! 1 1 1

1¥_ finanrial b^ rontrb INCLUDING

6ank & Quotation Section Railway & Industrial Section Electric Railway Section Railway Earnings Section Bankers' Convention Section State and City SecdoD

VOL. 112. SATURDAY, FEBRUARY 19, 1921 NO. 2904

Week ending February 12. ghe ©hromclje Clearings i or PUHLIrtHKO WKKKLY Inc. I 1921. 1920. DiX. I 1919. 1918. Terms of Subscription- Payable in Advance for One Year JIO 00 Chicago -I9.4I For Six Months 6 00 . 399.814,817, 564,837,3391 460,268,453 428,171,747 <'lnclnuatl 42,642,189 58,889 —27.6; 54.357,474 42,382.76 ,s Buropean aub»crlptlon (tncludlug postage) . 13 .50 J215' Cleveland 89.706.243 »6,512.742| —6.1 80.186.964 65,775.172 European Subscription six mouths (Including postage) 7 75 Detroit 68.000.000 98.382,358 —30,9 58.280,406 41,765,438 Oanadlan Subscription (Including puat-age) 11 50 Milwaukee 30,146,256 32.179,885] —6.3 29,988^81 27.471,644 NOTICE—On iiccouat of the fluctuatlous In the rucea of eichange, reinlt- Indianapolis 11,607,000 17,806,000 —34,8 12.383,000 13,903,000 tiiQces for European subscriptions and advertisements must be made In C^olumbua 10,593,500 14,114,300 —24.9 1 1 ,707,300 9.412,800 New York funds. 'role

682 THE CHRONICLE [Vol. 112. 4 at Washington as dtie "largely to a transfer of sil- 77//; FiyASOCIAL t^JTUATJOX. ver accuninJatcd by the Treasury with a view to At a time when the country is groaning nndei- the meeting Oriental demands." It was stated that sil- burden of an unbearable load of taxation, the (Jov- ver so transferred would gradually be used for that ernment, under an Act of Congress, is coniniiting a ]>uipose by the New York Federal Reserve Bank, piece of extravagance and profligacy whicli it would which was conducting the operation under the di- seem ought nor to be tolerated an instant longer. rection of the Federal Resei-ve Board. But, unfor- Under the so-called I'itlman Act it is purchasing a tiinateiy, this Oriental demand never materialized large block of silver each week at a price nearly the Eastern markets having previously been satiated

208.()()0,(>()() (Miuces, at one dollar per ounce, no mat- welcome silver. ter what the market price of the silver. No so very At that time the Federal Reserve banks were long ago the market price was well above one dollar, very much in need of a reinforcement of their cash and then the silver producers took good care to send reserves, and Ibis sudden influx from Treasury- their silver abroad and thus get the benefit of such vaults of a huge mass of silver served the convenient higher price. Latterly, however, the market price purpose of bolstering up the reserve and raising of the metal has been dropping at an accelerating the ratio of reserves to outstanding liabilities. But pace, and yesterday a new low point on the jiresent to-day the reserve position is much stronger and the movement was reached when the Loudon price item should be at once eliminated. Of course the dropped to S?>% pence. percentage of reserves to liabilities would in conse- Since silver has been selling at less than a dollar quence fall somewhat, but it would still be higher an ounce, two different quotations have been re- than a year ago and, what is even more important, ported from day to day—the one the price for do- it would be true cash instead of partly fictitious mestic silver, which price never varies from 991/2 cash. cents, the other the price for foreign silver, which fluctuates in accordance with the changes in the Transvaal gold mining operations for the open- London price. Yesterday the market value in XeAv ing numth of 1921 furnish no greater evidence than York was only 581/4 cents. Accordingly, on this did previous monthly returns of any tendency to- basis the Director of the Mint is now paying over 41 ward increase in yield. It is true they show a slight cents more per ounce for the metal than its actual gain as compared with either November or Decem- worth. In other words, the silver producers are get- ber of 1920, but that is merely negative evidence, as ting a bonus of 41 cents for every ounce of silver bv contrast with January of earlier vears, all the they are producing and turning over to the Govern- way back to and including 1912, decreases are the ment. But that is not the worst of it. On the one rule, with the declines from 1917, 1916 and 1913 par- hand the country is again being loaded up with a ticularly heavy. Furthermore, leaving out of con- growing volume of depreciated currency, and, on the sideration February (a short one) the current out- other hand, unless the Act is at once repealed, the put falls below that of all but four months since process is certain to continue for a considerable time January of 1911—the two instances mentioned to come. Up to the middle of this month the Direc- above and December in 1919 and 1918. In such a tor of the Mint had purchased 34,575,419 ounces of showing there is nothing to give encouragement to ^ the metal at one dollar an ounce. As the total expectations of better results in the immediate fu- amount to be purchased is, as already stated, 208,- ture from the world's premier producing fields. In 000,000 ounces, there remain about 174,000,000 fact it would seem that any tangible improvement ounces more to be bought,. If the whole of this in yield is dependent more upon the opening up of should be purchased at a dollar an ounce, while the new and rich lodes than upon the chance of getting market price is only 58 cents an ounce, the loss to a larger labor force, which chance is looked upon as the Government and the clear bonus to the silver rather poor. Specifically, the yield for January producers would reach the prodigious sura of $70,- 1921, as cabled, was only 651,593 fine ounces,. against 000,000. What justification or warrant can be 670,503 fine ounces last year. 676,059 fine ounces in urged for the continuance of such a monstrous 1919 and 787,467 fine ounces in 1916. wrong to the people of the country ? It ought to be, considering the magnitude of the evil and the men- An international banker in this city, comment- ace it involves,- possible to get a bill through both ing upon the foreign demand for American money, houses of Congress without much ado, providing for observed that ''the LTnited States is the only coun- the instant repeal of this iniquitous law. try that has real money,'' and that *'the other coun- Another thing, the Federal Reserve banks are car- tries of the world have only stage money." Europe's rying a large amount of this silver among their cash need of America's help in- carrying out the terms of reserves. Last Saturday's statenaent showed a to- the Versailles Treaty- of Peace, and jn the making of tal of 1220,220,000 of "iegal tender notes, silver, the League of Nations an effective organization, not etc.," held by the twelve Reserve banks, as against to speak of financial assistance on a large scale—is only 164,133,000 of this kind of cash held at the cor- evidenced in the cable dispatches daily. This has responding date last year. The difference between been true ever since the Allied leaders tried to do the two amounts represents mainly the addition to these things by themselves, following the Peace Con- the silver holdings made during the twelve months. ference in Paris two years ago. The greater part of the amount was added just Just now the dispatches indicate that the French about a year ago. An increase of over |50,000,000 Government leaders are particularly anxious for in the item referred to, shown in the return for Feb. the help of the United States in trying to enforce 27 1920, was explained by the Federal Reserve Board the payment of the German indemnity. The asser- V Feb. 19 1921.] THE CHRONICLE 68t

tion was made in one Paris cablegram that "within we offer must be made good. America cannot hohi the last two days Premier Briand has sent several aloof, when the economic forces of the entire world notes to Ambassador Jusserand at Washington, in- shall assemble aiound one table, and all plans are structing him to take action to present the Allied mere tlieories unless the whole economic world is indemnity proposal in u more favorable light." lie prepared to co-operate." added that ''without American help Germany can- According to a Paris dispatch "the Reparations not be made to pay up, and under the encourage- Commission has transmitted to Walker D. Hines, ment which the Germans would get from a separate American arbitrator in the distribution of German treaty with America, which might weaken im])<)rtant inland sliipping under the Peace Treaty, its deter

provisions of the Versailles Treaty, now the law nl' mination of the Allied losses to be paid from (ier- European nations. France fears new and disturbing many's Rliine fleet, at 820,000 tons, 6:}% of which difficulties." Outlining still further what purported was incurred by France, .'5H% by Belgium, and 4^ to be the French opinion and attitude toward the by other countries. The entire river fleet is placed United States the Paris correspondent of the New at ni)ward of 0,000,000 tons, and tlierefore the losses

York "Times" said "what the French are most anx- are less than the 150 ';< limit the treaty placed on ious for Americans to realize is that without Ameri- the amount (Jermauy must replace." It was added can aid and sympathy the reparations problem and that "this award, which Mr. Hines must approve, other problems which disturb the peace of Europe is in addition to the allocation of 223,000 tons of cannot be settled. They regret the refusal of Amer- barges and tugs, with a capacity of 21,000 horse- ica to aid the Allied negotiations. While at the l)owei', allocated to France by Mr. Hines early in same time American accord is so important in the .January." present situation, the dangers of which are momen- The Paris "Matin" a few days ago published an tarily springing into view." article by former President Raymcmd Poincare, now The reparations question has been discussed all the Nationalist leader in France. He declared that week in a largely unofficial and more or less pro- "France must reserve the ultimate right to take miscuous way, in London. Paris and Berlin. For military action alone if Germany does not meet her instance, Paul Loebe. President of the Reichstag obligations." The article is said to have attracted and publisher of the Breslau "Volkswacht," urged much attention and to have been regarded as impor- Germany editorially in his paper "to refuse to com- tant. The New York "Times" correspondent at the ply with the Paris reparations demands, thereby French capital, commenting on the article, said that permitting occupation of the Ruhr by the Entente, "inasmuch as the Allies are about to try to get Ger- which, he says, would be compelled to attempt op- many to agree to their plan of reparation payments eration of the mines." Among other argumenrs extending over forty-two years, the political effect which he presented were that "the miners then of such a doctrine is evident. It means that, with would refuse to work and the coal production would or without the assent of England and Italy, France fall off to such an extent that the Entente would would reserve the right to send troops into Ger- abandon its demands and submit 'more reasonable many at any time within the time limit of the finan- conditions.' Unemployment would be widespread; cial arrangement, without being considered to have tax receipts would decline, and it would not be pos- committed an act of war. M. Poincare's announce- sible for the Entente to collect its indemnities." ment is important, because it is he who will in all The Associated Press correspondent at Berlin as- probability become Premier if M. Briand has to serted that, according to information claimed to nmke further concessions to Germany, which will have been obtained by the "Deutsche Zeitung," "the occasion his fall." Another Paris representative of Ministry of Finance has reached the conclusion that the "Times" gave the following outline of what pur- the utmost sum Germany can pay in reparations is ported to be the sentiment of the people regarding 150,000,000,000 marks (normally |35,500,000,000), the question of reparations and the financial out-

this including all she has so far paid in cash and look in France : "Financial circles are far from op- goods." It was stated also that, according to the timistic on the subject of reparations. La.st week's newspaper's information, "this 150,000,000,000 marks debate in the Chamber, in which more or less hypo- would be paid off in thirty years and the proposal thetical billions were flung about like confetti, cre- to pay it would be submitted to the authorities at ated a feeling of confusion and uneasiness which Paris for the purpose of learning whether the com- Avas in no way dispelled by Premier Briaud's frank ing London conference on reparations will permit statement that for several years to come it probably of its consideration along Avith the Allied proposals woidd be necessary for France to raise 10,000,000.- adopted at the recent Paris conference." 000 or 15.000,000,000 francs annually from her own In a speech in the Bremen Chamber of Commerce, resources—that is, by loans—to cover expenditures Dr. Wirth, Minister of Finance, made a very sensi- on pensions and restoration of the devastated re- ble statement on this question of reparations. He gions, which cannot be met by the national income.'' was quoted in part as follows: "We are prepared He added that "so marked is the anxiety that writers to accomplish all we can, because we feel under a of weekly financial articles in the 'Temps' and 'Jour- moral obligation to assist in reconstruction, and we nal des Debats,' who generally tr^' to jjaint the situ- will make reparation proposals of our own in Lon- ation in cheerful colors, have a tone of equal gloom.'' don. The newspaper reports on this subject are in- Dr. Simons, the German Foreign Minister, in an correct. Our offer will not be a small one. The address in Stuttgart on the question of reparations nation must learn to realize that what we shall of- and Germany's ability to pay.

New York "Herald" said : "The recent discourses far as to assert that "some of the European coun- by Dr. Walter Simons, German Foreign Minister, on tries are deliberately pursuing a policy of inflation, Germany's inability to meet the Allies' reparations because it gives them a commercial advantage." In demands, and particularly Dr. Simons's Stuttgart his reply Mr. Chamberlain declared that "none of speech last week, are producing a violent reaction the matters referred to 'is under the direct control in France that is more and more having the effect of the Government." Furthermore, he explained, of fastening all eyes on President-elect Harding. "the impossibility of reducing the income tax and This fact stands out in all the latest discussions expatiated on the necessity of doing everything pos- provoked by Dr. Simons's reference to America, sible to redeem the national debt in order, as far as wherein French opinion sees the German Foreign it can be done, to lighten the burden of the com- Minister as envisaging the new President of the munity." Attention was called in a Washington United States as arbiter in the situation expected dispatch to the fact that "the annual report of the —

Feb. 19 1921.] THE CHRONICLE 685

Secretary of the Treasury showed that on Nov. 15 ning of an era of peace in Ireland. The Crown 1920 Great Britain owed to the United States inter- believes it has got the situation well in hand and est accrued and unpaid amounting to $314,582,825." thinks that the South Ireland Parliament can be formed next April, which it maintaiuH would mean The British Parliament reassembled on Tuesday an end of bloodshed on the island." after a recess of seven weeks. King George in his speech declared that "Irish self-government could Speaking in the House of Commons Thursday eve- not be obtained by force." Among the other ques- ning the Prime Minister made "an earnest appeal to tions with which he dealt were a trade agreement the banks to take a fair share in the risks of grant- with Russia, which he hoped would be effected, and ing cre

686 THE CHRONICLE [Vol. 112.

£1,139,938,000 last week. Temporary advances discounted, 190,386,000 francs; advances, 10,017,000 were likewise reduced to £231,222,000 against francs; and general deposits, 235,603,000 francs. £249,072,000 a week aRO. Total floating debt Note circulation took a favorable turn, a contraction therefore is down to £1,358,896,000, in comparison of 199,953,000 francs being recorded. This reduces with £1,389,010,000 the week previous. In the the total outstanding to 38,072,353,370 francs, con- corresponding week of 1920, the total was £1,286,- trasting with 37,958,541,265 francs in 1920 and with 498,000. The Exchequer balance aggregates £4,- 32,492,414,650 francs in 1919. In 1914, just prior

624 ,000 . A week ago it was £4 ,762 ,000 to the outbreak of war, the amount was only 6,683,- 184,785 francs. Comparisons of the various items in No change has been noted in official discount this week's return with the statement last week and rates at leading European centres from 5% in corresponding dates in 1920 and 1919 are as follows: BcrHn, Vienna and Switzerland; 5^% in Belgium; BANK OF FRANCE'S COMPARATIVE STATEMENT. 6% in Paris, Rome and Madrid; 7% in London, Chanoes —Status a$ of— for Week. Feb. 17 1921. Feb. 19 1920. f(*. 20 1919. Sweden and Norway, and 4}/^% in Holland. In Oold Holdings— Francs. Francs. Francs. Frarxcs. In France ..Inc. 296.000 3.5.54.198.119 3,602,991,650 3.546.348.436 London the private bank rate has been advanced to Abroad No change 1.948.367.056 1,978.278,416 1.978.308,484

6^@.7% for sixty and ninety day bills, as compared Total .Inc. 296.000 5, .502. .565. 175 5,581.270.068 5,524.656.921 Sliver .Dec. 3.8.-J6.000 262.772.495 252.845.396 314.381.844 with 63^@6^% a week earlier. Call money in Bills dLscounted .Decl90..386.000 2.892,273.298 1.900.028.014 1.101.162.080 Advances .Dec. 10.017.000 2.239.586.000 1.553.116.628 1,205.059,146 London is likewise firmer, showing an increase of Note circulation.. .Dec 199. 9.53 .000 38.072,353.370 37,958.541.265 32,492,414.650 Treasury deposlta. Inc. 20 450.000 71,496.000 57.244.338 37,582.193 ^ of 1%, to 5^%, against 5% last week. General deposits.. .Dec235.603.000 3,130,448,000 3,094.714.204 2,648,232,542

A small gain in gold, amounting to £22,911, was The Imperial Bank of Germany in its statement that coin shown by the Bank of England statement this week, issued as of Feb. 7 shows total and bulhon while first while total reserve as a result of a cut in note circula- increased 500,000 marks, gold, for the time tion of £1,180,000, was expanded £1,202,000. in several weeks, was augmented 10,000,000 marks. Furthermore, the proportion of reserve to liabilities Bills discounted sustained a heavy reduction, viz., registered another advance, to 14.62%, against 4,466,000,000 marks, while deposits shrank no less feature of 14.02% last week. A year ago the ratio stood at than 4,958,300,000 marks. A the state- 17^%. Public deposits were brought down £4,- ment was the sensational cut in Treasury certificates, 614,000, but other deposits increased £7,710,000. amounting to the huge sum of 1,776,700,000 marks. Government securities reported a contraction of Notes in circulation fell 138,300,000 marks and ad- £6,690,000. Loans (other securities) increased £8,- vances 6,300,000 marks. There was an increase in 613,000. The Bank's gold stocks aggregate £128,- securities of 279,500,000 marks and in liabilities of 305,995, against £108,501,544 last year and £81,- 149,600,000 marks. Gold stocks are reported as 769,384 in 1919. Reserves total £18,945,000, in 1,091,600,000 marks. In the corresponding week of comparison with £33,305,164 in 1920 and £30,652,149 1920 the total held was 1,090,500,000 marks and a the year before. Circulation has reached a total of year earlier 2,252,160,000 marks. Outstanding note circulation aggregates the stupendous of 66,482,- £127,808,000. Last year it stood at £93,646,380 sum in comparison with and in 1919 at £69,567,235. The total of loans is 500,000 marks, 37,988,720,000 £85,201,000, which compares with £88,800,565 and marks a year ago and 23,665,680,000 marks in 1919. £84,147,414 one and two years ago, respectively. A better idea of the huge increase that has taken place in circulation totals gained it is The Bank of England has not changed its minimum can be when discount rate from 7%, the rate previously ruling remembered that in July of 1914 it stood at about although reports were again in circulation that a 1,890,000,000 marks, while in 1912 note circulation reduction was imminent. Clearings through the was only 1,044,000,000 marks. London banks for the week were £655,339,000. Last week they amounted to £692,869,000 and a The local money market has been somewhat mixed puzzling. Offerings of call funds larger year ago to £806,310,000. We append a tabular and were statement of comparisons of the different items of during the last half of the week and while the re- the Bank of England return: newal rate was 7%, a quotation of 6% was established in the afternoon of several days. On Thursday BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1921. 1920. 1919. 1918. 1917. money brokers were more active than they had been Feb. 16. Feb. 18. Feb. 19. Feb. 20. Feb. 21. £ £ £ £ £ for a long time and appeared to have a considerably Circulation 127,808.000 93,646,380 69,567,235 46,207,340 38,575,685 larger amount of funds to loan. Stock Exchange Public deposits 14,563,000 26,337,153 30,680.323 38,561,994 48,836.080 Otlier deposits 114,043.000 164,811,850 118,333,046 131,879,319 146,828,413 houses reported that they had been approached by Govenim't securities 43,513,000 87.118,306 52.234.744 56.350.582 84.931.646 Other secuiities 85.201.000 88.800.565 84.147,414 101,441,055 93,215,121 Reserve notes & coin 18,645,000 33,305,164 30,652.149 30.714,127 35,602,158 those individuals during the day with tenders of Coin and bullion. -,128,305,995 108.501,544 81,769,384 58,471.467 55,727,843 Proportion of reserve loans to a greater extent than for many months past to liabilities 14.62% nya% 20.60% 18.02% 18.19% Banlj rate 7% 6% 5% 6% 5)4% Yesterday, on the other hand, it was said that only very moderate amounts of time money were avail- The Bank of France continues to report small gains able. On both days the going rate was 7% for both in its gold item, the increase this week being 296,000 60 and 90 days, which is a decline of about 3^% from francs. The Bank's aggregate gold holdings are thus the nominal quotation of the last two or three months brought up to 5,502,565,175 francs, and compare Requirements of Stock Exchange firms to finance with 5,581,270,066 francs at this time last year and speculative transactions^ in stocks for their clients with 5,524,656,921 francs the year previous; of these continue small. The needs of banking houses for amounts 1,948,367,056 francs were held abroad in financing new loans show no diminution. Several 1921, 1,978,278,416 francs in 1920 and 1,978,308,484 new issues have been brought out daily at this centre. francs in 1919. During the week Treasury deposits Still others are under active negotiation. Some of were augmented to the extent of 20,450,000 francs. them would have been brought out before except for On the other hand, decreases were registered in all fear of overtaxing the investment market. The the other items, viz.: silver, 3,856,000 francs; bills latest foreign loan to be announced is that for about .

Feb. 19 1921.] THE CHRONICLE 687

£0,000,000 for the State of Sao Paulo, Brazil, of The only change this week in Federal Reserve whicli $10,000,000 has been taken by American bank rates has been at Dallas, where the rate on bankers. The remainder is being placed by English Treasury certificates of indebtedness has been put and Dutch institutions. Another foreign loan of uniformly at 0% (instead of the rate varying in ac- the week is the 824,000,000 Repul>hc of CMiile Ex- cordance with the interest rate borne by the certifi- ternal Loan in the shape of 20-year sinking fund 8% cates pledged as collateral), and where the rate on gold bonds, for which subscriptions are being invited Liberty bonds and Victory notes has been raised at 99 and accrued interest. One of the largest pieces from 5J4 to 6% and the rate on bills otherwise se- of domestic corporation financing that is pending is cured moved up from 6% to 7%. The same bank the 880,000,000 Burlington Railroad bonds, which it has also raised the rate on bankers' acceptances dis- is proposed to issue under a plan for capitalizing a part counted for members from 53^2 to G% and the rate of the company's large accumulated svu'plus. It is on trade acceptances and agricultural paper from mulerstood that the plan was further considered by 6% to 7%. The following is the schedule of rates the Inter-State Commerce Commission in Washing- now in effect for the various classes of paper at the ton yesterday. If the Commission does not approve different Reserve banks: it the Northern Pacific and Great Northern will be DISCOUNT KATES OF THE FEDERAL RESERVE BANKS IN EFFECT FI;BRUARY 18 1921. called upon to find another way of financing the Burlington Joint 4% bonds that mature next July. Discounted bills maturing within 90 days {inctudlnij memher hanks' 15-day col- Bankers' AgricuU lateral notes) secured by- accep- Trade tural and Hrp - st/}rL rates in detail, call loans this week tances accep- As to money Bank of— Treasury Liberty Other- ducted tances paper against certifi- bonds wise for maturing maturino have ranged between 6 and 7%, as 7@8% cates of and secured member wUhin 91 to 180 indebt- VUtory and banks 90 days days last week. For the first two days of the week, edness notes unsecured

Monday and Tuesday, there was no range, a flat Boston .._ 5H 6 7 7 7 New York . 6 6 7 h' 7 7 rate of 7% being quoted, this being the high, low and Philadelphia t6 6« 6 5H 6 6 Clevohmd 6 6 6 6 ruling figure on each day. Wednesday a slight easing Richmond 6 6 6 6 6 6 Atlanta. 6 7 6 7 7 was noted and toward the close a few loans were put Chicago 6 6 7 6 7 7 St. Louis - - 6 5H 6 5H 6 6 through at 6%. The high was still 7%, however, _ . . . 6 7 6H 7 Kansas City t6 6 6 •SH 6 6 and this was the level at which renewals were nego- Dallas. - . . 6 ti 7 6 7 7 San Francisco 6 6 6 b 6 6 tiated. On Thursday the call rate went back to 7%, t Discount rate corresponds with interest rate borne by certificates pledged as and this was the renewal basis and the maximum and collateral with minimum of 5% In (he case of Kansas City and 5V^% In ihe case minimum rate, but on Friday the range was again of Philadelphia. Note. — Rates shown for St. Louis an'l Kansas City are normal ratee, 6@7%, and the ruling rate 7%. Loans on call were applying to discounts not in excess of basic lines fixed for each member bank by the Federal Reserve Bank. Rates on discounts in excess of the basic line are in fair supply and it is reported that outside of the subject to a i4% progressive increase for each 25% by which the amount of accom- Stock Exchange round amounts were obtainable at modailon extended exceeds the basic line, except that in the case of Kansas City the maximum rate is 12% 6% during the greater part of the week. The above rates apply to mixed collateral and all-industrials Notwithstanding the fact that trading in the ster- without differentiation. For fixed maturities trad- ling exchange market this week was exceptionally ing is still very quiet and the supply of funds light. dull and the volume of business transacted the small- During the latter part of the week, however, several est in quite some time, price levels came in for an- out of town institutions came into the market as other substantial advance, which, during the early lenders and there was a reduction in quoted rates to part of the week, carried quotations up to 3 92^ for 6H@7% for sixty and ninety days' money, with demand—a gain of nearly 4 cents in the pound for four, five and six months at 63^@6^. This com- the week, and the highest figure touched since the pares with 7% for the first three periods named and week of July 17 last, when sterling bills sold at 3 94^^, 6M% for five and six months last week. All- although practically all of this was lost before the industrial money, whenever dealt in, continues to close. For a while traders were somewhat at a loss to range about 3^ of 1% above the figures just given. account for the sudden accession of firmness, since no Commercial paper rates also ruled easier, and now essential change in the general situation had taken range at 73^@7^% for sixty and ninety days' place. It was argued that not even the continued endorsed bills receivable and six months' names of scarcity of offerings and the fact that London sent choice character, in comparison with 7^@8% a materially higher quotations almost from the start week earlier. Names not so well known now require could adequately explain the undefinable feeling of 7M%, against 8%. A good demand was noted. optimism which seemed to prevail during the early Brokers specializing in commercial paper report days of the week. Later it developed that reports improvement in some lines of merchandise, notably were being circulated to the effect that prospects for dry goods and ready made clothing, so that increased an understanding over the German reparations ques- activity is looked for in the near future. tion had considerabl}!- brightened and that a satis- Banks' and Bankers' acceptances ruled firm at factory solution of the whole problem was measura- practically the levels previously current. A fair bl}'- nearer than conmionlj- supposed. Be this as it turnover was reported with offerings fully equal to may, no official pronouncement on the subject was the demand. Savings banks were in the market for forthcoming and a feature of the week's dealings was prime New York bills. Open market rates for loans the almost total absence of speculative trading, show- on demand against bankers' acceptances continue ing that professional operators are still holding aloof at 53^%. The posted rate of the American Accept- from the market. Toward the end of the week re- ance Council is 6%. Rates in detail for acceptances action set in, mainly as a result of profit-taking sales, follow: while on Thursday the publication of Austen Cham- Spot Delivery Delivery Ninety Sixty Thirty within berlain's statement, intimating that Great Britain °'"'*- -O""*- T...-,.., ^.,. . -Dai/s. 30 Days. Eligible bills of member banks. 6K@6 6@5K 5J4®5H 6K bid intended to meet the interest on her American debt Eligible bills of non-member banks 6M®6Jf SH®6H 6K@6 6H bid IneUgible biUa 7 @6K 7 ®6H 7 @6H 7 bid during the course of the current fiscal year, had a somewhat depressing effect on market sentiment. «88 THE CHRONICLE [Vol. 112.

