preferred stock Preferred Bonds held by public Steel Corp Total Balance surplus X Approp for and invest in add ns to prop and working capital y Total surplus JL S6t m Mining royalty notes Investments Inventories A Class B common Cash Common stock dividend Appr for add ns A constr Insurance funds Contingent misc A other reserve funds adv incl on pay Bond int accr d coups payable in banks reserves Ac Coups payable Contingent Ac contracts Ac sec Approp for A in Deferred charges vest in add ns property A working cap to Total Total Unapprop surp surplus of subsidiary companies representing profits of the accrued on sales of materials and products to other subsidiary companies and on hand in latter s inventories is in the above balance sheets deducted from the amount of inventories Included under current Mtgs of sub cos Notes payable debt y Undlv surp of U 8 Steel Corp A subsidiary cos for Funded A secur Cash un stock Acc ts pay incl Lib bds for Fed l taxes Preferred stock dividend A Treas ctfs presented coupons Ac notes Market le installments Liberty bonds part receivable Accrl taxes not due incl Note That 8 convertible pref stock Common sale of secur Acc ts and pay rolls Total liabilities pref stock S Liabilities Unexp bal from Current accounts payable Pension fund Ac redemp n Conting insur S 1 Property ace t z Mtges of subsidiary cos Pur mon obi s of sub cos Accrued interest and fund subsidiary companies reserves Funds tor mtge par value Non interest bearing notes on r Al i00 7 i Com divs Class Class B do Stocks sub cos not held Employees CONDENSED BALANCE SHEET DEC Common stock dividends dividends Liabilities U Previous surplus cured demand loans by Red Cross dividend Due fromU 8 RR Adm Preferred Bond c interest c Depreciation depletion Agents balances Sundry marketable securi ties incl U S Liberty bonds A Treas certifs Time bank deposits A se Total assets Deduct receivable Bills receivable Accounts Total income Gross sales proceeds from sale of property Inv outside real estate FOR CALENDAR YEARS Depos with trust of mtgs fund requirements Inventories in the shipbuilding plants of will be delivered about Dec vessels are being built The first vessel i new and the others should be In future charges These corporation your Prop owned A oper by Advanced min g royalties Vol 112 CHRONICLE THE 1374 assets V 112 p 1032 x Includes in 1920 stocks and sundry securities incl real estate mtges gedas collateral and After deducting in in treasury pledged as collateral and Property account in purchased for sink fund or canceled z Pri eludes additions against for depreciation deple tion c and for amortization and excess costs of construc tion transferred from reserve for depreciation The independent auditors Mar 11 wrote in substance The inventories of stocks on hand have been valued at prices not in excess of cost or market and the accounts and bills receivable are in our opinion good and collectible provision has been made for all ascertainable V Ill p Full Bethlehem Steel Corporation J y 112 liabilities V p 16th Annual Report Year ended Dec The annual report datetj Mar says in brief shipments and deliveries during the year 1 earnings as represented by the gross sales and earnings was as comwas as com The not income of com pared with for 1919 General The pares with value of our Full dividends were for 1919 paid upon both Preferred stocks and regular quar terly dividends of 1H were paid upon the Common stock and Class B Common stock During the last quarter of the year the volume of new business booked sharply The value of unfilled orders on Dec was as compared with on Dec New Securities The sale during the year of of Bethlehem contracted Steel Co 15 Year 7 Marine Equipment Trust Certificates provided funds the construction of five additional ore vessels referred to hereinafter for See offering V 111 p 1281 An issue of Bethlehefh Steel Co Equipment Trust 7 Gold Certificates was also sold in 1920 to provide in part for the purchase of 1 000 seventy ton coal cars of steel construction These certificates will mature in ten series of each on May 1 from 1921 to 1930 incl j Another issue of Bethlehem Steel Co Equipment Trust Series B 6 Gold Notes was delivered during the year in part pavment for 549 steel coal cars purchased from New England Fuel Transportation Co These certificates will mature in ten series of 75 000 on June 1 from 1921 to 1930 both inclusive Ed Additions and Improvements The net additions to property account 3d for plant construction and properties acquired amounteu to of which is represented by bonds or other securities issued or assumed in connection with the acquisition of such properties including the two smaller equipment trust issues named above and the three issues of described below Ed The amount estimated to complete the construction coal bonds in progress exclusive of the five ore vessels on Dec is Coal Properties Acquired Bonds During the yeai approximately 7 000 acres of bitumii inous coal 1 1 lands containing a proven quantity of at least tons of very good quality low sulphur gas coal were purchased from Jamison Coal Coke Co in part payment for which Bethlehem Steel Co agreed to guarantee and deliver Purchase Money Mortgage 30 Year Sinking Fund Gold bonds due June 1 1950 of Finch Run Coal Co a new subsidiary company secured by a mortgage on the coai lands purchased subject to two issues of underlying bonds to be assumed This property is about 15 miles from the property of the Elkins Coal Coke Co purchased in 1919 and is developed to a productive capacitv of approximately tons per annum The two underlying issues here referred to are the following 5 bonds Public Service at length on subsequent pages income account and balance sheets of the coinpany1 and its subsidiaries and numerous interesting ering a number of years 1 Jmpt M Gold bonds due July 1 1929 but callable at 105 and int Properties The ore properties of your corporation at Cornwall Pa the north and south coasts of Cuba now furnish a very substantial part of its requirements The Chilean property has been developed and equipped with modern mining machinery railroad transportation and shipping docks The com pletion of ocean transportation facilities will make the ore from this prop erty available and the corporation will then be able to obtain the greater part of its requirements from its own mines It is confidently expected that the use of the Chilean ore will be very advantageous to the operations of the steel plants of your corporation i Additional Steamships The fleet of five vessels owned by Ore Steam ship Corporation a subsidiary company which is engaged in carrying ore from the Cuban properties to the United States for use at our steel plants is now being enlarged by the addition of five new vessels of a cargo capacity of 20 000 tons each which are especially designed for the carrving of the Chilean ore with return cargoes of coal oil or coke to Central or South Ore and on Oper exp and taxes Amortization charges Non operative income P S Corp of N J Net earnings Income from securities pledged on divs excl stks of op cos from misc sources Total Deduct Bd c int of sub cos Fixed charges of Public Service Corp of N J Net Adjustments Common divs Cr Deb income Cr paid Preferred dividends sur 232 400df l 412 389sur sur 94 593 in and in 1918 Bal sur ordef After deducting in for expenses and taxes PUBLIC SERVICE CORPORATION Assets bearing certifs of subsid and leased cos Other securities MIscell S Real estate Ac Cash stock Perpetual interestbearing certfs yr 5 coll notesl Adv from oth cos Accrued taxes 181 911 Accrued interest Bills Acer Int A rents Accts receivable Prepayments Int A divs ree le payable Accounts payable Other accr items Prem on stks res 12 013 Contractual res Profit and loss Sinking fund 1919 S Advances to cos invest ts par SI Other spec funds debt discount A exp Total SHEET DEC Liabilities Preferred stock Gen M 5 bds Gen M 5s sk Id Unamortized BALANCE 1919 Common Perpetual interest Gen M 5s in tieas Jan V Gross earnings of leased and controlled cos due statistical tables cov EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC 31 Secure Fund Gold bonds together with the found viz a Dakota Mtge Sinking 1934 but callable at 105 and int further 46 000 retired for sinking fund Barrackville Purchase Money of the Jamison Coal Coke Co Corporation of New Jersey 12th Annual Report Year ending Dec The remarks of President Thomas N McCarter will be V 112 p 933 Total March THE CHRONICLE J I Case Threshing Machine Co Racine Wis Report for Fiscal Year ending Dec The report of President Warren J Davis is cited at subsequent on CONSOLIDATED length this issue together with the income account for the year 1920 and the balance sheet of Dec 31 The four year comparative income account was published in V 112 p 1141 SHEET DECEMBER 1920 S Notes receivable Notes rec for capi purch Acc ts receivable Cash Prop held for sale y Investments U S Liberty and sold Liabilities Accounts payable dealers Ac Total x Includes marketable Includes z 4 shares Elk gencies Ac Other reserves Ac Profit and loss Total subsequent Horn The income account for the year together with the balance as of Dec will be found under Reports and Documents on subsequent a 1920 Earnings allsources Oper exp taxes c Depreciation c as of Dec 31 of this issue page Spec pay t to employees 6 x Preferred divs x Dividend on BALANCE Liabilities Merchandise Trade accept ces Cash Trus A employ bond pur plan Bills receivable Acc ts receivable Lib bonds mar Com stock value b First Mtge bds 5 due Bills payable Conv 7 gold Trade accep dls Res ve for depr Co Inc Res ve for empl benefit fund market val Internat West n Elec Res ve for cont Total Acc ts payable value V 112 p 478 Union Bag Paper Corporation Report for Fiscal Year ending Dec INCOME ACCOUNT Gross sales INCLUDING SUBSIDIARY COMPANIES Calendar Years 11 Mos to 12 Mos to Dec Jan Net earns c see note Dividend from St Mau rice do Paper Co do M stock Total Income Less Provision for depr Interest on bonds Excess prof inc tax xl Balance X Liberty bonds Fed taxes for Dividends do in Adj of previous years Surplus a Profit and loss surplus Note Prior to the Outstanding Kingsbury says Features These were l oil fields and new in substance the discovery and development of great increase in our production of crude oil 2 a growing demand throughout the Pacific Coast Arizona Nevada Hawaii and Alaska for petroleum products which outstripped the supply and resulted in heavy drafts on the reserve stocks of crude oil which for years a were carried on the Company s books at cost Results Earnings for the year 1920 after deducting all operating and marketing expenses were From this there was written off for depreciation and for depletion There was also deducted for Income and Excess Profits Tax an estimated leaving a net profit carried to surplus of or 18 79 on invested capital and surplus of as of Dec Regular cash dividends of 10 per share with extra dividends of 4 per share aggregating were paid on outstanding Capital stock Surplus Surplus account was increased by included in which is representing revaluation of lands due to the discovery of oil in the Elk Hills of the San Joaquin Valley district and Huntington California This enhanced value is Inventories Inventories amounting to represent supplies of and petroleum products of All Inventories are or market whichever is lower Valuation The increase in our showing for 1920 as compared with 1919 is largely due to the production of crude oil which was developed during 1920 on unproven lans in the Elk Hills and Huntington Beach districts which a few years ago were not considered as having oil possibilities These two new fields together with the company s other producing properties were surveyed during the year by Ford Bacon Davis engineers of New York and were valued by them at over Increase in Consumption Gasoline Imported During 1920 the United States Navy and the United States Shipping Board boats consumed more than barrels of California oil as compared with but little more than valued at cost 1918 Gasoline production showed no decrease but consumption so increased during the year for the company to bring from Mexico barrels of this product to sup pi the trade formerly furnished from California During the latter part of the year the large increase in our production of crude oil gave promise of an increased supply of both fuel oil and gasoline Crude Oil Production The gross production from the company s wells was barrels of crude oil a daily average of 79 436 barrels as compared with barrels In 1919 a daily average of 69 822 barrels a gain of 9 614 barrels daily equivalent to an increase of 13 8 Eighty six oil wells and one gas well were completed during the year On Dec the company was engaged in drilling 56 new wells and redrilling 19 old wells a total of 75 strings of tools Stock3 of Petroleum Products The total stock of crude oil on hand as of Dec was barrels The total of all stock crude semi finished and finished stocks was barrels a decrease In crude of 452 860 barrels and in the total of all stocks of barrels 10 437 barrels per day Crude Oil Prices The base price of 1 23 per barrel offered by the company on June 10 1919 for heavy crudes was unchanged until Mar when the company increased its offer for the heavy crudes 25 cents per barrel The offers for refinable grades at the same time represented increases of 26 cents to 1 26 per barrel for the very highest grades On July 10 1920 the company increased its offer 12 cents per barrel Producing Properties The company s producing operations during 1920 were most successful Our development on Its Tupman fee property at the east end of the Elk Hills on which the first well was completed in Feb 1920 resulted in a daily average production in Dec 1920 of 37 438 barrels In Southern California our wildcat efforts resulted in the discovery of the Huntington Beach field in Orange County One of the wells finished in this area had an initial production estimated at 6 000 barrels per day but the casing colapsed and redrilling is now in progress Since Jan 1 1921 the company has completed several wells In that locality each with an initial daily production of 500 to 800 barrels The company has 5 514 acres of that it was necessary land under lease in this district at this time the company was accustomed to report its net earnings after deducting ordinary repairs and maintenance and also as a separate item the dividends received from the St Maurice Paper Co year For 1920 it shows net earnings including Income from subsidiary com panies after deducting the aforesaid ordinary repairs and maintenance The Chronicle knowing the dividends disbursed by the St Maurice Paper Co in 1920 namely 30 stock dividend paid in April and 11 4 In cash dividends viz Feb 1H May M and 5 extra Aug 2 and Nov 2 has deducted and shows these dividends separately but this still leaves included In net earnings dividend income from one or more other subsidiaries to disturb the comparison with previous years Ed x Includes a 5 1st M gold bonds Union Bag Paper Co st M gold bonds or Sheboygan Paper Co and c 6 bonds of Allen Brothers Company I a Surplus for year of Is added to previous surplus of as adjusted making a total of from which has been deducted 50 stock dividend paid May dividend reserve for see V Ill p 2529 adjustment for depreciation leaving a profit and loss surplus of Company of California and the Mid Continent fields nearly Total Preferred stock 7 authorized shares none are issued b Common stock authorized shares of which 350 000 are issued par Report for Fiscal Year ending December V barrels in a no of accr Sundry invest ts up on the books under rules and regulations of the Internal Revenue Department for the purpose of determining depletion Plant Account During the year 1920 plant account was increased in all departments by expenditures for new construction and additions in amount no bonds Balance surplus def 870 912 Profit and loss surplus V 110 p Beach and Brea districts of Southern par Bills pay set Pref stock a by Lib bonds SHEET DECEMBER Mach y A equip ket value Real est A bldgs preferred stock to date of its retirement March Assets charges President K R Common dividends Balance surplus Standard Oil Net income YEARS YEARS Interest paid Reserve for contingenc s CALENDAR Taxes page INCOME ACCOUNT FOR dividends Common dividends Bois together of Delaware Gross income CoaMSorporation Fixed 1920 Cost of merchandise 1920 sheet Preferred Including the Owned Subsidiaries Western Electric Co Inc and Western Electric Co Inc of California Expenses in Net earnings Federal taxes Co RESULTS FOR CALENDAR and bills receivable for Report for Fiscal Year ending Dec Report for Fiscal Year ending Dec a Total investments reserved excess profits taxes The remarks of President Charles G Du with the income account and balance sheet Sales exchange for outstanding shares of Preferred and Common stock of Union Bag Paper Co in accordance with consolidation plan outstanding shares y After deducting bonds in treasury and bonds re deemed and held by the trustees of sinking fund V 112 p Accrued int c Provision for Fed l Western Electric Other income auth Com stock auth S Bills payable Audited vouchers Represents customers notes receivable for agricultural machinery c including interest accrued thereon less commission certificates outstanding y Investment in and advances to Compagnie Case de France S A V 112 p 1141 on will be found DECEMBER Liabilities Plants bldgs Ac Capital stock z St Maurice Paper 1st M 5s y Co stock at par Cheboygan 5s Investments see below 430 000 Allen Bros 6s Inventory at or below cost Acc ts payable Pulpwood Interest accrued Supplies Ac Accr Fed taxes Merchandise Surp re apprais Acc ts receivable Surplus Cash Reserved for div Prepaid Ins Ac Reserve for contin Prepaid int Ac S Pref stock Income A Can Vict bonds Due from property Total est plants Ac Pat ts designs Ac tal stock Real Inventories SHEET BALANCE v V BALANCE 1920 Assets pages of Assets The discovery of a new oil horizon at a depth of approximately 4 000 ft the Kraemer No 2 property in the Richfield District Southern Califor nia has added materially to our production on that property We have also leased and are drilling on a 1 628 acres of land about 12 on miles northwesterly from Huntington Beach Over 9 000 acres In County The Company is also wildcatting in other parts of Central and Ventura this State and in Washington and has geological parties in South America and in Mexico Through the subsidiary the Richmond Petroleum Co entirely owned are prospecting in Rio Blanco County Colo and are drilling on the Island of Luzon Philippine Islands we Bondoc Peninsula Manufacturing Department Refining facilities were increased by 13 A new office building and new mechanical shops were completed at Richmond and new mechanical ing on sure a new can shops at El Segundo Work is progress factory at Richmond and on the installation of 40 hew pres units at Richmond and El Segundo Marine Department In 1920 the company contracted for one single screw tank steamer 10 200 tons deadweight capacity and three twin screw tank steamers each of 15 000 tons deadweight capacity These four ships to gether with two other ships now building contracted during 1919 will be delivered during 1921 The company purchased a new single screw tank steamer of 9 752 tons deadweight capacity Two Two and three chartered from the U S sold during the year Shipping Board have been returned to the owners Pipe Line The pipe lines were extended to the Elk Hills and Huntington Beach districts at a cost of Sales The sales plant account was increased by Twentyseven new sub stations were added making the total 411 and 43 new service stations making a total of 261 There were also added 266 motor trucks and 177 automobiles Automobiles and Trucks On Dec the company had in service 1 361 motor trucks and 1 059 automobiles Taxes Tax payments during the year included Federal income and excess profits tax Federal capital stock tax franchises and licenses property taxes for total Of the property tax was paid in California and in other States Property taxes increased for the year or 51 81 largely due to higher tax rates Employees On Dec the number of employees was 18 80o an increase of 2 446 over Dec 1919 and the company s payroll for 1920 in creased 33 91 over 1919 averageing 9 12 per employee New Home Office Building Early in 1920 the company purchased at Bush and Sansome Streets immediately opposite the present building in San Francisco property 136 5 feet by 206 25 feet on which we have started the construction of a 22 story office building Stockholders Number increased during the year from 7 140 to 7 452 were Dividends Rate per cent Div in Lib bonds Balance surplus Previous surplus Total surplus Adj taxes prev yr Cr48 232 Appreciation account a Stock div Deb46 442 Cr a This represents enhanced values due to discoveries of oil on Company s land referred to in statement and is set up on books of company in accord ance with rules and regulations of the Internal Revenue Department for the purpose of determining depletion Total P L surpl BALANCE 1920 A SiSCtS Plant 31 DECEMBER SHEET Liabilities Govt securities Inventories Accounts rec Notes receiv Accounts pay payable profit inc taxes Insur eat Inventories d on Accounts Sundry debtors contract premium Surplus y c less reserve to acquire of P M C Co Surplus as shown is made up of a earned surplus Dec and appreciated surplus Dec V p 1031 y of 1920 and since that time the industry passed through a severe depression That the affairs of the corporation in excellent shape to meet this depression is clearly shown in the state ment submitted herewith and its present sound financial condition is the best insurance for its future prosperity when normal business conditions are again restored Gold Notes During the year the corporation has purchased on the open market and deposited with the trustee of its Ten Year Gold notes dated Nov and due Nov Including this purchase it has now reacquired and deposited with the trustee par value of these notes Thus more than half of the funded debt has been paid in half the period for which the loan was made report was in building November but manufacturing plant hampered by stagnation brick The car supply and inefficient labor closed down in desirable stock on hand Conditions having improved inadequate with a all capable Oil pros pects are particularly encouraging Since Jan wells have been completed of which 19 are producing oil or gas and 5 were failures At present three wells are being drilled and 14 locations have been selected for early development department managers have The officers and deman naturally resulted in a large inventory and the business conditions for the balance of the year were so poor that this inventory could not be liquidated However the financial condition of the company was so strong that it continued to discount purchase invoices and did not find it necessary to use trade acceptances or to borrow money from the banks Outlook The year of 1921 will undoubtedly be one of keen competition because of the over expanded condition of the older companies and the companies which have come into existence during the period of abnormal prosperity resulting from the war CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR CAL YEARS many new a ll Cost of sales incl all oper selling plant maint repairs Depreciation of plants gen exp Net income from sales Other income incl int earned Total Int on income Peerless Truck Motor Corp secured convertible notes prof tax income tax est Depreciation of investment c 13 878 Sundry other charges 35 554 Depreciation adjustment Cr 50 840 Dividends 8M Pref divs of Peerless Motor Car Co 1 526 Disct on 10 yr notes with trustee Cr Fed exc Total Balance deductions surplus Production c Year Number RESULTS FOR CALENDAR products sold ex penses and taxes Including sales to date of liquidation of General Vehicle Co Inc Note An annual dividend of 4 has been declared on the capital stock par 50 payable in four quarterly installments of 1 each as foilows Mar 31 June 30 Sept 30 and Dec 31 to holders of record Mar 1 June 1 Sept 1 and Dec 1 respectively In Jan last a quarterly dividend of 1H was paid Dividend record for 1920 Jan and April Suarterly divs of IH together with extras of 9 1 each in July and regular quar divs of 2M each total H of YEARS Gross income Cost of Net earnings O Res sinking fund c Dividend No Net oper income previous surplus BALANCE Total V p Funded debt Current liabilities Surplus Cap Total Other current ass ts Liabilities stk outst g Assets SHEET DEC Property accounts Def conting ass ts Cash U S bonds Deere Company Moline 111 Report for Fiscal Year ended Oct President William Butterworth Moline Feb 17 wrote substance in Results Income from operations after making and local taxes depreciation and other contingencies was provision for ail Fedora cash discounts possible losses of receivables contrasting with in Deductions were a Administrative and general expenses b interest on notes payab e o net c depletion of timber lands and miscellaneous charges Net income for the ypar year called against in year Preferred dividends for Total p l surplus Oct against in The sales increased about 15 over 1919 but owing to large increases and supplies and of labor and overhead expenses in the costs of materials the profits were reduced by Working Capital The net working capital decreased resulting from 1 an increase in quick assets of chiefly due to increases in inventories of and in receivables of an increase in liabilities of occasioned by increases in notes payable of c During the year we priced all inventories at cost or market whichever was lower and set up a reserve to cover the reduced value After deducting this reserve the inventories at Oct 311920 showed an increase of as compared with Oct brought about by the unforeseen decline in business occasioned by the decline in the price of farm products Owing to the increase in the volume of business during the year and also to a falling off in collections during the fall months the company s notes and accounts receivable increased during the year The in creases in the inventories and the notes and accounts receivable account for the large increase in notes payable of Capital Expenditures Capital charges during the year aggregated principally for additions to the plant of the Waterloo Gasoline Engine Co at Waterloo la and the Van Brunt Mfg Co at Horicon Wis Timber properties were purchased by the Moline Timber Co in Arkansas A considerable amount of new machinery was also purchased for the fac the current year and on aggregated viz a Depreciation of property and equip ment b losses In current assets c contingencies d insurance and pension During the year the total charges for deprectation maintenance and repairs amounted to as compared with in 1919 Pref Stock The company has purchased and now carries in its treasury Pref stock which is held for sale to employees on the monthly payment plan At Oct employees were paying for 17 74 shares of Pref stock on the installment plan The total number of Pref stockholders Dec 31 was 5 133 an increase of 346Slow Collections Implement dealers were unable to make their usual fall collections owing to the rapidly falling prices of farm products and the country banks were not in position to extend their usual credit facilities to the farmers and to our dealers No new construction is contemplated during Reserves Reserve accounts were increased in Cr a ct of brick Production against in 1919 sales agst in 1919 shipments agst unfilled orders Dec inventory Dec Tons of Coal Production mines under lease agst in 1919 sales on commission agst Barrels of oil Production under lease against 144 380 in 1919 tories Cr all become substantial hold of the stock ers Report of L H Kittredge Pres Peerless Motor Car Co During the first half of 1920 the demand for our product greatly exceeded of the plant but the strikes of steel workers and of the railway switchmen made manufacturing extremely difficult and interfered to some extent with the production of the Peerless Works Notwithstanding these difficultias the company completed the first half of tne year less than 200 cars behind its full capacity schedule Shortly after the mid year period the demand for motor cars in common with many other commodities rapidly diminished to a point considerably below normal This sudden change from abnormal to less than normal the plant will reopen as soon as the trade revives Our holdings of almost 14 000 acres of coal clay and oil lands of further development offer possibilities of enlarged operations the capacity 19 herewith shows gratifying results and a very satisfactory During the year a 5 dividend amounting to 68 paid from earnings after ample reserves totaling were made for sinking fund extraordinary repairs replacements depreciation depletion and doubtful accounts leaving a net balance of 46 015 as an addition to surplus As earnings were derived Chiefly from coal and oil it is evident that the diversity of its products is of singular advantage The 275 industry were 0 Jan financial condition Profit loss surplus has said in substance Adj of int sink fund ended abruptly during the summer Net sales Surplus Deduct Taxes prev yr Status The favorable business conditions in the automobile Report for Fiscal Year ending Dec 31 President S L Chamberlaine Columbus Adjustment Peerless Truck Motor Corp payable reserves Total Total a After deducting in charged off for depreciation b In cluding cost of acquisition of stocks of sub cos c Representing considera tion received in cash for auth shares at 50 capital stock Issued as full paid and non assessable in accordance with the Virginia statutes d Valued at cost or market whichever is lower e Including reserves for Federal taxes g After deducting re acquired and deposited with trustee V 112 p 659 Add Report for Fiscal Year ending Dec President Burton Gr Tremaine says in substance Extracts from Prepaid insur c Bond inter est Total Total x After deducting unsubscribed stock Conting t reserve of stock payable drafts disc Sundry creditors Cash Doc Dividend Acc ts notes rec bal notes g secured convert ible Suspended earns Stock Truck Motor Corp 6 U S Lib bds and certts ot indebt Pref stock Co reserve Merchandise due account Deferred eliarges Excess Emp Lib Loan Cash Notes S Capital stock x account Other Invest Peerless Peerless Motor Car Cash bbls profits equlpment a franchises and good will Capital stock Hocking Valley Products Co Deprec Depletion Excess profits income Prod crude oil Earnings c S S Liabilities bPatts S Land plant bldgs YEARS INCOME ACCOUNT FOR CALENDAR Net 1920 Assets women are 31 CONSOLIDATED BALANCE SHEET DEC The aggregate cost of these seven ships represents an expenditure of about vessels contracted for in 1919 were delivered and are now in service steamers Vol 112 CHRONICLE THE 1276 Dec 31 March THE CHRONICLE 1277 Outlook The very decline In the price of farm products should make greater use of improved farm machinery that crops may be produced on a profitable basis As to sale in Feb 1921 of H gold notes see V 112 P 748 IThe comparative income account was in Chronicle of Mar 19 p Worthington Pump Machinery Corporation 5th Annual Report Year ended Dec Pres C Philip Coleman N Y March 8 wrote in subst necessary the CONSOLIDATED BALANCE equipment Trade marks pat Prpaid insur cLiberty bonds Cash Reserve Notes accts rec Ins fund invest Results The volume of orders booked early in 1920 was satisfactory but in the latter part of the year partial suspension of buying occurred and has continued to the present date The volume of inquiries however is large and when political and economic adjustments are accomplished a resump tion in buying should take place Volume of Bookings and Billings and subsldi Accrued taxes of ary companies 2 000 Notes payable 14 3G5 549 Accounts payable Stocks x Subsid companies bonds mtges Pref stock owned bl Preferred stock b Common stock dl good will Real estate bldgs Inventories OCTOBER Liabilities Timber lands c ents SHEET 1919 Assets Unfilled Orders S Bookings Billings Profits aft depr a Surplus p Mfg and Trading Profits after Deprec v Hand at Dec after Deducting Those in Process of Adjustment on Total a Reserves include in against property and equipment against working and current assets against insurance and pensions and against contingencies b Includes in Pref stock owned held for sale to employees monthly payments but not Prof stock purchased and held treasury d After deducting reserved for sale to employees under con tracts White Motor Company inventory adjustments sales for the last quarter were The quarter shows a operating loss the result of general business conditions and it seemed advisable to make inventory adjustments of reducing the inventory account from cost to actual market value The average production of trucks per man was increased from 2 75 in 1919 to 3 017 in 1920 and the labor turnover was only 38 5 Results for Year The operating profits for the year were to which should be added for miscellaneous income c making a total profit of exclusive of Federal income war and excess profits taxes Deducting the reserve for these items estimated at and for inventory adjustments reducing the inventory account from cost to market value and deducting dividends of a balance remains to be carried to surplus account of as against for 1919 The surplus as shown by the balance sheet of Dec was To this should be added an adjustment of Federal income war and excess profit taxes applicable to prior period of Adding the balance of profits for the year 1920 carried to surplus account of makes the surplus account on Dec as shown by the balance sheet Inventory The finished cars material in process material and supplies 1920 and prices reduced on the basis of market inventory item shows an increase over 1919 due to an increased stock of finished trucks The inventory of materials raw or in process was reduced in quantity as much as possible Capital Assets During 1920 the sum of was expended for 1 The completion of the shipping and finishing building at the factory 2 a subsidiary shipping building in Cleveland flats 3 land in Kansas City for a service station 4 completion of N Y and Atlanta service sta tions 5 land and building in Denver for sales and service departments 6 additional machinery and equipment Sales of property at 205 West End Ave and the service building and lots on West 57th St N Y City amounted to making the net ex penditures added to capital assets Capital Increase On June 9 1920 the stockholders authorized an in crease in the capital stock from to but no at tempt will be made to dispose of the new stock until the readjustment period has progressed much farther than at present V 110 p 1983 Price Policy Manufacturing economies have enabled us to place our trucks on the market at an average increase on all models of only about 17 over 1914 prices No reduction in its selling prices can therefore be taken of Dec 31 value of materials The as expected unless there is resumes a very Foreign foreign business shows decided reduction in costs and until pro an increase of the adverse 78 rates of exchange our We are obtaining a 1919 over strong foothold in a number of foreign countries Outlook The factory production has been reduced to a point where it meets the demands of current business but the factory and the factory organization have been maintained We believe the readjustment has been passed and that our product will be in the year period increasing demand through Stockholders The number was 3 518 on Dec and 6 340 Dec average holding about 79 shares per person The income account was given in the issue of March 5 1920 page 941 TABLE OF 1920 COMPARISONS Reserve for ContingenciesFederal taxes before Fed taxes c x Dividends Add ns to factory Add ns to branch service sta ns Inventories Factory empl avg ll subscription to capital stock Dec deducting to reduce inventory from cost to market CONSOLIDATED BALANCE 1920 S real est a good will pat models c SHEET DEC S Notes receivable Deposits on cars Accts receivable Accrued taxes real estate accts Govt secur i rec incl pay rolls rec U S Lib bonds discounted Contingent Reserve total or of our returns for Federal taxes Improvement in existing lines and further additions to related lines makes a continuation of development work Common Dividends Begun Quarterly dividends of 1 50 per share 6 p a on the Common stock were paid during the year Voting Trust to End April 1 The voting trust will expire by limitation on April 1 1921 desirable INCOME Calendar Years ACCOUNT Billings to customers Cost of sales Operating profit Gross income Interest adjustm ts c Federal taxes jH Dividends on Class A pref Interest receiv c net Int divs from invest t I Class B pref Common stock To reserve Balance l Total p 1 sur Dec 31 BALANCE SHEET DECEMBER 31 INCLUDING SUBSIDIARIES 1920 S U S securities Acc ts bills Net rec Miscellaneous Liabilities Trade Minor stock at par Acer int on bonds Miscellaneous Bonds of sub cos in carried Res for Fed taxes General reserve progress in inventories Surplus Total After deducting Adv agst work assets of charges z accounts Capital stock curr Assets Plant pat ts c xl Foreign aff 11 cos See note Treasury stock Total depreciation of f common stock par in treasury is held by the voting subject to the order of the board under the plan of reorganization for securing the aid of new interests in the management or otherwise for its y The trustees z Capital stock issued as full paid and non assessable under the Virginia statutes includes Class A 7 cum pref authorized issued Class B 6 cum pref authorized issued and common including balance of returned to treasury authorized issued making a total of V 112 p 1038 Winchester Company New Haven Conn Report for Fiscal Year ending Dec President J E Otterson Feb wrote in subst r Results Our commercial sales for the year 1920 exceeded the commercial fected by the general business depression it if reasonable to assume that our sales would have been increased by more than over the best year with a corresponding increase in profits The Winchester Company and its subsidiaries show for the year sales cost of sales selling and general expenses including depreciation and interest proportion of profits ap plying to stockholders of Winchester Repeating Arms Co other than the Winchester Company leaving net consolidated earnings for year Dividends aggregating 7 were paid on 1st Pref stock calling for and 6 on 2d Pref stock a total of leaving as increase of surplus account Sales and charges on contracts for the year 1919 aggregated Deduct selling and general expenses reserve for depreciation capital stock market whichever is lower V examination issued At cost of sales of any previous year in the history of the company by about Had the rate of sales in the early part of the year not been adversely af After deducting reserve for depreciation x The remainder of the additional issue of 100 000 shares amounting to has been subscribed and paid subsequent to Jan making y assets Fed a the current reserve for est Surplus Total notes taxes Deferred charges Total Accts payable and Customers on Inventories y Miscel 31 x payable for borrowed money receiv market Notes Secur in other cos net Capital stock Cash sheet shows benefit val 1920 Liabil ties balance Governments beginning with 1916 is still pending but the reserves are believed to be more than ample Foreign Interests Investment in the securities of Worthington Simpson Ltd was increased by the purchase of of 5 debentures Preference shares and of ordinary shares The investment in Societe Francaise des Pompes et Machines Worthington was increased by acquiring their total increase in capital stock of three million francs The dollar cost of the securities owned in these companies is reported under caption Investments in Securities of Foreign Affiliated Companies The current accounts against our foreign affiliated companies are included in our general accounts receivable and the current accounts of our European branches as distinguished from our foreign affiliated companies are carried under the caption Net Current Assets of European Continental Branches New Products Development work at the Snow Holly Works upon the Diesel engine for marine and also for electrical stationary generating ser vice and on the heavy oil engine at the Blake Knowles Works justifies the placing of these two lines on the market in several sizes Successful endurance tests of the 2 600 h p marine Diesel engine and of the 50 h p heavy oil engine have been completed Our entire line of small farm engines also has been redesigned and the manufacturing equipment of the gas engine department has been rearranged and increased The manufacture of these newly designed engines is now well under way These additions improve materially our position as regards internal com bustion engines the demand for which is growing throughout the world The development of a locomotive feed water heater in several sizes at the Blake Knowles works and of an hydraulic turbine at the Worthington works have been completed and these new products ahve been placed on the x Includes Assets Upon these and the uncompleted improvement work expended during the year Further ex on business conditions Assets The continental brch Before Current and British Deferred Sales x S Cash Earnings U Inventories Capital stock Surplus was of which is cash and is in securities of the normal activity Department In spite of there 1 penditures will depend Taxes Government The Mtges Jan this amount small of Inventories The values of materials and supplies were adjusted to cost or market whichever was lower this necessitated a writing down out of profits for the year of The net income shown is after deducting Sales The gross sales for the year 1920 were an increase of or 19 8 over 1919 For the first 9 months the total sales amounted to an increase of or over 45 for the 9 months The profits on Sept were exclusive of Federal income war and excess profits taxes and of Bldgs ments of Cleveland Report for Fiscal Year ending Dec Cost Net President Windsor T White March 10 wrote in brief duction War Contracts In December the contract with the War Dpeartment for munitions was finally adjusted ince Jan 1 1921 a settlement has also been reached with the Navy Department by which we acquire on a satis factory basis the Government s additions and betterments at the Blake Knowles Works This latter settlement will be included in report for 1921 Additions c During 1920 the board authorized additions and better x Taken at cost or market value which ever is lower and includes reserves of for possible inventory losses V 112 p 1148 were on 1919 Apt Total p 941 previous CHRONICLE THE 1278 Outlook The railroads our principal have more equipment than they can use customers for the time being Such surpluses however melt rapidly with returning normal business In the meantime we are reducing our expenses as much as is wise Our working capital and surplus are unimpaired the plants are in better condition than ever before and our organization is intact pending the provision for estimated Federal and State taxes and other contingencies add interest received net profits for See V 110 p Ed J Operations and Developments A little more than a year ago we launched a plan somewhat revolutionary so far as the hardware world was concerned year for equipping our war plant for the manufacture of hardware products and return of normal business the distribution of these products directly to the retail hardware trade se lecting the best hardware merchant in each town to act as our exclusive agent In the cities with population greater than 50 000 we contemplated establishing our own retail stores to be known as The Winchester Stores Accordingly we have undertaken the development of 25 new lines viz Fishing rods Fishing reels Fishing lines Flashlights Batteries Butcher knives Kitchen cutlery Pocket cutlery Roller skates Ice skates Hatchets Chisels Screw drivers Wrenches Pliers 1 Carving sets Scissors Razors Axes Hammers Deduct Depreciation Add Interest Winchester Office and Store Your company has purchased a third interest Liggett Winchester Ley Realty Corporation which is erecting a building at the corner of 42d St and Madison Ave N Y City to be one of the finest retail store and office buildings in this section Our interest in this building is held on such a basis as to promise a very satisfactory re turn We contemplate opening a retail store in this choice site probably n May 1921 Compare United Drug Co V 112 p 947 Inventory During the war our inventory of commercial goods became depleted The development of new lines and the establishment of Cash Acc ts A notes Marketable depos rec Bank loans Accrued Accr d Gov t bonds Ac Acc ts payable Inv in other cos Plant equip Misc stock Pref cum estab incl equip real est Newdevel ts Ac Deferred items Inventories Pref Btk sink fd of 7 cum 1st Pref Outstanding as above Par 100 y Includes previously treated as reserve for amortization b The plant and equipment item was reached by 1 adding from construction work in process and the cost of tools for new products c 2 deducting reserve for depreciation after transferring from such reserve to general reserve Note The chartered accountants say in substance a The inventories were valued on the basis of book costs except the finished new products which were taken at selling price less estimated cost of marketing c The reserve for depreciation on plant assets for 1920 was fixed at d There has been expended for the development and market ing of new products including the establishment of warehouses selling agencies and the acquisition of patents and processes to Dec the sum of e The amount of appropriated at the close of the war as a reserve for carrying charges and losses arising from the termination thereof has been increased through the transfer of previously considered 6 as a non cum reserve Preferred ana Common stock for amortization This action was taken as receivable S Lib bds Cash Insurance prems Ac unpaid Total Accts payable pay rolls accr r pofits in come Ac taxes Accrued Interest A ctfs of indebt stock Cap stk of sub co debentures cess less reserves U Common Preferred stock Notes payable Prov for war ex Accounts and bills on bonds and debts Com div payable 409 840 Reserves 619 209 Approp surplus b Profit and loss cll 144 731 Total After deducting depreciation reserve b The appropri surplus to Dec had been credited with sums aggregating used or appropriated for redemption of bonds debentures and Preferred stock including so appropriated in 1920 Out of said accumulations there were paid in 1920 two stock dividends 6 May 29 and 12 Dec 31 together aggregating leaving of said surplus Ed c After adding discount on debentures retired The authorized Preferred and Common stock amount to each the Pref shares 100 par value Common V 112 p 1027 a ated Graphophone Manufacturing Co President Van Horn Ely in report dated March 8 says in substance Results The year afforded the largest gross sales in our history being more than in excess of 1919 notwithstanding the general business recession in the last quarter Net earnings declined on account of the in raw material and labor and higher advertising expenses Taxation The unfavorable gross sales tax levied by the U S Govern Total Total x Capital stock authorized each Liabilities Other real estate Miscell securities DEC 1090 creased cost of non Capital surplus Surplus SUBSIDIARY COS plant equipment good will Ac Jf stock Common d INCLUDING Real estate Report for Fiscal Year ending Dec xlstPref 7 cum stock stock iriated surplus Com Assets pay rolls reserves SHEET Columbia Gen l reserve y Retail stores Cost of taxes de Balance surplus BALANCE on earns Subsidiaries Accrued interest s com pensation Unci as sec for Workmen 31 Liabilities secure Inventories b SHEET DEC borrowed money Net profits carried to unax our inventory and this increase has been augmented by the general business depression Upon the return of normal business conditions a reduction in inventory will be possible and we believe that the valuation placed upon it will permit of manufacture and sale under present market conditions at a profit The purchase commitments outstanding are below normal and cover only sufficient materials for about two months consumption at normal rate Outlook With such development as we have accomplished the prospect for the future is bright indeed The comparative income account was given in V 112 p 1032 CONSOLIDATED BALANCE on Dividends Pref 7 branch warehouses and retail stores has of course made it necessary to in crease our Assets sub co appertaining to outstanding minority Reserved for excess profits and income taxes Y the in and securities sold on income Deduct interest a bentures Net c investments Total profits and Loss exchange and Boston two stores Providence Pawtucket Worcester Lawrence Spring field Troy and New Haven These stores are developing at a satisfactory rate in spite of the business depression They offer not only an excellent outlet for our products but advertise and build up the good will and trade N discount income from We have opened warehouses in New Haven Chicago and San Francisco and will open a warehouse in Kansas City in Feb and in Atlanta in March We have opened 9 Winchester owned retail stores in Eastern cities viz name 1918 Saws In spite of traffic blockades labor shortage and general business deprestion this great development is well toward completion and these 25 lines of new products are being marketed through some 3 500 Winchester stock holding agents who have their exclusive sale in their respective territories The full and further development of this business will completely occupy the excess buildings and facilities growing out of the war development Our new products have been universally accepted as of high quality and special merit We expected some failures In our early efforts but we aim to have every Winchester product of the highest quality Criticisms how ever have been remarkably few After a survey of practically the entire hardware trade of the United States we entered into contractual relations with some 3 500 of the best hardware dealers to act as our exclusive agents in their respective towns under arrangements by which they have become Preferred stockholders of the Winchester Company We contemplate increasing the number of these stockholding agents to about 7 000 value of the CONSOL GENERAL PROFIT LOSS ACCT YEAR END DEC Earnings from oper after deducting mfg selling admin expenses Files Shears The usual comparative income account was given in V 112 p Auger bits Planes Vol 112 the result of ment on STATEMENT INCOME OF AND SURPLUS FOR 1918 YEAR Earnings from all sources THE on funded and floating debt discount gold notes Reserves for general depreciation bad debts written Deduct Interest on off Reserve for excise income and excess profits taxes Dividends declared 7 Pref and 1 in cash and Common stock a ruling from the Treasury Department There has been charged to this reserve during 1920 the sum of consisting of carrying charges of idle war plant including depreciation relating thereto and overhead resulting therefrom losses in realization of Government securities purchased during the war period and other related items V 112 p 1172 comparatively few classes of industry continues but an effort is being made to have this tax removed by the incoming Administration In 1920 this tax cost us about New Securities During the year the working capital was increased by the sale of year 8 gold notes and by the receipt of from the sale of Common stock V Ill p v 110 p Inventories Finished goods and raw material on hand were larger than usual due to trade conditions but were revalued at prevailing market prices Dec Sinking Fund Pref stock of par was retired and canceled during the year through the sinking fund Officers 2 In December Francis 8 Whitten was made Chairman of the board and Van Horn Ely a member of the board and the executive commit tee since 1916 was elected President as his successor Columbia Graphophone Factories Corp of Baltimore see V 110 p Balance to on 1920 l 5th share of each share of Common Ed i surplus account Add Surplus at Dec Total Deduct Special provision for reducing inventories to market value other charges agst surplus American Steel Foundries President R P Lamont Chicago March 4 wrote in subT Results Our gross business including Griffin Wheel Co reached the largest total in our history against in not reported During the first three quarters the net earnings ran about p a but with the decline in general business our business began to shrink rapidly in the fourth quarter and materials of doubtful value profits and income taxes is alwavs sub ject to verification but the reservation for that purpose is believed to be correctly figured Or if fin Wheel Co The earnings of this subsidiary exceeded the estimates Repairs Maintenance absorbed in manufacturing costs in 1920 aggre gated Sinking Fund As usual we retired debentures which cost us leaving outstanding out of the original issue of Two more years should see them out of the way For the preferred stock a sinking fund reserve installment of 84 813 was set aside and is carried in a separate bank account Dividends Cash dividends of 7 on the pref stock and 3 a share 9 on the common stock par were declared during the year in addi tion stock dividends aggregating 6 a share 18 on the common stock were paid out of appropriated surplus See foot note b below Ed Bills Receivable The accounts receivable Dec 31 stood at the high figure of The delay by the U S Treasury in its payments to the railroads of sums due is largely responsible for this situation The bill recently passed by Congress authorizing the Treasury to make payments should bring speedy relief and enable us to pay our bank loans excess The directors on March 1 1921 voted to omit the payment of the cash and stock dividends usually paid April 1 on the Common stock no par value Dividends of 25 cents in cash and 1 20 of a share in Common stock were paid quarterly from Oct 1919 to Jan 1921 incl Ed comparative income account was given in V Ill p 1028 The usual own By Dec 31 we had reduced our supplies and raw materials to the lowest point in many years and had written them down to market prices necessi tating a reduction in profits of approximately We also took a loss on Liberty Bonds and Victory Notes of about Nevertheless we were able to carry forward to surplus before allowing for dividends declared during year In addition to reducing all materials on hand to market values provision was made for possible losses on material commitments and on supplies Taxation The amount of 1 Surplus at Dec per balance sheet Annual Report for Fiscal Year ending Dec BALANCE SHEET DEC Cum Pf stk x Com stk Stated value x Accts pay A accrs ket prices Investments in af Dividends Assets Cash Notes and accounts receivable Inventories at mar filiated cos Due from Col Gra of Eng for mdse Adv to affil co s payable In Common stk Notes payable 5 yr 8 gold notes yr M on real est Other securities Liabilities Am Graph stock Real estate build ings A equip Patents franchises good will Ac Deferred charges Preferred Common Surplus Unamor dis notes Total Total Note The capital stock of the company as shown in the balance sheet includes a 7 Cum Pref stock authorized par 100 less unissued in treasury and held by Am Graphophone Co net Common stock of no par value total au thorized shares less in treasury 362 334 shares in hands of Am Graph Co shares and unissued shares net shares outstanding Contingent liabilities endorsement of note of affiliated company V 112 p March THE CHEONICLE Underwood Typewriter Co Inc Report for Fiscal Year ending Dec President John T Underwood N Y Feb 10 BALANCE 1920 Assets wrote in substance and respectively in years and 1917 Ed Dividends have been declared and paid of 7 on the Pref shares and three cash dividends on the Common shares of 2 each and one of 2 Jan in addition to which an extra dividend was paid July 1 of 5 in U S Govt Victory 4 bonds making a total of 133 paid out of the 1920 profits leaving an amount of added to surplus account The production of finished machines and the sales for the year were the largest in our history but owing to the universal increase in costs of raw materials and wages the final net profits were less than in 1919 The re sults however are satisfactory Capital Slock No Preferred shares have been canceled as the amount still in excess of the requirements of the charter Profit Sharing amounts to from their funds to own a viously occupied in the Hartford plant was released in December for the standard product Outlook The demand continues sufficient to run the factory at full time and the business thus far for the new year particularly with the added fact that the demand for the Underwood bookkeeping machine as well as for the new Underwood standard portable typewriter is steadily increasing Indicates that the company will continue to do a profitable business The comparative income statement will be found on page 661 in issue of Feb 12 GENERAL 1920 Assets SHEET DEC Liabilities S Pref stock 7 Common pay rolls fcc Reserve for Fed l and other taxes Inventories Bonus to employ s cost less Accts notes rec less reserves Pref Cash Govt bds notes Furn fixtures Ac Prepaid insur c dividend Jan 2 Jan Total pay Com Profit and loss Surplus for pay year Chemical Co V Payments In adv Bal surplus Pref div Pref stock issued in 1920 Balance surp BALANCE SHEET DEC Assets Tank equip Real estate car Office furniture Shop investment i Cash Marketable secur Materal Acct s receivable Car trust fund V 112 p National Preferred stock Common stock Accounts payable Res for annuities 162 866 Surplus The total in shows an increase of 13 49 operating expenses in in Minnesota to establish the fair value of their properties on which they will be allowed to earn a reasonable rate of return and thus restore their credit See a subsequent page Ed Physical Condition The condition of the property has been greatly improved during the year As fast as practicable the company Is remodel ing its cars to provide front exits and a part of the cars ere being rebuilt as trailers to facilitate traffic in the rush hours The subsidiary companies laid nearly 13 miles of track during 1920 in in order to enlarge the loop facilities in the two the downtown districts cities reducing congestion during rush hours Gold Notes Your directors feeling that the book indebtedness of the subsidiary companies should be put in a more permanent form have di rected that they issue their 10 Year Gold Notes to this company as follows Minneapolis Street Railway Co The St Paul City Railway Co The Minneapolis St Paul Suburban Railroad Co These notes will be held in the treasury of the Twin City Rapid Transit as the condition of the money market and the earning the subsidiary companies warrant their being offered For recent valuation of St Paul City Ry V 112 p 258 see revenue Total oper expenses Way and structures Equipment Power Conducting transports Traffic General miscellaneous Net operating revenue Taxes Total oper revenue JWbr Operating income Non operating income Gross income funded debt Miscellaneous on Pref dividends 7 Common dividends H f Net p 1 adjustments Cr Net profit and loss f A Common dividend of 2 V2 was side S Road equipment mtgd New Plants The plants of the St Louis Coke Chemical Co at Granite City 111 are completed and are successfully coking the Illinois coals into metallurgical coke with its natural by products and using this coke in their 500 ton blast furnace for the production of pig iron We shall be directly drawing part of our raw material requirements from them and con fidently believe that the investment will afford satisfactory returns The a sold Cash Loans notes rec Misc acc ts recclv Material suppl s Rent8 insur paid in advance balance sheet shows further substantial investment in the securities of that Fund debt unmat Loans notes pay Acc ts wages pay Misc acc ts pay Acer Int not due Tax liability Reserve for Injur ies damages For depreciation Miscellaneous of which however is of a temporary character and will be liquidated in 1921 or 1922 Finances Notwithstanding this relatively large investment which is not included as a current asset your company is in favorable condition so far as its liquid position is concerned Earnings The earnings for the past year cannot but be regarded as satisfactory and although like other industries we are not receiving orders in a volume as large as in the past two years we shall no doubt realize commensurate profits as soon as business returns to normal There is every evidence to day of increased orders in the immediate future Common stock Preferred stock prop prop Misc pkys SI 1920 Liabilities Deposits in lieu of Other Investment substance SHEET DEC S A SS t8 r declared Jan and paid Feb 20 BALANCE 1920 Enameling Stamping Co Inc company part CALENDAR for general m vestment CONSOLIDATED INCOME ACCOUNT FOR Wages Fares In both Minneapolis and St Paul the employees made demands for a substantial increase in wages A most serious strike was threatened but arbitration gave the employees an increase in wages of approximately 20 and the Minneapolis Street Ry Co the right to charge a 6 cent fare effective Aug 16 and the St Paul City Ry Co the right to charge a 6 cent fare effective on and after Sept In this connec tion the cities insisted upon substantial increases in service The increases in fare provide emergency relief only It is hoped the State Legislature will enact a law which will enable street railway companies Interest Report for Fiscal Year ending Dec President George W Niedringhaus New York Feb 15 wrote revenue creased Total each Total Results The earnings for the past year after paying all expenses and making proper allowance for depreciation were sufficient to warrant a dividend of 3 upon the Common stock payable Jan as well as the regular Preferred dividends of 7 per annum Minneapolis St Paul c Report for Fiscal Year ending Dec President Horace Lowry Jan 25 wrote in substance Equipment trusts Liabilities Twin City Rapid Transit Co Other Depr amort Fed taxes prev year divs Accrued interest Profit and loss p expenses Com Res for Fed taxes Total V Sink fund reserve INCOME STATEMENT FOR CALENDAR YEARS YEARS Rev passengers carried Rev from transporta n Earns after oper Res for annuities and accrued lnt Cash Union Tank Car Co New York City CALENDAR Accounts payableReserve account S Investments at cost Report for Fiscal Year ending Dec INCOME ACCOUNT FOR power of Total V 112 p less bad debts Co until such time Inv St L Coke cos Liabilities Pref stock issued 10 0CC 000 Com s opk issued Ref 1st M bonds ma U S ctfs Lib bds machinery c Stock in other terials supplies stock Accts bills rec le Accounts payable Reserve for exp Invest special sur plus capital res or BALANCE 1919 Pat s tr mks c Real estate bldgs good will c total of over with alterations machinery tools and equipment was paid for from in vestment funds which had been set aside for the purpose The space pre V Real estate plant c The distribution for the year among employees Employees also subscribed to an additional amount Plant for Portable Typewriter During 1920 the company purchased a modern fireproof factory property adjacent to the railroad at Bridgeport Conn to meet the requirements of its new portable typewriter The cost SHEET DEC Merchandise Results The net earnings for the year amounted to from which there has been set aside the sum of for Federal income and excess profits taxes These net earnings contrast with canceled is Unadjust credits Total V p Profit and loss Total Railway Steel Spring Company 19th Annual Report Year Ended Dec Pres F F YEARS Fitzpatrick Feb wrote in substance Calendar Years Gross Other income Total income profits Depreciation c General interest Net profits Bond interest 90 352 Sinking fund reserve 177 000 Res for Fed taxes est Pref dividends Common dividends Total deductions Balance surplus Previous surplus Results This report is a Consolidated Statement of income surplus and balance sheet including the Canadian Steel Tire Wheel Co Ltd The results of the Canadian subsidiary were entirely satisfactory and fully justified the establishment of the plant at Montreal After making a charge of for depreciation of machinery plants and gas wells and after allowing for all adjustments of inventory accounts and charges for maintenance of properties our net earnings amounted to A reserve of has been made to cover all taxes Including Federal Income and Excess Profits Taxes We have also paid our Preferred dividends and 8 p a on the Common stock after which there carried to surplus account All Federal income and excess profits taxes up to 1920nave been paid and was as above noted a reserve has been made for 1920 taxes Govt Securities The item of Stock Bonds and Investments as shown In the assets of the Company mainly comprises U S Government scurities A reduction about in this amount was brought about during 1920 by reason of the necessary increase in the Accounts Receivable and Inventories due to prevailing conditions but this should be during the current Total Deduct Federal taxes for 1917 and Profit and loss surplus After deducting interest on bonds held as an investment Outlook The adjusted year financial condition of your continues to show improvement and it is expected that the results for the year 1921 will be satisfactory The fore part of the year will no doubt be a period of read justment while the last half will probably show an Improvement in the general business conditions Inventory In taking the annual Inventory all material has been valued at cost or less in no case at more than the current market price company i Vol 112 CHKONICLE THE 1280 Gross earnings Not shown Not shown Pref dividend Frer dividend Assets uou road surplus Adv from sub cos U S Hous Corp Housing advances U S Advs to sub cos BALANCE SHEET DECEMBER Assets Ac Inventories bonds and Stocks Res for contlng Res for Fed inc A ex prof taxes Surplus investments receivable Accts stock Accounts payable Res for divs Ac Other Items Cash Total Total 112 p 855 V Cadll Ins other unadj items Ac Accumulated Note The Dep with trustees