Many l)ankcrH no.w give it aH their opinion that the market was very narrow practically throughout the ('hancellor's disrlosiuos partly exphiin lh(> recent entire week .-ind prices were but little it)flu(mcedby str(Mifj;th in sterling. A(!cor(linfi; t,o thcisc intcirests nier(! passing events. Probably the dominating fac- British hankers have in all prol)ahiUty been operat- tor in the firmness here, as in the sterling market, ing in the mark<>t along the .same hnes as those by continues to be the lack of available commercial which (ireat Britain aeciunulat.ed dollar credits in offerings, while with the resumption of business on th(^ fall of 1920 to meet hci' share of tlu; Anglo-French Monday following the holiday, cable quotations from maturity. Just how far th(>se operations have V)e(;n London again came higher, which, as u.sual, exercised carried, is of course probleniati(;al. Some take the a strengthening effect on rates in this market. Paris view that more or less supi)ort of a similar character francs on only a small volume of trading rallied from to that lately experienced is likclj'^ to be extended from 6.99, last week's low point, to 7.50, while lire showed time to time for a good many months to come. In a gain of 12 ])oints, to 3.73 for cliecks. Antwerp the meantime, the steady diminution in the volume francs for a short time touched 7.82, an advance of of our exports and consecpient falling off in the sup- about 28 points. This, however, did not last and ply of commercial bills, together with comparatively with the recession in sterling, losses of from 5 to 35 easier monetary conditions in the local market, all l)oints were recorded. As against this showing, make for improved exchange conditions. Very little German exchange was under pressure from the start, attention appears to be afforded the progress that is and declined about 10 poiiits, to 1.64, on what was being made by the new Edge Law enterprises or the alleged to be selling for speculative account. Taking doings of the War Finance Corporation. As a mat- the market as a whole, however, very little in the er of fact interest seems just now to be centred way of speculative manipulation was noted and it aUnost exclusively upon the outcome of the German was plainly evident that most of the large dealers are ndemnity dispute. In the final dealings prices still out of the market awaiting the results of the were easier and the close was at the lowest for the coming Allied conferences. Austrian kronen were week. uniformly weak, ruling around 00.24, while Greek Referring to the day-to-day rates, sterling exchange exchange fluctuated irregularly, but without definite on Monday (Saturday was a holiday—Lincoln's trend one way or the other. Official denial of the Birthday) was strong and materially higher; although reports that President Wilson had arranged to bring trading was not especially active, prices were rushed about cancellation of the AlUed loans, following up, mainly on restricted offerings and stronger ratification of the peace treaty, had no perceptible London quotations, to 3 883/2@3 89 >§ for demand, effect upon market levels, and the same is true of 3 89M@3 905^ for cable transfers and 3 83M@3 85^ Secretarj^ Houston's promise to extend no further for sixty days . Increased strength marked Tuesday's aid to Europe in the form of credits, most dealers dealings and demand bills moved up to a new high being apparently of the opinion that once the repara- OB the present upward swing, namely 3 90 J4@ tions question is disposed of, many other minor 3 91->^, with cable transfers at 3 913^@3 923^ and difficulties now pressing for solution will prove sixty days at 3 85^@3 SQJ4- Wednesday's market comparatively easy of solution. <30iitinned quiet, although rates made a further The official London check rate on Paris finished advance to 3 90K@3 9234 for demand, 3 9l5/g@3 93 at 53.31, against 53.75 a week ago. In New York or cable transfers and 3 86J.-8^)3 863^ for sixty days. sight bills on the French centre closed at 7.16, A reactionary trend developed on Thursday and against 7.22%; cable transfers at 7.17, against 7.23%; demand bills ranged at 3 87J^@3 90^, cable trans- commercial sight at 7.14, against 7.20%, and com- ers at 3 885^@3 91^ and sixty days at 3 823>g@ mercial sixty days at 7.08, against 7.14% a week 3 85%; the recession was regarded as natural in earlier. Closing quotations for Antwerp francs view of the rapid advance of the two previous days. were 7.46 for checks and 7.47 for cable remittances, Friday's trading was as dull as ever; the undertone which compares with 7.54% and 7.55% last week. was a trifle irregular, with prices slightly off. at Reichsmarks finished at 1.64% for checks and 1.65% 3 86@3 90-H for demand, 3 86M@3 90% for cable for cable transfers. Last week the close was 1.70% ransfers and 3 79^@3 83% for sixty days. Closing and 1.71%. Austrian kronen finished the week at quotations were 3 79% for sixty days, 3 86 for de- 00.22% for checks and 00.23% for cable transfers, as mand and 3 86% for cable transfers. Commercial against 00.25 and 00.26 the preceding week. Lire

sight bills finished at 3 85 1/2 » sixty days 3 79%, ninety closed at 3.63% for bankers' sight bills and 3.64% for days 3 76, documents for payment (sixty days) cable transfers, which compares with 3.66% and 3 79% and seven-da^^ grain bills 3 82%. Cotton and 3.67% on Frida\' of last week. Exchange on Czecho- grain for payment closed at 3 85%. The week's slovakia after early firmness and an advance to gold movement was light. So far as could be learned 1.33 reacted and closed at 1.29, against 1.29%; on no gold was engaged at all, while the arrivals com- Bucharest at 1.38 (unchanged); on Poland at 13%, prised only $350,000 in bars from France on the SS. against 14; on Finland at 3.40, against 3.55 the La France and about $800,000 on the SS. Adriatic week previous. Greek exchange closed at 7.45 from London. Yesterday Lazard Freres reported for checks and 7.50 for cable transfers. A week the receipt of $1,750,000 gold from Paris, making a earlier the close was 7.20 and 7.25. total on the present movement of $20,000,000. In the neutral exchanges dulness was the outstand- There were no new developments of moment in ing feature, though here also prices ruled strong and Continental exchange. With the exception of Ger- materially higher during the first half of the week. man marks, values at nearly all important centres Dutch guilders touched 34.58 for checks, while Swiss moved parallel with sterling and during the opening francs scored a gain of more than 40 points, to 16.69 days of the week francs and lire advanced to appre- cents per franc. Spanish pesetas ruled steady, but ciably higher levels, albeit trading was inactive and without appreciable change. Stockholm remittances business light in volume. As a matter of fact the maintained the advance noted at the close of last :

Feh. 19 19:il.l THE CHRONICLE U89

Federal Wk- week, wth a further gfiin to 22.50, hut hoth Copen the Clearing IIou.se institutions. The hageu and Christiania exeliaiiKe were heavy, th(i serve Hank of New York was cre«litor at the ('lear- former rccedinc; to 18.10 and tlic hitter to 17.70, iug House each day as follows: more than 200 points under the kn'els recently OAILV CHKUIT BALANCES OK NEW YORK KKDERAL BJSSERVE BANK AT CLEAHING HOUSE. touched. No satisfactory exphmation (•«)ul(l l)e other than a cessation Saturilau Monday Tuesday Wednesday Thursday Frtdau AtffTtOaU obtained for these dechnes Feb. 12 Feb. 14 Feb. 15 Feb 16 FcO. 17 Feb. 18 /or We«k hgliter shipments of of specuhitive activity and s s s s t • Hollluy 93,503,419 44.868.343 60.010.844 54.;]a3,700 .'•&.39&.tIS Cr. 307.230,623 commodities to this port. Towards tlie close de clines took place, carry infz; practically all i)rice levels The foregoing heavy credits reflect the huge mass down in syTni)athy with the lowering of sterling. of clu'cks which come to tin* New York Kcserve Bank, liankers' siji;ht on Amsterdam finished at 34.80, fij)ni all i)arts of the country, in the operation of against 34.25; cable transfers 34.40, against 'S4%\ the Federal Kest'rve System's par collection scheme. commercial sight at 34.24, against 34 3-16, and These; large credit balances, however, show nothing commercial sixty days at 33.88, against 33 13-16 last as to tin; results of the Reserve Bank's operations week. Closing quotations foi- Swiss fi-ancs were with tlie Clearing House institutions. They repre 16.55 for bankers' sight bills and 15. .56 for cable sent only one side of the account, as checks drawn remittances, in comparison with 16.28 and 16.30 in upon the Reserve Bank itself are presented directly the week preceding. Copenhagen checks finished to the bank and never go through the Clearing House. at 18.10 and cable transfers 18.20 against 18.65 and 18.75. Checks on Sweden closed at 22.30 and 22.30 The following table indicates the amount of bul- for cable tran.sfers. against 22.30 and 22.40, while lion in the principal European banks: checks on Norway finished at 17.25 and 17.35, February 17 1921. February 19 1920. against 18.10 and 18.20 a week ago. Spanish pesetas Banks of- aoid. aiUer. Total. Qold. SUter. Total. I closed the week at 14.03 for checks and 14.05 for I £ £ £ '108 cable transfers. This compares with 14.07 and EnKland _. 128,30S,99."> ._J12R ,305.995 108„501 ,.544 . 501.544 rrance a - . 142,207.92.5| 10,480 ,0001,52 ,6S7,!»25 144.1 1'J ,ti66 10,080 ,000 154 ,199.666 Germany . 4.'>0| .54 ,6.50 l>efore. 54,581. 393 ,000 ,974.4.50 54,542 1 ,087 .203 55 ,629,8.5« 14.09 the week Aus-Huu. 10.944.000 2.3R9 .000 13 ,313.000 10,944 ,000 2,369 ,000 13 313.000 American quotations, Spain 98,452.000' 23,202 ,000121 ,6,54,000 98,140 OOOi 25,259 ,000 123 399.000 With regard to South Italy 32,768.0001 3,000 000 .-55 ,768.000 32,19,S ,000 3,004 ,000 35 ,202.000 Brazilian Netherl'ds 53,012.000 1,885 ,000 ,8iJ7,000 ,52,688 000 707 .000 .395,000 Argentine exchange lost ground while Nat. Belg. 10,661.000! 1,140 ,000 ,801,000 10,6.57 ,0001 1.064 .000 .721,000 Swltz'land 21,721,000| 5,467 000, ,188,000 21,576 ,0001 3,309 ,000 ,485,000 rates showed a slightly firmer tendency. In the .Sweden 15,657,0001 ,657.000 15,081 000 .081.000 Denmark . 12,643,000 141,000, ,784,000 12.602 001 188.000, 790.000 former there was a decline to 34.31 for checks, with Norway ._ 8,115,000 ,115,000 8.132 OOi ,132.000 T the close 34.89, and 34.48 for cable transfers, against Total week 589,068,370 48,077,000 637,145,370568,781.860 47,067.200 615,849,060 Prev. week 588,934,869 47,937,850 6:36,992.719567,7.56.764 47,326.800 615,083,564 35.02 and 35.20 last week. For Brazil the close was a Gold holdings of tbe Bank of France ttiia year are exclusive of £77,934,682 15.43 for checks and 15.50 for cable remittances, held abroad. which compares with 14.42 and 14.59 a week earlier. MR. aOMPERS AFFECTS TO SEE PLOT TO ROB Chilean exchange, apparently in response to the satis- LABOR OF PERSONAL FREEDOM. factory jilacing of the new loan, advanced to 14.26, against 13.61 the week preceding. Peru remained at In an ^'impassioned" address (that is, one contain- 4.10, unchanged. Cable advices from Buenos Aires ing more heated fury than truth and reason) Mr. state that exchange rates at that centre on the pound Gompers has again exhibited the apprehension sterling are improving, being now at 47^, which is vir- which he constantly feels in these times. Foreign tually at par with the peso. In Peru, however, it is visitors have been surprised, he says, to see the frame of said that considerabk; uneasiness is felt over the fall in mind of employers and business men as to the la- the Peruvian pound as compared with the American bor movement; *'in this country they have seen con- tinued dollar and t\u\ pound sterling. It is understood the refusal to recognize organized labor, refusal to enter into collective bargaining, militant Government is being urged to take steps to stabilize and a exchange in order to avert further losses to business effort to undermine and destroy the labor move- interests. ment." If a man puts on green goggles he sees saw- Far Eastern excliange closes as follows: Hong dust green. Unless the foreign visitor looked Kong, 49(a;49i4, against 491^^49^: Shanghai, 66(«, through some distorting medium, he never saw any 6614, again.st 67@673^; Yokohama. A^VzCaA^H, part of the above, and for the sufficient reason that against 483^(a;48M; Manila, 46^463^2 (unchanged); no such thing is here and, unless on some insignifi cant scale, thing last Singapore, 44i^4(a,45 (unchanged); Bombay, 28(a.29, no such has been here in the fifty years at least. It is fall of against 273/^^'.28, and Calcutta 28C«29, against easy to take a out a>28^. your opponent in an argumentative wrestle, provid- ed he will allow you to state his side for him, and it The New York Clearing House banks, in their is easy to prove any desired conclusion by the three operations with interior banking institutions, have steps of a syllogism, provided you ai'e allowed to gained ^6,860,628 net in cash as a result of the cur- make the major premise what you please. Mr. Gom- (except his rency movements tor the week ending Feb. 17. Their pers illustrates this, and nothing else distress) manifesto of receipts from the interior have aggregated |8,007,- own when he issues one more warning against what he miscalls the plot to rob 928, while the shipments have reached .|1,] 47,300, as labor of personal per the following table freedom. His three statements of what the foreign visitor CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING INSTITUTIONS. has seen here are as incorrect as a dull scholar s first arithmetic. There have been Week ending Februaru 17. Into Out of Gain or Loss attempts at using Banks. Banks. to Banks. and will continue to be refusals to "recognize" or-

Banks' Interior movement . $8,007,928 SI. 147,300 Gain $6,860,628 ganized labor when it seeks to come from the out- As the Sub-Treasury was taken over by the Fed- side and bring industries under a centralized con-

eral Resei've Bank on Dec. 6, it is no longer possible trol, a la the Amalgamated Association of Street and to show the effect of Government operations on Electric Railway Employees, whose operations are —

690 THE CHRONICLE [Vol. 112. justly declared a criminal conspiracy; local recof^ni- the most repugnant form of service which can be tion, under wliich both sides sit around a (able and I)r()pos(!d, it is forced upon men when the life of the discuss and settle tlieir own case, is not refused, but, couulry demands; real men lately responded, by en- on the contrary, is encouraj;ed at every hand and in listment or by lot, and accepted all involved, while certain to become the final solvent of industrial dis- organized labor stayed at home, "fought" for more putes. E(iually, there has been no refusal to enter wage and less work, and kept up its howl about con- into collective bargaining; the refusal has come stitutional rights, nor has it yet learned of shame to when tlie outsider has attempted to do the bargain- keep (luiet. ing for workers wlio are not his clients, who neither "America cannot continue as a republic and force seek nor want his services, and whose interests are compulsorj^ labor ujjon its people." So Mr. Gom- with peace while his are with periodical revolt. pers loftily warns. But the Creator made labor There is no militant or other effort to "undermine comi)ulsory, and it is with him that objectors have and destroy" labor; the only thing so operating is to deal. The law will hold aloof and allow any hater the "boring from within" by the radicalism in labor of labor to eschew it while necessity withholds its which has shown itself especially in the steel trades sharp prod, so long as he exercises his God-given and is causing not only the personal downfall of Mr. right of work or no work individually; but when he Gompers but the shattering of the movement which enters into organizations to halt working, carries he has been vainly trying to control. the militancy to the boycotting stage, and seeks to His citation of the U. S. Steel Corporation is most force all others to join his crusade, then the law unfortunate for himself. He has long openly dis- against restraining conspiracies applies, and when approved that concern, but it has never (as he as- the people have shaken off cowardice that law will serts) denied to its employees the right to organize be invoked, and effectively. or to have a voice about industrial conditions; the The jeremiad about revolution as the successor reverse is conspicuously true. When Mr. Gompers, and avenger of unionism perverted is getting out of perceiving that he was not going to get his own way, date; it is like stage thunder, affecting the ear but solemnly bolted Mr. Wilson's abortive "group" labor not the mind. As far as human foresight can see conference in October of 1919, and washed his hands into the plan of creation, industry will survive the of all responsibility, he unwittingly called public boycott and the boycotters and the trouble-breeders attention to the trend towards the settlement of dis- as well as the cereal crops might survive weeds and putes by the persons with whom disputes arise and weevils. The situation of unhappy Russia, exchang- not by letting in some sort of outside arbitration. ing one kind of despotism for another, is a warning He may not have noticed that he is really at one example, but against abandoning all at once the with many experienced men, including some railway safeguards of order and making an attack upon all managers, in the conviction that arbitration through labor through confiscation of its fruits. When general boards operating over wide territory and ^n property is swept into one heap for anybody's seiz- varying conditions is against law, though it may be ing there is a reversion to the primitive savagery according to statute. and all rights go. We here have long had an object- He is quite as wrong in his reiteration that the lesson uncomfortably near, and we shall not be Rus- open-shop is a movement to close industry to union sianized. On the contrary', as labor is made to know men; it is to estop excluding or handicapping non- and remember that it has no special rights, nor even union men. There is no more natural reason for any any separate existence as such, it will settle down employer to ask or care whether his workers are in to heartier and more productive work than ever be- a union than to ask or care with what religious order fore. Under ampler supply of all consumable they affiliate or in what State they were born ; but things, its real wage will rise and its grievances will when the union goes on such lines as in the Danbury dim until it almost forgets that it ever cherished Hatters and the Duplex Printing cases every indus- any. For "labor" is not anything or anybody trial concern that wants to keep on living must say except everybody and everything, that is to say, all that while there is no objection to union membership, of us; and the whole trouble has come from trying union domination is intolerable and must cease. Mr. to put asunder what God joined together. The crops Gompers's attempt to twist this issue is only an- will be more abundant and will be better, when we other attack on something that has no existence. are rid of the tares and of the enemy that has been When Mr. Matthew Woll, second officer of the A. sowing them. F, L., joined him, both using almost the same lan- Mr. Gompers and his set must be permitted to be- guage, their effort to defend personal rights against wail and to put out utterances of woes to come un- compulsory arbitration were as abortive as always less labor unions are permitted to go on having their before. In the primitive state, liberty is under only own way. They will not be so permitted, and put- a physical limit; in the social state, it comes under ting them into their proper place will not bring various concessions and is bounded by circum- the end of the world. This country must wrestle stances, and whoever insists on literal liberty must with a heavy dose of industrial and social poison hie back to the tree and the cave. The Esch-Cum- which it unwisely allowed to enter, but we shall over- mins and the Kansas laws may have defects, but it is come it by the red corpuscles in American blood. The rubbish to accuse them of undermining personal process will take time. Our courage, energy, and rights by making labor "compulsory." Labor was patience will be tested ; but we shall come through. made such when man was set on the earth, and as for "involuntary servitude" there is no right with- DANIEL WILLARD ON THE PROBLEM out its inherent call for possible waiver and no rule BEFORE THE RAILROADS. without its inherent exception. A man's house is Speaking on Monday to the National Civic Fed- his castle, but in emergency the fireman smashes the eration, Mr. Daniel Willard outlined some of the door, invades his bedroom and hauls him from his persistent, yet we may hope and believe not per- bed. And how of military service? Intrinsically petual, problems in transportation, and at their hot- ;

Feb. 19 1921.] THE CHRONICLE 691

torn he found the lack of an intelligent and attc;- This brings in the cost of operation, proceeded Mr. tive comprehension by the public. As the "Chron Willard, and brings us into immediate contact with icle" pointed out, many years ago, one trouble has the very serious problem of labor, especially serious been that a railroad is so ''big," not merely in the because so large a part of all receipts by railroads

figures relating to it, but physically. All that can has to go out immediately as wages. The proportion be seen of it at one time is a terminal, a bridge or a is only estimated, as Mr. Willard does not himself tunnel, or a line of rails disappearing in the distance know, or suppose anybo

supposed themselves set to break the oppressor's Certainly this cannot go on permanently, and ii power. the rates are not increased and the volume of traffic Next to this (which we have expanded a little be- does not increase then the cost of operating must yond the speaker's reference to it) Mr. Willard cited be reduced or the scheme will fail. Mr. Willard does a "seasonal" problem, of last summer particularly, not think the scheme will fail. He believes business which seems to him to combine periodic and eco- will work back to normality and he further believes nomic features. We had just come out of the war, that the Transportation Act of last spring makes during which productive capacity of every nature possible private ownership and successful operation increased under the sudden demand, while the rail- but then, the Act having made this possible, "whether road stood still, barely able to hold its own and com- private ownership and operation of the roads con- ply with the imperative war requirements without tinues depends on whether the people want it to con- falling down wholly as to normal work. Thus there tinue and will be satisfied with services given them." was a sort of damming up or piling up of traffic for He brings the final question at once to the managers transportation; "priority" orders had made embar- and the people and leaves it there. H the managers rassment during the war, and at the close of it every- give a service that measurably meets requirements, body wanted carrying service all at once. So, said then he believes "the public will want private owner- Mr. Willard, this projected again into view the com- ship to continue, and if they want it to continue parative service and feasibility of private control of they will agree to such rates and legislation as may carrying. Advocates of Government ownership from time to time seem necessary to make it a suc- have descanted on the point that in emergency cess." times all instrumentalities can be so directed as to Now the "Chronicle" must say very frankly that produce maximum results. Can 1,800 companies so while no harm can be done by reminding railway work and function together that under private own- managers that they have a serious duty in doing ership with public regulation they can do as large a their utmost to reconcile conflicting conditions and carrying service as if "unified under one general lead to the happy solution of all problems, those manager or director-general" ? managers are not in need (at least, not in compara- Thinking of this vast problem from the viewpoint tive need) of much admonition at present. They are of one who favors private ownership and control, men who have had long experience and in most try- Mr. Willard tries "to see the things the proponents ing times; some of them, like Mr. Willard himself, of that policy must do if they are successful," and have come up from the lowest ranks of railway it is with this before his mind that he speaks. He work and are the better able to know the whole is willing— to admit—as doubtless all of us are will- subject practically as well as to see the labor ques- ing "that the advantages of unified control are so tion as the laborer sees it, though not, of course,

great that if they could not be realized in any other sharing his conclusions about it. Railroad man- way I suppose I would be compelled to accept some agers are already aroused to the difficulties as well other form of railroad ownership than the one we as to the vast and far-reaching seriousness of the have now; but, fortunately, the figures show that problems of transportation; if men in railway con- it can be realized with private ownership under reg- trol have ever held a proud and self-willed indiffer- ulations such as we have now." ence towards the rights and views of the i)ublic, or To-day, he continued, "we are looking for tonnage even towards the rights and views of the working to carry." He supposes the business now done by force, that time has passed and such men have passed the carriers is not over 70% in volume of what it was with it. The men now in charge of the roads, spealc- last summer, "and the problem now is no longer how ing as a general statement, are fallible as other men can we do the maximum service with a given plant, are, but are not tritlers nor malingerers nor sleep- but how can we obtain necessary net earnings to ers; they give evidence of being keenly aware of maintain the institution of private ownership." The their difficulties and keenly alive to their responsi- problem shifts, said he, being never the same from bilities in several directions. time to time, "except in the difficulty of being under- The arousing needs to be directed rather to the stood, and just now it is the problem of net earnings." public; as a railway manager, Mr. Willard uatur- 692 THE CHRONICLE [Vol. 112. ally may hesitate to say this, but the "Chronicle" is template a continuance, and bears no relation to not under his einbarrassment of position. Combined favors and gi-atuities that may have been granted public inattention and misunderstanding begat and to others anywiierc at any time. Any bonus is a continued the ostensible regulation wiiich starved gift—and therefore, strictly speaking, not within the roads into a condition that made excuse for their the province of a representative Government. But seizure by Government, a step probably the worst these archaic principles are so often disregarded blunder in the war. The past is always worth re- nowadays that we base our reasoning for or against calling that its lessons may be learned. The regu- an act or a measure upon more "pertinent" grounds, lative commisison is now new in understanding namely the grounds of expediency. Having in- of the situation and therefore in the spirit that curred certain habits in war we cannot easily shed moves its action ; it is not trying, now, to choke the them in times of peace. It would be reasonable roads into imagined proper behavior, but to help re- to ask, if reason were longer enthroned, what ex- store them to vigor for service. Are the people also cuse the Senate of the United States can now have "new" in this sense? In respect to service, indis- for refusing a bonus to the soldiers? pensableness and ownership also, the roads are the Seventeen millions is a small sum—measured by people's. On the board where the great game of present-day figures. We are accustomed to talk- living is played from day to day, the farmer makes ing in terms of billions. The legislators are accus of the first move at the original source, the soil ; but tomed to vote away hundreds millions in a sin- the carrier makes the second. Do we quite realize gle item of an appropriation bill. Seventeen mil- this? Do we realize labor's place in it? Labor is lions to the Senate is not much of a shock, even beginning to see that its own acts make its own though it be manna showered down from a clear troubles in the cost of living, yet it learns slowly sky on these poor mechanics, receiving already 92 and obstinately. Witness the buccaneer statement cents an hour. And one might timorously ask. just made by the head of one of the "Big Four" rail- when are these leakages to stop? But citizens are way unions, that it has never before been suggested so dazed by the stupendous figures of Govern- that wages have a sound relation to a road's finan- mental affairs that there is little heart to ask any- cial condition, and if the plea of poverty now of- thing or to in any wise protest. "We are the na- fered by one road is given serious attention then "we tion at this time indubitably solvent, our resources will come in to-morrow with a request for an in- exceed those of any other, we are the great credi- crease in wages" on another road which is deemed tor nation of the world"! Accordingly only weak prosperous, a statement naturally leading to the doe- and ineffectual protest is heard against these sev- trine that as fast as roads show recovery of vigor enteen million dribbles that Congress is dealing organized labor will tap them and draw off the out at Washington—for reasons no sane man can vigor. fathom. No, the railway managers have learned their les- When is this orgy of national spending to cease? son by hard practical experience; the people have Is this venal bonus, this seductive subsidy, a part had some of the experience, but the indirection of its of the program for the "biggest navy on earth"? bearing upon the case has concealed that bearing, Twenty-six Democrats for and eight against!—the

and now it is the people who need to take home ruling passion strong in death ! The spectacle of serious admonition by study of past and present. a Government exacting billions of money annually That successful solution of the whole problem must in taxation from the people to fritter some of it be in a just, clear, and firm public opinion. away on already overpaid employees, however So it is well and timely that a prominent rail- small and insignificant the wastage, is appalling, way manager speaks to the business public, notwith- especially when bony fingers of actually starving standing he was not quite free to be wholly frank on millions of men, women and children are stretched one part of the case. overseas for succor and sympathy! If the day of reckoning shall come, and come it will in some form, who will answer for these millions wasted in LEGISLATIVE PROFLIGACY. obedience, we are told, to class demands? Who By an amendment to the Legislative, Executive then, looking back on a time when the farmer, his and Judicial Appropriation Bill, offered by Sena- bonus withdrawn, is selling his bumper crops at a tor Caider, and adopted February 14 by the Sen- loss, will attempt to gauge the matter aright? ate, there is to be paid to "each mechanic em- Only seventeen millions, a mere bagatelle to the ployed in the navy yards and arsenals" a bonus of Croesus-like spenders of a golden age! 1240, which, it is estimated, will add $17,000,000 No wonder Senator Smoot, who strives to count to the 1921-22 payroll of the Government. From the dollars as they pass, exclaims that he is "thor- the debate on the item it appears that employees oughly disgusted." So ought every citizen to be. in shipyards outside with this bonus added to their As we said, one bonus is not warrant for another. wages would still receive less than the Government The mills of the gods grind exceedingly slow and is now paying to its employees, without counting fine; the mint-mill of appropriations grinds exceed- the bonus at all in this last instance. Sixteen Ke- ingly fast and coarse. Even Senator Reed, who is publicans and 26 Democrats voted for; 21 Republi- striving to control further loan-payments to for- cans and 8 Democrats voted against. Senator eign governments, voted for this amendment—this Smoot is reported as saying in "disgust" that the greasy gift to greed! Government—our Govern- Senate of the United States is "going wild." ment—the last, best, experiment—that should re- We can imagine that certain Senators voting duce taxes as fast as possible; that should guard aye justified the act in their own minds by the fact property from confiscation by law, from seizure that certain other bonuses have been granted to by the envious and disgruntled; that should make other Government employees. And yet we are ad- law bear so lightly that the liberty of individual monished that a bonus is not a wage, does not con- lives under Government shall ever lift with light ! ! —

Feb. 19 1921.] THE CHRONICLE 693 and luring; now the prey of these petty demands The wonder is that this example of communism made hi selfisliuess and granted in abandon! The should anywhere be regarded as other than a fan Senate of the United States, passing through the tasy. Money is to be made over in the shape of meal graveyard of the nations and whistling away these tickets. Time here, in fact, is money. You work, ghosts of simple millions, to keep its courage upl how, where or when, we are not told, and the hour's There was a timo, perhaps, when this nation could labor stamped or jjunched on a card must be used be penny wise and pound foolish, but it is not now in buying and selling all the necessaries of life. We are glad to think there is to be a "new Ad- (Jold is dross—dross that the rulers send away to ministration.'' We are more thau glad to perceive foster the world-revolution. (lold^that, perhaps, if in the President-elect humility, earnestness, sagac- they could, they would give for foreign foods. At ity, and conscience. We feel that he will strive to home they have no need for it, since all men are "hew to the line." He has set a standard already, ecjual who work. And seemingly all kinds of work though in an unim2)ortant matter, for economy. are of equal value. An hour of labor (labor under He has declared against extravagance at the inaug- military suggestion and supervision) exchanges for ural. He put aside the tender of a war vessel on his anything and everything. The weak, the strong; visit to Panama. It is reported he does not approve the wise, the foolish; the willing and the driven, that his salary be made immune to the income tax. receive, apparently, the same pay. These are, perhaps, only straws, yet they may show We cannot imagine the actual conditions in this which way his character tends. The House, it is moneyless land. Nor do we believe the poor dupes true, originates appropriations—but the Senate, who toil under the whip of tyrant-rulers, can en- not without increasing good, reviews them. Some- vision them.selves. It is utterly impossible that there where, somehow, there must be a check on expendi- can be any just or ecjuitable .system employed. Can tures. Three billions, we are told, war claims wait anyone conceive how it would be possible to save up adjustment. No living man can now compute what these current-labor-cards against the coming of a our final war debt will be. Every million wasted, next year's harvest which must be distributed alone or foolishly spent at the behest of any cause or by new time-cards consequent upon its own produc- class, is criminal tion? Can all labor go into one general pot as to value and there be any such thing as comparative price-value in things? The slave lived, of course, on THE MONEYLESS LAND—SOVIET RUSSIA. the estate, and was fed, of course, enough to sustain Commiseration for the "moneyless man" has been life—but under this fuedal plan there was no dis- uttered in many tongues at many times. A money- guise put upon the arbitrary will—there was no pa- less land is (pnte, quite another story. Banishment of laver about rights and revolutions. Sovietism is the "root of all evil" is not, in this instance, a moral worse than this, because it is dishonest in principle but an economic crusade. Lenin, we read, has at and destructiv'e in practice. last abolished money! Adequate details never do There are those even in this country who profess come to us out of this experiment of government, to see something definitive in these vagaries of com- but we are told that labor tickets, based on time, are munism as an evolution in government. Yet as i to become the circulating medium. After printing mattei' of cold fact nothing is in evidence but the un- irredeemable paper money until, we surmise, the bridled will of a few fanatics. There is no sign of blank paper had more intrinsic value than the pur- evolution. It is claimed by some of these Russian chasing power of the finished money-product, the leaders that evolution can only begin where revolu- Soviet has at last come into its own, and all the old tion ends. Beginning there, it begins in chaos mediums of exchange have been prohibited. In a with no formative influence behind it save the wild dying State, among an expiring people, there is no will of those who have elevated themselves to power "money" to taint the beatific visions of the devil- by what is no more than ruthless seizure. The dis- dreamers who still make out to rule and ruin. And contented listen to the pratings over the evils of out on the vast productive reaches of Russia the peas- "money," and vainly imagine it is responsible for ants hide their harvests and the tragedy of Bolshe- many of the economic ills of the world. A mere de- vism slowly Avanes to its darkening end. lusion but one vitalized by passion and hate. The When we seriously contemplate this communistic tremendous fact in world-history is that with the effort at life and government the deep tragedy of growth and acceptance of a common standard of it all becomes a wild comedy, in which a few satur- value (the gold dollar) commerce is abandoning nine spirits, mocking at their own endeavors, look the use of money—but nowhere is there a sane de- down on the moving masses below with contemp- mand for its abolition. This is evolution—the in- tuous scorn. For, despite claims, they must regard creasing usefulness of the bank and the increasing the masses as ignorant—the}' themselves as wise. use of the bank clieck. But this evolution is coinci- The latest pictures given to us are by Wells, Sheri- dental with the rise and maintenance of liberal Gov- dan and Vanderlip, each approaching from a differ- ernments of law and order. There is the substance ent attitude. Wells, the economist, tried hard to of universal experience and enlightenment behiiul it find some good and joy in the universal decay—and —not a vain vision of the vainglorious tossed into declared the leaders, in essence, to be honest theor- temporary power by the terrors of war. ists. Mrs. Sheridan, the disinterested artist, found It is a homely statement—but this Bolshevism is a fevered earnestness in which there was always a no more than a boil on the brain of modern reform. half-concealed derision of everything "outside." Brooding on the injustices inseparable from a nat- Vanderlip, the commercial concessionaire, ingrati- ural evolution toward a better and more equable life ating himself into the "inner circle," found a sar- for all men, wrought out of the inter-acting experi- donic willingness to foster industries—on a ground ences of all men, a few men everywhere in the dark- since declared by the grantors to be a present greater ness of their souls see the lightning flashes of a prom- world-trade disturbance and a future confiscation. ised perfection, and straightway turn against the " :

694 THE CHRONICLE [Vol. 112. past and would strike dowu civilization and would "The trustees have all the power possible to a ^ set up, measured by their own iniaj^inings, a new corporation. "The various vexatious laws governing banking era, ;i present paradise. houses, so far as they have application to corpora Tlieie has never been a time, never a people, from tions, have no application to trustees operating un the savage to the cultured, when some physical der a deed of trust. thing did not do duty as a medium of exchange, as "A corporation is limited in its exercise of power "money." Yet some, in the face of history, would, to those which are enumerated in its charter, where- among us even, change the contents of the gold dol- as the trustees are by the very fact that they are in- lar to meet changing of conditions and prices, ('an dividuals, competent to transact any kind of busi- it be possible that labor in its infinite variety can ness except in so far as the declaration of trust ex- pressly limits them. become a fixed standard of value, a medium of ex- "All the laws which tax corporations, whether change, into which all other values may merge and domestic or foreign, are inapplicable to this kind of be preserved? so obsessed have workers Yet become an organization. with the belief that they are oppressed by the "It pays no registration or bonus fees to the "money-power" that they are enamored of the claim States. that labor is all of wealth, all of value. The truth "It can never be outlawed or its contracts avoided is that a moneyless land is a meaningless one—con- by forgetting to make some report at some State trary to reason, derisive of experience. capital. "It has no more restrictions on its doing of busi- SCHEME TO MAKE ''BANKING" UNRESTRICT- ness than has an individual ED AND UNTAXED. According to the trustees the capital will be used for co-operative enterprises in which only those who One of the most remarkable documents recently own capital shares may participate and loans will put in circulation is a prospectus for an institution be made in small sums to responsible workers to be in Philadelphia which is to be known as the Pro repaid in installments if the borrower so desires. ducers' and Consumers' Co-operative Bank, a "bank Presidents and secretaries of local unions are to be of the peoiile ; for the people." The trustees seem to sales agents and also any member of organized labor have been inspired by the Co-operative National may become a sales agent. Bank of Cleveland, organized by the Brotherhood of Here are the names of the elect, chosen by the Locomotive Engineers, but they have not only ig- Central Labor Union of Philadelphia, to supervise nored the Federal Bank Act, under which the Cleve- the execution of this vast scheme land institution is organized, but the banking laws of the State of Pennsylvania, in which common- Wharton Barker, of Philadelphia. Mr. Barker at time the Granger candidate for the wealth it is proposed to do business and to locate was one Presidency of the United States. He is able to qual- the main office at Philadelphia. ify for this new office by being a "fra ternal delegate'" The purpose of the trustees is said to be to give of the Central Labor Union and an "honorar^'^ mem- to the members of organized labor banking facilities ber" of the Building Trades Council. of their own in all sections of the United States. To W. A. Caufield, of Pittsburgh, identified w-ith the accomplish this end the new institution is not merely International Association of Machinists. W. A. to conduct a banking business but "all other finan- Haggarty, of Philadelphia, who is designated as a cial undertakings, such as the making of loans se- business agent. P. K. Jensen of the same city, also a fraternal delegate of the Central Labor Union. S. cured by mortgages or otherwise secured from in- Tyson Kinsell, of Philadelphia, a member of Fed- dustrial enterprises; the construction and opera- eral Employees' Union No. 23. tion of lines of transportation, both passengers and S- L. Curry, of the Brotherhood of Railway Train- goods, the operation, management and control of men of Philadelphia. Charles Kutz, Altoona, of the any and all lawful business as fully and as largely International Association of Machinists. Arthur as any individual, firm or corporation might, could McDonnell, of the Textile Workers of America, ol or would do." Philadelphia. Freida S. Miller, Philadelphia, Wom- en's Trade Union. A. Phillips, Philadelphia. As the purposes are so unbounded, more than the John Pennsylvania Federation of Labor. Beckie Stein. usual amount of capital will be required, and ac- Philadelphia, of the Needle Trades, and James N. cordingly the authorized capital is placed at flOO,- Waters. Philadelphia, Central Labor Union. 000,000 of 8% cucumlative preferred stock, divided A bank may be hedged about with all sorts )f into 5,000,000 shares of a par value of |20 each. In laws, Federal and State, and yet its success will de- addition it is provided that there shall be one mil- pend upon its management. Just how an institu- lion "surplus earnings shares" without nominal par tion unhampered h\ the customary laws and restric- value. The trustees expect to begin business when tions designed to protect depositors and the public $5,000,000 of capital is subscribed and paid in. ma}" succeed when conducted by men and w^omen It appears that the Central Labor Union of most of whom are novices in the intricate Philadelphia has approved the plan and assumed busines.s of banking, is surely somewhat problematical. If the responsibility of selecting trustees. this new venture is rightly managed and should The creation of this pretentious enterprise and prove to be a success the innovation w^ould be decid- novelty among banking projects was accomplished edly noteworthy in the history of American bank- through a declaration of trust instead of a charter, ing. the deed being on record at the office of the Recorder of Deeds in Philadelphia. Among the advantages TEE SELF-IMMOLATION OF DEMOCRACY. for this elastic form of organization set forth by Governor Miller has done the country a distinct counsel for the trustees are the following: and much-needed public service. Whatever may be "The trustees, being individuals, are competent thought of his particular policies, and, of course, to transact business the world over without regard there is room for diverse opinions, his vigorous re- TO whether or not foreign corporations are permit- fusal to be dictated to, or to be approached witb i>'^ lO do business in the place where the trustees fseek to operate. over-strenuous urgency, either by women or men, ^Kij. 19 1921.] THE CHRONICLE 695

is an indication of his purpose to do what he can as last summer) that "now that the military exig- to restore true Kepresentative Clovernuieiit, and not ency has passed we uiay w»*ll wonder in view of the to be himself a mere rubber s( amp- precedents then established, whether Constitutional

Democracy is with UH fast losiuj;; this representa- < Jovernment as heretofore maintained in this FU'pnb- tive character; it insists upon instructinj^, coiitrol- lic could survive another great war even victoriously iug, and even pledging; in advance, the men it elects, waged." making them delegates and not reprrsciitatives. The book before us is a searching atleuipt l<) dis- The difference is vital. cover and point out the reasons which may justify Madison, in No. X of The Federalist, emphasizes this fe^r. We can only pass them in rapid review. the difference between a pure democracy, where citi- The first we may term the tendency to make a zens assemble and undertake the (Jovernment in per- fetish of certain popular words and phrases withoiit son, and a republic in which a scheme of representa- any effort lo tindci-sland their real significance. tion exists. He says of the latter procedure its ef- The great Declaration says. "We hold these truths fect is **to refine and enlarge the public views by to be self-evident that all men are created e(pial," passing them through the medium of a chosen body and that amoiig their "inalienable rights" are "Life, of citizens, whose wisdom may best discern the true Liberty, and the pursuit of Happiness." For a cen- interest of their country, and whose patriotism and tury and a half we have been struggling for an ac- love of justice will be least likely to sacrifice .it to cepted interpretation of these glorified terms that temporary or partial considerations." will reduce them from the realm of idealism to that As representatives they are "guardians of the pub- of the realities of daily life. lic weal." The same is true of the Constitution. "We the Edmund Burke said to the electors of Bristol: })eople" would "form a perfect Union," "establish representative his industry Tranquillity," "promote ^ "Your owes you not .lust ice," "insure domestic only, but his judgment, and he betrays instead of the (ieneral Welfare and secure the blessings of I

serving you if he sacrifices it to your opinion. . . . Liberty to ourselves and onr Posterity." And there His unbiased opinion, his mature judgment, his en- are no less than 31 cases in which the meaning of lightened conscience, he ought not to sacrifice to this "preamble" has been the subject of legal dis- you, or to any set of men living." Macaulay, in simi- pute, and 250 concerning a single paragraph of the

lar said : surrenders his vote emotional [ manner, "A man who Constitution itself. They have immense to caresses and supplications forgets his duty as value, but they are not ultimate terms for legisla- much as if he sold it for a banknote." tion and Governmental administration- The danger for democracy to-day is far greater The very perfection of our political machinery than it was when these deliverances were uttered. has also become a danger. An invisible (Jovernment Democracy is immolating itself on the altar of its behind the official one has arisen, which determines gods, the Demos and its leaders. The war has in large measure the action of the great bodies. It wrought many changes, and has given new im- meets in "Amen corners," in hotel parlors, in small pulses to forces previously at work. Many are call- committee rooms, wherever secrecy can be secured, ing attention to this, but we have met no book deal- and issues orders which active henchmen in great ing with the situation with clearer understanding conventions and legislatures obey. Various devices or more direct and urgent statement than one just are tried to break this power, but the "machine" is from the press of E. P. Dutton & Co., Democracy too strong to be defeated, the "Ring" or the "Boss" and The Human Equation, by Alleyne Ireland, to prevails, and we have men high in public esteem pro- which we are indebted for the references above. claiming in the midst of applause that "the noble It is a book written from the standpoint of men American people ha\e achieved their will," in the who face facts and seek to discern causes, rather returns. than of those who are content to praise things as There abides the overweening confidence in legis- they are- lation to correct exi.sting evils and secure the gen- The author is a protagonist for Democracy as eral good. In the session of Congress which ended the system best adapted to accomplishing the pur- in September 1916 and had lasted only nine months, pose of self-governing people. It shows less restraint there were introduced 24,816 bills, 477 joint resolu- of personal liberty than other systems, whether ap- tions, and 86 concurrent resolutions. In a recent plied in a republic or in a limited monarchy, and period of five years the State legislatures passed has most promise, both of results and of perma- more than 45,000 laws. nency. The attack upon it, now most serious with To free themselves from the rule of a group of us, is the tendency to abandon the representative men in London the American colonies in the 18th principle in favor of a principle of delegation, or century adopted constitutions to the end that there the resort to direct popular expression, as in the may be "a Government of laws and not of men." Initiative and the Recall. Now we have men governing by means of laws that The exigencies of the war were far to great to penetrate every department of private as well as wait upon the usual dilatory ways of party politics. public life and constitute a "smoke veil" through For the duration of the war these had to be set aside which even the ablest and most resolute cannot find if the Avinning of the war was to make the world a sure way. safe for the Democracy that had to retire while the Meanwhile the complicated and multiple tasks of fight was on. Men soon saw the necessity of this, Government require that the administration of the and public sentiment hailed with satisfaction proof

G9(> THE CHRONICLE [Vol. 112.

understand them, or at least to know why things the gain for December is only $06,073,439 in gross are not setllcMl and settled riglit. Hut our demo- and .Sl."i,804,825 in net, whereas for November our cratic system as it is now worked is notoriously in- tal)ulation had shown no less than §154,230,572 effective in securing normally this kind of efficiency, addition to the gross and $37,5.33,530 addition to or of making it pei'nianent when once obtained. the net Our very confidence in the democracy leads us to The expectation of larger, rather than smaller, resort to destructive molhods even when our eyes are •improvement for December than for November was opened to existing evils. Hence the resort to the based on the idea that operating costs would be Initiative, the Recall and the Referendum, the turn- greatly modified for the better, first by reason of the ing of the representative into a mere delegate, and likelihood that the extra maintenance outlays which the whole system of organized pressure and special the carriers have been incurring in the effort to bring interests. the roads back to the physical state existing before Coupled Avith all this is the fact that our popula- the advent of Government control would be materially tion grows less and less homogeneous, and the dif- lessened, and secondly by reason of the restoration of ferent classes and groups become large and self- greater efficiency of operation through better disci- assertive as against the State and the general wel- pline among the employees, whose morale had been fare. The residt is that our institutions are threat- seriously impaired during Government operations. ened much as they are anywhere in Europe. It cannot be said that expectations in these two re- The remedy lies primarily in our facing the situa- spects have not in considerable measure been realized, tion, changing the attitude of rhapsody over Amei'- though it is true nevertheless that in the case of some ica to that of discernment and responsibility. We special properties and systems extra maintenance need, as many of our leading business men are see- outlays in December proved even heavier than in the ing, a new sense of integrity and honor in our daily months preceding. But an entirely new factor has affairs; and that cannot be too much emphasized, come into the calculation. There has been a great but we need also a definite "Cult of the Compe- shrinkage in the volume of traffic moving. Some tent," instead of "the Incompetent" in public life- moderate contraction in traffic would not have been To secure this Ave must put scientifically trained unwelcome—in fact was hoped for—since by dimin- men in the responsible positions, requiring expert ishing the need of men it increased the chances of knowledge, paying them perhaps not as they would promoting efficienc}' of operations. But such a be paid in civil life, for they receive also honorable complete collapse in business activities as the country

Feb. 19 1921.] THE CHRONICLE 097

While what has been said explains the cause of the generally, too, in the face of greater or smaller im- diminished improvement in December, it does not provement in th(! gross. Among the roads distin- alter the fact that the figures are disappointing in guished for their large losses in net may be mentioned the extreme. And the disappointment becomes even the Atchison system with .$4,717,412 decrease; the more keen when it is borne in mind that comparison New York Central with $3,867,286 decrease; the Bur

is with very poor figures in the previoiis year, both lington & Quincy with $2,158,102 decrease; the South- as regards gross and net. For December- 1919 our ern Railway with $1,457,(536; the 'Frisco system compilations showed some increase in the gross, on with $1,433,319; the Louisville & Nashville with top of a very heavy increase in 1918, but it was quite $1,244,397; the Central of New Jersey with $1,166,- moderate, being only $11,510,209, or 2.61%, and it 109, and the New Haven with $977,103 decrease. was attended by an augmentation in expenses of As against these decreases in the net, however, may $17,893,529. or 4.53%, leaving the net earnings actu- be mentioned the increase of $8,156,784 in net re- ally $6,383,320, or 14.21%; smaller than in Decem- ported by the Penn.sylvania IIR., includiiig the Pitts- ber 1918. Not alone that, but this loss in the net burgh Cincinnati Chicago & St. L. (this on an increase in 1919 followed losses in each of the three years pre- of $15,710,165 in the gross); the increase of $1,920,149 ceding, in the face of steadily rising gross revenues too. by the Milwaukee & St Paul (this on only $613,406 Thus in December 1918 the addition to the gross increase in gross); the increase of $1,797,971 by the revenues reached no less than $102,757,750, or Ches. & Oliio; that of $1,719,885 by the Illinois Cen- 30.62%, but as expenses wore at that time rising by tral, that of $1,154,361 by the Chic. & North West- leaps and bounds because of the great increase in ern, that of $1,324,032 by the Mo. Kan. & Texas sys- wages that the Director-General had just made, the tem, that of $1,043,916 by the Rock Island system, augmentation in expenses outran the improvement that of $1,004,031 by the Mo.Pac.that of $999,577 in receipts, amounting, in fact, for this month to no by the Great Northern, that of $934,595 by the Sea- less than S143.786,626, or 57.55%. Accordingly, board Air Line, &c., &c. In the following we show net earnings fell off in the large sum of $41,028,870, all changes for the separate roads for amounts in the decrease being 47.84%. In the two years pre- excess of $100,000, whether increases or decreases, and ceding—1917 and 1916—the showing had been, as in both gross and net:

already noted, of similar character, an improvement PRINCIPAL CHANGE.S IN GROSS EARNINGS IN DECEMBER . in the gross receipts being accompanied in both cases Inorease. Increase. Pennsylvania (2) a$I5,710,165 Kansas City Southern. . $34 1 .743 Haltinioro & Ohio .5,329,012 Central RR of N E 329,132 by a diminution in the net. It is true that these New Vor-k Central M, 149,992 N Y Ont & Western... 298,025 Phila & Reading .3,.56G,.320 Chicago St P M & O.-- 253,186 losses followed important gains in gross and net alike Illinois ("entral 3,36,5,171 Chi(!.-tgo Great Western. 228,073 Soiittiorn Pacific (8) 3,100,.532 Spokane Port & Seattle. 224,448 in 1915, but these gains in turn came after poor re- Chesapeake & Ohio 2,970,123 El Paso & Southwestern. 218.847 Chicago Burl & Quincy. 2..542,609 Detroit Toledo & fronton 214,706 sults as to both gross and net in the two years imme- IJiilou l'a«;inc i3) 2.474. i;<2 Grd Rapids of Indiana.. 209.969 Brie (3) 2,232,645 Port Reatling 208.356 diately preceding. In the following we furnish the Delaware Lack & West-- 2,154,108 Indiana Harbor Belt 204,575 Chicago & Nortli West-- 2,067,493 Long Island 202,777 December summaries for each year back to 1900. Missouri Pacific 2,038,.38*) Minn St P .!t S S M 201,821 Delaware & Hiidsou 1,885,732 Nash Chatt & St Louis. 193,268 For 1910, 1909 and 1908 we use the Inter-State Com- Norfolk & Western 1,880,302 Gulf Mobile & Northern 192,823 Lehigh Valley 1,868,921 Duluth So Shore & Atl.. 174,6.56 merce totals, but for the preceding years (when the Groat Northern 1,7.38,164 Toledo St Louis & West. 162,000 Atlantic Coast Line 1,.538, 127 Buffalo & Su-squehanna. 159,226 Commission had not j'et begun to require monthly Chicago K I & Pac (2)-- 1,218,779 Texark & Ft Smith 156,231 AtcU Topcka & S Fo (3)- 1,214,770 Caro (;linch & Ohio 155.576 earnings) we give the results just as registered by our St Louis-San Fran (3)--- 1,213,829 Midland Valley 1.50,845 MLssouri Kan & Tex (2)- 1,153,401 Lehigh & New England. 149,617 Buffalo Roch Pitts--- Lake Erie & Western... 146,267 own tables each year—a portion of the railroad mile- & 1,093,010 Pittsburgh & Lake Erie- 1,088,804 Kan OkIa & G ulf 1 43 ,869 Wabash --- 1,083,157 Pittsburgh & W Va 142,590 age of the country being always unrepresented in the Northern Pacific 1,077,269 Pittsburgh & Shawmut.. 140,182 (Central RR of N J 1,050,923 Belt Ry of Chicago 139,340 totals, owing to the refusal of some of the roads at Colorado & Southern (2) 933,993 Vicks Shreve & Pacific. 135,738 Chicago & East Illinois- - 921 ,434 Clove Cine Chic & St.,L- 132..301 that time to give out monthly figures for publication: Seaboard Air Line 871,690 Cin Lebanon & North.. 131,732 Internal & Great North. 871,241 Louisiana & Arkansas 122,373 N Y N H & Hartford--- 841,360 Montour 121,230 Gross Earnings. Net Earnings. Boston & Maine 815,365 Rutland 119.;i73 Year. Western Maryland 812,126 .San Ant & Aransas Pass. Ill ,300

Year Year Increase or Year i Year Increase or Bessemer & Lake Erie 761 ,944 Galveston Wharf 113.165

Dec. Given . Preceding. Decrease. Given. Precedini Decrease. Ohio Central- Orleans 112,172 I Toledo & 736,013 New & N E $ S $ Elgin Joliet Eastern-- 656.199 Trinity & Brazos Valley. 109,154 , & I Los Ani^ttes .t Salt Lake. 644,880 Central Vermont 106,548 1906 - - 135.735 226124,733 ,435+11 001,791 831, 182 42 943,900 + 887,282 Texas & Pacific 641,475 Colorado & Wyoming... 103,399 1907 .. 132,199 ,762 141,312 ,429 —9. 112,667 354, 158 45 ,998,200 — 11,044,048 Virginian 637 ,624 Lehigh & Hudson River. 102,236 1908 .- 205.777 451 194,222 ,311i + ll 555.140 495, 740! 51 ,.533,086 H 16,062.654 Chicago Mil & St Paul- 613,406 1909 .- 222.692 ,092 205.971 ,898+16 720.194 467, 305| 68 653,301 — 185.996 Wheeling & Lake Erie.. .580,677 Representing 115 roads 1910 .- 236.835 ,304220,870 ,15l! + 15 365.1.53 357. 0041 67 858.550 + 2.498.454 Florida Ea.st Coast 516.040 in our compilation.. .$93,453,064 1911 .. 233,614 912232,275 1771 +1 339.7351 225, 377 56 ,766.970 + 4.4.58,407 Minn & St Louis 466,332 1912 -. 263.768 603 234.087, 361+29 681.242 701, 974 72 ,932.360 + 8.769,614 Union RR of Penna 455,269 Decrease. 1913 -. 254,218 .891266.224, 678'— 12 005.787 800, 0261 82 ,622,271 —13,822,245 St Louis S W (2) 418,447 Southern Railway $279,350 1914 .- 232.598 369 258.285, 270—25 686.901 134, 950 68 ,274,222 —7,139,272 N Y C^hicago & St Louis 404, .523! Yazoo & Mi.ss Valley 2,33.384 070' 1915 .. 295.202 018232.763 - 62 I3S.948 105,,878,,7.58; 61 186.558 f 44,692,200 New Orl Tex & Mex (3) 395,129' N Y Phila & Norfolk 1.34,232 1916 .- 262.171 .169 242.064 ,23.5: + 20 106.934; 83 ,237 ,3951 86 302,108 —3.064,713 M(>ii<>n:-,ah(!!a :^91.110| Western I'acific 123,794 1917 -. 343,875 052 317.836 ,386; + 26 038.6661 85 ,715 ,7271103 .520.028 —17,804,301 Cin Now Orl & Tex Pac 3.58,206 Bingham & Garfield 123,420 1918 -- 438.365 327 335,607 ,5711 +10:275775f^ 44 ,738 ,149: 85 767.019 —41.028,870 (:;hica,go &. Alton 351,035 1919 ._ 451,991 330 440.481 .1211 + 11 510,209, 38 ,536 ,432j 44 919,752, —0,383,320 Chicago T H & S E 343,1801 Representing 5 roads 1920 .. 539,197 615 443.124 ,176 + 96 073.439 51 ,322 ,6791 37 ,517,854 + 13,804,825 Maine Central 342,6201 in our compilation.. $894,180 in basis filed Note.—In 1906 the number of reads Included for the month of December was 96; jVo/p. — All the figures the above are on the of the returns In 1907, 89; in 1908 the returns were b:ised on 232.007 miles of road; in 1909, 239,481 with the Inter-State Commerce Commission. Where, however, these In 1910, 241,364; in 1911, 238.561; In 1912. 238.072; In 1913, 213,322; in 1914, returns do not show the total for any sytem, we have combined the separate 246,807; In 1915. 248.437: in 1916, 216,811; In 1917, 247,988; in 1918. 232.7;4 roads so as to make the results conform as nearly as posisblo to those given In 1919, 233,899; in ll);iO, 229.422. in the statements furnished by the companies themselves. n This isthe result for the Pennsylvania RR. (incl. the former Penasylvania In the case of the separate roads the showing corre- Comurim/) and the Pittsburgh Cincinnati Chicago & St. Louis combined, the Pi'nnsvlvania RR. reporting .Sll,211,120 increase and the P. C. C. & sponds pretty closely to that of the general totals, St. L. 84,499,045 increase. b These figures cover merely the operations of the New York Central though the results are more or less variable as between itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &., the whole going to form the New the different sections of the country, and in some in- York Central Syslet.n. tha result is a gain of .56,635,323. PRINCIPAL CHjVNGES IN IN DECEMBER. stances as between different carriers in the same sec- NET EARNINGS Increases . Increasts. tion. In the gross, increases are the rule, and de- Pennsylvania (2) a$8.156.784 Buffalo Rochester & Pitts. $637,734 Chic Mihv & St Paul 1 ,920,149 Atlantic Coast Line 57 1.249 creases arc inconsequential as a rule, there being < 'hesapeake & Ohio 1 ,797 ,97 Clove Cine Chic & St. L. 555.281 Illinois Central 1 ,719,885 Southern Pacific (8) .5:<0.738 only a few conspicuous exceptions like the Southern MLssouri Kan & Tex (2).. 1,324,032 .St Ixjuis Southwest (2) 525.161 ('liica';»& Xorth Wo.storn 1,154,3()1 Intern.at'l Groat Northern .520,249 Railway, the Yazoo & Mississippi Valley, the New Chicago R T & Pac (2) 1,043,916 Minneapolis & St Louis.. .502.119 Mi.ssouri Pacific 1,004,031 El P.aso & Southwestern. . 501 .329 York Philadelphia & Norfolk, the Western Pacific, Ortat Northern 999, .577 Toledo & Ohio Central. .. 480.631 S.>:i board .Vir Lino 934 ,.595 Norfolk & Western 461.977 and the Bingham Garfield. the other liand, Bessemer ^ Lake Erie 921 ,031 Central New England 410. (i91 & On Hostf;n& Maine 867,049 Waba.sh 375 .i.50 n.'laware Lack Western ,(i71 Philadelphia & Reading.- .36S,:5()0 while there is a formidable list & 841 of gains in the net, Dolawaro & Hudson 812,4.53 Monongahola 278.-539 there are also Wastorn Maryland 697,511 Virginian 275.462 some conspicuous losses in the net, Colorado Southern (2)... 612.903 Texas i Pacific 229,457 — . . . .

698 THE CHRONICLE [Vol. 112.

Increase.] Decrease. Hjiok nil- Port. A Sd.attlp.. $229.42H|stMilhiTn Uailwav $1,4.'>7.W6 these five weeks were only 10,221 ,000 bu.shels, against Union Kit of l*('nii;i 191. 72;'. .SI f,(>ulK-San Krancisco (3) 1.4.'13,319 I'orl Kc.KliiiK . . 187. 2H2 l,oui-i\ illc \ Na.'ihvillc l,244.:{'.t7 24,190,000 bushels, and the receipts of oats 13,186,- i.'iiu- N<^w Orl &T<"c I'iic 'SI, 101 Ccnir.il ItU of Now .rcrs(-y 1.106,100 Now York Ont i Wost ISO, IS.') .\ ^ \ II \ Marl ford ... 977.103 000, against 14,988,000 l)ushels. Adding barley and

Te.xaik A: ('I, Smith. . . 122,602 Mohilc & Ohio 16,1 S.'i,') in 1919. The details of the Western grain movement N'orllicrn I'.icific 121,613 Ki

  • ,sii'rn 117.037 Diihiih & Iron Kantjc 137.471 in our usual form are shown in the tal)le we now pre- l-os .Au.^Mli'.s & Sail I.ala- ll.l.'.MO Northwestern Pacific 12(>.S64 <'hicaijo A Kasti-rn Illinois 110.210 Krie (3). _ 127,883 sent: Buffalo A' Sus(|U»'hanna . 109,014 Louisiana Rv & Nav 12.".,.193 IjChiKh & No'.v Kri!?lantl lOl.osolLoui.sv Mend & St Louis.. 117,4.13 WEHTERX FLOIR AND GRAIN RK( KIPTS. I*itl.sl)ursh & .'-•haw unit I'M), 76r Atlantic City 116.712 Five wks. Flovr. Wheat Corn. OafIt Barley llyr Klsin .loli(!l, /t Kasliirn 100.490, 1.onK Island KW.SSS < end. Ocr. 31 (l>Ms.) Ihvxll 1 (IniKh.) (Inuh.) (tnmh (Muh ) iNew Orl & Crcat Nor 103,432 Chicago ReprtKientiuK 69 roads Toll do Tcoria Western. 101 ,,182 & 1920 .. 820.0W) 2.090.0OO 6.678.000 4.855,000 I,3Wi.000 697.000 in our compilation. _$35,.T19, -S' Susci WcstfTn 958 N & 100,139 H»l!t .1 .260.000 2.2.53,000 7.912.000 6.143,000 1.198.000 Dfirrcfiaes. 355.000 .Miluniiker Att;lii.sc)n Top & S Ft- (.3) . .$4,717, 412 Reprcsmitinff 37 roads 1920 . 93.«)<) 4.13,000 2.080,000 1,143.000 1. 177 .000 .348.000 Xow VorU ntral 63.8f)7.2S(> in our compilation.. $21 ,682,380 1919 63.00(1 r,68.008.102 .S7. Lotth a This i.s the result for thnPennsyhania find, the Pennsylvania RR, former 1920 . . . 304.000 .^.973.000 1..19 1. 000 1,976.000 218.000 14S.fXiO Compaiiti) and the Pittsburnh Cincinnati Chicapo & St. I>ouis combined. 1919 577.000 1 .905.000 2.70:i,000 2.862,000 67.0'K) 20.(K)0 354.000 214.000 it.self. IncludiiiK the various auxiliary and controlled road.s, like the Detroit' Michigan Centr-cil, the"BiK Pour," &c.. the result is a loss of $3,267,047. 1920 166.000 197,000 273.C0O

    1919 . 124.0(Xl 297,000 2.'?0,000 When the roads are arranged in groups or geo- I'eoria 1920 199.000 182,000 1,609.000 .SOI ,000 83.000 49.000 graphical divisions it is found that all groups regis- 1919 . :« 1.000 116.000 2. .12 1,000 767,000 24.000 6.000 Dli'vll:— ter increases in the gross revenues, notwithstanding 1920 . . .">.(i05.000 5.000 246.000 4.10.000 1 ..102.000 1919 .. 667.000 11,000 35.000 1.749.000 the falHng off in traffic, but that two of the groups, AUni'tapol!.-'- 1920 .. 11 612.000 1.917.000 1,786,000 2.105.000 484.000 namely the New England group and the Southwest- 1919 ... 14.060.000 2.507,000 1.192.000 1.190.000 .198.000 Karsan Cilv ern group, record a loss in net, and that the gains in 1920 ... 7.196,000 973.000 329.000 1919 ... .S.248.000 1.517.000 523.000 net for some of the other groups are quite small. timnf-a arul IndiarMpolis 1920 ... 2,075.000 3.8.14.000 1,439,000 Our summary by groups is as follows: 1919 ... 1,872.000 4.938.000 1 .300,000 SUMMARY BY GROUPS. Total 0/ All— 1920 ... 1.422.000 .34,478,000 19,221.000 13.186.000 5.399,000 3.228.000 -Gross Enmings- "^"> .. 2.231.000 30,766.000 24,199.000 14,988.000 3,458,000 3,107.000 Seclion or armtp 1920. 1919. Inc.(. + )orDec.(.—). live-stock seenos to December— .S $ S % The Western movement have Group 1 (7 roads), New England 22,107,615 19,786,641 + 2.320,974 11.73 been very much smaller than in the previous j^ear. Group 2 (38 roads). East. & Middle) . .164.932,380 127,169,757 + 37.762,623 29.69 Group 3 (26 roads). Middle West 54.762,108 43,366,4.16 + 11,395,6.12 26.28 At all events, the receipts- reported by the Union Groups 4 & 5 (34 roads), Southern 72,743 ..103 61,814,211 + 10,899,292 17.62 Groups 6 & 7 (32 roads), Northwestern 107.342,772 00,028.449 + 17,314,323 19.23 Stock Yards & Transit Co. of Chicago for December Croups 8 & 9 (.50 ro.-ids). Southwestern 87,702,700 75,136.663 + 12.566,037 16.72 1920 comprised only 25,314 carloads, as against 33,199 Group 10 (12 road.s) , Paolfic Coast 29,606,537 25,791,999 + 3,814,538 14.79 in December 1919, while the Union Stock Yards Co. Total (199 road.?) ...539.107.615 443.124.176 +96.073,439 21.68 of Omaha reports receipts at that point of 7,217 car- Is8&9 52,706 52.377 11.369,443 12,349,704 —980,261 7.93 shipments overland were 207,399 bales for Decem- Croup 10 16,736 16,652 5,904,324 4,928.992 + 975,332 19.79 ber 1920, against 299,803 bales for December 1919,

    Total -. 229.422 228,134 51.322.679 37.517,854 +13.804,825 36.79 222,039 bales for December 1918, 431 ,246 for Decem- NOTE. Group I Includes all of the New England States ber 1917, and 758,104 bales for December 1916. At Group II Includes all of New York and Pennsylvania e.^cept that portion west ot Plttshiu-gh and Buffalo; also sll of New Jersey. Delaware and Maryland. ;uid the the Southern outports the receipts were 787,355 bales, extreme northern portion of West Virginia Group III includes all of Ohio and Indiana: all of Michigan except the northern against 994,467 bales in 1919, 644,588 bales in 1918, Mnlnsula, and that porMon of New York and Pennsylvania west of Buffalo and Pittsburgh. 612,115 bales in 1917, 760,258 bales in 1916, 962,606 Groups IV and V combined Include the Southern States south of the Ohio and MMt of the Mississippi River. bales in 1915, and as much as 1,717,402 bales in Groups VI and VII combined Include the northern peninsula of Michigan, all of . Wisconsin, Iowa and Illinois; all of South Dakota and 1914. Comparisons for six years of the receipts •nd Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming •nd Nebraska, together with Colorado north of a line parallel to the State line at the different ports are shown in the following: passing through Denver. OF AT SOUTHERN PORTS IN DECEMBER 1 OR Groups VIII and IX combined Include all of Kansas. Oklahoma. Arkansa and RECEIPTS COTTON SIX YEARS. 1915 1920. INCLL'SIVE. Indian Territory. Missouri south of St. Louis and Kansas City; Colorado sovith TO of Denver, the whole of Texas and the bulk of Louisiana: and that portion of New Mexico north of a line running from the northwest comer of the State through December. -Santa Fe and east of a line running from Santa Fe to El Paso. Ports. Oroup X Includes all of Washington, Oregon, Idaho, California. Nevada, Utah 1920. 1919. 1918. 1917. • 1916. 1915. •oO Arizona and the western part of New Mexico. Galveston bales. 332.287 327.677 188.863 165.862 306.476 358..571 A.^ far as the movement of the leading staples is Texas City.