Bond disc exp x Acc ts receiv Ac Mat I and supplies stock Common Liabilities Preferred property Plants contract After deducting manufacturing under structed Investments operating maintenance repairs ad ministrative expenses depreciation c not used in oper of Common Funded debt x l Equip tr ctfs y Pref 5 eumuL Road A equip con Balance surplus Liabilities equip includ real estate Corp Total p Iload A Common dividend Net earningsDeduct Interest Res for all taxes Not shown Not shown Oper exp and deprecia BALANCE SHEET NOV RESULTS FOR CALENDAR YEARS dividends funded on debt Bank loans Due Lehigh Power Securities Corp Acc ts A wages Ac Accr d taxes other unadj items Reserves Surplus and Total both sides preferred stock unpaid st Mtge includes a gold bonds Consol Mtge 4 gold bonds b Collateral TrUst 6 gold bonds c and Refunding Impt Mtge gold bonds less treasury bonds deposited in banks as security amounting to dep with U S Housing Corp in possession of company This makes a total funded debt of y The Equipment Trust Ctfs include a Series A b Series B and c Series C V j N p Chicago City Connecting Railways Collateral Trust 112 Income account given in V STATEMENT OF CURRENT 371 ASSETS Pres L R Lemoine AND LIABILITIES DEC Liabilities Bills payable Accrued int payable cost interest Excess over current ceivable in liabilities re FINANCIAL Total Total Reserves at Other investments Accrued i receivable STATEMENT DEC see page and Sinking fund 5 gold bonds outstanding Railway Section Pref Participation shares Electric Common Participation shares Assets having no par value pledged to secure said bds Stocks par Of Total Iss Bonds par x y Southern Street Ry Hammond Whiting East Chic Ry all Chicago Western Chicago City Ry Calumet South Chicago Ry x y Outstanding bonds not pledged to secure aforesaid bonds viz x y Fixed capital consists of the securities pledged with trustee under inden ture securing reduced by sinking fund to sinking fund 5 gold bonds beneficial interest in which is represented by Preferred and Common Participation shares V 112 p Lehigh Valley Transit Co Report for Fiscal V Pres E M Young Year ended Nov AUentown Pa Jan 10 wrote in sub total gross earnings have increased operating expenses have increased and the net operation have decreased The usual depreciation allowance set up monthly during the year has been entirely inadequate and an additional appropriation of was necessary from the year s surplus in order to provide 5 on the rolling stock and for the actual expenditures for replacement of track ways and struc tures c with no provision for the accrued depreciation on the remainder of this part of the property or the power house This results in an increase of credited to accrued depreciation reserve over the amount set aside for the same period last year The balance left after fixed charges c is which is less than the balance for last year and does not equal the dividend require ments for the year on the outstanding preferred stock Power At the power house a 10 000 k w steam turbo generator has been installed replacing three smaller units This means more economical Results The Total earnings from generation of power Coal 1The large reserve supply of fuel has been reduced to an average investment of approximately it being thought unwise to hold the large fuel reserve which had been accumulated at lower prices However said reserve is again being built up at the prevailing lower prices Additions Although the U S Housing Corporation s project in Beth lehem has been abandoned it was thought wise to complete at a cost of the work originally contracted for This brings the total spent on this project to The demand for passenger transportation does not warrant the operation of cars over all of the new track Fares Early in May the P S Commission approved an increase in the these products general foundries and machine shops are supplied with work for some mont hs Completion of Machine Shop at Addyslon c The additions to plant account amounting to represent chiefly the completion in June of the machine shop at Addyston and certain tools and equipment During 1920 there was expended for repairs replacements c or about 23 more than in 1919 partly due to higher costs Reserves c In addition there was absorbed in operating charges credited to depreciation reserve out of which fund the sum of 46 715 was expended during the year This reserve set up through operating costs increased during the year and as of Dec 31 amounted to making the total reserves including those for insurance and doubtful accounts In addition to the cash on hand as of Dec 31 current assets include an investment in U S Government Liberty and Victory bonds of Net working capital as of Dec stands at viz Accts rec le inventories U S Govt bonds and increase of during the year Charged Off A shrinkage in the material and supply account of past been cleared up through a charge of against profit and loss account NOV June 1 Sept 1 Gross earnings Operating expenses including taxes Income from int on notes and dep Income from dividends on stocks Total net earnings Depreciation allowance Additional depreciation Interest funded xl debt x Appropriated for equalization and accrued depreciation to depreciation and maintenance during year heavy cover PROFIT AND LOSS ACCOUNT YEAR ENDED NOV Balance Nov taxes Depreciation reserve j Interest 160 615 Preferred dividends Balance sur or def sur 251 592df l 103 703 sur sur Total income end Nov less op exp 476 acc t cr loss is shown for each year 1917 to 1920 inclusive after deducting cost of operations maintenance of plants c a Net operating income general expenses provision for taxes doubtful accounts and adjustment of The amounts x in in 1917 Loss BALANCE SHEET DEC Liabilities Pref stk S outst g Com stk outst g Am P AFdy bds y692 000 Raw and manufac tured mat ls Ac Accts A bills pay Accrued int Ac Accounts and notes Plant A property 25 Cash receivable U S Govt bonds sinking Doubtful 18 248 Surplus Reserves Insurance for Total S accts x Depreciation Lib fund x Assets and balance of profit and loss account After deducting bonds in treasury and 1171 y Total Includes working capital reserve sinking fund V 112 p The Laclede Gas Light Co St Louis Report for Fiscal Year ending Dec President C L Holman Feb 1 wrote in substance Financial Statement The gross income was an increase of over 1919 Operating expenses including maintenance and amounted to being an increase of and the amount reserved for replacements and contingencies was an in crease of The net earnings were therefore increase Interest and discounts called for increase and Preferred dividends as usual for leaving net for Common stobk less than in 1919 No dividends were paid on the taxes Common stock over 1919 was mainly due to the very The increase operating expenses was due to the cost of producing the added quantities of gas and electricity sold and to higher prices for labor and considerable increase in the sales of the company s products material created unusually high prices for coke Inasmuch as operating expenses the value realized from the sale of by The fuel shortage Balance Nov deducted for upkeep of plant and equipment In in 1919 were of in for years 1918 and 1919 Net income year The increased income of Deduct Adjustment of material and supplies to approximate physical value at Nov Add Approximate over estimate of Federal x Interest floating debt Amortization discount and expenses appropriation Balance YEARS operating income Other income Net earnings from operation Income from interest on bonds CALENDAR a Net V 112 p and Dec 1 respectively INCOME ACCOUNT FOR Gash stock payable quarterly out of the earnings of the past year viz March 15 June 15 Sept 15 and Dec to holders of record March 1 erty ENDING YEAR FOR hand Pref years has STATEMENT on Note The directors on Jan declared a dividend of 5 on the gold bonds of which there are now in the treasury par value an cash Accounts bills payable and accrued items inventories necessary replacements and renewals Finances The cash situation still presents many difficulties The amounts required to meet the demands of the service and the necessary track and roadway improvements forced by the extensive paving program of the State Highway Department as well as by some municipalities have absorbed the available cash obtained from operations It was impracticable to sell any of the Refunding Improvement 5 earnings Fortunately miscellaneous work has notably increased and there are gradually developing therefrom several standard lines of apparatus which should contribute materially to overhead At the moment the larger of operation including N Y Feb 24 wrote in substance were as compared with a deficit of The accumulation of unsold stock On high levels was avoided In fact earnings partly accrued through sales from the con servatively valued inventory We entered 1920 fairly supplied with tonnage chiefly of the smaller sizes In May and June the demand slackened Operating conditions rapidly became all but impossible because of shortage of car supply and the con tinued indifference of labor In the early fall the tapering off of business enabled us to clear the yards and then came the rapid curtailment of No vember and December with cancellations and adjustments Bookings for December were the lowest of record and there was all but complete suspension of business during December and January New Plan by Which Employees Acquire Pref Stock at the Market On Dec shares of Preferred stock had been sold to employees 477 shares were paid for in cash Production Our chief business is the manufacture of cast iron bell and spigot pipe flange pipe and pipe fittings from which earnings have mainly accrued Shipments of these products in 1920 were 43 greater than in 1919 Late in 1920 the all but complete stoppage of purchases by railroads municipalities and public utilities almost forced the closing of plants for Results The for 1919 basic fare from 6 to 7 cents and although our gross earnings were thereby increased the revenue thus received was insufficient to meet the higher cost INCOME Pipe Foundry Co of N J New York 22d Annual Report Year ended Dec Assets Cash Bills p U S Cast Iron Report for Fiscal Year ending Dec we deduct from March THE products the increase in operating had not realized we an CHRONICLE would have been much greater unusually large return from the sale of our coke expenses by product Construction Plant and investment account increased net Gas Rate The company is still operating under a temporary gas rate of 85c 60c and 50c net Missouri in June of 1 000 per cu ft fixed by the P S Commission of 1919 Valuation On June 4 1920 the company completed and filed by the Commission a physical inventory and valuation of the ordered as temporary valuatfon arbitrarily set by the Commission and based it our present on in effect until such time the Commission should fix as a gas rate based upon its valuation of the company s property Since the printing of this report notice has been received from the P S Commission that the present temporary rates of 85c 60c and 50c per 1 000 cu ft gas sold have been extended for a further period of 60 days the Commission desiring some further time for its investigation This does not necessarily mean that a decision will not be rendered before the expiration of said period Operating income First Mtge Coll Ref 7s bond disc t Acc ts payable Total Total p Assets Cr BALANCE 1920 S Subs to cap stk 1st Mtge Accounts payable Customers depos Oth current liab Accrued liabilities C Unadjusted credits Other reserves Accrued interest Accrued taxes wiring Coal in stoiage Accts bills rec le Cash Prepaid accounts debits Service annuity res Balance surplus Balance surplus a l dividends Stated after deducting all charges and expenses for management and making provision for the estimated Federal tax on profits including war profits and excess profits tax for the year and making suitable additions Additional x V general funds for advertising insurance c BALANCE SHEET DECEMBER Assets Real est mach y trade Preferred stock patents c after depre Pref div payable fixtures ciation Leaf Common Provision stock Cash rec x Liberty bonds Total for vertising Bills accts stock Corn div payable mfd supplies c Liabilities marks Accounts ad bills Total surplus Total y Payable insur ance c pledged to secure 7 Collateral gold notes The Adams Express 1 Company New York Report for Fiscal Year ending Dec President William M Barrett March 1 wrote in subst The report of July was issued under date of Aug Our fiscal year ends Dec 31 Since the last report the Association has adjusted claims asserted against it p 852 a to the earnings Preferred dividends Common Amort depree l Insurance reserve Total Total c work C Municipal comp n Contract bonds x store Report for Fiscal Year ending Dec Collat notes Loans notes pay in rooms Capital stock Materials Liabilities investments Unadj Net SHEET DEC Invest in affil cos Special deposits Int divs c rec Em pi work funds George W Helme Co Snuff Mfrs New York City Plant real est C Securities 488 COO Liabilities accrued 704 502 Com stock div fd Surplus reserves CONDENSED Service annuity fd Investment Profit loss surplus Ref Deferred charges Total Other Bills acc tsrec Fed taxes prev year Net adjustments Ins cas fd inv Cash Balance surplus Common 8tock Ext M Previous surplus Preferred stock Liabilities bonds on Assets Plant investm t 40 l60 8l Dividends 8 Other deductions Stores fotal Interest Other income CONDENSED BALANCE SHEET AS AT DEC Not stated Operating expenses Federal tax reserve See text 150 000 No such reserve provided Uncollectible oper rev Amortization deprec n Taxes munic comp n The comparative income account was given in V 112 p YEARS candle powerequiv Not stated rates 50c rate Being confronted with the necessity of at once contracting for its supply of coal at higher prices the company presented a further petition for permission to charge and 90c net per 1 000 cu ft for remain 1919 Gross earnings which Higher Rates Asked At the time of filing this inventory the company prayed the Commission for an emergency rate of c and 65c The Commission denied this application but extended the 85c 60c and to 1920 ifl Connected business 16 company s property showing the reproduction value as and the original cost value as These valuations are in excess of the tentative and INCOME ACCOUNT FOR CALENDAR The increase of 71 966 for interest and discounts was due to the higher average rate of interest paid on mortgage bonds during the year x Includes invastment in bonds and notes of municipalities and noncompeting corporations y Includes provision for income and war profits and excess profits taxes V Ill p 2234 on account of operations prior to Dec aggregating more than expending for this purpose approximately and in creasing its loans from banks by The company has therefore made substantial progress in disposing such claims all proper dispatch to dispose of the balance 1 and will proceed with Dividend Expected From July 1 1918 to Aug the merger company s operations resulted in a large loss The Government however guaranteed that company against loss during said period The Interstate Commerce Commission has approved the continuation of the American Railway Express Co and that Company has entered into uniform contracts effective Sept with nearly all of the railroads over which it operated during the period of government control for the operation of the express business over such railroads It is expected that the operations o fthat company under the new contracts since Sept will enable it to pay a dividend upon its capital stock during this year This Associations is a large owner in the capital stock of the American Railway Express Company and the future of that company and the financial success of its operations are therefore matters of vital interest to our shareholders Value Commonwealth Edison lateral Company Chicago in Report for the Fiscal Year Ending Dec President Samuel Insull says in brief Results During the year 59 967 new customers were added to the system increase of 14 5 This is the greatest number ever added in any one and largely on account of it there was an increase in the gross operating revenues of about of Collateral Attention is called to the market value of the col deposited as security for this Association s 4 gold bonds maturing and 1948 respectively The market value of this collateral de 1947 posited as security for these bonds on the date of its statement of Dec was not equal to the par value of the two issues of bonds by the sum of The balance sheet shows the full amount of the outstanding bonds as a liability and shows the security pledged as collateral for the bonds in the assets column at its market value at the end of the year an year The net income nevertheless is slightly less than in 1919 partly because the operating expenses further increased and partly because or the creation of a reserve to pay the excess profits tax for the year In former years this tax has been charged in whole or in part against accumulated surplus since the exact amount payable could not be determined by Dec 31 It is thought that the tax will not exceed the amount of the reserve Coal The increased cost of coal contributed largely to the increase in operating expenses The average cost delivered in 1920 was 1 08 a ton more than in 1919 largely due to increased cost of producing coal and the general increase in freight rates Because of increasing business a new operating contract was entered into under which a new high grade coal mine has been acquired and this company heretofore receiving one half of the coal produced at its mines is now receiv ing practically all the output covering its entire requirement for coal at a very small percentage above cost of production Output The electrical output showed was 478 820 kilowatts a heavy increase The maximum load carried Additions Substantial progress has been made with the new Calumet Station located at 100th St and the Calumet liiver It should be ready for operation late in the fall of 1921 THE ADAMS EXPRESS COMPANY AND SOUTHERN EXPRESS CO APPROXIMATE BALANCE SHEET DEC JULY31 1920 assets Investments Securities Dec value July hold by trustees for Express Co coll trust 4 gold bonds Guaranty Trust Co trustee for bonds due Adams June Bankers Trust Co March 1 1948 Securities at market Industrial trustee for bonds due value deposited with State Commissions Second mtge bonds of Adams Express Building Co unpledged at par value Securities of other companies unpledged at market value Capital stock of the American Ry Express Co at par value deposited as collateral with Director General of Railroads for Indebted ness of the Southern Express Co for express privileges Securities of subsidiary cos at fair value Securities To provide for the purchase of additional machinery and equipment an issue of five year collateral gold notes secured by a pledge of first mtge 5 gold bonds was sold to the public market at New in June on a 7 4 basis V 110 p The remainder of the necessary new money was obtained by the stock which was offered to the stockholders of record on Oct new All the new was for Accounts receivable and accrued par stock investments sale of in amounts equal to 10 of holdings of existing stock The company at the same time offered to purchase the subscription rights at 25 cents per right being 2 50 for the right to subscribe for one share of new stock in order to sell as much as possible of the same toi customers and employees The results have been most gratifying V 111 p subscription at Total Land buildings and equipment Treasury cash 1 Interest Trust Adams collected Securities and for Bonds from payment accrued Collateral of interest on Total assets sold and in the last 15 months the number of stock holders has increased from 6 838 to 17 396 and will be upwards of 26 000 as soon as all the stock sold on the installment plan has been fully paidfor This increase should result in great good to holders of record 56 are men 39 women the company Of the stock and 5 banks corporations partnerships and estates Investment Department This Department is available to any one desiring relative to the company s securities Its headquarters are information LIABILITIES Dec July Capital stock outstanding Collateral Trust 4 Gold Bonds balance outstand Due June Guaranty Trust Co trustee Due March Bankers Trust Co trustee Loans at 72 West Adams St Director General of Railroads Industrial Relations The Manager of our new Industrial Relations Department is now engaged in the development and introduction of a plan for the settlement of questions concerning the employees in their relations to the company Through the establishment of Department Special and General Joint Councils in all of which the employees and tne management will have equal voting power Machinery is provided for appeals to a superior Council and to the President of the company and finally if necessary to three arbitrators Similar plans are in successful operation elsewhere throughout the country Accounts payable Deferred credits CAPITAL AND Southern Exp Co and accrued claims express privileges unpaid money orders and conting Deficit def Total liabilities and 112 p Interest payable accrued Reserves for loss and damage V capital THE 1383 Report for Fiscal Year Ending will be Chicago Corporation Hartman The e Dec Feb 1 wrote in substance Corporation and its affiliated companies for the profits of the year 1920 after deducting taxes and necessary reserves are Our inventories were valued at market or cost whichever were lower and showed a comparatively small increase over those of last year This was due to the fact that the directors undertook as early as last July to curtail inventories and to avoid wherever possible future commitments k Accounts receivable were valued in accordance with our established method of charging to loss all accounts which had proved uncollectible In addition a further reserve estimated to cover one year s losses ahead is deducted and the balance becomes the net inventory value of our Accounts Receivable and is calculated to be equivalent to its realizable cash value While there is a general feeling of pesssimism surrounding the immediate future of business in general we feel encouraged to believe that we shall nevertheless be able to accomplish satisfactory results for our stockholders YEARS ENDING DEC 31 INCOME ACCOUNT FOR i Dividends paid all expenses of merchandise and administration incl Balance surplus x After deducting accts deprec accrued commissions provisions for losses on customers Federal and other taxes c Prop fixtures Ac supplies Mdse Due from custom ers net c Cash Investments U S Lib bondsDeferred charges Good will c advances or It is understood that the shares new V Total were The See p Chicago North Western Ry Bonds Authorized The I S C Commission has authorized the company to issue bonds of 1987 and st Ref Mtge bonds Of the Mtge bonds will be issued in respect of expenditures for additions improvements and betterments made during 1920 and in respect of the retirement of the remaining Wisconsin North Gen Mtge Gen bonds due July The st Ref Mtge Mankato New Ulm Ry Co 1st Ry 4 to be used to retire are S at of The company proposes to sell the bonds for which authority is granted a minimum price of 90 or to pledge them as security for the performance obligations which it may incur Definite plans for disposing of the pro posed bonds have not been formulated at this time V 112 p 1143 Chicago Railways Company Earnings Chicago Railways 45 5 on investment Miscellaneous Jan Total which shareholders will receive bonds and 100 in new common York Curb on March 24 traded in on the New accruals Surplus Plan reorganization plan will soon be made public assessment on both the common The plan it is said will provide for a 30 and the preferred stocks in exchange for j Interest Deduct Total interest on bonds 112 p 657 Interest on loans Sinking fund reserve accrued GENERAL INVESTMENT NEWS Years income Gross V 1 next V 112 p Chicago Eastern Illinois RR Reorganization 1919 other and to build a 10 mile branch It is expected to have It in oper ation by Aug Other accts pay tJ1 Mtge 3H bonds due Oct Mdse accts pay Taxes for notes or Ala bonds 31 Capital stock Underlying bonds sub cos Notes payable Georgia RR Bonds Authorized of The Commission also authorized the company Mobilities line of railroad in Jefferson County I Financial Reports above y y y V Railways under National 2139 p Central ern CONSOLIDATED BALANCE SHEET DEC Assets Ill The I S C Commission has authorized the company to procure the authentication and delivery to it by the trustee of Ref Gen Mtge 6 bonds series A and to pledge the same for Government loans Total profits income Interest charges x Railway Annual Results Canadian Northern See Canadian V 100 in new general mortgage Shuttle cars will take the operated to the Everett elevated station Elace of two former through routes and service on the end of another will discontinued V 112 p 1023 President Max Straus The net Vol 112 CHRONICLE RAILROADS INCLUDING ELECTRIC General Railroad and Electric following table summarizes recent Federal Income tax on Int coupons Economies a Wall St J Mar 23 p 1 b National agree ments cost the roads yearly Gov Miller s Traction Bill Passed by N Y Legislature but Injunction p b Higher rates ordered for Nevada effective April 28 Return Times Mar 19 p 3 Mar 21 p 21 of Rights Times Mar 19 p 1 Bost N B Mexican Strikers Gradually Bill Labor s 19 p 5 Penn RR and A Y N II H Times Mar 21 p 2 Ry Jour Mar 19 p 565 Feb 12i of Mar 19 a RR gross and net earn ings for year 1920 p 1078 to 1083 b Federal payments to RRs under guaranty c p 1102 c Unskilled labor opposes wage cuts p 1102 d Penn RR wage conferences e Erie RR restores wage scale but cuts personnel p 1103 f Other railroad labor matters p 1103 to 1106 g RR wage statistics p 1105 compare Ry Age Mar 18 p 700 h RR rates Colorado Legislature would preserve State rights as to intra state rates protest against live stock rates p 1106 and 1167 Loss of Revenue One Man Cars Attacked El Matters Covered in Chronicle Atlanta Birmingham Atlantic RR Constitutionality of Newlands Act Attacked The constitutionality of the Newlands Act which provides for a 20 days notice to employees of railroads when a cut in wages is contemplated has t been attacked in a brief filed by the receiver The brief declared that to days necessa y for such notice with a daily would have amounted to confisca The brief was filed in an answer to a petition recently brought before Federal Judge Samuel H Sibley asking that the receiver s order reducing wages be revoked Attorney General Daugherty has announced his intention to enter the case for the purpose of upholding the Act Resumption of local freight and passenger service throughout the system with the exception of the Waycross Division was announced March 21 by B L Bugg receiver New men are being put to work daily filling the places of strikers it is said and full schedules are predicted soon V 112 p 1143 1Q23 of the Cincinnati Street Railway New Directors of the Citizens National Bank and Attor Robert A Taft have been elected directors succeeding Stephen R Charles W Dimuis President L I is being The road suspended service on May 15 V 107 removed 500 Baltimore Chesapeake Atlantic Ry New Directors Former Senator John W Smith James Dixon and C D Murphy have V Brewington ana the late p 774 been elected directors to succeed the late M Dixon V 109 Belt Railway of Chicago Earnings The Columbus City Boston Elevated Ry Fares The company plans to fore fares have establish a new system of fares on March 26 on in the cities of Maiden and Everett Hereto been 10 cents with free transfers at all intersections to con Under the new plan ail local fares will be 5 cents and trans heretofore issued will be eliminated except to shuttle cars that will operated on parts of two routes that formerly ran through to Everett necting routes fers station The fare to Boston will still be on M rch 14 passed an ordinance authorizing cenfcs cash or 6 tickets for 25 cents Bonds has authorized the company to issue Commission RR 25c to 5 in April 1922 V 112 p 743 Death Valley RR Stock to Retire The California 100 to retire 90 of its out standing bonds par 100 The stock Is to go to Borax Consolidated Ltd holder of the bonds The sterling is to be figured at 4 87 to the v no p Asks Contributions y y y V y Grande Rio Denver of 1 25 a RR Stockholders Committee Share Chairman of the stockholders Western Pacific inter been mailed to shareholders announcing an assessment of 1 25 A letter signed by Benjamin B Odell committee which is opposing the sale of the road to ests has a and says in part share As a result ofthe opposition made by your committee to confirmation of your property for the inadequate sum of which attempted to be consummated as a result of the judgment obtained the sale of all sale was by the Equitable Trust Co representing Western Pacific railroad Judges Sanborn and Lewis in Federal Court have against your deferred con stockholders or others an opportunity to bid for said property the sum of or more As a condition of ordering this re sale the Court requires your committee to deposit with it on or before March 25 the sum of To comply with this order the committee requests you immediately to forward a check or money order for 1 25 per share of stock held by you If the committee receives contributions amounting to in time to make the deposit the committee will make an application to the Court that the sale be de ferred or that no confirmation of it be had until after the litigation now pend ing be disposed of on the merits and unless this application is granted the contribution made by you will be returned less such actual expenses and disbursements as it may have incurred not to exceed 25 cents per share The application will also provide that in the event of a re sale and the committee becoming the purchaser the shall be applied on the firmation of sale to afford the If the committee makes the purchase reorganization purchase price will be in view in which only contributing stockholders will be allowed to par ticipate apply for an extension of time on March 25 as it realizes that the time is too short within which to hear from all stockholders V 112 p 1143 The committee will Eastern Connecticut Ry Successor See Shore Line Electric and other points reached from the rapid transit lines heretofore Seven routes 10 cents with universal transfers as Trunk Grand See V Canadian Company Ry above Trunk Ry of Grand See V Pacific Ry Annual Results National Railways under Financial Reports above p Canadian National 112 p Canada Annual Results Railways under Financial Reports above Great Northern V 112 p 1144 Ry New Director director succeeding R F Smith Hagerstown Md Frederick Ry Earns Officers The annual report for the year 1920 shows Operating revenues including sub cos as against for 1919 operating expenses and taxes as compared with net profits before de a nd dividends totaled as against for 1919 Flook have been elected Vice Presidents preciation Charles M Harris and Cyrus F V Ill p President of the Union Trust Coj Springfield Mass appointed receiver by the Superior Court with instructions to William E Gilbert has been complete return of the road s assets within 30 days The Court action was taken on a suit brought by the Hampden National Bank of Westfield to recover on a note a suit that Attorney H W Ely counsel for the make 110 p 1748 all surface routes operating be Council extension of the present rate of fare viz 6 cenfcs cash or 5 tickets for until the present franchise expires in 1926 The fares were to drop Hampden Railroad Corp Receivership Calendar Years Gross earnings V Power Light Co Fare Ordinance Columbus Ry T M Schumacher has been elected a The structure of the road which extended from Amityville to Babylon Robert B Goepper V 108 p 1511 Burton and Edward company s property Babylon L I RR Electric Line Removed p def ney have awaited the period of 20 loss of 4 500 accruing to the company tion shares of its Common capital stock par Readjustment of Export and Import Rail Rates Through Pacific Coast Ports a Re establishment advocated by Shipping Board Ry Age Mar 18 p 717 b Steel rates to Far East cut from 11 25 to 5 88 a ton Bos ton N B Mar 24 Coastwise Tug Men Strike See Wages in Industrial summary below Anthracite Coal Prices Cut 50 Cts a Ton on Domestic Sizes Following the example of Erie RR the D L W f c Delaware Hudson Central RE of N J Lehigh Wilkesbarre Coal Co c have announced a 50 ct cut on domestic sizes Coal Trade Journal Mar 23 p 325 and p 321 Bost N B Mar 19 p 19 Bituminous Coal Output Continues to Decline Weekly output Mar tons against tons Feb and tons Mar Coal Trade J Mar 23 p 331 RR securities Net income for interest c Times Mar 23 p 24 Mar on V 111 p City Times Mar 23 p 1 Wall St J Mar 23 p 9 tate Rates a Receiver Attacks Newlands Labor Provisions See Atl Court Rv below Atl Age Case argued in U S Supreme Birm railroad and electric rail RR Mar ROADS Railway News The of a more or less general character full details concerning which are commonly published on preceding pages under the heading Current Events and Discussions if not in the Editorial Department either in the week the matter becomes public or shortly thereafter tm Be Sought by Mar 24 p Loss news way Corporation expend adjustments a road declared is a friendly one for the purpose Mr Ely said that the receivership was corporation V 112 p 849 of winding up the affairs of the Indiana Harbor Belt RR Equip Trusts Authorized The I S C Commission has authorized the company to assume obliga Equip trusts cer liability in respect of not exceeding tificates Dated Feb maturing semi annually tion or from Aug standard F A to Feb Secured on 10 Class U 3 Government 8 wheel switching locomotives with tenders equipped with March THE CHRONICLE N Y Central specialties costing Guaranty trust Co of NewYork trustee Denom 500 or 1 000 Divs payable F A V 112 p 744 Interborough Rapid Transit Co Files Suit Tenders The Rapid Transit Construction Co has filed suit in the Superior Court against City Comptroller Craig asking that a mandamus be issued the payment by the city of requiring by the Construction The demanded Co represents the cost installation of the multiple car door control which has been intro duced in the last few months and is now in operation on 982 subway cars The new device makes it possible to dispense with a number of guards and thereby is said to greatly lower operating costs The Guaranty Trust Co of N Y trustee will until April 1 receive bids for the sale to it of sufficient First Refunding Mtge 5 gold bonds due Jan at not exceeding 110 and int to exhaust the sum of now in the sinking fund V 112 p 469 of the Ry extending from Salem 111 to Bismarck Mo a distance of 133 41 with branches In Oct 1920 a decree of foreclosure was entered directing the sale of the Illinois Southern Ry fixing no price but reserving the right to reject all bids based on scrap value At tbe sale the property was bid in by a repre sentative of the bondholders for the next highest bid being which bid was made by junk dealers The bid for the bondholders was also made on the basis of scrap value and with the intention of dismantling the property Subsequently however certain interested shippers located on the line brought about the organization of the new company and offered for the property agreeing to operate it for miles at least 10 years The new company proposes to Issue Common stock in exchange for the property and bonds the proceeds of the bonds to be used for additions and betterments only Such bonds have already been subscribed for by interested shippers The stock except qualifying shares will be owned by 6 corporations operating lead mines to be served by the line V 112 p Interstate Public Service Co Consolidation Appro ved The Indiana P S Commission on Feb 25 approved t he acquisition by and merger with the Interstate Public Service Co of the following companies Louisville Southern Indiana Traction Co Louisville Northern Ry Lighting Co New Albany Water Works Co Central Indiana Lighting Co and United Gas Electric Co Present and Proposed Common stock Preferred stock of Interstate Prior lien stock The Capital Public Present Capital Authorized Outstanding Company Proposed Capital Aulhorized Outst Appr Company Pref Common Louisv So Ind Tr Louisv N Ry Lt New Albany Water Wks 232 950 United Gas Elec Co Central Ind Ltg Co Will Receive Pref Common xlndebVss Assumed x The funded debt of the merged companies assumed is as follows a Louisville Southern Indiana Traction st 5s due Louisville Northern Ry Light Co st M 5s due 1925 and Debenture notes due 1915 c New Albany Water Works st 5s due st Consol 5s due 1924 and 71 000 Deb 6s due 1917 d United Gas Electric Co st 6s due 1942 and st cons 5s due 1942 e Central Indiana Lighting st Ref 5s and underlying bonds due 1931 Peo G E H Co The effect of the consolidation will be a total reduction in current debts and stock amounting to as follows Total debts to be cancelled l Total stock reduction V 112 p 562 Interstate Railways Jan 31 Years Gross income Earnings Expenses taxes c Bond interest Preferred dividends Balance surplus V Ill p Keene N H Electric Ry Recapitalization T Russell Robinson Manager in a notice to bondholders and stock holders proposes to reduce the financial obligations of the company by about 50 and to obtain 15 000 under a prior lien to be used to purchase new equipment As a part of this plan the City Councils of Keene have been asked to make a similar reduction in a claim of about 4 800 against company car trust notes maturing in equal monthly payments over 60 months If the bondholders consent to accept this proposition it is then proposed to reduce the 6 pref stock from 70 000 to 35 000 and the common stock from 75 000 to and if necessary to issue 7 bonds to a certain amount to aid in re equipping the road The road comprises in the main 10 miles of single track with turnouts 9 cars 2 snow plows carhouse station and machinery and amusement park equipment at Swanzey Electric Railway Journal Louisiana Arkansas Guaranty Trust Ry Equipment Trust Co has been appointed trustee under equip trust agreement dated Feb securing an authorized issue of 6 equip ment notes Of this issue those designated as Series G are to be dated April 1 1921 and due semi annually Oct 1 1921 through April 1 1924 and are limited to an authorized issue of 66 000 par value V Ill p 692 Lexington Eastern Ry 1st Mtge 5s which have been nominally Issued and held in the treasury as collateral security for promissory notes to be dated Mar due 6 months after date and 2 to pledge and repledge from time to time securities nominally issued now held in its treasury for such short term notes as it may lawfully issue without authorization V 112 p Louisville Northern Ry Lighting Co Merger See Interstate Public Service Co above V 112 p 562 Louisville Ry Rebate Receipts The U S Circuit Court of Appeals has granted the motion of the City of Louisville whereby rebate receipts for 10 cents will be issued by the com all patrons of the car lines who purchase car tickets in strips of five 112 p pany to V Louisville Southern Indiana Tr Co Merger See Interstate Public Service Co above V 112 p 562 Central RR Annual Maine Report Income Statement Showing in and 1920 Combined Results Federal and Corporate Excluding United States Rentals Calendar Years Operating Operating o expenses Net revenue def l def income def df l 185 835 def Taxes c Operating revenues Other income def l 904 227 def 761 005 def Rentals c Preferred divs Common divs income on Balance funded debt sur or V 112 p 933 def def df df Minneapolis St Paul Sault Ste Marie Ry Asks Authority to Purchase Wisconsin Northern RR The company has asked authority of the I S C Commission to purchase for the Wisconsin Northern RR 133H miles Capital out standing V 112 p 653 Missouri Illinois RR Successor National Properties Company c offered from time to time to p Co Distribution bonds The price brought by the securities was including cost of bringing suit sale and The court expenses distributing of the property and fees of trustee counsel and special master amounted to leaving a balance for distribution to the bondholders in proportion to their holdings of if approved by the Court This amounts to 36 on each bond of 1 000 Owners of bonds to the amount of have not filed their proof of ownership and the sum of 12 182 will be paid into Court to cover the proportion of the proceeds due to them The Court mav direct that the special master shall continue to act for six months without compensation to make the final adjustment V Ill p 2423 National Railways of Mexico Strike Ended The strike of the railroad workers in Mexico came to an end on Mar 20 The workers had been on strike for over 6 weeks V 112 p 562 New York Railways Sale of Real Estate Postponed The sale of the real estate under the orders of the Court according to th provisions of the First Real Estate Ref Mtge has been April 6 V 112 p adjourned unti Pittsburgh Shawmut RR Collateral Note The I S C Commission has authorized the company 1 to assume obli or liability as endorser in respect of a a demand note gation made by the receiver of Pittsburgh Shawmut Northern RR to the order of this company under date of Oct and bearing int at rate of 5 and a demand note made by Allegheny River Mining Co to the order of the company under date of July 1 1913 and bearing int at the rate of 6 p a and 2 to pledge said demand notes and st Mtge 5 bonds as security for the payment of the principal and inter of a collateral note issued by the company Feb and payable to the order of Edward F Searles on Mar but which has not been paid renewed or otherwise satisfied V Ill p 589 est Public Utilities Co Evansville Ind Name Changed Announcement has been made that the company has changed its name to Southern Indiana Gas Electric Co Company operates about 68 miles of electric railway V Ill p 589 the Raritan River RR Notes Authorized The I S C Commission has authorized the company to issue promissory notes payable one year after date said notes to be nego tiated at a bank or banks by the company on a basis of not exceeding 6 per annum to The proceeds current 112 p 746 pay V are expenses for the purpose of obtaining funds with which and amounts due connecting roads taxes Reading Company Changes in Plan Suggested The Continental Insurance Co and the Fidelity Phenix Fire Insurance Co New York owners of 4 200 shares of common stock each have asked the U S District Court at Philadelphia for a modification of the proposed segregation plan This action is taken independently of the Prosser com mon stockholders committee are substantially the Objection Is made see V 112 p 1144 although the changes same to that part of the plan which provides that the Pre ferred stocks shall share in any distribution of the accumulated surplus and also to the payment of a bonus of 10 for 1 000 bond to holders of Reading General Mortgage 4s Referring to the General 4s the petition says Your petitioners aver a segregation of the coal and railway properties of the Reading Co pursuant to the decree of mandate entered herein can be effected by per mitting the General Mortgage to remain undisturbed and by providing for the making of such agreements with trustee under said General Mortgage as will render impossible any common control of the coal and railway prop erties and that such plan can be effected without requiring the release of any property from the lien of said General Mortgage William B Kurtz a large holder of Second Preferred stock has also pre sented a petition to the Court to intervene and makes suggestions for modi fication of plan that The argument accompanying the petition is divided into two sections the first treating of the relative rights of holders of Preferred and Common stock in the surplus of the Reading Company ment of certain Common stockholders that the In t o petition the argu surplus of the company is exclusively the property of the Common rt ockholders Is refuted The second part of the petition relates to the proposed interference with the General Mortgage The petition objects to that section of the segrega tion plan which involves the payment of a premium of to General Mortgage bondholders who sign the release of the P R Coal Iron Co from the mortgage and suggests that the mortgage be left as it is and that certificates of interest in the Coal Company stock be distributed to Reading stockholders instead of removing Coal Co stock from under mortgage He urges that the plan be amended to eliminate the offer of cash to bond as a premium and to provide for distribution of certificates of inter est in the Coal Co and concludes that under this modification of the plan it would be necessary for holders any payment to be made by the Reading stock holders for the certificates of interest so distributed as the amount saved by omitting the offer of a premium to the bondholders would more than make up the difference The certificates of interest should therefore be distributed without any payment therefor The Prosser committee has presented to the Court a memorandum an swering contentions in briefs presented by the Iselin committee represent ing the Preferred stockholders V 112 p 1144 and W B Kurtz a Pre stockholder see above It is regarded in some quarters that the segregation plan will be modified as a result of the objections raised by the Common stockholders and bonds against certain of the terms Judges Buffington Wolley and Davis will hold a conference in the U S ferred District Court at Philadelphia on Mar 28 and consider the various petitions of intervention It is expected they will name a date for a final court hear ing in the matter V 112 p Richmond Terminal Ry Notes Authorized The I S C Commission has authorized the company to issue under date 1 1921 two promissory notes of 12 500 each payable to the order of Richmond Fredericksburg Potomac RR and Atlantic Coast Line RR respectively on or before Jan with int at rate of 6 per annum See V 112 p 1144 of lan The I S C Commission has authorized the company to acquire and operate a line of road formerly owned and operated by the Illinois Southern employees V Ill The report of the distribution of the proceeds of the sale of 181 860 shares of stock of American Railways under foreclosure was filed in the U S District Court at Wilmington by the special master F Deh Janvier Mar 10 The stock was pledged as collateral for the National Properties asked Louisville Nashville RR Bonds Authorized The I S C Commission has authorized the company 1 to pledge of the Lewlsburg Northern RR 1st Mtge 5s and of Gross consumers and It is proposed that the payment of st Mtge 5 bonds due on Oct 1 1920 be made by issuing the holders proportionally 40 000 new 1st mtge 7 bonds to mature in 20 years subject to a prior lien of Interest Monongahela Valley Traction Co To Increase Capital The stocltholders will vote April 16 on increasing the capital stock from consisting of common and pref to lie increase in stock to consist of pref par 25 It is sta d that the new stock will be company Present Capital v RR Suspends Traffic on the road was discontinued on March 17 as the result of orders of C A Phelan Gen Mgr and receiver as the result of interference and lawlessness resulting from the strike of union employees last month V 112 p 933 Service will have a total funded debt of including of funded debt of the merged companies assumed The com panies to be merged will be acquired for stock in Interstate Co as follows the Missouri North Arkansas THE 1284 operation in its out of 59 includmg 2 I enn subsidiary the Carnegie Steel Co calls this week for 45 steel works departments and it now has 25 active blast furnaces Out of 166 merchant furnaces only 27 are now operating in Alabama and 1 in Tennessee and several furnaces in New York Seaboard Air Line Ry I S C Commission has authorized the company to abandon 1 39 miles of a branch line of road in Nassau County Fla V 112 p 258 The sylvania and Ohio will probably blow out soon The week has been the best in many months in structural steel Agri cultural implement works promise to be poor buyers of steel in 1921 Im plement warehouses are well stocked and farmer buying power The Iron Trade Review of Mar 24 says German steelmakers have invaded the Cuban market and in recent weeks have taken 4 300 tons or rails much below American prices Germany also sold Argentina 10 000 steel wheels against American and British competition and British mills captured 2 000 tons of structural material for Mexico A sale of of Chinese pig iron was made to a California buyer at 35 ex ship where American producers are faring better in the export market Electric Ry Conn Successor Company The committee on railroads of the Connecticut Legislature has reported favorably on a bill incorporating the Eastern Connecticut Ry to purchase all the present line of railway now owned by the Shore Line through Nor wich Preston Ledyard North Stonington and Stonington to the Connecti cut Rhode Island line at the Pawtucket River and connecting with the tracks of the N Y N H Hartford RR at Brewster s Neck The capital of the company is with the right to increase to Incorporators Shore Line Robert W Perkins Norwich Edward M Day Hartford and B Whittlesey New London Elec Ry Journal V 112 p are Electric Co New Southern Indiana Gas See Public Utilities Co is low 1 000 tons Else Charles 1025 red 1 69 Mar 22 agst Electric RR Sale of 3 Roads Judge Cummings at Sunbury Pa on March 18 directed the sale of the Sunbury Selinsgrove Electric RR the Sunbury Milton Lewisburg RR and the Chillisquaque Connecting RR which have been in receivers Sunbury Selinsgrove Table Showing the hands since 1913 The order of sale of the three properties is bond claims of more than with interest made to satisfy mortgage defaulted for 8 years The Sunbury Selinsgrove runs between these two towns and is 7 miles long The Sunbury Milton Lewisburg does not touch Sunbury but operates two miles of line along the Pennsylvania RR yards above Northumberland while the other line exists on paper Frederick J Byron and Charles Sunbury Grant are receivers Tennessee Alabama Georgia RR Permanent Charles Hicks formerly Gen Mgr and temporary receiver appointed permanent receiver Y Ill p 2424 Toledo Terminal Receiver has been RR Notes authorized the company to issue 72 000 under a certain proposed agreement of conditional sale Locomotive Company covering the acquisition of 2 C Commission has The I S of promissory notes the American with freight locomotives costing 111 p of which 24 500 paid in cash V Trenton Bristol Phila Street Ry Fare Increase The company has been granted permission by the P S Commission of Pennsylvania to increase its fares from 7 to 8 cents between Morrisville Trenton and Torresdale and intermediate stations Special car rates are also advanced V 110 p 466 United RRs of San Francisco Plan Progress Sale by the Union Trust Co of San Francisco Cable 1st Mtge 6s due Apr it Is expected that the reorganization plan will be fully accomplished and the new securities issued and ready for delivery on or before Apr 30 next The road was sold under foreclosure Mar 24 to the Market Street Ry for in accordance with the reorganization plan V 112 p 1026 According to a letter sent out holders of the Omnibus to the Virginia Blue Ridge Ry Note The I S Authorized authorized the company 1 to C Commission has issue 12 promissory notes aggregating it 6 p a for the purpose of extending certain loans evidenced by promissory notes for a like amount now 50 000 1st Mtge to pledge as collateral security fast due and 2 bonds V Ill p 1662 for certain of said notes Annap Elec RR Guaranty acquisition of the Annapolis Short Line the acquisition Washington Bait In regard to the has been effected upon by the following terms The company guarantees 1 the principal and interest of bonds of the Baltimore Annapolis Short Line RR It guarantees the principal and interest of Year Sinking Fund 7 bonds of the Annapolis Short Line RR issued to take up the floating debt of the property This of bonds has been issued at 92 3 The company also guarantees principal and interest of car trust certificates issued by the Annapolis Short Line RR payable 10 p a with interest at 7 See V 112 p st Mtge 5 40 Year due Aug Wisconsin Northern RR To Be Acquired Minneapolis St Paul Saulte Ste Marie Ry above V 112 p See 746 General Industrial AND and MISCELLANEOUS Public Department either concurrently or as early as practicable after the matter becomes public Legislation at Albany a N Y Port Development bill passed Times Mar 24 p 19 b Dry bills pass Senate Ide n Mar 23 p 17 fc High Senate Idem Mar 24 p 19 d Bill to fix prices introduced by Senator Nathan Strauss Jr Sun Mar 22 p 3 Shipping Board Has 536 Vessels Idle and 54 Building Jour of Com merce Mar 23 Wall St Jour Mar 24 p 9 Wages a Meat packers reach agreement as to temporary wage de crease See Current Events above and Times Mar 24 p 1 Mar 25 b International Harvester Corporation see that company below c Int Nickel Co cuts wages of unmarried employees in Canada out of usual 700 men now at work there Boston N B Mar 21 d Ship Sards 8 p 17 e Anaconda Copper Co c declineApril 1 Times lar at N Y Harbor announce 10 reduction for to renbw contract with unions Boston N B Mar 3 p 5 f Gov Kilby cides against Alabama coal miners Times Mar 20 p as 4 arbiter de g State report wages of farm laborers as reduced to 50 to 75 a month without board as against 75 to 100 in 1920 and 40 to 60 prior to war Sun Mar 22 p 2 h Labor costs rents c 1914 to 1920 Boston N B Mar 22 p 6 i 13 000 striking painters at N Y accept agreement for 1920 with wages at 1 12 an hour for a week of five 8 bour days Sun Mar 22 p 8 j Engineering News Record of Mar 24 reports in Chicago continued unemployment has forced unskilled common labor down to 50c per hour whereas recently rate was 60 65c Boston builders break with union authorities employees Union carpenters at Birmingham Ala voluntarily cut their 14 In Colorado 97 Cheyenne building crafts are striking against a dollar a day decrease Denver contractors and unions have practically reached agreement on a dollar reduction The National Association of Builders Exchanges forecasts a general wage reduction Strikes a Coastwise tug men at N Y agree to strike against wage cut and ask Hoover to investigate D L W RR said to be the only local road not affected Sun Mar 24 p 23 Harbor men accept cut wages 22 b 2 000 N Y tailors strike for 44 hour weei c 150 Kansas coal miners strike despite Court or der Times Mar 23 p 15 British Coal Miners a Crisis due to insistence on national wage settle ment Times Mar 25 p 17 b Protest against decision to end Gov ernment underwriting of coal industry on Mar 31 Coal Trade Jour Times Mar 24 p Sun Mar 22 p 3 Mar 23 Labor p 339 Conditions Detroit Employees at work full 4 1921 and 192 000 to 200 000 in Feb 1920 p 5 Dodge plant reopened Mar 17 Times Buick plants Gen Motors Corp at 40 of capacity at agst 30 919 Jan Bost N B Mar 23 time Mar 18 p 4 Boston N B Mar 21 p 11 Steel and Iron The Iron Age of Mar 24 says in brief Better buy ing of steel for construction and the reinstating of a few more fractions of the voluminous cancellations by automobile builders have been favorable features of the week Price developments are not uniform and cannot be Pig iron and scrap are lower Valley pig No 2 being quoted at 25 Mar 22 agst 27 Feb and 42 Mar In finished lines the weak spots still are wire products sheets and bolts and nuts Open hearth sheet bars at Pittsburgh quoted at 38 50 Mar Feb and 70 Mar The Steel Corporation has been taking new business at the rate of about 15 000 tons a day or nearly one third of capacity The schedule of its called significant Jan Healdton Gulf Coast Canada High price of 3 reduced to 50 cents in the latter part of 1920 Matters Covered in Chronicle of March 19 a Building operations in 1920 p 1075 to 1078 b Canadian water powers and pulp and paper developments c Foreign Trading Corp p 1086 e Stock Clearing Corp p 1088 f War Finance Corp Eugene Meyer again Managing Director g Work of 69th Congress h Ruling as to liquor for medicinal purposes i Farm prices 70 above pre war normal i Proposed national sales agency for grain p 1099 k Kansas flour mills must have approval of Court to shut down I Plans for pooling wheat p 1100 m Sugar prices slight advances p 1100 nj Embargo on wool urged by Presi dent p 1100 o Hard coal prices cut p 1100 p Dye industry p Income tax matters Solicitor General N Y Tax q sales of securities p in p 1108 Abitibi U S Govt appeals Power admits error as to ruling on Bureau will not concur there Fin Am Mar 22 1 Co Paper Ltd Bonds Offered Peabody Houghteling Co Chicago are offering at par and int Consol Mtge 8 Sinking Fund gold bonds A circular shows March Denom and Int payable in U S funds at First National Bank Chicago New York Montreal Trust Co trustee Int payable without deduction for Federal income tax but not in excess of 4 Provisions of Issue Dated March due 100 c and Chase National Bank Now issued to reimburse the treasury for construction expendit s Gen Mtge bonds to bear int at determine but not exceeding Reserved for addit l working capital provided net earnings are not less than 4 times int charges on all funded debt issued and to be issued and subject to the approval of Peabody H Co Security Secured by a direct mtge upon all the property now owned or hereafter acquired subject only to st Mtge 6 serial bonds and Gen Mtge Sinking Fund bonds Sinking Fund Mortgage provides a sinking fund of 10 of annual net profits available for divs but in no event less than to be applied by trustee to the purchase of these bonds up to 110 and int Net Earnings Available for Interest and Depreciation Reserved for retiring First such rate as directors may General Mortgage bonds and Skg Fd on 1st Gen Serial payment Maximum interest charge on Balance Mtge bonds consolidated bonds Authorized Outstand g 250 000sh 250 000sh closed Consolidated Mtge bonds this issue Purpose All bank loans and all other floating indebtedness are provided for by the proceeds of these bonds V 112 p Capitalization after this Financing value Common shares no par 7 Cumulative Preferred stock 6 IstM bonds maturing serially Gen M Sinking Fund bonds closed motor tax voted by N Y milk Jan North Lima Illinois Mid Continent Utility News The Jan 1 Jan l Jan Pennsylvania Somerset light Ragland Crude Oil Jan Maximum interest on First following table summarizes recent industrial and public utility news of a general character such as is commonly treated at length on preceding pages under the caption Current Events and Discussions if not in the Editorial er Price of the Principal Grades of Mtir INDUSTRIAL at prices for the past 15 months have been recorded following commodities viz a Wheat No Jan 12 and 1 79 the low Nov 27 and 2 60 the high Jan b Flour Minn patent 8 75 Mar 22 agst 10 50 Jan 13 and 9 the low Dec 1 and 16 25 the high Jan c Eggs 26c Mar 22 agst 79c Jan and 89c Dec 10 the maximum for 1920 Oil Carl H Pforzheimer Co 25 Broad St New York specialists in oil stocks report as of March 24 as follows Prices New low wholesale this week for the Name Ci above Vol 112 CHRONICLE American Brake Shoe Foundry Denver Also American Forge Annual Reports See on a Co New Plant at Co preceding page V 112 p 472 American Coated Paper Co Inc Enjoined Judge John C Knox in the XL S District Court March 14 on application of Francis G Caffey U S Attorney granted a perpetual injunction against the American Coated Paper Co Inc National Coated Paper Corp Paw tucket Glazed Paper Co David G Garravant as co partner in the firm of Bulkley Dunton Co and Edward G Lloyd restraining them from engaging or carrying into effect an alleged combination in restraint of trade The Department of Justice alleged in its petition for the restraining order that the defendants named were in a combination to maintain uniform prices in the sale and distribution of their products contrary to the provisions of the Anti Trust Law American Hawaiian SS Co New Officers Henry Dearborn has been elected President to succeed the late George S W Averill Harriman has been elected Chairman of the Board and J D Tomlinson as Vice President V 112 p 1027 Dearborn American Ice Co No Extra The regular Dividend quarterly dividend of 1 has been declared on the outstand ing Common stock par 100 payable Apr 25 to record Apr 8 Quarterly dividends of 1 each have been Jan 1920 an extra of 1 was also paid in Jan last V 112 p holders of paid since Co Liquidation Proceeding Journal March 22 says Active negotiations for sale of the properties are now being carried on and no difficulty is being experienced in liquidating accounts receivable for malt delivered With the exception of storing grain for other companies in its 5 plants the company is not operating A sum sufficient to pay carrying charges of the plants including all taxes is being realized The bonds outstanding have been reduced by retirement to Cash on hand American Malt Grain Satisfactorily The Wall Street of which is being loaned out at call the stock a liquidating value of approximately share Summing up the situation he said We expect to have at least in cash on hand after bond retirement The five plants were carried in the balance sheet at which was the lowest figure which the Court allowed us to take them over at when we purchased them from the old American Malting Co in 1919 We believe we can realize by the sale of the plants which would put us in possession about equal to 33 a share on the stock Poor business conditions and the money market are retarding the sale now amounts to One of the trustees gives 33 a of and just when they can be disposed of at a suitable price is a As soon as we dispose of one or more of them it is the intention a liquidating dividend and not make stockholders await final liquidation This would probably take the form of a 10 dis bursement V 112 p 64 of plants question the trustees to declare of March American THE Railway Express CHRONICLE Co Receives Ashland The company has been reimbursed from the United States Treasury to cover losses incurred through operations during the six months guarantee period from March 1 to Sept The loss and damage claims alone for goods stolen during that period will exceed and the total deficit V was more than American Ship Commerce Corp New Officers on Invites Ex President William H Taft to Make Impartial meeting yesterday of the board of direc tors a letter from the Messrs Guggenheim Brothers was presented respecting the charges of Karl Eilers and author Investigation At a ized to be forwarded This statement to the denials in the Eiler statements v Guggenheim further urge that some man of national reputation for integrity and ability be invited to make a personal investigation of the various charges They recommend that ex President William H Taft be requested to undertake the task and the representatives of the man agement have accordingly sent a formal invitation to Mr this bondholders from Brothers noteholders asked creditors and Preferred and Common subscribe to the following refunding plan to ap Plan for Funding Note and Current Liabilities Capital Requirements and Financing Working There will be issued 2d Mtge 7 bonds payable July 1 1936 callable at 110 and interest in the aggregate sum of If the plan goes through avoiding foreclosure it is proposed to leave the present stocks and first mortgage bonds unchanged in amount and undisturbed Ed a Part of these new bonds namely it is proposed to sell at parties in interest in the following amounts Bondholders 15 of their present holdings Noteholders and creditors prior to receiv ship 25 of face of claims Preferred stockholders 15 of their present holdings Common stockholders 10 of their present holdings b Part will be issued in full settlement of claims as follows Noteholders and creditors prior to receiv ship 75 of face of claims Creditors of the receiver of face of claims c The remainder will be held in the treasury for future sale Application of the Second Mortgage Bonds Cancellation For Cash Statement Dated at by the Messrs Guggenheim York March 24 New 1 The salary of the President of the company Mr Simon Guggenheim was paid to Mr Karl Eilers when he Paragraphs 2 and 3 deal with the disposition of the outside mining prop erties and explain the reasons that made it necessary to give up the copper sales agency See full particulars in the annual report which was pub lished in last week s Chronicle p 1152 to 1157 also see V 112 p Ed 4 Mr Simon Guggenheim President of the company is the largest single stockholder of the company the total holdings in Common and Pref stock of Mr Guggenheim and his wife being in excess of 28 000 shares Mr S R Guggenheim although not a director is the owner of 8 000 shares of the Common stock of the company Messrs Isaac and Daniel Guggen heim are directors but not officers of the company and draw no salaries 5 That the policy of the present management has been successful is evident from the fact that in the fiscal year of the company ending April 30 1901 the net earnings of the company were representing 3 83 of the then outstanding capital stock During the year ending Dec the net earnings were being 9 09 of the then outstanding capital stock the latter year being a reconstruction year following the sign ing of the Armistice during which industrial and commercial conditions were generally unsettled At the end of the year 1903 the net current and working assets of the company were At the end of the year 1919 the net current and working assets were We venture to recommend that the board invite a man of the high character and standing of ex President William H Taft to conduct a careful impartial investigation of all charges which have been made or which may be made We should be glad personally to defray the expense of such an inquiry if that should be regarded as consistent with the company s interest Mr Taft or whomever the board may select should have power to em ploy expert assistants such as accountants engineers counsel metallurgists and other specialists He should have access to all records and documents and his findings should cover specifically the question as to whether th Messrs Guggenheim have