    19 19, *» but on the other hand, the receipts of corn for Feb. 14. ^

    Fkb. 19 1921.] THE CHRONICLE 699

    RATE ON FRENCH TREASURY BILLS CONTINUED in 1913, although only due on July 1 1923, were repaid ATQVi%. Jan. 1 1919. From time to time other loans have been placed by the State of Sao Paulo in F^nghmd, France and The French ninoty-day Treasury bills were disposed of (lermany, but they have been promptly fully i>aid or partly this week on a discount basis of The bills offered 6V^%. redeemed through sinking fund, so that the total external iue E.vternal surtax on coffee. l.oan 20-Year Sinking Fund S'.i gold bonds. Tliey are to Tlie State of Sao Paulo produces about 60% of the world's be dated Feb. 1 1921 and to mature Feb. 1 1941. A sink- coffee supply, and the revenue derived from the surtax on

    ing fund will be oreatcd sufficient (o retire !«;i. 200,000 i>rin- (•offee Iia.s been as high as $13,r)(M),tK)0 in on»» year. The cipal amount of bonds per annum at not e.vcecding 110', United States has always j)urcliased more of Sao Paul»)'s and accrued interest on or before Feb". 1 1931. and at not coffee than any other foreign country and now holds a lead- exceeding 105% and accrued interest thereafter. If bonds ing jwsition in Sao Paulo import trade. The foreign trade are not purchased at those prices sinking fund moneys will of tlie State of Sao Paulo exceeds that of Chih', Spain, be used annually to redeem bonds at such prices by lot. Peru, Mexico, Portugal, Greece or Norway, and it is also The loan is redo<^mablo as a whole at the option of the Cliilean a very significant fact that the product ion of manufaelured Government on any interest date on 60 days' notice at articles of the State of Sao Paulo has more than

    Feb. 1 and Aug. 1. Principal, premium and interest paya- ./. 1/. KEYXES SAYS GERMANY CANNOT MEET ble in United States gold coin of the present standard of REPARATION DEMANDS OF ALLIES. weight and fineness, in New York City at the office of Guar- The New York "Evening Post," in its issue of Feb. 14, in anty Trust Co. of New York, without deduction for any foreign corresi>ondence from London under date of Feb . 1, Chilean taxes, present or future. Coupon bonds, regis- gave the views of J. M. Keynes, author of "The Economic terable as to principal onh , in denominations of $1,000 and Consequences of the I'eace," on the amount and terms of $.500, not interchageablc. The Guaranty Trust Co. of tlie reparations to be exacted from Germany as laid down New York is Sinking Fund Trustee. Tlie prospectus gives at the recent I'aris Conference, and we rei)roduce the same tiie following further particulars:

    lierewith : The bonds are to be direct external obligations of the Kepnblic of Chile. Legislation for the purpose of increasing the railroad facilities of the coun- In my book I expressed the opinion that German.v might try wiis pas.sod by the Chilean Congress Jan. 17 1921, and pro%ided for conceivably iie able to pay flOO.OOO.OOO (gold) per annum in this issue of bonds. In the loan contract under which these bonds are to discharge of her liabilities undei- the treaty, but that for be issued, the Chilean Government is to covenant that, if in the future it shall issue any loan with a lien on any specific revenue or a.sset, these bonds political and other reasons it would probably turn out im- shall be seciured equaUy and ratably with .such loan. jaiulent and impracticable to exact so high a figure. Some The Chilean Government is to covenant in the loan contract to pay to authorities, including. ISIr. Raruch. was President Wil- the Sinking Ptind Trustee, beginning May 1 1921, as a sinking fund, equal who quarterly amounts sufficient to retire each year $1,200,000 principal son's economic adviser at the conference, have accepted this amount of bonds at not exceeding llO^i and accrued interest if retii'ed on figure, or something near it. Other authorities whose opin- or before Feb. 1 1931, and at not exceeding 105% and accrued interest thereafter. In the event that bonds are not so purchased in amounts suf- ion deserves respect have made varying estimates up to a ficient to retire them at the above annual rate, the unexpended balance in maximum of £200,000,000 (gold). This latter figure has the sinking fund on Dec. 15 of each year is to be applied to the redemption licen put forward by impartial .\merican economists as a of bonds on the following Feb. 1 at the current redemption price. The :imount of interest accrued on bonds purchased or redeemed is to bo paid conceivable maximum which might possibly be reached un- by the Chilean Govoroment otheiTrVi.se than out of the sinking fund. der favoring conditions. I have never heard of any compe- All bonds not previously retired by the sinking fund are to be paid at maturity at 105% and accrued Interest. tent person who has put forward a reasoned estimate ex- The b«nds are offered at 99% and accrued interest. Sub- oeealng *-X)C,000,'X1) (gold) i)er annum. scription books were opened at the offices of J. P. Morgan & How does this compare witli the proposals of the Paris Co. at 10 o'clock a. m. Feb. 10 1921 and wnll be closed in Conference? These are made up of a determinate and an their discretion. Amounts due on allotments will be paya- indeterminate part. The former i)art consists of flOO.OOO,- ble on or about Mar. 1 1921 on five days' notice at the office 000 per annum for two years, £150,000.000 for the next three, of J. P, Morgan & Co., in New York funds to their order. then £200,000,000 for three more, and £250,000.000 for three Trust receipts will be delivered pending the preparation of more after that, and finally £300,000,000 annually for thirty- the definitive bonds. one years. All these figures are in terms of gold. They are not appreciably affected by the small discount allowed in SAO PAULO LOAN TO BE OFFERED IN PART IN THE the improbalile contingency of Germany's paying in advance of the due dates. The latter part consists of an annual UNITED STATES. sum, additional to the above, which shall be equal in value Speyer Co. announce that the banking group which has & to 12^4% of the German exports. taken the $10,000,000 American share of the Sao Paulo loan Estimate of the lirdctcrminnte Item. consists of the following: Blair & Co., Inc., The Equitable much is this addition likely to amount to? Before Trust Company of New York, Halsej^, Stuart & Co., Inc., How exports came to about £500,000.000 an- Ladenburg, Thalmann & Co. of New York, Cassatt & Co. the war German nually, the imjiorts to rather more than this: at present of Philadelphia, Illinois Trust & Savings Bank of Chicago. and l)e worth more than Speyer & Co. head the syndicate. I>rices these same exports would now 1020 (exclusive of The total loan sold by the State of Sao Paulo amounts to £1,000,000,000 (gold). British exports in re-exports) were worth £1.300,000.(t00. Now it is clear that about £6,000,000 and is divided in three parts, viz., (1) part of the Guilders 18,000,000, which have been taken Jjy a Dutch Germany cannot possibly pay the determinate large export trade. For Banking Syndicate, (2) i'2,000,000, which have been taken indemnity, except by developing a the amount in London by Messrs J. Henry Schroder & Co., Baring her exports must exceed her imports by at least of her staple exports can Bro.s. & Co.. Ltd., and N. M. Rothschild & Sons; (3) and ])aid over as indemnity, and mauy the $10,000,000 for the United States. only be produced at all—e.g., metal manufactures and tex- it. has been Referring to the above, it is interesting to recall that this tiles—if the raw material, or a large jiart of one would is not the first time that bonds of the State of Sao Paulo I)reviously imported. 1 do not supr>ose that any have been placed in the American market. In 1907 £1,- .seriously argue that Germany could continuously, year after 000,000 of the £3,000,000 5% Exchequer bonds were sold year, maintain her exports at a value of more than. say. in New York by the National City Bank, and in 1908 iOVc above her imports. That is to ssiy, to give a numerical £2,000,0(X) of the £15,000,000 5^' "Treasury bonds were example, if (Jermany is to have siiri)Ui.>< exports worth £200.- sold in New York by Messrs. J. P. Morgan & Co., the First 000,000 she will have to have total exports wortli at least National Bank and the National City Bank. The fu-st loan £700.000.000. Twelve and a half jier cent of this figure is has long since been repaid and the second loan was fully fS7..500.000. paid in July 1913, although not due until Jan. 1 1919. The It is clear, therefore, that the indeterminate item is a C7, 500 ,00(^5% Treasury bonds which were issued in Europe verv formidaljle one. With total exj^rts worth £700.000.- 700 THE CHRONICLE [Vol. 112.

    000. a;.'aiust imports of fnOO.OOO.OOO. loavlnfc surplus exports And if he doesn't succeed, what is to happen then? Ac- worlli il'OO.OOO.OOO. slio could .jnsl i)a.v a fixe) stun of £112,- cording to some of the imf)ors, the Uoparation Commission noo.OOO plus (ho (ixport i)roportioii of £S7.r)0().(i()(), makiiiK u]> i.s to step in, coll(K-t tho customs and levy the taxes! What f2()0,(K)0,000 in all. That is to say, trado on this soalo is a temptation to him to a.sk them in at once! The proposal, Hourly ro(piiro(l oven to moot tho minimum payment of £100.- if it has I)oon made, is a very good instance of how, when OOO.OOO proscriliod for iho first two yoars. plvs tho oxi)ort tho mind has loft solid earth and is (raveling in imaginary proi)ortion. realm.s, one idea is just as good as any other. It is difficult to ImaKino fiRuros wliich would porniit the It Is not .vet clear what relations these now proposals j)roi)osod normal payment of £.'^00.000.000 [)]us tho export are supposed to boar to the Treaty. Apparently they super- proportion. Hut it is .safe to say that on total exports, ca- .sede it. They introduce elements for which the Treaty fhtes pable of yieldhiK a suri)lus of £.'500.000,000. the 12Vj% pro- not provide. They require, therefore, the acceptance by jmrtion would certainly oxoood £100.000.000. The proposals Germany of a new Treaty. It is not possible to comi)are of the Paris Conforonco for tho normal lUMJod amount, exactly the money liurden of them with that of the Treaty. therefore, to a demand for more than £400,000,000 per an- I estimate that they are somewhat les.s—two-thirds to three- num—which is doulile the highest figure that to my knowl- quarters of the Treat.v demands, if I may venture a hazard- (Mlffo any competent person here or in the United States has ous guess. But so long as they are very excessive, the pre- over attempted to justify. ci.se degree in which they are excessive is not important. Has No Export Surplus Now. So long as our demands bear no relation to the facts, their precise form is not significant. These proposals bring us. Let it be remembered further that according to the -last therefore, no nearer to settling Europe's problem. The in- l)ul)lished fi.gures Germany has at the present time no ex- terested parties are no bettor placed for calculating what port surplus, but an export deficit. Germany is really going to pay, so as to make their pl.ins The Paris proposals cannot, then, be meant serlousl.y, accordingly. The re-establishment of normal economic life an.\' more than the original treaty was. They are simi)ly is put off for another period. anofhor move in a .game, by which the players, at any rate, are no longer taken in. Llo.yd George feels that he is mak- Must Aicait London Conference. ing progress (perhaps he is) when he succeeds in persuad- The next act of the play must wait until the end of l"eb- ing M. Briand to agree with him that 2+2 does not make ruary, when there is to be a conference in London attended 12, but only S; M. Briand hopes that, being eloquent, he by Germans. They, at least, will presumably treat it seri- may. after all, be able in the French Chamber to make a ously. For anything which they agree to now will have a good enough song about 8 to defeat any argument from M. moral authority which the Treaty cap never have. Perhaps Poincare as to how much better it would be for France if Mr. Lloyd George reckons that this will give hint another 2-1-2 made 12. I doubt if there has ever been anything in chance of achieving what is sensible. He thinks, perhaps, history quite like it. Perhaps it is best diagnosed as a con- that he has brought the French one step along his way, and sequence of tho portentous developments of what we have that that has been very clever of him, that his critics are learned to call propaganda. The monster has escaped from tiresome and unhelpful, and that, as usual, he is doing his the control of its authors, and the exti'aordinary situation best. is produced in which the most powerful and the most in- But we shall never escape from the coils we have got into telligent statesmen in the world are compelled by unescapa- by any shift or trick. Surely the truth will have to come ble forces to meet together day after day to discuss detailed out some day. Sui'ely there is no method for a situation variations of the impossible. like this except to proclaim it sincerely. The thought of It would be easy to go on to point out how if Germany the two Prime Ministers in Paris, muddling over silly for- could compass the vast export trade which the Paris pro- mulas, with M. Loucheur buzzing about between them, for- posals contemplate, it could only be by ousting some of the mulas which they all knoic to be silly is, for any one who staple trades of Great Britain from the markets of the realizes what it is like, a thought of gibbering nightmare. world. Exports of what commodities, we may ask, in addi- tion to her present exports, is Germany going to find a mar- GERMANY UNABLE TO PAY FULL REPARATION ket for in 1922 (to look no further ahead), which will en- DEMAND, ACCORDING TO ITS FINANCE able her to make the payment of between £150,000,000 and MINISTRY. £200,000,000 (including the export proportion) which will The utmost indemnity that Germany will be able to pay, be due from her in that year? as announced by the German Ministry of Finance, is 1.50,- Germany's five principal exports before the war were iron 000,000,000 marks ($36,000,000,000), this to include the and steel and machinery, coal and coke, woollen goods and property ah-eady surrendered to the AUies. This announce- cotton goods. Which of these trades does Paris think she is ment came in an Associated Press dispatch from Berlin going to develop on a hitherto unprecedented scale? Or, if dated Feb. 11. Under the plan as outlined the German not these, what others? And how is she going to finance war debt would be disposed of in thirty years. The Allied the import of raw materials, which, except in the case of Supreme Council at Paris on Jan. 29 placed the indemnity coal and coke, are a prior necessity to manufacture, if the demands on Germany at 226,000,000,000 gold marks pay- proceeds of the goods will not be available to when made able in forty-two annual installments, as stated on page .520 repay the credits? I ask these questions in respect of the of our issue of Feb. 5. The German counter-proposal is year 1922. I)ecause erroneously many people may believe to be submitted to the Paris Council in order to learn whether that, while the proposed settlement is necessarily of prob- a its consideration will be permitted at the coming London lematic character for later the years (only time can show), conference set for March 1. Refusal to give it consideration, it makes some sort of a start possible. the Germans intimate, will result in Germany absenting These questions are serious and practical, and they de- herself from the London conference. serve to be answered. If the Paris proposals are more than Data for use of German representatives at the London wind, tho.v mean a vast reorganization of the channels of meeting were made public by the Berhn Foreign Office in international trade. If anything remotely like them is Feb. 11. Figures as to imports and exports in 1920 are really intended to happen, the reactions on the trade and supplied which indicate that it would be necessary to in industry of Great Britain and elsewhere are incalculable. crease German exports 60% in order to estabUsh a trade It is an outrage that they should be dealt with by tlie sort balance, and the payment of the 12% tax would require of methods of the poker party, of which news comes from raising the value of the exports to about double the present Paris. amount. Statistics are also furnished to show that the total One other aspect of the situation deserves mention. A tax per capita in Germany is higher than that in the Allied sum of £200,000,000 (gold) —to take the sum more immedi- countries instead of lower, as contended by Allied leaders. ately in questions-represents at the present rate of exchange Suggestions of. a commerQial treaty between the United more than fifty milliards of marks. The present revenue States and Germany are put forw^ard in the hope evidently of the central Government of Germany is about thirty mil- that American influence may be directed against the pro- liards, and its expenditure about 100 milliards. Thus for posed export tax, which, it is claimed, is causing cancella- the Finance Minister of that country, if he is to pay what tion of foreign orders for German goods, due to a feehng he owes, will be set the problem of trebling his revenue and among buyers that the 12% tax will have to be paid by them. at the same time halving his expenditure. And then a few The above information is obtained from a copyright cable- years later he will have to double his revenue again. We gram to the New York "Tribune" dated Feb. 11, which are once more in the region of the fantastic. reads: .

    Fbb. 19 1921.] THE CHRONICLE 701

    The Foreign Offife made public to-day the data prepared by a committee "While there are couunltments under which balances may be called for, of business experts for the use of the CJcrinan delegation at the forthcoming it doi-s not follow that they will l)e exeouttxl to that amount. l>ei-ause we are London conference to <'<7nnteract the optimistic estin\atc.s made by French not satisfied that the leriiis of the conunitmeuls would be fulfilled and the and British leaders of Germany's ability to pay. necessary evidence given," he said. The figures show that Germany's imports In 1920 amounted to 8,000,000,- It is understood that not more than $.')7, 000,000 would be applied for 000 paper marks and her exports wore 5,000.000.000. In a statement under the remaining crcnlits. accompanying the estimates it is pointed out that the amount of exports Czudence perts assert that Germany's ability to pay is even less than thitie figures showed that on Oct. 4 1918 William G. McAdoo, then Secretary of the would indicate. They assume that any effort to equalize the amount of Treasury, wrote to President Wilson referring to the rtx.u>gnitiuii of the now imports and exports would involve a huge increase of the latter to effect republic; He said that it had asked for loans and he sought authority to even a moderate incroa.se of imports, .so that a balance probably would grant them. Czetho-sloxakia diwlred a credit of $7,000,000. The Pre»- be reached at 9,000.000,000 marks. Hut, the experts say, the payment of idont repliiyl. approving the

    102 THE CHRONICLE [VolI 112.

    The Qovemment had failed to Induce the banks to take any share in First National Hank, Ixxs Angoleo, Calif. those ahnormal risks, and now ho appealed to the banks to do so. It was In Kuhn, Loeb & Co., New York. Iho interest of tlie country's trade, and lliat w;us as much lo tho IntfTiJSt of Huth &. Co.. New Vork. the hanks as to any other class. They weni tho only pd the balTliiiK iiatiini of the Austrian problem, l'"lrsl National Hank. Portland. Ore. owinK to the breaking up of the Industrial and commercial machinery Rhode Island Hospital Trust Co.. ITo\idence, R. I. throuKhout (he Continent, and also alluded to tho immoderate outburst Wells Fargo Nevada .National Hank, Han Francisco, Caltf of nationalism In all countries, .suyiiiK: Swittle National Hank, Seattle, Wash.

    "We have it here, in France, In America— .'i sort of fe<>linK that you must First National Hank. St. Louis. Mo. build a wall all around and never hand a cup to your neiKhi)or. People 'I'lie organizers and first Board of Directors of flic )|i\V forffct that countries are interdependent. 'I.ove your neighbor' Is not only sound ("hristi.-uiity, but Rood business." bank are given as follows: This was Ki'et^ted with I.aljorite cheers and shouts of "Come over here." Ncwcomb Carlton, President Western Union Telejfraph Co.. New York- Mr. Uoyd CieorRC concluded with the statement: "Central Kurope will be Emory W. Clark. I'resident First & Old Detroit National Hank, Detroit- paralyzed until it begins to feel ;i litlli' more iieiRhborl.v, and it is the business Walter E. Frew, I'resident Corn Exchange Bank, Nfrw York. of this country to lead tho way .iKain In this international task." F. H. Goff, President Cleveland Trust Co., Cleveland, Ohie.

    The ani(>ndni("nt to the .-iddress from the tlirone introduc<"d yesterday l)y I*". Abbot Goodhue, Yice-Pr<«idenl First National Hank of Boston. John Itobort (Mynes, I>al)orite, regret tiiiK tiie Government's failure to deal Robert F. Herrick. Herrick, Smith, Donald & Farley, Boston. adequately with unemployment, was rpjec;t(>(l, 262 to 81. J. R. Mc.Vllister, i'resident Franklin National Bank. Philadelphia. (Questioned as to whether the CJovernmont would take steps to approach C. B. Soger, President T'nitod States Rubber Co., Noti- York. the Washington and Tokio C;ov to renew the volume of business, as it will take over a part of the or- invitation." ganization and tlie foreign ci'eration about to be or^auized in New York under the Pine Street. New York Cit>-. name of the International Acceptance Bank. Inc., with a It .seems proper to point out that the International Ac- fully subscribed capital of .$10,000,000 common stock and ceptance Bank, Inc., will in no way compete with the $100.- .$250,000 si)ecial stock, and also a sub.scribed suri)lus of 000,000 Foreign Trade Finance Corporation, now in pro'-ess .$5,000,000. Paul M. Warburjj: is to become tho Chairman of of organization. The latter contemplates the issue of dei>eu- its Board of Directors and F. Abbot Goodhue, now Vice- tures, which, under the rules of the Federal Reserve Board President of the First National Bank of Boston, will be its aiul the so-called Edge Act, precludes them from doing ar President, while P. J. A'ogel, a former Vice-Pre.sitlent of the same time a general acceptance business, while the In- the American Foreign Banking Corporation of New York, ternational Accei)tance Bank, Inc., as its name implies, i)ri- and now with the Chase National Bank, New York, and E. marily will do its business by the granting of acceptance W. Davenport, Vice-President of the First National Cor- credits, and has no jtower to issue debentures. ))oration. New York, will become Vice-Presidents. The International Acceptance Bank, Inc.. will devote it- WHY MONEY RATES ARE HIGH. self primarily to financing America's foreign commerce In answering the query embodied in this caption 1 1 and world trade. It will exercise this function mainly by Parker Wilhs, in an article contributed to last Saturday's the grantiu.g of acceptance credits. It will oiierate under issue of the New York "Evening Post," finds the explana- the provisions of Section of 25 the Federal Reserve Act and tion in three main causes, namely unlimited demand for will be organized as a New York corporation, subject to funds here and abroad, unbalanced foreign trade, and re- the re.gulations supervision of Fetleral and the Reserve duction of liquid capital. His article in full is as follows: Board antl the Banking Department of the State of New Failure of current money rates to decline sharply since the first of .Janu- I'ork. Instead of attempting to establish foreign branches, ary has naturally been a source of some disappointment to those who had looked forward to an easing of the quotations. During the latter part of sought the new bank has and obtained the co-operation and the year 1920 there wa.s constant prediction that money rates would go support of some of the oldest and best established banks lower and that, for short-term obligations at least, the new year would to a more reasonable condition of arffairs. This pre- and banking firms in Europe. Among the foreign interests, open the way much diction has been disappointed, for both call and time charges have, after holding in all approximatel.y one-third of the capital of the a brief interval of movement downward, returned to the higher level new bank, are the following banks and bankers which they had maintained dming the closing weeks of 1920. The reasons for this backward swing in money rates are variously given. It is probable Amsterdam: Nederlandsche Handel-Maatschappij Hope & Company. that at the present time no complete or final analysis can be made. But some factors which will undoubtedly play a part in the ultimate develop- Basle: Swiss Bank Corporation. ment of money rates can now be recognized London: N. M. Rothschild & Sons. National Provincial & Union Bank of England, Ltd Reserve Bank Changes Stockholm: Alrtiebolaget Svenska Handelsbanken. Ever since last June the discount rate of the Federal Reserve banks Skandinaviska Kreditaktiebolaget. 7 has been maintained at ' ; for ninety-day paper This rate has been paral- Zurich: Credit Suisse. leled by a rate of 7% at the Bank of England and an oven higher rate at the The connections thus established place at the disposal various other central l)anking institutions Contemporaneous with the maintenan(« of this late there has been a change in the charactei of the of the new bank the large and influential organizations of portfolios of the Federal Reserve banks and of member banks as well These these foreign institutions and at the same time opens to portfolios have come to consist far more largely of liquid paper and less their clients the facilities of the American bank. Negotia- largely of long-term obligations collateralled by Government seciu-ities. The ratio of reserves to deposits has neadily risen and is now close to ,50Tt - tions are now under to establish similar intimate rela- way Observers of the money situation have been inclined to regard this Federal tions with prominent banks and bankers in other countries. Reserve late as a piime factor tending to the maint-enance of current In France, the new bank expects to work in close co-opera- quotations in the open market. I'recisely how far it has been influential in that direction may seriously be questioned. It is, in the first piace, the tion with the French-American Banking Corporation, of outcome of underlying causes—not one of them. Its influence is rather which the First National Bank of Boston is one of the prin- that of selecting or directing the make-up of the portfolios of the banks cipal stockholders, together with the Comptoir Nationalo rather than of reducing their lines of credit of of necessarily ina easing their charge to customers. Some reasoners are prone to argue that the Reserve d'Escompte de Paris. It is contemplated to organize a bank rate is analagous to a charge made by a whole.saler. The retailer European Advisory Council, made up of representatives of the member bank—-gets its accommodation, say, at 7%, and immediately adds to that figure such commission for its trouble as it may deem wise or the foreign stockholding banks and firms, which will give necessary. the American officers the benefit of their counsel and co- In the same way, it is supposed, the business house which is putting out operation. commercial paper finds the figure it must offer for accommodation regulated by the Federal Reserve Bank. This ignores the circumstances that the Among th(! American subscribers are tlie three largest member bank is not necessarily dependent upon the Federal Reserve stockholders and organizers of the enterprise, Paul M. War- Bank, and that even when it is so dependent through the fact that in order burg, the First National Bank of Boston and the American to get further lending power it must increase its rediscounts, it does not necessarily make the Reserve Bank discount rate applicable to its entire of York. International Corporation New Also line of loans. That rate is at most applicable to a small margin of its Old Colony Trust Co., Boston, Mass. business. As a matter of fact, many banks have not raised their charge First National Bank, Birmingham, Ala. to their customers at all during the present period of higher money charges. First National Bank of Chicago, ill. 'H The rate asked by the Federal Reserve Bank is. therefore, at rnost a factor Cleveland Trust Co., Cleveland, Ohio. influential in determining the gross available supply of credit and in a much First & Old Detroit National Bank, Detroit, Mich. more Important way a factor in determining the composition of bank port- Fidelity National Bank & Trust Co., Kansas City. Mo. folios. WhUe, therefore, the current speculation about tne probable future ' . -

    Feb. 19 1921.] THE CHRONICLE 703

    of the rate of discount both at the Federal Reserve Bank and at the Bank of however, a much broader and more Influeiniial factor Is seen In the existence England Is InterestinK from the broad standpoint of prlc<»> and geutTal finan- of a worldwide demand for funds of e\ery kind —i>hon term, medium iUid cial condltious, It Is not of necessity Immediately related to prevailing long term. It is reujionable tosiip|>0(>« thai this will take the off market from market rales or their pro.spucis. time to time for a g(M>d while to come all surpluses of savings. The hack- Liquidation nf Paper. neyed advice of iiroduction. moro production, saving and more saviug still liolds good, and affords the only avenue to a reduction of tlie Of very much greater significance tlian the Reaorve liank rale, from the cost of capital. Meantime there is no reason to expect more than very brief realisation of standpoint of the money market, ig the coiiditlou of member bank porit'olios. "easy money predictions," During the late autumn il was evident that large quanlltltu of produclu were being "tied up" in the agricullural districts and were not being released In time to provide means of seltling obligations to baiikii. A few we«'kM RESTORAriON OF WOKLD' S COMMERCE TO HE DIS- ago banking authorlti(« in some of the North»<«tern grain States recog- nized the harm that this policy was working to the aclual farmer and took CUSSED AT MEETING OF INTERNATIONAL a position adverse to a further continuance of the practice. The same CHAMBER OF COMMERCE. point of view has been gradually adopted in many of tiie cotton-growing "Tlio of tho W<)rld'.s Im' centres, so that there has l)een a steady movement of funds into the baniui Restoruliou Coiniiu'ree" will tlie and a corri-sponding liquidation of i>aper. The effect of this process has ^(t'licTal subjcel takoii up at th«> first annual meotirur of the or inlerbank indebted- been to Ijring about a cancellation of Interregional Iiitornatioiial Chaiubor of Commercu iu London during the neas. which iilustrateil in the decline of the rediscounts between the Federal Reserve banks from a maximum or peak point of $2-17,000,000 to about week befjiiiiiint!: June 27. Announcing the subject and th«" $40,000,000 at the close of January. date on Fob. 7 tho Ainerii-an Sct-tion of tlio Intfrnaiicjiial While no figures on the sul)ji.'Ct are available, it is fair to suppose that a Chamber let it be known that a large American attemlatife somewhat parallel decline in the amount of credit exiendixl by city l)anks, particularly New York banks, to institutions in the i/iterior hiui begun. is looked for. Tlic aiinouucenmnl also said: The effect should ordinai'ily be that of releasing considerable (luantities of ArrangemenlK are being made for a program of general stMKions aunomic problems in the fields of larger available supply of fluid cash. This has doubtless been the cjise to a finance, ocean and land transiiortation. communlcition, production and considejable extent, and to it may j)erhaps be attributed the easier raKs distribution of the devaeted jireae. .\ll of these topics will be approached for call funds and the slightly easier rates for time funds w hich existed during with a view to relating them to the central theme. part of January. In order ihat this process of liquidation may have a The I nlernational ( 'hamber was organized at Paris laHl yeon organized for Invest men I Demand. some time with offices at the huidquarters of the Chamber of Commerce of the United States in Wa.shlngtou. The facts in the situation seem to be that there is an almost unlimited The board of directors of the International has just rinishod a demand for available funds for asc In restoring the depleted capital equip- ChambtT inootinp: in Paris, attended Willis Booth, Vlce-I^resideut of the ment of the country or for providing means for the employment of new en- by H. terprises or for further extensions of credit to foreign countries. The Guaranty Trust Company, of the American directorate and John M. Rcdpath, Manager of the Resejirch Department the United States total of capital is.su<^ floated during 1920 was S:i.l0l).9;>0,500, by far the of C'harnber. prograra general will receive the greatest ever placed upon the .\merican market. Our total investment in The for the meeting in London final approval of this board al a meeting to be held in Paris Mairch 21. carrying Kuropean trade during the year 19l.'0 was prol)baly $1 ..'iOO.OOO.OOO The program for group iiie

    704 THE CHRONICLE [Vol. 112.

    the tied-up condition of tho Bank of North Dakota and flic North Dakota banks are more or Ibm embarrassod by the financial deadlock1 ^'losing of the Scandinaviun-Aniorican Bank will brin^' with the Tlank of North Dakota, but with the exception of some hduiIIct l)uiiks In the wcHtern section of the State It Is b(!lle\od that they will come about other bank suKi)enHions in addition to tlioso already through. dosed. As stated on page 22S.'S of the issue of Dec. 11, i'n)(li<;tlon8 are made that the virtual Insolvency of the Bank of North Dakota and the cIoHing of the Scandinavian-American Hank of Kar^o will measures were i)ropos(!d l)y North Dakota bankers (^arly bring tho suspension of jiiThaps one htmdrr'd hanks in addition to thi; thirty- in December in an effort to cope with the situation witli five which have bc:en closed so far. no apparent result, and these were followed by ])ro])Osals A complete turnover of the State Govcmimernt and abandonment of the Socialistic program woulfl. It is bellc\'e

    accordance w'itli which they Mould endeavor to find a mar- .something, II Is ht'ld, which North Dakota would have to work out for hw- ket for State bonds, but the terms were rejected by the self without outside dictation. Leaders of the opposition may now force a recall election. In spite of the Nou-Partisan League of the State. After a conference expense and the increjiswl bitterness that it would cause. The State needs with re])rosentatives of financial interests of Minneapolis, money to put. In a <.Top and to run its mercantile institutions until it can St. Paul and C-hicago a rehabilitation plan was proposed to realize on th

    These have been hypothecated . The bankers are to buy these bonds, which to slightly over one-tenth of that amount. will supply cash within a few days to meet the bank's obligations, but will The present obligations of the State in the way of bonds outstanding are not obviate the liquidation through receivership. $343,000 over and above the amount of these issues that are now being In addition, the bankers are to take $3,000,000 of the mill and elevator offered for sale, and there are sinking funds on hand in tho amount of series and $1,000,000 of farm loan bonds, authorized but not issued yet. $408,151 37. The issuance and sale of these bonds will take a little time. The proposed issues of bonds consist of $1,950,000 of Bank Series bonds, New legislation will safeguard the use of these funds it is understood. owned by the Bank of North Dakota, which when sold will bring that Consent of the house majority, which is anti-league, also will be necessarj'. amount of additional money into the State to be used in reUeving banks during the present financial stringency; $3,000,000 to be used to replace A special dispatch to the New York "Times" from Minne- first farm mortgages of a like amount, averaging $14 17 per acre, most of apolis under date of Feb. 16 had the following to say "wdth which have already been closed and are being carried by the Bank of North reference to the action of financial interests in withdrawing Dakota; $1,000,000 of Mill and Elevator bonds, which wUl be appUed to liquidate amounts already invested in the State mill and elevator, consisting from the movement to float the bonds: of a 3,000-barrel floiu-ing mill and a terminal elevator of 1,659.300 bushels Negotiations for the sale of North Dakota State bonds by Twin City, capacity, both well under way in process of construction; and $250,000 of oper- Chicago and Eastern investment concerns are off. A. C. Townley and Home Building bonds which will be used to carry on the home building other representatives of the North Dakota Government have left the Twin ations and to provide an investment in nearly sixty homes already completed Cities convinced that for the present at least there is no chance to float the or approaching completion. bonds. By the .sale of these bonds financial relief to banks, business and industry Bank and trust company officials came to the conclusion to-day that un- will be further extended. der present conditions they did not wish to undertake the sale of the bonds In view of this analysis of the worth and financial condition of the State to the investing public for the following reasons: of North Dakota, its resources and productiveness and the small pro rata Doubts expressed as to the validity of the bond issues. The belief that cost of these enterprises as compared with the resovu-ces of the State, and the the bonds already issued but unsold have been hawked about in Chicago vast amount of good that may be accomplished by carrying through to and New York by irresponsible individuals and have been discredited their ultimate fulfillment the measures supported by these several bond among investors. issues, everj' citizen and taxpayer in the State should be whole heartedly Back of these reasons lies another. The banking interests feel that the behind these bond issues. public would not take willingly to North Dakota bonds under the present Nothing has transpired in North Dakota to cause any alarm or to justify governmental conditions in that State, but they are unwilling to be placed any meritorious opposition to these bond issues. The State is fundamen- repre- in the position of trying to dictate to the people of North Dakota how they tally soimd. Bank assets throughout the State, for the most part, shall be governed. sent sound \alues. Where banks have become temporarily embarassed. that, on Still another reason is the intense bitterness displayed by the two factions it is not, in the main, on account of poor assets, but for the reason notes at Bismarck, indicating that an agreement between them on any kind of a account of farmers holding their wheat for better prices, paj-ment on withdrawals. program is almost impossible. and deposits of new funds have not kept pace with ordinary the Minneapolis bankers who have sat in the conferences would make no The sale of these bonds in the near future -svill immeasurably reUerie definite statement. They admitted that the transaction was off for the situation. is to the end present, at least. It may be reopened, but there is no immediate prospect The co-operation of the people of North Dakota solicited sustained. of that. that the high financial standing and integrity of the State may be Townley now faces more trouble in his own camp, where he opposed his For subscription blanks and for further information regarding bonds, North former lieutenant. VS^illiam Lemke, in caucus ten days ago and met defeat. write to the Bank of North Dakota (Bond Department), Bismarck. He prevailed later on Lemke and other leaders of his North Dakota organi- Dakota zation to let him try to find a market for State bonds on the terms that once ATTENTION WORKERS! which had been offered by the North Dakota Bankers' Committee. You pay from 12 to 15 cents for a loaf of bread made from wheat the These terms, involving liquidation of the Bank of North Dakota and a North Dakota farmers sold for an average of $1 30 a bushel. When cost of the wheat in a partial abandonment of the League's "industrial program," Townley told farmer was getthig $2 50 a bushel for his wheat the bushel, the cost of the the bankers here, he would undertake to put through if they would take the loaf of bread was 4.3 cents. With wheat at $1 30 a a bushel, and bonds. Even on these offered terms the bankers have decided that they wheat in a loaf of bread is 2.2 cents. When wheat was S2 50 should have been cannot undertake to underwrite the securities of North Dakota. So all costs of making bread ifi proportion, the price of bread even allowing for no reduc- To^vnley returns to confess failure and still do what he can to save something 10 cents a loaf. With wheat at $1 30 a bushel, than 8 cents a loaf. out of the wreck. tion in other costs, the price of bread should not be more for a little more than Getting in touch with Chicago and Eastern financial men this week, local Why is it that, though farmers are selling wheat are being reduced bankers were surprised to learn that a former North Dakota banker, now one-half of what they got for it in 1919, though wages materials are falling, you workingmen must said to be discredited in that State, had been offering the North Dakota and the prices of other raw prices to the American people are bonds in Chicago. Another man formerly connected with the Non-Partisan pay war prices for food? It is because ba.sis it can get for food products on the League bank at Fargo has been offering thein in New York. Buyers were fixed by the trade on the of what been beaten down on the pre- unwilling to touch them on any terms. export market. Prices to the farmer have there was little foreign demand for the 1920 crop. Yet 300,000,- It is a significant commentary on North Dakota's situation that recent tense that been sold to Europe at prices averaging efforts to borrow money for the State at 9% interest have failed, whils 000 bushels of American wheat has higher they paid in 1919. This wheat was bought South Dakota sold $5,000,000 of riu-al credit bonds bearing 6% interest in 30 cents a bu.shel than farmers at a bushel less than they received for their 1919 Chicago last month at a premiimi from our $1 00 necessities on the basis of Though unable to help the State Treasurj- and the State Bank at this crop. And you are paj-ing for bread and other time, rrinneapoUs banlcers are standing by North Dakota banks. All the the high prices charged to starring Europe. . .

    Feb. 19 1921.] THE CHRONICLE 705

    Who gets the difference of $1 30 a busliel between what is paid to the Of tills number, howcvfr, two it is averred ha\'e reopened. saiuo people who fanner and what is chargud to Kuroijeaii buyers? The 'riif.sc dispatches read: oiake you pay war prices for broiid. The sauio people who are siiueezlug •MAND.\N. N. D.. Feb. IS.^The Union Farmers' Bank of .Vew Salem, the farmers, and by every iiossibie means attomptiuK to prevent them from with reported dopotiitii of $130,000 and capital and surplus of $35,000 and organizing their industry and their marliots. so as lo secure fair returns

    the I'oople's State Hank of l-eilh, closed today , making n total of thirty-five for thenLselvos aiid lo get thoir jiroducts to you at roaj»onal)lo prici*>. It in State banks that have saspended in the last three months in North Dakota. the same intorests that are now attempting to dastroy the North DaJkota Two of that number have reoi>ened. Industrial Program, which is dosigned to. and eventually will, eliminate The New Salem Hank had $1,200 dejMwIted with the Hank of North this ruthles.s robbery of both the farmer and the coiusumer. It is the siuue Dakota and had $2,000 in o|)<-n account with that institution and $5.1)00 combination of monopolistic provlloge that is doing its utniost lo l>locl< the In loans from it. Drafts on the Hank of North Dakota had been rcfurod sale of the bonds offered by the State of North Dakota for the support of during the litst two days, officers of the bank said." this program. I'OUKS, D., Feb. 17 The People's State Bank here These bonds coiLstitute as sage and attractive an investment as <-an be "(iUAND N. cUxsod its dotjr.s today, duo it was said, U) depleted rtKerve. It is the thirty- found In the entire coimtry. The great class of investors—those who work sixth North Dakota State bank to close within three monthij. Of this and save and want to put their savings in enterprises that will better the number two have reopened." conditions of all the pet)ple—have no objection to these bonds. Hut when the State of North Dakota attempts to reach these Ujvestors througli the We i)riiit below a special Minneapolis dLsjiatch to the regular financial channels, it finds the way blocked by those same interests. "New York Times" as publi.shed in its i.ssiic! of yesterday For this reason the State of North Dakota appeals directly lo you for the supiiort of its prograin, designed to free the fiirmers of North Dakota ( Fi'\t. IS) relative to the prevaihng situation in North Dakota: and the workers everj'-where, who are dependent upon the fanners for the Efforts at non-political adjustment of the affairs of the State Bank of means of li\ing, from llie iron grip of the.se exploiters. It offers its bond.s North Dakota have failed completely, it was announced in Minneapolis directly to you. thas affording you a safe investment for your savings, and tonight. Meantime, the iudicatioiLs are that the State will soon be plunged giving you an opportunity to aid in the carrying through of these most into a recall election affecting all State officers. Important enterprises. League supporters will make a desperate effort to save the so-called These bonds are offered on a basis to yield you 5H and 6% interest farmer's program, comprising public ownership undertakings, contending a annually. They are fiilly protected by ample sinking funds and are that it has never had a fair trial, and that it has been betrayed by the men direct obligation of the State of North Dakota backed by the worth and who pledged the rank and file that it wouki be carried out divorced from integrity of the whole people of the State, whoso resourcas are in excess of politics. $3,000,000,000. The real estate bonds are further secured by first mort- The Non-Partisan League administrative organization has the choice gages on farm lands, at not to exceed one-half the value of the property of three alternatives. mortgaged: and the Mill and Elevator and Home Building bonds are One is to stand for a recall election, with every prospect, it Is declared, supported by moi tgages on the property of the State connected with these that its majority ui the Supreme Court will be wiped out and Governor enterprises. Fnizier and Attorney General Lemke unseated. The constitutionality of the Industrial Program, and the validity of the The second, to avoid the recall election, Ls for every member of the bonds have been affirmed by the Supreme Court of North Dakota and by Industrial Commission to resign. the Supreme Court of the United States. The third is to sanction the passage of legislation introduced at Bismarck All these bonds and the income therefrom are tax-free in North Dakota, today , talcing the finances of the State out of the hands of the League and and not subject to Federal taxation. limiting expenditures for tho State mill and elevator planned to cost approxi- in Liberty or Victory Bonds, at their market value, will be accepted mately $5,000,000 to $2,000,000. One bill provides also for the depositing payment for any of these bonds of the State of North Dakota. of pubUc money in private banks. This would take the State money from Write now for subscription blank and all other necessary information to the Bank of North Dakota and automatically force its liquidation. the Bank of North Dakota (Bond Department), Bismarck, North Dakota. Arthur Lesueur, former Non-Partisan Leaguer, a St. Paul attorney, in an INVESTING IN INDUSTRIAL DEMOCRACY. open letter sent to all the newspapers of North Dakota today disregarding leaders of all factions, appealed to the people of the State to end the fight tj Cooperation Is the magic key to success and progress in this present age. taking all tho State industries out of poUtics. Lesueur is the bitter cnejny Cooperation always factor in any enterprise or has been the inspiring of both Townley and Lemke. He spht with League leaders when Townley's imdertaking of whether social, business, local, national by a group people— connection with the United States Sisal Trust was charged. or International. It was announced today that Lesueur would defend J. W. Brinton, The people of North Dakota have created an industrial program. In Townley's former private secretary, against the charges of criminal libel and order that this program function and do that good for which may properly perjury brought again.st him in connection with statements he has published it was created, it mu.st have active as well as good will of the cooperation in his book, "A. O. Townley, Dreamer, Promoter and Boss PoUtician; the people. His Failure and Defeat of the Non-Partisan League," and charges of Beside the fact that this industrial program Is the will of the people, the embezzlement Brinton made aagin.st Lemke and F. W. Cathrop, Managing bighest courts in the land have declared it to be constitutional; and financiers Director of the Bank of North Dakota, in his testimony before the House have pronounced it sound, safe business-like. and thoroughly Committee at Bismarck. North Dakota's Industrial Program consists of the Bank of North Dakota, a state bank owned, managed and controlled by the State, for the Our last extended previous reference to the closing of purpose of promoting Agriculture, Commerce and Industry North Dakota banks was given in our issue of Jan. 8, p. 108. A State Elevator—with a capacity of 1,659,500 bushels; A State Mill—with a capacity of 3,000 barrels of flour a day; An experimental flom-ing mill: L. G. HARRIMAN OF BUFFALO PREDICTS FAVORABLE A rural credits program—furnishing cheaper money to farmers; INVESTMENT CONDITIONS FOR THE A Home building plan—erecting homes for industial workers at cost, on an amortization plan of payment. NEXT THREE MONTHS. The Bank already shows net earnings of nearly has increased $300,000, Speaking before the Forum of the Ameiacan Institute of its rates ot interest on checking accoimts and time deposits, and is a clearing house for nearly all the banks in the State; Banking on Jan. 27, Lewis G. Harriman, Vice-President of The experimental flouring mill is in operation and the large mill and the Fidelity Trust Co. of Buffalo, predicted that for some elevator are under course of consti^ction; months to investment conditions would be favorable, Nearly 800 farm loans have been made, aggregating nearly $3,000,000 come or an average of $14.17 an acre, and this where the best wheat in the world while business would begin to show signs of revival in many is grown Unes by early summer. Nearly sixty homes all but a few completed have been built, and turned — — "Long swing movements of security prices depend upon the purchasing over to the pm-chasers at cost. power of the dollar; or, in other words, the prices of commodities," said This Industrial Program created thy he people must also be financed Mr. Harriman. "During periods of rising commodity prices .security by the people. For this purpose bonds have been authorized. They are holders expect rising yields on their Investments and consequently as the all properly safeguarded and protected by sufficient sinking funds, they area yield rises the market price of the security declines direct obligation of the State, backed by the worth and integrity of the "For twenty years we experienced rising conunodity prices. In Feb- whole State, whose resources are In excess of three billion dollars. In ruary 1920 average commodity prices had risen 130% over July 1914, addition there are first mortgages in more than sufficient and legai amounts and for several years prior to 1914 the high cost of Uving had been con- to cover the State properties, all held by the State Treasurer. These stantly under discussion, indicating tho very considerable advance that

    bonds in . mature S'A 10, 13H . 15, 20. 25 and 27 years, according to the had taken place over the prices of 1901. The turn has come and in less series desired. than a year wholesale prices are down 35% to 40%. This has not been Liberty and Victory bonds will be accepted in the purchase of our State experienced to the full extent in retail prices, but when it is the increased bonds 5H and 6%, at their market values. These State bonds will yield purchasing power of the dollar will be clearly realized by the investor." the investor 5H % per annum, ajid are exempt from Federal, State, County and Municipal taxes of any and all kinds. In Mr. Harriman's opinion minor cycles of bond fluctua- Write to the Bank of North Dakota, (Bond Department), Bismarck, tions, as* for example, the decline attending the panic of North Dakota. 1907 and the advance in the fall of 1916 are determined by the available supply of hquid capital. When capital is BANK FAILURES STILL CONTINUE IN plentiful the demand of investors exceeds the supi)ly of NORTH DAKOTA bonds and prices rise while scarcity of capital forces a decline Press dispatches from Fargo, N. D., under date of Feb. 14, in bond prices. This i-easoning appUes to bonds whose in- report that the Scandinavian-American Bank of that place trinsic safety is not doubted by investors. As an example, failed to open on that date. The failure in the present Mr. Harriman pointed out that New York Central First instance was due to heavy withdrawals last week, which Mortgage 3\^% bonds maturing in 1997 might sell for 105 E.J. Headland, its President, is reported as saying were due in 1901 in times of easy money and low commodity prices, to publicity accorded the Legislative investigation of the and at 65 in 1920 in times of tight money and high com- Bank of North Dakota and its relations with the Scan- modity prices. Such prices for securities would be an e.x- dinavian-American Bank. According to its last official pression of the same appraisal as to the instrinsic worth of statement the Scandinavian-American Bank had total the security by the financial world and would merely reflect resources of $926,178. Its capital was $50,000 with surplus the change in general conditions. Twice in the last nine of $10,000. months—that is, in May and December 1920—he pointed According to still later press dispatches from North Da- out, bond prices have been the lowest in our experience and kota, namely Feb. 15 and 17, respectively, three more banks certainly the lowest in over forty years. This has taken have been added to the list of failures, bringing the total place in company with the tightest sustained money market number, it is said, up to thirty-six within three months. this generation has experienced, while the level of commodity . —— 700 THE CHRONICLE [Vol. 112.

    prices roaohcd in 1!)20 was the highost Hinco the Civil War. Wall .Street probably will complain of this, for It has been the custom of In a wmparison with many persons the Civil War pri(!es it should not bo to remain in the financial dJKtrlct on Saturday to sec- what the Nc!w ^<,rk hank reimrt.s. IJank considerably from the levels of the last six weeks, and Insurance and Banking for the State of Texas, recently that investment of funds at the present time in long term resigned from the ])oard of directors of the Federal Reserve bonds is the prudent course. Bank at Dallas. In announcing the resignation of Mr. Hall, Mr. Ilarriman went on to say that careful observation on Judge W. F. Ramsey, the Chairman of the Board, .said: the part of economists shows that the height of a speculative Mr. Hall was elected a director of the Federal Reserve and by a very flattering majority over all names suggested a few months l)oom takes place from four to ten months previous to the before Oovemor Neff tendered him hLs present position. height of a business boom and that this in turn is likely to The brief service of Mr. Ilali with the Federal Resertre Bank as director has precede by two to eight months a change in the banking convinced the officers of the bank and hi.s associates that no mistake was made in his election, and it will be with the greatest situation as represented by interest rates. regret that such The recent great resignation will be accepted. speculative peak was teached in November 1919, while the There .seems to be no coast itutional or statutory hihibltlon agaUist Mr. Hall holding business peak as best evidenced by the figures of bank clear- his present office of Commissioner of Insurance and Banking, as well as being a director of the Federal Reser\e Bank. However, very ings was in March 1920. It was about August 1920 that it high authority has suggested that there was. or might easily be, a clear appears in retrospect and that the banking situation showed incompatibility in the duties of the two positions. Any one knowing Mr. Hall knows the first signs of turning, and although interest rates have how sensitive he Is to any course that might by any possibility reflect upon his honor and good faith, and he has, receded little, if any, as yet, there are some evident signs therefore, after very full reHection, definitely concluded to resign as director in that direction such as the improved reserve position of the in the Federal Reserve Bank. However, the relation between the Federal Reserve Bank and the Commis-sioner of Banking Ls very Federal Reserve banks steadily for a number of weeks past, close, and Mr. Hall, 1 am sure, will be very glad to avail himself of every opportunity to promote in their bill the decUne holdings, the definite easing of call and encourage everytldng that wUl tend to bring about sounder and better money, and the fact that there is time money on Stock Ex- banking in this State. change collateral available at 6,^%. Mr. Harriman further said: STATE INSTITUTIONS ADMITTED TO FEDERAL There is a tendency to regard the present levels of commodity prices In RESERVE SYSTEM. many cases eis approximately the lowest we are likely to see in many years. The Federal Reserve Board at Washington announces the While this may prove true for the near future it is by no means impossible that we are just starting on an extended period of lowering prices during following list of institutions which were admitted to the the course of which there will be rallies, no doubt, but the declining tendency Federal Reser\^e Sj'stem in the week ending Feb. 11 1921: will prevail. As the fields of Europe get under cultivation again, and Total normal production in other lines resumes, the exchange of raw materials District No. G Capital. Surpltis. Resources. facilitated, and in general the energy used in military affairs throughout The Barnes\'ille Bank, Bamesville.Ga. $50,000 $10,000 $238,034 the world turns to productive effort, it is not hard to see a change from the District Ao. 8 trend of this last twenty years, nor will it do to overloolt liquidation of Grenada Bank. Grenada, Miss 250,000 319,000 8,025,071 labor which is taking place, not only by reduction of fantastic wage scales District A'o. 12 but more important still by the increase of individual efficiency and the Pomeroy State Bank. Pomeroy, Wash. 50,000 150.000 1,283,333 elimination of great strikes. It might do to remind ourselves that prices declined for fourteen years after the Civil War and that for thirty years after 1815 following the Napoleonic Wars English commodity prices de- NEW ISSUE OF TREASURY CERTIFICATES clined steadily, nor was the deflation of the medium of exchange by any means the sole cause. OVERSUBSCRIBED. It is a fallacy to assume that all those things mean no prosperity for a Secretary Houston announced on Feb. 16 that subscrip- long period, even though the initial stages ai'e marked by the present acute tions for the 53-^% Treasury certificates of indebtedness of depression. On the contrary it will mean real prosperity, for with harder Series work, the elimination of speculative profits and the false wage scales and G-1921, dated Feb. 15 1921, maturing July 15 1921, greater efficiency, production is increased, and that is what builds up a had closed at the close of business on Feb. 15 1921, the date in the long run. Business done on lower prices, even in country a scale of of issue. He also stated that preliminary reports received active times, may still see money comparatively cheap so long as the ))usi- ness acti\aty is normal and not accompanied by speculation, for the pro- from the twelve Federal Reserve banks indicated that the ductive wealth and capital supply is being increased. I expect to see con- issue, which was for 8100,000,000 or thereabouts, had been siderable easier money by this summer, perhaps not cheap money, but say largely oversubscribed, and that the total subscriptions call money regularly at 4 to 5 % , time money and commercial paper at 6 % As interest rates relax bond prices will continue their advance even though aggi-egated over $200,000,000. Nine Federal Reserve dis- this experiences short reactions. tricts reported oversubscriptions of their quota. Further E^^dences are accumulating in various lines of business to show a reason- details as to the subscriptions wiU be announced when final able pick-up by early summer. Although this may be gradual and may prove disappointing in extent and no general wave of great prosperity be reports are received from the Federal Reserve banks. experienced throughout the coimtry for a considerable period, I believe we The prompt oversubscription of this offering shows in the are very near, if not quite at, the bottom of industrial depression, that we estimation of the Seeretaiy, that Treasury certificates have axe pretty surely going to avoid anything in the nature of acute financial distress and in two or three years we are very likely to begin a great wave of become firmly estabUshed on an investment basis, and prosperity as demand becomes normal, production costs are reduced, and enjoy a broad market among investors throughout the coun- when we are, in general, ready to take full advantage of the strength of our try. It is particularlj- interesting in %iew of the fact that banking system, the financial resources of our industries and our great wealth of raw materials and minerals. most of the Federal Reserve banks, namely the Federal Reserve Banks at New York, Cleveland, Richmond, Chicago, Atlanta, St. Louis, Dallas and San Francisco have already WEEKLY RETURNS OF FEDERAL RESERVE BANKS estabhshed a 6% rate on all paper secured by Treasury cer- NO LONGER TO BE AVAILABLE ON SATURDAYS. tificates of indebtedness. According to the latest reports of In as much as the Federal Reserve authorities think that the Federal Reserve Board, only 120 millions of Treasury too much emphasis is at times laid on the return of the local certificates, or about 5% of the total amount of loan and Federal Reserve Bank and they feel that the showing made tax certificates outstanding, were pledged %vith the Federal by any single Reserve Bank should never be considered by Reserve Banks on Feb. 11 1921, to secure loans. itself alone but it should be treated as merely a part in the collective showing of the whole twelve Reserve Banks com- PRESIDENT-ELECT HARDING ASKS CONGRESS TO HURRY APPROPRIATION BILLS. bined , the local returns will not hereafter bo given out in time for use in the Saturday afternoon papers. The New- Urging Congress to expedite the passage of appropriation York "Times" yesterday morning explained the situation as bUls at its present session. President-elect Warren G. Hard- follows: ing telegraphed Senator Henry Cabot Lodge of Massachu- the weekly statement of the Federal Reserve Bank of New York will setts and Frank W. Mondell of Wyoming, the Republican not be available in future for Wall Street's perusal on Saturday afternoons. leaders of the two Houses on Feb. 14 for that purpose. He A new rule is to go into effect, beginning this week, whereby the statement will be first published in the morning papers of Sunday. emphasized the importance of remo^^ng anj^ obstacles to This rule, it is imderstood, will apply to all Federal Reserve districts. the consideration of new problems at the special session, The reason, according to gossip in financial circles, is that the Federal reluctant to "in any way suggest what Congress Reserve Board believes that too much emphasis is being given to the state- although ments of individual Reserve banks, whereas the chief emphasis should be ought to do." Mr. Harding's telegram to Senator Lodge of the whole system. placed on the statement of condition read: The consolidated statement, which has been telegraphed from Washing- learning of the danger of the failure of some of the appropria- ton late on Saturday afternoons, frequently is not made public until after I have been Congress. I reluctant to intrude my the statements of the individual banks are published. Under the new rule tion bUls at this session ol the am in way suggest what Congress ought to do, but 1 feel free all statements, consolidated and individual alike are to be released at the views or to any exceedingly gratifying if Congress could clear same time. to say to you that it would be ;

    Feb. 19 1921.] THE CHRONICLE 707

    all appropriation bflls out of our way during the present session. Such OHADIAL DECLINE IN SUGAR PRICES FOLLOWED a course would greatly simplify the important work which will navo to he taken up at the <'xtra session of the new fongress. I am sure you will HY SLIGHT ADVANCES. former construe this expression :ui one which I find justifUHl be<'ause of my Slight advances in the wholesale price of refined sugar association and the importance I attach to prompt action hy the next as established l)y the Federal Sugar Refining ('on!jr<»is in dealing wllii pressing i>rolj|ems. from 0.85 cents, fents in 10 cents Tlic reply of Senator Lodfrc follows: Company on Feb. 2, to 7 Feb. and to 7?^ for fine granulated sugar on Feb. 14. were announced by the Telegram received. Am in ali.solutc ugreeniiMit with you and have been

    laboring for the passage of tlui appnipriation bills from (ho l>eginulng of same coinpau}, , which then withdriw from the market on

    I lie session. e\erythlng in power now in that Fame direcaion. Am doing my the 15th. On Feb. 14 the American and National Sugar 1 am very glad to gel your telegram: shall <-ontinui' to make every effort Comjianies advanced the wholesale price of refined to get all the appropriation bills through that are possible. Refining sugar to 7 cents and in the 15th the American announced a • President-elect Harding's telegram to Ftepresentatixc usual per cent reduction for Mondell read: I)rice of 7^i cents with the 2 cash, and the National quoted a i)rice of 714 cents a pound. I hope you will not construe it an unbi'comiug intrusion if I say that it would please me immensely and strengthen ni.\ hope of prompt action This latter is now the prevailing price. at the extra session of the new Oongrcsts If all appropriation l-.llls could These quotations show an upward reaction after the great be cleared away at the pri^ont session. I know you will not misconstrue. I (Icclinc the 1920 high i)rice of 23 cents a pound in Jul\ am exceedingly hesitant about expressing my \iows at the present time, but I from am sure you can undorstand how anxious I am to have appropriation bills 12 1920 to till' (i.75 rate of early Fel)ruarj'. Refined sugar at out of tne way so that the new Conarress can giv« its entire attention to the end of 1920, as stated in page 112 of our issue of Jan. 8. work we all know it will have to perform. was quoted at from 7.90 to 8 cents a pound. Acc-ording to Mr. Mondell's reply was: "Financial America" of Feb. 2 the marking-down movement I am pleased to have your telegram relative to appropriation bills. 1 en- in condi- tirely agree with you as to the verj' great imixirtance of passing all appro- of the first of the month originated the West where priation bills at this session. I believe this matter of primary importance: tions in the sugar market had been greatly disturbed. The nothing else is so pressing, so essential. Vn'o shall work faithfully to this California & Hawaiian Company reduced its price Feb. 2 <"nd. and hope to make the record bj- passing the last appropriation bill through the House by Thursday e\oniug. 25 points to 7.25 cents, while the Western Sugar Refining cents in the Chicago district. Mr. Harding, it is stated, has since last December been Company cut its price to 7.10 urging leaders to get the appropriation bills passed by These were followed by a dechne in prices in the east. In March 4, and wrote to Senator iVm-osc, Chairman of the addition to the cut in price by the Federal Sugar Refining Finance Committee, to the same effect some weeks ago. Companj- on Feb. 2, the American and National Sugar Refining Companies lowered to 7 cents less 2 per cent for WORLD SITUATION ANALYZED—BELIEVED DUE cash; Arbuckle Bros, at first reduced the price from 73^ to TO UNDER-CONSUMPTION. 7}4 cents a pound, then fixed a price of 7 cents less 2 per cent for cash, and the Warner Sugar Refining Co. dropped 25 That the present business dopr(>ssion is due to a falling points to 7.25 cents less 2 per cent for cash. off in demand because of the inability of the countries of Reduction in refined sugar prices at other points in the Ontral Europe to buy, due to conditions resulting from the United States in Feb. 2 were printed as follows: World War, rather than to over-production, is the view Boston Revere Sugar Refining Co. cut the price of fine granulated e.xpressed by G. Vissering, President of the Bank of the — sugar from 7>2 to 7 cents. Netherlands, in a recent statement given out by the New Philadelphia—Pennsylvania Sugar Co. and the Franklin & McCahan York Chamber of Commerce for the Netherlands and the Sugar Refining Co. reduced from 7M to 7 cents. Savannah—The Henderstm Refineiy named a price of 7.10 cents in Netherlands East and West Indies. Other factors men- the Chicago territory. tioned by him which contribute to the present crisis are On Feb. 3: 'lopsided" developments resulting in over-production in Detroit—Refined beet sugar all territory was quoted at 6.75 cents. certain industries in America and Great Britain, such as Raw sugar prices have latterly also shown a slight advance. the building of ships and the manufacture of automobiles. Cuba's selling &i A% cents, cost and freight, subject to con- The banks have now come to see this and are limiting the firmation by the Cuban Sales Committee on Feb. 14 as extension of credit in that du-ection not only by refusing against 3J4 cents on Feb. 2 and the December low of 3^ loans but also by asking a higher rate of interest. The cents. rehabilitation of Central Europe, Mr. Vissering believes, During the ten days prior to Feb. 3, it is announced can onl3' be accomplished by outside assistance. No opin- England purchased about 100,000 tons of raw sugar. The ion is voiced as to the duration of the present depression, price w^as not made public;, but is believed to have been although the outlook appears brighter than it was a few about 4 cents on an f. o. b. basis, involving an amount of months ago. Mr. Vissering said: between $8,000,000 and $10,000,000. The principal cause of the present malaise, in my opinion, is to be found of sugar in the United States Jan. 1 1921 in the fact that as a result of the World War Germany, Austria, Russia and The cariyover a few smaller countries of Eastern Europe have practically ceased to appear was 1,093,545 tons as compared with but 375,111 tons on as buyers on the markets of the world. In the countries where production the corresponding date in 1920, according to the following has remained or again become normal , large supplies of all kinds of important in the Street Journal" of articles have accumulated with no market in sight. comparative table printed "Wall The crisis was first fell and reigned severest in America, but deep eco- Jan. 26: nomic tendencies soon assume an international character. When prices 1921. 1920. 1919. 1918. of raw materials and finished articles take a drop in America the result is Atlantic and Gulf ports, raws and felt in a similar decline of prices in Europe. That process is now working washed sugars 138,264 17.845 9.191 1.581 here. First came England and other countries followed. The same symp- Atlantic and Gulf refined (in raw toms are In evidence everywhere—decline in prices, slowing down of the values) 80,399 41.591 29. .562 13.032 wheels of commerce and industry and unemployment. San Francisco 74,589 5,728 29.276 27.719 The main element in the present economic wisis is the inability of the Louisiana sugar 100.29:^ 20,000 134,906 46.199 populous countries of Central Europe to buy. It is not a crisis of over- United States beet sugar 700,000 289,947 483,647 331.906 production but one of mider-consumption. There are, however, other factors that must be considered: among others, Total - 1,093.545 375,111 686,582 420,437 the usual January dulness. After the war industry in America, as well as In commenting on the carrj'over, the "Wall Street Jour- in England, developed in a lopsided way, as, for iastance. in the building of ships and the manufacture of motor cars. In this branch of industry nal" says: there ha.s been a decided over-production. American and Enghsh banks, The size of the carryover appears to have less significance when the which visually finance sliipyards and motor plants, have come to see this, increased consumptive requirements of the coimtry are taken into con- and now they limit production by limiting the extension of credit. They sideration. For example, on Jan. 1 1916 the carryover was 748,788 tons, refusing tons of do this by not only directly advances, but also by asking more and in that year the'JUnitedl States consumed only about 3,453,899 interest on each milUon loaned out to the owners of these indastries. Con- refined, compared with 4,075,173 tons in 1920. sequently there are factories and shipyards that are required to pay more in' 1920, according to a preliminary for their working capital than they were half a year ago. Then the decline Beet sugar production in pricas, this again has the effect of limiting production, which in turn estimate by the Department of Agriculture, exceeded the accentuates the crisis. record crop of 1915 by 27% and amounted to 2,239,200,000 As to the possible diu-at ion of this condition no one can form an opinion cane'sugar is placed at 385,974,000 but if one accepts the fact that as an important factor in the crisis stands pounds. Production of United out the mability on the part of Central Europe to buy the necessities of life, pounds, making the totarestimated sugar crop of the how can one be optimistic? Because, in that ca.se, relief can come only States 2,605,174,000 pounds. This exceeds the record total from the economic rehabilitation of nations , and it does not appear that they above the product ran accomphsh this by their own efforts. They must be assisted by others production ofil916iby815%Iand is 53% with a well calculated but ample extension of credit from those countries 1919. of ^ that can afford it. Prospects for this arc brighter to-day than they were half a year ago. OIL AND GASOLINE PRICES. Then the opinion prevailed generally that Germany would have to help REDUCTION IN CRUDE crude itself. The turning point in these conceptions came at the Brussels financial Further price reductions in the various grades of conference. gasoline havelbeenlannounced since Feb. 1. Mid- In America one can discern the same tendency. There also plans are oil and in barrel, the third being workod out to grant credit to industry and commerce, in order to Continent on Feb. 8 was lowered to $2 a make Austria. oU export to Germany, Poland, Rumania, &c., possible. The cut since the 1920 high ofi$3150. Pennsylvania crude sooner these plants mature the sooner Europe will get to its feet and the forl$3i75la8lagainst the 1920 high of $6 10. back of the crisis will be broken. on Feb. 15 sold .