or have not at all times in their relations with the company consulted primarily the interests of the stockholders and whether anything has been done by them which was not in accord with high standards of trusteeship and honorable conduct Signed Isaac Guggenheim Daniel Guggenheim Murry Guggenheim S R Guggenheim and Simon Guggenheim The proxy committee for the management further say We expect to nominate and place upon the board a substantial number of directors representatives of important financial institutions which large stockholders including trust companies bankers and insurance companies There will thus be a representation of the largest stoekholdders and some of the most important financial institutions or New York City Signed Simon Guggenheim E L Newhouse F H Brownell and William Loeb Jr holders of proxies requested by present management new of Claims By present bondholders 15 of present bondholdings int due Jan 1 1921 to be paid By present noteholders 25 of face of notes To present noteholders who subscribe for bonds 75 of face of notes in cancel lation thereof By creditors prior to receivership 25 Investigating Committee Formed at Par of face of claims To creditors subscribe prior to receivership who for bonds 75 of face of claims in cancellation thereof To receiver s creditors claims 100 of face in cancellation of By Pref stockholders 15 of holdings By Common stockholders 10 of holdings x x The Preferred stockholders shall surrender all claim and right to unpaid dividends prior to April 1 Balance Sheet Giving 1921 Effect to the Plan Adopting Receivership Proceedings Assets Cash accts receivable Material work in process Unexpired insurance Other assets Investments Bonds Appraisal Made in Liabilities Cash from sale of bonds z Cash on deposit x v Balance for sale unsold Fixed assets Preferred stock Common stock st Mortgage bonds d Mortgage bonds Current taxes Total each side Real estate bldgs with equipt good will pat ents trade marks c carried on the books prior to the receivership at x for capital expenditures z With Guaranty Trust Co N Y available Foreclosure Sale Due The property is subject to foreclosure on and after April To prevent that action this plan must be agreed to Payments for Bonds Payment for the bonds subscribed promptly may be made in four installments at the Winters National Bank Dayton the first quarter in cash on or before March 21 and the remaining three on April 15 May 15 and June 15 The plan has the following signatures Directors C H Rembold President Lawrence Maxwell H W Loth are Stockholders are proved by the directors stockholders committee and the receiver Valen tine Winters This plan is dated March end Extracts is which is 10 000 less than was Vice President of the company The stockholders par for cash to The Messrs Taft to Barney Smith Car Co Dayton O Refunding Plan supplements covered in Condensed Atlantic Petroleum Corp Listing Earnings The New York Stock Exchange has authorized the listing of temporary interchangeable certificates for capital stock auth par 25 on official notice of issuance in exchange for present outstanding capital stock of the par value of 5 per share at the rate of one 25 par value share for each 5 shares par 5 each The stockholders on Mar 11 author ized the change in the par value The income account for the calendar year 1920 shows Gross income expenses abandoned and canceled leases reserves for 1920 Federal est taxes reserve for depreciation and depletion reserve for drilling costs balance surplus deduct dividend of 2 being initial div paid Jan balance profit and loss surplus Dec V 112 p the stockholders and further explains the already made by President Guggenheim Chairman Newhouse and the directors them selves under dates of Dec 30 Dec 22 and Jan 30 V 112 p respecting the outside mining properties and the discontinuance of the sales agency and again reiterates that three members of the Guggenheim family own 36 000 shares of the stock not merely the 324 shares referred to matters Steamship Lines Shipping Board which call for the delivery of bbls of fuel oil and bbls of crude V 112 p the Common stock in American Smelting Refining Co Emphatic Denial of Eilers Charges by the Guggenheim Brothers Three Members of the Family Own 36 000 Shares of Stock New Directors to be Chosen to Represent Other Large Interests Management par t at The company it is reported is negotiating for the sale of its oil properties and tanker fleet The sale it is said will include contracts with the U 8 Shipbuilding Co Extra Dividend has been declared or Atlantic Gulf West Indies R H M Robinson has been elected President succeeding W Averill Harriman who becomes Chairman of the Board V 112 p 1027 An extra dividend of 2 M Co Preferred Stock Offered 95 and div Divs Q M Callable 103 Participates with common stock on divs exceeding 8 Company was incorporated in 1863 in Connecticut Net assets 300 per share Output yards per annum Average annual earnings past three years equivalent to nearly four times dividend requirements on this issue Arthur H Brewer Norwich Conn President all Chicago Economist addition to the usual quarterly dividend of 1 both payable May 2 to holders of record Apr 15 Extra dividends of like amount have been paid quarterly since Feb V Ill p 2523 Cotton Barstow Hill Co Boston are offering at Partic 8 Cumul Pref a d stock par p 565 American 1385 mann T C Simpson Claude V Black Emile E Werk E F Kimmel P Taft William Cooper Procter Stockholders Committee Charles Lawrence Maxwell Receiver Valentine Winters V Barnsdall A stockholders 112 p Corporation Listing investigating committee has been formed and includes Henry Evans Chairman Continental Insurance Co Clarence H Kelsey President Title Guarantee Trust Co Henry K Pomroy Denny Pomroy Co Willis D Wood of Ladd Wood Henry Whiton President Union Sulphur Co Title Guarantee Trust Co is depositary for committee A dispatch from Monterey Mexico Mar 18 states that all of the princi pal mines in the districts of Durango and Coahuila from which the smelter of the American Smelting Refining Co at Asarco in the Velardena dis trict draws its ore supply have closed down throwing several thousand On and after March 21 1921 the capital stock of the company will be stricken from the Boston Stock Exchange list more than 95 of the stock laborers out of employment having been exchanged for Class B capital stock Barnsdall Corp V 112 While the smelter is still operating it is stated that it is facing a shortage of fuel and this fact together with the cutting off of its ore supply may cause it to suspend operations The smelter still has a considerable supply of high grade ore on hand The suspension of mining operations is due to 112 p 1138 the low price of silver and lead it is stated V Murry H Coggeshall of Coggeshall director V 112 p 1027 Ames Holden McCready Hicks N Y has been elected The Oil Ltd Bond Issue Co Stock offered for sale in London A Pref shares of 1 each at 5s per share The company incorp in Delaware owns oil properties in Oklahoma which have been in operation since Jan 1920 The whole of the present capital of is held by the British Motor Spirit Co Ltd company recently Cumulative Participating Armour Co Packers Announce Wage Agreement See under Current Events this issue V 112 p Arundel Common and Pref V Corporation Earnings Net income for 1920 amounted to stocks there Ill p 297 was a Bigheart Producing After dividends on both the deficit for the year of Refining Co below V 112 Bigheart Producing Refining Co Stricken from List p 65 i E W Bliss Co Brooklyn Annual Report Calendar Years Net earninga after depre Preferred dividends Common divs cash Surplus Total surplus taxes Com divs in Lib bonds The purpose of the year 2d Ref Mtge bonds is to provide for the exchange refunding or payment of the outstanding 2d Mtge Debentures and to provide the means of raising further moneys required by the co in the conduct of its business opera tions V 112 p Anglo Texas par 25 See p ciation Fed 1 American Writing Paper Co New Director a The Boston Stock Exchange on March 18 1921 placed on the list 520 000 shares Class A Voting stock and 170 000 shares Class B Non voting stock Unfilled machine orders amount to about In addition torpedo work which is being billed to the U S Government at about a month will last for several months There are bank loans outstanding also capital stock as recast during 1920 via a st Pref stock 8 cum par cum 2d Pref stock Class B par 10 c shares of no par value common There are also 40 000 shares of 7 Cum 2d Pref stock Class A issuable at discretion of board Compare V Ill p British Amer Nickel Corp Ltd New Financing Plan The bondholders will hold a meeting on March 31 for the purpose of considering the reconstruction of the corporation It is intended to con sider a new financing scheme which would involve the issue of in bonds of three classes first income A income and B income Of the first issue would be hy pothecated for debts and the balance held in the Treasury The second would be exchanged for 15 year first mortgage bonds The issue would be exchanged for debenture stock and the remaining would be issued to satisfy certain claims of Norwegians Toronto Globe March 16 V 112 p British Empire Steel Corp Companies Merger Terms of Exchange Going into Steel Corp Ltd and the Nova Sco tia Steel Coal Co will vote Apr 7 on consolidating in the British Empire Steel Corp The Halifax Shipyards Ltd will also go into the merger The present Preference shareholders of the companies going into the merger will receive new 7 Cumulative Pref shares Series B share for share This Series B stock ranks as a first preference both as regards dividends and distri bution of assets on a winding up with Series A Pref The Series A Pref is to be set aside and will be issued from time to time to obtain new capital as required The 7 Preference shares Series B are to be exchanged as follows 1 For 6 Dominion Steel Corp Pref for 7 Dominion Iron Pref for 7 Dominion Coal Pref for 8 Nova Scotia Pref for 6 Eastern Car Pref for 7 Halifax Shipyards Pref total The basis of exchange of the Common stocks is as follows 1 Each fully paid Ordinary or Common share of the Dominion Steel Corp will be exchangeable for 95 of fully paid 7 Cumulative Second Preference shares and 40 fully paid Common stock in the British Empire The stockholders of the Dominion Steel Corp 2 Each fully paid Common share of the Nova Scotia Steel Coal Co exchangeable for 90 fully paid 7 Cumulative Second Preference shares of the new corporation April 18 to the unissued common stock at par at the rate of one for each five shares of their holdings Payment for subscriptions be made in full at the time of subscription or in installments If payment be made in installments interest at rate of 6 per annum will be paid upon installments Underwritten The directors have arranged for the underwriting by a firm of bankers of the shares of both issues not taken by the stockholders fet President M C Lefferts March 2 says in substance Ever since organization in 1891 it has been the policy of the company to finance its large investments in real property buildings machinery and other capital expenditures as well as to furnish the increased amounts of working capital necessitated by the enlarging business entirely from its earnings During 1920 alone company expended for such pur poses all of which was taken from the surplus earnings The company is now contemplating immediate further extension and enlargement of its plants for the purpose of enabling it to accept business which owing to its lack of capacity it has been compelled to decline during the past five or six years and in view of the considerable amounts of money required for such extensions and for the increased working capital called for by such enlarged business the directors have resolved to issue the above stock instead of continuing to cake the needed amounts from the earnings share may of the company The entire proceeds shares and 40 Common Will Receive 7 2d Pref Common Present Common Dominion Steel Corporation Nova Scotia Steel of Halifax Shipyards will be ex Preference shares and 25 Com Coal Approximate Capitalization of New Corp Outst y upon Exch of Securities Halifax Shipyards Cumulative Preferred Series A Cumulative Preferred Series B Cumulative Second Preferred stock stock bond and debenture issues of the various companies are to remain The British Empire Steel Corp will be issued other than those necessary to provide for the exchange of the present out standing securities of the three companies involved in the merger Roy M Wolvin who probably will be the President of the consolidation is quoted as saying that the constituent companies were well fortified to carry on their respective operations and as no extensive developments or improvements were under way the need of new money was not urgent Financing for additional development of the very large natural resources would be undertaken when general conditions warranted The companies which were originally to compose the British Empire Steel Corp were Dominion Steel Corp Ltd and its subsidiaries Nova Scotia Steel Coal Co Ltd and its subsidiaries Canada Steamship Lines Ltd and its subsidiaries Collingwood Shipbuilding Co Ltd and its subsidiaries Halifax Shipyards Ltd and its subsidiaries Davie Ship building Repairing Co Ltd Maritime Nail Co Ltd Century Coal Co Ltd V 112 p 852 Brooklyn Edison Co Inc Bonds Listed The New York Stock Exchange has authorized the listing of Calendar Years Net New York Earnings profit after Fed taxes dividends Preferred x l deducting sundry adjustments V Ill p 2426 After By Products Coke Corporation Subscription If the stockholders taxes c for the year ending Dec compared with 96 295 in 1919 The balance sheet as of Dec shows cash amounting to accounts receivable and accounts payable V 107 p 2100 Federal after loss Coke Co Earnings c Central Coal Calendar Years profits Expenses interest Gross Total net earnings Regular quarterly dividends of 1H on Pref stock and VA on the stock have been declared payable April 15 to holders of record March 31 In January last extra dividends of of 1 on Pref and 1 extra on the Common stock were paid V Ill p 2426 Common Central Indiana Lighting Co Stockholders Protective Committee Formed reported that a stockholders protective committee has been formed to oppose the proposed issuance of cumulative preferred stock which the committee claims would be ruinous to the market value of the existing common stock V 112 p 1147 It is California Wine Association Forming Voting Trust It is reported that many of the stockholders are depositing their stock with the Crocker National Bank San Francisco in agreement with the three year voting trust formed in an effort to bring about an annual meet ing of the company James J Fagan Vice President Crocker National Bank W J Gray and A Haas have been named as trustees Crocker National Bank depositary V Ill p Cambria Steel Co Output Shipments Iron Co which is controlled through lease by the Cambria produced in tons of coal Total shipments iron ore from the Cambria Iron Co s mines during the year amounted to tons compared with 779 068 in 1919 It is stated that the Cambria Steel Co expended for new property in of which amount was for coke plants V 112 p 747 The Cambria Steel Co Canadian General Electric Co Ltd Earnings Calendar Years Profits Depreciation c b a l Netprofit Dividends Surplus Transferred to reserve Merger Service Co under RRs See Interstate Public above V 112 p 566 Chicago Pneumatic Tool Co Resignation Allan A Ryan has resigned as a director V 112 p 1142 Cleveland O Worsted Mills Co Earnings Net after taxes for the year ending Dec was about full time 48 hours a week since Jan 1 already has orders on hand for a substantial business V Ill p 1373 AA plants have been running The It is stated that the company amount of Coca Cola Co Earnings Earnings from operations for February as compared with in Jan Colorado Fuel Iron it is reported amounted to last V 112 p Co Annual Report Years end Calendar Years June Interest taxes c Preferred dividends Div on com stock Total gross earnings Total net income df l Balance surplus r V 112 p Rights scriptions close on May 16 and may be made in full on or before that date or as follows May June July Aug 15 15 r Sept Oct Interest will be allowed at the rate of 9 per ann on all amounts paid on a subscription from time of receipt to date of issue of the stock s The stockholders will vote also April 15 on creating an open mortgage to be secured on the entire property of which it is proposed to issue See further data in V 112 p earnings Net Delta T L net authorize the Cum Pref stock issue April 15 the Common stockholders of record April 18 will be given the right to subscribe at par 100 to the new issue ofiPref stock to the extent of one share of Preferred for each two shares of Common stock held Sub on Earnings Mining Co Centennial Copper The Balance surplus Profit and loss x amounted to Series B Series C and Series D General Mtge gold bonds see offering in V 110 p 972 V Ill p V 112 p V Butterick Company Common undisturbed It is stated that no shares of the from the sale of these additional shares will be used for amounts already expended during 1920 from surplus earnings for property and plant extensions and for further contem plated plant extension to be carried out as rapidly as can be economically and efficiently done and to supply if needed such additional working capital as may be called for by such extension of the business V 112 p to reimburse the treasury will be 3 Each 8100 fully paid Common share changeable for 60 7 Cumulative Second mon stock of British Empire Steel Vol 112 CHRONICLE THE Colt s Patent Fire Arms Mfg Co Smaller Dividend quarterly dividend of 4 has been declared on the outstanding 5 000 stock par 25 payable April 1 to holders of record March 12 January last a quarterly dividend of 5 was paid V 108 p 1392 A 000 Capital In Columbia The company Graphophone Mfg Co Cuts Prices graphonolas bringing list has reduced price of its Sricesreduced 15 These prices according major part of itsmeeting have down to pre war levels Prices on the to officials are records with een buying by the public and the country wide sale started a short while ago is reported as returning encouraging results New scale of prices was made to stimulate buying so the company could work off all or part of its of inventories Price at which inventories were carried on Dec 31 an offi cial states was about parallel to the present selling levels it is stated is considering no new financing at this time hand while its notes payable are about same V 112 p 1028 The company It has of cash on as Jan on 1 Capital Inc Div Decreased Congoleum Co Inc Plans The stockholders will vote April 12 on increasing the Common stock from 30 000 to 40 000 shares no par value Compare V 109 The directors have declared a quarterly dividend of 1 p per share on the payable April 15 to holders of record April 4 In Oct and last dividends of 1 50 per share each were paid V 109 p 778 Common stock Jan Consolidated Distributors Inc Listing Earnings York Stock Exchange has authorized the listing of 190 484 Common stock no par value on official notice of the issuance of certificates bearing the name Consolidated Distributors Inc in exchange for the present outstanding certificates bearing the name Times Square Auto Supply Co Inc with authority to add 19 516 addi tional shares making a total amount applied for of 200 000 shares The stockholders of the Times Square Auto Supply Co on March 7 authorized change of name as above The change of name has in no way affected the corporate identity of the company or its rights powers and obligations The New auth shares Consolidated Income Account Net Calendar Years Times Square profit on sales General and administrative expenses Gross Net 1919 taxes profit The Times Square Auto Supply Co o 4o6 9o Cost of sales Federal Auto Supply Co sales paid an initial div of 50 cents cash share on the Common stock in April 1920 in July and Oct H cash per share each and on Jan K cents per share The Preferred stock was retired during 1920 See under Times Square Auto Supply Co in V Ill p per cents in scrip sur def 86 679sur 56 484def Balance Dividends paid 8 and a bonus of 2 on the Common and 7 on Pref stock b 8 on Common stock and 7 on Pref stock par 100 same paid in 1917 and 1918 V Ill p 2142 a Y City Offering of Preferred and Common Stock to Common Stockholders Underwritten Celluloid The Co N stockholders on March 17 increased the capital stock from all common to to consist of Cumulative pref common par 100 Offer of Preferred Stock The common stockholders of record March outstanding are given the right to subscribe at par and div up to March 31 for the pref stock at the rate of one share of the Pref stock for each two shares of their holdings Subscription for Pref stock must be made in New York funds at the office of the company 30 Washington Place N Y City Offer of Common Stock The common stockholders of record Mar outstanding are also given the right to subscribe on or before stock and Consolidated Gas Co N Y Gas Argument Date U S Argument of the company s case has been set for Oct 10 next by the The case involves the right of the P S Commission compel an 80 cent rate for 1 000 cu ft of gas V 112 p Supreme Court Cornell Cotton Mills Corp Extra to Dividend of 1 declared on the stock in addition to both payable April 1 to holders of record amount was paid extra as compared with an extra of 3 paid in Oct 1920 In April and July 1920 dividends of 10 each were paid while in June 1920 a special distribution of 20 was made An extra dividend of 1 has been the quarterly dividend of 2 March 15 In Jan last a like V 112 p 66 Corn Products Refining Co Retire Pref Stock have voted to cancel Preferred stock which purchased by the company during the year 1920 The retirement this Preferred stock brings down the total amount of Preferred outstanding to about See annual report in V 112 p The stockholders was of March THE CHRONICLE Crowell Thurlow Steamship Co No Dividend Sept and Dec 1919 and was Flint Mills of Fall River Dividend Decreased The directors have voted to omit the payment of the quarterly dividend due Mar 31 Quarterly dividends of 75 cents per share have been paid ifrom June 1920 to Dec 1920 incl as compared with 2 per share paid in in Mar 1920 In May last a 200 stock dividend paid increasing the outstanding capital stock from to 3 par 10 V 112 p V A quarterly dividend of 2 has been declared on the stock payable Apr 1 to holders of record Mar 16 In Jan last a quarterly dividend of 4 was paid During 1920 total dividends amounted to 48 as against 19 paid in 1919 V Ill p H H Franklin Mfg Co Syracuse N Y Earnings Net profit from sales it is reported for the year ending Dec 31 Cuban American Sugar Co Bonds Approved The stockholders have approved the issue of bonds re cently issued by the company and underwritten and offered by the Na tional City Company See V 112 p Cudahy Packing Co Packers Announce Waqe Agreement See under Current Events this week V Cumberland Telep Te eg Cal Years p Co Earnings Cat Years Assets Co Balance Sheet Dec Liabilities Cash securities do for n brches Treasury stock Merchandise Machinery furni Capital stock a Accounts payableNotes pay Lib bds Bills payable Notes payabe 499 166 Special reserves Res ve for purch of first pref stock Surplus ture c Real estate Good will surplus Dec V 112 p General Electric Co N Y New Lamp Plant The company it is stated has completed plans for tne construction of its proposed new plant at New Albany Ind for the manufacture of eledtric lamps to cost about It will be operated in the name of the National Lamps Works division of the company and will give employment to about 600 operatives V 112 p t Glidden Co Cleveland O No Common Dividend The regular quarterly dividend usually paid April 1 on the Common stock will be omitted on that date It is stated that three months ago a quarterly distribution of 50 cents per share in scrip was made on the Common stock The directors have declared the regular quarterly dividend of 1 on the Preferred stock payable April 1 to holders of record March 18 V V 110 p 564 Accts notes rec amounted to and balance carried forward to Oper revs Govt comp n Oper expenses Gross income uncollec revs Rents misc and taxes Interest Divs Oper incomes Net deficit Non oper rev Dennison Manufacturing p 474 Goldfield Consolidated Mines Co Earnings Total earnings for the year ending Dec were compared with in 1919 total expenses were against net deficit for the year was compared with a deficit of in 1919 The total surplus as of Dec 311920 was V Ill p Goodyear Tire Rubber Co Meeting Postponed The postponed meeting of stockholders for the purpose of approving the refinancing plan has been called for March 29 It is stated that more than 85 of the stockholders are ready to ratify the plan V 112 p Gray Davis Inc Boston To Vote on Changing Par Stock from 25 to No Par Value Shares Value of Total Total Represents first preferred stock second preferred Partnership The directors recently voted to issue of additional Industrial Partnership stock V 112 p 656 a and Ind Diamond Match Co Report Surplus Cable Co Ltd British Govern Cable The British Government has acquired for including Ballinaskelligs Ireland Harbor Grace N P and Rye Beach N H and Halifax N 8 this company s cable The cable is intended as a reserve for the existing imperial cable It has been leased for a short time to the Western Union for a year V Ill p 1665 worth of cable stock and cable stations at Henry Disston Sons Inc No Action The adjourned stockholders meeting scheduled for March 16 to vote on increasing the capital stock from to was again ad journed until April 6 because of lack of a quorum V Ill p 2525 Edmunds Jones Corp No Common Dividend The directors have omitted the declaration of the regular quarterly di vi dend usually paid April 1 on the Common stock Quarterly disbursements of 50 cents per share have been made from July 1919 to Jan 1921 inclusive The directors have declared the regular quarterly dividend of 1 on the Pref stock Elk payable April 1 to holders of record March 20 V 112 Coal Horn p 748 Corp Annual Report Directors See under Financial Reports and Reports and Documents on subsequent pages of this issue Virgil L Highland President of the Empire National Bank Clarksburg W Va and Walton Miller President of the National Bank of Fairmont W Va have been elected directors increasing the number of directors from 10 to 11 and filling a vacancy caused by the death of 8 P Fetter V 110 p 1418 Fairbanks Morse Co No Dividends Earnings June 1920 for 1920 amounted to after providing for sinking fund Federal taxes and reduction in inventory After Pref dividends there was a balance of for the Common stock as com pared with a Falcon balance of in 1919 V Ill Steel Co Niles p O JEarnings Net earnings in 1920 after dividends depreciation and reserves for Federal taxes amounted to The company shipped 42 000 tons of black and blue annealed sheets from the time its plant started production on March 1 until the close of the year A three pot galvanizing department was completed during the latter part of 1920 The annual meeting will be held hereafter on the fourth Tuesday in Sept instead of in Feb so as to accord more closely with the end of the fiscal year June 30 The plant and general offices are located at Niles Ohio the plant con sisting of 7 sheet mills and one jobbing mill Iron Age Feb 24 V 110 p of the stock 262 Gray Motor Car Corp Organized Frank L Klingensmith who recently resigned as Vice Pres and Treas of the Ford Motor Co and Frank F Beall formerly Vice Pres in charge of manufacturing for the Packard Motor Car Co have organized the 110 p 1854 with a capital stock of to a motor car to sell for about 1 500 and will use the plant and equipment of the former Gray Motor Co The officers are Frank L Klingensmith Pres Frank F Beall VicePres and Gen Mgr George H Kirchner Pres First State Bank Detroit Treas J B Moran Sec and Asst Treas Compare Gray Motor Corp in V 110 p 1854 manufacture Co of Calif Bonds Offered Cyrus Peirce Co and Bonbright Co Inc are offering at 100 and int Gen Lien Conv 8 15 Year gold bonds The bankers state Great Western Power due Feb Callable all or part on any int Denom and 1 000 c Int payable Equitable Trust Co N Y trustee Continental Commercial Trust Savings Bank Chicago and Anglo California Trust Co San Francisco co trustee without deduction for any normal Federal income tax up to 4 which it may lawfully pay at the source Under the present law company will pay the 2 tax deductible at the source Collateral Security Bonds are to be later secured by the pledge of an equal amount of Series B 7 bonds when the same may be issued under the First Ref Mtge dated March 1 1919 and after of said bonds shall have been pledged as security for the outstanding Gen Mtge Convertible 8 gold bonds dated Aug V Ill p The Series B 7s rank equally with Series A 6 First Ref Mtge bonds now outstanding No additional bonds may be issued under the First Ref Mtge until there shall have been pledged Series B 7 bonds to the full par value of the Gen Mtge Conv 8 bonds now outstanding and to the full par value of bonds of this new issue outstanding Steps are now being taken for the immediate issu ance of Series B 7s which are to be pledged as security for Dated Feb date at 105 and int F A at the Gen Mtge Conv 8 bonds new 8 bonds are called all or part which only be done after completion of the pledge of Series B 7s the holders will have the option of being paid 105 and int in cash or accepting pledged Series B 7 bonds at par accrued int and a premium of 5 in cash If not called these bonds will be convertible on Feb 1 1935 into Series B 7s bond for bond Conversion Feature If these may Capitalization as of January Corporation Cum incl recently underwritten Debentures due j Gen Lien Conv 8 bonds this issue auth Gen Mtge Conv 8 gold bonds V Ill p First Ref M 6 bonds Series A due March Underlying Divisional Mortgage 5 bonds First Mortgage 5 bonds 1946 closed mortgage Common stock all OAvned by Western Power The directors on March 22 voted to omit the payment of the regular quarterly dividend usually made April 1 on the Common stock Quarterly dividends of 1 25 per share have been paid on the Common stock since Net profit p E H Rollins Sons Direct United States ment Purchases Profit and loss surplus V Ill p value V 112 Gray Motor Corp V Income account for the year 1920 compares as follows Earnings Deprec repairs res c Tederal taxes 450 000 Dividends The stockholders will vote April 7 on changing the par value from 25 to shares of no par Pref stock Earnings Reclassified with Est for Yr End July 31 21 based on present rate 12 Mos End Jan 31July est Gross excl of int during construction Operating expenses taxes rentals c Net earnings int on outstanding Mtge bonds incl interest on this issue Annual int requirements on all outstand g deben s Annual Surplus over interest charges Purpose To provide in part funds necessary to compltee the Caribou and the new transmission line Compare V Ill p 899 development Players Lasky Famous Corporation Growth of Moving Picture Business Dominick Dominick members of the N Y Stock Exchange 115 Broadway N Y have issued a circular setting forth the financial features of the report which wras printed in full in the Chronicle last week p The bankers say This report shows net earnings for 1920 after taxes of as compared with for 1919 Earnings so far in 1921 are reported as being at an even better rate than in 1920 In spite of the general business depression the company s statistics show no decline in the motion picture business In fact numerous signs indicate that public interest in motion pictures is on the increase Estimated boxoffice receipts for motion picture theatres for 1920 were times the receipts of all other kinds of theatres as against in 1919 and in 1918 The Famous Players Lasky Corp sup plies 75 of the motion picture theatres of the country all or part time Explaining the item ofinventory in the balance sheet the circular states that the pictures are depreciated in value on the books automatically as released until at the end of three months they are carried at only 50 of their cost and at the end of two years are carried at 1 The Famous Players Lasky Corporation has acquired a whole or part interest in 147 companies including all three branches of the business producing distributing and exhibiting and employs over 8 800 persons The corporation numbers among its customers 15 000 of the 19 000 motion picture theatres in the United States besides many of the 23 000 additional theatres throughout the rest of the world The circular gives the names of a number of the leading authors and performers now under contract with Famous Players It also gives a list of many of the novels and plays on which corp owns film rights See V 112 p V lllp 2143 Finch Run Coal Co New Bonds See Bethlehem Steel Corporation under Financial Reports Guffey Gillespie Oil Co Control May Change officers control will change Either Arkansas Natural Gas a Benedum Trees concern or Mellon interests will acquire the property whicht has a book value of 25 a share Phila News Bureau V 112 p Harmony Mills Boston Earnings Calendar Years Net earnings after deprec V 106 p 927 Houston Oil est taxes v Co Earnings A preliminary statement for the 15 months ending Dec shows sales and royalties timber sales turpentine Oil and miscellaneous earnings total receipts adminis trative and operating expenses and Federal taxes c net before depreciation and depletion V 112 p 657 Howe Scale Co Rutland Vt Annual Report Calendar Years Gross profits on sales Net profits Interest T Depreciation Federal taxes estimated Preferred dividends 7 Common dividends 4 Written off good will c Balance above New interests are appraising Guffey Gillespie oil properties and be of market position of stock and it is reported heayylosses of present cause surplus V Ill p THE CHRONICLE Howe Sound Co Dividend Omitted Jewel The directors have omitted the declaration of the regular quarterly divi dend usually paid Apr 15 Dividends of 5 cents per share have been paid Co Inc Annual Report The report states that since Jan 1 and labor conditions shown a moderate profit coffee market Suarterly on the capital stock par 81 from V 106 p 1039 apital stock outstanding at last accounts Apr 1918 to Jan 1921 incl Hudson River Vehicular Tunnel To Tea Vol with more expenses curtailed and the favorable the operations have Net operating loss for year ended Dec Reduction of inventories from cost to market value 690 099 Actual and anticipated loss on liquidation of unprofitable branches Open Jan The New York State Bridge Tunnel Commission in a report filed with Governor Miller announces that the vehicular tunnel under the Hudson JRiver to Jersey City will be open for traffic not later than Dec if Total Less Miscellaneous income including profit from sale of land and buildings and reimbursement for use and occupancy of the money is available so that the schedule of contracts can be let promptly The estimated cost of the tunnel is New Jersey has already Hoboken plant authorized its share of the cost through a referendum but New York has Total losses for year Add Balance of deferred development expense written off made one appropriation of while there is another bill for before the Legislature V 112 p 1029 v Illinois Brick Deduct Surplus Dec viz current surplus capital surplus Chicago Dividend Omitted Co The directors have omitted the declaration of the quarterly dividend on the Capital stock usually paid April 15 owing to poor Calendar Years Net earnings Reserve for taxes 285 000 Preferred dividends Common dividends Balance surplus x of in 1918 and The Baltimore Sun of March 20 says To provide funds for purchasing oil at current prices and increasing production the company has arranged to raise through the sale of its 8 gold coupon notes dated April 1 1921 the only funded debt of the corporation aside from tank car equipment Ed Poe Davies local bankers are now organizing a syndicate to underwrite the note issue which will be offered to the public at 98 and int to yield about 8 25 The current assets are The refining capacity of the Indiahoma plants which are located at East St Louis 111 and Okmulgee Okla is about 15 000 bbls of oil per day During the past two years the management has expended in enlarging and extending the properties The gross sales have increased from about in 1915 to over in 1920 The company has paid dividends of not less than 12 since 1915 Earnings of Indiahoma Refining Co Calendar for Years Gross earnings in 1920 from refineries Depreciation and depletion charges Int charges and Fed l taxes Divs paid on com stock Pref retired July per annum Balance to surplus account Capital stock Dec notes payable profit Ill p and loss surplus V Inland Coal Iron Co Interlake International Agricultural Corp No New Financing Treas John J Watson Jr is quoted Corporation will not do any finan our regular de positories not yet made use of and this provides a reserve to fall back on if necessary V 112 p 475 cing this year We have banking accommodations with International Combustion Engin Reserved for depreciat n International Harvester Co Price and Wage Reductions The company has reduced prices 10 to 15 on about one third of machines listed representing approximately 43 of gross business Thresh ers are reduced 100 tractors 150 to 350 and gas engines 10 to 25 Reductions are also announced on farm wagons plows and seeding machines of 15 and cream separators 10 The company on Mar 23 announced a reduction of 5 to 20 in wages The reductions will affect every employee from President to office boy Employees who received the largest increases in wages in recent years are to have the most severe cuts now it is stated It is also International Shoe Co Reincorporated in Delaware The International Shoe Co incorp in Missouri in Dec 1911 was re incorporated under the laws of Delaware March in accordance with vote of the stockholders March 14 The authorized capital of the new company consists of cum pref a d stock callable at 115 and shares of common stock of no par value Of the new stock of the pref will be exchanged share for share for the present outstanding pref stock and 765 000 shares of com mon stock of no par value will be issued in exchange for the present common stock in the ratio of six no par value shares for each share of 100 par The Delaware corporation will receive all the assets and assume all the liabilities of the Missouri Corporation which will be dissolved None of the stock has been offered to the public and at this time it is not contem new plated that there will be The reorganization has been effected exclusively by the stockholders and without any outside financial assistance The reorganization was brougho about in order to meet the natural growth and expansion of the business of the corporation V Iron Products 112 p 1150 WByaiiai Corp Acquisition The company has purchased the capital stock of the Molby Boiler Co and the following officers have been elected G A Harder Pres R R Rust Vice Pres Stephen Barker Sec Treas Mr Harder is President of the Iron Products Corp The new company intends to Liberty equip plant recently purchased at Mount Union Pa for the exclusive manu of Molby boilers and it will specialize the magazine feed downdraft type of boiler also increasing the output E C Molby founder of the Molby Boiler Co will continue as manager of sales for the new com pany Manufacturers Record V 112 p 475 Bonds of Portion of Property Starters Corp Receivership Judge Mayer on March 23 appointed James J Lyons and John Inwood an equity proceeding instituted by Fred S Taggart trustee for Howard S Borden a creditor to the extent of Company was organized Oct Has outstanding approximately Com mon and Preferred stock Factory at Poughkeepsie N Y Manufactures starters for aeroplanes and automobiles and other automobile I accessories Lima Locomotive Works Inc Listing Earnings The N Y Stock Exchange has authorized the listing of Cum Pref stock par 100 and Common stock par 100 with authority to add Pref stock and additional Common stock the official notice of issuance on total amounts applied for on of Pref conversion Pref stock stock making and Common stock Earnings Since Organization for Stated Periods Amount of Net Depr Federal Balance Sales Earnings Ob sol Res TaxPaid Surplus Period Oct 21 16 to Oct Nov 1 17 to Oct Nov 1 18 to Dec Calendar year x Estimated The company has paid regular semi annual divs on the 7 Pref stock No divs have been paid on the Common stock V 112 p Lincoln Motor The balance V 112 p sheet 1030 Co Detroit Surplus Dec Dec of as shows surplus of a Mackay Companies New Cable Miami to Havana Clarence H Mackay President of the Postal Telegraph Commercial Cable system has announced the laying of a new submarine cable between Miami and Havana supplementing the present cable from New York to Havana The new cable landing at Miami will be connected directly with Postal offices throughout the United States V 112 p Magna Oil Refining Co Earnings for Cal Year 1920 Total income from all sources Expenses including State and Federal taxes Net income equal to 1 70 per V Ill p 1476 share Massachusetts Lighting 1921 Feb Y Ill p on shs out l Companies Net Sales Increase I Mos Increase Maverick Mills Net profits before dividends for the year ended Dec were as compared with Dec was V 112 p 379 a decrease of Mayflower Old Colony Copper Co Boston Earns Total receipts for the year ending Dec amounted to against total payments were compared with leaving a balance surplus for the year of 71 657 as against a deficit for 1919 of V 110 p 566 as Mexican Eagle Oil Co Ltd Stock Offered Status Joseph Walker Sons New York own and offer subject to previous sale 1 000 Ordinary shares of stock at 24H net per share N L B Tweedie of Joseph Walker Sons New York has prepared a circular showing The figures from the report for the fiscal year ended June 1920 when converted into U S dollars at the rate of 50 cts for each Mexican dollar 49 c show a profit for said year of as against After setting aside for reserves and provident fund the there was paid a dividend of as against in The balance sheet of June 30 1920 indicates that the freehold properties of the extent of 138 000 acres and the buildings plant and equipment acquired at a total cost of have been written down to The other properties covering an area of over acres held under Federal ana State concessions and under long leases and containing prolific oil wells which cost including expenditures thereon and plant and equipment in actual working are valued on the books at the par for year sum of nominal sum of The company shipped during barrels of oil the year ended June and in the half year ended Dec bbls No record is given of the company s sales in the Mexican internal trade or of the sales to other exporting companies such as the Standard Oil Co Comparative Annual Net Profits Years ending June 30 U S Dollars After deducting interest on debentures and including interest earned t Compare V 112 Total net profits 1910 to June p Miami Copper Co Copper Production in Lbs Increase i 1921 Feb Y Mos Increase p 658 Guaranteed Bethlehem Steel Middle Corporation under Financial Reports above Joslin Schmidt Co Former Cincinnati O No Dividends Because of the financial and commercial situation the directors deemed it advisable to pass the 1H quarterly dividtnd usually paid Feb 15 V 104 p 2644 on the Cumul Pref stock Boston Earnings The profit and loss surplus as of Jan facture Jamison Coal Coke Co Sale receivers in Inc a Balance surplus reported that the present conditions will make it necessary for the company to lay off several thousand men within the next 60 days Y Ill p V Ill p 697 Corp Div dec The corporation has declared a dividend of 1 50 per share payable April 6 to holders of record March 23 This is the second quarterly divi dend paid by the corporation The corporation through stock ownership has acquired control of Com bustion Engineering Corp of New York ana Underfeed Stoker Co Ltd of London The English company had a large interest in the French com pany The International Corp thereby becomes the largest and most im portant concern in the combustion field The International Corp has outstanding approximately 50 500 shares of capital stock of no par value Neither the Corporation nor any of its sub sidiaries has any funded debt or pref stock in the hands of the public excepting bonds of the Amerioan company which are being retired by sinking fund operations See Provision for Fed l taxes Int on borrowed money v a Total Steamship Co Extra Dividend An extra dividend of 2 has been declared in addition to the regular quarterly dividend of 2 both payable April 1 V 110 p x bankruptcy offered the entire property of this Miscellaneous income Bankruptcy Bale R H Eggleston trustee in cy offered the entire bankrupt concern for sale on March 21 at Birmingham Ala Balance Refining Co Gold Notes Annual Report crude tion c expenses Preferred dividends 7 i Indiahoma Detroit Annual Report Earnings Cat Years 1920 Sales less returns c Cost of sales administra xl Being 36 on account of accumulations and 7 regular V 112 p profit of in 1917 V Ill p 1857 a Kelsey Wheel Co Subsidiary Earnings Net deficit at Dec For 1919 there was a loss of before dividends against a profit building conditions which have reduced the company s earning power to an ex tremely low ebb Dividends of 1H have been paid quarterly from April 1920 to Jan 1921 inclusive V 112 p 1149 Indian Refining Co and p States Oil Corporation New Director Congressman Scott Ferris has been elected 939 Midland Packing See Wilson Co a director V Co Sioux City la Leases Plant Inc below V 112 p Maech THE CHRONICLE Midwest Oil Co Extra Pre Dividend Common Div Penn An extra dividend of 1 has been declared on the Pref stock in addition dividends of 2 each on the Pref and Common stocks all payable April 15 1921 to holders of record Mar 31 In Jan 1914 initial dividend of 2 was paid on the Common stock none other until Jan last when a like amount was paid In Jan last an extra dividend of 1 was also paid on the Pref stock in addition to the regular of 2 V Ill p Feb p Mas Increase making the applied for v t c for 337 785 shares of capital stock auth shares The proceeds of the sale of the above stock will be used total amount in part for additional working capital and in part to acquire at least a ma jority of the issued and outstanding 60 000 shares no par of capital stock of Rockaway N J Rolling Mills Corporation Calendar Years Decrease Corp Listing Earnings trust certfs for Mohawk Mining Co Copper Production in Lbs Seaboard Steel The N Y Stock Exchange has authorized the listing of additional voting 103 474 shares of capital stock no par value to V 1289 V 1920 Net sales Cost of sales def def Montgomery Ward Co Inc Listing Morris Co Packers Announce Municipal Gas Co Albany Other income Int Wage Agreement Y Notes Offered account of rehabilitation of properties and Dillon Read Co are offering at 100 and int One Year 8 Gold notes Dated April 1 1921 due April 1 1922 Denom c Int payable O in New York Central Union Trust Co New York trustee covenants that no funded debt ranking ahead of or equally with this issue shall be created during the life of these notes unless provision is made in cash for their payment at maturity Piedmont Mt Airy Guano Co Bait Bonds Offered Company Baker Watts Co Mercantile Trust Deposit Co Fidelity Securities Corp of Maryland and J S Wilson Jr Co Baltimore are offering a 98 6 and interest yielding about st Mtge 15 Year 8 Sinking Fund Gold Bonds Dated March 1 1921 Denom c Data from Letter of Carl H Graf VicePres Gen Mgr of Company Company Organized in 1885 Does entire Albany N Y including adjacent communities in which electric output about K W H commercial electric light Company agrees to refund to holders of these bonds any State or municipal paid in Maryland not exceeding 45c for each 100 par value Red int date all or part at 105 and int Interest payable M S at Mercantile Trust Deposit Co Baltimore trustee without deduction of Population about company taxes Annual operates on and gas output cu ft Electric energy is acquired from the hydro electric plant of the Cohoes Power Light Corp Franchises are unlimited as to duration jl Condensed Balance Sheet as of Jan After Federal income tax up to Data from Letter of Edwin W 2 Levering President of the Company Purpose Proceeds together with proceeds from the sale of preferred or common stocks at par amounting to will be used to pay current debt incurred in construction of plant at Curtis Bay and to provide and additional working capital any normal Gross Earnings and Net Income after Depr Taxes Available for Int Charges Year Gross Net Year Gross Net Federal taxes from prior years dividends on Pref stock Tacony Steel Co deficit for year as above surplus Dec The total profit and loss surplus of the Rockaway Rolling Mills Corp as of D ec was V 112 p v A and power and gas business in f prov inv adj c s def Surplus Jan add proceeds from shares exchanged for Tacony Steel Co stock total less adjustments on 112 p N The N Y Stock Exchange has authorized the listing of 285 000 additional shares of Common stock no par value on official notice of issuance in ex change for 95 000 shares of Class B stock upon the basis of 3 shares of Com mon stock for one share of Class B stock making a total amount applied for shares of Common stock V 112 p See under Current Events this issue V Selling and administration expense Earnings Average net profits for the last ten years before Federal taxes and depreciation have been at the rate of over p a and for the This Financing 1919 and 1920 before such allowances years Property account Year 8 gold notes l 250 000 Securities owned Common stock were respectively Company Organized in Maryland Current assets i Current liabilities Def d prepaid charges 52 595 Reserves Total each side Surplus 987 836 Dividends Has paid dividends in each year since incorp in 1885 present rate being 6 p a on Common stock Purpose Proceeds will be used to increase working capital V 111 p 1955 and sale of commercial in and Engaged in manufacture fertilizers Sinking Fund Annual Sinking Fund of beginning March 1922 is to be used for the purchase or redemption of bonds of this issue Pilgrim Mills Fall River Dividend Reduced The directors have declared quarterly March on 23 voted to authorize increase an of the Capital stock from to surplus assets into distributed pro rata V 112 p par 100 by converting the capital The additional shares will be the present shareholders as a 50 stock div Pioneer permanent among Pittsburgh Coal Co To Retire Preferred The stockholders ury stock Y 112 p 1150 Officer c New Albany Water Works Merger See Interstate Public Service Co under RRs above V 112 p 567 New York Dock Co New Director Charles E Hotchkiss has been elected a director to fill a vacancy V Pusey Jones Co Judgment Judge Morris of the U 8 District Court at Wilmington Del on March22 a judgment against the company for with interest from Feb to March amounting in all to in favor of the Baltimore Drydock Shibpuilding Co The suit grew out of a deal be tween Christopher Henevig then with Pusey Jonas Co the Baltimore company paying cash as part of the purchase price of the Glouces ter NT J plant and Pusey Jones stock amounting to more than that was turned over to them The deal was never completed V 112 p 752 Radio Corp of America United Fruit New York Edison The Co Injunction Stayed between the new and the old rate of 7 cents or make provision for the re turn of the difference to customers in the event that the higher rates be not sustained V 112 p Cal Years Cr North Butte Mining Henderson Loeb 100 Broadway N Y in circular just issued contrasting the new Pacific Oil Co V 112 p 650 and the proposed release of would save the company about Assuming the original terms are approved Reading will entitle the owner to subscribe to one new that the current price of 14 for Reading rights is equivalent to valuation of 32 per share for Reading Coal Co stock See original plan ers Common and Preferred each two shares of share a so V 112 p 745 The properties to be acquired consist of 85 630 acres of anthracite coal lands notes has been quarterly dividend declared on of 23 in cash both payable April 15 to holders of record March 31 October and January last dividends of 2 each were paid in In with improvements and equipment owned outright 11 677 acres controlled through subsidiaries and 5 563 acres leased The lands are located in the Schuylkill field of Pennsylvania In 1919 the company oper ated 31 collieries Tentative Balance Sheet Liberty bonds this compares with 2M extra paid in Liberty bonds in January and July 1920 and in January and July 1919 V Ill p 2528 Oklahoma Producing Reading Coal Co both representing the important fuel lands from railroad control report Capitalization c Under the segregation plan now being considered Coal Co will acquire the assets of the Philadelphia Reading Iron Co The plan submitted by the company proposes to offer the stock for subscription at 4 per share to the present Reading stockhold Supply Co Extra Dividend the Decrease Reading dividend of H of 1 in Victory Loan 4 the capital stock in addition to the regular for Mos Coal Co Copper Output in Lbs work It was sttaed that this a month V 112 p 751 Results i Feb Decrease I Mos Decrease The directors have voted to suspend production but to continue devel An extra Decrease 1 in brief Surplus Gross operating revenue including profit on merchandise sales P C Dings is Treasurer V 104 p 1494 a Ohio Fuel Ltd Gold Output in Ounces Reading Coal Co Pending Plan Status Newburger Co Chicago a Gross earns Add Ot h inc C r Net aft taxes Int depr c 355 802 Int divs c Preferred divs 66 979 ofsub cos Balance Rand Mines Feb V 112 p North American Light Power Cal Years Acquires Interest President Edward J Nally says The United Fruit Co has acquired substantial minority interest in the Radio Corp of America The United Fruit Co will be represented on the Board of directors by George S Davis V 112 p a Appellate Division of the Supreme Court has granted an order staying the injunction of Supreme Court Justice Daniel F Cohalan which restrains the company and the United Electric Light Power Co from adding to the bills of consumers the cost of coal above 3 a ton This enables the companies to charge the higher rate if they deposit the difference Co Listing rendered Ill p 2144 opment March 23 voted to retire Preferred treas The New York Stock Exchange has authorized the listing on and after April 1 of additional capital stock par 100 on official notice of issuance in exchange for outstanding scrip making the total amount ap plied for V 112 p H M Steele has been elected Secretary and Treasurer succeeding John Stambaugh Jr and J H Fitch as Secretary and Treasurer respectively The company s general offices have been moved from Newton Falls O to Youngstown O V Ill p 1858 on 112 p Porto Rican American Tobacco agree upon a Newton Steel Co Ohio New Steamship Co Cleveland Earnings ending Dec after deducting all expense depreciation amounted to After deducting reserve for income and excess profits taxes of there remained a net balance of V 84 p are the Preferred Net income for the year National Conduit Cable Co Bondholders Committee remedial steps V on and The holders of the bonds it is reported are being notified of the formation of a protective committee and have been asked to deposit their securities Under the terms of the indenture there occurred a technical default on the bonds late in February The stockholders committee it is said will now endeavor to Elan forhave reorganization or for April 15 in which shareholders Theto take olders the extended the time to the protection of the bonds bond dividends of 2 and Common stocks both payable March 31 to holders of record March 26 In Dec last a div of 3 was paid on the Common stock V 109 p 2445 Narragansett Mills Corp Fall River 50 Stock Div The stockholders Based Showing Total Assets of Phila Reading Coal Iron balance sheet of Dec giving effect to the proposed recapitalization including the trans Reading Company of in cash assets on and after fer to Refining Corp Earnings Year Ending Dec Gross earnings expenses net earnings Deduct Interest and taxes depletion depreciation c leaving net income of Pref divs Common total divs Coal lands Impts miscell prop Invest in subsidiaries Net current assets Miscellaneous funds Reserves Underlying Gen M 4s to be owned 9O0 OOO bonds by Reading Company Capital stock of no par value shares equity Balance surplus V 112 p 1030 Ore See Steamship Company New Ships Bethlehem Oriental Steel Corporation under Financial Reports above Navigation Co Earnings The total net revenue for the year 1920 was before deductions for Federal taxes interest on floating debt c leaving a balance available for dividends reserves depreciation and surplus of for the year an increase of 52 092 over the balance so available in 1919 V Ill p Paauhau Sugar Plantation Co Hawaii Earnings Net profits for the year ending Dec were after de ducting strike losses and 73 951 for depreciation V 106 P 132 1 The book value of the stock on the above showing is therefore about 44 per share but the actual value will depend largely on the future earn ing power of the company Output Gross Receipts and Net Profits as Shown by Last Four Reports Dec 1919 Dec 1918 Dec 1917 Dec Gross revenue Net earnings Earned on new stock The extent of hidden earnings if any cannot of course be definitely established As to contest regarding terms of plan see Reading Company under Railroads above and in V 112 p Posner Co Ill Broadway and Morris Co 66 Broadway both members of the N Y Stock Exchange have also issued special circulars on the Reading plan Ed 1 Years ending Production tons Common stock Operates 3 factories Has over 4 000 customers Earnings Net earnings for nine years have averaged per ann or five times the amount of the First Pref dividend Sales have been as President William H Cole V 109 p St Tecumseh Association Inc Div No 2 Texas The directors have declared a dividend of 3 on the outstanding capital stock par 10 payable April 30 to holders or record April 15 An initial quarterly dividend of 2 and an extra dividend of 1 were paid on the stock in January last V Ill p 2529 Seaboard Steel Manganese Shaffer Oil holders of record Dec The stockholders will vote March In V John R Thompson Co Chicago Report Results for Years Solar Refining Federal taxes V 112 p Cashdividends Balance surplus Auto Supply Co Inc Name Changed Southern California Edison Co Earnings Other income Calendar Years Gross revenue The shareholders will vote April 19 on increasing the common stock from to It had been proposed to increase the pref stock from to but this proposal has been dropped The proposed increase in the common stock it is stated is for the purpose of taking care of future expansion V 112 p income Operating expenses Interest charges c surplus 112 p Southern Calendar Yrs Operating Bell Telephone reve Divs 6 The New York Stock Exchange United Gas Electric Co Co Earnings U S Steel surplus for the year of V 110 p 1194 Gas Electric Co New Acquisition Co announce that on behalf of this company they have favorable basis the stock and other interests in Shaffer Oil H M Byllesby Shaffer Oil Refining Co George N Moore Gen Mgr of the refining and sales department of the Shaffer Oil Refining Co has been elected President to succeed C B Shaffer It is stated that the Shaffer Oil Refining Co proposes reduction in the outstanding common stock V 112 p United Total V p Total March 23 voted to omit the payment of the regular quarterly dividend on the Common stock usually made April 1 In July quarterly dividends of 2 each were paid a 25 stock dividend was also paid in July last which increased the outstanding Com mon stock from to par 100 V Ill p 700 Oct and Jan last Major Gen John F O Ryan Stanley Rule Level Co Name Changed c Stanley Works New Britain Conn To Incr Capital Legislative Committee on Incorporations Conn bill to permit the company to increase its capital to 110 p 1978 The Stover Mfg Engine Co has approved a V Chicago Extra Dividend An extra dividend of 1 has been declared on the Common stock along with the regular quarterly of 1 both payable April 1 to holders of record March 25 A like amount was paid extra in April July and Oct 1920 and See under Current Events this issue V S IVhip Co 112 Agreement p Co Westfield Mass Merger the New England Whip Co will be merged with the Frederick L Parker is President United Verde Extension Mining Co Smaller Dividend A quarterly dividend of 25 cents per share has been declared on the outstanding Capital stock par 50 cents payable May 2 to holders of record April 25 Dividends of 50 cents per share have been paid quar terly from Aug 1916 to Feb 1921 inclusive Extras of 25 cents per share were also paid quarterly from May 1917 to Feb 1919 inclusive V 112 p Vanadium Corp of The directors on Mar 22 America No Div Annual Report decided to omit the current quarterly dividend 15 owing to the continued depression of business and in order conserve the cash resources In Jan last a dividend of 1 per share was due Apr to pjiid as compared with dividends of 1 50 per share paid in Apr July and Surplus Account for 15 A Months from Sept to Dec after ordinary maintenance 4 00o 541 other income total Provision for a depreciation and depletion Federal taxes c contingencies rf organization expense written off Deduct Four dividends April 1920 to Jan 1921 incl oV2 per share on 373 334 shares Income and earnings carried to balance sheet of Dec shows total assets of account and patents and processes c and also current assets notably cash and in ventories Offsets include with other items a current lia bilities notes and bills payable and outstanding se curities viz capital stock shs no par value and also profit and loss surplus as per income account Balance surplus The balance sheet This includes property New Director T M Y Ill p Swift Co Packers Announce Wage former commander of the 27th Division director V Ill p 2433 United States Whip western system inlJan V Ill p year 5 sinking fund Effective April 1 Net The Legislative Committee on Incorporations Conn has approved bills authorizing the company to change its name to Stanley Securities Co The latter company will have the right under the charter amendment to ac quire hold and sell real estate corporate municipal Government and other securities and to retain the powers now vested in the Stanley Rule Level Co Compare V 110 p 1296 V 112 p States Trucking Corp Earnings Director aggregated owing it is 1920 outlaw strikes blocked has been elected a Standard Textile Products Co No Common Dividend The directors on ninety seven operating loss for the year The Plant Corporation Bonds Called Annual Report stated to the great snow and sleet storms of freight terminals and longshoremen s strike U Liabilities Capital stock Deprec n accts Cash Accts payable Accts receivable Res for Fed tax Investments Surplus Assets Dividends gold bonds dated April 1 1903 have been drawn for redemption May 1 at 110 and int at the office of J P Morgan Co 23 Wall St N Y City See annual report on subsequent pages V 112 p Nebraska Balance Sheet Dec Merchandise thousand Two Refining Co heretofore owned by C B Shaffer J K D Shaffer and E E Smathers The Shaffer interests have severed their connection with Standard Oil Co Preferred declaration of the quarterly dividend Pref stock In Dec last the payment of the the Common stock was omitted V 112 p 169 have omitted the quarterly dividend on The annual report for 1920 shows receipts of of which 67 088 from assessments Disbursements totaled leaving a balance on a directors Inc No Works Ircn United The Ind Merger Public Service Co under RRsV above V 112 p 569 usually paid April 1 on the was acquired Interstate See V 107 p 2295 Standard United Fruit Co Acquires Int in Radio Corp See Radio Corp of America above V 112 p def846 760sur167 750 South Lake Mining has authorized the listing of a reports above V 112 p Balance dividend of 2 V 112 p 661 Co Listing Earnings 7 Cum Non Voting Pref stock par 100 b Common stock 100 and c Equip Trust 7 gold notes Series A due Aug with authority to add Preferred stock and Common stock and Equipment notes See also under Interest declared on the out 1 to holders of record cents per share M of par pensation 973 511 Oper expenses Gross income Un col rev tax Rent miscell Oper income Non oper revs an Union Tank Car nue In Jan last 1 was paid in addition to a quarterly com par 25 payable April extra dividend of 12M Common stock March 20 Co Earnings Teleg 1Calendar Yrs Governm t Co Warren O Smaller Dividend dividend of 40 cents per share has been A quarterly Balance V Steel Trumbull standing Total above V lll p Corporation Change in Plan Tobacco Products given in V 112 p 1031 The balance sheet of Dec was correctly Times Square See Consolidated Distributors Inc Net profits result of the stock dividend of 33 1 3 paid April increasing the common shares from to stood Dec at against in 1919 The 7 Pref stock has been reduced from to and the building bonds to Accounts payable aggregate against depreciation reserve against The profit and loss surplus as a Co Annual Report Revised Earnings Calendar Years dividends paid Cr Net income Cash Cr Other items The corporation reports the completion of its 8 inch pipe line from its producing acreage in the Damon Mound field in Texas to the Sinclair refinery on the Houston ship channel at Houston Tex This line was not involved in the recent sale to the Standard Oil Co of Indiana of a one half interest in the Sinclair Pipe Line Co See V 112 p Net inc before taxes Administrative expenses Reserve for Federal taxes Adjustment of inventories Current Corp Pipe Line Sinclair Consolidated Oil 1920 ended Dec 31 certifs and ending Dec shows icnluding cash loan and U S current liabilities of V 109 p payment to be made in and July 8 See report for 1920 Sales Copper Co Annual Report Shannon The financial statement for the year increasing the capital stock sale of an additional issue 1139 p Cost of sales assets of on 50 each on May 27 two installments of will now be p 31 from to par by the of at par to holders of record Apr Refining Co New ControlElectric Co below V authorized the listing of official notice of issuance in exchange making the total amount applied for A stock div of 10 is payable Mar 31 to auth issue furnace last Dec was finally price paid was It is probable that a new company organized to operate the furnace V 112 p Company Listing The New York Stock Exchange has confirmed by the IJ S District Court on March 14 The purchaser was E G Tillotson a Cleveland banker representing secured creditors and the See Standard Gas Corp Dividend Decreased additional capital stock par 25 on for outstanding stock div warrants Corp Sale It is stated that the sale of the Temple Pa Mills Cotton dividend of 2 has been declared payable April 1 to holders In Oct and Jan last dividends of 3 each were paid on the capital stock as compared with 10 in July 1920 and 5 each in Jan and April 1920 A dividend of 50 was also paid in March 1920 in Liberty bonds V Ill p 1957 A quarterly The company has filed notice at Albany of an to V 110 p 2298 Salt Creek Producers of record March 20 Co Capital Increase increase in capital from Lawrence Transmission from Symington Corp y Includes 8 for year 1919 and 32 accrued dividends In addition quarterly dividends were paid in 1920 on the Common stock in Jan April July and Oct at rate of 2XA quar and in Jan cts on the no par value shares Total surplus Dec bills payable As to reincorporation in Delaware with 100 000 shares of no par value common stock in place of 10 000 shares of 100 par and Cum Pref stock see Y Ill p Business founded 25 years ago follows Includes dividend x Company Manufacturers of Apollo chocolates Balance surplus Authorized Outstanding S Capitalization Including This Issue 8 Cumulative First Preferred Stock 7 Cumulative First Preferred stock Dlvs Q P days notice x l 4l6 389 Preferred dividends OOOy Depreciation c 442 935 Common dividends Calendar Years Gross income Red at 110 and div cn any div date on 15 Annual Report T H Symington Co Chocolates Pref Stock Offered Richardson Hill Co Boston are offering at 100 and div Cum First Pref stock par 100 F H Roberts Co Boston The bankers state VOL 112 CHRONICLE THE 1290 has been Schumacher President of the El Paso South elected a director succeeding Allan A Ryan For other Investment News see pages 1309 and 1310 March THE CHRONICLE 1291 IjjUpnrte and gomrojettts UNITED STATES STEEL CORPORATION NINETEENTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER Office of United States Steel Corporation 51 Newark Street Iloboken New Jersey March COMPARATIVE For the Fiscal Years INCOME y V 1920 To the Stockholders ACCOUNT ending December 31 1920 and AV I Increase Decrease Earnings Before charging The Board of Directors submits herewith combined a interest re which ended December 31 of the condition of that of 1920 together with a First year Second statement property at the close INCOME ACCOUNT FOR YEAR THE approximately employees Investments amortization of proportion ments war installed and excess of the in securities conditions of for reserves allowances on for inventory valuations To Bonds Funds on Bonds of Subsidiary panies To on Subsidiary Corporation U Bonds Deduct Interest U on S Steel v Corporation Bonds out on Corporation Net Income in the year Sinking Bonds of U S Steel on Steel Sinking Funds S Com Sinking Funds and Funds of Companies and applied follows viz Sinking Funds Depreciation and Re placement Balance of Earnings in the year Replacement Depletion and Depreciation as profits taxes payable in 1921 Depreciation and facilities and improve new excess outstand Subsidiary Com ances Ov y Less Charges and Allowances for Depletion and Deprecia tion applied as follows viz Funds Less Charges and Allow for of extraordinary cost resulting on outstanding bonds mortgages and pur chase money obligations of the subsidiary companies To Balance of Earnings Less Interest To Total for year panies and taxes Including for estimated Federal in come Quarter com pensation under merit plan adjustments in value of material and ing Bonds and Mortgages dental to operations including ordinary repairs and main inventories Quarter Less Interest 1920 The total earnings were after deducting all expenses inci fr m the world Quarter Fourth year tenance Quarter Third the finances and Bonds and Companies aiy Corporation and Subsidiary Companies for the fiscal on Mortgages of Subsidi port of the operations and affairs of the United States Steel standing s Premium paid on Bonds redeemed viz Net Income in Deduct Interest U S on Viz the year t Steel On tion y Fifty Year 5 Gold Bonds Ten Sixty Year 5 Gold Bonds S Steel Corpora Bonds Add Net Balance of Balance Bonds J On U Corporation Bonds outstanding Subsidiary Compan ies v sun dry charges and credits Premium paid on Bonds On Subsidiary various S Steel Dividends Corporation Bonds U on Steel S Corporation Stocks viz Preferred Common Add Net Balance of sundry charges and credits including adjustments of various accounts Less Appropriated 8i made Balance for the 1920 year U on S Steel of account propriations for Stocks viz 7 Common on ap con struction Preferred addi tional property and Corporation expenditures authorized on from Surplus Net Income Surplus Net Income Balance Dividends accounts Companies Bonds On U including adjustments of redeemed viz Balance carried divided Un to Surplus Surplus Net Income in the year 1920 expenditures made tional property on Less Appropriated from Surplus Net Income on account of MAINTENANCE authorized appropriations for addi and construction SURPLUS OF U S STEEL Surplus or Balance of CORPORATION extraordinary as Total company sales note by subsidiary of products on companies on are on Furnace sales of meterials and S Relin ments Note Surplus of Subsidiary Companies amounting to subsidiary companies which Ordinary Main Repairs hand in Inventories see on Cent Extraordinary Replace inter below and representing Profits accrued Per ings Surplus December exclusive earned Increase tenance Blast Profits 1919 control Railroad Admin of ex in 1919 as follows un companies Expended by U the 7 Total Undivided in comparison with were purposes road in above subsi Expended by the rail of miscellaneous Surplus Net Income 1920 for current properties of the 1920 Repairs eral property accounts of same der Federal control replacements sidiary railroads Adjustment of previous years allowances year the For railroads under Fed Add for the following items viz Balance of Total exclusive of sub exclusive of subsidiary companies and EXTRAORDINARY also for blast furnace relinings and for Ordinary Mainlnenace and com inter company profits in inventories per for depreciation renewals penditures for the Working Capital provided in organization and AND panies from April 1 1901 to December 31 Annual Report for year maintenance diary companies April Surplus accumulated by all AND The expenditures made during the year SUBSIDIARY COMPANIES Since RENEWALS REPLACEMENTS Balance carried forward to Undivided Surplus UNDIVIDED Balance of Earnings after making allowances for estimated amount of Federal income and excess profits taxes products to other hand in latter s Inventories December 31 Total Decrease The foregoing expenditures were charged to current op 1920 is deducted from the amount of Inventories included under Current erating expenses and to depreciation and replacement funds Assets in Consolidated General Balance Sheet reserved from earnings table shows a classification of the amount The following VOL 112 CHRONICLE THE 1292 Expenditures During the Year 1920 Total Increase Expenditures Ordinary Main tenance and Re Expended on above purposes of the expenditures made during the year for Extraordinary Replacements Total in in 1919 pairs including Blast Furnace Relinings Manufacturing Properties Total except Blast Furnace Relining and Blast Furnace Relining and Renewals Coal and Coke Properties Renewals Iron Ore Properties Transportation Properties Railroads Steamships and Docks Miscellaneous Properties These r expenditures were paid from funds the The allowances made during the charges used or to Income which have been transferred to I be used in retiring bonds Funds Other from and and Charges to Funds by Aside dur Bonds a c d J depreciation accrued on the property of the Amount transferred to Trustees of Bond Sinking Funds subsidiary railroads during Federal control y c This total covers the following viz of Bond Sinking Funds pamphlet report for investment depletion of investment in minerals adjustment of previous years allowances for depreciation and other miscellaneous in improvements dismantled and retired charged off and credited Property for d Expenditures made during the year for replacements charged off and credited Property Account see page and equipment Dec a Includes covering the net Expenditures made in 1920 for extraordinary accounts U CAPITAL STOCK amount Steel States Corporation S stock of the United Sundry Bonds of Subsidiary Companies was the Potter Ore Co First Mortgage BONDED DEBENTURE AND bonded total United debenture and mortgage in Net a net increase during The were assumed maturing mortgages amounting to Decrease during the year following is summary a were made Co Furnace Sheet Tin Plate Bonds C Frick Bonds Co Pittsburgh Mo Coke Trustees of Balance Sinking Funds Outstanding Co Corporation Bonds Duquesne Equipment Trust Bonds Bess Lake Erie RR Co issues viz Bessemer Equipment Trust Bonds Girard Equipment Trust Bonds Corporation Bonds Bonds Year 5 Total U S Steel Cor poration Subsidiary Companies U S Steel Corporation Mortgage Bonds RR Steel Steel Bonds Guaranteed by nongahela First Lien Purchase Money Union S Co W Dewees Wood Co First Mortgage H U Bonds St Clair Steel Co First Mortgage American S U Mortgage and Held by Sinking Funds 50 Year 5 First Less Redeemed Bonds in retired during the year as fol Clair by general classes of the to Including Clairton Steel Co issues viz St Total lows viz debenture and mortgage debt tal bonded the year of Bonds and mortgages were Debt December 31 18 acquired and payments of connection with property debt of the panies outstanding on January 1 1920 was No Issues of bonds were made during the year but Real Estate Mortgages amounting to Co s proportion MORTGAGE DEBT Corporation and Subsidiary Com Steel States Bonds re T C I RR tired by that company Bonded Debenture and Mortgage The fiscal year viz Stock Preferred Stock Common I9 Steel Corporatipn 60 Year 5 Bonds December 31 on at the close of the preceding as same outstanding capital of Subsidiary teed by Guaran S U Steel Corporation Debenture Scrip Steel Companies Bonds Not Illinois Company Pittsburgh Bessemer Lake Erie Gold RR relinings and renewals at blast furnaces The of Funds Total to Credit in including Salvage Expenses Depletion Depreciation and Replacement Funds including amounts of same to be applied to Sink ing Funds on Bonds of Subsidiary Companies Blast Furnace Relining and Renewal Funds Total Credits to Charges Current 1919 Applicable for Sinking Fund on U S Steel Corpo Balances Payments Income Income and Dec 31 Amount transferred to Trifstees below Trustees of Bond Sinking Funds and ing 1920 from Balances For v Funds Amount through charges to current operating expenses for account also the transfers and payments made therefrom and together wit h the balances to credit of the funds at December are shown Credits to Amount from earnings and year Set ration FUNDS DEPRECIATION AND REPLACEMENT include depreciation funds reserved from Balances shown at close of year do not Dec by the funds from other sources made thereto during the year subjoined table in the of the character included herein as see provided from earnings to cover requirements DEPLETION of these funds the income received Ct Debenture Total Subsidiary Com Bonds panies Bonds Pittsburgh Bessemer Lake Erie RR Co Total Bonded and De Greenville benture Debt Equipment Trust Bonds Sundry Real Estate Mort Less Proportion account of P B L E RR Grand gage redeemed Funds U by Trustees Year of Sinking viz S Steel Corporatin 5 Bonds Bonded Total Debenture and Mort Co not owned Bonds I gages of minority interest in stock Debt Co being the L E RR Co stock 33 L E RR same proportion of the total bonds as the stock of P B owned by U S Steel Corporation bears to the total issue of Includes only of the outstanding bonds of P B March 26 a THE CHRONICLE PRODUCTION OF RAW SEMI FINISHED AND FINISHED PROD UCTS BY SUBSIDIARY COMPANIES COMPARED Products WITH THE IN THE YEAR YEAR Less Written off to Depreciation and Replacement Funds Balance of capital expenditures in the year On account of the capital expenditures made as above there charged to Income for amortization of proportion of extraordinary cost of the same resulting from world war 1919 Tons Tons were In the Lake Superior Region conditions the Missabe and Vermilion Ranges Iron Ore Mined of sum Gogebic Menominee and Marquette Ranges Leaving In the Southern Region net addition to Property Investment Account a for the year for capital Tennessee Coal Iron RR Co s Mines expenditures of The total net amount Total use RR Coal Mined For Limestone Quarried expended since April 1 1901 the date of organization of United States Steel Corporation to January 1 1921 including expenditures by T C I from Co November in the manufacture of coke For steam gas and all other purposes for only additional property and construction and for net unabsorbed out lays for stripping and development work at mines c equaled Total EMPLOYEES AND PAY ROLLS Coke Manufactured In Bee Hive Ovens In By Product Ovens Total i The Blast Furnace Production number of employees average paid in comparison with corresponding results for the pre year were follows as Spiegel Ferromanganese and Ferrosilicon Number Employees of Manufacturing Properties Number Steel Ingot Production Bessemer Ingots Open Hearth Ingots Coal and Coke Properties Iron Ore Properties Total transportation Miscellaneous Properties Properties Total Total salaries and wages paid Rolled and Other Finished Steel Products for Sale Average Earnings per Employee per day during Steel Rails Heavy and Light Tee and Girder Blooms Billets Slabs Sheet and Tinplate Bars Plates Heavy Structural Shapes Merchant Bars Hoops Skelp Light Shapes Etc Tubing and Pipe All employees exclusive of General trative and Selling force Wire Rods Wire and Wire Products Total employees including General Administra tive and Selling force were under Federal control Angle Splice Bars and All Other Rail Joints which Finished Structural Work Includes employees of subsidiary railroads x Adminis Sheets Black and Galvanized and Tinplates Spikes Bolts Nuts and Rivets Steel Car Wheels fe The demand GENERAL for iron and steel seven months of the year was from month Sundry Steel and Iron Products Total Miscellaneous Products v 7 7 7 A Zinc Sulphate of Iron Fertilizer Sulphate of Ammonia Ammonia Fertilizer Duplex Basic Phosphate as Liquor Benzol Products Bbls Universal Portland Cement Bbls of orders TERIALS OF MANUFACTURING AND FINISHED SUPPLIES AND PRODUCTS AND OPERATING SEMI FINISHED INCLUDING NET MA The net classes at book valuation of assets for all December of the the inventories after allowing credit for for account of actual cost inventory stocks in 1915 the of sum excess the above or reserve market value an to of months from were com additions and less extensions to the credits for property sold plants and the net sume of total rated equaled Funds for investment cost of improvements and equip retired Board No change was of expenditures on The following costs arising such dur was notwithstanding from advances in raw substantial labor in in rates materials required mentioned also to carry forward to 1921 a large tonnage of unfilled or These latter at December of total totaled products in comparison with at the close of 1919 The unfilled ton at December has since been reduced to nage r The production ing the Housing facilities pared for employees an increase in every classification for results the natural 1920 Tons development water supply Iron Ore Mined during the year For sys use in for strip Steel Rolled Ingots and Bessemer and Open Other For classification Finished Products for Sale Hearth Quarried Pig Iron Ferro and Spiegel Increase Tons 6 2 Manufactured Limestone Less Credit for expenditures of this character expenditures 1919 Tons Coke ping and development work at mines and for additional logging and structural erec absorbed in 1920 in operating expenses de making coke For steam gas and other purposes tion equipment com The Total expenditures year Coal Mined gas tems limestone properties c preceding follows including public utilities in connection therewith including show the the several principal departments dur tailed comparison is as development of townsltes and construction Properties year with if i Total made in last annual report Properties steamers lines and In March PRODUCTION Railroads and docks Sundry on purchased especially fuel to net considerable profits is a classification of the total expenditures by property Iron and Manganese Ore Properties of of Commerce that higher prices could have year enabled it viz Coal and Coke Properties Ocean made during the year in to maintain operations at the degree above capital account during the Manufacturing Properties Transportation four The price policy adhered to by the Corpora however 867 tons at March groups was tons of various classes of steel the adhered to by the subsidiary com year was of the Department been obtained a Balance During prices for the principal steel products which price schedule ders Less amount written off to Depreciation and Replacement ment dismantled and capacity panies notwithstanding the demand for steel and sup April to July the output equaled only about ing the first half of the to be properties to freight rates and higher costs for including net outlays for stripping and development work at ore mines as in accordance with the schedule announced by the dustrial creased 1920 by all except the tonnage of finished products for sale av CAPITAL EXPENDITURES year Capacity For the entire year the output of the steel plants measured by tion made during the full ing principally from strikes and from shortage in fuel This panies for the acquisition of additional property and for the orders carried with especially from April to which reference comparison with the total at close of preceding year The expenditures nearly very of increase of in business accepted during new of of unit prices therefor at close of of Be slackening in the volume July inclusive because of inadequate railroad service aris the domestic subsidiary companies equaled was a interfered were 80 of capacity AD The operate operations AND VANCES ON CONTRACT WORK c materially exceeding capacity from 1919 enabled the properties of the subsidiary com eraged INVENTORIES offering panies to plies month business booked new with considerable tonnage of unfilled year over to ginning with August there I products during the first large the Axles in the service of all companies during the year and the total salaries and wages ceding Pig Iron Totals Steel see above table Vessels completed and ventory 27f 18 5 barges SHIPMENTS 0 vv The shipments of all classes of 1919 Inc or Dec other finished and steel Rolled products and ingots spiegel ferro Pig iron Sundry materials and by products cement bbls Pig iron ingots and scrap 6 979 Sundry materials and by products of 1919 considerable part is due from railroad com them which have been guaranteed and other balances panies and interests dependent upon currently unable to receive United States them from the capital locked up in inven total amount of working The balances and accounts due from Railroad Administration shows an increase at tories receivables agents S II over the similar total at close of 1920 of finished other and A very 1920 compared It is believed however safe and will be fully realized in due that these credits are the Export Shipments steel to customers these receiv at December 31 with at close except cement which prevailed during the increased amount of credits due materials Total tons all kinds of Universal portland and coke absorb any valuations subsidiaries were required to carry of 1920 the ables totaling course scrap Iron ore coal Rolled Tons Tons Tons Domestic Shipments diminution in inventory Owing to financial conditions latter part an follows as were products during 1920 In during the preceding year comparison with the shipments to this fund which now added and which is available to sudden and violent was set During 1920 an additional earnings and from aside amounts to values at carried compared with such items are close of D W tonnage increased unit values at which in substantial part of the delivered from shipyards Ocean steamers Oil a Vol 112 five years a reserve fund to cover cumulated during the past Bbls Bbls Bbls Universal Portland Cement CHRONICLE THE 1294 close products of preceding year EXPENDITURES CAPITAL Total tons all kinds of materials shipped construction mines This classified by property groups as follows properties extensions and tion of additional and development expense at and net stripping total expenditure is For Manufacturing Covering all of above shipments including cement and ships delivered and other business not measured by Inc Dec Amount V V completed steam the ton unit not includ Domestic sales Export Total For Iron and Manganese Ore purposes United operation by the subsidiary railroads under on Railroad Administration such States expenditures included in these totals in order on relatively the same basis by that organization being to show the comparison properties including net addi For Ocean Steamers For Housing including improvement of public utilities in con facilities for employees and establishing necessary nection therewith natural gas lines development properties water supply systems and limestone prop For Sundry of gas properties including c erties Amount Credit for write off to Depreciation and Replacement of improvements and Funds of original cost and replacements Extraordinary v general rehabilitation Balance of practice observed in the In continuance of the allowance for amortization world the The charges for taxes for the year lar charges 1920 other than Fed profits tax in comparison with simi for 1919 were as follows amount absorbed in of construction outlays Federal capital and other war excise taxes Sundry Dec An estimated allowance of was made from the income and excess earnings for 1920 for account of Federal capital required by the subsidiary companies in the form of inventories of raw materials and operating supplies shows an increased lock up at compared with the total at close of December the preceding year amounting to This increase is attributable in part to increased stocks on hand operations at the close of 1920 having been ago were conducted on a broader scale than a year and in part to increased cost of raw and materials produced by and in so doing an made of semi finished Inventory items whichever figure was lower adjustment or write down in values was which was charged 1920 earnings total amount was the subsidiaries valued at cost or market The invested in inventories at the close of the year but against this total there has been ac important items are the following was constructed the At the struction was mill was the At the a plant a a of Indiana 12 inch facilities and 10 inch hoop mill and an mill were completed and Gary Plant of new at Wilson Pa there coal dock and coal storage McDonald 18 inch band Carnegie Steel Company a station was installed power steel profits taxes which may be payable for that year The working W at of the pur in 1920 were made statement in considerable detail for which capital expenditures At Carrie Furnaces of K t been of this pamphlet is made to previous pages report for a Increase transportation stock resulting from world war re quirements and conditions has poses During 1920 the aggregate earnings and income for extraordinary ending December 31 years State and local taxes Investment Account carried to the Property the four Some of the more improvements resulting from has The balance conditions war the same representing an of proportion of the extraordi cost of such facilities and nary preceding of the foregoing expenditures were charged to income for the year Reference eral income and excess expenditures for the year three years cost equipment dis mantled and retired been tenance I tier ease Ordinary repairs and main and development expenditures for mine stripping tional including expenditures made for these totals in both years For Railroads and Docks Less for repairs main tenance and general upkeep of the properties in compari son with similar outlays in 1919 were as stated below the expenditures made during the year The properties town sites inter company ing properties For Coal and Coke BUSINESS OF VALUE TOTAL of for the acquisi during the year the net sum domestic and both to trade export companies expended Corporation and the subsidiary The Aggregate tonnage of rolled steel and other finished products placed in operation Steel Company the con and 20 inch mill for commenced and a 10 inch hand rolling strip operated merchant installed Christy construction Park of a of National Tube Company plant Horn welding plant for welding diameter was com At the Lorain plant of this company the construction was commenced of 2 additional lap weld mills also of enlargement of the coupling shop equipment and an extension to the machine steel pipe from 2p inches to 96 inches in pleted and the plant placed in operation shop At the Company Gary Plant of the of the new 24 tin of this American Sheet and Tin Plate additional expenditures were made company mill plant And at the in completion Vandergri t plant substantial progress was made in the re construction of the pickling and galvanizing department March THE At the Trenton plant of American Bridge completed was the in reconstruction the modernizing of expenditures made were Coal Iron Railroad Company sire undertaken program Fairfield new plant of that by Tennessee for enlargement The company work planned and described in the in completing the exten 1917 in completed and placed in operation the remaining 11 were at the close and bridge and structural plant Additional Company work and 1295 CHRONICLE of detail in previous annual re of the be in various stages of construction year completed in 1921 which they have ditional for of sum poses satisfactory plant and extending the yard also with the construction of work coal ore be completed the latter part of At the Kearny to plant of the 1921 power dock in made was on which for tons capacity The extended at so as included account for in erty County Pa previously therewith connection of the pur for contracted of these properties are located in Greene These coal of purchases together with acquirements of coal property made by the subsidiary panies during the past four years place them in the com position a where as soon as the properties can be opened they will be self contained and basis of on low cost price a requirements for steam coal the major portion have always they coal operators companies coal in their of Other capital outlays by the coal and coke include for completion of the including town development at mining plant new Lynch Ivy for additional housing facilities for employ in ees railroad After in tion Pocahontas the coal for standard and December careful and investigation the Corpora purchased at of cost a South mine the of Brazil in the State of Minas Geraes Brazil America about 286 miles from Rio de Janeiro This is developed and operating a 5 large in Home Owning Plan monthly installments with favor property from a this mine Investigations large tonnage of developed ore show the name of and the U all of the S Steel stock property will of which Corporation It the mine will is be operated of bonds and purchase year corpora be controlled expected the by the paid off were redeemed through the sinking funds of the mortgages Of the foregoing total of bonds securing the bonds There supply of a basic raw many years by the acquirement the requisite material absolutely necessary for the manufacture of steel and which obtained almost entirely prior to the world war was from India and the Russian Cau casus panies There assumed in connection with Superior iron ore district expenditures total ing were made in connection with relocating many buildings Hibbing Minnesota on to other moving and improvements at Range in order permit of the mining of the very large deposits of ore owned by the subsidiaries which expense and the Missabe Iron underlie com the pur chase of real estate outstanding mortgages on same of 36 wrere 685 and there were of mortgages No during the paid during tlie year 7 435 of this class new issues of bonds were made and sold year On February an increase was made of about 10 in the common labor rates manufacturing and iron other classes of in the year the paid employees by the subsidiary mining companies of classes employees of advanced 15 were rates for the employees being advanced equitably in August and September the several panies the coal and upwards companies Later rates of wage mining com The wrage rates wrere also increased of May 1st under the award of the Railway Labor Board as by an average The labor of about 20 following is condensed comparative statement of a statistics of employees in service of the Corporation and the subsidiary companies for the years 1920 and March Febr y Increase Number Largest number of employees in any one month May i i month Average number of 715 Oct Smallest number in any one em ployees during entire year rolls Average salary employee the City This will be saved several times over through lessened mining costs when the ore is extracted or wage per per day year and affecting different explained above during the does not year 83 of the salary or wage per average 13 45 different itmes dur groups of employees foregoing rate of 7 00 for the fully indicate the as average employee per day paid at the close of the For the month of October a representative month the average rate was cember The 7 19 per 7 23 per day for the month of De day employees of the Corporation and the subsidiary panies were in January com offered the privilege of sub scribing for shares of Common Stock of the United States Steel Corporation at the price of 81 per share all other conditions and terms being substantially the same as those under which During the year the subsidiary railroads added to their Because of advances in wage rates at ing the year In the Lake also paid during the year wrere of mining royalty notes of the subsidiary of this property will prove of great value to the subsidiary companies assuring to them for money Total amount of annual pay Brazilian a This plan has met were has The title lias been taken Companhia Meridional de Mineracao tion that of high grade which can be produced at relatively low cost in mangan was obligations of tlie Corporation and the subsidiary companies In fact for considerable part of the requirements of the subsidiaries has been obtained ore At December the unpaid subsidiaries which is being paid by the employees the past few years a very ese to assist them in the construc sums balance advanced by the Morra da Mina Manganese ore property located on the Cen tral Railway to satisfac purchase of homes for themselves under hte Corpora of employees of the railroad cars lengthy a Field or tion s which purchase from outside obliged to been been necessary in necessary loaned to employees on contracts or mortgages carrying or interest at During the chase of additional acreage of steam coal and surface prop The greater part have years the permanent force secure torily operate the properties In addition to the investments in repairing vessels use expenditures made by the subsidiary coal and coke companies order to tion installation of a floating dry the The expenditures for these pur during the past five made directly by the subsidiary companies in tnese housing permit the construction of ships 500 feet in length and progress ad an the year facilities and improvements there have also been advanced Shipbuilding Company Federal during storage and it is hoped will N J five of the shipways were expended in connection all rod and wire mill new a commenced during the year was the limestone and mill the 28 inch remodeling enlarging in made was progress Steel Company the Minnesota of be housing facilities for employees and development and building plant which will be finished in 1921 plant of capital expenditures was improvement of town sites Duluth vessels will heretofore operated under charters As shown by the summary ports was all completed in 1920 with the exception of the car At the These 27 owned and operated by the subsidiaries in lieu of steamers the construction will similar offerings have been made in previous The subscriptions received years to date of writing this equipment 34 locomotives and 1 069 freight and service cars report have been the largest made under any offering of various kinds costing employees having subscribed and the manufacturing and coal companies added to their complement of standard shares railroad equipment 61ocomotives and ceived ice cars 1 128 freight and serv costing At Expenditures totaling wTere made during the year on account of the construction by the subsidiary com in the preceding year January there bers of there in connection with the export holders sidiary companies During the year 16 of the steamers were an aggregate of for were a total of 161 201 shares employees or mem employees familiesi who were stockholders of record owning Preferred and Common Shares of the Corporation panies of 27 ocean cargo steamers designed to be operated business and trade of the sub for These totals compare with 63 278 subscriptions re were of also Stock offered additional an record but under the who 15 003 employees not stock were stock subscribers to Common subscription plan who were VOL 112 there 1920 in made was pensions to retired Pensions were granted dur employees a total of ing the year to 324 retiring employees and at the close of the year there were the Since 2 969 names on the Pension Rolls inauguration of the Plan in 1911 an aggregate disburse pensions has been made of ment for Accident Prevention The tion and the subsidiary companies during the year for Safety Work compared with in 1919 was number of serious and fatal accidents in The 1920 per 100 em entire The of 126 time employees is devoted to Safety Work and in addition more than 7 000 employees are Safety Committees constantly serving on including ordi Operating Expenses and maintenance nary and repairs subsidiary by charges provisional depreciation companies for Administrative Selling and General Ex penses employees compensation un der merit plan and pension payments including general transportation of expenses companies Taxes except as included in following item Allowance for estimated amount of Fed eral income and excess profits taxes Accident Relief The disbursements made by the subsi in cluding accruals not yet actually payable under State com pensation laws paid Of this total was was families To Less Amount included in above charges for allowances for charge have built and maintaining 298 are 25 base hospitals with stations and emergency staff of 263 surgeons and physi a cians whose entire time is Sundry jSTefc Manufacturing and Oper ating Gains and Losses Including idle Adjustments given to company work also 91 of Inventory Valuations In addition adjustments of charged in Manufacturing Costs are subsidiary companies the in separate item of below as see Balance provide prompt and adequate treatment for employees in case of accidents depletion and de preciation here deducted for purpose plant expenses royalties received c is payable directly to injured employees or their or Commercial Discounts and Interest of showing same diary companies during the year for Work Accidents LOSS Earnings Operating Charges viz ployees was 13 29 less than in 1919 and 53 89 less than in AND Manufacturing and Producing Cost and not by the Corpora expenditure Sale and Gross Receipts Gross and Carnegie Pension Fund disbursed in SUBSIDIARY AND PROFIT GENERAL CONDENSED ACCOUNT FOR THE YEAR ENDING DECEMBER special compensation under the plan adopted in 1903 During the year the trustees of the United States Steel CORPORATION STEEL STATES COMPANIES of to employees the distribution UNITED As usual in installments paying for their subscriptions and Operating Dr Expenses Rentals received Compensation accrued in January and February for use of subsidiary rail roads under Federal control estimated Dr outside surgeons retained on salaries There are also being conducted 62 charges to employees for stations training employees work first in and aid Sanitation Additional Total Net Producing and Manufacturing Operating Income before deducting provisional charges rescue v the year the and all without any preciation for de Other Income and Charges installations made were during in providing modern sanitary facilities throughout plants mines and departments for the health and com Net Profits of properties owned but whose operations gross revenue cost of product c expenses not are classified in this statement Income from sundry investments and in fort of employees The cost of sanitary work during the including additional installations year was At terest on of U the close 1 696 of the comfort there year were with stations in and about the plants adequate facilities toilet Total of the Corporation and its subsidiary com been tion s Bureau of its follows viz consistently continued The Corpora No 8 which railroads United the to on hand in excess of pre war unit values Corporation and subsidiary of conditions ment cost resulting from the world war of new facilities and extraordinary improvements installed illustrates and describes copy under companies for the better employees work and live on Grateful appreciation is expressed to the officers and ployees of the Corporation and Less Net balance of Profits earned by subsidiary compan re of the several em subsidiary companies for their loyal and efficient services during the year rendered account of ma purchasing compan terials on hand at close of year in ies of this Bulletin will be sent to stockholders ies on sales made and service which quest which profits have not been yet realized in cash from the standpoint of a combined statement of the business of all companies inventories and Total Earnings in the Year 1920 per Income Account Less Interest Charges on Subsidiary Companies Bonds Mortgages and Purchase Money Obligations Balance of Earnings for the year before deducting pro visional charges for depreciation Less Charges and Allowances for Depletion and Depre ciation By Order of the Board of Directors II PROPERTY of this account as of December INVESTMENT per Net Income ACCOUNT in the year DECEMBER to Property Investment Account for the for capital expenditures year Annual Report Sundry adjustments during 1920 in the foregoing balance addition GARY Chairman Balance viz By Subsidiary Companies By U S Steel Corporation ELBERT Net Allowance for estimated proportion of Balance A of the welfare activities conducted under direction of some the Act market value of Inventory stocks or Safety Sanitation and Welfare has lately Bulletin sidiary States under Transportation employees and their families referred to in previous annual issued as Reserved for proportion of actual cost its purpose the improvement of the material welfare of the have Accrued estimated payment by sub panies in general welfare and educational work having for reports v se Dr owned curities Less Charges lockers efforts bonds and other Govt S in cluding 20 340 washing faucets or basins 3 389 showers and The deposits c Allowance for depreciation in book value Less Charged off in year 1920 to Depreciation Funds account Mineral Depletion Expenditures for Stripping and Development at Mines and Investment in Structural Erection and Logging Plants viz Balance at December 31 Expended during the Less Charged year off in 1920 to operating expenses Net Increase in the year s Balance of Property Investment Account December per Consolidated General Balance Sheet T APPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITURES Amount of appropriations made from Surplus in the Consolidated Net Income prior to January i DECEMBER applied in payment of capital Amount of appropriations made from Surplus Net Income since January 1 1908 applied in payment of same class of expenditures the Consolidated General Balance Sheet carried in the account Appropriated Surplus to cover Capital Expenditures expenditures and General Balance Sheet formally written off to credit of the Property Investment Account Total but in March THE CONSOLIDATED CHRONICLE GENERAL BALANCE SHEET 1297 DECEMBER ASSETS Property Account T V Vv v V jy f v V v Properties Owned and Operated by the Several Companies Balance of this account as of December per details Less Depletion and Depreciation Fund Balances previous page a at December depreciation appropriated from Income and applied follows as Invested in redeemed bonds held by Trustees of Sinking Funds as y below per table on a but not treated as assets and in cash previous page Invested in retired bonds redeemed with Sinking Funds c Balances in various Funds per table on a previous page General on Advanced Mining Payments Royalties for Advanced Mining Royalties V Xr o Less Fundi reserved from Surplus to cover possible failure to realize all of the foregoing Mining Royalties In respect of which non interest bearing notes of the subsidiary companies have been issxied See Deferred Charges Applying to future operations of the properties Mine exploration expenses and other charges Discount subsidiary companies bonds sold on Contra Net Investments V Outside Real Estate and Investments in 7 i v sundry securities including Real Estate Mortgages Employees Land Sales Contracts and Mortgages under Home owning Plan V Sinking and Cash Reserve Fund Assets resources held by Trustees account of Bond Sinking Funds In addition Trustees hold of redeemed bonds which Contingent Fund and viz are not treated Miscellaneous Assets Insurance and Depreciation Fund Assets and Y y yr a as an asset purchased bonds available for future bond sinking fund requirements Securities v v Cash Less Amount of foregoing represented by obligations of Subsidiary Companies issued for capital expenditures made Current Assets y Inventories less credit for Reserve and for amount of inventory values representing Profits earned by subsidiary companies on Inter Company sales of products on hand in Inventories December See note below Accounts Receivable Bills Receivable i Agents Balances Due from United States Railroad Administration Time Bank Sundry Marketable Securities including U S Liberty Loan Bonds and Treasury Certificates Cash Deposits in hand and deposit with Banks Bankers and Trust Companies subject to cheque on I LIABILITIES Capital Stock of U S Steel Corporation Common Preferred Capital Stocks of Subsidiary Companies Not Held by U S Steel Corporation Par Value Bonded and Debenture Debt Outstanding United States Steel Corporation 50 Year 5 Bonds United States Steel Corporation 10 60 Year 5 Bonds Subsidiary Companies Bonds guaranteed by U S Steel Corporation a Subsidiary Companies Bonds not guaranteed by U S Steel Corporation Capital Obligations of Subsidiary Companies Authorized in Treasury subject to sale but not included in Assets or Created for Capital Expenditures Made or held Liabilities See preceding pages Subsidiary Companies Non Interest Bearing Notes Maturing over a period of 37 years substituted for previously existing mining royalty obligations Guaranteed by U S Steel Corporation See Contra Mortgages and Purchase Money Obligations of Subsidiary Companies Mortgages Purchase Money Obligations issued in acquirement of Fixed Property Mining Royalty Notes Interest Bearing Guaranteed by U S Steel Corporation Current Liabilities Current Accounts Payable and Pay Rolls a Accrued Taxes not yet due including reserve for estiniated Federal taxes Accrued 1 Interest Unpresented Coupons and Unclaimed Dividends Stock Dividend No Preferred payable February Common Stock Dividend No payable March Total Capital and Current Liabilities Sundry Reserve Funds Contingent Miscellaneous Operating and Otber Reserve Funds Insurance Funds Appropriated Surplus to Cover Capital Expenditures See statement Invested in on previous page Property Account Additions and Construction Undivided Surplus of U S Steel Corporation and Subsidiary Companies Capital Surplus provided in organization Balance of Surplus accumulated by all companies from April 1 1901 to December per table on previous page Total Surplus exclusive of Profits earned by Subsidiary Companies on Inter Company sales of Products hand in Inventories December see note below on Note That part of the Surplus of Subsidiary Companies represent ing Profits accrued on sales of materials and products to other subsidiary panies and on hand in latter s Inventories is in this Balance Sheet deducted from the amount of Inventories included under Current Assets We have audited the above Balance Sheet and true financial certify that in our opinion it is properly drawn position of the United States Steel Corporation and Subsidiary Companies on up so as to December com show the PRICE WATERHOUSE CO Auditors New York March THE 1298 CORPORATION OF NEW JERSEY PUBLIC SERVICE TWELFTH ANNUAL To REPORT FOR YEAR ENDING DECEMBER m results of operations of Public Service Cor poration of New Jersey and subsidiary companies for the twelve months ending December were as follows Companies Operating Revenue of Subsidiary Operating Expenses and Taxes S for gas and economic m 50 Interest on advances to requirements have broadly speaking been prac SI income and Appropriation Accounts of Public Service Corporation of New Jersey exclusive of dividends credit Preferred Stock of Public Service Corporation exclusive of that owned by Public Service Electric Company independent valuation of street Act which became effective May creating a special commission of State officials authorized to appoint a firm of engineers to make appraisal of the properties of any or all the street railway companies in the States This Act provides that the valuation of a property so determined is to be accepted as evidence by the Public Utility Commission in its determination of a reason able 681 o 5U Stock t the outstanding common stock of the corporation and aggregating were paid quarterly from the accumulated surplus of the corporation v v During the year Public Service Corporation of New Jer Dividends at the rate of sey 4 per annum on purchased at par of the capital stock of Public Service Gas Company entered into of twoj hundred safety type cars one hundred trailer cars fifteen snow plows and fif teen sweepers all covered by Public Service Railway Com pany Equipment Trust Series E Total amount of Equip On July 1 an Public Service Railway Company agreement for the acquisition ment Trust notes to passed property for rate that an company Subsequent to the passing of this Act the Public Utility Commission took no further action in the matter of fixing value the to the of the Railway Company s property organization of New York was selected to make the valua tion Work was undertaken about August 1 and the valua tion is expected to be hearing a completed early in March 1921 charges preferred by the City of Jersey on City the Governor of the State on October 14 removed the then four remaining moval was members of the Commission On December 7 the Railway Company filed with the Pub lic Utility a Commission fective January This rate was schedule of rates calling for new a fare with free cent ten transfer the suspended by the Utility Commission pend hearings impossible appointment of of valuation the a mination may It is hoped however new the commission and the company s the electric c stock Common of the corporation 400 was issued and sold at par making the amounting to total outstand The operating revenue of subsidiary companies increased or 22 3 as compared with the previous year ing common stock general conditions The crisis which has affected the public utilities of the country referred to in the annual last report although passed in some phases still cqntinues in others and certain acute conditions remain to be met The wave of increasing prices for material and labor entering into cost of opera tion continued during the year Both the Electric Company and the Gas Company under rates and conditions in a expenses is in but the prosperous and unreasonable and unregulated competition critical a condition and must have immediate relief if it is to continue to function ficient to meet operating expenses and fixed charges ex cluding any amount for amortization or depreciation rate schedule mission to of increased rates with the Public fective August full hearing the Commission Utility Com ordered ef 1 an increase in base rate from 1 15 to 1 40 Company during of early deter company 1920 showed power against 15 566 h p in 1919 as sales showed increase an kilowatt per hour of sold increase of an load being 36 449 h p The revenue from electric 17 32 with an average of compared with an average price of 4 43c per kilowatt hour sold in 1919 At the Marion Station a newr 12 500 K V A turbo erator was installed and modern under feed gen stokers substi tuted for old type stokers in Section 4 of the boiler house coal handling locomotive tives for this crane hauling ash cars were and two A gasoline locomo added to the equipment at plant At the Essex Station two 1 372 h p boilers were installed completing the fourth battery of four units each of similar size at this plant At the Camden Station condensers new number 4 and 5 turbo generators ties of this plant were tive crane Additional for a In installed for increased by an additional locomo apparatus was installed in was future addition at the Athenia the were The coal storage facili and additional tracks company s substations and land distribution department an a number of the purchased to provide substation additional was provided at Trenton and underground ried on storeroom work was car in Elizabeth and New Brunswick The coal situation complicated by railroad labor troubles car shortage was difficult and expensive during most of the year notwithstanding the company had its full re The miners strike late in 1919 quirements under contract winter the rapidly After Electric had left little stock cases mounting cost of production brought about by the increased cost of materials particu larly of gas oil the Gas Company was obliged to file a Owing ice and During the year the Railway Company did not earn suf completion an The sales of commercial electrical energy by Public Serv Railway Company owing combination of inadequate rates increased operating reasonably to effect at the close of the year are property that with the be arrived at the gain in connected stock rate to be ef ing hearings but the removal of the Commissioners made 714 of which was issued up to December 31 On August 2 Public Service Electric Company entered into an agreement for the acquisition of six hundred steel rail road coal cars covered by Public Service Electric Company Equipment Trust Series A 8 Certificates amounting to value of the corporation s three year secured 7 notes were converted into preferred new 1 be issued bearing interest the year 2 000 par Such re contested in the courts by the Commissioners but ultimately sustained was at During Pursuant Act Ford Bacon and Davis an eminent engineering After Surplus before payment of Common Dividends the fined public demand for an of New Jersey Net Increase in 011 was railway on by Legislature of New Jersey in response to a well de The Uo Ot5o z4 48 Income of Dividends Com the intervened to prevent Public Service Corporatin of New Jersey and Subsidiary Companies Appropriation Accounts of Subsidiary Companies Amortization of New Easiness Expenditures prior to January t t S Adjustments of Surplus Accounts credit lg5 2g Net held was Income er by Commission to fix the value of the The last formal hearing in the case February and a reasonably prompt generally expected but certain circumstances decision decision and Ex Contractual Deductions from collected summing up by counsel values OQ tioris Discount estate company s property Corporation of New Jersey Income Deduc Charges Amortization of Debt testimony certain real U Interest to as Subsidiary Companies Public Service Corporation of New Jersey Income from Securities Pledged exclusive of dividends on stocks of operating companies and from Miscellaneous Sources 2 137 lol Less Expenses and Taxes proceedings and re have outlined reports of presentation mission Interest Net Income of Public Service Previous during the years 1918 and 1919 and the last annual report expressed the hope that there remained but the sults 255 gj Deductions of Subsidiary Companies Bond Rentals and Miscellaneous Interest Charges Income early in March 1918 when the filed with the Public Utility Commis since first application was sion Public Service Cor poration of New Jersey Otner non operating calorific standard from Company to secure rates adequate Efforts of the Railway to current tically continuous Operating Income Non Operating Income reduced the conditions 600 B T U to 525 B T U Charges Amortization 1 000 cubic feet In connection with the increased rate following the lead of various other States the Commission at about the same time 011 account of existing per the Shareholders The combined Vol CHRONICLE weather quirements and so over barely the the first of the year permitted railroad delivery labor strike The early interfered with shipments that reserve stocks tically exhausted vember plying 1 the car the severe of current in were re April prac For the six months from May 1 to No shortage prevented railroads from sup requirements of the country and it was onlv through appeals to the Inter State Commerce Commission March 2G THE CHRONICLE resulting in ordering assigned cars that this and other public utilities were enabled to continue operations Throughout most of the year 1920 the company was obliged to purchase in the open market large quantities of coal in order to meet its day to day requirements at costs ranging from 7 75 to 17 50 per gross ton delivered to com pany s bunkers Higher freight rates effective August have increased the cost of coal to the company slightly over 1 00 per gross ton or approximately at the rate of per annum WELFARE over Service Gas Company over the year 1919 of 10 69 At the house built was water gas set Works and at sets at additional an 1919 of eleven the generator foot the West installed were on standard all of the water gas Works Jersey City the Market Street Works Newark sets at the Paterson Works and on on four on four of the of the three of the sets at the Brunswick Avenue Works in Trenton As already outlined the coal situation during the greater was very acute and the company found it to purchase in 80 000 tons of gas coal paid under its contract the at open teen removals market approximately prices greatly exceeding those there year from were railway company Public Service Railway notwithstanding former trying experiences had one of the most difficult years in its his tory During more than three months weather conditions unprecedented within official records made operation not only difficult but very expensive By the use of all its fa cilities and almost superhuman efforts on the part of the operating force during the severe storms the various lines were kept in operation sonnel and reflecting great credit the on per most favorable a comparison between this and other systems operating in large communities where many sections were such storms road labor in not operated for a considerable period after Again during the outlaw strike of steam rail the spring commutation train service on prac tically all railroads was suspended for days and the bur den of transporting commuters from the northern part of the State to the several ferries reaching New York was handled by the railway in a way to merit general commen dation The labor situation during the greater part difficult one not only on account of was a of the year shortage but by of the higher rates paid by other industries so that on May 1 the company advanced the pay of trainmen five cents per hour and made corresponding increases in other reason departments To provide improved service particularly on lines of lesser traffic by giving a shorter headway with lighter and more economically operated equipment the safety type of car which can be operated by one man was adopted Two hundred of these cars were contracted for First deliveries were made late in the summer and on September 5 the first regular service with this type car was started on the Riv erside line in Paterson By the close of the year seventeen lines in Passaic Central and Hudson Divisions had been equipped with these cars the service of which is satisfac tory and fully up to expectations In order to accommodate the dense traffic on heavy city lines where the small safety type car is unsuitable the trailer type of car without motor equipment to be hauled by one One of the company s hundred of the year of these only standard motor cars one had were cars was adopted ordered but at the close been received It has been tried number of different lines and operates in a very satis factory manner The balance of this equipment is expected on a shortly In the pension truck snow year During the were one hundred Sixty eight deaths occurred amongst employees as against eighty three in 1919 Total of illness handled by the department were 128 men s than last year more of injuries falling within the scope Compensation Act was over 1919 as follows Payments required by law Additional payments not required by law Expenses of Department an increase of The above indicates the liberal policy on which the wel fare work of the company is conducted The increased cost of the department is due almost entirely to amendments to the Workmen s Compensation a larger number of reports of injuries 466 more than 1919 change in the maximum compensation and the application of the maximum rate to practically every case in addition to the increased cost of medical services provided by the Act v insurance Fire insurance carried on properties of the company has received the same careful scrutiny with a view to providing ample protection with present replacement costs the result being that the total amount of insurance at the end of the year was as compared with for 1919 an increase of Total premiums paid for 1920 were as against showing an in The average rate paid during the year 29 8c as compared with 32 2c for 1919 a decrease of of crease was 2 4c V taxes y Total taxes for the year amounted to crease over the preceding year of an in financial Attention statement and statistics is called to the balance sheets and statements of the corporation and its subsi diary companies which have been verified by Niles Niles certified public accountants of New York and to the usual statistical information and other statements herewith sub mitted Thomas N MoCabter of earnings and expenses President COMBINED RESULTS OF OPERATIONS PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COS FOR THE TWELVE MONTHS ENDING DECEMBER Operating Revenue of Subsidiary Companies Operating Expenses and Taxes Amortization Charges Operating Income Non Operating Income Interest on advances to Public Corporation of New Jersey Other non operating income Service Income Deductions of Subsidiary Companies Bond Interest Rentals and Miscellaneous Interest Charges Net Incoihe of Subsidiary Companies Public Servico Corporation of New Jersey Income from Securities Pledged exclu sive of dividends on stocks of operating Cos and from Miscellaneous Sources also plows and fifteen singlecontracted for during the R Public ServiceXCorporation Income Deductions of New Jersey Interest year track new work on Perpetual Interest Bearing Certificates included reconstruction of rail and 4 102 miles with same rail Total Interest taxes increased equivalent to The ferries operated by the company from Bergen Point on Public Service track on 3 Year Secured Convertible 7 Gold Notes Interest Miscellaneous Obligations Amortization of Debt Discount and on Expense Other Contractual Deductions Income General Mortgage 5 Bonds Interest railway properties increased equivalent to 15 5 Operating expenses and from Edgewater and respectively showed substantial increase of business during the year During labor troubles in New York Harbor the ferry employees of this company re mained loyal and service was not interrupted from that cause Net Income of Public Service Corporation of New Jersey and Subsidiary Companies Appropriation Accounts of Subsidiary of the railway including expenses department during the year was or 4 9 of the gross receipts Notwithstand ing the increased number of vehicular accidents due to the large use of motor vehicles the figures with the previous year in which of the gross receipts Companies Amortization of New Bu Business Expendi tures prior to January Adjustments of Surplus Accounts credit The cost of claims against the administration 32 snow New track built during the year 1 468 miles age of system miles The operating revenue of the of or of the Work Total miles with fif and cases Less Expenses and Taxes sweepers 45 roll leaving listed at the order to provide better facilities for coping with snow troubles fifteen double truck nineteen additions Act resulting in the end of the year part of the year necessary paid for Welfare During the Cost End Sick benefits Pensions installed Automatic controls sets over extension an was The revenue from the sale of increase of Paterson Total rates the sales of gas by Pub during 1920 showed an increase lic year foregoing total follows as Insurance Notwithstanding increased gas showed an preceding Of the Work v V WORK The Welfare Department s expenditures during the year including payments made under the Workmen s Compensa tion Act amounted to an increase of Expenses THE GAS COMPANY compare favorably the cqst amounted to 5 3 Appropriation Accounts New Jersey exclusive Dividends of New of Public of Service Corporation of dividends credit Preferred Stock of Public Service Corporation Jersey exclusive of that owned by Public Service on Electric Company Net Increase in Dividends T Surplus before payment of Common Stock VOL 112 CHRONICLE THE 1300 PUBLIC SHEET BALANCE SHEET Fixed Capital Balance December 31 leased com securities Other Public Service Gas Company to Public Service Railroad Advances to Advances Company Real estate Miscellaneous investments year Gold Bonds Funds and Other Bonds 50 year Gold special funds 8inking Fund Cash receivable dividends receivable Deferred Charges Prepayments Unamortized debt discount and expense SURPLUS 50 I LIABILITIES BilLs payable Liabilities Premiums on stocks Contractual reserves Corporate Surplus Balance December 31 Net income year surplus Consumers deposits payable Reserves T Casualty and Insurance reserve optional reserves Capital Stock dividends paid during year capital stock Common Corporate SurplusBalance December ending Dec Net Income year surplus PUBLIC SERVICE off during year physical property in affiliated companies Cash receivable receivable premiums paid in Dec deficit year ending Adjustments credit LIABILITIES Unmatured Equipment obligations Notes payable Point Ferry Company Riverside and Fort Current Lee Ferry Company affiliated companies trurtion of New issued for expenditures Liabilities liability Accrued interest dividends Tax payable Accounts Other Deferred and rents payable current liabilities Accrued Company Equip Certifieates estate mortgages construction count Liabilities accrued Interest accrued Other accrued liabilities Consumers deposits Other accounts Other unfunded nnnnnn payable debt Accrued amortization 205 of capital Unamortized premium on debt Other optional reserves ending Dec Balance December Net income year Total funded debt and damages reserve unadjusted credits Injuries Capital Stock MM Q KAJ KOK QK Additions to surplus Premium on Casualty and insurance reserve Capital Stock Corporate Surplus Permanent reserves depreciation road and equip Reserves Other Corporations Railway Company ac of United States Govt contract Service Taxes qq Current ment Other Public Service Electric ment Trust Series A Public Liabilities Reserves CAPITAL STOCK AND SURPLUS Advances From Corporation Richmond and Bergen Bonds of Funded Debt Advances for Affiliated Companies jersey Port Other suspense Real Service Other current assets LIABILITIES STOCK construction Advances Public mortgages Non Negotiable Debt to obligations Advances for Special deposits receivable dividends receivable Interest and Prepayments Unamortized debt discount and expense AND CAPITAL bonds Miscellaneous Real estate Balance Deficit December Mortgage other special funds Sinking funds and Balance Deficit December Funded Debt Investments Deficit Profit and Loss Deferred Charges funded debt unadjusted debits Total December Accounts advance Net Balance during year Cash l 12 b84 89 and insurance Corporate property written off Current Assets Materials and supplies i Discount on Other Total Less o02 23 Special deposits Other current assets Rents Construction Year ending Dec Sinking Funds Current Assets Materials and supplies Deferred assets Deferred Charges DECEMBER Balance December December dividends and rents ELECTRIC COMPANY BALANCE SHEET ASSETS Miscellaneous Interest PUBLIC SERVICE DEFICIT Total Miscellaneous accounts Balance December Investments Fixed Capital Equipment Construction Year ending Dec Road and property written December DECEMBER ASSETS AND Balance Balance of surplus ffiAYXOHPAN AND PUBLIC SERVICE BALANCE SHEET Less paid during year Less dividends Dece mber 311920 Balance of surplus Total Deductions from preferred 8 Cumulative Less Permanent reserves J Accrued amortization of capitalUnamortized premium on debt ending Dec Total Deductions from liabilities