    708 THE CHRONICLE [Vol. 112.

    The now price is on a level witli thai quoted at the bejjinniuK would be to force corporations engaged in this business to of 191(S. On th(! same date ("abell was reduced to $2 21, Higister. Once they are registered, it is declared, the (Jov. high for 1920 $4 4G; Somerset light to .12 25, high for 1920 ernment assumes a control of the operation of the business $4 50; Hagland to SI 15, high for 1920 S2 (30. On Feb. 2 that is equivalent to aritual Government operation. To Corning crude was reduced to $3 a barrcil as against a liigli prove that Government operation is provided in the Calder for 1920 of $4: 25. Hill the (Jhaml)er calls attention to the fact that the Presi- In the Texas territory, according to private advices, the dent, "under certain supposed contingencies of alleged Humble Oil & Refining Co. njcently advanced the price of emergency (not confined to war or threat of war) is empow- crude oil from .f 1 75 to $2 per barrcil. One-half of the stock ered not only to fix j)rices and commissions to dealers, but to of this corporation is said to be controlled by the Standard deal in coal and to control the production, movement and Oil (^o. of New Jersey and the remainder by private individ- distribution of coal," and that further, "all operators or uals, and it operates in the Texas and Louisiana fields, where dealers in coal having gross sales in excess of S.50,000 a year prices of $1 75 a baiTel for various grades were quoted early shall, as a condition of their right to do business, obtain a in the month. Fuel oil was offered at Texas and Oklahoma Government license, and incidental thereto shall be subj«'ct points at 60 cents a banvsl by small refiners on Feb. 10. to Governmental inquisition and the enforcement of 'all The Ohio Oil Co. on the same day reduced market prices rules and regulations necessary for carrying out the respective for various oils 25 cents a barrel, the new quotations ranging provisions of this act' without their having any necessary from $2 05 to $2 77 a barrel for the different grades. relation to the pubhc interest." The wholesale price of gasoline was lowered to 28 cents a In the so-called Packers' Bill, as proving that Government gallon on Feb. 15 in Greater New York territory. This is operation is provided, the Chamber's brief says: a reduction of 3 cents a gallon from the top price of 31 cents (o) stock yards are in effect declared to be public utilities and their practices, rates and charges are to be determined by the CJommission. quoted in 1920 and in January 1921. In New Jersey on (See Section 14.) Feb. 3 gasoline was lowered 1 cent a gallon to 26 J/^ cents by (6) The entire live stock products Industry in all forms is coerced into the Standard Oil Co. of New Jersey. The Louisiana price waiving Its private character and accepting under the form of a license, voluntary in form but compulsory in effect, full Governmental direction gasoline that date was also reduced 1 cent to for on 263^ of its entire business, even to the extent of fixing prices at which live stock cents wholesale, the second cut in one week, while the At- may be bought or the products of live stock sold. (See Section 25 et scq.; lantic Refining Co. reduced the price 2 cents a gallon in (c) The Commission in carrying out the provisions of the Act is given greater power to control by its own rules and regulations a private industry Pennsylvania to 31 cents. In West Virginia Feb. 3 the than public service commissions ordinarily have over railroads or other Freedom Oil Co. reduced gasoline IH cents, making the public utilities. (See Section 10.) price 28 cents a gallon in that State. In Ohio on Feb. 2 the In the live stock bill the Chamber sees a principle ad- Standard Oil Co. announced a reduction of 1 cent to 29 cents vanced that could be extended to all private industries. a gallon for gasoline. In the Chicago district a second re- In its brief it says: It is contrary to the established policy of the Chamber of Commerce of duction in a month was announced on Feb. 1. The price the United States to advocate the interests of any i>articular industry, the of gasoline at filling stations will be 25 cents a gallon and by-laws of the National Chamber providing that it may take action only tank wagon deliveries 23 cents. The same day the Stand- on questions national in scope, timely in importance and general in appli- cation to commerce and industry. ard Oil of Indiana cut the price of gasoline 2 cents a Co. If, however, the Federal Government may exercise a control over a gallon, bringing the price at filling stations down to 25 cents. particular industry not classifiable as a public utility such as Is here pro- On Feb. 10 at Texas inland points gasoline was offered at posed through a Federal Live Stock Commission over the meat packing Industry, then the principle underlying the legislation is obviously not to be 153^ to 15^ cents a gallon. considered as affecting that industry alone, but all other private industries. This is the first time, so far as the Chamber is informed, U. S. CHAMBER OF COMMERCE OPPOSES FEDERAL it is declared, that Congress has seriously considered taking COAL AND LIVE STOCK BILLS. control of the entire functioning of a private industry through a Government commission. Going into detail in respect to A vigorous fight has been opened by the Chamber of Com- objections to the so-called Packers' Bill, Chamber's merce of the United States on legislation pending in Congress the brief has this to say: which in the view of the Chamber provides for Government Under Section 14 of the bill the Commission may "upon complaint or of industry. measures on which the attack operation The upon its own initiative" not only fix and determine, and, by rule, regulation is centred as substituting Government for private conduct or order, prescribe the practices that must be followed, but also charges and rates to be observed by operators, which well be said to so far of two of the great basic industries of the country are the may go as to give to a commission of three the power to fix prices, thus removing Federal Coal Bill and the Federal Live Stock Bill. The the Industry in large part from the application of the law of supply and Chamber sees in this proposed legislation, if enacted, a demand and from the ordinary courses of business operation. Under Section any person engaged in of slaughtering live policy that might be extended to the entire industry of the 16 the business stock or preparing live stock products for sale and commerce, regardless country. Copies of a brief pointing out the dangers con- of the size of his business, is subjected not only to disclosure of all trtinsac- tained in the two bills were sent on Feb. 8 to members of the tions Involved in his business and to a uniform system of accounting, but also to investigation of his premises, books, papers, records or correspond- Senate and the House of Representatives with a letter signed ence by any officer or agent of Government designated by the Commission by Joseph H. Defrees, president of the Chamber, asking The Chamber raises the question whether such general burdens and i nqulsl- careful consideration of the arguments advanced against the tions on private Industry regardless of its size Is necessary in the public interest. Every butcher preparing live stock products for sale in Inter- bills. At the same time the headquarters of the Chamber two State commerce, no matter how small his business, would be subject to the is sending out to the fourteen hundred organizations and the provisions of this Act. more than fifteen thousand corporations, firms and individ- Under Section 25 any individual, partnership, corporation or municipal- ity engaged in slaughtering live stock, or processing, or preserving, or stor- included within the Chamber's membership a request uals ing Uve stock products or perishable food stuffs may, if he is fortunate that they lend their individual assistance in opposing the enough to secure a license, obtain Government aid in special methods of legislation. The Federal Coal Bill, known also as the food preservation, in prociu-Ing adequate service by common carriers in- cluding provision for special cars, in available information as to supplies Calder Bill, has been introduced in the Senate and is before of food stuffs and m a Government certification as to the quality, quantity the Senate Committee on Manufactures. The Federa] or condition of his goods. These privileges are denied to all other persons engaged in any or all of these industries who have either not applied or not Live Stock Commission Bill, popularly known as the Packers' been accepted for registration. This Is true notwithstanding the fact Bill, has been passed by the Senate. A similar measure, that the cost of the information, the cost of obtaining special aid from com- much more moderate in form, is before the House. In mon carriers and the cost of the inspection Is paid for by general taxation and should be available to all citizens on equal terms. The price which expressing its opposition to the proposed legislation the the registrant pays for these si)ecial and preferred attentions of the Govern- Chamber declai'es that: ment is the waiver of the control and operation of his business, because the In taking this position we must not be U-uderstood to object to reasonable Commission then has the right to supervise and fix his charges and rates, legislation affecting industry where the public interest requires it, nor do determine the adequacy of his railroad connections, the stifficiency of his we at this time base our objections upon the power of Congress to enact financial conditions, the quaUty of his service to aU persons applying there- such bills, however doubtful that may be. We object in principle to legis- for, the care of his products, the sanitary condition of his plant, the method lation which gives the Government such control, either through bureaus, of his accounting and otherwise conduct the registrant's btislness "in such commissions, licenses or other agencies as will in effect amoimt to Govern- manner as may be prescribed in rules, r^txlations and orders issued under ment operation of industry. The objection to these bills.is that they go this section by the Commission to carry out the purposes hereof. beyond Government regulation and substitute Govemment!operation in the In addition, the registrant pays the further price of not being able to take great meat products and coal industries of the country. title to any product handled by him "except under such conditions as be The Chamber calls particular attention to the farce of prescribed in the rules, regulations and orders issued under this section." It Is by such methods that, as we said at the beginning, the entire live as proposed in the so-called Packers' voluntary registration stock products industry is coerced into walv'ing its private character and BiU. This measure provides that packers may register or accepting imder the form of a license, voluntarj' in form but compulsory full Government operation of its business. not as they wish, but to those that register the Government in effect, It Is Inconceivable to us that It shotild be expected that methods auth- grants special favors, such as assistance in procuring cars orized by this Act could possibly lead to better service and better prices and the dissemination of information which it is alleged to the public while maintaining the industry on a paying basis,—the only basis which it can exist. A part of that which the Commission is em- would place those not registering under serious competitive on powered to do will be In duplication of regulation now exercised by the States handicaps. The effect of the provisions, it is pointed out. imder their police power. Centralized control through officials in the|City ; : :

    Feb. 19 1921.] THE CHRONICLE 709 of Washington of the operation upon a uniform basis of a vast industry tee to investigate, which, if the facts warrant, will prepare widely scattered over this country micier a Krcat variety of owners and articles of impeachment to be submitted to the House. Im- different plans of operation is an expuriiueul which in our opinion is econ- otnically wrong, agaiiLst the public intcri'st and doomed to failure. Merely peachntent was a.sked by Mr. Welty on the basis of the five the gathering of the information upon which such Federal control and opera- following specific charges tion must be based involveij an imposition upon stocl< raisers, packers, First—For neglecting his official duties for another gainful occupation operators, and transportation agencies, and an expense to the taxpayers not comiec-ted therewith. which will bring the Conunission into popular disfavor, aside from the Ina- Second —For using his office as district judge of the United States to settle bility of the Commission under any circun\stances to ktH"p tliis information disputes which might come into his court, as provided by the laws of the so practiciilly up to date and .so to ussimilati- it as to allow the Comnnlsslon United States. to control opei^tions with the necessary intelligence. Third- For lobbying before the Legislatures of several St*itt»> to procure the passage of .State laws to prevent gambling in baseljall Instead of dis- /yoir.17' AXD FIVE CO-DEFEXDAyTS SENTENCED TO chai'giug his duties as district judge of the United States. OF COURT. Fourth - For accepting the position as chief arbiter of the disputes in YEAR EACH FOR CONTEMPT baseball iussociations at a .salary of $42. .000 per annum, while attempting Alexander M. Ilowat, President of the Kansas District of to discharge the duties as a illstrict judge of the United Siatos. which tends to nullifj' llie effect of the judgment of the Supreme Court wf the District of. the United Mine Worliers, witli five co-defendants, lueiii- Columbia iuid the baseball gambling indictments pending in the criminal bers of the executive board of the union, on Feb. Hi vvcic courts of Cook County, Illinois. found Kuilty of contempt of court and sentenced to serve Fifth l''or injuring the National sport of baseball by permitting the use of his office as di.strict judge of the United States becau.se the impression one year in jail by Judge Andrew J. Curran of the Crawford will prevail that gamblini? iuid other illegal acts in baseball will not be pun- County District Court. They were also assessed the costs ished in the open forum, a.s in other ca.s(\s. iu the case. In jueseiitiiig the case as "a question of high personal The contempt proceedings arose out of the strike early in privilege," Representative Welty referred to the judgment February of 200 Kansas coal miners, employees of George of $240,000 entered by the Supreme Court of the District of K. Mackie Fuel Co., officially called by the district board (Columbia against the American and National Leagues for of the union of which Ilowat is president, because of a dis- violation of the Sherman Anti-Trust Law, and the indict- pute over the wages of Karl Misniash, the question of whose ment of baseball players by the Grand Jury at Chicago for age affected his rate of pay. It was agreed by the opera- conspiring to determine the outcome of the 1919 World's tors and the union, it is claimed, that Mismash was to get Series of baseball games and criticized Judge Landis for certain wages when he became 10 years of age. Th(> union his association with law-breaking bodies. He added contended that Mismash was now 19 and their contention After the baseball associations were found guilty tmder our laws of l>eing a trust and while the fine of $240,000 was still pending against them they was challenged by the operators. Last year Ilowat and rushed into Judge Landis's court and for an additional salary of $42,600 several other union officials were sentenced to jail by he became chief arbiter of a trust which was declared illegal and at their Judge Curran for contempt of court because of refusal to request remained on the Federal bench. This case is now pending in the Supreme Court of the United States. obey his order to appear before the Industrial Court as wit- What will hinder each member of tills coiu"t from accepting a like stun from nesses. An appeal was taken by Howat to the United States these baseball associations? If Judge Landis can lawfully accept this additional fee, then every other P'ederal judge of the land can enter the Supreme Court, where the case is still pending. A perma- employ of those who violate the laws of the land. The question for Con- nent injunction was issued last fall by Judge Curran re- gress to settle is. Can a Federal judge accept a subsidy to perform judicial straining the union from calling a strike of Kansas coal duties? Judge Landis has done a great deal of good, but if he wants to retain the miners. This was violated by the calling of the Mackie confidence and respect as a judge he must divorce himself from the flesbpots walk-out, and resultetl in the sentence of Feb. Hi. of illegal combinations. On the following day, Feb. 17, charged with violation of I want to keep the baseball sport clean, so the people wUl continue to support it. But you cannot maintain the sport when you permit the players the Industrial in Kansas Court law connection with the to tlirow the game and the baseball magnates to throw our judiciary. You calling of the Mackie strike, Howat, together with August dare not permit even illegal combinations to tamper with our judiciary by Dorchy, Vice-President of the United Mine Workers, was subsidizing them with an additional salary in order to give these combina- tions a bath so they will again gain the confidence of the public. again arrested. Pleas of not guilty were entered and they On March 3 1917 the Sixty-fifth Congress passed an Act which in part were relea.sed on bonds of $4,000 each. This arrest is said provides that "no Government official or employee shall receive any salary in connection with his services as such official or employee from any source to be the first under the felony sections of the Industrial other than the Government of the United States." Court law. The prosecution is in the hands of the Attorney- After outlining his charges. Representative Welty con- General. A Pittsburg (Kan.) dispatch to the New York cluded : "Times," dated Feb. 17, has the following to say as to a Wherefore said Kenesaw M . Landis was and is gtiilty of misbehavior aa defiant statement issued by Howat subsequent to his ar- such judge and of crimes and misdemeanors in office. Senator Dial of South Carolina on Feb. 12 also threateneti rest : Howat to-day issued a statement defying the Industrial Court and Judge to impeach Judge Landis because of his action in paroling A. J. Curran, who sentenced him. He asserted that the strike at the Mackie Francis J. Carey, a 19-year-old bank clerk, who embezzled mines would go on "imtil such time as this company complies with the con- approximately $96,000 from a bank where he was employed tract and pays the boy who is involved in this dispute and his widowed mother the amount that is due them in accordance with the decision rendered at a salary of $90 per month. Judge Landis holding that the by the Joint Board of Miners and Operators. i)oy was notoriously undei"paid for the position of trust "All of the Judges of District Courts and all of the injunctions and indus- which he held. In addition Senator Dial, it is said, an- trial cotirts shall not alter our position," Howat said. In his statement Howat also said: nounced his intention to prefer charges against Judge "Neither injunctions nor the industrial Court can stop strikes. It is Landis with the Department of Justice, contending that he true that through the injunction proceedings and the Industrial Court law they may be successful In putting a few men in prisons because they dare was unfit to serve on the bench because of his "auarchistic exercise their rights as imion men and their constitutional rights as American and revolutionary statements in connection with the Carey citizens, but even though men may be put in prison, that will not put an case, which the Senator believed would encourage similar end to strikes. "The fact that there is a strike in this district at the present time demon- crimes. The following relative to a public interview granted strates clearly that neither injvmctions nor the Industrial court stop strikes by Judge Landis was contained in a Chicago dispatch to in this State. York "Times," dated Feb. 13 "I suppose the injunction process and Industrial Court law of Kansas are the New samples of the democracy that the young men of our own coimtry gave up Judge Landis returned to Chicago to-day from Des Moines, Iowa, not much their lives for on the battlefields of France. We intend, however, to con- exercised over the threats of Senator Dial to have nim impeached and in tinue fighting to try and establish some real democracy until the principles turn defied Senator Dial to permit an investigation of wages and working of free men and free women are again recognized and re-estabUshed in this conditions in his banks and cotton mills In South Carolina. State. In a pubUc intoniew. Judge Landis was quoted as sayintr: "In my opinion the legislative bodies which make the laws and the courts "No doubt. Senator Dial has hundreds of little girls as young as eleven which interpret the laws and the large corporations of the country are working years working from him. What is he paying the fellows in his banks and hand and hand and have joined together to chain men to their jobs and crush those cnildren iu his cotton mills? He could not stand an investigation the life out of organized labor of the entire counti-y and to establish the open of wage conditions in the institutions ne owns. He is an owner of an shop everywhere." industry in South Carolina, and it wa.s this particular industry in South Federal child labor law. The Court of Industrial Relations is shortly to investi- Carolina which caused the repeal of the "1 don't coudone stealing. The rub is that this Ott.:'.wa boy was getting gate the Karl Mishmash case over which the strike was only about half of what a carpenter or a section hand on the railroad is able called. to make. Senator Dial objects to my plain statement of the case. .\.nd remember, he is a Uniiiil States Senator who will soon pass on nis own taxes, IMPEACHMENT OF JUDGE those of the industry in wnicn he makes his money, and those of the men LANDW DEMANDED. with whom he competes in business." the Judge was asked. Because of his acceptance of baseball arbitership at an "What is your impros.sion of the impeachment talk?" "Pish-posh," he replii-d. "Dial and Welty—Weltys the Congressman annual salary of .s;-li',500, while he continues to serve on the from Ohio who Ijroke loose and demanded that I be impeached for taking bench, a demaiul for the impeachment of Federal .Tudge the baseball job—demonstrate that I have a positive genius in the selection Kencsaw Mountain Landis was made iu the House ol Itep- of enemies. "As for Senator Dial. I have succeeded in performing the htTculeanftask resentatives Feb. on 14 by Representative Benjamin V. of dragging him from an airtight obscurity. The Senator nas seen fit to Welty of Ohio. The charges were not embodied iu a resolu- turn the spotlight on me. He attacks me for going slow in imposing a a month i-lerk handling thousand.s of dollars daily. tion, but were read on the floor of the House. They were sentence upon a $90 "Now, I'd like to turn the spoi ilght on tl.i Si-nator. He s a banker. jfcl'll subsequently, it is said, reported to the Judiciary Commit- wager it would be cold me:it for anybody invi-stigating Senator Dial'slpay- 710 THE CHRONICLE [Vol. 112.

    roll. Tho cotton mills of tne Houth iim notorioiui for tho way they have I regret that I am not ablo to eeo In the condition of tho world at large HadPrpirld thulr help. I would Uko to what his (cirl know he pays Ultlo or In tho needs of the United St.-it»« any sucn change as would jUBtify the nnployeoH." nstrlctlon upf)n that minimum which is propoaixi by the Houai- Joint After he saw tho published Interview. Judge Lundis denied that ho had used U(!sr)lutlon. the language attributed to him, although he h.id been quoted to the same The Jlou.se on Feb, 7 passed tho Army Appropriation bill eiToct In his speech at Urs Moines last night. for the fiscal year \)(:u;mn\nK .luly 1 1921 carrying approxi- T)u> Judidary Committee has not its .vt?t fixed a date for mately ."S,32<).()()n.000 for the maintenance of an enli.st^^d ;i lieariiiK on tlie cluirKe.s made \oration, transferred the plant to Fred(>rick Morris, repre- dishonesty of one of their employees. senting the United States Shipping Board Emergency Many of employees of a bank, other than the cashier, have the handling Fleet Corporation. During the period from Sept. .5 1917 of money and valuable securities as an ordinary part of their day's work. The thief in question, a young man of twenty, on his first access to a large to Feb. 4 1921 the total liquidation of the yard amounted to simi of money, nearly S96.000, abstracted the money. He succumbed to .''^S.50 ,000,000. In return for this outlay the Government a sudden temptation but repented, and made restitution the following day. received 122 ships, a total of 956,7-50 deadweight There are office boys and messengers in Wall Street, younger and older tons, than this young man. who are frequently entrusted with much larger sums, and the plant was turned over with no debts or uncompleted securities. The theory of Judge in money and Landis was exploited in work, it is stated. Following the closing of the plant Mr. Wall Street for a time, when there were many thefts. But those were not Brush gave a luncheon for the officials based ui>on an iineconomically low wage. Thej- were dJctatexl by the gen- who attended the eral impulse of theft. A man's honesty is not measured by his salary. If farewell ceremony. In a brief speech he touched on the he is a crook on S20 a week he will t>e a crook on twice that amount, what- work accompUshed and then took up the disposition to l)e ever his age may be. of It has been said in past years that bank wages were then too low. The made the yard. He advocated the immediate selling of directors were seillng their employees a real or fancied social position, with scrap material and suggested the plant be held by the Gov- a discount in wages. But these wages have been generally advanced to ernment as a free port. iSlr. Brush said in part: meet the higher cost of living. This young man's salary of $20 a week fully In my opinion the Government should immediately sell the large represented the extent of his abilities and his responsibilities. Worked out quan- tity of scrap materials now at the plant. Tnese materials are worth approx- to practical figures. Judge Landis would fix .salaries on a percentage of a imately $13,000,000, and if they are kept the maintenance will be beink's visible cash turnover. The taxpayer must tremble to think of the heavy, and will be a constant drain on the pockets of the people. Scrap cannot be enormous salaries which would nec«

    Fkb. 19 1921.] THE CHRONICLE 711

    .\u. u\ Orosi Total With reference to inoreaBed duties on ootton and wool, also Ships. Tons. 11. I>. on manufactured goods covered by amendments passed on Bethlehem (Sparrows Point) S. B. Corporalion 13 170.200 91.500 F\'b. 10 a siieeial dispatcli of that dtae to the New York New York S. H. Corporalion 13 121.318 86.900 BethleUom (Alameda) 8. U. Corporation 10 118.000 28.S90 "Times" said: Bethlehem (Fore Kivor) 8. B. Corporation 7 99,060 21 .800 There was just one tt»>t vote, that ou the cotton aweudmeut, which showed Federal 8. B. Corporation l(j 74.750 25.800 that Che bill would pass by a large miijority, with at least twelve OemocrMa Morse 9. B. Co 9 67.300 33.400 supporting It. The vnin was 36 to 12. Newport News Dry Dock & S. B. Co ."> 62.100 26.600 The cottou uinendmeiit provides for a duly of seven cents a psltlon leaders did not call for the yeas and nays on those amend- ments. The new wool duties range, according to the grade, from 16 to l)ill, emergency mcmsuro The Fordiiey omergeucy taritf au 45 cents a pound. There is also a duty of 45 cents luiposud on goods of ai)j}lying to agricultural products, which as .stated in our which wool such as is dutiable is a component part. issue of Dec. 25 1920 (page 2477) was ])!uss()d by the Houses On Feb. 15 according to Washington dispatuty. Imports. Revenues. Revenues. import duties: W heat 30c. bushel $7,008,400 $2,109,520 $12,290 Wheat Hour 20% 657.900 Wheat. 40 cent-s per bushel: flaxseed, 30 cents per bushel, wheat, flour and .semolina. valorem; corn maize. cents per bu^bel Corn .._ 15c. bushel 9,175,000 137.625 20 per cent ad and 15 beans, 2 cents per pound; potatoes. 25 cents per bushel; peanuts or ground Beans 2c. pound 154. ,588. 000 3.091.760 644.117 beans, cents onions. cents per bushel; rice. 2 cent* pei Peanuts, unshelled 3c. pound 11,418,000 642,540 42.817 3 per pound: 40 pound; lemoiLs. cents per pound: j)caiiut oil. cents per gallon: cottou- Peanuts, shelled 3c. pound 146,847.000 4.105.410 1,101,352 2 26 .seed, (except Potatoes ..25c. bushel 6.242.000 1,560.000 7,814 cocoanut and soya ixian oils, 20 cx»nts per gallon; cattle for

    breeding purpo.scs) , ad valorem: sheep, over 1 year old, $2 per bead. Onions 40c. bushel 1. 9(57 .600 787.040 393„540 SOS^J fresh valorem: Rice, cleaned 2c. pound 145.033.000 2,900.660 1,450.000 sheep, under 1 year. SI per head; and frozen meats. 25% ad long staple cotton inches), 7 cents per pound; cotton manufactures. Kice. uncleaned l>ic. pound 235.575 117,787 {IVt wool. cents jjcr pound; wool. Flour, meal & broken rice., y^c pound 2.015.000 5,037 5.037 7 cents per pound; unwashed 15 wa.shed 30 cents per pound; scoured wool. 45 cents per pound. Klce. uuhuUed Jic. pound 9,423.000 70.672 35,336 Sugar. 1 cent per pound, in addition to the present tariff of 1 cent per Lemons 1J4 c. pound :i,.525,000 881,250 OiU— pound; butter and sub.stitutes. 8 cents per pound; cheese and substitutes. Peanut 26c. gallon 16.667,000 4.336.425 1.000.000 23'/^ ad valorem; fresh milk, 2 cents per gallon: fresh cream. 5 cents per gallon; condensed or preserved milk, 2 cents per pound, and sugar of milk, Cottonseed 20c . gallon 12.397.000 2.479.400 cents Soya bean 20c. gallon 1.918..-)00 3.837,000 5 per pound Cattle 30% 5.851,500 Mixed wi-apper and filler tobacco, if from two or more cotmtrles (un- .50 pound; hides, ad Sheep $1 102.484 102,484 slcnimed), S2 85 por pound; .stemmed, $3 per 15% Mutton and Iamb 2Hc.pound 66.271,700 1,656.792 valorem; apples, 30 <'ents per bushel; cherries, 4 cents per pound; olives, Wool— in .solution, 25 cents per gallon; not in solution, 5 cents per pound, and Unwashed 15c. pound ()6,000.000 9.900.000 olives, in bulk, 60 cents per gallon. Washed 30c. pound 95.000.000 28.500.000 P"'ears have been expressed that the enactment of the bill, Scoured 45c. pound 100.000.000 45.000.000 should it be approved by the Executive, might (since such Manufactures of 4.5c. pound 25.000.000 11.2.50.000 a law would appreciably affect Canadian agriculture through In addition to the foregoing, it is estimated the 7c. a pound duty on long staple cotton would bring in S21. 000.000 and the 7c. a pound on manu- its banning of Canadian wheat, flour, cattle, potatoes and factures of cotton, added to existing rates, would produce $560,000. making similar products) cause retaliatory measures by the Domin- the grand total S151.955..")S6. The rate of 4.5c. a pound on manufacturt« of wool likewise is in addition to the present rates. ion. Reprisals from other countries affected, notably Hearings before the Senate Finance Committee began on Argentina, have also been hinted. Jan. 4. Although the bill faced strong opposition efforts to sidetrack failed, and the scope of the measure was broadened CHAMBER OF COMMERCE OF THE STATE OF XEW to include virtually all farm products instead of the limited YORK APPROVES GOVERNOR MILLER'S RAPID number embodied in the House Bill as thus altered, it was TRANSIT PLANS. approved by the Committee Jan. 14 for reporting ot the At a special meeting of the Chamber of Commerce of the Senate on Jan. 17. No provisions of the original bill were State of New York, held on Thursday, (Feb. 17 1921). the removed and rates on the major products were left intact. following report and resolutions, submitted by its special The amendments which at that time were made a part of the committee on the rapid transit situation, were unanimously measure follow: adopted: Sugar, $2 13 per hundred pounds until tne retail prices reaches ten cents a pound. RErORT ON THE RAPID TRANSIT SITUATION. Frozen meats of all kinds, two cents a pound; all other meats 25% To the Chamber of Corrtmerce: ad valorem. Your special committee on the rapid transit situation which was author- Apples, twenty cents a box; cherries, four cents a pound. ized two weeks ago and immedianly appointed by the President was in- Tobacco. Sumatra wrappers and fillers. $2 85 per pound; stemmed structed to con.s'ider and report ".such recommendations as they may find Sumatra, $3 50 per pound. advisable with reference to the rapid transit situation in the City of New Butter and cheese and their subs, eight cents a pound instead of six York, and especially c-on.sider and report upon the quastions contained in cents. the recent message from the (Governor of the State on the subject of rapid The length of long staple cotton on which the tariff was to apply, was tran-sit." reduced from one and three-eighths inches to one and one-eighth inches, Transit conditions have reached a crisis threatening the life and progress the duty remaining at seven cents a pound, as the bill passed the House. of the city. The facilities are notoriously inadequate. Resultant over- Cattle and sheep to be used for breeding purposes were exempted from crowding is disgraceful and dangerous. In addition to suffering from phys- the duty on imported animals. ical conditions, passengers are now compelled to pay two or three fares Rice to be used in manufacture of canned goods was excepted from the where they formerly paid one. No provision is being made for the growth tariff of two cents a pound levied in the House bill. of population, which is con.slantly adding its demand for serrice. On the The bill then became the subject of lengthy debate Vjefore contrary, the operation of a immber of lines has been discontinued thi-ough inability pay expenses. in the Senate and additional amendments were added from to Many important companies are the hands of receivers. The properties and rolling stock are rapidly deteriorating. time to time. On Feb. 4 a Washington dispatch to the Such is the emergency now existing. A solution must be foimd. It cannot NcM- York "Tribune" contained the following with reference be postponed. The city authorities and Public Service Commission appear to stand helpless in the face of these difficulties and problems, and to duties on wheat, rice, meat and live stock imported for have given us no relief. breeding purposes adopted on that date: It is significant that with full recognition of the many vitally important The committee amendment to establish an import duty of 40 cents a problents of the State of New York the Hon. Nathan L. Miller promptly bushel on wheat was twice adopted to-day. The House had agreed on a after taking office addressed him-self with vision and courage to a solution tariff of 30 cents. Wheat now is on the free list. It was first taken up with of our transit problem. only nine Senators in the chamber and accepted \vithout a dissenting voice. There are now three agencies dealing with transit affairs m this city, Then Senator Harrison. Democrat, of Mississippi, one of the bitterest op- namely the Public Service Commission, the Transit Construction Com- ponents of the measure, discovered what had happened and forced a call mi.ssioner and the Board of Estimate and Apportionment. The powers of for a quorum. He said he was under the impression the Senate still was each of these agencies, as set forth by the Governor, are in constant dispute. considering a minor Indian bill. There is much conflict of jurisdiction. The Public Service Commis.sion After the quorum call and an hour of desultory debate Senator McCumber. has complete jurisdiction over all of certain street railways and over only North Dakota, asked for reconsideration of the wheat amendment, and parts of other lines; and a divided authority with the Board of Estimate It again was agreed to by a vote of 38 to 28. and Apportionment over all of certain other lines or parts thereof. The The amendment, also from the committee, exempting from a tariff duty result is a hopeless tangle, to u.se Governor Miller's apt expression. rice to be used in the manufacture of canned goods, likewise was adopted. Divided authority and responsibility is wrong in principle. The tiover- The committee amendments fixing duties of 2 cents a pound on fresh and nor recommends that authority and responsibility should be completely frozen meats and of 25% ad valorem on prepared or preserved meats and centred In a single agency, and lie proposes to accomplish this by legislation iCxempting from import duties all livestock imported exclusively for breed- creating a transit commission responsible to the State with authority both ng purposes also were approred. to investigate and to act. .