Other unfunded debt Interest accrued Other accrued Other preferred capital stock 8 Cumulative Corporations Corporation of New Jersey accrued Taxes Capital Stock Common capital stock Payable Current Liabilities Reserves SURPLUS construction Other accounts accrued Interest accrued Other accrued liabilities Accounts payable Taxes CAPITAL STOCK AND Real estate mortgages Public Service Current Funded Debt Bills certificates Advances From Other 5 Sinking Fund year Gold Bonds Perpetual interest bearing Advances for CAPITAL STOCK AND LIABILITIES Funded Debt General Mortgage Prepayments Unamortized debt discount and expense f v v 1 Other suspense Deferred Charges Current Assets Interest and receivable Interest and Sinking Fund of General Mortgage Accounts receivable receivable dividends Other current assets Bills V Cash Special Funds Sinking special funds Current Assets Materials and supplies Sinking Fund 50 General Mortgage 5 Other Sinking funds and other Accounts Bonds Treasury f Investments Balance December written off during year Less property Gold Bonds par year Total par Construction Year ending Dec certificates General Mortgage 5 Sinking Fund DECEMBER ASSETS ASSETS Investments Securities of subsidiary and panies Perpetual interest bearing OAS COMPANY SERVICE BALANCE CORPORATION OF NEW JERSEY DECEMBER PUBLIC SERVICE Less dividends Balance of paid during year surplus Dec March THE Henry A Niles O P A 53 STATE Norman E Webster O P A Henry A Horne O P A STREET NILES and its subsidiary companies for the year ending December and that tne balance sheets as of December of BOSTON Certified CHRONICLE Public Service Corporation of New Jersey Railway Company and Public Service Rail road Company consolidated NILES Public Service Public Accountants 111 Broadway New York CERTIFICATE OF A ACCOUNTANTS Public Service Gas New York March 1 1921 We have examined the books and accounts of the Public Service Corporation of New Jersey and of its subsidiary Company and Public Service Electric shown Company to 19 pamphlet report are in accordance with the books and correctly show the financial condition of those companies at that date operating companies for the year ending December We certify that the statement shown on page 15 pamphlet report correctly presents the combined income and profit and loss of the Public Service Corporation of New Jersey on pages NILES NILES Certified Public Accountants PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES STATEMENT OF FUNDED DEBT DECEMBER Amount Authorized Outstanding Amount Owned by the in the Hands Corporation Public Service Corporation of New Jersey Public Service Corporation of New Jersey 5 General Mortgage Due October 11959 Fidelity Union Trust Company Trustee Interest Payable April and October Perpetual Interest Bearing Certificates of Public Service Corporation of New Jersey Rate 6 Interest Payable May Fidelity Union Trust Company Trustee and November Public Service Corporation of New Jersey Three Year Secured Convertible 7 Gold Notes Due March 1 1922 Fidelity Trust Company of Public Philadelphia Trustee Interest Payable March and September Public Service Qas Company Public Service Electric Company Companies Leased by Public Service Qas Company Newark Consolidated Gas Company 5 Consolidated Mortgage Due December 1 1948 Fidelity Union Trust Co Trustee Interest Payable June and December Newark Gas Company 6 First Mortgage Due April 1 1944 National New Interest Payable April ana October Somerset Lighting Company 5 First Mortgage Due February 1 1939 Fidelity Union Trust Co Trustee Interest Payable February and August The Gas St Electric Company of Bergen County 5 General Mortgage No 2 Due November 1 1954 Fidelity Union Trust Co Trustee Interest Payable May November i The Gas St Electric Company of Bergen County 5 General Mortgage No 1 Due November 1 1954 Equitable Trust Co Trustee Interest Payable May and ark and Essex Banking Co Trustee Interest Payable July October January April Hudson County Gas Company 5 First Mortgage Due November 1 1949 New Jersey Title Guarantee Trust Co Trustee Interest Payable May and No vember New Brunswick Light Heat Power Company 4 First Mortgage Due Decem ber Fidelity Union Trust Co Trustee Interest Payable June and Dec Ridgewood Gas Company 5 First Mortgage Due June 1 1925 Equitable Trust Co Trustee Interest Payable June and December Ridgewood Gas Company 5 Second Mortgage Due April 1 1925 Trust Co Trustee Interest Payable April and October Public Service Electric Company Public Service Electric Company Equipment due February 1st and August 1st Payable February and August each Interest Trustee Trust Series A Philadelphia Fidelity Union 8 Certificates Trust Company Companies Leased by Public Service Electric Co United Electric Company of New Jersey 4 First Mortgage Due June 1 1949 New Jersey Title Guarantee Trust Co Trustee r Interest Payable June and D GCftmher m 4 m m m m im m m mi mm mm m m im im tm m m m m tm m m m m Light Heat fc Power Consumers Company 5 First Mortgage Due June Title Guarantee Trust Co Trustee Interest Payable June and New Jersey December North Hudson Light Heat Power Company 5 First Mortgage Due October 1 1938 New Jersey Title Guarantee St Trust Co Trustee Interest Payable April and October Middlesex Electric Light Power Company 5 First Mortgage Due January Fidelity Union Trust Co Trustee Interest Payable July and January Weehawken Contracting Company 6 First Mortgage Due February Weehawken Trust Co Trustee Interest Payable August and February Companies Leased by Public Service Qas Co and Public Service Electric Co Paterson Passaic Gas St Electric Company 5 Consolidated Mortgage Due March 1 1949 The Paterson Safe Deposit St Trust Co Trustee Interest Pay able September and March Edison Electric Illuminating Company of Paterson 5 First Mortgage Due July 1 The Paterson Safe Deposit Trust Co Trustee Interest Payable Janu ary and July Passaic Gas Light Company 6 First Mortgage Due June 1 1922 The Paterson Savings Institution Trustee Interest Payable June and December Passaic Lighting Company 5 Consolidated Mortgage Due May 1 1925 Guar anty Trust Co Trustee Interest Payable May and November South Jersey Gas Electric Traction Company 6 First Mortgage Due March 1 1953 Fidelity Union Trust Co Trustee Interest Payable September and March Burlington Gas Light Company 5 First Mortgage Due May 1 1921 Burlington City Loan St Trust Co Trustee Interest Payable May and November Trenton Gas Electric Company 5 First Mortgage Due March 1 1949 Equita ble Trust Co Trustee Interest Payable March and September Somerset Union St Middlesex Lighting Company 4 First Mortgage Due Decem ber 1 1943 Fidelity Union Trust Co Trustee Interest Payable June and Dec Central Electric Company 6 Consolidated Mortgage Due July 1 1940 Fidelity Union Trust Co Trustee Interest Payable January and July Plainfieid Gas St Electric Light Company 5 General Mortgage Due April Guaranty Trust Co Trustee and November The Gas St Electric Company of Bergen County 5 Consolidated Mortgage Due June 1 1949 Fidelity Union Trust Co Trustee Interest Payable June and Dec Hackensack Gas Light Company 5 First Mortgage Due July 1 1934 G W Conklln D W Chamberlain Trustees Interest Payable July and January at Fidelity Union Trust Co Company 5 Gen l Mortgage Due July 1 1935 G W Conklln E A Pearce Trustees Interest Payable January and July at Fidelity Union Trust Co St Electric Geo W Conklin Trustee August Shore Lighting Trdst Co Company 5 First Mortgage Due January 1 1939 Interest Payable January and July Princeton Light Heat Power Company 5 30 year Sinking Fund Mortgage Due February 1 1939 Equitable Trust Co Trustee Interest Payable February and Gas Hackensack Gas St Electric Englewood Company 5 First Mortgage Due April 1 1951 Interest Payable April and October Total Public Service Gas Company and Fidelity Union Trustee Public Service Electric Company North Hudson County Railway Company 5 Consolidated Mortgage Due July B Dod Trustee Interest Payable January and July at First Na tional Bank Hoboken Public Service Railway Company North Jersey 8treet Railway Company Bankers Trust Co Trustee 4 First Mortgage Due May Interest Payable May and November Jersey City Hoboken St Paterson Street Railway Company 4 First Mortgage Due November 1 1949 New Jersey Title Guarantee St Trust Co Trustee Interest Payable May and November North Hudson County Railway Company 5 Improvement Mortgage Due May 1 Fidelity Union Trust Co Trustee Interest Payable May and November North Hudson County Railway Company 5 Weehawken Extension Mortgage Due February 1 1945 Fidelity Union Trust Co Trustee Interest Payable February and August Paterson Railway Company 6 Consolidated Mortgage Due June 1 1931 Colum bia Trust Co Trustee Interest Payable June and December Includes purchased by the Sinking Fund CHRONICLE THE 1302 Vol 112 Amount Authorized Brought forward Railway Company 5 2nd General Mortgage Due October 1 1944 Fi delity Union Trust Company Trustee Interest Payable April and October Elizabeth Plalnfleld k Central Jersey Railway Company 5 First Mortgage Due December 1 1950 Fidelity Union Trust Co Trustee Interest Payable June Amount Owned by the Corporation Outstanding in the Han d of Public Paterson and December Due July Plalnfleld Street Railway Company 5 First Mortgage Trust November Brunswick Traction Company 5 First Mortgage Due July Fidelity Co Trustee Interest Payable January and July v Elizabeth k Raritan River Street Railway Company 5 General Mortgage Due May 1 1954 Fidelity Union Trust Co Trustee Interest Payable May and Union Fidelity Union Co Trustee Interest Payable January and July East Jersey Street Railway Company 5 First Mortgage Due May 1 1944 Perth Amboy Trust Co Trustee Interest Payable May and November Middlesex Somerset Traction Company 5 First Mortgage Due January 1 1950 Fidelity Union Trust Co Trustee Interest Payable January and July Public Service Newark Terminal Railway Co 6 First Mortgage Due June 1 1955 Fidelity Union Trust Co Trustee Interest Payable June and December Public Service Series O Equipment Trust 5 Certificates due each March 1st and September 1st The Pennsylvania Company for Insurances on Lives be Trust Granting Annuities Trustee Interest Payable March and September Service Series D Equipment Trust 5 Certificates due each Public November 30th and May 31 Philadelphia Trust Co Trustee Interest Payable November 30th and May 31 Public Service Series E Equipment Trust 7 i Certificates due each Feb 1st and Aug 1st for first five years and 42 000 due each Feb 1st and Aug 1st for the second five years Bankers Trust Co Trustee Interest Payable Feb k Aug Total Public Service Railway Company Companies Controlled by Public Service Railway Company First Mortgage Due June 1 1933 Bankers Interest Payable December and June Jersey City Bergen Railroad Company 4H First Mortgage Due January 11923 Edmund Smith Trustee Interest Payable January and July at Bankers Trust Co or First National Bank Jersey City Newark Passenger Railway Company 5 First Mortgage Due July 1 1930 New Jersey Title Guarantee k Trust Co Trustee Interest Payable January and July Passaic k Newark Electric Traction Company 5 First Mortgage Due June 1 1937 New Jersey Title Guarantee k Trust Co Trustee Interest Payable June and Consolidated Traction Company 5 Trust Co Trustee December Rapid Transit Street Railway Company 5 First Mortgage Due April 1 1921 Fidelity Union Trust Co Trustee Interest Payable April and Octobers Orange Passaic Valley Railway Company 5 First Mortgage Due December 1 1938 New Jersey Title Guarantee k Trust Co Trustee Interest Payable June and December Due July 1 1946 New Jersey Trust k Safe Deposit Co Camden Trustee Interest Payable Jan July Bergen Turnpike Company 5 First Mortgage Due July 1 1951 New Jersey Title Guarantee k Trust Co Trustee Interest Payable January and July People s Elevating Company 5 First Mortgage Due October 1 1939 New Jersey Title Guarantee k Trust Co Trustee Interest Payable April and October Camden fc Suburban Railway Company 5 First Mortgage Paterson k State line Traction Company 5 First Mortgage Due June 1 1904 Fidelity Union Trust Co Trustee Interest Payable June and December New Jersey k Hudson River Railway k Ferry Company 4 50 year Mortgage Due March 1 1950 United States Mortgage k Trust Co Trustee Interest Pay able March and September Hudson River Traction Company 5 First Mortgage Due March 1 1950 United States Mortgage k Trust Co Trustee Interest Payable March ana September Riverside Traction Company 5 First Mortgage Due June 1 1960 west End Trust Co Philadelphia Trustee Interest Payable December and June Total Companies Controlled by P S Ry Co Companies Controlled by Public Service RailroadjCo Elizabeth k Trenton Railroad Co 5 First Mortgage Due April 1 1962 Trust Co Philadelphia Trustee Interest Payable April and October Fidelity it Total Companies Controlled by Public Service Railroad Co Total Public Service Railway Co and Subsidiary Companies TOTAL FUNDED DEBT j Hudson River Traction Company bonda owned by New Jersey Hudson River Railway Ferry Company REAL ESTATE MORTGAGES Amount Amount Owned by the Outstanding in the Hands Corporation Authorized of Public Total Public Service Railway Company Real Estate Mortgages Public Service Gas Company Real Estate Mortgages Public Service Electric Company Real Estate Mortgages BY SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERVICE RATES OF DIVIDEND PAYMENT8 GUARANTEED FROM RENTALS LIST OF 8TOOK8 OF COMPANIES OPERATED UNDER LEASE CORPORATION OF NEW JERSEY WITH THE Amount Amount Pledged Public Including Outstanding Under Oen Mortgage Directors Shares Capital Stock Corporation ana RENTALS in Hands of Equivalent Per Cent on Owned by COMPANY Capital Stock Ann Rate and thereafter Term Date of 0f Lease T Years Lease Borden town Electric Co Burlington Electric Light k Power Co The Camden Horse Railroad Co The Camden k Suburban Railway Co Clnnaminson Electric Light Power Heating Co Citizens Electric Light Heat Power Co Consolidated Traction Co The East Newark Gas Light Co Elizabeth k Trenton Railroad Co Preferred Elizabeth Trenton Railroad Co Common Essex Hudson Gas Co The Gas Light Co of the City of New Brunswick The Gas k Electric Company of Bergen County Hudson County Gas Co Middlesex Electric Light k Power Co The Morristown Gas Light Company Newark Consolidated Gas Co New Jersey Hudson River Ry k Ferry Co Preferred New Jersey k Hudson River Ry Ferry Co Common The Nichols Electric Light Power Co of Nutley N J Orange k Passaic Valley Railway Co The Paterson k Passaic Gas k Electriic Co Princeton Light Heat k Power Co Rapid Transit Street Ry Co of the City of Newark The Ridgewood Gas Company Riverside Traction Co Preferred Riverside Traction Co Common Shore Lighting Co Somerset Union k Middlesex Lighting Co South Jersey Gas Electric k Traction Co The South Orange Maplewood Traction Co United Electric Company of New Jersey Weehawken Contracting Co Preferred Weehawken Contracting Co Common I t Perpetual Pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest Bearing Certificates t All of this stock except directors shares Is owned by Essex k Hudson Gas Company and Newark Consolidated Gas Company t 1 500 reserved to retire stock of consolidated companies yo March THE CHRONICLE LIST OP STOCKS OP SUBSIDIARY OPERATING COMPANIES OP PUBLIC SERVICE CORPORATION OP NEW JERSEY pledged under Public Service Corporation of New Jersey Mortgage pledged as security to 3 Year Secured General Convertible t Gold Pledged under Amount in Hands Stock Outstanding of N J Shares tl U Capital Public Public Public Public Service Service Service Service Electric Oo Gas Oo Railway Oo Railroad Oo of the Public Inc Directors amount SUMMARY OP SECURITIES THE OP SUBSIDIARY OOMPANIE8 AND CORPORATION OP NEW JERSEY SERVICE Electric year I Oas Properties Properties Ohange in classification of accounts effective Jan NEW JERSEY Electric YEAR Operations General Office Equipment General Shop Equipment General Automobile Equipment General Motorcycle Equipment General Freight Car Equipment Buildings Accessory Electric Power Equipment Miscellaneous Power Plant Equipment Substation Buildings Substation Equipment Poles and Fixtures Underground Distribution System Line Transformers and Devices Electric Services Electric Meter InstallationMunicipal Street Lighting System Electric Tools and Electric Implements Fixed Capital installed during year Less property written off during year Service Trunk Lines and Mains Gas Services Municipal Street Lighting Fixtures Gas Engines and Appliances Gas Tools and Implements 58 76 Capital Fixed Capital in Other Departments during ELECTRIC Railway STATIONS and Lighting June 1 1903 Dec Number of Generating Stations Capacity of Generators in K V ANumber of Substations Capacity of Rotaries in Kilowatts 5 400 Capacity of Motor Generator Sets in Kilowatts Kilowatt Hours Produced years 1903 and ELECTRIC CONDUITS AND TRANSMISSION It 7m LINES Railway and Lighting Combined Length of Transmission Lines in miles Length of Conduits in street miles Number of Poles Miles of Wire Number of Transformers Total Commercial Load equivalent in Connected STATISTICS Number of Meters or r ELECTRIC DISTRIBUTION SYSTEM W ELECTRIC LIGHTING AND POWER STATISTICS Kilowatt 87 Year Paving Roadway Machinery and Tools Structures and Foundations Bridges Trestles and Culverts credit Sold Gas Sold M Cubic Feet Miles of Mains in use Dec 31 Meters in Service Dec 31 Services Run Ranges Sold Water Heaters Sold Heating Stoves Sold Gas Arcs Installed Lamps Sold Mantles Sold Domestic Appliances Installed Manufacturing Appliances Installed No of Gas Engines Installed Engines December Total Connected Load in K W Supplied Dec 31 December No of Street In 1 candesc t Lamps The increases shown above are somewhat but not very materially affected by properties acquired between June 1 1903 and January 1 1921 GAS 1911 Gas Fixtures Installed Elevated No of Street Arc Lamps Supplied Hours Rails Rail Fastenings and Joints Special Work Roadway Labor Other Lands used in Electric Railway Operations Horse Power of Gas Grading Welsbach Fixed capital installed during yearLess property writ ten off during year year Railway Engineering and Superintendence Right of Way Hot Plates Sold Fixed capital installed during year Track and Laboratory Equipment Other Tangible Gas Ballast Ties Gas Meter Installation Less property written off Equipment Power Plant Equipment credit Substation Equipment credit Transmission System credit Organization Miscellaneous Construction Expenditures credit Miscellaneous Intangible Capital Ferry Slips Buildings and Piers Fixed Capital Installed in Other Departments credit of Cars Miscellaneous 20152 Furnaces Boilers and Accessories Steam Engines Water Gas Sets and Accessories Purification Apparatus Accessory Equipment at Works Equipment Furniture Shop Equipment Electric Equipment Total 74 Crossings Fences and Signs Signals and Interlocking Apparatus Stations Miscellaneous Buildings and Structures General Motorcycle Equipment General Stable Equipment Works and Station Structures Holders Gas Meters Shop Equipment Automobile Equipment Passenger and Combination Cars Land Devoted to Gas Operations Structures Office Equipment General General General General y Laboratory Equipment Other Tangible Electric Capital Engineering and Superintendence General Office Buildings credit Shops and Car Houses credit Electric Generators Underground Conduits Transmission System Overhead Distribution System Distribution Poles and Fixtures Underground Conduits Distribution System Furnaces Boilers and Accessories Steam Engines Elect ric Meters Land Devoted to Electric General Structures Power Plant BY CORPORA OF P S C Miscel laneous Income I EXPENDITURES CHARGED TO FIXED CAPITAL ACCOUNTS SUBSIDIARY COMPANIES OF PUBLIC SERVICE TION MISCELLANEOUS INCOME OP PUBLIC Railway Properties CORPORATION Companies Subsidiary Operating Companies Total 1903 Seven Months Gas BY Par Value Stocks of Leased OPERATING REVENUE AND NON OPERATING INCOME Other OWNED Bonds Stocks of Notes in hands of Treasurer Public Service Corporation of N J General Mtge is reserved to retire outstanding stock of consolidated companies I pledged under agreement securing Public Service Corpora tion of New Jersey Perpetual Interest Bearing Certificates pledged under Public Service Corporation of New Jersey General Mortgage a Includes stock of merged companies t Of this Amount Owned by P S C 1303 STATISTICS H 300H X 292 X f W in X STATISTICS RAILWAY TRAFFIC Percentage Passengers YEAH Passes Passengers Transfers J f c c c c c c c c c c c c c 4 31c 5 71c Excluding revenue transfer passengers t Mile zone system in effect from September Second main track and turnouts c c Track reconstructed with same since Racine Wisconsin March the Stockholders of the submits the following statement December the results of operation for the fiscal Company s financial position at ending that date on INCOME ACCOUNT Profit from sale of manufactured other sources FOR product and Income from operating expenses and deducting Interest Charges Jand Depreciation on Plant and Branch Properafter deducting ail ordinary losses but before Provisions for c 36 00c 39 29c Y 43 21c miles BY SUBSIDIARY COMPANIES OF CORPORATION OF NEW JERSEY ties and Federal Taxes Population 1920 Census COMPANY REPORT stances is responsible for over the increase in the inventories car into 1921 Inventories have been valued as Threshing Machine Company report on 31 37c ried a 2 75 Y THRESHING MACHINE 1920 ANNUAL together with c Municipalities Railway Total Number 327 The Board of Directors c rail during 1920 rail during 1920 SERVED MUNICIPALITIES Gas Open J I CASE J I Case Electric ars c Served available for operation Open 1 389 I 30 29c 31 07c PUBLIC SERVICE 1 965 Number of new passenger Closed year Total number of passenger cars Closed of the Extensions built during TotaJ o and loops Connections crossovers wyes Carhouse and yard tracks c 25 73c 26 29c 26 75c 27 56c Track reconstructed with new miles First main track Hour Mile Day 14 to December MILEAGE DECEMBER 31 3 70c Per Car Per Car Per gers Hours Mileage 5 79c Car Car Per Passenger Receipts Receipts Passen Fare Using Total and Passenger Passenger Average of Passengers Transfers Revenue VOL 112 CHRONICLE THE 1304 usual at cost or market price whichever was lower RECEIVABLE NOTES accrued thereon as against a decrease of In general low prices of farm produce considerably re duced the farmers paying power and it was found advisable where financial responsibility was unquestionable to make slight modifications in the Company s otherwise cash terms Customers including notes interest amounted at December 31 1920 to CAPITAL STOCK Deduct accumulated Surplus issue of that amount par value of Common Stock distributed as a dividend Provision for Federal Taxes proportionately to holders of such stock The par value of Net Profits and Income for the year outstanding Common Stock was thereby made equal to the Appropriation to increase Reserve for Contingencies par value of outstanding Preferred Stock Surplus Net Profits carried to Surplus Account The Preferred Stock has equal voting power with the Com SURPLUS ACCOUNT mon Stock and is preferred both as to assets and as to divi Surplus December dends it is entitled to cumulative dividends at the rate of 7 Surplus Net Profits for the year per annum which are payable quarterly on the first day of Together January April July and October No dividend upon the Less Dividends paid Common Stock in excess of 6 per annum may be declared Preferred Stock or paid if thereby the assets applicable to the payment of Common Stock dividends as determined by the Board of Directors shall be nterest on Notes Payable Provision for Depreciation on Plant and other was Properties At December of permanently capitalized by the Distribution of Common Stock Balance December PROPERTY were as year representing extensions and improvements follows Machinery and Equipment Patents The Additions Company s policy of maintaining its properties in first class working order has been fully adhered to inventories Railroad and labor conditions affected to some degree the Company s capacity for carrying out the manufacturing schedule for 1920 approved by the Board in 1919 Not material delayed in reaching the factory when a shortage of labor existed during the early part of the year Furthermore the railroad ear shortage prevented delivery of a large amount of machinery for which orders were on hand The combination of these circum only amount less than BORROWED as was raw required but MONEY borrowing during the year were follows Low January High July stood at payable at December 31 The amount of notes Buildings and Equipment Net an High and low points of Branches e dur Land reduced to ACCOUNT Additions to Land Buildings Plant ing the RESERVES Y Collection Expenses A further provision of has been made by a charge against the earnings for the year bringing the reserve to In addition to providing for estimated future Collection Expenses and Losses on Notes Receivable the reserve now includes approximately avail able for possible loss on realization of Inventories and for For other For Contingencies and Future contingencies Depreciation made for Depreciation by a against Earnings Deductions for property sold abandoned or otherwise put out of service amounting to brought the reserve to 2 983 Adequate provision has been charge of at the close of the year March THE CHRONICLE 1305 SALES AUDIT Gross Sales for the past five years have been as follows realized cash business i 1919 of over Respectively submitted By authority of the Board of Directors largely during the 7 on a year to cash basis thereof on some extent Reserve and of low and fluctuating exchange rates economically territories are still far from normal the accruing Patents Designs Devices c sales ASSETS Inventories of Materials Supplies and Fin ished Product Customers Notes Receivable improvement notice year CURRENT While politically During the past and For including Interest Accrued able in some quarters justifies the management in strength ening its foreign organization in the anticipation of greater activity in the future Depreciation number of the Company s foreign sales a for Renewals eign sales while practically the same as in the previous year may be considered satisfactory in view of the two fold handi cap 1920 Deduct account of rail on 31 Land Buildings Plant and Equipment cus explained elsewhere in this report as DECEMBER PROPERTIES financially responsible Domestic sales suffered to SHEET ASSETS cases by thorough and systematic investigation the road conditions BALANCE De to the Credit is extended only in tomer has been found to be President the extent of 93 of the year s account of the year s business on DAVIS The Company it had Notes Receivable outstanding 1920 of WARREN J made e cember 31 where increase an 6 8 were amount below The Sales for 1920 show Sales Certified conducted was by Messrs Price Waterhouse Company Public Accountants whose certificate is shown i 1919 Company s books and records in past years as or Audit of the Less Commission cates Certifi outstanding were Accounts Receivable due by Dealers c more than 60 foreign countries Company s products are distributed through an ef fective sales organization The Company operates 70 branch houses most of which it owns 54 of these are in the Investment in and Advances to Compagnie effected in Case de France Paris The United States Europe all under direct supervision and control In addition the of ployees for Capital Stock fully secured Purchase power stocks Foreclosure and held for Sale on DEFERRED CHARGES TO FUTURE OPERATIONS Selling and Publicity Expense on account of 1921 Season The in Unmatured Advertising Prepaid Interest and Insurance Premiums c the growth and the business of success LIABILITIES The policy of giving service ip all parts of the world where Case machinery is knowm is being maintained CAPITAL 1 STOCK Authorized Cumulative Preferred Stock Official contests not only in the United States and Canada but also in more distant lands Shares of 100 00 each Common including South America Stock Shares each of Europe Africa and Australia have awarded the Company s product highest honors during the past most exhaustive of all such events One of the year in the gold medal first prize Issued and re Shares of 100 00 each being awarded the Common of T T Bills LIABILITIES Payable Accounts Los Angeles California Amarillo Texas Louisville Kentucky Payable Audited Vouchers Dealers c Atlanta Georgia Madison Wisconsin Billings Montana Mankato Minnesota Bismarck North Dakota Boston Massachusetts Mason City Iowa Minneapolis Minnesota Chicago Illinois Minot North Dakota Columbus Ohio New York City New York Dallas Texas Oklahoma City Oklahoma Denver Colorado Oshkosh Wisconsin Des Moines Iowa Peoria Illinois Devils Lake North Dakota Phoenix Arizona Dover Delaware Portland Oregon Enid Oklahoma San Nashville Tennessee Crowley Louisiana CURRENT STATES Aberdeen South Dakota Shares the following at points UNITED Stock each located are Fully Paid 7 Cumulative Preferred Stock Case 10 18 tractor in the first class Company s Branches that held by the Royal Agricultural Society of England at Lincoln in October The Hand immediately available when required have made this factor sulted Cash in Banks and impossibility of forecasting the demand for the Company s product with absolute accuracy and the importance of having a Property on Real Estate and Properties acquired under farming machinery including repair parts and supplies are carried at the various branches installments thousands of dealers and agencies throughout the world Ample stocks of money Sold the Company has Notes Receivable due from Officers and Em 7 in Canada 5 in South America and 4 in Executive Office at Racine Interest Taxes Wages and Royalties Ac crued Provision for Income Federal and Excess Profits Taxes y RESERVES For Contingencies and Future Collection Expenses For Industrial Accident Liability SURPLUS Francisco California Fargo North Dakota St Fergus Falls Minnesota Salt Lake Louis Missouri City Utah Glasgow Montana Sidney Nebraska Grand Forks North Dakota Sioux Falls South Dakota Great Bend Kansas Spencer Iowa Great Falls Montana Spokane Washington Harrisburg Pennsylvania Stuttgart Arkansas Indianapolis Indiana Syracuse New York Kansas City Missouri ACCOUNTANTS Chicago March To the Directors of the J I Case Machine Watertown South Dakota Lexington Kentucky the Wichita Kansas Lincoln Nebraska Williston North Dakota Company1 attached selves that Saskatoon Saskatchewan year Edmonton Alberta Toronto Ontario shown as the Bahia Blanca Argentina Rosario Argentina Buesnos Aires Argentina Montevideo Uruguay v Paris France Rome Italy Note In addition to the above to provide for possible future owns a Income are by Inventories or market the Supplies and Finished Products on hand certified by the responsible officials have prices whichever were the lower been We verified Balances by actual count or by certificates obtained depositaries and verified the Notes Receivable in inventory values as well as the exchange loss on on hand by in The shrink Receivables and manufacturing site of 192 operations of 1920 and We Certify that in our opinion the Balance Sheet and relative Statement develop of Profits and Income have been properly drawn up and set forth the true acres at financial position of the Company at December and the results of Kaministiqua River the site having 1 600 feet of dockage with twenty feet depth of water and Cash in foreign countries at the close of the year have been absorbed in Bordeaux France the Company Profits adequate provision has been made out of the Earnings of the Cash and Bank from EUROPE London England Fort William Ontario on the of spection and those out for collection by satisfactory evidence ages ment in Canada Statement for Accruing Renewals and Depreciation valued at cost SOUTH AMERICA and The Stocks of Raw Materials Winnipeg Manitoba Porto Alegre Brazil Sheet find that they are properly chargeable thereto and we have satisfied our Regina Saskatchewan Balance We have examined the Expenditures added to the Property Accounts and Calgary Alberta Case Threshing for the year ending December and certify that correctly prepared therefrom I CANADA Brandon Manitoba Threshing Machine Co Racine Wisconsin We have examined the books and accounts of the J I Waterloo Iowa Lansing Michigan CERTIFICATE the operations for the year ending on that date Signed TV PRICE WATERHOUSE CO r Vol 112 CHRONICLE THE WESTERN ELECTRIC COMPANY incorporated REPORT year busi submitted a statement of the Incorporated for the Electric Company The total sales of your Company billed during Bell Other Customers merchandise not the them to their as of Western and purchasing agent and store Electric manufacture which the furnishes o 000 Companies there is in Telephone Bell to convenience for cluded i smiles Under Telephone Cos To To 1920 were follows which compares with 1919 as Company procures for These totals represent an increase of 62 to the Bell Tele The aggre estimated at the be and represents by far the largest volume phone Companies and 41 to other customers gate is considerably greater than was ginning of the year several years have been as follows The sales for the past down provide as usual for de and for at the rate of 10 00 per share for tlie year available for interest and The net earnings were shown as in appended hereto the Comptroller s statement Out of which were paid Interest Dividend on Stock to date of Its Preferred retirement 10 00 per share dividends on Common Balance carried to Common The net earnings as the on average Stock Stock stated above were 7 2 investment for the year which was 114 This compares with net earnings previous year or 6 9 on the average investment of the for tliat of year showed an year 1920 extraordinary demand for your Company s prod in last year s extensions of the Hawthorne plant during and a large part of the increased work there during 1920 were in preparation for the Our principal in process demands for this type of equipment other report the ucts Even under ordinary conditions of production this would have taxed the Company s facilities to the utmost But in common with other manufacturers your Company developed in the past and are now points Rotary system similar to the important fundamental features and developed simultaneously with it was first luanufactured by your Company s foreign associated companies and is used in a number of European cities The demand for this type continues and an important part of the manufac turing facilities at Antwerp is devoted to its production The other type sometimes called the Strowger is manu factured by the Automatic Electric Company at Chicago and by several licensees of that Company in foreign coun tries In order to supply the requirements of your Com pany s customers a contract was made in 1919 providing for the purchase of considerable quantities of Automatic Electric Company apparatus for the Bell Companies Un der the direction of our and the American Telephone Tele type in many of its has been existing number of installations graph Company engineers this type of equipment improved and adapted for connection with the plants of the Bell Companies made during 1920 and a have been Arrangements have also been which your Company s foreign associates are en abled to sell this type of apparatus in most foreign coun made by tries All these types of themselves require machine switching while complete in special engineering work and additional staff has been and will for some Company s engineering years continue to be employed in working out the circuits arrangements for such inter connection under other and varying conditions that have to he met the PROSPECT Spring delaying essential materials so seriously shut down of the factory was only avoided several A considerable pare of your this time and elsewhere up to severely handicapped by tlie breakdown of transporta was practical machine switching equip in op of types have been apparatus for inter connection with the manual types of switchboards generally used throughout the United States PRODUCTION CONDITIONS IN 1920 foreshadowed As machine switching ditions eration at certain sudden toward the end of preciation of plant for all taxes and fixed charges the common stock engineering is still to be done that this type of say equipment will rapidly come into use in the large cities and may prove itself in for the smaller cities under some con Two although seriously depleted by the year reflected in the accounts by heavy writing on safe to seems Panel of inventories were sufficient to dividends its One of these the so called decrease in commodity prices dividends long time to come the major engineering and manufacturing problems have been solved and although some points remain to be a All ment EARNINGS The earnings the for the past two years Company of business ever reached by your with the Telegraph Company has been de veloping a system of mechanical switching suitable for the large and intricate telephone traffic requirements of cities having or likely to have more than one central office This development work has finally resulted in what is known from its form and appearance as the Panel MachineSwitching System Trial installations have been in suc cessful operation for some time and a considerable number of equipments for local traffic are now in process of in stallation and will go into active service during 1921 Or ders have been received for a large number of equipments on which tlie factory is actively engaged at present and its facilities for this line of work will probably be employed American Telephone and worked out and much detail keeper and rapid Company in co operation For several years your Herein is respectfully of Western MACHINE SWITCHING March 21 To the Stockholder ness DECEMBER STOCKHOLDERS FOR THE YEAR ENDING TO tion in the that a The unfilled orders of your Company at December 31 aggregated as compared with the end of the year 1919 and at the end of times 1920 an at by emergency measures At the same time there was unprecedented shortage of labor in and about Chicago Wage scales were again increased notwithstanding which the labor turnover continued to be higher than in previous Due to all these causes our total production during years first half the of the year was considerably below our ex pectations and its cost was high as compared with normal These conditions began to improve cost somewhat by early Summer but it was not until Autumn wrlien the great re made head in reducing its extraordinary volume of unfilled or cession way in buying started that the year 1918 production difficulties and their unfavorable effect output were A careful survey in carefully explained from time to time to business any the country had reached the maximum and our service to customers had an of the prospects for 1921 indicates that the Company s revival before the end of the year they were generally accepted as temporarily unavoidable By the end of the year output throughout to cancellations and products will he in total manufactures of others will decrease from the 1920 volume unless there is a distinct business the the 1921 billings from some by your Company Company s customers and as it was common knowledge that similar conditions obtained in practically all factories your To been about the same as in 1920 but in the Our very There have but the net reduction is not large Of the total unfilled orders was for machine switching equipments was for other manufactures of your Company and was for the manufactures of others which are bought and sold Company ders on the changes in orders since January 1st greatly improved a even over a great exceetjl the hillings of previous thereto In order to make satisfactory earnings it is clear that costs of manufacture and distribu tion must be reduced and steps in this direction have al year manufacturing and efficient output of the articles needed and nothing else is not an easy task nor one that can be sud denly accomplished under any circumstances 1920 but it is believed they will ready been taken establishment regime of effort to produce to capacity at any cost change of On the whole will probably fall back from the high mark j PLANT plant account of your Company at December 1920 being its face value or original cost was Against which the reserve for depreciation at that date was The permanent Leaving the net book value of only March THE CHRONICLE This plant account comprises the 1 The Hawthorne Plant 1 on the following properties comprising ground i some to accident and death benefits During Employees Benefit Fund payments amounted to and were made to 6 191 beneficiaries including pen western edge of Chicago with modern fireproof factory and warehouse buildings having a net floor space of square feet together with fix tures machinery tools and patterns 2 The Engineering Laboratories at 463 West Street New York a thirteen story modern fireproof building hav ing a net floor space of 411 000 square feet the sioners who at the end of the year numbered the expense of these benefits borne are and by the These matters 114 All of administering the fund Company mentioned because it is felt that the stockholders wish to be and should be informed as to them The employees are naturaly familiar with the Company s policies affecting them and they judge whether such together with fixtures and laboratory equipment Ground at Norfolk Virginia some 56 3 provide sickness 1920 of acres are policies acres are satisfactory from their point of view It is the duty of the management to understand the general viewpoint of the with waterfront acquired and designed for future manufac turing purposes shop employees It is equally its duty to see that the Company gets value received for the wages paid to employees If this were not done the Company could not sell its products nor could it long continue in business purposes in those and some 43 other American cities The additions to plant During war time and since the Company has made re peated increases in standard rates of pay and in addition 4 Real estate used for warehouses at Philadelphia Pittsburg Atlanta Salt Lake City and cisco and fixtures for warehouse and San Fran repair during 1920 aggregated while the increase in reserve for depreciation on plant Hawthorne and stated as by the necessary in last year s requirements of our chine switching equipment during the Not all of these additions during the are report was customers next the of supple wages Both the cost of living and the scale of market wages have decreased since the last semi annual revision of wages and the trend continues downward In view of this and after careful consideration of the at ma war business outlook the Board of Directors has decided that at April 1st the smaller supplemental war wages should be discon tinued and the larger should be reduced Action to this effect has been taken This will not affect the usual semi annual revision of wages and salaries nor the basis of fixing piece work rates years completed but they will be few months so that the entire plant will before the end of the year Certain projects for additional lines of manufacture which had been favorably considered by your Directors have been held in abeyance until construction costs and financial con ditions become more next be in active temporary and emergency measure to meet business and economic conditions changing mental made for several it has paid as a was leaving a net increase in plant investment Practically all of the additional plant was use Opportunity has been given all employees during the to purchase on easy terms the Company s 7 Convertible Bonds The number of employees who availed satisfactory past Although included under Sundry Investments in the Bal ance Sheet mention should here be made of the New York year themselves of this offer was warehouse building 6 180 subscribing in June covering the block bounded by Hudson 1920 for bonds Houston Clarkson and Greenwich Streets now under amounting to payments beginning con 1 in struction and to be completed in July 1920 and in December 1920 for bonds May This property is con amounting to payments trolled by your beginning in January 1921 The ac Company through a separate corporation I It contains some count Trustees Employees Bond Purchase Plan square feet of floor space and will consolidate under New and one other The dise merchandise carried in MERCHANDISE merchandise raw the repair shop together with facilities all roof all York and the local on hand materials work December garage war including in process and finished FINANCE merchan inventoried at the amount shown was on the Balance This is 35 of the sales for 1920 as com inventory at December equal to 33 of the sales for 1919 In any comparison of the inventories at the end of the two years it must be remembered that the merchandise on hand December was as indicated in last year s re port well below normal because of the then existing diffi Sheet shown in the Balance Sheet represents the balance owed by employees on the bonds subscribed for in June and is be ing reduced each month The plan follows that by which the employees purchased Liberty Loan Bonds during the pared with an At the close of 1920 the Common slump in commodity prices toward the end 1920 and the some questions with respect to valuation of inventories decreasing demand unusual par value Authorized Issued 350 000 shares Book Value Cumulative Preferred Stock par value chandise mer Our established conservative practices of depreciating all old stock and all overstocks were followed in the 1920 in ventory and in addition special depreciation was made on certain lines of merchandise to meet the market situation in those lines The effort has been to make a careful and conservative valuation having in mind the unsettled market conditions and to accept all inventory losses which seem probable Our commitments for future purchases had been greatly before the end of the year and a careful study indicated that no serious losses would be made therein be yond the provisions made out of 1920 earnings Our ex perience since the end of the year bears this out and more over it is believed that our Reserve for Contingencies is far more than sufficient to meet reduced any ments in that direction unforeseen develop EMPLOYEES The total number of employees of your Company at De was 39 650 as compared with 27 584 at De cember This is the largest number ever on the Company s rolls and probably represents the cember some time high mark for to come as the number is now authorized Total thorne In the year to 28 706 located at Haw earlier months the net increase was and in small and other ployees one industries were proved year reduced As the conditions changed forces many new em their taken on and the labor turnover greatly im It has alw ays been your wTages consistent with the its own As the volume of output and sales notes maximum high at in the December these end of It market and pay the highest to of the first large industrial establish ments to pay pensions to its superannuated employees and was one the year was at a borrowings were necessarily They have been decreased somewhat since that date If the volume of sales decreases expected during 1921 these borrowings will be reduced as If the volume should continue about as in 1920 your Direc opportunity consider perma tors will at the first favorable nent financing The conditions for long term not merely unfavorable financing during 1920 they almost were were prohibitive While rates for short terms have continued high during the year and have considerably reduced the amount that woifld otherwise have been earned for your Company s common stock it has seemed wise to bear this burden temporarily rather than to saddle the company permanently with high fixed charges The banks and the dealers in commercial paper have cheerfully taken your Company s notes at the minimum current Following is market rates comparison of the net working capital at the beginning and end of the year Net a Dec Working Capital Dec FOREIGN The export and ducted pany your through foreign business of the International of your Company is Western Electric con Com Incorporated to which upon its organization in 1918 Company sold and conveyed all of its export and for eign business and assets Company s aim to provide the best possible working conditions It provides facilities for such social and recreational activities as the employees care to organize As indicated elsewhere it is apparent that not all of expansion is permanent To meet the requirements for temporary working capital the Company has continued its long established practice of borrowing for short terms on spite of increasing wages and other efforts to gain new employees the labor turnover was very high It is to be noted however that of those who left 90 had been in the service less than this Assets were sued Liabilities Issued The expansion of the Company s business during 1920 was considerably greater and more rapid than was anticipated at April 1st when the 7 convertible gold bonds were is Current whom Current of shares at December 31st as per share shares Issued none 5 First Mortgage Bonds maturing December Five Year 7 Convertible Gold Bonds maturing April 1 1925 but convertible between April 1 1922 and October 1 1924 into 7 Cumulative Preferred Stock at par Amount gradually decreas The principal increase was of course in the Manufac turing Department which including the Installation forces went up from 18 138 at the beginning of the ing was 100 Authorized of in certain lines presented Stock no 7 culty in getting materials The sudden Company s capitalization follows the having International a par common All of the issued capital Company shares stock of preferred value of 100 per share and 100 000 shares of without par value is owned or Company The International Company and the companies in which it owns controlled by your numerous interests conduct in affiliated nearly all VOL 112 CHEONICLE THE 1308 WESTERN generally similar to that of States International Company and its principal companies excluding all inter company countries a business Company In the United foreign your of the The sales affiliated in 1020 approximately reckoning into dollars at the current rates of exchange or ap foreign sales were them proximately if reckoned at the This latter figure compares of exchange sales for 1919 standard or par with fair profit good profits Considering conditions prevailing generally business as a whole has shown for the year this net result being made up of in some countries and small losses in others The foreign the unfavorable business numerous paid on the common stock orders and inquiries reaching your and Dividends 6 Preferred Stock to date of its retire ment March On Common stock 10 00 per share for the On ter of year shares outstanding last three quar ters of year p Com Dela Western ASSETS Real Estate and Buildings affilia Total Plant Merchandise this occasion to express to its earnest appreciation of the loyal efforts of the Company s employees during the past year and espe J Receivable Bills Trade Acceptances Receivable Accounts forces on whom many new and of responsibility were necessarily placed The business transacted was unusually large in volume and was conducted under extraordinary difficulties The margin of profit which under normal circumstances is mod erate was in spite of the difficult circumstances of 1920 maintained at about the average rate of recent years This of the larger volume but a con to the exceptional efforts and team personnel On the decreasing volume of busi siderable part is due of the trend downward effort must con standards must be reached in economy expected in 1921 and with the price it is evident that the high standard of ness tinue and that new of resources and Plan Sundry Investments International Western Electric Company Inc Grand Total Assets Market Value Bond Purchase V Preferred Stock 7 None Issued LIABILITIES Shares Authorized Shares Authorized Shares Issued No Par Value First Mortgage Bonds Convertible Gold Bonds Stock Common Liabilities Payable Total Capital General Bills Payable Secured by Liberty Bonds Trade Acceptances Discounted Bills Payable Accounts Liabilities Reserve for Depreciation on Plant Reserve for Employees Benefit Fund Reserve for Cont ingencies elimination of waste Reserves Total Grand R President JOAQUIN LIGHT POWER REPORT FOR THE I to Power reference operation and business of the San Joaquin Light Corporation during the year 1920 and a comparison with the same items submit the following with Inc or Dec PerCt Net earnings from oper ation interest Bond Railway interest before charging depreciation or Balance Balance Net profit fund Ratio of operating expen to gross earnings NOTES ON INCOME Gross over Earnings 1919 from ACCOUNT operation increased reflected in the fol The pr ncipal changes are lowing statements increased Water earnings increased EXPENSES the increase of in Operating Expenses decreased Gross This of the completion of the Bak ersfield Steam Plant about July 15th 1920 and of the Kerckhoff Hydro Electric Plant on August 15th 1920 Production expenses decreased due to a very large reduction in the amount of power purchased and to the fact that although after completion of the new unit in July the Bakersfield Steam Plant was twice as big as it was originally and although this plant ran practically to ca pacity throughout the entire year the cost of fuel for gener ating stem wras reduced This is because the plant burned natural gas throughout the year whereas in was Bond discount expense ses earnings Notwithstanding Earnings charged to capital 000 sinking v debt Totals Less OPERATING ceived other income showed a satisfactory improvement A comparison in the three cities served with gas for these years follows Inc or Dec Add Profits on Merchan dise Sales Interest Re Interest on floating Earnings also Selma Dec Inc or GAS EARNINGS Merced and Casu Total neb income Bakersfield erating Expenses Taxes Reserve for Uncollecti alties li Gas Deduct Maintenance Op ble Accounts Railway for the year earnings Gross Power INCOME ACCOUNT E ARNINGS Municipal light Commercial light Light Power Corporation have the honor to the GREGORY Comptroller H YEAR 1920 LECTRIC San Joaquin CORPORATION of the the Stockholders To Total Current Total CHARLES G DU BOIS For the Directors SAN of the supervisory heavy burdens Cash Liberty Bonds the stockholders Equipment Machinery and Inc of DECEMBER BALANCE SHEET Total Current work COMPANY Subsidiaries Western Electric Company Electric Company Inc of Calif Including the Owned Trustees Employees result is partially because Comptroller Incorporated GENERAL cially R II GREGORY WESTERN ELECTRIC reputation and facilities is able to compete successfully for these enlarging requirements and it looks forward with confidence to the opportunities ahead of it 1 J of Directors takes Stock Carried to Common Balance outstanding first quar shares year its technical The Board Bond Discount Amortization of Dividends demands tions and Interest Paid in opinion of the best qualified observers that these are likely to expand greatly in the near future The International Company with its wide spread Available for Interest show that the demands for telephone equipment most foreign countries are now increasing rapidly in spite of unfavorable business and financial conditions and it is the pany Merchandise Expenses interest and dividends from dends have been The Cost of from its opera received from its foreign affiliated companies have been more than sufficient to meet its interest obligations and pay its regular divi dends of 7 for the year on its preferred stock No divi and v the fairly satisfactory year s business must be considered as The International Company s earnings tions Sales ENDING DEC Other Income all foreign countries in nearly throughout the year a Company Inc of Calif TWELVE MONTHS EARNINGS FOR Inc of Western Electric Company Including the Owned Subsidiaries Dela Western Electric Taxes ELECTRIC COMPANY Incorporated made possible by reason considerable amount of oil was used is now in with respect to power production costs will be further appre ciated when it is shown that total plant output for the year 1920 was kw hours as compared with the The previous year a satisfactory condition wilich the Company March 26 kw hours for 1919 THE increase of kw hours in an plant output Total expenditures CHRONICLE of 1309 making the Trust Deed and issuing the bonds can be Of this will be used for the refunding of all oustanding debentures and for reimbursing the Treasury for money already ex pended and for the completion of the projects already under way and outlined in this letter carried through for maintenance for contrasted with in the the year year were 1919 from which it will be apparent that the property has been fully maintained and kept in the best of physical condition All of these factors are reflected in the decreased ratio of oper ating expenses to gross earnings which for the year 1919 was 66 74 and for the year 1920 has been decreased to During the BALANCE ASSETS 1920 rates gas were adjusted in Selma and Merced to compensate for increased operating costs and in consequence both gross and net earnings on our gas opera tions made a very satisfactory showing Bakersfield and Kern Electric Railway Company showed increase in net earnings for the period of increased during the year to compensate for were o ocd Taxes show mainly Material and supplies Total current assets Deferrod charges or Dec receivable Accounts receivable unamort ized on increase of an o Notes increasing cost of living Inc Cash an Wages 1919 Rights real estate plants and properties Treasury securities Cunfnu t year SHEET discount and expense stocks and bonds issued Miscellaneous on and undistrib uted disbursements account of the increased gross earnings Total assets DEVELOPMENT LIABILITIES The Company is engaged in rebuilding its plant on the Stock River increasing the capacity from 3 750 kilowatts to 12 000 This will be a very cheap development as the tunnel is already constructed and only needs enlargement It is expected that this 1st Company is engaged in the building of a plant at Buttonwillow about thirty five 35 miles steam west of Bakersfield This plant will have a capacity of 18 000 horse power for the initial installation and will be operated wholly by natural gas and will be in operation May 1st 1921 Additions can be made to this plant from time to time as gas vorably situated for fuel tion a large development very Kings River for which the surveys have been made and applicaiton made to the Fed on eral Power Commission for the necessary permits when finished the power will cost only need to be trans mitted thirty miles to bring it to the centre of the distribu tion system in the San Joaquin Valley The management feels that in the supply of natural gas available and in the cheapness and nearness of the hydro electric power that Company is more favorably situated than company of which it has any knowledge your any other During the year the Company sold of its First Refunding Mortgage Bonds and Convertible and 8 Series D Bonds and 12 615 shares of Prior Preferred Stock in order to pay for construction work in progress dur ing the year Of the bonds sold the Company had not de livered Preferred regularly were All and RESERVE charges The policy taxes were paid and sinking funds of setting aside monthly one twelfth of the amount required to meet such charges has been continued V The prospects are NEW for growth of the Corporation Management has thought it desirable to provide a financial structure large enough to assure getting the funds required for future development and to this end special meetings of the stockholders of the Corporation were called for February at which meetings the pro posals of increasing the Corporation s total authorized stock to a total of divided into Prior Pre Stock Six Per Cent Preferred Stock and Common Stock was submitted to and approved by the stockholders The question debt of the of increasing the total authorized bonded Corporation to also was submitted by the stockholders at said meeting The new mortgage will be known as the Unifying and Re funding Mortgage Under this Mortgage bonds have been sold with the permission of the Railroad Commis sion of California and will be delivered as soon as details Virginia Carolina Chemical Co JSo Common Dividend on March 24 decided to omit the paid May 1 quarterly dividend usually on the Common stock Quarterly dividends of 1 each have been paid from Aug 1918 to Feb 1921 inclusive and In Oct and 1920 extra dividends of 2 each were paid The directors have declared the regular quarterly dividend of 2 on the Pref stock payable April 15 to holders of record April 2 V 112 p 1032 h Welsbach Total current liabilities Reserves Co Philadelphia Stricken from List PfThe Phila Stock Exchange on March 16 struck off the regular list Year S F Coll Trust 5 bonds due 1930 leaving bonds listed at this date and making a total of held in the sinking fund as of March For earnings for years 1917 to 1920 p 1172 see Capital surplus Surplus close of year Total surplus and reserves Total liabilities NOTES ON BALANCE SHEET Plant Additions Expenditures These for betterments plant additions classified are Rights and franchises as were follows Dams and reservoirs Flumes and ditches Plants and lands Transmission and distributing system Bakersfield Kern Electric Railway Other real estate betterments Construction work in progress Expenditure account of authorized work not yet completed and distributed to appropriate accounts The construction program which was completed last year has resulted in a considerable increase in both the current asset and current liability items PROSPECTS common unable to serve the ice Contracts their names FOR 1921 last week s Chronicle V 112 with all other electric utilities has been large number of people who wanted made with were many serv of these people and placed upon a priority list and connections are rapidly being made with such customers in their order upon this list This accumulation of business awaiting service amounted at January to 37 000 horse power of connected load business gross ness in the of this business the will add Company with a materially to the corresponding in net While the Company is adding this busi there has been a considerable amount of excess power crease available part a California Edison Company amount of of which has been sold It is expected that there will be power the to Southern Coiqpany and the Pacific Gas Electric for sale to a considerable these companies throughout the entire year of 1921 The completion of the various hydro electric and steam plants finished in 1920 and to be finished in 1921 places the company in a position to meet all demands which may be made upon it for power by the public in the territory power served The to and approved The directors The addition of such that your ferred payable payable Pay rolls and other current liabilities FINANCING continued Accounts Notes Company in Preferred Stock Dividends interest paid when due Due to the power shortage in the State for two years this Following our usual basis of charging off depreciation was written off for that purpose during the year Prior par value at December 31st SURPLUS AND Sundry FINANCIAL The ul timate capacity of this development will be in excess of 500 000 liorse power but the plan is to build this in units as the demand for power develops The development will be made under exceptionally favorable conditions as to and Totals Bond interest and other ac cruals fields and is exceptionally fa in contempla Dec or Current Liabilities Plant is in the neighbor The company has Inc Common Authorized li Issued Bonds the power conditions warrant and as addi tions to steam power are needed hood of the large natural Cumu lative Authorized Issued Preferred 6 Cumulative Authorized Issued plant will be in operation about July new The 1920 Prior Preferred Kern rainfall on the water shed supplying the hydro elec tric properties of the Company has been better in 1921 than it the prospect is for was in 1920 and water for 1921 a fair amount of Respectfully submitted WM G KERCKHOFF President Williams Tool Corporation Earnings c Net profits subject to Federal taxes for the year ended Dec amounted to The balance sheet as of Dec shows Cash and cash items accounts receivable Inventories investments notes payable accounts and taxes payable reserves for depreciation surplus V Wire Wheel lll p Corp of America Earnings Net sales for the year ended Dec amounted to against for 1919 Profits for 1920 before deductions for patents depreciation and dividends but after Federal taxes amounted to UnfiUed orders on books Dec 31 it is stated are in excess of V 112 p THE 1310 VOL 112 CHRONICLE CORPORATION ELK HORN COAL INCORPORATED BALANCE SHEET AND 1920 YEAR ENDING DECEMBER 31 INCOME ACCOUNT FOR BALANCE SHEET DECEMBER 31st 1920 LIABILITIES ASSETS Real Estate and Capital Liabilities Coal Lands Exhaustion Less Reserve for Plant and Capital i authorized Ten Year Sinking Convertible 6 Notes nriM a i 37 jug zx conversion for Reserved S16 310 S21 5 S6 124 70ft ft 71 Equipment Deprec n Less Reserve for Common Stock Stock of Other Companies shares The Consolidation Coal Co 7 87ft shares Beaver Creek Consolidated Coal Co shares Kentucky River Coal Corp Common shares Kentucky River Coal Corp Preferr d Assets in Hands of Trustees of Bond Sinking Funds Exclusive of Bonds purchased and held by Trustees of Sinking Funds which are deducted from Bonded Debt Contra Side Stock StockJ Deferred Debit Items Current Assets Cash In Banks and on Current Liabilities Hand Deposited with Fiscal Agents Acct Bond Interest and Dividends Due Accounts Receivable Coal on Hand Unexpired Insurance Premiums Interest Sinking Fund Accrued Taxes Accrued Merchandise Stock on Hand at Cost Material and Supplies on Hand at Cost Bond Accrued Unpaid Vouchers and Pay rolls Dividend Checks Not Presented for Pay ment 1 Accrued Notes Receivable Interest Receivable i t Accrued Cash Gold Capital Stock Preferred authorized Ten Year Sinking Fund 6 Convertible Gold Notes due December 1st 1925 closed issue Mineral Fuel Company 30Year 5 Gold Bonds due May 1st Less Bonds in hands of Trustee of Sinking Fund of Fund Profit and Loss INCOME Earnings from A11 Sources Operating Expenses Taxes Depreciation Depletion Insurance and Royalties Net Interest Net from Operation Funded Debt Earnings on Surplus for the Year Loss Account December 31st Profit and Less Dividends i Willys 2 082 i7i Preferred Capital Stock Account December 31st 1920 Overland Co Inc below V 112 p Suggested Inc Consolidation of Two Willys Be Advised circulated that the banking interests associated with the Willys Overland Co and the Willys Corp were advising consolidation to facilitate adjustment of the financial difficulties confronting these com panies Under the present arrangement both companies are separate although the executive committees and the boards of directors are closely Reports are being allied pointed out that the chief problems facing the Willys Overland Co were its bank loans estimated at The reduced profits and curtailed operations of the last six months have made this a difficult matter but it was said that the banks have granted extensions and should they It was continue to do so the company as a result of the increase in automobile activity might reduce its inventory and bring in cash to meet the payments Tho Willys Corp it was said had virtually no merchandise creditors but bank loans of Current assets were placed at about This company is erecting a large plant in Elizabeth N J which is about 90 completed but additional funds are needed It was said that contractors were inclined to press for payment Protective committees have been formed by the first and second preferred stockholders of the Willys Corp and these committees are endeavoring to formulate a plan but progress was reported as slow with the proposed consolidation it was said that there were details which might be difficult to overcome buf if they could be surmounted it was the opinion of bankers that the merger would solve the In connection numerous problems of both concerns Wilson Co N Y Times March 20 V 112 p 941 Inc Deposits Stock under Plan Leases Plant Midland Packing Co The stock owned by the company in stock yards properties proposed to be disposed of in accordance with the plan Dividends payable Q M of all divs filed with and approved by the Dis Is entitled to 8 cum accrued due or payable on divs after payment the 6 and 7 Pref stocks In preferential payment after payment of the outstanding 6 and 7 Pref stocks and before any distribution is made to the holders of the Common stock Callable at any case Willys Overland Co Corporations Is Said to j Corp Consolidation with Willys Overland See Willys os I Declared and Paid for the Year Profit and Loss of liquidation or time after Dec dissolution will be entitled to 1 1923 at 105 Capitalization after this Authorized Financing Serial Gold Debentures and 7 Preferred stocks 8 Preferred stock this issue Common stock Data from Letter of Pres H E Wurlitzer Outstand g Cincinnati Feb Company Is the largest manufacturer and distributor of a complete line of musical instruments in the United States Organized in 1856 at Cincinnati Incorp in Ohio in 1890 Also does a large mail order business Purpose Proceeds are intended for the purpose of retiring all present bank loans and will provide approximately additional cash to be used for further development and extension Sales Years Ending April 30 Year Mos Sales Net Pref profits applicable to interest charges and divs on the stocks after all deductions including have been as follows a Average outstanding depreciation Federal and April for 3 years ending April fiscal year ending April fiscal year ending est earnings 9 mos to Feb V 112 p State taxes Yale Towne Mfg Co Capital Not Increased Although the Connecticut Legislature has passed a bill permitting the company to increase its capital stock from to no such increase has been made Our application to the Legislature does not necessarily carry with it an intimation that we propose to increase our capital in the immediate future V 112 p in accordance with the Government decree deposited in the Munsey Trust Co Washington D C on March 21 trict of Columbia Supreme Court was for immediate sale to fair and reasonable prices under the plan and a list of sales made including prices paid and the identity of the purchasers later will be submitted to the court for approval see V 112 p 939 The company it is stated will lease the Midland Packing Co Sioux City Iowa plant for five years at an annual rental of with an option to purchase after two years and within three years at about This arrangement it is said was agreed to by the Federal receivers and the creditors of the Midland company Packers Announce Wage Agreement Current Events this issue V 112 See under Wolverine Copper Mining 1921 Feb V 112 p p Co Production Lbs Increase Mos Increase Worthington Pump Mach y Corp Listing Report has authorized the listing of a cunO par ClassB Pref stock 6 cum par 100 and c Conuuon stock par 100 on official notice of issuance in exchange for v t c therefor with authority to add of Class A Pref stock of Class B Pref stock and of Common stock on official notice of issuance and payment therefor making total authorized for the list Class A Pref Class B Pref stock and Common stock the total The New York Stock Exchange authorized amounts The annual report is cited fully on a preceding page Guaranty Trust Co of N Y has stock V 112 p 1038 been appointed transfer agent of the company s Wurlitzer Co Cincinnati Pref Stock Offered Westheimer Co Cincinnati are offering at 100 and div Cum Pref a d stock par 100 Rudolph announced on March 22 that G deB Greene had been elected Vice President and Director of the Company Mr Greene was for ten years with the General Electric Company in the Railway Department at Schenectady and for the last 15 years was associat ed with E H Rollins Sons in Boston and New York having been a Director of that company since 1915 Mr Greene was also Chairman of the Advisory Trades Committee in the Second Third and Fourth Liberty Loan campaigns and Chairman of the New York Committee in the Fifth W A Harriman Co Inc Liberty Loan campaign distributed by The Exchange Place New York City of power developmentsjtiydroelectric developments transmission systems and other important engineer ing projects in this and in foreign countries The National Bank of Commerce In N Y has been appointed Regis trar of the Capital stock of the Atlantic Petroleum Corp of Tulsa Okla The authorized capital of the corporation is shares with a par Achievement is the caption J G White It gives Class A Pref stock The N O T I C E S C U R R E N T private purchasers The stock will be sold at value of 25 J of a folder being Engineering Corporation 43 information about and iUustrations Allen each Libby Jr and J G Stalb announce the formation of a co partnership and will conduct a general name of Libby Co at 55 Broadway with the Sales The brokerage business under the formerly of Imbrie Co has become Organization of Kelley Drayton Company Edwin I Gardiner Equitable Trust Co of N the stock of the associated Y has beeo appointed Registrar for Diamond Petroleum Corp Mabch THE CHRONICLE homes p tje mmurrdal Jimes retail 1311 Also the prices American population is entitled Finally lutely essential to a The International COMMERCIAL EPITOME Business in prove the States is general has increase some rule on is For a been quiet the most been for the most United in very Iron and steel have going out of blast are the and only with prices tending upward part dull Many iron furnaces in best at directions it is distinctly dull many increases trade part moderate scale very the Sales of struc tural and automobile steel have increased of late but most steel products are neglected The output of both iron and steel much exceeds the present demand the on other hand make of print cloths at Fall River shoving cheerful also said to Sales said to be the largest for are weeks past and New Bedford reports many are The textile trades rather better a rather are 5 to 20 affecting its 45 000 men and including officials high and low Wages of em ployees of the Brown Shoe Co of Brookfield Mass are to women although here and But reported more be cut to the scale paid in 1918 Bradford England reports for textile workers of 10 a total of 40 to 42 since the degrease in wages began some time ago A strike of 13 000 union painters and decorators of this city who walked out early last September ended March 21 The dis wage cut a was compromised The Merrimac Manufacturing Co Huntsville Ala has cut working time in its two big mills 65 The Cowpen s Manufacturing Co producers of fine print cloths at Spartansburg S O has closed down indefinitely because of poor trade Over 2 000 tailors in pute of this been large very in the though made up for the most part of small lots has heartened the business in raw Cotton at Exchange prices have cotton times al aggregate But this here and at the risen sharply A city went strike March 22 in on minimum wage of 40 in of marine workers in the wages service Eggs sold at 19 c This is price weather Were contributing goodly proportions early in the week were sugar trade which had fallen off noticeably has revived to with extent of prospect tariff a leather small rather are The recent export business in leather with Russia firmed much at The wool of the country has abroad been somewhat convening of Congress more And retail Both Easter trade been in are trade in the quiet and less depressed firmer with indications that s on after Building trades may the are a be said of the automo buying supplies clothing1 has been a little freely more active for the more Reports in regard to winter wheat crop have main favorable Unskilled railroad workers object to a reduction in their although the cost of living is noticeably lower than wages it and the railroads suffer from dulness of trade which was this The New fee railroads should be double and the on cases what is paid what reason it wages even treble in some ordinary labor in other industries Such last cannot of unskilled labor Bureau The For of things state a of is plainly illogical Railway Economics in a recent report said that the wages of skilled railway work ers have increased since 1917 no less htan 180 and those of unskilled pointed out most labor that only 40 March much as wholesale above they as those are 105 prices of of Meanwhile commodities 1914 As it is are at compared with 15 lower Retail prices still 60 above those of seven some it is regrettable to notice are years ago although to be sure they are steadily declining In other words labor s dollar goes much further than it did some years ago Labor can stand a reduction in wages sinc the dollar it is patent is only worth what it will buy Meanwhile the whole world needs The lack of duction the times such Present costs it about at once a return to normal pro production are is the great evil of altogether too high to bring Prices of commodities are falling but they must fall still further and labor must move down with them before anything like a state of equilibrium can be reached Some commodities have fallen more than others that dis locates trade and the general economic system declines in prices should be fairly uniform so that one class can easily buy from another class Trade both foreign and domestic in the last resort partakes largely of the nature of barter It is for a case of labor for labor with of course due allowances varying conditions in the economic world Grain and cotton farmers just now cannot buy as times cline of prices that is a in many a great de relatively greater decline than that Textile prices have also de In the United States prices are roughly 43 under the peak rapidly in the where in Europe land and France country in normal as other commodities clined very sharply more freely Their buying capacity has suffered from of Feb Prices fell for a time than any it is pointed out prices in Eng average United But now States declining at a greater pace than in this In England they are 38 under the high level 28 below what they were then Meantime a crying need in this country is a reduction of not only on railroads but also in the building trades cut in wages and prices for building materials is abso wages A lutely necessary to meet the existing requirements for new 21st the receipts and favorable the Present season prices are days says vetoed as Exchange and the New York Cof closed were to day Good Friday and to Exchange is closed to day The New York Produce btit will be open to morrow The Liverpool Cotton will be closed to day to inorrow and Easter Exchange Monday LARD higher prime Western 12 35 refined to the Continent 14c South American 1434c Brazil in kegs 1534c Futures declined in sympathy with lower prices for hogs and grain Besides there was a lack of buying power At times it is true the tone has been firmer when grain advanced But in the main the feeling has been anything but aggressive ly bullish Yet it is true that cold storage stocks of meat and lard in the United States on March 1st according to the Institute of American Meat Packers were about pounds smaller than on the same day last year On Thurs day prices declined and they end lower for the week CLOSING PRICES OF Sat cts LARD FUTURES Mon Tues Wed IN 12 05 CHICAGO Thurs Fri Holi day PORK quiet and lower mess 28 29c family 38 40 short clear May closed at 20 40c a decline for the week of 75c Beef quiet mess packet family extra India mess No 1 canned beef 3 15 No Cut meats steady pickled hams 10 to 20 pounds 20 23 c pickled bellies 10 to 12 pounds 16 17c Butter creamery extras 4634 47Iic Cheese flats 18 29c Eggs fresh gathered extras c COFFEE on the spot firmer No 7 Rio 6 634c No 4 Santos 834 9c fair to good Cucuta 10J llc Futures fluctuated but sluggishly in the fore part of the week though the tone was at times steadier In the main how ever there was a lack of snap The technical position showed less strength after a rise of 1 cent from the low prices of March 16 A good many shorts had been driven in Santos declined after some previous advance at both Santos and here Rio There main such It said to be selling buying in Santos early rise in that market but in the rumors some rumors lutely flat Brazilian houses were coincident with had but were of Government a momentary effect or fell abso said however that the Sao Paulo Gov ernment was buying March contracts with a view it is be lieved of lessening the possible pressure of the actual de liveries there was Meanwhile the Brazilian crop movements continue large The stock at Santos is against bags a year ago At Rio t is 482 000 bags against 417 000 at this time in 1920 The total of Brazil in sight for this country is bags against bags last year or in other words rather eloquent figures considering the fact that trade is dull and the receipts per sistently large Later strong Brazilian cables caused a rise here with covering and new long buying Many consider coffee an attractive investment On Thursday prices fell but they are higher than last Friday Spot unofficial cts March are of last April in France of York Cotton Exchange It singular that on after the tariff DAILY seems Louis week and is the low the Fordney Emergency Tar by former President Wilson Congress as the first important leg islation of the extra session to begin April 11 An anti dumping and valuation measure will follow immediately May delivery July delivery certainly St a causes pre war Washington dispatch can only be relieved by lower rates of freight Of course this is impossible unless the costs of operation are reduced time Bill precisely been will be passed same for morrow has more or April 11 on active and the bile business con coastwise will be rushed through an Latterly however the tone in this Emergency Tariff Bill little been of reports have not been trade of the world time prices have home and the some Cuban and other on Lumber for the most part has been quiet and sales sugars of the A iff The and to the decline Eggs New York City dropped to 23c wholesale with the ar rival of 40 817 cases here which is an unusually large slightly higher than in The sales of wheat to the British Commission a in number prise Sound wholesale in drop of 9V2c in since June 1916 Heavy a Manchester England which also of effort to retain March 1 on instant est a noteworthy factor too was the increase of cottdn goods at came as more or less of a sur an week Towboat engineers number ing 1 500 struck on the 24th instant because of a reduction Here at New York the sales of print cloths have return of real prosperity in this country Harvester Co announced wage reduc tions ranging from New York Friday Night March there to lower sharp reduction in taxes is abso a May July cts Sept cta December SUGAR firmer at 6 27c for Cuban and Porto Rican 96 degrees test centrifugal Futures declined early in the week About 25 000 tons of old crop offerings were recently sold by the Cuban Finance Committee of Havana later sales being 8 200 tons at 5o cost and freight In the fore part of the week 2 500 tons of new crop sugar sold at 534c cost and freight Raw later on was in better de with trade quiet ft as there seemed judging from Washington news a possibility that the tariff bill may become effective by May 1 next The bill includes a duty of 2c per lb for non prefer ential countries and 1 60c per lb for Cuban sugars The largest part of the United States imports of sugar are from Cuba and this means an increased cost of raws to local re finers it is estimated of 60c per 100 lbs Should the bill pass it would result in the immediate advance in refined su gar prices it is calculated of 60c to 65c per 100 lbs This caused a sharp demand for refined sugar from all over the country The Cuban Finance Committee on the 22d inst announced sales of 10 000 tons old crop for United States destinations at 5c cost and freight early in the afternoon Also sales of 80 000 bags of Porto Rico at 6 27c c i f Cu ban receipts for the week were 157 174 tons against 147 364 last week last year and 179 594 two years ago exports 91 169 tons against 97 927 last week 98 435 last year and 91 608 two years ago stocks tons against 612 551 last week last year and 672 656 two years ago centrals grinding 191 against 189 last week 189 last year and 195 two years ago Exports include 55 381 tons to United States Atlantic ports 11 847 tons to New Orleans 5 491 to Savannah 14 450 to Europe 1 000 to Galveston and 3 000 to Australia Old crop exports to Atlantic ports were 2 025 tons stock 70 449 tons On Thursday prices were slightly higher on March and unchanged on May They are lower than a week ago Spot unofficial cts 6 27IMarcb cts 5 G6 5 08j July cts mand I May September im the week There were more inquiries for small quantities Linoleum interests are not buying very much Paint and varnish trade are only purchasing to fill immediate requirements March April carloads quoted at 65 67c less than carloads 68 70c five bbls or less 71 73c tanks 63c May August carloads 70c Calcutta oil 70c linseed cake per ton 845 linseed meal per ton 846 Cocoanut oil Ceylon bbls 8c Cochin bbls 9 10c Olive Cod domestic 45 48a Newfoundland 48 50c Soya bean edible bbls c Cottonseed oil sales to day 6 300 bbls March closed at c May at c and July at 7 7 03c Southeast immediate crude sales 425 bbls Spot c Spir its of turpentine 57 58c Common to good strained rosin OILS Linseed though generally quiet showed some provement later in PETROLEUM Some products are selling more freely are still dull and weak Fuel oil is quiet There is others foreign buying On the whole the market is more irregular and unsettled Refined in bbls c bulk o cases c Gaso line in better demand at unchanged prices steel bbls to not much less or 26c motor gasoline U S Navy specifications 20c naphtha 63 to 66 degrees 24 50c 66 to 68 degrees 25 50c Kerosene meets with a good demand at 16c in tank wagons garages Pennsylvania Corning 1 86 Cabell and 1 65 above Ragland 1 00 Wooster Lima Princeton Illinois Kansas Okla 1 75 homa 1 75 Strawn Thrall 1 75 Healdton 1 00 Corsicana light Corsicana heavy Electra Moran 1 75 Henrietta 1 75 Plymouth deg 32 Somerset Indiana 1 75 Caddo La light 2 00 Caddo crude I 25 De Soto Vol 112 CHRONICLE THE RUBBER dull but steady About the only demand re ported is from manufacturers of the general line of rubber goods Tire makers are holding off awaiting developments Smoked ribbed sheets were quoted at 1734c first latex pale crepe at 19Mc brown crepe thin clean 15c Para in small demand but steady at 18c for upriver fine Central dull at 12c for Corinto asking as much as 12 c for the more Larger producers are playing a waiting game pending further developments They quote 12 for March ana 13c for the later deliveries Later inquiries were more active and the foreign demand showed some signs of improvement Individual operators it is reported are planning to keep the output down during the present de pressed condition of the market and are cutting operating expenses as much as possible The Butte Mining Co voted to suspend production owing to the unsettled condition of the market but it is said the company will continue develop ment work Tin firmer but quiet at 2934c for spot Lon don was also firmer Lead quiet but steady at 4 4 15c for spot New York Zinc dull at unchanged prices i e c for spot St Louis Some however are distant deliveries PIG IRON has remained dull and depressed only one furnace is operating and in Eastern Penn sylvania it is said not more than three or four Virginia is producing very little Birmingham complains of a very small trade Out of 166 merchant furnaces in the United States only 27 are now in operation including two in Ala bama one in Tennessee A number of furnaces in New York Pennsylvania and Ohio it is said wall stop very soon distinctly in buyers favor The market is STEEL in general is quiet and weak and the output greatly True the consumption in a few cases is slowly increasing Sales of steel for construction and the automobile industry have increased somewhat Quite a y exceeds the demand number have been received orders of weakest features are WOOL has for the most part been dull and weak through the world Stocks are big and consumption light But later in the week the feeling in Boston became better possibilities Quick action on the Emergency Tariff Bill is expected Recent sales reported at Boston include good combing 70s Australian at clean basis staple vrool at 87c 88c clean basis medium combing wool at 25c for fair bright combing quarter blood in the grease and at about 45c clean for three eighths Montevideo combing and 35c clean for 50s Scoured wools sold at 60 80c for fair to choice fine wools the letter price for new on tariff Noils Australians and at 35c to 45c for medium scoureds fine were Bradford cabled on March 20 The signing of the trade agree quoted at 45c that the market was dull ment with the Soviet Government of no effect Russia has On March 21 advices from Melbourne far had so reported a demand and withdrawals large Super grades were off about 15 good 20 and ordinary 25 and even more Later it was stated that good styled merinos were off 10 and similar crossbreds down 20 to 30 on some descriptions On the whole the selection at Melbourne this week was rather poor At the sale at Timaru New Zealand on March bales were catalogued and only 900 sold Compared with the prices realized at Dunedin a week ago fine greasy crossbred was 25 lower and other sorts 10 to 15 lower All the scoured wool offered was withdrawn The sale practically fell flat Advices to Boston on the 23d poor inst state that at the close of the wool auctions in Melbourne the selection and that prices of poor was some descriptions 30 COTTON on Charters included phosphate from South Atlantic port to Hamburg 5 March nitrate of soda from the west coast of South American to United States Atlantic port 4 option United Kingdom or Continent 40s Scan dinavia 45s prompt coal from Philadelphia to Manila about 8 prompt 25 000 quarters grain from Antwerp to United Kingdom 6s prompt from a Gulf port to United Kingdom 7s March 29 000 quarters to United King dom 7s March coal from New York to Long Cove 2 from New York to Wildcat 2 50 to Vinalhaven 2 molasses from Cuba to New Orleans in 13 c per gallon three trips April 33 000 quarters grain from St John N B to United Kingdom 6s prompt heavy grain from San Lorenzo to United Kingdom Continent with Mediterranean options 37s 6d May Friday Night Mar CROP as indicated by our THE MOVEMENT OF THE telegrams from the South to night is given below For the ending this evening the total receipts have reached 72 898 bales against 75 364 bales last week and 92 890 week the previous week making the total receipts since Aug bales against bales for the same period of showing a decrease since Aug 1 1920 of bales bales linseed from Rosario to United Kingdom Continent 36s 3d prompt heavy grain from Gulf to Greece 8s per quarter one discharging port 8s 6d two ports March linseed from Rosario to United Kingdom Continent 35s March 15 from Puget Sound to United Kingdom Continent 10 50 March TOBACCO has been dull here Some increase in the in quiry is reported but very little increase in actual business Buyers want only small lots to tide them over They seem to believe that present prices cannot be sustained In Ken tucky however prices it is reported have recently been firm especially for medium to good reds although the offer ings have been large at Covington Sales were at an aver age of 14 78 per 100 lbs some at as high as 856 and poor stuff down to 1 Washington tobacco acreage North Carolina bankers at March 23 recommended of one half on COPPER quiet but steady 12Mc for March April a a conference reduction in Smaller selling agents quote and He for May June Man Sat hulk in The out Grain is the main item on both coasts Comment is the report that the Shipping Board refused a few weeks ago to accept wheat from Northwest Pacific ports to the United Kingdom and Continent at 20 whereas it is said that now it is permitting foreign tonnage to get business on the basis of 89 50 after coming nearly 10 000 miles in ballast to get the cargo in small lots wire products sheets bolts and nuts Plate shapes and bars have bebn quoted at about 2 cents Pittsburgh February sales of structural steel it will be recalled were only 25 600 tons And it is gratifying to notice that during the past week alone the total is some 17 000 tons Still there is no spring demand and taken as a whole steel is undoubtedly dull tonnage made Yet in the Buffalo been reduced it exceeds the demand district of crossbreds fell 20 to OCEAN FREIGHTS have been dull and weak Furnaces But though production has steadily going out of blast are Galveston Texas City Houston H tm Brunswick Charleston Wilmington Norfolk N port News c New York Boston Baltimore Philadelphia Totals this week Total Fri Mobile Pensacola Jacksonville New Orleans Savannah Port Arthur c Thurs Wed Tves Estimated shows the week s total receipts the total Aug 1 1920 and stocks to night compared with the The following since last year March THE Receipts to January 7 This Week Galveston Texas City Houston Port Arthur c New Orleans Gulfport Since Aug This 672 Mobile Pensacola KQ Savannah Brunswick Charleston Wilmington Norfolk 37 N port News c New York 280 Boston Baltimore Philadelphia Totals In order that comparison may be made with other years we give below the totals at leading ports for six seasons j Galveston All others Total this wk TexasCity c New Orleans Mobiie 672 Savannah Brunswick Charleston Wilmington Norfolk N port N c The exports for the week ending this evening reach a total 77 834 bales of which 7 589 were to Great Britain 7 747 to Prance and 62 498 to other destinations Exports for the week and since Aug 1 1920 are as follows of Exported to Exports from From Aug 1 1920 to Mar Exported to Great quent developments seem to make it clear that Russia had not abandoned was Bolshevism but it entering into would preclude of globe relations Other Texas City J Houston Total Galveston 8 98C Britain France San Antonio Mobile Savannah Sj I 476 Wilmington New York 213 Boston 8 208 lit Baltimore Philadelphia Los Angeles C BrunswickCharleston Gulfport Jacksonville San Fran Seattle Portl d Ore 675 i Total Tacoma Tot El Paso Tot Pt Nogalez Norfolk Total New Orleans l In addition to above exports our telegrams to night also give us the following amounts of cotton on shipboard not cleared at the ports named We add similar figures for New York the In other words judging by the treaties en England and Russia the peace declared with the Ukraine and and Japan seemed Poland and the intimations that Italy might make trade agreements with Russia all many of the cotton rade here to authorize the to belief that Russia of heart was undergoing something like or factor in the cotton trade of the world a A report seeking the aid of the Menslievik or the minority element in Russia rather strength ened this belief The Russian situation is believed to be on that the Bolsheviki element the whole Ger France Other improving Late last week it is said that anywhere from 200 000 to 500 000 pieces of print cloths were sold here in small lots at somewhat firmer prices Raw silk has been distinctly improved tone in Manchester has firmer All this with an attention and certainly lias not been without And it is also noted with interest that the Treas its effect Department at Washington has recently shown a dis reverse the policy of Secretary of the Treasury Houston and grant financial aid in the matter of exports ury position to of cotton to Europe It recently financed shipments of cot ConVt wise increase in the demand for spot cotton spot markets at the South in advanced that the acreage clared Leaving Total Stock Orleans Savannah Charleston i U475 v Mobile 1 448 Norfolk J 400 Other ports Total New York 1921 Total Total Estimated a for i s China Speculation in cotton for future delivery was largely of evening up character with a noticeable tendency towards higher prices on the approach of the Easter holidays It an was plain enough that the market and foreign account Liverpool short both for home was on the 22nd instant is sup posed to have bought some 40 000 to 50 000 bales of May July and October here in liquidating straddles between the two markets described in as At the better Manchester stated It Apart from this there was trade buying in Manchester Liverpool the covering there news lesia as that in on a it was There was more in Finally speculators On the 21st instant in the vote in Upper Si larger scale won the population with i e Germany that the the South or preferred to cast Poland was considered a had united a week two or Reports are decrease may persistent It is be greater in some even in a de parts of a re number of firms there the include it is understood some of the firms which have publishing full page advertisements in many of the leading newspapers of the South urging farmers to hold been their cotton and reduce their acreage 50 On the 23rd in stant prices suddenly turned upward about GO points on a big demand from Liverpool to liquidate straddles and ap parently in part also to retire hedges Liverpool was no ticeably higher that day and again reported a better de mand for spot cotton English shorts were Manchester buying was evidently uneasy there and Moreover Manches active for yarns and stronger on cloths It was also said that business was better in Fall River Spot cotton advanced here that day 60 points and the tone at the was more South was firmer But the principal feature here was the big buying for Liverpool Within a week it is said to have bought some 200 000 bales of May July and October largely May and July The rise on the 23rd inst was assisted by advance in stocks Wall Street and South the extent but the cotton was the are skeptical sold to readily absorbed bility of other hand many sustained advance at this time a quiet to as the possi After all trade The tendency towards curtailment of output is declared to be very noticeable not only in New England but at the South of Latterly the sales leading centres of the South have Exports of raw cotton remain very small de spot cotton fallen off at the spite intimations that the War Finance Committee is ready to assist in the exportation of cotton to leading nations of Europe And the report that Upper Silesia may be divided in accordance with ethnical lines whereby the coal region its chief asset may go to Poland has rather taken the edge off the news of the recent Silesian plebiscite in favor of Germanjc are In other words carried out it will if arrangements of reduce very much this kind the resources of Germany and its ability to meet the requirements of the Finally the ginning up to March 21 turns out to be larger than expected i e bales against Allies at the same time last season and two years ago bales so ter of conjecture Orleans a like period estimate was that the ginning exceeded it by about bales possibly more New for The December Government Some guess that the crop including linters is around Naturally it is a mere mat The New York Cotton Exchange and the Cotton Exchange are closed to day and will The Liverpool Exchange is also closed to day and will remain closed until next Tues not reopen day On until next Monday Thursday They show Germany s resources and it could therefore the that it would More latterly purchase of several hundred thousand bales of the actual cotton to be carried until next Fall They cotton mean have It may be added that on the 22nd instant came points It is taken to there cases will be cut 25 to from New Orleans that port add just bullish factor much to America there Liverpool Germany had to which country in its lot so bought had withdrawn its offerings quiry for actual cotton were time the tone in Liverpool was reflected more cheerful conditions same some England has been buying there it is intimated quite steadily for in most goods is in the main Galveston New Germany Prices at Alexandria Liverpool has reported Egypt have been rising sharply some Coast many at Britain was Apart from this New Bedford has reported a rather better trade in fine goods and also in the business in staple cottons On Great Mar 25 change a at any rate something like a new orientation and that it is only a question of time when Russia will again an On Shipboard Not Cleared for which tered into by ter Powers the possibility of ignoring the systems of Government generally recognized by the civilized societies l less clear that it no outside some Other Port Arthur was with over Great Britain France same the ton to Czeeho Slovakia and Week ending Mar At the England and Germany that 19th instant a New York newspaper announced that Russia had abandoned Bolshevism It said that Lenin had declared that it was madness to suppose that a world revolution could be brought about now Subse attracted Since Aug On both discussion of the indemnity may very soon a new place become Receipts at indemnity to the Allies an announced in was likely very take Jacksonville IS 13 readily pay time it more Stock Since Aug Week CHRONICLE prices here declined 21 to 29 rise for the week of 121 to 132 points closed at 12 35c an advance for the week a points Spot of 90 VOL CHRONICLE THE 1314 quotation for middling upland cotton in the each day for the past week has been March 19 to March 25 Sat Mon Tues Wed Thurs Fri Middling uplands HOL The official New York market movement that is 1 the shipments for the same items for the corresponding period of the previous year is set out in INTERIOR TOWNS the AT THE the receipts for the week since Aug the week and the stocks to night and detail below QUOTATIONS FOR 32 Y EARS The quotations for middling upland at New York on Mar 25 for each of the past 32 years have been as follows NEW YORK c Ala Birm g m a Ship Receipts Week Season Selma j Augusta Montgomery Atlanta Eufaula Ark Helena Little Rock FUTURES The highest lowest New York for the past and closing prices at week have been as follows Friday Thursd y Mar 24 Mar 25 Wed day Saturday Monday Tuesday Mar 23 Mar 19 Mar 21 Mar Pine Bluff Ga Albany Athena Week Range Closing April Range Closing Closing Range Closing November Range Closing January Range Closing Brenham cOO Stock at Ghent Egypt Brazil c afloat for Eur e Stock in Alexandria Egypt India Stock in U 8 ports Stock in U S interior towns U S exports to day Stock in Bombay Last year s figures are a MARKET Egypt Brazil c afloat Stock in Alexandria Egypt Stock in Bombay India Total East India c Total American Total visible sup Middling uplands Liverpool 8 05d 28 38d Middling uplands New York c 41 50c Egypt good sakel Liverpool 19 OOd 84 00d Peruvian rough good Liverpool 14 00d 49 00d Broach fine Liverpool 7 15d 22 85d Tinnevelly good Liverpool 7 65d 23 10d AND SALES AT NEW YORK glance how the market for spot days show at a same on Spot and futures closed SALES Futures Market Market Closed Quiet 10 pts adv Quiet 10 pts adv Tuesday Quiet 30 pts adv Wednesday Steady 60 pts adv Thursday Quiet 20 pts dec Friday HO LI Saturday Monday d Steady Steady d 31 00d 32 81d 39 00d 22 40d 22 65d bales over 1920 an excess 1919 and a gain of bales of bales 1918 over J MOVEMENT WEEK AND FOR THE statement showing the overland movement for the week and since Aug 1 as made from telegraphic reports up The results for Friday night in the last two years are as follows the week and since Aug March Week Louis c Island Via Louisville Via Virginia points Via other routes c Total gross overland Deduct Since Since Aug Shipped Week all Aug 1 a Shipments Leaving total net overland Overland to N Y f Boston c Between interior towns Inland c from South Total to be deducted Including movement by rail to Canada a Revised foregoing shows the week s net overland movement bales against 26 887 bales for tbe week last year and that for the season to date the aggregated net over land exhibits a decrease from a year ago of 349 765 bales The has been In Sight and 34 25c Continental imports for past week have been 106 000 bales f The above figures for 1921 show an increase over last week 10 052 bales a gain of DAY Aug 1 Receipts at ports to Mar Net overland to Mar South n consumption to Mar 25 a Total marketed during week North spina s takings to Decrease available Mar during week a Total in sight Mar 25 Since Aug 1 Week Week Came into sight Since Spinners Takings Interior stocks in excess of Very steady Steady Barely steady OVERLAND 24 32d 28 25c 15 60d 15 85d Total Conlr t Spot SINCE AUG 1 We give below a Estimated over interior stocks have de each day during the the following statement For the convenience of the reader we also add columns which London stock Manchester stock Continental stock India afloat for Europe East Indian Brazil c Liverpool stock 2 000 week at New York are indicated in Total American Last year s figures are for Cin Closed to day for Natchez Miss Via Rock port stocks Via Mounds U S Interior stocks 175 The total sales of cotton on the spot Via St last year Of the above American bales during the week 30 546 bales and are to night 452 365 bales more than at the same time last year The receipts at all towns have been 2 811 bales greater than the same week totals of American and other descriptions are as follows Continental stock American afloat for Europe creased Total visible supply Liverpool stock Manchester stock Total European stocks India cotton afloat for Europe 57 000 American cotton afioat for Europe The above totals show that the Total Continental Stocks U S exports Total U S cinnati Ohio Stock at Genoa Dallas Total 41 towns Stock at Havre Stock at Rotterdam Total Great Britain Stock at Hamburg San Antonio Stock at Manchester li bales Stock at London Hugo Houston March 25 Stock at Barcelona SUPPLY OF COTTON Stock at Bremen Tex Abilene 12c Liverpool Raleigh Okla Altus Clty Mo St Louis j Yazoo to night as made up by cable and telegraph is as follows Foreign stocks as well as the afloat are this week s returns and consequently all foreign figures are brought down to Thursday evening But to make the total the complete figures for to night Friday we add the item of exports from the United States including in it the exports of Friday onlyl 1918 Stock at THE VISIBLE 376 f c Honey Grove Range 14c Clarksvllle February Closing i Fort Worth Paris DAY Tenn Mem phis HOLI Range Closing Greenwood December Nashville Closing Range October Greenwood Oklahoma 13 04 Closing September S C Greenville August V Range c Range Chic kasha July Cloning La Shreveport Miss Columbus N C Gr nsboro June Range Vlcksburg S 11 81 li Meridian j Clarksdale Closing May Range i Macon Rome March i Columbus March Week Seas no Week Stocks ments March Week Ship Receipts Stocks ments Towns Movement to March Movement to Mar C These figures are consumption takings not March THE Movement into sight in previous Week years Mar 30 Since Aug Mar Bales Mar Mar each Saturdays Monday Galveston J 11 25 Orleans J Charleston 10 50 Philadelphia Augusta Memphis HOLI Houston Rock Worth other Waste Yarn Mar April Tuesday 21 Mar October December January 1 for the last two seasons from all sources from are obtainable also the takins or amounts out of sight for the like period gone 23 Mar Steady Steady Other India 24 Mar DAY Steady Steady Steady Steady Season supply shipm ts to Mar Visible supply Mar 25 HOLI Week Season takings to Mar 25 a Of which American Of which other j Alexandria receipts to Mar 23 Other supply to Mar Quiet Steady Bombay receipts to Mar 24 Total Steady Steady Deduct Friday Tone Spot Options value Visible supply Mar 18 Visible supply Aug 1 American in sight to Mar 25 Wed day Thursd y 22 Mar May July value WORLD S SUPPLY AND TAKINGS OF COTTON following brief but comprehensive statement indicates a glance the world s supply of cotton for the week and Total Saturday Monday value Week MARKET The clos ing quotations for leading contracts in the New Orleans cot ton markets for the past week have been as follows March value Cotton Takings Week and Season NEW ORLEANS CONTRACT Mar value cotton which statistics All value DAY Dallas value goods since Aug Knit Wearing apparel at Months ending Jan 31 The J yards Total manufactures on Baltimore Little Savannah Piece goods Piece goods Tuesday Wed day Thursd y Friday Mobile Norfolk Cotton Exported All other Closihg Quotations for Middling Cotton Week ending Fort for day of the week March 25 New principal cotton markets Month ending Jan 31 of i QUOTATIONS FOE MIDDLING COTTON AT OTHER MARKETS Below are the closing quotations of middling cotton at Southern and other 1315 Manufactures Bales Mar 1918 Mar CHRONICLE Embraces receipts in Europe from Brazil Smyrna West Indies c a This total embraces since Aug 1 the total estimated consumption by Southern mills bales in 1920 21 and bales in takings not being available and the aggregate amounts taken by Northern and foreign spinners bales in 1920 21 and bales in of which bales and bales American b Estimated WEATHER REPORTS BY TELEGRAPH Reports to by telegraph from the South this evening denote that while rain has been quite general during the week the pre cipitation has been light as a rule Mobile advises the opinion still holds that acreage will be reduced 50 Weather us jBOMBAY India cotton at the season days 0 22 1 day 0 20 1 day 0 01 2 days 1 15 1 day 0 72 dry 1 day 0 27 1 day 0 27 1 day 0 10 Dallas Palestitne San Anonk Rainfall Del Rio Galveston New Orleans La Mobile Ala Savannah Ga Charlotte N C Charlaston S C Thermometer in in in in in in in high high high high high high 1 day day 2 days 1 day low 36 low low low low low low low high 76 mean mean 57 high 80 high 87 high 85 high 85 in in in in high 85 high 87 high 84 Bombay 73 mean Aug 1 Week mean mean 66 mean 65 rom For the Week Great 66 mean Japandk nent China Conti Japan t nent China mean 67 low 53 low 57 mean mean 72 1S1P 20 L000 low 58 mean mean 73 mean 69 mean 64 Above Above of gaugeAbove zero of gaugeAbove zero of gauge Shreveport Vicksburg of gauge zero of gauge CENSUS zero BUREAU S REPORT O6O e India Other Total L GINNED ON COTTON of the two GIN March 20 the final report on cotton linters the present season as follows on EXPRESSED IN RUNNING Alabama Arkansas California Louisiana Mississippi Missouri North Carolina Oklahoma South Carolina Tennessee Texas Alexandria e All other States Includes Kentucky Kansas and New Mexico WtIncluded In the 1920 21 production are 211 893 estimated included would be turned out after the March bales canvass with in 1919 Ginneries operated numbered 18 815 for 1919 which ginners Round crop in week Since Aug To Since Week Aug 1 Since Week Aug 1 Since Week Aug Liverpool To Manchester c To Continent India To America Total exports Note A cantar is 99 lbs This statement shows that were Egyptian bales weigh about 750 lbs the receipts for the week ending March 105 413 cantars and the foreign shipments 4 698 bales 2 MANCHESTER MARKET Our report received by to night from Manchester states that the market continues steady for both yarns and cloths The demand for both home trade and foreign markets is improving We give prices for to day below and leave those for previous weeks of this and last year for comparison cable bales H lbs Shirt Cot n ings Common Mid to Finest 32 Cop Twist compared Upl s 32s 8X lbs Shirt ings Common Cop Twist to Finest Cot n Mid XJpVs total This are pounds The Egypt Receipts cantars for 1920 compared with 114 305 for 1919 AmericanEgyptian included was 91 965 bales compared with 40 437 for 1919 and Sea island 1 725 bales compared with 5 064 for 1919 The average gross weight of bales was 506 4 pounds compared with March Virginia HUnited years Exports bales previous Florida Georgia AND BALES Arizona ALEXANDRIA RECEIPTS AND SHIPMENTS OF COTTON The following are the receipts and shipments for the week ending Mar 2 and for the corresponding week 34 9 ginning excluding counting round as half bales COTTON all NING The Division of Manufactures in the Census Bureau completed and issue Total Feet zero Memphis 1 Great Britain Total Bombay low 65 low 50 low 43 low 49 Feet Nashville Since August March March Above Aug Conti Britain 48 following statement we have also received by tele graph showing the height of the rivers at the points named at 8 a m of the dates given Orleans Week 77 00C 1 736 00C Exports 46 Since Aug The New Since mean in in in 1 02 in Shreveport La Selma Ala Vicksburg Miss Since Week 3 days 1 day Brownsville MOVEMENT The receipts of Bombay for the week ending Mar 3 and for Aug 1 for three years have been as follows Receipts at Rain Corpus Chrisfci from March 3 has favored farm work Abilene Texas COTTON equivalent 500 pound bales linters excluded is bales against bales in Jan 28 d d 8 d s d d d d 20 X H s d Feb 4 8 d d MANUFAC U H TURES We give below a statement showing the exports of domestic cotton manufactures for Ja ary and for the X im X 20M K 15 6 17H H H DOMESTIC seven EXPORTS months ended Jan 31 OF COTTON r a for purposes of comparison like figures for the corresponding periods previous year are also presented of Mar H 18 14H 25 14 H SHIPPING NEWS As shown on a previous page the the past week have in detail as made mail and telegraphic returns are as follows Bales exports of cotton from the United States reached 77 834 bales The shipments from up 213 Havre Mar 19 McKeesport 213 NEW YORK To Hamburg Mar 19 Oregonian 100 To i Antwerp Mar 17 Federal Ghent Mar 17 Federal Trieste Mar 24 Georgia To Hamburg Mar 17 Glasgow Maru To Rotterdam Mar 22 Calno 2 100 Calno To To To Vancouver 18 Pequot Mar 23 Fert Georgia To Genoa Mar Mar 22 Chifuku Maru TEXAS CITY To Havre Mar 19 Quistconck Maru Mar To Venice Mar Maru 21 Canada Japan Mar To 1 175 Mar 22 Tatjana To 2 950 CHARLESTON To Bremen Mar 19 Sacearappa 950 NORFOLK To Liverpool Mar 24 Graciana 200 PHILADELPHIA To London Mar 11 Castellano 414 SEATTLE To Japan Mar 17 Protesilaus PORTLAND To Japan Mar 21 Seiyo Maru Total Ger Great Texas City Total ico South Japan North New York Galveston Mex Other Eur pe many Britain France the week for The particulars of the foregoing shipments arranged in our usual form are as follows Houston Orleans New Gonzaba To Mexico Mar Japan Mar 22 City of Shanghai Genoa Mar 22 Nicolaos To Charleston Norfolk Philadelphia Seattle Portland Ore Total cotton from New York as furnished by Lambert Burrows Inc are as follows quotations being in cents per pound COTTON FREIGHTS Current rates for ard High Stand 25c 50c Liverpool Density 62c 1 00c Stockholm Manchester 25c 50c Trieste Antwerp 40c 40c Flume 45c 25c 40c 50c 45c Lisbon 30c Oporto Barcelona Ghent Havre Rotterdam Genoa Chrlstiania 40c 1 00c 75c 75c Japan 75c 62c Stand ard 75c 1 25c 1 25c 1 00c 1 00C 80c 1 25c 1 25c High Density Shanghai 75c 55c 1 00c 1 00c Stand High Density ard 1 50c 1 50c Vladivostok 1 00c 1 25c Bombay Gothenburg 62c 75c Bremen 40c 50c Hamburg 40c 50c Piraeus 1 00c 1 25c Salonica 1 00c 1 25c have the fol week s sales stocks c at that port LIVERPOOL By cable from Liverpool we lowing statement of the Mar 4 Sales American Actual export Forwarded Total American Liverpool market for spots and futures been as follows f Market rt M business doing Quiet Quiet HOLIDAY changed 2 3 pts J Firm to 14 19 pts 31 41 pts 4 pts adv advance advance Quiet Quiet 2 pts Firm Steady 12 19 pts dec ine to advance i HOLIDAY Steady Steady un Quiet Futures opened More demand mm Friday Thursday Fair Market Wednesday Tuesday Monday Saturday Mld Upl da 8al0i Mar Mar 18 the past week and the daily closing prices of spot cotton have Market The tone of the K imports American Amount afloat Of which American Of which Spot Total each day of i stock P Of which Mar Sales of the week to be lack of confidence in a has been certain amount of buying for a In grades week was not a so The rank and file of opera prices can be sustained In the next place the crop news is favorable The West too feels more or less the pinch of monetary stringency It is more disposed to sell Besides the foreign news has not been altogether bullish from the standpoint of the wheat trade Suppose Russia is opened up for the trade of West ern Europe Russia in the past has been a large producer of wheat And after all Great Britain has been the chief buyer The Continent has not bought very heavily This recalls the fact that economic conditions on the Continent of Europe are anything but promising In other words the Continent is poor These things have naturally mili tated against the market and despite the British buying and the reports from Washington that the emergency tariff bill will be introduced at the next session of Congress which begins on April 11 and promptly passed This is the measure that was vetoed under the last Administration But it fell flat as a market factor So did a decrease in the visible supply in the United States last week of bushels or nearly half a million bushels more than in the same week last year The present visible supply is only about half as large as it was a year ago namely bushels against a year ago Yet selling for short account has increased and elevator interests have sold on a considerable scale When the export demand fell off all there is a lack of speculation do not believe that present tors other demand died out cabled March 20 Wheat exported during Buenos Aires to an additional export between local exporters for the Government to fix weekly minimum prices in Argen tina The uncertainty regarding the levy of an additional tax such as was suddenly imposed last year is said to have been one of the causes for the recent weakness of the wheat market here In western Central Europe the weather has been favorable Spring wheat sowing is making good pro gress and winter wheat crops are described as satisfactory In Italy and Spain the outlook is favorable In North Africa conditions are good but rain is needed Millers in the United Kingdom are willing buyers of wheat but with control uncertain the tendency is towards caution Stocks of wheat are not decreasing as rapidly as heretofore and the demand from the Continent appears to have slackened some what Australia has reduced the rate on wheat export to East Africa and certain islands in order to meet American competition from 9s to 7s lid per bushel On Thursday prices advanced a trifle but they are slightly lower for the the present year will not be subjected tax An agreement has been reached week 4 pts advance DAILY PRICES CLOSING adv advance advance OF Tuetf 12 to 12 H CLOSING Thurs Wed PRICES OF WHEAT cts Frl Indian 12X 4 p m p m p m p m p m p m Mar 25 d April May June 12H 4 p m p m p m p m d d d d d d to the a of into HOLI HOLI DAY DAY July August September October November December January February BREADSTUFFS Fridap Night4 Flour active at one In fact time on week p m p m vance d d d d March 4 March early in the week was rather more the 19th instant there was quite a good NEW YORK Fri May delivery Moa Tues Hoi Sat 12 IN Mon cts Nom Nom Nom Nom Nom No 2 red Mar 19 WHEAT Thurs Sat March delivery Sat foreign account of word the showing of export business bad But this week Europe has bought on a very small scale It might be larger if the buying power were in the hands of individuals instead of European Governments The governments prefer to buy wheat and build up the milling industry abroad Wheat declined despite liberal export sales early in the week For instance last Monday they amounted to nearly bushels Nevertheless new low price records were made on this movement Why In the first place DAILY be aoribed the Export business last week was on quite a liberal scale it is true and stocks of the lower grades have been it is said pretty well depleted that is on the spot and for nearby delivery First clears indeed have been sold ahead fcy some mills for a month to come Also there 29 35 pts 11 19 pts below the stability of It is to this belief that must general indifference of buyers last To Piraeus Mar 19 Virginia Bridge 75 To Salonica Mar 19 Virginia Bridge seems present prices Napierian Hamburg Mar 19 7 Virginia 169 Antwerp Mar 18 Indier 800 To purchase more or less immediate wants but in the main from time to time for thier there believed to be generally Buyers have no choice but to the better To Manchester Mar To Buyers it was understood Moreover stocks of flour here are light although at low prices both for Canadian Minnewawa ORLEANS To Liverpool Mar 19 Napierian HOUSTON To Bremen Mar NEW American increased their purchases as a precautionary measure in view of the trans portation situation and the possibility of local trouble business done and Esthonla To Piraeus Mar 23 Massilia 200 GALVESTON To Havre Mar 18 West Shore Mar 19 Quisfcconck 2 500 To Bremen Mar 17 Glasgow Maru Mar 22 To Danzig Mar Vol 112 CHRONICLE THE 1316 Corn Yet at followed one time Wed FUTURES IN CHICAGO Mon Tues Wed Thurs 1513A M H Fri Holi day wheat downward early in the the 21st inst there was an ad on both corn and oats owing to damage done big elevator explosion due to the ignition in Chicago in stock by grain dust a But nothing seems to infuse lasting strength corn Although the receipts are not the market for large quite the contrary they are large enough to supply the current demand There is no evading that fact For the cash demand is undoubtedly light Speculative demand is also small Some think the price looks low but they ask vhat of it if wheat keeps on declining Besides the visible Supply increased last week no less than bushels following an increase the week before of bushels or in other words an increase in a fortnight of bushels That was assuredly no small item in a dull market especially as brings the total supply up to bush els against 5 3 00 bushels a year ago The receipts at primary points have much of the time been small This fact March THE CHRONICLE joined with the large increase in the visible supply in spite of it certainly suggests a sluggish consumption The Ex changes are closed to day On Thursday prices advanced li to 34e but are down about 3c for the week DAILY CLOSING CORN OF PRICES Sat No 2 yellow NEW york Wed Thurs Tues cts IN Man committing themselves for far distant deliveries In short nearly all the business passing represents quick replenish ment of jobbing or retail stocks that have been materially reduced delivery jg4 67 the Tues Wed DAILY CLOSING PRICES OF OATS FUTURES Mon Tues IN Sat ders May delivery July delivery cts big bushels relations decidedly un cotton centres and our cotton own markets DOMESTIC COTTON GOODS The feature of the week the marked sulting in broadening of demand for much a of about vance sales larger volume half cent a of At the outset goods gray business and some fairly large made to favored customers at the inside were and 7 c for 68 price to buy 60s Some of the larger users found it outside market on a lower basis 72s x in the than they could make in sales became buyers Fri generally steadily Holiday their own active an resulting advancing reported known prices in mills further developed heavy among dealings Some of the leading the best business in two months 6 c for the 64 at agencies Fully half a basis of 634c a 60s and 7 c to 734c for the 68 x x When these large demand million pieces of print cloths were sold on to re ad an quoted late last week a basis of 6c for 38 inch 64 72s x Some of the commission houses sold directly to printers on large scale Inquiry from converters were also much broader especially for odd widths and narrow cloths The taken for export a And as everybody convers business knows the statistical position is at least theoretically strong There was a further decrease in the visible supply last week of 55 000 bushels In the same week last year it is true the decrease was no less than 844 000 bushels But the point is that the total is now down to bushels against no less than bushels at this time last year And while the price of cash rye has been at times very well maintained futures have suffered from the depression in other grain On Thursday prices advanced 3 to Mc but for the week they are 23djc lower on July and 2c higher on May were with ant Germany and political strengthened appreciably was On the 21st instant little firmness no in out More hopeful reports have been received from British have Rye could not be expected to resist the downward trend of other grain but it is noticeable that cash rye has at times shown broken satisfactory CHICAGO have between that country and the Allies are still day Thurs to The foreign situ trade with Holi Wed wage reductions of by indications of a more sane po regime in Russia and prospects of a resumption of that country On the other hand fresh disor litical Fri 53 do In this country we have tariff changes the steadily industrial centres because of in power The both and lower wages and the prospects certain industries where labor is determined in possible Thurs 54 important of Easter traceable to ation has been improved DAILY CLOSING PRICES OF OATS IN NEW YORK Mon of fight vigorously against seeding it has progressed rapidly and the acreage in the Southwest is being increased All this with large stocks militate very plainly against a material or per manent rise in prices at this time At any rate this is a very prevalent notion On Thursday prices were higher They are down for the week however 54 distribution accelerated by unemployment been favorable for Sat likelihood strikes But on the other hand the cash demand has been small The weather has cts active future contracts is decreasing buying day been rather moderate than otherwise No 1 white No 2 white of mestic and foreign uncertainties Oats like other grain took a downward turn although early in the week they had a momentary advance owing partly to the elevator explosion at the West But the de pression in wheat soon offset everything else especially as the visible supply increased in this country last week 561 000 bushels in contrast with a decrease in the same week last year of 476 000 bushels The total is now bushels against only a year ago The receipts at primary points at the West are described as only fair and hedge selling has not been on a large scale In fact it has I result a reluctance about Hoi DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO Sat Mon Tues Wed Thurs Fri May delivery cts Holi July as generally fine weather and the approach Fri the rye early dealings also included fairly heavy quantities of 34 x 32 sheetings to the bag trade Old customers secured the goods on a basis of 24c per pound but the general trade paid more Later business was done in light weight sheet ings for the bag trade at 434c for 6 15s On the other hand trade in heavy end sheetings was still unsatisfactory continued difficult to It sell ducks and special heavy fabrics for manufacturing purposes remained slow At the outset there was not much general demand for fine goods but later a better inquiry deleveloped for better qualities of DAILY CLOSING PRICES OF RYE Sat May delivery July delivery The IN 113 voiles fine organdies and batistes for immediate shipments CHICAGO Tues Wed cts 134 following FUTURES Mon Fri Thurs supplies of which Holiday ate closing quotations are No 1 spring Corn No 2 No 1 white 1 75 nom No FLOUR Spring patents Winter straights soft 7 85 Hard winter straights 8 15 Clear 6 00 Rye flour 8 35 Corn goods 100lbs Yellow meal Corn flour For 2 other tables usually given Barley goods Portage barley No Noe 2 3 and 4 pearl Nos 2 0 and 3 0 Nos 4 0 and 5 0 Oats goods Carload spot deli very firmed see WOOLEN 5 90 during the month of February and the eight months for the past three years have been as follows Months Months February February for GOODS The activity Flour bbls Wheat bu Corn bu i Total bush Values Breadst ffs Provisions Cotton Petrol c Cot s d oil Total val t j be of H business to some ready for delivery suitings offerings Men s Friday Night March are and many the buyers in attendance in virtually all departments volume of current business on the whole remains While some lines are more or less neglected others have been extremely active It is worthy of note satisfactory so were not of Some light fall extent suitings bought for the spring trade serges and somewhat eager to secure spot plentiful i other staple worsted FOREIGIsf DRY supplies and these were GOODS The market for burlap has remained extremely quiet the practically majority of buyers shewing interest either in spot goods or future ship no At the outset it was stated that some of the larger ments seemed low disposed to operate in forward shipments at levels previously quoted Business of this kind virtually impossible as cables were from 10 to 25 points higher For March shipment light weights were offered at 3 65c and heavies at 4 20c April June ship ments March was quoted about were 25 or 30 points premium over Light weights on the spot sagged off from 4c to 3 90c and heavies from 4 50c to 4 40c Still later it was asserted in some quarters that spot goods might be avail able on the same basis as prompt shipments from Calcutta Conditions in of moment the linen of orders market have undergone no change Among some sellers an increase in the number volved and tliey were of were considerable however that excepting when they are negotiating for wellare averse to has continued freely ordered as to lead to their with known standard lines the majority of buyers wear relatively quiet although there eleventh hour buying Many garment manufacturers who had held out for a long time however feeling in practically all dry goods markets contin ues optimistic as a whole although there are enough con flicting factors to cause a great deal of irregularity There Owing to the Dress goods were signs were the New York were drawal Including flour reduced to bushels The wor experience with heavy cancellations they speculative character a users THE DRY GOODS TRADE and good demand although the withdrawal of various lines now woolens extremely careful not to accept orders that seemed to are Additional in the cautious attitude of many manufacturers checked 8 Months draperies both Quantities Wheat bu of I from February con condition branded muslins pillow tubings and many still apparent unbranded bleached cottons late disagreeable in U S buyers and soid up spring and fall has been well maintained fact the volume of business was restricted somewhat by In EXPORTS OF BRE A DSTUFFS PROVISIONS COT TON AND PETROLEUM The exports of these articles value the cretonnes etc Exports was at While orders A steady business was done in low end cottons page their remained weak and it continued easy to secure many brown 7 25 steds her all wide sheetings ginghams as This fiiling in demand was especially marked ginghams previously ordered Barley Feeding Malting Rye buying were printed wash goods ginghams swisses organdies and napped cottons Leading sellers fixed the prices for fall 53 No 3 white and retailers for 54 No 2 white Nominal yellow Both jobbers quirements Oats No 2 red in fairly good demand for immedi they sold and showing little desire to anticipate future re GRAIN Wheat delivery far from abundant were Finished goods were was reported but only small quantities all for immediate delivery were in VOL 112 CHRONICLE THE 1318 Rico apprqved March 2 1917 was passed by J iale imd City Lkpm tweut ITEMS NEWS Idaho Formation of I New State Proposed A proposition looking to the formation of a new State which would comprise ten counties of north Idaho a part of western Montana and eastern Washington is being considered The new State would be called Lincoln and would have Spokane as its capital A dispatch from Spokane to the New York Tri bune gives the following information concerning the pro posed formation of the State Spokane Wash March 19 Northern Idaho residents fostering forma tion of the new State of Lin win which would comprise ten counties of Idaho north part of western Montana and eastern Washington are be used for propaganda purposes it was said hereto day a raise a fund to to by Herman Taylor of Sand Point Idaho The campaign will be started within a few weeks and will be carried on for two years he said The Idaho Legislature recently passed favorably on the scheme to form the new State of which Spokane would be the capital Northern and southern Idaho are separated by a high range of moun tains and this if it is formed would be the southern boundary V V of the State of Lincoln Kansas Legislature Adjourns The 1921 session of Legislature