    713 THE CHRONICLE [Vol.. 112.

    This commlHKlon Is to passess all Iho authority that can constitutionally tho carriers are fatjing a serious situation and many of thom

    iHi givon to II , and will, after Invcitlgatlon. dovolop a plan for one unified are unable to meet their current accounts promptly notwith- traction systoni, with a sinKlu faro and ultiinatcs municipal ownership. In other words, this coniinission will result In centralization of control standing the fact that their income is practically cash. and I he ultimate unification in respect to ownership of our Irartlon prop- Mr. Tregoe says: er! it's. The fact that too little known to the people at large is the need of kooplog The Governor's plan has been objected to as an invasion of the principle our carriers well in advance of the nation's tran.sportation rtxjulrements. of home rule. If this objection Is urged with sincerity the answer Is to be The inter-relation of carriers with the nation's prosperity need not be found In tho fact that the essentials of real home rule are fully met by the emphasized. It is a patent truth, yet we lose sight of it from time to orRanizalion of tho i)roposed commission. It Is to be a body cx.'luslvely time and t)y our wnmtcr movf.-ments retard rather than advance the real for the c;lty of Now Yorlc, to deal exclusively with the tran.sit situation, and Interests and abiliti(» of the s pertinent to quote the Governor: "The time is, therefore, largest crops in our history, railroad congestion has been relieved with propitious to deal with the subject In the public interest and with exact ed the the return of the carriers to private operation, we have a mercantile marine justice to all. It would be little short of a public calamity if the oppor- the world to do business again and we have passed through a tunity thus presented were allowed to pass. Of course, any consideration waiting for election which appears to assure to us foiir years of constructive of the subject must start from the premise that the public shall not be national administration of our country's affairs. called upon the pay earnings upon or to amortize watered securities." Our industrial and financial situation is remarkably sound considering Your committee has confined its attention to that part of the Governor's the extremes of the periods of inflation and deflation through which we have message wtiich pertains to the transit affairs of the City of New York; and, just passed, but even the vast and seemingly unlimited resources of this based upon the facts and opinions set forth in this report, the following sufficient to restore us again to normal conditions, unless resolutions are offered for your adoption: country are not further correctives here at home nor until Europe is able to Resolved. That the Chamber of Commerce of the State of New York we apply endorses the plan for solving the transit problem in the City of New York approach its industrial and financial equilibrium. as set forth in the Governor's message to the Legislature under date of Janu- Among the many economic obstacles that must be surmounted, the two ary 24 1921- and be it most fonnidable appear to be a revision of our own uneconomic tax laws Resolved. That the Chamber urges upon the Legislature the passage of will have to the appropriate measures to create a commission for the First District of New and a definite determination of the amoimt Germany pay \ ork with sole and exclusive jurLsdlctlon over traction affairs in that dis- Allies in indemnities. Economists in this country agree that the fullness trict, including full power to investigate and to act- and be It further of the benefits to be derived from the solution of these outstanding problems Resolved, That the Chamber appeals to the citizens of New York, regard- will be contingent upon the promptness with which their solution is ac- less of party, to support the plan proposed by the Governor- and that it hereby authorizes its special committee on the rapid transit situation to complished . appear at hearings upon transit bills and otherwise act as may be deemed Unquestionably heavy reductions of our Government's revenues in appropriate in furtherance of the principles and conclusions set forth in consequence of the great ciutailnient of industrial incomes and business this report. Respectfully submitted, under our laws, the bulk of 1921 Federal taxes WILLIAM McCARROLL, Chairman, Special profits in 1920, from which, MICHAEL FRIEDSAM, Commitec will have to be raised, wU force the hand of Congress to reform our whole WILSON S. KINNEAR, on unfair and precarious system of taxation which has sapped the life blood ALFRED E. MARLING, the and enterprise in this country. WILLIAM A. PRENDERGAST. Rapid of capital, income MERCER P. MOSELEY. Transit The political and economic situation in Europe will unqeustionably elements when and only when, the BURTON P. WHITE. J Situation. contain a preponderance of hopeful Attest; German indemnity question is settled. Under the terms of the Treaty CHARLES T. GWYNNE, DARWIN P. KINGSLEY, question be settled by May 1 and while a delay Secretary. President. of Versailles this must beyond that date would be undesirable and probably extremely harmful, even delay would, in the end. be less harmful than an unintelligent and NATIONAL ASSOCIATION OF CREDIT MEN URGES unbusinesslike settlement of this problem. The determination must PASSAGE OF WINSLOW BILL FOR RELIEF OF inevitably be on business rather than on political considej-ations. If the first half of 1921 could see both of these major problems wisely THE RAILROADS. solved, and the general situation helped by further liquidation, which authorities agree must continue for several months, and which -will bring Believing that the passage of the Winslow Bill, which about further correctives, the mid-year should find, not only this country, provides that the railroads should receive funds due them but the entire world in a position to inspire confidence and hope in a reason- between world production from the Government, is necessarj- for the rehabilitation of ably speedy restoration of a normal balance and consumption. The economic world is now out of balance and the fault railway credit, the affiliated organizations connected with the particularly in those is not over-production, but in under-consumption , National Association of Credit Men are sending messages countries of Europe where e.xchange is depressed, factories idle and labor restored by irresistible to their respective Senators who are urged to press the largely employed. The balance will eventually be economic forces which however surely they move, sometimes progress slowly. passage of the measure. J. H. Tregoe, Executive Secretary The process of economic recovery can. however, be expedited best by of the National Association of Credit Men, who is in favor every one thoroughly doing his part to held along the readjustment. This applies to nations as well as individuals. The kind of management, of the passage of the Winslow Bill , discussing the railroad give- social, ixjlitical and financial, we and the other nations of this world situation declares the present rates are much too high and this our affairs, will chart the course for 1921 and the long future. In are discouraging travel. But even with the increased rates reconstructive effort there is no room for pessimists. . : .

    Fhb. 19 1921.1 THE CHRONICLE 713

    THE CANCER OF TAXATION AND HOW TO CURE IT. plead for the 8inglf-i)rocti»s manufacturer, for fear that he will be crushed ti) di'ath by the small percentage of tax ugaiust him. William C. Cornwell, Editor '"Bacho Iteviow" in an The .Sinyle-froiess Man. address before the Retail Clothiers and Furnishers' Associa- ^'our single-procc'ss manufacturer Is a power in himself. He has long tion of New York State at their Fifth Annual Convention, competed KUCcttisCuliy with the.self-containthall of American business. be reported and taxee applied with regard to such organizations It is because biLsiness men have come finally to see the Injustice and the as chain stonw. which manufacture goods or import them, and sell direct destruction boiiiK wrought by these processes, and have made up their to the consumer; that is. a provision could be made for a payment of 2% minds to have a change. in such cases instead of 1 % The plan was to make ertra earnings and large inoomos pay for the war. 'I'he result hiis btx>n that these extra earnings, usually laid up by conserva- Facts About the National Industrial Conference. tive lousiness men in times of profit, to be used to tide over bad times, have 'I'hi' orofesslonals who oppose the Turnover Tax are trying to prove that been eaten up by the Government, much of it squandered by an inefficient the business men of the country are against it. In this effort they cite the administration, and hundreds of firms now crippled by falling prices are Instance of the National Industrial Conference Hoard. being carried by banks and helped to work out a slow recovery. This Hoard, a year or more ago, appointed a tax committee of a few And the large incomes, when the slaughter began, took flight into tax- l)usiness men to consider the general subject. These few men were all in exempt securities, and the new money ordinarily applied to help enterprise favor of ttn^ Sales Tax when they were apix>inted, but they decided to call has vanished out of si^t. in some professional experts, some of them count«ted with the Treasury This briefly. Is a statement of the sittiation. Department and who were all unalterably opposed to the Sale* Tax. KFAfter one or two meetings, they converted a majority of the com- Present System Doomed. had mittee of biLsiness men who did not understand the subject and could not The plan of the tax experts at Washington was to make those best able answer their arguments. , to l>ear the burden, pay the taxes. I am reminded of the man who had some capital and went into business ThLs soimds good, but did it work out that way? with another man who w;is a little shady, but who had had some experience. The public pretty generally understands now that it did not. When they got through, the (Tcperienced man had the capital and the other It understands that in the attempt to get out from under this terrific man had the experience. burden imposed upon a comparatively few, business used eve^^ effort to The professional experts drew up a report against the Sales Tax, but in save itself; and to accompli.sh this, wherever possible the tax was added favor of abolishing the Excess Profits tax, and offering as a substitute some to the cost of things, with the result that prices on the average were in- still more Impractical taxes. creased 23%. They then called a second conference of the general board, and presented Ta-xes will always be passed on wherever possible, and to-day the public their report. It met with so much opposition that it was turned back to Is paying the tax, but the burden is unevenly distributed, vexatious to them for revision and further report. Some months afterwards (and estimate, difficult to collect, and bound, now that reverses have come, to rtxiently), they called a third conference, with about the same result, and fall in amount far below requirements. the Taxation Report was finally withdrawn. Impossible Substitutes. Taxation Committee Not Representative. The present system has got to be abolished. The professional experts are trying to have it inferred, because a voting AVhat shall take its place? majority of this Taxation Committee is personally against such a tax, that The t-ax experts responsible for the present chaotic conditions have pro- the National Industrial Board, which includes in its membership posixl some impossible expedients, which simply add new miseries on old whole 25 industrial associations with thousands of members, is opposed to the lines, to the destructive schedules already existing, and they have persuaded Turnover. a few deluded business men, their followers, to advocate such a program. Tax on fact is that these thousands of members have not even been consulted, It will only bring further fatality and plunge the country deejier into the The swamps. e.icept perfunctorily and that an influential minority of the Taxation Committee itself is against the report which was published. The Tax Bureau at Washington is overwhelmed with the difficulties of large associations which are supposed to make up verification and investigation of the complicated statements filed with them. Meantime many of the the National Industrial Conference, have voted against the report of the The Bureau is on the verge of collapse. It is three years behind in checking committee, and reported enthusiastically in favor of the Turnover Tax, up. The statements of 1917 are not yet nearly verified, and an appalling and others, it is said, will do so soon. ma.ss of work for 1918, 1919 (and soon for 1920) lies before it. This is all there is of the National Industrial Conference verdict, and yet There is but one way out: one source untapped; one great reservoir with expression of a alnKKst unlimited supply; one method, simple, smooth-working, practicable the professionals and the demagogues are quoting this as an and businesslike, instantly available, easy and economically administered large influential body of business men. —the tax on turnover^whJch the business of the country is rising in its Social Injustice. wrath to demand and which will be enacted in response to that demand In looking over the tax situation, it is not generally remembered that because It will inestimably benefit every citizen of everj' class. there are already in operation in this country some 51 sales taxes, but these are their objectionable form. are called excise or The One Way Out. imposed in most They luxury taxes, but many of them most directly effect uncomfortably and Under this system 1% is to be paid on the amount of gross sales of the unjustly the great mass of people. They are taxes against soda water, coiuitiT paid by the seller and passed on to the consumer, but passed on — candy, chewing gum, pipes, toilet soaps, tobacco, toilet and medicinal in such an Infinitely small amoimt everywhere, every time, that it mil no articles, admissions to movies and theatres; and a little higher up, auto- more be felt than the dew falling at sunrise. mobiles, musical instruments, sporting goods, etc. It will be stmrise when this is done sunrise for the American people, — These taxes are. most of them, aimed at theinnocent pleasures of the lifting them into the light of peaceful taxation after one of the darkest and people, and are irritating, cumbersome, and many of them uncollectible most distressing nights of oppression and vexation that has ever been as far as the Government is concerned. created by faulty legislation for any nation. It is proposed to abolish all these, except tobacco, if the Turnover Tax It is proposed in this system that at the expense of $1 per year every one is adopted. who expects to sell things shall take out a license. This puts him on the At present these commodities are taxed at rates ranging from 3 to 13% . books of the tax collector of his district. Instead of abolishing them, the professional opponents propose to raise them. Once a month he foots up the gross amount of his sales for that month The Turnover Tax would wipe them out and spread an infinitely small and sends a statement to the collector with a check for 1% of such sales. tax over everything—a tax which would be painless and invisible, and so Gross sales of less than $.500 per month or $6,000 per year are exempt from small that it would hurt nobody. tax. Thus lalior is left out. as is a large part of the farming community and the very small dealers. The Truth About the Turriover Tax. This 1% he adds to the price of his goods just like rent or clerk hire, or The American Association of Wholesale Opticians issued last month a any other reprular overhead expenses of doing business. So he is really circular advocating the Tax on Turnover, and saying in part only a collector of the tax. It is passed on from raw material through "The present method of taxes penalizes thrift;—the proposed plan of a manufacturer, wholesaler, retailer, until finally the consumer pays it. Turnover Tax of one per cent, puts the load according to expenditures. lUit do not imagine that this adds any hea^T burden. If any article "A person who spends $1,000 a month will be paying ten times the requires ten turnovers and pays the 1% on each process, this does not add amount in taxes that a man of small means does, whose personal expenses 10% to the cost. are but $100 a month. On the contrary, on the eleven turovers required, for instance, in "Under the present order of affairs, people of moderate income are pay- the manufacture of the rubber tire, the total amount added to the cost to ing, as the result of pyramided taxes, many times what a general gross sales the consumer would be • 3 H % tax of 1 % would amount to." And the average on all commodities would not be over 2\4.% on each. The cij-cular then points out that the turnover tax proposes to exempt So the price of everything imder the tax on turnover would be materially from the income tax those of moderate means, thus relieving litis form of reduced compared with present prices, which under the excess profits tax taxation from the most serious objection made to it—namely, that of im- are increased in cost over 23%. posing a tax on those of limited moans and the least able to pay. It says: "The Secretary of the Treasury recommends to the Ways and Means The Objectors. Committee the increa.sing of excise taxes. The Tax Committee of the then, are What. the objections to this tax? National Industrial Conference Board makes a similar reconuuendation No tax that was ever conceived by the mind of man is free from all ob- which includes the doubling of stamp taxes, increasing fii-st-class postage jections. 50%, increasing present taxes on cigarettes 66 2-3%. tobacco 33 1-3%. Hut the objections to the Turnover Tax are fewer and less important than a tax on sugar of 2 cents per pound and on tea 10 cents per pound, and in those to any other known method. the face of this they object to the proposed tiu-nover tax on the basis of One objection after another (.some of them extremely trivial) has been social injustice. Their propo.sal Js to make a b.id matter worse, and the urged by the opiwnents of this tax (and these opponents are mostly pro- present complicated, discriminatory plan more of a mass and more imfair." fessionals, impractical and without business experience or judgment), and one after another these objections have been met with unanswerable Yield Ample—ISfo Other Way Out. arguments, and have been abandoned. The turnover tax would raise from two billions to five or six billions of One of these objections to which they are still clinging is that the Turn- dollars, depending upon whether it is limited to goods, wares and mer- over Tax will give an unfair advantage to large companies which carry on chandise, or extends more widely to all sales. This sum is ample to abolish within themselves more than one operation of manufacture, and would pay the excess profits tax and the surtaxes, leaving a flat rate on uicomes, and only one tax. while the smaller competitor who manufactured only one article thus latter would cover the problem of making those best able bear their would have to i)ay 1% on each article. just proportion of the burden. This body of opponents—accountants, lawyers and professionals, rospon- The fact is the Government has got to resort to a sales tax. silile for the present disastrous methods or interested in retaining them— It can raise the vast sums it needs in no otha- way. — — .

    714 thp: chronicle [Vol. 112.

    The excwB profttR tax l<» breaWnR down with the fadlnir away of profits. wa.s made known as follows in a notice issued to oollec^tors Incomes aro falling or rapidly sookinK tax-pxoinpt protnrtlon. of Internal Revenue on Jan. 10: Luxury taxes Ko-rallwl, the faulty (jales taxes of the present system, are T. I). 3114— .STAMP TAX. heromiiiK exoewlinRly distasteful to the Ooii)?res^man*s homo voters, and Amendment of Subdivision (b), Article 10, Regulations No. 40 they are protesting loudly aKainst them. He hii-s (tot to do somothlnK. (Revisedj. There Is no other wny to It Ls Rct the money, hut, fortunately. the most TREASURY IJEI'ARTMENT. excellent way-—a way fair to all, IlKhtenliiK the load so that It will not be Office of Commissioner of Internal Revenue. felt, and dislrihutins; It e(|ually. The collection is simple and easy, and the Wnshinyton. IJ. C. yield large cnouxh to relieve the country completely from the unbearable To CoUcrlnrx of Inlrrniil Rrrrnuf and Others Concerned: lax burdens which are oppressing and destroying Its indastrlal motive power. Sub-di vision fl) Article 10. Ke«ulatlons No. 40 (revised) li»h«*by amend- ed so as to read as follows: "In the case of shares of stock without par or face value, the tax is 2 centa DR. CHANDLER OF NATIONAL RANK OF COMMERCE on the transfer or sale of. or agree to sell, each share unlens the actual

    DECLARES EXCESSIVE TAXATION THREATENS value of such share Is In excess of SI 00. in which case the lax ii> 2 cents on LIVING STANDARDS. each SlOO or fraction thertiof; e. g., where the transaction' is for ten shares, each having an actual value of ijlOO or less, the tax is 2 cent* on each share Acoordinf;: to Dr. TTonry A. E. rhandlcr. Economist of or 20 cents on the $100 and the .$7.5 being a fraction of JlOO making a total tax of 4 cents each share or 40 cents on ten shares." the National Bank of Commerco in New York, Amoriea's on PAUL F. MYERS. is foremost problem to-day in reforming Federal taxation Acting Commisr.Umer of Internal Revenue. that of maintaining: the standard of livingr. The prreat -Approved .Tan. 10 1921. D. F. HOUSTON. danger in the ta.x controversy now waging is that this issue Secretary of the Treasimi. will be lost sight of, he said, and that no uniform program of tax reform will be presented to Congress. Greater re- TREASURY DECISION AFFECTING STAMP TAX ON course must be had to indirect taxation ho added, to safe- ISSUES OF STOCK. guard the interests both of business and the working classes. The following ruling respecting the stamp tax governing Dr. Chandler expressed liimself on the subject at a dinner changes in stock issues was announced by the Treasurj- of the Westchester County Chamber of Commerce held at Department under date of Jan. 1.5: the Commodore Hot<^l this city on Jan. 26. Dr. Chandler T. D. 3118—STAMP TAX. said: Article 4, Article 5 (i) (J. D. 3014) and Article 33 (i) (c). Regulations We have hccoine acctistomcd to hearing; and accepting such extravaeant No. 40 (Revised) Amended. estimates of the recent pTowth of our N'ational wealth, the prowl h of our TREASURY DEPARTMENT. National income and the erowth of our capital savings that we have come to Office of (v'ommissioner of Internal Revenue. believe that the Amercan s<^andard of living is assured. Most of these Washington, D. C. efetimates. however, tmless carefullj- analyzed, lead us into very great eiror: To Collectors of Internal Rercntie and Others Concerned: and when we measure the erowth of otir economic power in terms of actual Article 4 of Regulatioas No. 40 (revised) is hereby amended by adding a utilities, that is in actual coi-^modities and services, we find that the recent new paragraph (1), and Article 5 (i) (T. D. 3014) and Article 3.3 (1) (c). growth has fallen Tar shoi^ of what we have been led to bel'evehad occrrrd. Regulations No. 40 (revised) are hereby amended to read as follows: While for many yeai"s "e have had a higher standard of living than that of Article 4 (I). The is,suo of a greater number of shares of no par value most other countriee i" e fofet that of the two rrost important economic stock in lieu of a smaller issue of such share, s previously made, without factors enten'ng into that h'gher standard one, namely natural msources. any change in the amount of the capital assets of the issuing corporation. has recently siifferele to borrow is not subject to tax. large sums from Europe and with these funds, together ^vith the very lareo Art. 33 (1) (c). The term "reorganization" includes those busines.s savings in the United States resulting from the retention of large parts of atrangements whereby the stock and bonds of a coiTK)ration are readjusted corporate eatniincs as smT>li'ses, we were able to render American labor the as to amount . income or prioerity or the property is sold to a new corpora- most productive in the world. As the result of the war^ however, there tion for now stock and bonds, or Ls sold by the foreclosure of a mortgage upon have taken place two impoi^ant changes affecting our productive caoacity. it to a purchaser who busy for himself and his associates, and the varioas As a source of large capital fimds the Kuropean market 's necessarily closed proceedings and transactions by which succession of corporations is brought to American industry. Moreover, as a result of the diversion of capital about, and also the proceedings by which existing corporations are con- during the war, ininortant mrts of our National capital have not been tinued under a different organization withonj. the creation of a new cor- maintained and before our National plant can become relatively as produc- poration. tive as before the war m"ch of our annual income must be set as'de for rilant ^VILLIAM M. WILLIAMS, extensions and rehab''l''tation. It is tnie that impoii^^ant additions have Commissioner of Internal Rerenue. been made to narticnlar branches of our indu-strial nlant. but our railroads, Approved Jan. !.'> 1021. our public utilities, some of our h'ehways. our buildings, much of our nubl'c D. F. HOUSTON, equipment. &c., are below normal and all in all these best qualified to Secretary of the Treasury. render an opinion doubt that our productive capacity is relatively as great as before the war. &C. If Kurope is to regain her feet in the near future, Ameiican capital must ITEMS ABOUT BANKS, TRUST COMPANIES, assist her. But how is Amen'ca to lend any considerable amotmt of cam'tal The public sales of bank stocks this week reach a total of to Europe if at the very time when we have great need for canital in th's 1,161 shares and were all made at auction. The transac- countrj- we are to continue tr) dry up, by a T)oorly adiusted system of miblic finance, some of the most abundant sources of canital accumulation? tions (auction sales) in trust company stocks reach a total of The ideal way of meeting the present urgent need for capital would be to 811 shares. A sale of 260 shares of Chemical National Bank stimulate the thn'ft of the masses to the point where they themselves would stock at 515 was the first public transaction in the stock accumulate with sufficient ran-dity. .Such a wish, however, lies in the realm of dreams. The histoiT of all nations is that thtnft is slowlv dei-eloped and since March 1915, when the quotation was 407. our own exper'ence capital accumti- we know from that the great American Shares. BANKS Neiv York. Low. High. Close. Last previous salf lations that have added in the upbuilding of this country have largely come 260 Chemical National Bank .515 515 515 Mar. 1915— 407 from a comparatively small group of the well-t«-do classes or from the 500 Commerce, Nat. Bank of 210 210 210 Dec. 1920— 21S surplus earnings of corporations reinvested and partnerships that have been 15 Com Exchange Bank 305 305 305 July 1920— 330 in the business. It is clear, therefore that if we di-\'ei-t an imoortant nart 296 Manhattan Co., Bank of *194 194 194 Dec. 1920— 200 of the latter forms of savins^ from the investment market the industries 90 Mechan. & Metals Nat. Bank 310 310 310 Feb. 1920— 455;* of the country and the people they employ must suffer. TRUST COMPANIES—A'«c York. conclusion which we draw is evident, namely The from the foregoing 361 Farmers Loan & Trust 335 335 335 June 1920— 395 that the present system of revenue should be reformed with a view to light- 450 Guaranty Trust 318 318 318 Jan. 1921— SlS^i ening the burden now placed ntwn capital accunuilation and that a lareer proportion of the cost of rrovermment should be borne by indirect sources. * Par value of shares is .$50 each and sale price is doUars per share not In shifting a fair pronortion of the bui^en to indirect taxes, however .we per cent. * should be very careful not to s-o to the other extreme. The adoption of our system of direct taxes has been looked upon all ai'thoiities as a move by Two New York Stock Exchange memberships were re- in the right direction. The mistake has been made in catxyins an otherwise correct action in an extreme. In readjusting our system we should bear in ported posted for transfer this week, the consideration being there is mind that only one soimd source of taxation and that is National stated as .f92, 000 and !?94,000, respectively. income. All of our National income must flow into one of two streams—con- sumption or canital savins-s. If we take a fair amount frotn consumption R. E. Hansen, until recently a Vice-President of the Fi- we produce a canital finid that increases the productivity and real wages delity Trust Co. of Baltimore, has become affiliated with the and therefore yields an income that may be consumed by the masses duiing every succeeding year. If, on the other hand, we lay too heavy a burden Equitable Trust Co. of this city as assistant to James I. upon capital, while we may increase the consumption of the masses this Bush, the Vice-President of the company, who is in chai-ge year, we effectually cut off the possibility of adding the standard of to oftheNeAv Business and Banks and Banking Department of living of the masses to the extent of thfe annual income that would have accrued had the canital been saved. the Equitable. Mr. Hanson was at one time manager of In conclusion we face a problem of a correct balance between consumption the Baltimore office of the Guaranty Trust Co. of New and capital taxes. It is a problem of the greatest Importance not onlyjto before that in the New York office of that company. business but to the working classes in America as well as in Europe. York and • Agent in STAMP TAX—SHARES WITHOUT FACE OR PAR Advices from England to Frederick C. Harding, VALUE. New York of the Anglo-South American Bank, Ltd., report the removal by An amendment to the regulations governing the stamp the outlook in Loudon more cheerful due to duties which, in the esti- tax as applied to transfers of stock without face or par value, the|Government of the excess profit Fkb. 19 1921.] THK CHRONICLE 715

    matiou of business men havi' fur some uiiu' iiad an adverse in common with some other Bo^tcju institutions, the Tre- effect upon business. The nmovjil of the duties is said to mont Trust Co. experienced heavy withdrawals as a result have been brought about by the fact that it is expected to moan of the alarm among depositors caused by the rovelations in an automatic increase in the income tax revenues in l)etler the get-rich-quick scheme of Charles Ponzi. At that time, times. The action was immediately refiecti-d in a favorable it is said, the Tremout Trust Co. along with other banks effect upon stocks which was somewhat restricted, however, took achantage of the law permitting requirement of a no- by i)oor financial conditions abroad. The office of the l)ank tice of IK) days before withdrawals from savings departments in Barcelona, Spain, rep(n-ts the financial condition in that can be matle. country to be anythiilg but satisfactory. Credit conditions Go\ernor Cox of Massachusetts made the following re- are said to bo verj' restricted, together with a general de- assuring statement so far as the banking situation of Boston pression in the markets following the revision in <5UStoras was concerned:

    duties which affects a great number of lines in manufactured I am sorry that the Treinont Tnist has not been able to overcome Its dif- goods generally. From South America the offices of the ficulties, but 1 iiin confident that the Hank Commissioner has a«:ted in the biKt interests of the Cunuiionweultb and its iH>o|ile. I do not think there i' bank report that in Buenos Aires the wool market is active, any occasion for the pul::llc to become alai'nied over the condition of other but commercial failures in January were very heavy. In banks. V'ali)araiso, (^liilc, business generally is restricted, while Asa P. French, a former United States District Attorney Montevideo reports live stock inactive and the market in for Boston, is President of the Tremont Trust Co., and hides weak. In the Argentine the markets in skins and Simon Swig, Vice-President. The bank is not a member wools are firmer following heavy l)u\ing by North America, of the Ftideral Reserve system. but estimates on the wheat croj) i)lace th(! yield somewhat The banking business of Ettore Forte, an Italian banker, lower than wjis expected. The quality is said to be superior, at 300 Hanover Street, Boston, was closed by the State howe^•er, and the price relatively high. Bank Commissioiur on Feb. 11. This action followed an The Banque Industrielle de Chine opened at RottenUim, examination of the books, which the Commissioner said Holland and Havre, France, Feb. 15 1921. showed the business to be "in a verj' weak financial condi- tion, and unable to meet th<> demands of depositors." The At the recent annual meeting of the stockholders and deposits total about $106,000, it is said, and the assets directors of Tni.st of (leneseo, the Livingston Count\' Co. consist chiefly of equities in real estate. Fort has also l>een N. Y.. James Wadsworth Sr., President of the institu- W. conducting a bank in Naples, Italj', which the Commis- tion since its formation in 1915, was made Chairman of the sioner requested, according to Boston newspaper accounts, board of directors. Air. \\'adsworlh is succeeded as Presi- should also be dostid, but as to this Forte refused to comply. dent by Perry C. Euchner. formerly Secretary. E. E. Forte readily acquiesced in the taking over of the business Doty and B. E. Brophel have been appointed as Vice- in Boston, it is said, believing it to be for the best interests F*residents, the former taking the place of Fred G. Olp, of his creditors. resigned; H. C Milks has been made Secretary and Miss Viola Stanley has l>ecome an Assistant Secretary of the Charles Siedler, a liirector of the First National Bank of tru.st company. Mr. Euchner was also elected a dire(;tor Jersey City, died at his home in Bloomfield, N. J. on Feb. 13 to succeed Fred G. Olp in that capacity. Mr. Wadsworth at the age of eighty-two. Mr. Siedler was Mayor «;f Jersej- retains all his interest and authority in the company, and City from 1866 to 1870. will continue to give its affairs the same general supervision William R. Mooney of Cassatt & Company has been which has b(>en so beneficial during the five and one-half elected a director of the Republic Trust Company of Phila. years of its existence. » On account of the pressure of other duties, J. J. Raskob Effective Feb. 11 1921, the National Exchange Bank of a director of the Commercial Trust Company of Philadel- Lockport, N. Y., increased its cai)ital from $150,000 to phia, resigned at the meeting of the directors which was held $300,000 by the issuance of 1,500 shares of new stock which few weeks ago. S. Carpenter, Jr., who recently was was authorized by the stockholders at their annual meeting a W. made Treasurer of the Du Pont Company of Wilmington, on Jan. 11 1921 and offered, to shar(>holders of record at the Delaware, was elected to fill Mr. Raskob's place. close of business Jan. IG at par ($100) in proportion to their holdings; that is, one share of stock for share held. new each George T. Lippiucott, a director of the Atlantic City National Bank died in Atlantic City no Feb. 14 of sleeping Announcement was made on Fel). 10 by the Manufac- sickness, a disease which he contracted it is said, while turers' National Bank of Troy that it had acquired by pur- yachting in Florida waters about a month ago. Mr. chase practically all the stock of the Security Trust Co. of Lippincott was born in Philadelphia and attended the that city. The title of the enlarged institution will remain F'riends' Central School of that city. In 1900 he made unchanged— that is, continue as the Manufactm-ers' National Atlantic City his permanent home and became largely Bank. The bank also announced that it had purchased the interested in real estate. He was fifty-seven years of age. Bums property adjoining the building of the Security Trust

    Co. on the south and east. The stockholders of the Manu- Announcement is made b3' the Hazleton Slavonic Bank facturers' National Bank recently voted to increase the of Hazleton, Pa., of the following changes made recently: capital of institution the by $300,000 and to issue the new 1. Capital increased from S100,000 to S200.000. stock at $165 a share to provide the funds necessary for the 2. Surplus increased from S50,000 to $100,000. 3. Charter changed from State Bank to trust company. purchase of the Burns property. The Security Trust Co. 4. Name changed to .\merican Bank & Trust Co. of Hazleton, I'a., will remain in its present quarters until such time as the effective Feb. 15 1921. building can be enlarged as a future home for the new or- The officers of tiie bank are: John Shigo, President; ganization. The Manufacturers' National Bank has been M. Drosdick, First Vice-President; Dr. J. C. Koehzynski,

    authorized to conduct a general trust companj' business in Second Vice-President: JNl . Yurkanin, Cashier, and George addition to its banking business. The enlarged bank will Shigo and Edward Byorick, Assistant Cashiers. The re- have a capital of $()00.000 and surplus and undivided profits sources of the bank are nearly three million dollars. of .$700,000. At a meeting of the directors of The Pennsylvania Trust (^o. of Reading, Pa.. Henry B. Hagy. heretofore a Vice- Ad\ices from Boston state that late on Thursday (Fel). 17) the place of Edward State Bank Commissioner Joseph C. Alh n closed the Tre- President, was elected President to take Board, and Edward mont Trust Co., one of the well-know^^ banking institutions Brooke, who became Chairman of the H. KneiT and Fletcher E. Nyce, were appointed Vice-Presi- of that city. Commissioner Allen in formally announcing Assistant Treas- his action said: dent and Treasui-er and Vice-President and My action has become necessary for two reaonss: First on account of urer, respectively. At the same meeting a proposed consoli- violation of the banking laws of the Commonwealth; second, because the dation of the institution with the First National Bank of total of bad and doubtful loans is such that the is capital seriou.sly impaired. Reading was completed, subject to technical provisions It is for the protection of depositors, stoclcholders and all concernod that I have taken pos.session in accordance with the duty imposed upon me by law. which it will take about three months to meet, and the capital The Tremont Trust Co. was founded in 1914 and at the stock was in<'reased from $2.50,000 to $1 ,000,000. The com- time of the failure had a capital of $1,220,.50(). A statement bined resources of the two institutions will jiggregate $15.- filed with the Commissioner Sept. 8 last showed deposits 000,000. The name of the trust company will remain un- subject to cheek in its commercial banking department of changed. After consoHdation it will have $1,000,000 surplus $5,168,165 and deposits in the savings department amount- and $200,000 to S;2.50.000 undivided profits. ing to $11,745,711. In the latter part of September 1920, 716 THE CHRONICLE [Vol. 112.