adjourned at 12 25 p m on Mar Important laws enacted are the 21 limit of levy for cities of the first class having a pop and a half mills for general revenue two three and a half for paying existing obligations one half mill for judgments one half mill each for park and library funds and one fourth mill for other incidentals S B 524 Authorizes an assessment of one twentieth of 1 per cent of the average bank deposits for a State bank guaranty fund the total fund not to exceed S B 146 Preventing cities of the second class from issuing bonds to erect an incinerating plant It also limits the time on bonds for paving to ten years at 6 per cent 8 B 69 Authorizing county commissioners to levy one half mill to the amount of for the erection of hospitals H B 201 Authorizes rural high schools to Levy a tax as high as 12 mills S B 231 Fixes the ulation of less than 40 000 at two improvement to pay H outstanding indebtedness 694 Authorizes Supreme Court to B persons to compile need correcting will brackets Sec That no export duties shall be levied or collected on exports from Porto Rico but taxes and assessments on property internal revenue and license fees and royalties for franchises privileges and concessions may be imposed for the purposes of the insular and municipal governments re as may be provided and defined by the Legislature of Porto Rico and when necessary to anticipate taxes and revenues bonds and other obligations may be issued by Porto Rico or any municipal government therein as may be provided by law and to protect the public credit Pro vided however That no public indebtedness of Porto Rico or of any sub division or municipality thereof shall be authorized or allowed in excess of 171 10 per centum of the aggregate tax valuation of its property and all bonds issued by the government of Porto Rico or by its authority shall be exempt from taxation by the Government of the United States or by the government of Porto Rico or of any political or municipal subdivision thereof or by any State or by any county municipality or other municipal subdivision of any State or Territory of the United States or by the Dis trict of Columbia In computing the indebtedness of the people of Porto Rico bonds issued by the people of Porto Rico secured by an equivalent amount of bonds of municipal corporations or school boards of Porto Rico spectively shall not be counted v Approved February Kansas mills for the 66th Con and approved Feb The amendment extends the debt limit from seven per cent to ten per cent of the aggregate tax valuation We print Section 3 below show ing the new matter in italics and the old to be omitted in gress appoint commission of three of Legislature Adjourns The seventeenth session of the Washington Legislature adjourned sine die on Mar 10 Important among the measures passed during the session and signed by Governor Louis F Hart are Washington House Bill State 287 Appropriation of from the pensation Fund for the purpose of making Bonus Act S B be used S B Veterans Com payments under the Soldiers 241 Appropriating from the Public Highway Fund revolving fund in connection with Federal aid projects 83 Authorizing county commissioners to fix the percentage to as a permanent highway fund to be retained by of permanent highways such amount not to 50 v of the county for maintenance be less than 5 nor more than 208 Authorizing quarantine to prevent Introduction and spread of pests in agricultural and horticultural products 312 Creating a contingent fund for guarantee of bank depositors and fixing assessment of member banks under guaranty S B 139 Creating water distribution districts and providing for dis S B disease or S B tribution of water for irrigation revise and codify existing State statutes Laws which be re enacted by the 1923 Legislature and will be pub lished the next summer counties cities townships H B 387 Permitting of education bonded and ail other municipal indebtedness Kentucky Loans by Counties to State for State Highway Rejected A dispatch from the Louisville Courier Journal Frankfort Bureau dated Mar 15 said No advancements in the form BOND CALLS AND REDEMPTIONS school districts boards organizations to refund outstanding of loans by counties for construction of State accepted the State Highway Commission decided to day after conferring with Attorney General Charles I Dawson who explained to the Commissioners the opinion of the Court of Appeals Boulder Boulder County Colo Bonds Called Storm Sewer Improvement District No 1 bonds Nos 15 to 31 both incl have been called for payment Apr 10 at which time interest ceases Denom 500 Mayme Graham Clerk highway system projects will be in the Hopkins County case In that the Court held that such an advancement is a debt meaning of the constitution and the annual income for the current year within the department is limited to the estimated Hopkins County was offering to lend the department of its bond issue for construction of the Dixie Bee Line through the county The Court said it could as the State was not obligated at the time beyond Its current road revenues See Chronicle of Mar 19 page 1182 Since there are enough counties ready to match dollar for dollar with the State in Federal aid projects to keep the State road fund employed the Commission was of the opinion that the better policy is to decline all lOC l lOStHfl i 1 whether counties may contribute their bond Issues to the Federal aid projects will be decided shortly by Judge Thomas who has before him the suit of County Attorney Thompson of Lawrence County to enjoin the Fiscal Court from thus contributing toward the Mayo Trail Mr Thompson and a delegation from Lawrence and Johnson were before the Commission yesterday urging a change in the route designated in Lawrence County but the Commission deferred action until after the suit is decided as the route of the Mayo Trail would be a moot question if the Court should say the money could not be used for it The Flat Fork route of the Midland Trail through Carter County was adopted by the Commission Rivalry between advocates of that route and the one along the Chesapeake Ohio was thrashed out before the Commis sion yesterday Engineers were of the opinion that the Flat Fork route would save in construction cost Owen and Henry counties will be allowed convict labor again this year to complete projects under construction The question State for use on Missouri Legislature Adjourns The fifty first General Assembly of Missouri adjourned on March 19 after having passed about 280 bills Included in this total is a bill which proposes to submit to a popular vote a Constitutional amendment for a bond issue to provide a bonus for Missourians who served in the war Jersey State Income Tax Proposed A resolution passed by the General Assembly recreating the special commission of 1919 to recommend income tax legis lation for New Jersey to replace the present personal tax The resolution recommends that the bill to be prepared by the Commission should provide for a State referendum to be submitted to the voters at the 1922 election The Hudson Observer on March 18 said New has been Assemblyman Rowland s concurrent resolution No 7 recreating the special commission of 1919 to recommend income tax legislation for New Jersey to replace the prese 1 personal tax has been passed by the Assembly without opposition following activities on the part of the Jersey City Cham ber of Commerce in pushing the measure Frank Jess Chairman of the State Board of Taxation Senator Clarence Case Assemblyman Arthur Pearson George T Smith of Jersey City and George L Record of Jersey City are the members of the old commission who are reappointed by the resolution just passed Further action in the matter of an income tax for New Jersey is the direct result of unceasing activity on the part of the Jersey City Chamber taxation committee of which Angus H McDonald is Chairman The 1919 commission submitted a majority report to the 1920 Legislature recommend ing that the personal property tax be eliminated in favor of an income tax also on Arlington Park Impt Dist bonds Nos 129 to East Side Impt Dist No 6 bond No 41 North Side Impt Dist No 18 bond No 33 North Side Helena Lewis and Clark County Special Sewer Impt Dist No 4 C warrant No 495 Special Street Impt Dist No 78 warrant No 657 Special Street Impt Dist No 80 warrant No 887 Special Street Impt Dist No 102 warrant No 1153 Special Street Impt Dist No 106 warrants Nos 1093 Previously called warrants Special Street Impt Dist No BOND pay Manager Willard G Stanton President Hoos and Chairman McDonald of Assemblyman Pearson succeeded in getting the con resolution introduced current PUPorto Rico Debt Limit Section 3 of the Act to Extended An amendment to provide a civil government or Porto 112 warrants Nos 1194 PROPOSALS this week have been as AND and 1094 and 1195 NEGOTIATIONS follows DISTRICT P O Ada Pontotoc County Okla The year serial school bldg bonds which were purchased at par and interest by the County Treasurer V 112 p 1051 are in denom of 1 000 and are dated June 1 1920 Int J J ADA SCHOOL DESCRIPTION OF BONDS and equipment P O Decatur Ind BOND OFFERING issues of 4 H road bonds will be received until 29 by Hugh D Hite County Treasurer James Kenny Jefferson Twp bonds Denom 648 Due 648 each six months from May 15 1922 to Nov incl ADAMS COUNTY Bids for the following five 2 p m Mar Henry Kruckeberg Union Twp bonds Denom 880 each six months from May 15 1922 to Nov incl 21 400 Merryman Blue Creek Twp bonds Denom 535 Due each six months from May 15 1922 to Nov incl Due Scherry Arnold Kirkland Twp 480 each six months from May 15 bonds Denom 480 Due incl 480 Due incl 1922 to Nov Floyd Stoneburner Kirkland Twp bonds Denom 480 each six months from May 15 1922 to Nov Date Mar Int M N law it will not be a with the assistance Mont Bond Call given to the holder or holders of the following enum erated special improvement district warrants that on April 1 1921 said warrants with accrued interest will be paid upon presentation to Martin Doty City Treasurer of the City of Helena Mont and that interest on the same will cease and terminate on the first day of April A D 1921 Notice is operation of the New York difficult matter to get the new legislation through the next Legislature The resolution recommends that the bill to be prepared by the commission should provide for a State referendum to be submitted to the voters at the 1922 election The Commissioners are to serve without incl 3 bond No 17 South Denver Surfacing Dist No 2 bond No 32 Surfacing Dist No 4 bond No 39 Alley Paving Dist No 21 bond No 26 Alley Paving Dist No 24 bond No 29 Alley Paving Dist No 46 bond No 10 Alley Paving Dist No 52 bonds Nos 1 to 7 incl Alley Paving Dist No 53 bonds Nos 1 to 9 incl Alley Paving Dist No 54 bonds No 1 to 6 incl East Denver Paving Dist No 1 bond No 17 Fourteenth Avenue Paving Dist No 1 bond No 13 South Side Curbing Dist No 3 bond No v V North Denver Storm Sewer Dist No 3 bond No 15 Washington Park Storm Sewer Dist bonds Nos 215 to 217 Incl Seventh Ave Special Sanitary Dist bond No 21 West South Side Sanitary Sewer Dist bonds Nos 541 to 545 Incl Part A Sub Dist No 1 W S Side San Sewer Dist bond No 11 Part A Sub Dist No 3 W 8 Side San Sewer Dist bond No 84 Part A Sub Dist No 6 W S Side San Sewer Dist bond No 19 Part A Sub Dist No 14 W S Side San Sewer Dist bond No 49 secured believed that in view of the successful Impt Dist No 23 bond No 62 North Denver Surfacing Dist No to be It is 131 incl South Denver Impt Dist No 4 bond No 138 East Denver Park Dist bonds Nos 1776 to 1785 applied on a sliding scale not to exceed 6 on incomes over 1 000 and urged that a bill be drawn up and passed for such change but no action was City and County Colo Bonds Called McCarthy City Treasurer has called for payment March 31 1921 the following special improvement bonds Denver M J ALACHUA COUNTY SPECIAL SCHOOL DISTRICT NO 26 P O Gainesville Fla rBOND SALE NEVER COMPLETED The sale of the school bonds during 1919 to the U S Bank Trust Co of Jacksonville V 109 p 1198 was never consummated O Fort Wayne Ind BONDS NOT SOLD Townley Road Construction bonds offered on Mar 12 ALLEN COUNTY P The V 112 p 957 were not sold there having been no bidders for the issue March THE CHRONICLE ALPINE SCHOOL DISTRICT P O American Forks Utah County Utah BOND SALE Keeler Br is Co of Deaver are offering to investors to yield tax free school building bonds Denom Date March 1 1921 Prin and semi ann int J J payable at the Hanover National Bank N Y Due yearly on March 1 as follows to 1931 incl to 1940 inci and These bonds are reported to be tax free in Utah and acceptable for investment banks trust funds and estates and eligible as security for U S Postal Savings Deposits Financial Assessed valuation f Total bonded debt including this issue Estimated population 1921 Official school census ARIZONA State of i DESCRIPTION OF BONDS Further details are at hand relative to the sale of the H tax free coupon tax anticipation bonds awarded as stated in V 112 p 1184Denoms and Date March Prin M ft S payable at the Guaranty Trust Co N Y Financial Assessed valuation for taxation Total bonded debt and semi ann Due March sinking fund I Net debt Population 1920 census int Statement Less SPECIAL TAX SCHOOL DISTRICT Dunlin County kt aro BOND SALE The school bonds offered on March 7 V 112 p 957 have been sold it is stated to J M Schreiber Slayton Co of Toledo Date Feb 1 1921Due yearly on Feb 1 as follows and to 1940 inclusive of Raleigh for the account of W L CAMP C9 NTY P Pittsburg Tex BONDS CAROLINE ASHLAND Ashland County Ohio BOND SALE The following three issues of 6 assessment street improvement bonds which were offered Sent to March inclusive Alley No 6 bonds Denom 150 and 450 Denton Md BOND OFFERING County Commissioners will receive bids 5 tax free road bonds Denom yearly on Oct 1 from 1926 to 1935 inclus amount of bonds bid for required of CASS COUNTY P O Logansport Ind BOND OFFERING J J McCormick County Treasurer will receive bids until 10 for the following three issues of 5 road bonds a m April A M Hicks et al Jefferson Twp bonds Denom 515 Due 515 each six months from May 15 1922 to Nov inclusive 35 900 C A Flory ec al Miami Twd bonds Denoms 500 and 295 Due 1 795 each six months from May 15 1922 to Nov inclusive unsuccessfully on March 12 V 112 p 1184 have been sold to the Ashland Bank Savings Co of Ashland for equal to a basis of about Clark Ave bonds Denom 800 Due 800 each six months from Sept 1 1921 to March 1 1931 inclusive 6 300 Heltman Ave bonds Denom 300 Due each six months from P O CASPER Natrona County Wyo BOND SALE The following 6 bonds which were offered on March 21 V 112 p 765 have been sold to Bolger Mosser ft Willaman and Elston ft Co both of Chicago and the Provident Savings Bank Trust Co of Cincinnati jointly at par year opt water bonds Denom year opt sewerage bonds Denom year opt fire department bldg bonds Denom year opt cemetery bonds Denom year opt drainage bonds Denom 500 Date Feb COUNTY W C Todd President of Board until 1 p m April 5 for 50 000 Date April 1 1921 Due 5 000 ive Certified check for 5 of This issue not included in total debt as it is issued in anticipation of taxes already levied and in process of collection for its payment Total bonded debt less than one tenth of one per cent of the assessed valuation REGISTERED On March H serial and year special road were registered with the State Comptroller bonds Statement Estimated actual value Sant Browning et al Boone Twp bonds Denom 300 Due 600 each six months from May 15 1922 to Nov inclusive Date March Int M N CASS COUNTY P O Loyansport Ind BOND OFFERING County Treasurer will receive bids until 10 a m Mar Morphet Thomas et al Bethlehem Twp road bonds Denom 500 and 260 Date Mar Int M ft N J J McCormick for Due 450 Sept 11921 and 150 each six months from March 11922 to March 1 1931 incl ATTLEBORO Bristol County Mass LOAN OFFERING Pro posals will be received until 11 a m March 29 by the City Treasurer it is reported for the purchase at discount of a temporary loan of dated March 30 and maturing Oct BALLINGER Runnels County T ex BOND ELECTION On April water works Impt and 65 000 municipal light and power plant bonds are to be voted upon BANGOR Penobscot County Me TEMPORARY LOAN The Eastern Trust Co of Bangor bidding 5 81 discount was awarded a temporary loan of on March 22 The notes are payable Oct 22 CEDAR ROCK TOWNSHIP SCHOOL DISTRICT NO 3 Franklin County No Caro BOND OFFERING Proposals will be received bv Supt of Schools P O Louisburg for year school bonds recently authorized by a vote of 65 to 0 until 12 m April 7 Due E L Best CEREDO SCHOOL NOT SOLD No sale school bonds V DISTRICT Wayne County W Va BONDS was 112 p made on March 23 of the year 1185 CHEYENNE Laramie County Wyo BONDS VOTED On March the year opt sanitary and storm sewer bonds V 112 p 674 carried CHOCTAW BARTHOLOMEW COUNTY P O Columbus Ind BOND SALE 15 the 7 280 4A C Herring et al Rockcreek On Mar Twp road bonds offered on that date V 112 p 1051 were awarded to the Farmers Trust Co of Columbus at par Date Mar Due 364 each six months from May 15 1922 to Nov incl The 10 440 George bonds offered at the BEDFORD K same Smith et al Hawcreek ft Flatrock time V 112 p 1051 were not sold Twps road COUNTY P O Hugo Okla BOND SALE The of Oklahoma City was awarded year serial bridge bonds on Feb 21 Denoms 600 and 1 000 Date April I 1920 Int A ft O A like amount of bonds was reported as sold in V 110 p 890 Mann road Co and CINCINNATI is a Hamilton County Ohio BIDS The following complete list of bids submitted for the three issues of 5 street impt bonds which sold were on SCHOOL CITY P O Bedford Lawrence County OFFERING Proposals will be received until 10 a m April 7 by the Board of Education Bertha M Horuff Secretary for high school bldg bonds Due serially for 9 years Ind BOND BEVERLY Essex County Mass TEMPORARY LOAN R L Day Co of Boston purchased a temporary loan of issued in anticipa tion of revenue maturing Nov on a 5 89 discount basis on March 17 BONNERS FERRY On Boundary County Ida BOND ELECTION April year opt municipal impt bonds will be Mar 14 V 112 p Name Provident Issue Bank Cincinnati Wm R Compton Fifth Third Bank Cincinnati Seasongood Mayer Stacy ft Braun Eldredge ft Co Ames Emerich ft Co Remick Hodges ft Co submitted to the voters Hornblower Weeks BOONE COUNTY P O Lebanon Ind BOND SALE On Mar 22 C C Shipp Co of Indianapolis were awarded at par and int the follow Issue Issue R M Grant Co they ing two issues of 4M Sugar Creek Twp road impt bonds Y 112 p W C Jaques et al bonds Denom 650 and 500 Due 3 150 each six months from May 15 1921 to 1930 inclusive 44 700 John W Morrison et al bonds Denom 500 and 235 Due 2 235 each six months from May 15 1921 to 1930 inclusive Date Jan Interest M ft N BOULDER Boulder County McGuire Construction Co of Salt Colo BOND SALE The Sprange LakeCity Utah have purchased 250 Due on or before 17 years Paving District No 12 bonds at par BRAINTREE Norfolk County Mass TEMPORARY LOAN On Mar 18 Arthur Perry Co of Boston was awarded on a 6 03 discount basis a temporary loan of maturing 25 000 on Oct 24 31 and Nov 7 and 14 BRECKSVILLE TOWNSHIP P O Breckvsille Cuyahoga County Ohio BOND SALE On Mar 15 the Brecksville Bank Co purchased at par and interest coupon road bonds Denoms and 1 500 Int semi ann Due yearly on Oct 1 as follows and to 1931 incl BROCKTON Plymouth County Mass LOAN OFFERING The City Treasurer will receive proposals for the purchase at discount of a tem porary loan of issued in anticipation of revenue until 12 m March 29 Dated BROOKINGS March SCHOOL Due Nov DISTRICT P O Brookings Brookings County So Dak BOND OFFERING P J Eril Clerk Board of Edu cation will receive sealed bids until April 1 for the M high school bldg bonds V 112 p 488 Date April Due in 20 years optional after 10 years Bids submitted by Westheimer Co received no consideration because were not made out on the prescribed blanks CLARKSVILLE Montgomery County Tenn BOND SALE Recently year street equipment bonds were sold to the First National Bank of Clarksville it is stated Denom Date April CLINTON Sampson County No Caro BOND OFFERING Sealed proposals will be received until 12 m March 28 for the 50 000 street water and sewer bonds at not exceeding 6 interest V 110 p by H A James Town Clerk Denom Date April 1 1920 Prin and semi ann int A ft O payable in New York gold at the office of tbe U S Mtgo Trust Co Due yearly on April 1 as follows to 1931 incl and to 1941 incl All bids must be on blank formls which will be furnished by the above Clerk and must be accompanied by a cert check drawn to the order of the Treasurer of the Town of Clinton or a sum of money for or in the amount of 1 000 to secure the Town against any loss resulting from the failure of the bidder to comply with the terms of his bid The bonds are to be prepared under the supervision of the United States Mortgage ft Trust Co New York which will certify as to the genuineness of the signatures of the town and the seal impressed thereon Legality will be approved by B Masslich New York and J L Morehead Durham whose approving opinions will be furnished to the purchaser without charge Bonds will be delivered to the purchaser at the office of the United States Mortgage Trust Co New York on April 1 1921 or at the Bank of Clinton Clinton and mast then be paid for in New York funds No bid of less than par and accrued interest will be considered officials Chester CLINTON COUNTY P O Frankfort Ind BOND OFFERING J Marcus Smith County Treasurer will receive bids until 10 a m April 8 for Date Mar 15 W L Fisher et al brick road bonds Denom Int M N Due 2 940 each six months from 1921 May 15 1922 to Nov incl BROOKLINE Norfolk County Mass NOTE SALE On March revenue notes dated March 24 and maturing Nov were awarded to the First National Corp of Boston on a 5 79 discount basis BROWN COUNTY P O Nashville Ind BOND OFFERING Thos C Ayers County Treasurer will receive bids until 1 p m April 4 for the following two issues of road bonds H Jas Sutton et al Hamblen Twp bonds Denom 473 Due 473 each six months from May 15 1922 to Nov incl W T Carmichaelet al Van Buren Twp bonds Denom 700 Due 700 each six months from May 15 1922 to Nov incl Date May Int M N BROWN COUNTS P O Green Bay Wise BOND SALE On March 17 the Second Ward Securities Co Halsey Stuart Co Inc Wm R Compton Co and First Wisconsin Co were awarded tax free coupon road bonds at 93 82 a basis of about 5 86 Denom from 1922 to 1941 incl The purchasers are now offering these bonds to investors to yield from 6 to 5 40 according to maturity Financial Actual valuation estimated Assessed valuation 1920 Total bonded debt Statement including this issue Population CALIFORNIA State of BOND OFFERING Friend W Richardson State Treasurer P O Sacramento will sell at public auction at 2 p m April 14 all or any part of H State Highway bonds Denom Date Jan Prin and semi ann int J ft J payable in gold at the office of the State Treasurer or at the option of holder at the Fiscal Agency of the State of California in New York City N Y Due yearly on July 3 as follows and The Treasurer is required by the Constitution to reject any and all bids for less than the par value of the bonds plus the interest which has accrued thereon and he may at the time and place fixed by him herein for said sale continue such sale as to the whole or any part of the bonds offered to such time and place as he may at the time of such continuance designate CLYDE Sandusky County Ohio BOND SALE The Clyde Savings Bank Co has purchased at par the refunding bonds were offered unsuccessfully on March 4 V 112 p 1051 Date Mar Due 1 000 yearly on Mar 1 from 1926 to 1930 incl which CLOVER SCHOOL DISTRICT NO 37 York County So Caro BOND OFFERING John R Hart District Attorney P O York will receive bids until 12 m April 15 for year bonds at not exceeding 7 interest Date April 11921 Interest annually April 1 Certified check for 500 required Bidders will state preference as to place of payment and denomination of bonds CORNING Steuben County N Y BOND SALE On March 22 the following two issues of 5 coupon bonds offered on that date V 112 p 1185 were awarded to the Corning Trast Co at 103 51 and interest a bftsis of bout Pine Street Bridge bonds Denom 500 and 1 000 Due yearly on March 1 as follows to 1940 inclusive to 1956 inclusive and to 1960 incl 30 000 sewer and water bonds Denom Due 3 000 yearly on March 1 from 1922 to 1931 inclu ve The following is a complete list of the bids B J Van Ingen ft Co N Y 102 57 Corning Trust Co 103 51 Sherwood ft Merrifield N Y 103 58 Remick Hodges ft Co N Y H L Allen ft Co N Y 103 453 Estabrook ft Co N Y O Brian Potter ft Co Buff 102 866 First Nat Bank Corning Geo B Gibbons ft Co N Y For the one an unknown reason ithis accepted was bid which is reported as being higher than rejected COULEE CROCHE SCHOOL DISTRICT St Landry Parish La BOND OFFERING W B Prescott Supt P O Opelousas will receive proposals until 10 a m April 4 for bonds Denom 500 Date Feb office of the St Principal and annual interest fFeb 1 payable at the Landry Parish School Board Due yearly on Feb 1 as 1932 to 1951 inclusive and follows to 1931 inclusive t to 1961 inclusive Certified check for 1 of the amount id required CRAWFORD COUNTY P O English Ind BOND OFFERING April 4 by J B Pierson County Treasurer EVANSTON Uinta County Wy o BOND SALE On March 15 Wheelwright Construction Co of Ogden Utah was the successful 15 30 year opt water bonds dated Feb V 112 p 675 at par and interest the bidder for the Bids will be received until 2p m for the following 5 road bonds George W Morris Ohio Twp bonds Due Denom rl 30Zimmerman Patoka Twp to Nov incl P each six months from May bonds Denom 390 Due 390 each six months from May 15 1922 to J CRAWFORD COUNTY P O Flickinger Ohio BOND OFFERING proposals until 12 m Flickinger County Auditor will receive G payable at the County Treasurer s office Due April 1 1922 and 5 000 each six months from Oct 1 1922 to Oct 1 1925 incl Cert check for 500 on a Crawford County bank payable to the County Auditor required Purchaser to pay accrued interest CROOK COUNTY SCHOOL DISTRICT NO 16 P O Moorcroft Wyo BOND OFFERING On April 4 at 8 p m school bonds will be offered for sale Denom 500 Bids less than par will not be considered Bert Waddell Clerk CROSSVILLE Cumberland County Tenn BOND OFFERING D McClancey City Recorder will entertain proposals until 1 p m April 15 for bonds Int semi ann payable at the First Na tional Bank Crossvilie Due in 20 years optional after 10 years J CROWLEY COUNTY SCHOOL DISTRICT NO 12 P O Ordway Colo DESCRIPTION OF BONDS The school bonds which mentioned in V 112 p 1186 are described as follows Denoms were 1 000 and 500 Date April Int A Bros N Y Due April optional April Financial O payable at Kountze Statement value estimated valuation 1920 Total bonded debt including this issue Actual Assessed Population estimated COUNTY P O Greenville Ohio BOND SALE Greenville National the Second National the Farmers National the Citizens State and the Peoples Savings Banks all of Greenville were the successful bidders at par and int for the coupon InterCounty Highway No 208 impt bonds offered on Mar 16 V 112 p Due 22 000 each six months from Mar 1 1922 to Date Mar incl DECATUR COUNTY P O Greensburg Ind BOND OFFERING receive bids until 2 p m April C Arthur Herring et al Jackson Twp road bonds De nom 364 Date Mar Int M N Due 364 each six months from May 15 1922 to Nov incl Ozro J Butler County Treasurer will for DELAWARE COUNTY P O Muncie Ind BOND OFFERING Swain County Treasurer will receive proposals until 10 a m April 2 for the following three issues of 4 4 road bonds Emerson Billy et al Harrison Twp bonds Denom 595 Due 1 190 each six months from May 15 1921 to Nov incl 13 000 Geo W Wills et al Harrison Twp bonds Denom 325 Due 650 each six months from May 15 1921 to Nov incl 20 000 Win L Gilmore et al Perry Twp bonds Denom 500 Due 1 000 each six months from May 15 1921 to Nov incl Date Aug Int M N Earle H COUNTY DRAINAGE DISTRICT NO 2 P O Deseret Utah BOND ELECTION On April canal and drainage DELTA are to be voted upon DENVER say FLOYDADA INDEPENDENT City and County r 7 bonds Garden Valley Drainage Ditch bonds Due yearly on Mav 1 as follows to 1929 inclusive and Mud Lake Drainage Ditch bonds Due yearly on May 1 as follows to 1929 inclusive and Denom 500 Date May 1 1921 Principal and semi annual interest payable at the First National Bank Chicago or at option of holder at the Bankers Trust Co New York Certified check for 500 for each issue DOUGLAS COUNTY P O road bonds The not sold Superior Wise BONDS NOT SOLD offered on March 16 V 112 p INDEPENDENT SCHOOL DISTRICT P O Duluth St Louis County Minn BOND OFFERING Charles A Bronson Clerk Board of Education will receive sealed proposals until 8 p m March 30 for bonds at not exceeding 6 interest Denom Date April 1 1921 Prin and semi ann int A O payable at the American Exchange National Bank N Y Due on April 1 as follows and Cert check for 2 000 payable to the Board of Education required DULUTH EASTLAND TERED An COUNTY issue of P O Eastland Tex BONDS 5 4 serial special registered with the State Comptroller on March 17 road REGIS bonds was EI G3E3FIELD COUNTY P O Edgefield So Caro BOND SALE year opt bonds offered on March 16 V have been awarded it is reported to J H Hilsman Co of Atlanta at 95 ELK POINT Union County So Dak BOND SALE On March light plant impt bonds were sold at par and int to Fairbanks Morse Co of Chicago Denom Date May 1 1921 Int M N Due May 1 1941 optional after five years ELM CITY Wilson County No Caro BOND OFFERING Sealed bids will be received until 2 p m March 30 by J W Winstead Mayor is stated for electric light bonds Denom Date Principal and semi annual interest F A pavable at a place to be designated by jfhe purchaser Due Feb Certified check for 2 of the amount bid payable to the town required Legality approved by Reed Dougherty Hoyt of New York it Feb 1 OFFERING 8 p m FOREST CITY Rutherford County No Car o BOND C Keeter Town Clerk will receive sealed proposals until bonds Denom school bonds on March 1 as 1921 ELYRIA Lorrain County Ohio BOND OFFERING W F Guthman City Auditor will receive bids until 12 m April 12 for the water works bonds bids for which were rejected on Jan 4 V 112 o 1RO Denom Date April 1 1921 Prin and semi ann int A O payable at the U S Mtge Trust Co of New York Due 10 000 yearly on April 1 from 1931 to 1945 incl Cert check on a local or any national bank for 2 of amount of bonds bid for payable to the City Treasurer required Bonds to be delivered and paid for at Elyria Purchaser to pay accrued interest ERIE COUNTY P O Sandusky Ohio BOND SALE On March 10 the Inter County Highway No 288 bonds offered on that date V 112 p 958 were awarded at par and interest Date Dec 1 1920 Due 5 000 Dec 1 1922 and 2 500 yearly on Dec 1 from 1923 to 1931 incl Date Mar follows Due yearly and to 1933 incl and to 1950 incl impt bonds Denom Date Jan 1 1921 Due yearly on Jan 1 as follows to 1927 incl to 1932 incl to 1942 incl and to 1949 incl Prin and semi ann int payable at the National Bank of Commerce N Y Cert check on an incorporated bank or trust company for 2 of the amount of bonds bid for required The successful bidder will be furnished with the opinion of Storey Thorndike Palmer Dodge of Boston and Charles N Malone and G A Tbomasson of Asheville that the bonds are valid ana binding obligations of town of Forest City The to wn will furnish free of incl to 1946 cost the bond forms FOUNTAIN COUNTY P O Covington Ind NO BIDS There no bids submitted for the Wm E Gary et al Millcreek were Twp road bonds offered on Mar 9 V 112 p 765 FREEBORN COUNTY SCHOOL DISTRICT NO 140 Minn SALE The school bldg bonds offered on Aug 28 last V Ill p 912 have been sold to the First National Bank of Albert BOND y AA FULTON COUNTY P O Rochester vv Ind BOND OFFERING Mar 30 by H B Kumler County Thorstenson road bonds Denom 775 Date April 1 1920 Int M N Due 775 each six months from May 15 1921 to Nov incl NO BIDDERS There were no bidders for the lA Thos F Neff et al road bonds offered on Mar 14 V 112 p 1052Bids will be received until 10 a Treasurer for Peter m William W Smith et al Etna road bonds which was offered on Feb 19 has been sold to the Loan Trust Co of Columbia City Denom 560 Date Feb Int M N Due 560 each six months from May 15 1922 to Nov inclusive BOND SALE An issue of Twp Farmers FULTON Callaway County Mo BOND ELECTION On April 5 decide whether they are in favor of issuing the voters will 5 20 year opt bonds W B Pemberton is City Clerk County Cherokee GAFFNEY March 22 J H Caro BOND SALE On awarded the So Hilsman Co of Atlanta were street improvement bonds V 112 p 1186 Due 10 000 yearly on April 1 from 1926 to Date April 1 inclusive COUNTY P O Bozeman Mont BOND OFFER ING At 1 p m April 18 bids will be received for the purchase of highway bonds Bids for less than par will not be considered Cert check of 4 000 required J H Harris County Clerk A like amount of bonds was reported as sold in V 112 p 488 GALLATIN GEDDES P O Solvay Onondaga County N Y BOND SALE The water bonds offered on Mar 22 V 112 p 1186 were awarded to Redmond Co of New York at 102 81 a basis of about 5 66 Date Mar 1 from 1925 to 1921 Due 1 000 Mar incl and 2 000 yearly on Mar 1 GIBSON COUNTY P O Princeton Ind BOND OFFERING Bids will be received until 10 a m Mar 31 by Stanford Witherspoon for the following four issues of 5 road bonds Charles Freeman et al Wabash Twp bonds Denom 10 and 30 for 500 Due two bonds each six months from 1922 to Nov incl 19 300 F M White et al Patoka Twp bonds and 30 for 500 Due two bonds each six 1922 to Nov incl 35 000 C S Scull et al Patoka Twp bonds 2 000 on May 15 and 1 500 on Nov John Hollen et al Wabash Twp 30 for 500 Due 2 bonds each Nov incl Date Mar Int M N bonds for 150 May 15 Denoms 10 for 430 months from May Denoms 500 Due in the years 1922 to Denoms 10 for 200 and 1922 to six months from May GLOUCESTER Essex County Mass TEMPORARY LOAN A temporary loan of dated Mar 28 and maturing Feb 1 1922 was awarded to Estabrook Co of Boston on a 5 95 discount basis March 23 on time the City Treasurer awarded 20 000 bonds to Grafton Co of Boston at 102 52 Due 1 000 yearly on April 1 BOND SALE At the same 5 a 1 20 vear serial water Date April to 1941 inclusive basis of about 4 67 from N J BOND SALE registered road bonds offered on March 17 V 112 p the Woodbury Trust Co at par Date Jan Jan 1 1923 and 15 000 yearly on Jan 1 from 1924 to 1930 incl The Were awarded to Due Park Cuyahoga County will be received until 8 30 p m Apr 7 Township Trustees for coupon Date April 1 1921 Prin and semi anH int A O payable at the West Park Branch of the Cleveland Trust Co Due 1 000 on Oct 1 in and 1939 Cert check on some bank other than the one making the bid for 10 of amount of bonds bid for payable to the Township Treasurer required Purchaser to pay accrued GOLDWOOD TOWNSHIP P O West Ohio BOND OFFERING Bids by W H Thomson Clerk of road bonds Denom interest GRAND RAPIDS Kent County Mich BOND ELECTION An April 4 to vote on propositions providing for the water extension and bridge bonds election has been called for issuance of The Floydada On March 15 by 278 for to GLOUCESTER COUNTY P O Woodbury required p SCHOOL DISTRICT P O March 31 for the following 6 DOUGLAS COUNTY P O Armour So for the following Denom bonds carried Colo BOND ELECTION Reports Dak BOND OFFFRING will receive sealed bids until 12 m April 5 bonds 1922 to Nov incl A that the proposition to issue municipal bonds for the purpose works system will be submitted to were m Floyd County Tex BONDS VOTED of making improvements in the water the voters at the May election P Eernesse County Auditor Due 2 706 each 98 against school DARKE bonds Connersville Columbia Twps bonds six months from May al et incl Walter Cummins et al Posey Twp Due 1 260 each six mos from May 15 Date Mar Int M N COUNTY The Sept Conner to Nov Lea P O Dallas Tex BOND OFFERING Chas E Gross County Auditor will receive sealed proposals until 10 a m March 31 for year opt coupon hospital bonds Denom Date Jan Prin and semi ann int J J payable at the Chase National Bank N Y or at the office of the State Treasurer at option of holder Cert or cashier s check for 8 000 payable to Arch C Allen County Judge required Bends have been approved by the State Attorney General and the purchaser will be given the legal opinion of Jno C Thomson of N Y Official circular states that there has been no litigation nor is there any threatened litigation whatever affect ing in any manner this issue of bonds Total Bonded Debt including this issue March Total amount of interest and sinking fund Assessed valuation of real and personal property Real valuation of real and personal property 1920 est Total tax rate of County cents 100 00 valuation Population 1920 Census DALLAS M Denom Nov incl T McFarland et al Potoka Twp bonds Denom 650 Due 650 each six months from May 15 1922 to Nov incl Date April 4 1921 Int M N March 31 for coupon ditch bonds Denoms 1 for 310 75 and 74 for 500 Date April 1 1921 Prin and semi ann int A O Connersville Ind BOAT OFFERING Treasurer until 2 p m FAYETTE COUNTY P O Bids will be received by James A Coe County Mar 30 for the following 5 road bonds B A Vol 112 CHRONICLE THE 1320 GREENE COUNTY P Ohio BOND OFFERING coupon bridge bonds wiil be O Xenia Proposals for the purchase of by S O Hale Clerk of Board of County Commissioners Denom Date April Prin and semiann int payable at the County Treasurers office Due 2 000 each six months from Mar 1 1922 to Sept incl Cert check for 1 500 received until 12 m April 11 payable to the County Treasurer required Purchaser to pay accrued int GREENE COUNTY P O Bloomfield Ind BOND OFFERING Herschel Corbin County Auditor will receive bids until Mar 30 for Noah Stafford et al Stafford Twp and Richland Twp 4 4 road impt bonds Date F M Gilpin et al May 15 1920 and Mar GREENFIELD SCHOOL TOWNSHIP P O Brighton La Grange County Ind BOND OFFERING Harvey C Plank Towrship Trustee will receive bids until 10 a m April 9 for school bonds De noms 1 for for for 500 and 20 for 450Date April 9 1921 Prin and semi ann int J J payable at the National Bank of La Grange Due 2 200 July 1 1922 and 1 950 each six months from Jan 1 1923 to July 1 1933 incl HAMLET Richmond County No Caro BOND OFFERING relative to the offering on April 15 of the school bonds V 112 p 393 Sealed bids for these bonds will be received until 8 p m on that day by E H Mahone City Clerk and Treasurer Denom Date April Int semi ann Additional information is at hand A O payable at a delivered place to be designated by the purchaser Cert payable to the town of Hamlet required Bonds to be within 30 days after date of sale Official circular states that check for March 26 there has been no bonds litigation whatever affecting in and assessed Total bonded valuation I for any manner this issue of debt including this issue gating debt Debt for water purpose being unsatisfactory rate Industrial Kenton road P O Findlay Ohio Commission of Ohio has BOND SALE The purchased Findlay impt bonds HARRIMAN Roane County Tenn BOND OFFERING J A Gilbreath City Clerk will receive sealed bids until 7 p m March 29 for the following 6 bonds Y 112 p high school bonds Due 2 000 yearly on March 1 from 1926 to 1937 inclusive funding bonds Due yearly on March 1 as follows payable at the Union Trust Co of Indianapolis Due 1 000 yearly on Jan 1 from 1923 to 1949 inclusive and 1 500 Jan Certified on some local responsible bank for 2 M of amount of bonds bid for payable to Ralph A Llmcke City Treasurer required Bonds to be delivered and paid for at the City Treasurer s office on April 7 or such other date as may be agreed upon check IREDELL COUNTY P to 1946 incl and Denom Date March 1 1921 Prin and semi ann int M S payable in gold in New York Bonds are registerable as to principal Certified check on a bank or trust company in Tennessee or a national bank in any place for 1 of the amount of bonds bid for payable to the City Treasurer required Approving legal opinion of Chester B Masslich of will be furnished without charge Delivery of bonds where bidder elects east of Mississippi River on or about March Bidders may bid for either or both issues but must separately state the bid for each issue and may condition same upon the award of the other issue to the same N Y bidder HATTIESBURG Forrest County Miss BOND SALE The general impt bonds offered on March 17 V 112 p 1052 have Co of Cin been sold according to newspaper reports to Weil Roth cinnati and Otto Marx Co of Birmingham jointly at par and accrued interest and to pay all expenses in connection with the issuance of the bonds The bonds are to be used for the following purposes A For erecting a municipal building commonly called a city hall in the of sum B For erecting and equipping a white municipal school building on Main Street School ground in the sum of C For erecting and equipping a colored municipal school building in Ward Four and buying additional grounds therefor in the sum of D For repairs and improvements of existing municipal school buildings in the E O Statesville No Caro BOND OFFER ING Sealed bids for the purchase of read and bridge bonds will be entertained by W sioners until 12 H Morrow Clerk Board of County Commis April 4 m Date April 15 follows Cert check for incl to and Prin and semi ann int payable at the Hanover National Bank N Y as Due yearly on April to incl 1956 payable to the County Treasurer required ion of Storey Thorndike Palmer Dodge of The opin Boston approving the legality of the bonds will be furnished the successful bidder HARRISON COUNTY P O Corydon Ind BOND OFFERING County Treasurer will receive bids until 1 p m Mar 28 for the following three issues of 5 road bonds H N Fessel et al Morgan Twp bonds Denom 540 Due 540 each six months from May 15 1922 to Nov incl 33 000 F M Brown et al bonds Denom Due 1 100 each six months from May 15 1922 to Nov incl 14 700 Jesse O Flock et al Spencer Twp bonds Denom 490 Due 490 each six months from May 15 1922 to Nov incl Date April 1 1921 Int M N Wm Taylor sum INDIANAPOLIS Marion County Ind BOND OFFERING Robert H Bryson City Controller will receive bids until 12 m April 7 for the H coupon park bonds which were withdrawn when previously offered on Feb 28 V 112 p 959 Denom 28 for 1 000 and 1 for 500 Date April 7 1921 Principal and semi annual interest J J 7 cents HANCOCK COUNTY State IBERIA PARISH ROAD DISTRICTS La BIDS REJECTED All bids received for the five issues of road bonds aggregating on March 15 V 112 p 959 were rejected as None None Population estimated 1321 HUTCHINSON SCHOOL DISTRICT NO 1 P O Hutchinson Reno County Kans BOND SALE Vernon H Branch and the Brown Crummer Co both of Wichita have purchased taxfree bonds Denom Date March Due March Tax CHRONICLE Financial Statement True THE sum of For the purchase of of HAYWOOD fire department equipment and apparatus in the COUNTY P O Waynesville No Caro BOND April 9 G N Henson Register of Deeds will receive proposals for road and bridge bonds Denom Date Mar Prin and semi ann int payable at the Chase National Bank N Y Due 5 000 yearly on Mar 1 from 1931 to 1950 incl Cert check on an incorporated bank for 2 000 required The successful bidder will be furnished with the opinion of Storey Thorndike Palmer Dodge of Boston and Chas N Malone and Garland A Thomasson of Asheville that the bonds are valid and binding obligations of Haywood County The county will furnish the bond forms free of cost OFFERING Unitl 12 m HEBER Wasatch County Utah BONDS VOTED On March 14 by 123 for to 14 against water extension bonds were voted Financial Statement Assessed value of all taxable property for 1920 Bonded debt for all purposes not including this issue Flpatihg indebtedness to be paid off the sale of the out of above bonds Population 1920 Census The ments elsewhere in this SCHOOL DISTRICT P O Marysville Ohio BONDS VOTED It is reported that school bldg bonds JASPER the advertise among Department TOWNSHIP JACKSON Union County official notice of this bond offering will be found COUNTY were authorized by a March 11 on vote of the electors O P Rensselaer Ind NO BIDS No bids were received for the two issues of 5 road bonds amounting to offered on Mar 17 V 112 p 1053 JEFFERSON SCHOOL TOWNSHIP P O Kempton Tipton County Ind BOND SALE The State Bank of Kempton was awarded offered on March 21 Date March Due 2 000 March 15 1922 and 7 000 yearly on March 15 from 1923 to the high school bldg and repair bonds V 112 p 1187 The price was par and interest 1936 inclusive JOHNSTOWN SCHOOL DISTRICT Cambria County Pa BOND OFFERING Proposals for the purchase of an issue of taxfree coupon with privilege of registration school impt bonds Series A will be received until 8 p m April 11 by Charles H Meyer Secretary of Board of School Directors at 601 Swank Bldg Johnstown Denom 1 Date April Prin and semi ann int A O payable at Treasurer s office Due 80 000 April 1 1926 and 20 000 April 1 from 1927 to 1947 incl Cert check for 5 000 payable to the School District of the City of Johnstown required A copy of the opinion of Townsend Elliott Munson of Philadelphia that the bonds are valid and binding obligations of the district will be furnished to the purchaser Purchaser to pay accrued interest the District yearly on Financial Statement Assessed valuation of Johnstown Real valuation of Johnstown Cash in sinking fund Net debt of school district Population 1920 census 67 327 Estimated value of school property grounds and buildings General tax rate for school purposes 11 63 mills Total bonded debt HEMPSTEAD Town UNION FREE SCHOOL DISTRICT NO 11 P O Rockville Centre Nassau County N Y BOND OFFERING Gilbert Smith Clerk of Board of Education will receive bids until 8p m coupon with privilege of registration school building bonds the interest rate to be specified by the bidder Denoms 2 for 5 000 and 10 for Date July 1 1921 Prin and semi ann int payable April 5 for at the Nassau County National Bank of Rockville Centre Due 10 000 yearly on July 1 from 1923 to 1933 incl Cert check for 10 of amount bid payable to the Treasurer of the Board of Education required Bonds to be delivered and paid for on July 1 at the Nassau County National of Bank of Rockville Centre P O Lynbrook COUNTY JUNEAU Nassau County N Y BOND OFFERING The Board of Education will receive bids until 8 p m April 5 for school bonds to bear interest at a rate not to exceed 6 Denom Date May 1 1921 Principal and semi annual interest payable at the Lynbrook National Bank in New York exchange Due 10 000 yearly on Jan 1 from 1923 to 1947 inclusive Certified check for 10 of amount of bonds required Purchaser to pay accrued interest O P Mansion Wise BOND SALE An issue soldiers bonus bonds was sold during Match 1920 to the Second Ward Savings Bank of Milwaukee Denoms 500 and 1 000 Date March 1 1920 Int M S Due 1929 Kalamazoo KALAMAZOO HEMPSTEAD TOWN UNION FREE SCHOOL DISTRICT NO County Mich BOND SALE The Detroit Trust Co recently purchased tax free paving and bonds Denoms 1 000 and 500 Int M S Due yearly on March 15 as follows and 1926 and to sewer 1931 inclusive Summit County Ohio BOND OFFERING B O Village Clerk will receive proposals until 12 m April 21 for the following two issues of 6 sewer bonds city s share sanitary sewer bonds Due 1 000 yearly on Mar 15 KENMORE Sours from 1931 to 1940 incl HEMPSTEAD UNION FREE SCHOOL DISTRICT NO 21 P O Rockville Centre Nassau County N Y BOND SALE On March 24 Geo B Gibbons Co were awarded the following two issues of coupon or a registered school bonds V 112 p 1052 at their bid of 100 67 for 5 s basis of about 5 40 Denoms and Due yearly on 1 as follows and to 1933 inclusive and bonds Denom Due 5 000 Jan 1 1934 and bonds Jan Jan special Mar 15 HENDRICKS COUNTY P O Danville Ind BOND OFFERING Bids for A B Mercer et al Eel River Twp road bonds will be until 10 a m April 4 by Allen J Wilson County Treasurer Denom months from Date Aug Int M N Due 330 each six May 15 1922 to Nov incl Purchaser to pay accrued interest HILLSBORO Highland County Ohio BOND OFFERING Bids April 12 by B E Ervin Village Clerk for water works extension bonds Denom 500 Date March 1 1921 Int M S Due 500 each six months from March 1 1922 to March 1 will be received until 12 m 1924 inclusive HOBOKEN Hudson County N J BOND SALE The city has sold coupon or registered temporary impt bonds to B J Van Ingen Co of New York who are now offering them to investors at prices to yield 5 75 Denom Date Jan Int J J Due 48 000 Oct July Jan and 63 000 April 1 1927 HOLLO WAY County Ohio BOND OFFERING Bids will be received until 12 m April 14 by E N Skaggs Village Clerk for street repair bonds Denom 200 Date March 1 1921 Int annually on Sept 1 Due 200 yearly on Sept 1 from 1922 to 1932 incl Cert check for 10 of amount of bonds bid for payable to the Village Treasurer required Bonds to be delivered and paid for within ten days from date of award Purchaser to pay accrued interest ft f A Belmont HOMESTEAD Dade County Fla NO BIDS RECEIVED No bids were submitted on March 21 for the 15 000 street impt bonds V 112 p 766 mdt itfoim HOMESTEAD SCHOOL DISTRICT Allegheny County Pa BOND ELECTION A proposition to increase the bonded debt of the dis trict by for school buildings will be submitted to a vote on April 14 HOWARD COUNTY P O Kokomo Ind BOND OFFERING Orville O Butcher County Auditor will receive bids until 10 a m April 6 for Fay Beal et al Center Twp drain bonds HOWELL COUNTY P O West Plains Mo BIDS WILL BE CON SIDERED Ward Ellis County Clerk informs us that offers at not less than 95 flat for the purchase of road bonds will be entertained by the County Court These bonds are the unsold portion of the road issue of which were already sola as stated in V 109 p 700 t t Date Mar Int semi ann Cert check for 5 of amount of bonds bid for payable to the City Treasurer required Bonds to be delivered and paid for within ten days from date of award Purchaser to pay accrued interest Dak BOND OFFERING Until receive proposals for 30 000 Date March 1 1921 Int semi ann Due March 1 1941 Cert check for 5 required Legality approved by Chapman Cutler Parker of Chicago KIMBALL Brule County So 8 p m April 11 C H Coxe City Auditor will and water works received assessment storm water sewer bonds Due yearly on as follows to 1925 incl and to 1931 incl Denom sewer 6 bonds DISTRICT NO 1 P O Beth KIT CARSON COUNTY SCHOOL une Colo BOND ELECTION SALE Subject to being voted May 2 Benwell year school bldg bonds have been sold to Phillips Este Co of Denver Assessed valuation debt this issue only Population est Bonded DISTRICT NO 5 Wash BOND SALE The State of Washington was awarded on Mar 12 the 38 000 school bonds V 112 p 959 at par for 5Hs A bid of 30 015 for 6s was also received from Keeler Bros Co KITSAP COUNTY UNION HIGH SCHOOL LAC QUI PARLE COUNTY P O Madison Minn DESCRIPTION 5H 6 20 year serial ditch bonds awarded on of Minneapolis for equal to 100 84 V 112 p 1187 are in denoms of 56 for 1 000 and 1 for 500 OF BONDS The Feb 1 to the Minneapolis Trust Co and are dated Feb 1 Int F A LAKEWOOD Cuyahoga County Ohio BONDS SOLD IN PART city s portion street improvement bonds offered on March 21 V 112 p 1053 were awarded to N S Hill Co of Cincinnati for equal to a basis of about 5 82 Date Feb Due 4 000 yearly on Oct 1 from 1925 to 1946 inclusive The following The were the bids received Premium Name Premium Name N S Hill Co Cincinnati 562 00 A T Bell Co Toledo Taylor Ewart Co Chic Ill Prudden Co Toledo There were no bids for the nine Issues of 6 assessment bonds amounting to offered at the same time Field Richards Co Cin Seasongood Mayer Cinc LAPORTE Until 10 COUNTY P O Laporte Ind BOND OFFERING April 5 bids will be received by John Line County Treasurer 5 J F Tilden et al Scipio Twp road bonds Denom Int M N Due 2 850 each six months from May 15 1922 to Nov inclusive Certified check for 5 required a m for 57 000 Date Nov LARIMER COUNTY SCHOOL DISTRICT NO 5 P O Fort Col lins Colo BOND OFFERING Edward H Hall District Secretary proposals until 4 p m Mar 28 for the purchase of schoolbuilding bonds amounting to the Board of School Directors re serving the right to increase such amount to if upon letting con tracts the additional 10 000 shall be added Date of bonds not yet de termined Prin and semi ann int payable at the office of the County will receive sealed 1322 Treasurer THE or at Kountze Bros N Y Cert check years CHRONICLE or Due in 30 years optional after 10 bank draft for SI 000 payable to L C Moore Dis MARINETTE County Wise BOND SALE Paine purchased tax free Junior 1 000 Due yearly on Feb 1 as follows to 1924 incl to 1928 incl High School bonds of 1920 will not be entertained and freak or complicated bids will not be considered Payment will be received in a lump sum for entire issue at time of delivery bonds may be delivered to purchaser in installments with accrued inter est but such installments must be timed to meet the necessities of the Board s building operations Purchaser will be expected to prepare and furnish blank bonds of suitable form and workmanship without charge to or 500 Date months from Mar able the City to Mar 1 road and bridge bonds April six pay p 1053 were the successful bidders on Feb 26 for the school building bonds at par MENDON Mercer County Ohio BOND OFFERING F G Fisher Village Clerk will receive bids until 12 m Apr 9 for re funding bonds Denom 1 for for 500 Date Mar Int payable annually Due 150 Mar 1 1923 and 500 yearly on Mar 1 from 1924 to 1933 incl Cert check for 200 required P O Albany Ore BOND SALE Reports say that J M Hawkins of Albany was the successful bidder on March 21 for the following 5 bonds V 112 p 1053 at par bonds Due Oct bonds Due Oct COUNTY Date Oct METHUEN Essex County Mass TEMPORARY LOAN A tempo ROCK Ark WARRANT SALE The funding offered on Mar 4 V 112 p 582 have been sold to Co Date Mar Denom Due The purchaser is now offering them to investors to yield rary loan of dated Mar 18 and maturing Dec was awarded to the Old Colony Trust Co of Boston on a 6 30 discount basis on Mar 18 tax free warrants P W Chapman MILFORD New Haven County Conn BOND OFFERING Sanford Hawkins Town Treasurer will receive bids until April 13 for coupon bonds Date May 1 1921 Prin and interest payable at theMilford Trust Co of Milford Due 13 000 May 1 1922 and 10 000 yearly on May 1 from 1923 to 1929 incl 7 interest Financial Statement Rea lvalue of taxable property estimated Total debt less than 2 of assessed Assessed value 1919 Total indebtedness including this issue Population 1920 census MINERAL WELLS Palo Pinto County Tex BONDS REGISTERED The State Comptroller on March works bonds valuation LOWELL Middlesex County Mass BOND OFFERING Fred IT Rourke City Treasurer will receive bids until 10 a m March 29 for the following 5 coupon tax free bonds high school bonds Due yearly on April 1 as follows Thorndike Palmer Dodge whose opinion will be furnished the purchaser All legal papers incident to these issues will be filed with said bank where they may be inspected at any time Bonds will be delivered to the pur chaser on or about April 1 at the First National Bank of Boston McDONALD Trumbull County Ohio BOND OFFERING E W Jackson Village Clerk will receive proposals until 12 m April 14 for 85 000 Denom Date April 1 1921 Interest 6 fire department bonds semi annual Due 4 000 yearly commencing April 1 1922 Certified Simpson Village Treasurer required check for 500 payable to John C Purchaser to pay accrued interest McKEAN COUNTY P O Smithport Pa BOND OFFERING Bids will be received until April 25 by R Walker Clerk of Board of County Commissioners for road bonds on June 1 in and required Date June 1 194t Due Certified check for 5 MADISON COUNTY P O Huntsville Ala CERTIFICATE OF IBRING C H Pulley President of Board of Revenue offers for imme diate sale certificates Due Jan MADRID Perkins County Neb BOND SALE Benwell Phillips Este Co of Denver have purchased water works bonds Denoms 17 for 500 and 1 for 100 Date June 1 1920 Prin and semiann int J D payable at the office of the County Treasurer Due June 1 1940 optional June Financial Statement Valuation of taxable property as returned by the assessor for Total bonded debt including this issue all for water and light Population Census City of Philippine MINOA Onandaga County N Y BONDS VOTED A bond issue purchasing a town hall site was voted by 34 to 26 at a to raise 5 000 for MI NOT Ward County No Dak CORRECTION In an item which appeared in V 110 p 96 we reported that Bolger Mosser Willaman of Chicago had purchased during December sewage disposal bonds from this city but we have since been informed by this firm that this report was incorrect MITCHELL INDEPENDENT SCHOOL DISTRICT P O Mitchell Davison County So Dak BOND OFFERING Additional information at hand relative to the offering on March 31 of the school is bonds at not exceeding 6 interest V 112 p 1188 Sealed bids for these bonds will be received until 8 p m on that day by A B McKeel Clerk Date May 1 1921 Interest semi annual Due in Board of Education 20 years Islands BOND OFFERING Bids p 490 Denoms 1 000 and 5 000 Date Dec Int payable quarterly on March 1 June 1 Sept 1 and Dec 1 Prin and int payable at the Treasury of the United States Due Dec optional after Dec A bank draft or cert check for 2 of the amount of bonds for payable to the Chief Bureau of Insular Affairs required The are issued under the authority contained in Act of Congress approved Aug and an Act of the Philippine Legislature approved Feb Bids must be enclosed in envelopes plainly marked Subscription for City of Manila 5 4 bonds and addressed to Frank Mclntyre Major Gen U S Army and Chief Bureau of Insular Affairs War Department Washington D C The bid or bids giving the City of Manila the highest acceptable price in the sale of the entire offering will be accepted but no bid of less than par and int can be considered Unless otherwise stated In the bid each bid will be understood as being for all or any part of the bonds applied for If the bid makes no mention of accrued int it will be under bid bonds stood that accrued int is offered by the bidder in addition to the price named for the bonds The right is reserved by the Bureau of Insular Affairs War Department to reject any or all bids Accepted subscriptions will be April 14 1921 at a bank in New York City to be designated by the Bureau of Insular Affairs War Department and the bank so designated will make delivery of the bonds or if necessary interim certificates ex changeable for the definitive bonds as soon as they can be issued Bonded debt Assessed valuation on JLAV DEN Middlese County Mass BOND OFFERING It is un officially reported that the City Treasurer will receive bids until 7 30 p m March 29 for and 5M bonds maturing from 1920 to 195i MANNISTIQUE Schoolcraft Ccunty Mich BOND SALE Howe Snow Corngan Bertles of Detroit have purchased an issue of tax free water works bonds which they are now offering to investors at priees to yield from 5 40 to 5 60 Denom Date April State Principal and semi annual interest M S payable at the Peoples Bank of Detroit or through Howe Snow Corrigan Bertles 5 000 yearly on Sept 1 from 1932 to 1950 inclusive and 2 000 Sept Due r Water debt MONTGOMERY COUNTY P O Dayton Ohio BOND OFFERING F A Kilmer Clerk Board of County Commissioners will receive bid until 12 m Mar 31 for coupon Covington Pike impt bonds Denom Date Mar Prin and semi ann int M S Due 2 000 Mar 1 1922 and payable at the County Treasurer s office 9 000 yearly on Mar 1 from 1923 to 1931 incl Cert check for 1 000 payable to the County Treasurer required Purchaser to pay accrued int MT AIRY Carroll County Md BOND OFFERING Proposals for wrater and street bonds will be received until April 1 by R R Mayor Denom 500 Due 1 000 serially beginning Jan sri Vone par Denom Date March 1 OOol93 7 t U194yieaind n MarCh 1 aS follows and 1921 Int 1936 and 6 COUNTY SCHOOL DISTRICT NO 41 Lavina Mont BOND OFFERING On April opt school bonds will be offered for sale Denom P O 5 20 year NASHUA Hillsborough County N H LOAN OFFERING It is reported that the City Treasurer will receive bids until 10 a m March 30 for a temporary loan of dated March 31 and maturing Dec NEOSHO SPECIAL ROAD DISTRICT P O Neosho Newton County Mo BOND OFFERING Bids will be received until 9 a m April 2 by L E Mitchell Chairman for bonds Denoms 500 and 1 000 Date June 1 1921 Int J D Due 2 000 yearly beginning June 1 1923 Financial True value of real estate and Assessed valuation equalized bonded Total Statement personal property 1919 debt including present issue Indebtedness existing in other forms None NEW Sealed BERN Craven County No Caro BOND OFFERING proposals will be received until 8 p m March 28 by F T Patterson City Clerk for school bonds The bonds are to be dated Jan 1 1921 and to mature in annual installments or series the first of which will be payable not more than three years and the last within forty years prescribed by section Consolidated Statutes of North Carolina with interest payable semi annually at 6 per annum Denomination is to he of such form and principal and interest to be payable at such place as may be agreed upon by and between the Board of Aldermen of said city and the purchaser of said bonds and as prescribed by law Bidders must deposit with D M Roberts Treasurer and Financial Officers of the city before making their bids or present with their bids a certified check payable to the order of the city of said financial officer upon an incorporated bank or trust company or a sum of money for an amount equal to 2 of the face amount of bonds bid for to secure the city against any loss resulting from the failure of the bidder to comply with the terms of his bid made after the date of the first issued bonds of such issue as 2952 of NEW BRITAIN Hartford County Conn NOTE OFFERING L Sheldon City Treasurer will receive proposals until 12 m purchase at discount of tax free anticipation payable 96 077 July 26 1921 and Aug 1 1921 in New York Mar 29 for the notes NEW LONDON Waupaca and Ouatgamie Counties Wis BOND March 22 the general obligation bonds V 112 SALE On p St Louis County Mo BOND SALE On Feb 16 sewer bonds were sold to the Kauffman Smith Emert L uls at MUSSELSHELL m 666 Net debt public years MONROE COUNTY P O Aberdeen Miss NOTE OFFERING Sealed bids will be received until April 4 by J T Morgan Clerk Board of County Supervisors for refunding notes it is reported Curtiss Financial Statement Assessed Population optional after ten MOCKSVILLE Davie County No Caro BOND OFFERING Z N Anderson Town Clerk will receive proposals until 4 p m Mar 29 for gold coupon street water and sewer bonds Denom Date Mar Prin and semi ann int M S payable at the National Bank of Commerce N Y Due yearly on March 1 as follows and to 1950 incl Cert check or cash on an incorporated bank or trust company for 2 of the amount of bonds bid for payable to the town of Mocksviile required Successful bidders will be furnished with the opinion of Reed Dougherty Hoyt of N Y that the bonds are valid and binding obligations of the town of Mocksviile Purchaser to pay accrued interest Bonded debt including this issue March Floating debt addl Sinking fund 700 Assessed value Town tax rate per Molesworth will be received until 2 p m April 5 for the tax free regis tered gold bonds which were offered without success on Jan 25 V 112 valuation 1920 Total debt including this issue 18 registered serial water recent election 1922 to 1931 inclusive and to 1941 inclusive memorial auditorium bonds Due 10 000 yearly on April 1 from 1922 to 1941 inclusive 60 00G bridge bonds Due 3 000 yearly on April 1 from 1922 to 1941 inclusive 20 000 school house bonds Due 1 000 yearly on April 1 from 1922 to 1941 inclusive Denom Date April 1 1921 Principal and semi annual interest iA O payable at the First National Bank of Boston These bonds are engraved under the supervision of and certified as to genuineness by the First National Bank of Boston their legality will be approved by Storey MELROSE Middlesex County Mass TEMPORARY LOAN On Mar 22 a temporary loan of issued in anticipation of revenue maturing 25 000 Oct and 50 000 Nov was awarded to Harris Forbes Co of Boston on a 5 85 discount basis Ivanhoe Minn PURCHASER Stanley Gates Co of St Paul not the Capital Trust Savings Bank of St Paul as stated in V 112 rC of each Stark MASSILLON County Ohio BOND SALE The Ohio Banking Trust Co of Massillon was awarded at par and interest the coupon fire dept bonds offered on Mar 17 V 112 p 1054 Date Mar 1 1921 Due 4 000 on April 1 and Oct 1 in 1927 and 4 850 Due in 30 Interest semi annual O Due 500 discount basis LINCOLN COUNTY INDEPENDENT SCHOOL DISTRICT NO 65 payable 8 Cert check for 200 On March 19 according to reports the Rockland Trust Co of Rockland a loan of coming due Dec to the town on a 5 90 years MANILA for Mar M made LETCHER COUNTY P O Whitesburg Ky BOND OFFERING Sealed bids will be received until April 6 by Fess Whitaker County Judge LITTLE Int to Sept 1 1926 incl Treasurer required MARSHFIELD Plymouth County Mass TEMPORARY LOAN LEMMON Perkins County So Dak BOND OFFERING R M Watson City Auditor will receive proposals until April 4 for year sewer system completion bonds authorized by a vote of 85 to 15 LINN MARION Marion County Ohio BOND OFFERING J L Landes City Auditor will receive bids until 12 m Apr 18 for park bonds Denom P Present official estimate LAUDERDALE COUNTY P O Meridian Miss BOND SALE According to reports Sidney Spitzer Co of Toledo were recently awarded culvert and bridge bonds March About 3K assessed valuation Population 1920 census interest of its obligations neither has the City of Fort Collins nor Larimer County Bonded debt excluding this issue Sinking fund Assessed value Actual value est Population est on Denom 1929 and and Official circular states that this district has never defaulted principal Financial Statement Real valuation of property i Assessed value taxable property 1920 Total bonded deot this issue included or in any payment of Marinette Webber Co of Milwaukee have trict Treasurer required Bids are requested for a 6 bond but bids will be entertained for a lower rate of interest Bids for a fraction of the issue the District VOL were awarded to the Bank of New London of New London and jointly at par the Second Ward Securities Co of Milwaukee NEWPORT Newport County R I LOAN OFFERING F N Fullerton City Clerk will receive bids until 5 p m March 31 for a tem porary loan of 75 000 to Date April 6 1921 Due be awarded on a discount basis Denom Sept 6 1921 at the First National Bank of Boston March THE CHRONICLE NEW YORK CITY N Y LOANS OFFERED Proposals will be Philbin Deputy Comptroller Room 739 Municipal Building New York until 12 m March 30 for the purchase on interest basis of short term securities consisting of revenue bills dated April 1 due May revenue bills dated April 1 due June revenue bills dated April 1 due June revenue bills dated April 1 due June ii revenue bills dated April 4 due June and corporate stock notes dated April 5 due June The securities must be paid for before noon on their respective dates April 1 4 and received at the office of Arthur J an 5 NILES Trumbull County Ohio BOND OFFERING Homer Thomas Clerk of City Council will receive bids until 2 p m April i Ti g iyro issues of 6 Water Street sanitary sewer bonds special assessment bonds Denoms 1 for 200 and 1 for 500 and 14 for 1 000 Due yearly on April 1 as foUows to 1929 incl and city s share bonds Denom 1 000 and 300 Due 5 000 yearly on April 1 from 1931 to 1935 inch and 5 300 April 1 1936 Date April 1 1921 Int semi ann Cert check for 2 of amount of bonds bid for required Bonds to be delivered and paid for within ten nn Purchaser to pay accrued interest NORFOLK Va BONDS March AUTHORIZED The Virginian Pilot 8 had of the following to say regarding a proposed new bond issue An ordinance authorizing the issue of in 6 30 year bonds for the construction of the new city water works system was adopted yes terday afternoon by the City Council on recommendation of the City Man ager This ordinance will replace the ordinance of Nov authorissue of bonds which was repealed The new ordinance was recommended because the City Manager found It impossible to sell any 5 bonds at par at this time The prospects are according to the City Manager that it may be years before the bond mar ket is in such condition as to make it impossible to dispose of bonds at this rate or interest On the other hand it is stated 6 bonds may be disposed of at 102 or 101 In his letter to the Council on this matter the City manager emphasized the necessity of bringing the new water works system to completion at the fsirliest possible date This can be done the letter stated only by financing the project through the method recommended It is expected that the water works system will be finished about the first of next year NORTH COLLEGE HILL P O Mt Healthy Hamilton County Ohio BOND OFFERING Edward Jamison Village Clerk will receive bids until 12 m April 13 for street impt bonds Denom 6 for 500 and 1 for Cert check for Date Mar Int semi ann Due Mar 1 10 of amount of bonds bid for payable Village Treasurer required to the NORTH MANKATO SCHOOL DISTRICT Nicolett County Minn BOND SALE This district on Jan 27 sold school bonds to the Minneapolis Trust Co of Minneapolis at par Denom Date Feb NORWALK Int F SCHOOL A Due Feb DISTRICT Los Angeles PERRY COUNTY P O Cannelton Ind BOND OFFERING T A Lasher County Auditor will receive bids until 11 a m April 4 for J E Magan et al Tobin Twp road bonds Denom 520and 500 Date April 1 1921 Int M N Due 3 020 May 15 1922 and 3 000 each six months from Nov to Nov incl PIERCE COUNTY SCHOOL DISTRICT NO 43 Wash BOND SALE The State of Washington was the successful bidder on Mar 5 for the 3 000 school bonds V 112 p 960 at par for 6s There were noother bidders PIERCE COUNTY SCHOOL DISTRICT NO 68 Wash BOND SALE The State of Washington bidding par for 6s was awarded the 8 000 school bonds on Mar 5 V 112 p 960 There were no other bidders March 1 from Calif to 1961 incl amount of bonds bid for visors required Cert or cashier s check for 3 of the payable to the Chairman Board of County Super Debt none Assessed value Bonded Population est NORWOOD March 1921 Norfolk County Mass TEMPORARY LOAN On 21 it is stated a temporary loan of maturing Nov 15 awarded to F S Moseley Co on a 6 20 basis was NOXUBEE COUNTY P O Macon Miss BOND OFFERING John A Tyson Clerk Board of County Supervisors will receive proposals until 2 p m April 5 for the following 6 Donds Supervisors District No bonds Date Sept Supervisors District No 4 bonds Date Oct Interest semi annual Certified check for 500 for each Ddnom 500 issue required NUTBUSH TOWNSHIP Warren County No Caro BOND OF C Hunter Chairman Board of County Commissioners Warrenton will receive sealed bids until 12 m April 20 for year road bonds at not exceeding 6 int Int semi ann Cert check for 500 payable to the above official required FERING C P O OAKLAND Garrett County Md BOND OFFERING A G Ross Village Clerk will receive bids until 8 p m April 4 for electric Denom Int J J Due 1 000 yearly on July 1 from 1952 to 1961 inclusive Certified check for 200 required bonds OPELOUSAS SCHOOL DISTRICT NO 1 St Landry Pariah La BOND OFFERING W B Prescott Supt P O Opelousas will receive proposals for school bonds until 10 a m April 4 Denom 500 Pate Jan Principal and annual interest Jan 1 payable at the office of the St Landry Parish School Board Due yearly on Jan 1 as follows and Certified check for 1 of the amount bid required OREGON State of BOND OFFERING Sealed bids will be received a m April 9 by R B Goodin Secretary of the State Board of Control P O Salem for geld highway bonds Denom Date April 1 1921 Principal ana semi annual interest payable at the office of the State Treasurer or at the office of the fiscal agent of the until 11 State of Oregon in New York City Due April 1 1925 Certified check for 5 of the amount of bid payable to the State Board of Control required The bonds will be furnished complete by the Board and delivered at Salem Portland Ore The Board of Control will furnish certificate Storey Thorndike Palmer Dodge of Boston as to legality or from ORMSBY COUNTY P O Carson City Nev BOND OFFERING E S Dougherty Chariman Board of County Commissioners will receive sealed proposals until 10 a m March 29 for court house and county building completion bonds it is stated Denom 500 Date April 1 1921 Principal and semi annual interest J J payable at the office of the County Treasurer Due 83 000 yearly on July 1 from 1924 to 1943 inclusive Certified check for 10 required OSAGE COUNTY P O Trust Co Mississippi St Linn Mo BOND SALE The Mortgage Valley Trust Co and Smith Moore Co all of Louis have purchased tax free road bonds Denom Date Feb Int semi ann payable at St Louis Due yearly on Feb 1 as follows Financial Statement Estimated actual value of taxable property Assessed valuation of taxable property 1919 Total bonded indebtedness including this issue Population 1920 Census OZAUKEE COUNTY P O Port Washington Wise BOND OFFERING Sealed proposals wrill be received until 10 a m March 30 by John Bichier County Clerk for the purchase of the road bonds offered unsuccessfully on Feb 15 V 112 p 869 Int semi ann Due on April 1 as follows in each of the years and 1934 Cert check for 1 000 required The committee reserves the right to reject any or all bids and if no satisfactory sealed bid is received the right to proceed therefater to sell said bonds at public auction private sale reserves at PAGE COUNTY DRAINAGE NOT SOLD No sale bonds V 112 PALESTINE p was made on DISTRICT NO 16 Iowa BONDS 6 drain March 16 of the Anderson County Tex BONDS REGISTERED This city registered J year street impt bonds with the State Comptroller on Mar 19 PEND OREILLE COUNTY SCHOOL DISTRICT NO 5 Waah BOND OFFERING Sealed bids will be received until 9 a m April 20 by S M McGee County Treasurer P O Newport for vear opt school bonds at not exceeding 6 interest PITT COUNTY P O Greenville No Car o BOND OFFERING W W Dawson Chairman Board of County Commissioners will receive sealed bids for the purchase of road bonds until 2 p m April 4 Denom Date April Principal and semi annual interest A O payable in New York in gold Due yearly on April 1 as follows to 1935 inclusive to 1938 inclusive to 1942 inclusive to 1945 inclusive and and and 1951 and to 1961 inclusive Certified check or cash for required Bonds lithographed and certified by U S Mtge Trust Co New York Legal ity approved by Chester B Masslich New York and J L Morehead Durham Bids must be on blank forms to be furnished by the above trust company or said official Delivery in New York on or about April Bonded debt excluding this issue Assessed value Population PITTSBURG Camp County Tex BOND ELECTION On Apr water extension and sewerage system extension bonds voted upon are to be POLK COUNTY P O Crookston Minn BOND SALE The county ditch bonds offered on Mar 19 V 112 p 960 have been disposed of Date Apr PORTAGE VILLAGE SCHOOL DISTRICT P O Portage Wood County Ohio BOND OFFERING Proposals will be received until 6 p m Apr 2 by Earl T Fryman Clerk of Board of Education for coupon refunding bonds Denoms 1 for 200 and 18 for 500 Date Mar Prin and semi ann int M S payable at the District Treasurer s office Due 200 Sept 1 1923 and 500 each six months from Mar 1 1924 to Sept incl Cert check for bid for payable to the District Treasurer required and paid for within ten days from date of award 2 of amount of bonds Bonds to be delivered Purchaser to pay ac crued interest PORTER COUNTY P O Valpariaso Ind BOND OFFERING a m April 2 by A G Graissle County Treas following four issues of road bonds Arthur Hanrahan bonds Denom 60 for 2 000 and 20 for 1 000 Due 7 000 each six months from May 15 1922 to Nov incl V A Hawkinson Portage Twp bonds Denom Due 3 600 each six months from May 15 1922 to Nov Bids will be received until 10 County BOND OFFERING Until 11 a m March 28 proposals will be received for bonds by L E Lampton County Clerk P O Los Angeles Denom 500 Date March 1 1921 Prin and semi ann int payable at the office of the County Treasurer Due 1 000 yearly on age April Principal and semi annual interest payable at the office of the County Treasurer Due April optional April onn days from date of award or 1323 Denom 500 Date for the incl B F Williams et al Washington Morgan Twps bonds Denoms 20 for 1 000 and 20 for 660 Due 1 660 each six months from May 15 1922 to Nov incl H B F Williams et al Washington Morgan Twps bonds Denoms 20 for 1 250 and 20 for 1 000 Due 2 250 each six months from May 15 1922 to Nov incl Date Mar Int M N PORTO RICO Government of BOND OFFERING Bids will be received until 2 p m Mar 31 by Frank Mclntyre Major General U S Army and Chief of the Bureau of Insular Affairs for tax free gold Workingmen s House Construction Bonds of 1920 The bonds will be issued coupon form in denomination of 1 000 These coupon bonds will be exchangeable for registered bonds in denominations of 1 000 and 5 000 subject to such regulations as may hereafter be prescribed by the Secretary of the Treasury of the United States Date Jan Prin and semi ann int J J payable at the Treasury of the United States at Washington D C Due as follows Series A on Jan 1 1941 and Series B on Jan redeemable on Jan 1 1940 or on any interest paying date thereafter Should it be desired to redeem the bonds on Jan 1 1940 or subsequently thereto on any interest payment date printed notice shall be published at least sixty days in advance and once a week during said sixty days in one or more newspapers in the City of New York and one or more newspapers in Porto Rico A bank draft or certified check for 2 of the amount of bonds bid for payable to the Chief of the Bureau of Insular Affairs in New York City funds required Pur chaser to pay accrued interest from Jan Bidders may restrict their offers to bonds of particular series or to part of any series but unless so restricted this Bureau reserves the right to award on any bid any of the bonds not awarded to other bidders The issuance of these bonds will be effected in accordance with authority contained in Act of Congress approved March 2 1917 and in Sections 32 and 38 of the Act of Congress approved April entitled An Act temporarily to provide revenues and a civil government for Porto Rico and for other purposes and in accordance with the authority of the Legislature of Porto Rico as specifically granted in an Act approved May The legality of this issue has been passed upon by the Attorney General of the United States The official circular says that the United States Treasury Department authorizes the statement that unless and until further notice to the contrary shall have been given bonds of the Government of Porto Rico are acceptable at par under the regulations of the Treasury Department as security for deposits of public moneys The Postmaster General authorizes the statement that they will be accepted at par as security for deposits of postal savings funds The bonds will be accepted at par by the Government of Porto Rico as security for deposits of funds of that Government or as security required by any of the laws of Porto Rico to be deposited with the Treasurer of Porto Rico Bids must be inclosed in envelopes plainly marked Subscription for Four and One Half Per Cent Porto Rican Gold Bonds and addressed to the Chief Bureau of Insular Affairs War Department Washington D C Accepted subscriptions will be payable on April 11 1921 at a bank in New York City to be deisgnated by the Bureau of Insular Affairs and the bank so designated will make delivery of the bonds or interim certifi cates exchangeable for definitive bonds as soon as the bonds can be prepared Bonded debt excluding this issue Nov Sink ing fund Assessed value PULASKI COUNTY P O Winamac Ind BONDS NOT SOLD bond The Chas Kain et al Jefferson White Post Twps road offered on Mar 15 V 112 p were not sold RED LAKE COUNTY P O Red Lake Falls Minn BOND SALE On Feb 3 an issue of ditch bonds was sold for equal to 100 36 to the Minneapolis Trust Co of Minneapolis Denom 18 for 1 000 and 1 for 800 Date Feb Int F A Due yearly from 1927 to 1941 inclusive RICHARDSON Verdon COUNTY Neb BOND SCHOOL DISTRICT OFFERING Proposals NO 32 P O will be received until 6 school bonds Mar 29 oy C T Wear School Director for RICHMOND Wayne County Ind BOND OFFERING B Bescher City Controller will receive proposals until 2 p m April 1 the A for purchase of the following 6 coupon electric light and power plant bonds maturing 18 000 Nov and 20 000 Nov 1 1923 and bonds maturing yearly on Nov 1 as follows and 1927 and These are part of a block scheduled to mature 27 000 in 1925 and 35 000 yearly from 1926 to 1932 when 20 000 matures The remaining will be sold at a later date Denom Date April 1 1921 Prin and semi ann int M N payable at any Richmond bank or trust company named by the purchaser Cert check on responsible bank or trust company for 214 1of amount of bonds bid for payable to the City Treasurer required Delivery to be made at the City Treasurer s office as soon as bonds can be printed Pur chaser to pay accrued int THE RIPLEY Brown County Ohio BOND OFFERING Proposals will t e received until 12 m Apr 14 by H L Montgomery Village Clerk for electrlc llghfc plant bonds Denom 500 Date Apr Prin and semi ann Int payable at the Ripley National Bank of Ripley Due Apr optional Apr Cert check for 5 of amount of bonds bid for payable to the Village Treasurer required RIPLEY COUNTY P O Versailles Ind BOND OFFERING William B Goyert County Treasurer will receive bids until 11 a m April 4 for the following two issues of 4H road bonds Wesley McCune efc al Washington Twp bonds Denom 275 Due 1 100 each six months from May lo 1922 to Nov Id 1931 incl 29 400 Joeseph Blllman et al Franklin Twp bonds Denom 145 Due 1 470 each six months from May 151922 to Nov incl Date April 4 1921 Int M N ROCK COUNTY O Janesville Wise BOND OFFERdNO Clerk will receive sealed proposals until 10 a m p m on that date for highway bonds P Howard Lee County Aim 4 to be opened 2 Date June Prin and semi ann int J D payable at the office of the County Treasurer Due June 1 1926 and 1927 check for 2 000 required The bonds are issued pursuant to the provisions of Sections 1317 m 1 to 1317 m 15 inclusive of the Wisconsin statutes and have been approved by the Wisconsin Highway Commission and certified by the Attorney General of Wisconsin for the purpose of providing necessary funds for constructing the Federal Trunk line High Denom 500 Cart ways ROCK HILL York County OFFERING until Caro BOND So 8 George Moore City Clerk and Treasurer will receive sealed bids 12 m April 12 for all or any part of street lmpt bonds De and semi ann int J J Jan 1 as follows to 1932 incl to 1937 incl and to 1942 incl Cert check for 2 of the amount of bonds bid for required Bonds will be prepared under the supervision of U S Mtge Trust Co which will certify as to the genuineness of the signatures of the city official and the seal impressed thereon The purchaser or purchasers will be fur nom Date Jan payable in New York Prin Due yearly Apr 11 by W K Knight County Judge it is reported few the 5H road bonds Road District No 1 bonds 50 000 Road District No 2 bonds Denom 500 Int semi ann SANBORN COUNTY DRAINAGE DISTRICT NO 36 So Dale BOND SALE The 45 000 drainage bonds offered on March 15 V have been sold it is reported to Casady Dufur Bond Co of Des Moines as 7s SAN FRANCISCO City and County Calif BOND OFFERING Proposals will be received until 3 p m Apr 4 by J S Dunnigan Clerk of the Board of Supervisors for XA tax free school bonds Denom Date Mar Int M S Dne as follows to 1935 incl and and Cert check or deposit for 5 of the bid payable to above Clerk required provided that no deposit need exceed the sum of 10 000 and no deposit need be given by the State of California Bidders may bid for the whole or any part of the bonds here offered and when a less amount than the whole amount offered is bid on the bidder shall state the year or years of maturity thereof Delivery of the bonds to the purchaser will be made within ten days from the date of award or within such time thereafter as may be agreed upon by the purchaser and Finance Committee of the Board of Supervisors The approval of John C Thomson attorney N Y as to the legality of the above bonds is on file on the Clerk s office Said bonds may be sold below the par or face value thereof but such sale price shall not be less than that which will net the purchaser 5K per annum according to the standard table of bond values Accrued interest to date of delivery to be paid by the purchaser Financial Statement Assessment Roll for Fiscal Year Ending June operative subject to local taxation Improvements Personal property A Value of property non Real estate Total non operative roll of property operative subject to local taxation only to pay principal and interest on bonds sold prior to Nov Mtge Trust Co N Y which certify as to the genuineness of the signa tures of the City officials and the seal impressed on the bonds Purchaser to pay accrued interest Financial Statement Assessed valuation of taxable property 1920 Estimated true value of taxable property Gross bonded debt including present issue Bonds for self sustaining utilities including above Water and electric light Total value Total a operative not subject to any local taxation n value Total assessment roll Value of City property estimated on Bond issue 1904 various improvements Bond issue 1908 various improvements Geary and Market St Ry bonds Polytechnic High School bonds Exposition bonds City Hall bonds Hospital Jail completion bonds i Municipal Railway bonds School bonds Bonded Debt March Q Gross debt excluding water debt Deductions issue Sinking Fund Taxes have been levied and are in pro Of the above bonds the city owns bonds of School bonds issue of 1918 cess B Value C Value of property County No Caro BOND OFFER ING Sealed bids will be received until 8 p m Mar 31 by the Board of Aldermen for the coupon with privilege of registration gas supply system bonds offered unsuccessfully on Dec 16 V Ill p Denom Date July 1 1920 Prln and semi ann int payable at the Hanover National Bank N Y and int on registered bonds will at the request of registered holder be paid in New York Exchange Due yearly on July 1 as follows to 1948 Incl and and 1950 C6rt check or cash on an incorporated bank or trust company for 2 of the amount of bonds bid for payable to the City Treasurer required The successful bidder will be furnished with the opinion of Reed Dougherty Hoyt of N Y that the bonds are valid obligations of the City of Rocky Mount The bonds will be printed under the supervision or the U S trust company or the above official Bonds will be delivered in any city east of the Mississsippi River at bidder s choice on May 1 1921 or as soon thereafter as the bonds can be prepared ROCKY MOUNT Edgecombe following p on nished without charge the approving opinion of Caldwell Masslich of N Y All bids must be upon forms which will be furnished by the said Gas VOL 112 CHRONICLE of collection maturing on or sufficient to redeem all bonds before July 1 1921 amounting to Total deductions Net debt Population U S Census of 1920 Present population estimated ROME Floyd County Ga BIDS The following bids received on March 10 for the awarded as stated in V 112 p 1189 Trust Company of Georgia Atlanta Hannahs Ballin Lee N Y Robinson Humphrey Co Atlanta J H Hilsman Co Atlanta W L Slay ton Co Toledo 5 were also public school impt bonds ROSEBUD COUNTY SCHOOL DISTRICT NO 31 P O Sumatra Mont BOND OFFERING Geo P Bartlett District Clerk will receive bids for the purchase of year opt school bonds until 2 p m March 28 Date April 1 1921 Int semi ann payable at a New York bank Legality approved by Chapman Cutler Parker Chicago Bonded debt including this issue Assessed value Population estimated Total bonds sold Less bonds owned by City Sink funds to pay bonds due July Net water debt Net debt exclusive of water debt Water Debt Percentages of Debt Percentage of net debt excl of water debt of assess roll paragraph A 0534 Percentage of total net debt incl of water debt to assess roll par A 08 SAN LUIS OBISPO SCHOOL DISTRICT San Luis Obispo County Calif BIDS Bids were also received from the following bankers on Mar 7 for tax free school bonds awarded as reported in V 112 p 1189 Bank of Cambria Cambria W R Staats Co Los Ang Blyth Witter Co San F Citizens Nai Bank Los An 180 100 Jas R Martin San Luis Ob R H Moulton Co S F E H Rollins Sons S F There was also received the bid of the Commercial Bank of San Luis ROUNDUP Musselshell County April funding bonds RUTHERFORD COUNTY Mont BOND ELECTION On to be voted upon are P O Rutherfordton No Caro BOND SALE The Liberty Central Trust Co of St Louis has purchased tax free road and bridge bonds Denom Date March 1 1921 Principal and semi annual interest M S payable at the Hanover National Bank New York Due yearly on March 1 from 1925 to inclusive Financial Statement Assessed valuation Total bonded debt including this issue Total bonded debt about 1H of assessed valuation Population 1920 census RUTHERFORDTON Rutherford County No Car BOND OF FERING Until 2 p m Apr 9 J F Flack Town Clerk and Treasurer will receive sealed proposals for street paving bonds of 1921 De nom Date Apr Int semi ann Due Apr Cert check for 2 payable to the above official required Purchasers of the bonds shall furnish legal opinion and bond blanks ST BERNARD PARISH P O St Bernard ING Bids will be received until 12 tax free road bonds Denom La BOND OFFER April 15 for coupon Date April 1 1921 Int annually April 1 payable at the Whitney Central National Bank New Orleans Due yearly for 5 years m ST JOSEPH COUNTY P O South Bend Ind BOND SALE J5 Liberty Twp Pierce Free Gravel Road bonds offered The of Ft Wayne at par p 1055 were awarded to the Lincoln National Bank and interest ST LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO 13 P O Aurora Minn BOND SALE On March 21 the coupon school building bonds V 112 p 961 were sold to the Wells Dickey Minneapolis for and interest basis of about a 6 77 Date March Due yearly on March to 1927 inclusive and and 1929 Minnesota Loan Tr Co Minneapolis Trust Co as follows Other bids ST MARTIN PARISH ROAD DISTRICT NO 1 P O St Martins ville La BONDS NOT SOLD No sale was made on March 14 of the road bonds Y 112 p 1055 They will be reoffered on April ST MARYS Onion County Ohio BOND OFFERING Proposals for the purchase of special assessment street improvement bonds will be received until 12 m April 11 by C W Niles City Auditor Denoms 19 for 1 000 and 1 for 880 Date March Principal and semi annual interest A O payable at the office of the Sinking Fund Trustees Due 1 000 each Six months from April 1 1922 to April 1 1931 inclusive and 880 Oct Certified check for 2 of amount of bonds bid for payable to the City Treasurer required SAMPSON COUNTY P O Clinton No Caro BOND OFFJERINGr POSTPONED The offering of the road bonds which was to have taken place on March 14 V 112 p 1055 has been postponed until April SAN AUGUSTINE COUNTY ROAD DISTRICT P tine Texas BOND OFFERING Sealed bids will O San Augus be received until Obispo at par accrued interest to delivery and a premium of of long term maturities from 1939 to 1946 incl for SCHENECTADY Schenectady County N Y BOND OFFERING City Comptroller will receive bids until 11 a m April coupon with privilege of registration school bonds 4 to bear interest at a rate not to exceed 6 Denom l 000J Date Mar l 1921 Prin and semi ann int M S payable at the ChaseSNational Bark of New York Due 57 000 yearly on Mar 1 from 1922 to 1941 incl Cert check on a national bank or trust company for 2 of amount of bonds bid for payable to the City Treasurer required Delivery to be made at the Chase National Bank of N Y or at the City Treasurers office at purchaser s option on April 27 or such other date as may be mu tually agreed upon Legality approved by Geo S Clay of N Y Pur chaser to pay accrued interest ft i k M Leon G Dibble for SENECA COUNTY P O Waterloo N Y BOND SALE The year serial highway bonds offered on Mar 21 V 112 p were awarded to Geo B Gibbons Co of New York at their bid of 101 and interest for 51 s a basis of about Date April 1 1921 Due yearly on April 1 from 1926 to 1935 incl SIBLEY COUNTY P O Gay lord Minn BOND SALE An issue of year serial ditch bonds was sold to the Minneapolis Trust Co of Minneapolis on Feb 4 for equal to 100 56 Denom Date Feb Int F A SMITHFIELD Isle of Wight County Va BOND OFFERING J M Chapman Town Treasurer will receive bids until 6 p m Apr 1 to be opened 8 p m on that date for year bonds Denom Int semi ann Cert check for 5 payable to the above offi cial required SMITH SCHOOL TOWNSHIP P O Churubusco Whitley Coun ty Ind BOND OFFERING Bids will be received until 130 p m April 8 by A A Anderson Township Trustee for cpupon school bonds Denom 500 Date April 8 1921 Prin and semi ann int J J payable at Churubusco Due 1 000 on each July 1 and 1 500 on each Jan 1 from July 1 1922 to Jan incl Purchaser to pay accrued interest SOUTH N Middlesex County AMBOY J BOND SALE The issue of coupon with privilege of registration water bonds offered on March 22 V 112 p 1056 was awarded to the South Amboy Trust Co at par Date Aug Due 4 000 Aug 1 1943 and 6 000 yearly on Aug 1 from 1944 to 1959 SOUTH BEND St Joseph Inclusive n County Jlnd BOND SALE Tto M bonds offered on Mar 23 V 1124toJ119p wOTei awarded to Field Richards Co for andfjnt ra basis of about 5 38 Date Mar Due on Mar 1 in 1931 and 1941 Other bidders were H or nb lower Weeks Remick Hodges Co Curtis Sanger a aft a SPARTANBURG COUNTY P O Spartanburg So Caro BOND OFFERING Jno A Law Chairman of the County Highway Commission highway bonds Date Apr Prin and semi ann int J J payable at the Hanover National Bank N Y Due yearly on Apr 1 as will receive sealed bids until 12 m Apr 14 for Denom March THE CHRONICLE follows f and Cert check for 2 payable to J J Vernon County Supervisor required The approving opinion of Storey Thorndike Palmer Dodge of Boston to the as legality of the bonds will SPRINGFIELD submitted for the five County Ohio NO BIDS No bids were issues of 6 special assessment street impt bonds amounting to which were offered on Mar 14 V 112 p 1056 SPRINGFIELD SCHOOL DISTRICT NO 186 P O Springfield Sangamon County 111 BOND OFFERING Bids will be received until 10 a m April 11 by Eleanor Matheny Secretary of Board of Education for school bldg bonds Denom Date May 1 1921 Int M N Due 15 000 yearly on May 1 from 1922 to 1941 incl Cert check for 5 000 payable to Frank H Lowe Treasurer required Purchaser must print bonds on forms prescribed by the Board of Education SPRINGVILLE Erie County N Y BONDS NOT SOLD RE OFVFERED The 12 000 fire dept equipment bonds offered on Mar 22 at a rate not to exceed 6 V 112 p 1056 were not sold Village Clerk P J Cody is re offering them on Mar 28 on the same basis Date May 1 1921 Due 1 000 yearly on Nov 1 from 1922 to 1931 incl STARKE STATONSBURG SCHOOL DISTRICT Wilson County No Caro BOND SALE On March 22 the Hanchett Bond Co of Chicago awarded the bonds V 112 p 961 for was and basis of about 5 64 Date April 1 1919 Due April 1 1939 Bids of par and accrued interest were also received from the following Durfee Niles Co W L Slay ton Co and Prudden Co coupon court house bonds Denom Date March 1 1921 Principal and semi annual interest M S payable at the First National Bank Minneap The purchasers are now offering the bonds which are reported to security for postal savings deposits and a legal investment for Minnesota savings banks and trustees to investors as follows be legal as Amount Maturities Yield Amount March 1926 March March March March March March 1930 March March March March Financial Statement Is arch Actual valuation 1920 Assessed valuation Total bonded debt Maturities March March March March including this issue Population 1920 Census STEUBEN Yield URICH SCHOOL DISTRICT P O Urich Henry County Mo BOND SALE The Guaranty Trust Co of Kansas City was the successful on March 15 for the 20 000 school bonds V 112 p 1056 at 100 27 and interest Other bidders Wm R Compton Co St L 19 700 Stern Bros Co Kansas Cy 19 500 Commerce Tr Co Kansas Cy 18 600 iMcCluney Co St Louis Mercantile Tr Co Kans Cy A bid of 19 700 was also received from road bonds V Nansemond County Va BOND OFFERING Sealed April 20 by R H Brinkley City Manager for bonds it is stated Denom 500 Date May 1 192L Int M A N Due May 1 1926 Int M N payable at the office of the City Treasurer bids will be received until 6 p m SUMTER COUNTY P O Sumter So Caro BOND OFFERING Sealed bids will be received until 12 m April 7 by B M Bultman Secre tary of the County Permanent Road Commission for all or any part of H road and bridge bonds Denom Date July 1 1920 Principal and semi annual interest J J payable in New York Due 40 000 yearly on July 1 from 1926 to 1950 inclusive Certified check for 2 required Bonds are registerable as to principal Certification of signatures and seal bv U S Mtge Trust Co N Y Purchasers will bo furnished approving legal opinion by Chester B Masslich of N Y Bids are re quired on blank forms furnished by the above official or said trust company bonds will be delivered about ten days after sale and the re mainder thirty days after sale SYRACUSE Onondaga County N Y NOTE SALE An issue of tax free notes has been sold to Kardos Burkes of New York Due Nov Denom and Hannibal Mo firm 112 p 1056 VIROQUA Vernon County water extension bonds Wise BOND SALE An was sold l st fall at par Due yearly from 1922 to 1929 incl Int J D issue of Denom 100 WALWORTH COUNTY P O Elkhorn Wise BOND OFFERING Proposals for the purchase of highway bonds will be re ceived by Grant Harrington County Clerk until 2 p m March 30 it is stated Denom Interest semi annual Due yearly on April 1 as follows and Certified check for 5 of the amount bid payable to the county required WASHINGTON COUNTY P O Washington Pa BOND OFFER J Underwood County Controller will receive proposals until ING T a m April 30 for tax free road impt bonds Date May 2 1921 Due yeariy on Nov 1 as follows to 1930 inci to 1940 incl Cert check for required WASHINGTON TOWNSHIP P O Broad Ripple Marion County Ind BOND OFFERING Proposals will be received until 10 a m April 18 by Charles P Wright Township Trustee for schoolbuilding erection bonds Denom 500 Date Feb Interest semi annual Due 6 000 yearly on Feb 28 from 1922 to 1936 inclusive WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT P O Portsmouth R No 1 Scioto County Ohio BOND OFFERING George A Doll Clerk and Treasurer of Board of Education will receive bids until 12 m April 9 for coupon school site and bldg bonds Denom 500 Date April 2 1921 Int A O Due 500 April 2 and Oct on April 2 and n Oct 2 in the years 1925 to 1929 incl 500 April on April 2 and Oct 2 in the years 1931 to 1934 incl on April 2 in 1935 and 1936 and 1 500 on Oct 2 in on April 2 and Oct 2 in 1937 and 500 on April 2 and 1 000 on Oct 2 in 1938 Cert check on a solvit bank for 1 200 payable to the Clerk and Treasurer required Purchaser to pay accrued interest WEATHERFORD Parker County Tex BONDS REGISTERED A 6 serial sewer extension bond issue amounting to 25 990 was registered with the 6tate Comptroller on Mar 19 WEBSTER GROVES SCHOOL DISTRICT P O Webster Groves St Louis County Mo BOND SALE Francis Bro Co of St Louis have purchased H coupon tax free bonds Ddnom Principal and semi annual interest M S payable Date March Mercantile Trust Co the at SUFFOL K a VIGO COUNTY P O Terre Haute Ind NO BIDDERS There were no bidders on Mar 15 V 112 p 1056 for the coupon COUNTY P O Angola Ind BOND OFFERING Fred W Sheldon County Treasurer will receive bids until 1p m April 4 for the following two issues of 4H road bonds 9 100 Geo Griffith et al Fremont Twp bonds Denom 455 Due 455 each six months from May 15 1922 to Nov inclusive 29 000 Jacob Brown et al Pleasant Twp bonds Denom 725 Due 1 450 each six months from May 15 1922 to Nov inclusive Date April 4 1921 Int M N acceptable bidder a STEARNS COUNTY P O St Cloud Minn BOND SALE The Drake Ballard Co Minneapolis Trust Co and Kalman Matteson Wood all of Minneapolis have purchased tax free olis J H Hilsman A Co These bids were declined because they had conditions not to the County COUNTY P O Knox Ind BOND OFFERING A W Carlson County Treasurer will receive bids until April 5 for Tomokins Ditch bonds Denoms Date Jan Int J D Due 798 82 yearly on Dec 1 from 1921 to 1930 incl interest COUNTY P O Thomaston Ga BIDS The following bankers also submitted proposals on March 15 for the road bonds awarded as reported in V 112 p 1190 W L Slayton Co Empire Trust Co Spitzer Rorick Co Trust Company of Georgia be furnished Clark 1325 UPSON 1924 to St Louis Due yearly on March 1 from 1941 inclusive Financial Statement Actual value estimated Assessed valuation 1919 Total bonded debt including this issue Population TOWNSHIP WEBSTER Green Wood County SCHOOL DISTRICT Ohio BOND election is to be held to vote on a P O Bowling ELECTION On Mar 29 an bond issue of 40 009 for a centralized school WESTBORO Worcester County Mass TEMPORARY LOAN It s reported that the Peoples Savings Bank of Worcester purchased a tem porary loan of maturing 20 000 on Nov 15 and Dec The loan was negotiated on a 6 interest basis WESTERLY Washington County R I TEMPORARY LOAN On Mar 18 Kardos Burke of New York were awarded a temporary loan of 30 000 on a 5 98 discount basis 1 The notes are issued are dated Mar and mature Sept WEST HOMESTEAD SCHOOL DISTRICT for Allegheny sewers County TEANECK TOWNSHIP SCHOOL DISTRICT P O West Englewood Bergen County N J BOND SALE The issue of 6 coupon with privilege of registration school bonds offered on Mar 22 V 112 p 1190 was awarded to Outwater Wells of Jersey City at their bid of for bonds equal to a basis of about 5 93 Date Mar Due 5 000 yearly on Mar 1 from 1922 to 1941 incl The Palisades Trust Guaranty Co of Englewood and the New Jersey Fidelity Plate Glass Insurance Co of Newark offered premiums of 250 and 400 respectively WHITE RIVER SCHOOL TOWNSHIP P O Winchester Ran dolph County Ind BOND OFFERING George W Comer Township Trustee will receive bids until 2 p m April 11 for coupon school addition erection bonds Denoms and 868 Date April 4 1921 Prin and semi ann int J J payable at the Peoples TEMPE Maricopa County Ariz BOND ELECTION On April bonds to purchase local gas and electric light plant will be voted each Jan 1 and 1 400 on each July 1 from Jan 1 1923 to Jan incl upon Cert check for 1 000 payable to the Township Trustee required TEXARKANA Bowie County Tex BOND OFFERING W H James City Secretary will receive bids until 3p m March 28 for coupon street improvement bonds Denom Date March 1 1921 Principal and semi annual interest M S payable at the Con tinental Commercial National Bank Chicago Due 20 000 yearly on March 1 from 1927 to 1941 inclusive optional after five years Certified check for 5 000 payable to the Mayor required WHITMAN Plymouth County Mass LOAN OFFERING Accord ing to reports bids for a temporary Joan of dated Mar 28 and ma turing Oct will be received until 12 m Mar 28 by the Town 6 THE BROADWAY MAIN STREET BRIDGE DISTRICT Pulaski contemplates a total George w Donaghey Chairman at Rooms 20 20 Moore Turner Building Little Rock for al County Ark BOND OFFERING This district bond issue of and bids will be received by a part of same not less than until April 4 Denom Date April 1 1921 Int J J Due yearly on July 1 from 1922 to 1947 Cert check for 10 000 payable to the district required The district will furnish the approving opinion of Rose or incl Hemingway Cantrell Loughborough and will also furnish the trustee named by the buyer a transcript of all proceedings relative to the said bond issue The district will print the bonds at the expense of the district and pay the trustee s charge for certifying the bonds not to exceed one dollar per bond certified Bids will be received on 5H and 6 bonds convertible into bonds bearing any other rate of interest not exceeding 6 at the option of purchaser within 5 days after date of sale The buyer is to pay the amount bid for the bonds and accrued interest in St Louis Chicago or New York exchange bonds to be delivered on or about April 20 or as soon thereafter as possible Purchaser may bid for bonds to be paid for cash on delivery with or without any conditions as to deposit of proceeds from sale of bonds or purchaser may bid on deferred payment plan but where funds of the district are to be deposited with purchaser or where bonds are sold on deferred payment plan purchaser must deposit security to the satisfaction of the district and trustee All bids must state rate of interest to be allowed for funds on deposit or on deferred payments In case bonds are not sold for cash in hand purchaser is to pay to the district a fixed sum in cash on delivery of bonds and the balance to be paid on monthly estimates of engineers or at fixed monthly amounts Columbus Sta E Ohio NO BIDS RECEIVED There were no bids received for the school building bonds offered on March 19 V 112 p Franklin Loan Trust Co of Winchester County UNION CITY Randolph County Ind BONDS NOT SOLD OFFERING CONTINUED For the second time the city was unsuccessful in offering the coupon school aid bonds on Mar 14 V 112 p 768 No bids were received The offering will be continued from day to dayjuntil sold Due 1 668 July 1 1922 and 1 500 on Treasurer WILLOWS SCHOOL GRAMMAR Calif BOND SALE It is reported DISTRICT Glenn County that grammar school bonds have been sold to E H Rollins Sons of San Francisco WINNER Tripp County So Dak BOND OFFERING Reports that the City Auditor will receive sealed bids for water April say works bonds until WOBURN Middlesex County Mass TEMPORARY WAN On Mar 21 the temporary loan of issued in anticipation of revenue maturing Dec V 112 p 1190 was awarded to R L Day Co discount basis of Boston on a WOONSOCKET Providence County R I TEMPORARY LOAN Newspapers report that a temporary loan of has been sold to the Industrial Boston on a Trust Co of Providence and the First National Bank of 7M discount basis YAKIMA Yakima Wash BOND SALE NOT CONSUM County MATED The sale of the sewer bonds to Watkins Co of New York V 112 p 397 was not completed as the city did not issue the bonds COUNTY BOND P O Yakima Wash PART OF TOTAL by the Lumbermens Trust Co road bonds of Yakima County did not meet with success when offered on Dec 15 last all bids being declined including the bid which we reported in V Ill p 2547 as being the suc YAKIMA ISSUE SOLD We are informed of Portland that the cessful one on that date They also inform us that since declining all the bids received for the bonds on Dec 15 Yakima County has awarded about 40 000 of them to R M Hardy contractor at par in payment for warrants and sold by him to the Union Trust TRURO TOWNSHIP SCHOOL DISTRICT P O Route ELECTION The School Directors have called a special 19 for the purpose of voting n the question of issuing school bldg bonds Pa BOND election for April Co of Spokane at 97 DISTRICT P O Youngstown Mahoning County Ohio BOND OFFERING Bids will be received until 12 m Apr 4 by Mrs R S Baker President of Board of Education for coupon school impt bonds Denom Date Apr Prin and semi ann int payable at the First National Bank o Youngstown Due yearly on Sept 1 as follows YOUNGSTOWN 1923 SCHOOL to 1929 incl and to 1935 incl Cert Bonds to be delivered and paid for at the Clerk s 10 Purchaser to pay accrued interest check for 5 required office on or about Apr VOL 112 CHRONICLE THE 1326 of SANDWICH Ont DEBENTURE SALE Wood Gundy Co CANADA and Provinces its BORDEN Sask DEBENTURE SALE It year debentures to R has sold an is reported that the village S Smith of Borden of DEBENTURE SALE On debentures payable in Canada Province COLUMBIA BRITISH Mar 21 Municipalities issue of year of 103 77 investors In and U S was awarded to the Dominion Securities Corp at a bid a basis of about 5 15 The debentures are to be offered to United the States BURNABY C DEBENTURES NOT SOLD The were not sold because B debentures offered on March 14 V 112 p received offers the were Sask DEBENTURES AUTHORIZED It is reported that the local government board has granted the village authority to issue 1 500 debentures MARQUIS SALE An issue of 8 698 having been recently sold to H J MARRIOTT R M Sask DEBENTURE 15 year debentures is reported as Toronto Birkett Co of ot DEBENTURES OFFERED On with privilege of registration power road and hospital debentures to amount to either or according to the bids received will be sold Offers are to be received until 12 m on that date by G H Murray Provincial Treasurer Date April 1 1921 Principal and semi annual interest payable in Halifax Montreal Toronto or New York at holder s option Debentures will mature in or 20 years as the successful bidder may designate Purchaser is to pay for debentures at the Provincial Treasurer s office within five days from date of award when interim certificates to be ex changed for the definite debentures when the latter have been engraved SCOTIA NOVA March 30 Province issue of 6 an coupon will be delivered to him PORT COLBORNE Ont DEBENTURE SALE Newspapers the sale of installment debentures to Harris Forbes at which is on a debentures aggregating sold from Feb 27 to March 5 Barton years 8 Crown Life Insurance Toronto Sandwell years 8 Westlea years 8 Waterman Water bury Regina Candiac years 8 Nay James Regina Scotsguard years 8 Waterman Waterbury Regina North Regina years 8 C C Cross Co Regina Post is report Co by the local government board during the period Clover Bar 3 000 Pioneer 7 000 Versailles 5 941 Iris 6 041 Glen Ellen 4 500 Wheat Centre list of authorizations granted a same SHELLMOUTH Man DEBENTURES DEFEATED A by law 24 500 hospital debentures was defeated by the voters on Mar 8 to issue to Nov 1 1950 incl TORONTO SEPARATE SCHOOL DISTRICT P O Toronto Ont DEBENTURE SALE The year sinking fund debentures offered on Mar 23 V 112 p 1191 were awarded to the National City Co of Toronto at 96 79 and interest a basis of about 6 52 Due Mar Bidders were National City United Financial Corp WEST MONTREAL IDyment Anderson Co 95 411Dominion Securities Corp 96 17 Wood Gundy Co Co Aemilius Jarvis Co Que DEBENTURE March SALE On 21 Versailles Vidricaire Boulois Ltd of Montreal were awarded at their bid of the following six issues of 5H debentures which were offered on that date V 112 p year underground electric street lighting system debentures year fire apparatus debentures year pavement and sidewalk debentures year new streets and public park debentures year sewer and water system extension debentures year greenhouse and town hall debentures basis of about 6 47 LOANS NEW NEW LOANS LOANS Rivers THREE RIVERS SCHOOL COMMISSION P O Three Que DEBENTURE SALE On Mar 21 according to reports the Pro Corp was awarded at its bid of 97 77 an issue of school bonds Denoms 100 and 500 Date May 1 1920 Prin and semi ann int M 8c N payable at the Hochelaga Bank in Three Rivers Montreal or Quebec Payable in annual installments from Nov vincial Securities QUEBEC ROMAN CATHOLIC SCHOOL COMMISSION P O Quebec Que DEBENTURE SALE The block of school debentures offered on March 21 V 112 p 1191 was awarded to the United Financial Corp The offer submitted by the United Financial Corp was 98 92 for 6 10 year debentures which is on a basis of about 6 15 NEW The SASKATCHEWAN SCHOOL DISTRICTS Sask DEBENTURE SALES The Financial Post of Toronto reports the following list of DEBENTURES AUTHORIZED The following reports the block of provincial guaranteed debentures is reported as having been sold to W L McKinnon Co 7 stallments satisfactory not GRAY Man DEBENTURE SALE A installment recently awarded three blocks maturing in 10 15 and 25 in municipality is paying 6 70 for its money Toronto submitting a tender of 95 17 was 6 debentures amounting to of SALE OF BONDS We specialize in TOWN OF SHELBY Philadelphia City of 3s Shelby Toole County Montana to the amount of Thirty seven Thousand Four Hundred Dollars term twenty 20 years rate six 4s cent 6 payable semi annually on the first day of January and the first day of July of each year redeemable after ten 10 years will be sold on the 18TH DAY OF APRIL A D 1921 per 4i 4s 4y23 5s at the hour of eight 8 o clock P M at the office Toole of the Town Clerk of said Town of Shelby County Montana and dated January first 1921 Certified check for should accompany bid Signed E WILLIAMS F Town Biddle Henry BONDS MUNICIPAL Underwriting and distributing entire issues of Street South Fifth 104 Clerk City County School District and Road District Dealers inquiries and offerings Bonds of Texas PHILADELPHIA solicited Circulars Private Wire to New York Call Canal 8437 HAROLD G WISE HOUSTON United States and Canadian principal and interest being payable at the Han over National Bank New York City N Y Bids must be accompanied by a certified check payable to the order of the Treasurer of Iredell County for two per cent of the face amount of the bonds to be forfeited by the successful bidder in case he shall fail to comply with the terms of his The checks of all bid ity of the bonds will be furnished the successful COMPANY TEXAS the right to reject any 1915 Financial Statement Assessed value of all taxable property for Bonded Indebtedness for all purposes not including this Empire Tube Steel Corp Circular on York issue off Floating Indebtedness to be paid out of the sale of these bonds Population 1920 Census H MORROW Clerk W of Commissioners Iredell County N Request C Statesville N C March 21st Jones PUBLIC UTILITIES in and all bids to the Board Ground Floor Singer Building It Liberty Street New Telephone Cortlandt 3183 unsuccessful bidders opinion of Messrs Storey Thorndyke Palmer Dodge of Boston approving the legal The Board reserves Established mDDELL N C bidder Municipal Bonds WHGOR0oAf undersigned Court House in Statesville until noon on MONDAY the FOURTH DAY OF APRIL 1921 for the purchase of Road and Bridge Bonds by the County of Iredell N C to be dated April 15th 1921 and to be payable thereof on the 1st day of April in each of the years 1922 to 1931 inclusive and thereof on the 15th day ef April in each of the years 1932 to 1956 inclusive bearing interest at the rate of six 6 per cent per annum payable semi annually both at the Iredell County The 25 Broad growing communities Thurmond New St Phone Broad York N Y Sugar Engineering Corp 7412 operated and financed THEIR 6 Road and Bridge Bonds Sealed bids will be received by the will be returned request on CAROLINA IREDELL COUNTY NORTH Waterworks betterment bonds of the Town of 3i 2s BONDS WATERWORKS MONTANA WOOLWORTH NEW YORK BLDG SECURITIES offered to investors AMERICAN MFG CO INVESTIGATIONS APPRAISALS MIDDLE WEST UTILITIES CO Suite 72 No West Adams Chicago REPORTS CORDAGE 1500 DESIGN St Illinois New Jersey MANILA SISAL JUTE Noble and Wast Streets Brooklyn N Y CIty GEO Securities 72 Trinity W H OUTWATER WELLS II Exchange Place Goadby Co Members New York Stock Exchange Tel 21 Montgomery Jersey City N J B EDWARDS INVESTMENTS NO 74 BROADWAY NEW YORK Place NEW YORK N Y FOR SALE Timber Coal Iron other properties Confidential Negotiations Settlements and United States Ranch and Investigations Purchases of Property West Indies Canada March THE CHRONICLE engineers xxiir Jftnanctal A CentfalUnionTrustGdmpany STONE WEBSTER INCORPORATED hydro electric transmission ofNevYork DESIGN steam power stations developments lines city and interurban railways gas and chemical plants industrial Authorized to act as Executor Trustee plan lants warehouses and build Administrator logs posits subject to check and allows Interest CONSTRUCT either from their on designs or from designs of other engineers or architects own MANAGE public utility on going Acts as Transfer Agent under Trustee and De Mortgages Receives securities for safe keeping and col and lection of income industrial companies REPORT Daily Balances Registrar Receives Guardian or concerns proposed extensions and new Capital Surplus and Undivided Profits over projects FINANCE industrial and public utility properties and conduct investment an banking business Fifth Ave Broadway New York at 60th Madison Ave St at 42nd St NEW YORK BOSTON CHICAGO COMMERCIAL LETTERS ACCEPTANCES Member Federal Reserve System llllllllll Slf WILLIAM T A JLmmmrnJ O A A F JL JL JHT JLn np Complete Banking Service RGANiZATION In We Consulting offer foreign Engineers Our Pittsburgh comprehensive banking service both domestic and to out of town banks corporations and individuals a knowledge of business and industrial affairs in the Pittsburgh makes this service especially valuable Your corres District Specializing in pondence is invited Public Utilities MELLON NATIONAL BANK and Industrial Appraisals PITTSBURGH PA Gas and Electric Capital and Surplus Management and Operation Counsel and Reports Accounting and Purchasing Utilities Public Relations Valuation and Rates Design and Construction of t central station and industrial power plants and gas plants WILLIAM A BAEHR Organization Peoples 6u Building INCORPORATED Chicago INVESTMENT SECURITIES Maintaining 93 Branch Offices in 79 Principal Cities of the United States THE EXECUTIVE OFFICES J G WHITE ENGINEERING 111 W Monroe Street CHICAGO CORPORATION Constructors Engineers Buildings Industrial Units Public Utilities La Salle Reports Valuations Estimates XCHANGE U PLACE NEW i f Chicago n i c j YORK Capital amtjnrplos H M CHANCE CO Mining Engineers end Geologists COAL AND MINERAL PROPERTIES Examined Managed Appraised Drssol Bldg PHILADELPHIA Pays Interest on Time Deposits Current andJReserve Accounts change Deals in ForeignJEx Has on and at all times a variety of ex i cellent securities Buys and sells Government Municipal and Transacts a General Trust Business Corporation Bonds Classified Department INVESTMENT MEN WANTED BUSINESS OPPORTUNITIES POSITIONS WANTED BOND BOND SALESMAN Experienced and Remaining partnership successful who ners by active investment banking Philadelphia Stock changes Only those of Ex have proven 90 Pine first class will invest cial Chronicle connec Only interested in form ing connection with firm of established standing Box L 12 care of Financial Chronicle Address have to 90 Pine Street New York City from finances GENTLEMAN York and Stock formerly member Exchange of thoroughly the New versed in brokerage and banking busine s and arbitrage with good foreign connections is willing to good standing address head Legitimate Box K 10 Finan ability need apply Box M 10 Financial tion with bond house to each miist Members of New York understand and old associated with him two part Lehigh Valley district wanted house with wishes reputation bond salesman acquainted in of partner TRADER experienced in unlisted securities desires establish or also Chronicle 90 Pine Street consider office New York Box foreign department a managing L 25 Chronicle 90 Pine Street Would brokerage uptown Commercial Financial New York City Sreet N Y STATISTICIAN capable of answering Inquiries all on 8ECURITY SALESMAN New ment House has and successful care of salesman Financial New York opening tor aa York an experienced Address Chronicle Invest Box Pine 90 to M6 to get a for BANKING salesman a sell to HOUSE security a tinctive in every respect successful has that the for eral Ad a toward the gentleman who will supply Negotiations purchase of are under now seat on a the Investment commission and gen trading business Street New York City Chronicle 90 Pine Street New York City of Financial care Financial of WANTED BUILDER requires struction has MAN Large an opening for tunity for a care of that man Consolidated customers a controlling active accounts MS produce can Long on assured man Excellent oppor of financial assistance in medium priced dwellings in Island Better Address Box than J 7 usual of care profits Financial Address answering to New Investment House having a members private wire York wish to establish reciprocal rela its office necessarily at a banking department Jamaica resident of preferably Queensboro willing to live in Jamaica a of to banking tions with New York Stock Exchange House required Addross Box K 8 care of Financial Chronicle 90 Pine Street New York City R P and Apply Woodin ability by but not must be thorough knowledge letter Manager usual get or 350 new in business person Fulton to to and foreign government Box M 9 of Financial care graphical Illustra tions analyses and studies commercial finan cial engineering university graduate age 26 M 12 care of Financial Chronicle 90 Pino New York City STATISTICIAN experienced in the analysis of securities seeks position KxeeBemt refer both ences to as character and nished from responsible people ent employers Salary ability fur Including pres Address Bo Ml 6 care of Financial Chronicle 99 Pine Street New York City St HOUSE ENGAGEMENT sought by an engineer who is desirous of learning the bond SEEK POSITIONS business WANTED Address Box M l care of Financial Chronicle 90 Pine Street New York City EXECUTIVE possessing un ability for organizing and management desires Address as Jamaica N Y STATISTICIANS EXPERIENCED advertisements to well STATISTICIAN Specialty BOND EXECUTIVES as WANTED for its growing manager in inquiries analyzing railroad public utility and Industrial stocks and bonds Street MEN TITLE GUARANTEE TRUST CO needs a MISCELLANEOUS WANTED now Street STATISTICIAN capable of preparing circulars Box Financial Chronicle 90 Pine Street Exchange Pine 90 con Chronicle 90 Pine Street New York City BANK of Local Chronicle City New York City PHILADELPHIA Good Address Box MS Chronicle 90 Phie Street New York City CUSTOMERS MEN House specific drawing position New York City bonds CUSTOMERS making wishes for making change reasons care securities matter Ex a dress L 2 care of Financial Chronicle 90 Pine Address Bex Kl 17 circular up of individual companies and on way Stock The proposed house would do change An experienced and Investment Business wish an In touch with intending men like amount of money and his services In this enterprise need is dis only would appeal to us man personally contribute establishment of Street City INVESTMENT classes reports GROUP of successful investment make a new business connection STATISTICIAN capable and willing to do little unlisted trading in connection with his work Address Box M 3 care of Financial Chronicle wanted 90 Pine Street New York City Chronicle 90 Pine Street New York City Address Box M 2 care of Financial STATISTICIAN thoroughly familiar wttk gather ing and compiling data on railroad public utility and industrial securities desires position as Assistant house Statistician Address with BoxM 11 Investment an of Financial care Chronicle 90 Pine St New York Oity TRADER Capable bond trader of trading department exchange house seeks dress care Box M 3 UNLISTED Financial Ad Chronicle TRADER five years experience trading in unlisted securities capable energetic READ THE CHRONICLE wishes position Address Financial Chronicle 90 TIONAL stock connections new of in charge now prominent 90 Pine Street New York City SUPERIOR MEN WHEN YOU REQUIRE of A MAN WITH EXCEP QUALIFICATIONS A MAN THAT IS A LEADER IN HIS FIELD INSERT AN AD M 14 care of WANTED GENTLEMAN capital in that Box will return investment HERE Box Pine Street N Y City house additional furnish for interest in working established with Address assurance replies will be held in strict confidence H 6 care of Financial Chronicle 90 Pine Street New York City Rates Positions Equipment initial with for a Wanted Sale 10 minimum and cents Office per word and Bank figure of word figure 6 00 or WANTED charge of 3 00 Investment Men Traders and Statisticians Wanted etc 15 per BANK FIXTURES or initial with a minimum cents charge Bank Fixtures Wanted 3ANKERS within a miles of New York radius of 50 City who have bank fixtures desks and safes for sale send Hendrick Trust description in care Company of to G M Cranford Cranford N J March THE Cotton XXV rttot Compante Onas O Gorn financial Paul Schwarz Frank A Kimball August Schterenberg Corn Schwarz Co OF ILLINOIS COMMISSION MERCHANTS 15 CHEOOTCLE William Street CHICAGO Under National State and Clearing House Supervision New York Accounts of and banks bankers received MEMBERS OF Correspondence invited Now York Cotton Exchange New Orleans Cotrtaa Exchange Efficiently Now York Produce Exchange New York Coffee Exchange equipped How to handle all business pertain ing to banking and offer Peabody Service Increases the Value of a Coal Property Investments complete service to accounts of banks corporations firms and Geo H One of a Series individuals M Faddea Bro oAs Financier GQTTON MEEOHA TS Capital Surpkie PHILADELPHIA Deposits NEW YORK S3 Broad Street Thirty seven years experience enables us to pass sound judg ment on your property naerchant able possibilities and help to finance it when neces sary In the last ten years we havesuccessfullymarketedover thirty million dollars of coal 67 Wortfc Street Dealers in American Egyptian and iUqmfcatton Foreign Cottons NOTICE FOREIGN OOBBESPOimENTa Frederic Smreagk A N Co Liverpool toot Import en Export McFwfaoa a Olo yj et de Commission Havre Socle te LIQUIDATION Cleveland Cleveland in the State of Ohio is closing its affairs All noteholders and other creditors of the Association are therefore hereby at notified to present their notes Faehlri Od Baltia Reinhaet Ceo OF The National Commercial Bank of located securities and other claims Service based for payment T E H can Company The 35 Ccmertess NEW nagr is et BOSTON COMMISSION MERCHANTS AND Cashier National Colonial Bank BROKERS Liquidation Our complete service in coal includes Financing Operating and Selling every phase the practical development of ear long expe property management rience Notice New York Steele Sxcsmks New York Cotton Eacnauge New York Coffee Sugar E Sugar Exchange New York Prod ice Exchange National Bank located the State of Maine Is closing affairs All note holders and other creditors the association are therefore hereby notified Chicago Board of Trade Associate Members of as owners present the notes and other claims for payment GEO B BOYNTON Cashier Dated Jan Liverpool Cotton Association The Macbias Machias in CaUti Hubbard Bros Co at in its COAL tNUHOCH OOl BUWl COTTON MERCHANTS Liberal Advances Made 09 SHCiAUSTS O FU ST ASK FOR CHICAGO IMPORTANT CODE CIRCULAR NO 339 m BENSINOER PHONE BOWL GR MSB CHARTERED 1853 GWATHMEY CO AVENUE Cotton SO 24 EXCHANGE PLACE NEW YORK FIFTH Ave Operating 36 bituminous mines in it fields with annual capacity of tons than 0 over p ln Enjllih cabling Consignments So Michigan BENTLEY COMPLETE PHRASE CODE Mrtllng 11 ov r the world1 mow COMPANY Founded 1883 C L6 COOES J PEABODY Multigraph ft V COFFEE EXCHANGE BUILDING mm important Write for booklet 17 Whitehall Street NEW YORK and managers virtually all bituminous fields of to G e BENSINGER CO HANOVER SQUARE 37 years Hartford of All note holders and other creditors of the association are therefore hereby notified to present the notes and other claims for payment JAMES N H CAMPBELL Cashier Dated February closing its affairs Members of on successful Own Experience located at Hartford in the State of Connecticut Hentz Co Henry SHANNON Dated March NEW United States Trast Company of New York YORK 45 47 jWALL STREET MEMBERS N W YORK W EXCHANGE EXCHANGE NI W YORK E EXCHANGE NPW YORK NYW YORK PRO UOE BXCnANOE Nl W ORLEANS IT CHANGE ASSOCZAMEMBERS LIVERPOOL COTTON ASSOCIATION Capital Surplus and Undivided Profits J M SI T This Company acts as Executor Administrator Trustee Guardian Com mittee Court Depositary and in all other recognized trust capacities It receives deposits subject to check and allows interest oh dally balances It holds and manages Stephen M Weld Co COTTON MERCHANTS 82 02 Beaver Street New York City PHILADELPHIA BOSTON FALL RIVER securities and other property real and personal for estates corporations and individuals and acts as Trustee under eorpoffate mort gages and as Registrar and Transfer Agent for corporate bonds ana stocks EDWARD WILLIAM M KINGSLEY 1st W SHELDON Vice Pres President WILLIAMSON PELL Vice President WORCESTER Secretary EDWARDS Asst Secretary ROBERT S OSBORNE Aast Secretary WILLIAM C LEE THOMAS H WILSON Asst Secretary WILLIAM UTfCA N Y VIpgNdE PRO NEW BEDFORD G GREEN Assistant Secretary WILFRED CHARLES J A FREDERIC Assistant Secretary W ROBBERT Asst Secretary ALTON S KEELER Asst Secretary TRUSTEES ROBERT MOORE A CO 44 Beaver Street N Y COTTON MERCHANTS JOHN WILLIAM ROCKEFELLER FRANK LYMAN JOHN J PHELPS LEWIS CASS LEDYARD LYMAN J GAGE PAYNE WHITNEY A STEWART Chairman of EDWARD W SHELDON OHAUNOEY KEEP ARTHUR CURTISS JAMES WILLIAM M WILLIAM Board CORNELIUS N BLISS JR HENRY W de FOREST WILLIAM WILLIAM VINCENT SLOANE STEWART TOD OGDEN KINGSLEY the MILLS Members New York Cotton Exchange STEIN HAUSER CO Successors to WILLIAM RAY fc CO COTTON L F DOMMERICH CO BROKERS 86 Cotton Exchange New York Orders for future delivery contracts executed on the New York and Liverpool Cotton Exchanges Hopkins Dwight Co FINANCE ACCOUNTS OF MANUFACTURERS AND MERCHANTS DISCOUNT AND GUARANTEE SALES COTTON and General Offices 254 Fourth COTTON SEED OIL COMMISSION MERCHANTS Room 50 Cation Exchange Building NEW YORK NEW YORK Established Over 80 Years Avenue ASTOK XXVI the chronicle financial VOL 112 jFfnantlal jfiitatuial WE MUNICIPAL BONDS Central Bond Mortgage Co We know that offerings were so attractive as to net 208 South LaSalle Street never yield they as And right are hare we now specialized in Municipal Bonds for more than a quarter of a century 26 Years Devoted to Making Safety a Certainty Send CHICAGO Chicago Junction RR Co 1st 4s Gen Amer Tank Car Equip 6s 7 Idaho Power Co First 5s Private Wires to the East and Southwest end Charcoal Iron Co of America 7e Knickerbocker Ice Co Chicago 1st 6 Investment Bankers Listed SPECIALIZE IN Brunswick BaEke Collender Co 6s Pressed Steel Car Co Guar Equip 7s Rainey Wood Coke Co 1st 6s Eq 7Ma Utah Power Light Co First 6s Unlisted Securities AMES EMERICH GO for List Ill BROADWAY NEW YORK CHICAGO Incorporated DETROIT CHICAGO MUNICIPAL BONDS GERMAN Investment Bankers Bonds and Marks Underwriters and Distributers of Investment Securities Our circular Public Utility and Specializing In high grade issues of Municipal Bonds of the South we Invite Mid West inquiries interested Investors curities and this of se Bought Sold Quoted W MONROE ST CHICAGO 111 INVESTMENT BANKERS C F Childs Company 105 So la Salle St character Mortgage Trust COMT ANY BROADWAY AT MlssotjR PINE Radon French CHICAGO Government Bonds CHICAGO NEW YORK 108 Se La Sails St Co 180 Stevenson INVESTMENT SECURITIES Broadway Bros F H PRINCE CO Perry Inc BANKERS Investment Securities We purchase and underwrite entire Issues of application Wollenberger Co Specialists ST LOUIS on Industrial Issues j from in MILWAUKEE Dodge Ross Bolger Mosser Willaman 105 So La Salle St BOSTON MASS CHICAGO txmds and Btoeks of established corporations Telephone Randolph 5520 We offer high grade investment opportunities to the securities of HIGH GRADE public municipalities ctillttoe end well established Industrial cor porationsCorrespondence WEST 111 Invited MONROE INVESTMENTS W G SOUDERS CO INVESTMENT SECURITIES Members of New York 8c Boston Stock Exchange STREET 808 South CHICAGO La Salle Street CHICAGO New York CHRISTIAN PARSONS CO Detroit Milwaukee Grand Rapids Established Commeraial Collateral V Paper 208 La Safle L A Loans Investment Securities Chicago 10 EMERY PECK R0CKW00D P W Chapman Company INVESTMENT 112 South La Dominick Domi Members New York Stock Bxchi SECURITIES Salle St 118 CHICAGO Broadway NEW YORK 1870 INVESTMENT SECURITIES 115 Broadway Wlggir NEW YORK PWali ClNCUSff TT INVESTMENT SECURITIES Continental Ac Commercial Bank McCIellan Campii3 108 So La Salle St Building CHICAGO Railway Exchange Building BUY AND SELL ENGINEERING MANAGEM1 MILWAUKEE HIGH GRADE WE OFFER AT MARKET Amer Agric Chem Co S F 7 8 Atlantic Refining Co S F Deere Co S F 7 8 DeLaval Separator Co S F 8s Pfieter Vogel Leather Co S F 7s SIMON SHORT TIME RUTTER LINDSAY CO Inc The BORG CO Members of New HIGH YIELD CITY York Stock Exchange No 46 Cedar Street national bank RICHMOND VA Capital and Surplus Correspondence Bond A John M Miller Jr President W M Addison Viee President Q R Burnett Vice President Alex F Ryland Vice President S P Ryland Vice President Jas M Ball Jr Cashier Secured Direct Obligation HIGH GRADE INVESTMENT SECURITIES Yield 8l 2 Municipal Bonds Circular G 2108 Railway Light Company e July 1953 New Ytr k Maturity Dec 1922 Invited First Consolidated 5s du Notes Are Nashville YORK Rookery CHICAGO first BROADWAY 141 NEW BONDS Exempt from Federal Ineom Yielding from 5H ELSTON and COMPANY Send for to Taxef 7 List l INVESTMENT SEAS0NG00D HAAS MACDONALD Members New York Stock Exchange AO Broadway New York 71 W MONROE Milwaukee SECURITIES ST CHICAGO Detroit Minneapolis THE HANCHETT BOND CO 1 near pora ted South La Salle Street CHICAGO

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