    With a view to adding to the bankitifj rosourccs of Balti- Iowa. The company's assets are said to be considerably more, a new trust company being is organized in that city to less than its paid-up capital. OUver F. Roberts is Presi- liav<' :!, combined (;ai)il;il ;uul surphis of over S1,0{X),()0(). dent of the company and Frank S. Wilder, Secretan.-. It The now company will be known as the Atlantic Trust Co. was lic«>ns(;d .Jan. 10 1917. and v/ill be located in the very centre of the financial district of Baltimore in the building formerly occupied by the First The Corn Belt National Bank of Scotland, S. D., closed National Bank of Baltimore at 17 South Strec^t, facing its doors on Jan. 23. The cause of the bank's difficulties Redwood. The stock of the new institution consists of was not announced. Its capital is $25,000 and its deposits 10,(X)0 shares of the par value of .$.50 a share which will be approximate .$200,000. disposed of at $100 per share, $50 of which will go to capital and $50 to surplus. The stock is now being offered for Advices from Topeka state that The Farmers' State public subscription on that basis. Eugene L. Norton, Bank of Le Loup, Kan., was closed recently by the State until recently President of the Equitable Trust Co. of Bank Commissioner. The bank had a capital of $10,000 Baltimore, has been chosen to head the new organization and and depo.sits of about $100,000. i associated with him will be, it is announced, men of wide experience, high standing and recognized ability in the bank- ing field. It is expected the new company will open its According to advices from Streeter, N. D., the First doors about March 1. National Bank of that place closed its doors on Jan. 29, owing to steady withdrawals from the institution, which created a deficiency in its reserves. W. E. Barringer, the E. W. Bradford, lawyer, has been elected President of the President, is reported as saying "The closing is only tempo- Hamilton Savings Bank, of Washington, D. C, succeeding rary'. Such action was decided as prudent at a meeting of Wm. M. Terrell, resigned. Mr. Bradford is President of the bank's officers." The bank has a capital of $25,000 the American Patent Bar Astociation and a director of the and deposits of about $169,000. Piggly Wiggly Corporation. All of the other officers of the bank were re-elected. According to a press dispatch from Grand Forks, N. D., Announcement comes from the Union Trust Co., Cleve- dated Feb. 14, the People's State Bank of that place was land, Ohio, of the appointment of C. B. Lincoln as Sales closed on the above date. Depleted reserves were said to be failure. thirty-sixth Manager of their Bond Department. A. H. Scoville, Vice- the reason for the This makes the to close within three months. President of the Union Trust Co. in charge of the Bond North Dakota State bank Department, expresses confidence that Mr. Lincoln's proven Two, however, it is stated, have been reopened. ability and wealth of valuable experience will be an important factor in handling the widened scope of activities which this The Union Trust & Savings Bank of Sioux City, Iowa, department now exercises. Utilizing the large resources closed its doors on Feb. 16. The liabihties of the bank; that the consolidation of six of Cleveland's most prominent which is a State institution, are placed at $1,000,000, but banks gives the Union Trust Co., the Bond Department is no estimate of assets, it is said, was given out. About broadening its service facilities to banks and private inves- $600,000 was on deposit. The bank has been doing business tors. This department, we are told, will participate in since Aug. 1 1920, being the resulting institution of a merger handling large syndicate issues and originate issues with of the Bennett Loan & Trust Co. and the Bankers' Loan & high-grade security. Both wholesale and retain operations Trust Co. and had a capital of $100,000. A. T. Bennett, in bonds, notes and preferred stocks will be conducted. The we understand, was President. company will hold rigidly to the policy of buying issues out- right at all times. The efforts of the Bond Department for At its annual elections Feb. 10, the Mississippi VaUey the greater part will be concentrated in Ohio, Western Trust Company, at St. Louis, made three additions to its Pennsylvania, New York State, Eastern Indiana and Board of Directors in the persons of Robert A. B. Walsh, Southern Michigan. The department will have facilities Richard T. Shelton and S. H. Curlee. Samuel B. Blair of for taking care of both private investors and bank business. the company's trust department was promoted to the position of Assistant Trust Officer and James M. Turley The National Bank for Savings, a new Chicago institution, was elected Auditor of the companj^ A statement issued is being organized by Frank C. Rathje, Charles A. Koepke, by the company -^dth reference to these directors says: Bernard Barnard, S. L. Rathje, and Leslie H. Strandberg. The three new directors represent prominent and diversified manufac- The bank will have a capital of $200,000 and a surplus of turing industires of St. Louis. Robert A. B. Walsh is Vice-Pres. of the Mississippi Glass Company and Vice-Pres. and Gen. Mgr. of the Walsh $20,000. A site for a new $150,000 banking structure has Fire Clay Products Company. He is also a director of the Mississippi been purchased at Chicago and Ashland Avenues and build- Wire Glass Company of New York. He is the third son of Julius S. Walsh ing operations wiU begin immediately. Chairman of the Board of the Mississippi Valley Trust Caopany. Richard T. .Shelton is President of the Midland Rubber Company and Shelton Panama Hat Company. He is a native MLssourian and belongs to a The South Side Trust and Savings Bank, formerly known pioneer family, being the great-grandson of Rueben Gentry, who came to Missouri territory in 1809 and after whose family Gentry County takes its as the South Side State Bank, now at Cottage Grove Avenue name. His organization is one of the largest manufacturers of Panama in China, the and 43rd St. , Chicago, is to begin work April 1 , on a $450,000 hats in the world, with foreign connections Java, Japan, and various South American countries. In 1916 he organized monumental structure, designed by Architect Albert A. Philippines the Midland Rubber Company, which manufactures raincoats and other Schwartz, at the northeast corner of 47th Street and Cottage rubberized garments and which in addition to its domestic business, is an Grove Avenue. It will front 125 feet on 47th Street, just exporter to Mexico and Central America. In connection with both these enterprises, Mr. Shelton has travelled extensively in South America and west of the Vista Theater and lOOfeet on Cottage Grove Ave. the Far East. Mr. Schwartz expects to have it finished by Nov. 1. It will S. H. Curlee. President of the Curlee Clothing Company, manufacturers have a Redford stone exterior. There will be twenty-five of men's ready-to-wear garments, is a native of Corinth, Miss. . but has been in business in St. Louis since 1887. He is also President of the Buckskin offices, the remainder being occupied by the bank, which will Manufacturing Company of Evansville, Indiana, whose business is the have a thirty-eight foot lobby. When the new building is same as that of the Cvu-lee Clothing Company. occupied a trust department will be added. Officers of the The only changes in the company's official presonne bank are Isaac N. Powell, President; A. R. Fay, Vice-Pres.; were the election of James M. Turley to the position of D. W. Cahil, Vice-Pres. and Cashier; F. S. Williams and Auditor and of Samuel B. Blair to that of Assistant Trust William L. Martin, Assistant Cashiers. The capital and Officer. Both are long experienced in the company's surplus are now $400,000. The new bank ^\ill have 10,000 ser\ice, Turley having been in its Financial Department safe deposit boxes. for twenty-two years and Blair in its Safe Deposit and Trust Departments for fourteen years. Breckinridge Jones The Rinard State Bank, Rinard. 111., was closed Feb. 10. is President of the Mississippi Valley Trust and Julius S. Deputy State Bank Examiner Millard Weir found liabilities Walsh is Chairman of the Board. of $39,000. The Guaranty State Bank of Ada, Oklahoma, (capital On Jan. 24 the American Bonding & Casualty Co. of $25,000) and the Security State Bank, also of that city, Sioux City, la., an insui-ance concern with capital of $500,- (capital $100,000) have merged. Under the plans of the 000, was placed in the hands of receivers by Judge Jepson merger the Guaranty State Bank surrenders its charter, at the instance of Attorney-General Gibson, acting upon all its affairs being taken over by the Security State Bank. the advice of A. C. Savage, Insurance Commissioner of The enlarged bank has total resources of $450,000 and .

    Feb. 19 1921.] THE CHRONICLE 717

    of total deposits of $325,000. The merper took effect on On Jan, 15 the Scandinavian-American Bank Tacoma, Jan. 31 1921. Wa.sh., was closed by order of State Bank Examiner Claude P. Hay. Mr. Hay issued the following statement concern- ing the affairs of the institution: Wo are advised by the Ameri(!aii National Bank of Nash- An examination of tli" Scandinavian- American Bank of Tacoina, re- ville that at the first moeling of the Board of Directors of cently made by examiners from the State liankini^ Deijartinent. disclosed the bank after the taking over of the C'umberland Valley a condition which caust^d me to call a meeting of the lioard of diroctoPS the l>ank. The repurl of the examiiu'ition made disclosed sufficient National Bank of Nashville (referred to in these (folinnns of assets which were not of a proper character to cause me to question the last Saturday) the following officers were elected: W. W. solvency of the bank. The members of the board felt confident that they Berry (re-elected) Chairman of the Board; P. D. Houston would be able to eliminate the assets critliiised by obtaitiin'-' financial as- sistance, but after every means had been exhausted by them this department (re-elected) l>esident; Paul M. Davis (re-elected) a Vice- found it ni>ce.s.sary to take ixissession of the bank in order to protect the in- President; Joe T. Howell, former President of the Cumber- terests of the depositors. land Valley National Bank, elected Vice-President; V. J. Thi> closing of the hank Is duo entirely to gross mismanagoment, build- ing oi)erHlions. and an accunmlatlon of non-liquid assets. The Institution Alexander, heretofore Cashier of th(> Cumberland VaUey is in no way connected with any other bank In the State. National Bank, elected a Vice-President and Cashier; Sub.sequentiy (Feb. 9) Ole Larson, the President of the E. R. Burr, former Cashier, elected a Vice-President in bank, was arrested at his home in Seattle and taken to charge of the American Trust Co.; C. H. Wetteran, for- Tacoma, where he was held in $25,000 bail. The specific merly Assistant Cashier, made Assistant Vice-President; charg(\ it is said, on which the arrest was made is the alleged E. R. Harrison, heretofore Assistant Cashier of the Cumber- ajipropriation to his own use a year ago of .$00,000 on a note land Valley National Bank, ai>i)ointed Assistant Cashier; purporting to have been signed by Jafet Lindeberg, I*resident F. M. Farris, formerly Assistant Cashier of the Cumberland of the Pion(>er Mining & Ditching Co. of Alasl:a, one of the Valley National Bank made Assistant Cashier of the Ameri- heaviest debtors to the l)ank. Mr. Lindeberg, it is alleged, can National Bank and Manager of the Cumberland Valley denied signing the note. The Scandinavian-American Bank office of the American Trust Co.; M. E. Barr and J. W. had a capital of $1,000,000 and the latest estimates place Darrah re-api)oinled Assistant Cashiers; J. P. Ezell, a former its deposits at approximately $4,000,000. At the time of the Teller of the enlarged bank, made an Assistant Cashier and failure the bank had in course of erection a 16-story steel Meredith Flautt re-elected Auditor. On Monday evening building to cost about .$900,000. Approximately .$.500,000 (Jan. 17) a "get together" dinner was given for the officers has been spent on the structure and the site is said to he and employees of the bank. This dinner was served in the valued at $415,000. lobby of the new banking room and some 150 plates were laid. There was, it is stated, much good fellowship and At a meeting of the directors of The Royal Trust Company enthusiasm shown at this meeting by both the officers and of Montreal, on Feb. 8, Sir Augustus Nanton of Winnipeg emploj'ees over the complete and modern equipment that was elected a member of the board. Sir Augustus is also had been installed and the conveniences not only for the a director of the Canadian Pacific Railway, the Hudson's customers of the bank, but for the employees as well. Bay -Company and the Dominion Bank. He is senior Winnipeg partner of the firm of Osier, Hammond & Nanton The American Exchange National Bank of Greensboro, of Winnipeg. N. C, has increased its capital from $400,000 to $600,000. The annual statement of the Union Discount Co. of Lon- The increase was authorized by the stockholders Dec. 17 don, Ltd., for the twelve months ending Dec. 31 1920, and 1920 and became effective Feb. 18 1921. The new stock which we published in our advertising pages last week, is a was sold at $125 per share, par $100. very satisfactory document, showing as it does, gross profits for the year, after making provision for contingencies, of Plans were recently completed for the absorption of the .$3,430,242. To this sum was added $630,125, representing United Loan Trust Co. of Lynchburg, Va., by the First & the balance brought forward from the preceding twelve National Bank of that place, the merger going into effect months, and giving $4,060,367 as the amount available for Feb. 5. The capital of the enlarged institution will be distribution. This was appropriated as follows: $322,745 to $1,000,000, with surplus and undi\ided profits of $1,150,000. take care of current expenses, including salaries, rent and The personnel of the institution is as follows: E. P. Miller, taxes, directors' fees and all other charges; $2,122,401 rebate President; Ernest WilUams and H. T. Nicholas, Vice- of interest on bills discounted not due, earned forward to Presidents; J. D. Owen, Vice-President and Cashier and J. L. new account; $250,000 applied to wTiting down securities Jones and J. L. Nicholas, Assistant Cashiers. $245,000 to cover interim dividend for first half-year at the rate of 14% per annum (less income tax); $245,000 to pay W. J. Harahan, formerly head of the Seaboard Air Line dividend for the final half-year at the rate of 14% per annum Railway Company, but now President of the Chesapeake (less income tax) and $100,000 to pay bonus of 2s. per share, & Ohio Railroad, has been elected a director of the First free of tax, leaving a balance of $775,221 to be carried forward National Bank of Richmond, Va. to 1921 profit and loss account. The paid-up capital of the institution is $5,000,000, with a reserve fund of like amount On Jan. 31 the First National Bank of Montezuma, Ga., and total resources (as of Dec. 31 1920) of $235,591,294. closed its doors. In December last E. B. Lewis, its Presi- Christopher R. Nugent is Manager. dent and who was also the President of the Lewis Banking Co. of Montezuma, w'hich failed recently, committed THE ENGLISH GOLD AND SILVER MARKETS. of suicide, and the failure in the present instance is due, it is We reprint the foUo^Wng from the weekly circular Samuel Montagu & Co. of London, written under date of said, to the heavy withdrawals from the institution since Jan. 27 1921: that time, although an effort was made to save it. The GOLD. bank had a capital of .$30,000 and its deposits at one time The Bank of England gold reserve against its note issue is £126.505,445' an increase of £5.430 as compared with last week. were in excess of $700,000. A fair amount of gold c-amo into the market this week and was taken for the United States of America. A copyright cablegram to the New York "Times" trom Mexico City An addition of .$200,000 has been made to the capital of under date of Dec 28 said: "The Mexican Government is coining gold, while the coinage of silver has been reduced to a minimum. At the present the Commercial National Bank of Los Angeles, California, time the Government has 2.")1 .000,000 pesos in gold in circulation and 50,- 000,000 in silver. AUliough the ratio is five to one. the Government lias increasing it from $300,000 to $500,000. The stockholders practically stopped coining silver and the Mint is busy on gold coins, copper authorized the increase Dec. 14 1920 and it became effective pieces and small change. Correspondents visited the ^lint this morning with the Secretary of tlie Treasury, Sonor de la Huerta, and saw the plant Jan. 1 1921. The new stock was disposed of at $200 per In full blast coining five, ten and twenty-peso gold pieces. The tlovern- ment Is buying all the sliver offered, but Senor de la Iluertu stated that few share, the par value being $100. offers had been made. The mining companies prefer to hold their silver, expecting a rl.so In value." Wo are indebted to Mr. Joseph Kitchin for the following information: The French-American Bank of Savings of San Francisco, Chinese imports and exports of gold and silver for the year 1919 arc remark- able, and those for 1920 when available will doubtless be of a similar char- has changed its to the name French-American Bank of San acter. We append details: Francisco. This change does not indicate any change in the control or policy of the institution, but was prompted Gold. Siher. Gold & .SilrerCombined by the growth of the commercial department of the bank. Xet Net Net Net Net Net Imports. Exports. Imports. Exports. Imports. Exports. The change in the name became effective Jan. 27. 1913 .- 200,000 5.400.000 5.200.000 1914 -. 1,800,000 i',9(m.666 3','7'o'o'.66d Advices from Salem, Ore., last month stated that the 1915 .. 2.300.000 2,400.000 4,700,000 1916 .- 2'.6b6"66o 4,800.000 2.800,000 First State & Savings Bank of Klamath Falls, Ore., had 1917 -- 1.900,000 4.500,000 2.600.000 been closed. capital 1918 .. 'abb'.oon 6. 200'. 666 5.'9'o'n'.666 The of the bank was said to be .$.'50,000 2". 1919 -. 1 800'. 666 17,200.000 ."^0,000,000 and its deposits $1,480,000. It may bo noted that in the caso of India the years 1918-19 and 1919-20 showed record net imports of silver and gold, respectively. . . —— —

    718 THE CHRONICLE [Vol. 112.

    SILVER. Total receipts of flour and grain at the seaboard ports for TUo key to tho inovomontN of tlio prlco duriiiK ih has rondoroU wpot. Hui)i>lie.s valuabhi, and causud tlm price for prompt delivery to-day to bo 1 %(l. abovn that for 2-iiionths' dollvi-ry. tho tone of Receiplt at- Flour. Wheat. Corn. OaU. Barley. Rye. the market as a wliolc) Is not robust. The .-Jtocks in C'hina, which, as will I)n socn b<'1<)W. arc now very larKO, Btuhelt. Btuhel*. Barrett. Buthelt ButheU. I ButheU. are heKinuinK to prove- burdonsoine. and li<ut \w value of money in ShanRhai Amer- I'hiladplphia . Vfl.OOO 2.39.000 lis'.ooo' 28,000 Vf.OOO ica has txKjn soliioK with consid

    I Barrels. QitoluHorts— Cash. 2 Afo.s. p.oz.fine- Bushels. I Bushels. Bushels. Btuhelt Buthelt Bushels .lanuary 21 40d. 39T«d. 108s. 6d. Philadelphia . 675,000 215.000 22,000 97,000 25- ...39KfI- 39^d. 107s. 4d. Baltimore 31 1 ,000 671,000 2,000 380,000 26 40d. :!8'.Sd. 107s. Od. Now Orleans 994,000 199,000 28,000 15,000 165,000 100,000 27 .'^0^«d. 38Vid. 106s. 3d. Galveston 2,073,000 26.000 .| 368,000 Average 39.8.54d. 39.229d. 107s. 9. 2d. St. John, N. B. 179.000; 27,000 63,000 1120.000

    The silver quotation!? to-day for cash and forward dcli\ery are respec- Total week 15.862,119 1,240.488 168,985 137.000 1118266 236,594 tively Id. and 2.Vid. below those fixed a week apro. Week 1920 1,210,677 233,615 164,822 689,920 849.006 114,162

    The destination of these exports for the week and since CABLE. ENGLISH FINANCIAL MARKETS—PER July 1 1920 is as below: The daily closing quotations for securities, &c., at Londont as reported cable, have been as follows the past week: Flour. Wheat. Corn. by Exports for Week London, Sal. Mon. Tuts. Wed. Thurs. Fri. and Since Week Since Week Since Wee* Since Week endltw Feb. 18. Feb. 12. Feb. 14. Feb. 15. Feb. 16. Feb. 17. Feb. 18. July 1 to— Feb. 12 July 1 Feb. 12. July 1 Feb. 12. July 1 Silvei.peroz d. 36H 355^ 34J^ 34 345^ 33K 1921. 1920. 1921. 1920. 1921. 1920. Gold, per fine ounce -.105s.6d. 105s.6d. 105s. Id. 104s.7d. 1043,lld. 105s.6d. Consols, 2 !-$ per cents 475^ 47,"4 47 A&% 46?^ 46H Barrels Parrels. Bushels. Bushels. Bushels. Bushels. BriUsh, 5 per cents 85^ 82J^ 85J< 85Ji SSJi; ^5M United Khigdom. 95,490 2,406.985 1,276,000' 69,698,010 639,714 4, .534 ,253 British, pel cents 78 78Ji Continent 52,684 3.974.G88 4,586,119,166,473,515 676,774 5,219,058 4 H 78Ji 78^ 78k 78M j

    French Rentes (in Paris).. tr. 59 ,58.90 58.65 58.70 58 80 So. & Cent. Amer. I 7,000 865,396 3,031,704 4,000 69,343

    I^rench WarLoan(lnParla).Xr. 83.95 83.95 83.95 83.95 83.95 West Indies I 4,000 621,267 11,500 20,000 843,813 Brit. No. Am. Cols. 2,000 29,769 The price of silver in New York on the same day has been other countries 9,811 110,177 4,185.355 13,789 silver in N. Y., per oz. (cts.): nomestic Holiday 99!^ 99H 99,'2 99M ^H Total 168,985 8,971,513 5,862,119 243,400,084 1,240,488 10,710,025 I-orrtsn Holiday 60Ji 60M 59J^ 60 58K Total 1920 164,822 13.404.595' 1,210,677117,415,445 233,615 2,283,604

    The world's shipment of wheat and corn for the week TRADE AND TRAFFIC MOVEMENTS. ending Feb. 12 1921 and since July 1 1920 and 1919 are ANTHRACITE COAL SHIPMENTS.—The shipments shown in the following: of anthracite coal for the month of January 1921, as reported Wheat. Corn. to the Anthracite Bureau of Information at Philadelphia, Ezports. 1920-1921. 1919-1920 1920-1921. 191!)-1920. Pa., aggregated 5,740,538 tons. This is an increase of 27.219 tons over the amount moved in .January 1920. Week Since Sinte Week Since Since Feb. 12. July 1. July 1. Feb. 12. July 1. July 1. During January 1921 the Bureau's report says: "There were

    Bushel's. ' Buslieli. Bushels. Bushels. I Bushels. I Bushels. | 25 working days, but three of these were observed as religious North Amcr 6,658,000292.965.000207.879.000 1,126,000 11,991,000; 1,549,000

    i I holidays in some parts of the region, and a strike in the Pan- Russia 160,000 100.000 ! Danube ' 635,000' thtn- I I I Creek Valley helped reduce the total output." The Argentina. - 497,000 41,081,000115,540.000 1,206,000 83,146,000 80,735,000 shipments for the coal j^ear (beginning April 1) to date Au5!tralia .. 1,.500,000, 23,.554,000, 68.355,000 I 1

    1 India 520,000 5.640.000 | | aggregate 57,662,859 tons and compare with 58,823,700 Oth. eountr', 230,000 1,911,000| 990.000 2.204.000 1.750,000 tons for the corresponding period in 1919-20. Below we give the shipments hy the various carriers for Total 9,335,000363, 630,000'393.685.000 3,322,000 97,976,000: 84,034,000 the month of January 1921 and 1920 and for the respective visible i,upply of ing the stocks in coal years since April 1: The grain, eompri. granary at principal points of accumulation at lake and SB January— 10 Mos. Coal Yr.Jan.Z Road—- 1921. 1920. 1920-21. 1919-20. seaboard ports Feb. 12 1921 was as follows: Philadelphia & Reading tons_1.172,873 1,155,092 11,762, .581 11,896;144 Lehigh Valley 1,0.58,127 1,011,116 10,494,542 10,700,403 GRAIN STOCKS. Central Railroad of New Jersey 470,704 513,4.34 4.618,660 5.312.165 Wheat, Corn. Oats. Rye. Barley, Delaware Lackawanna & Western 910.260 935,242 8,199,126 9,044,409 United States bush. bush. bush. bush. buth. Delawaie & Hudson 814,491 614,375 8,544,900 6,682,934 New York 3 ,455,000 601,000 915.000 232,000 286,000 Pennsylvania 451,879 404.213 4,480,831 4,151,589 Boston 7.000 14,000 2,000 2,000 Erie 606,602 646,430 5,309,964 6,437,593 Philadelphia I ,19"s",666 828.000 292,000 53.000 7,000 New York Ontario & Western 156,564 168,447 1,701,814 1,704,275 Baltimore 1 ,479.000 1,775.000 568.000 1.058,000 126,000 T-ehish & New England 99,038 274,970 2,550,441 2,894,188 Newport News 166.000 4.000 New Orleans 3 .283'006 1,396,000 293,000 22,000 177,000 Total 5,740,538 5,713,319 57,062,859 58,823,700 Galveston 2 ,593.000 29.000 229,000 Buffalo 4 .505,000 942.000 2,048'666 332';666 Toledo 648,000 220.000 731,000 31,000 2.000 Detroit 43.000 49.000 172.000 42.000 atxdJEiscjeXIatic0Us^jeixj.^ Chicago 700,000 11,158,000 11,818.000 46.000 350,000 ®0mm.ercial M llwaukee 97,000 1,017,000 678,000 26.000 151,000 Duluth 1 ,635,000 156,000 3,542.000 192,000 67,000 Minneapolis 6 ,339,000 733,000 8,679.000 71.000 1 ,252,000 Breadstuff s figures brought from page 762. —The St. Louis 318.000 1,220,000 1,074,000 5.000 13,000 statements below are prepared by us from figures collected by Kansas City 2 ,242.000 1,811,000 1,308.000 106,000 Peoria 9,000 395.000 265,000 2,000 the New York Produce Exchange. The receipts at Wdtern Indianapolis 110,000 534.000 377,000 lake and river ports fo.* the week ending last Saturday and Omaha '18,000 1.228,000 1,258,000 42,000 29,000 since Aug. 1 for each of the last three years have been: Total Feb. 12 1921 29,572,000 24.265.000 34.636.000 2,159,000 2,794,000 Total Feb. 5 1921. 32,355,000 20,351.000 33.786.000 1.859.000 2,807,000 Total Feb. 14 1020 55.212.000 4,172.000 10.800.000 20082,000 3,603,000 Receipts at— Flour. Wheat. Corn Oats. Barley. Rye. Total Feb. 15 1919 126.194,000 4,911,000 30.118.000 19124,000 9,986,000

    bbls.\96U>s:push. 60 as.ibush. 56 Ibs.basli. 32 lbs. bush.'iSlbs. bush.56lbs. A'ote.—Bonded grain not included above: Oats, 1 1 .000 bushels New York, 396,000 Chicago 190,000! 236,000| 2,903.000 788,000, 103.000 119.000 Buffalo, 2,000 Duluth: tot.il, 510.000, agaUist 178,000 bushels In 1920: barley. Minneapolis- 1,-568,000 275,000, 305,000, 14.^.000 210,000 New York, 27,000: Buffalo. 129.000: Duluth, 1,000: total, $157,000 bushels, against Duluth 390.0001 43.000, 272,000, 10,000 300.000 37,000 bushels In 1920. Milwaukee 29,000 29,000 202,000 70,000 150,000 70,000 Canadian Toledo 34,000 so.ooo; 42,000 Montreal 239,000 219,000 689.000 3,000 61,000 Detroit 24,000 19.000 321,0001 Ft. William and Pt. Arthur_ 15.679,000 • 7,289.000 1,517.000 St. Louis 68,000, 739,000 307.000 3.56,000, 18,000 9,000 other Canadian 2.509,000 1,927,000 301,000 Peoria 50,000 8,000 294,000. 109,000 10,000 15,000 Kansas City. . 1,100.000 257,000 109,000 Total Feb. 12 1921 18,427.000 219,000 9,905,000 3,000 1,879,000 Omaha 178,000 404,000 loo.ooo; Total Feb. 5 1921 18,695,000 2U,000 9,588,000 2,000 1,731,000 Indianapolis. . 34,000 178,000 109,000, Total Feb. 14 1920 10,772.000 18,000 5,215.000 6,000 1,702,000 Total Feb. 15 1919 43,520,000 133,000 5,689,000 3,000 567,000 Total wk. '21 337,000 4,340.000 4,816,000 2,191,000 442,000, 732,000 '20 Summary Same wk. 557,000; 4,522,000 6,934,000 4,287,000 653,000 779,000 American 29,572,000 24,265.000 34.630.000 2,159,000 2,794,000 wk. '19 Same 237,000 2.928,000 3.855,000 3,724,000 1,555,000 633,000 Canadian 18,427.000 219.000 9.905,000 3,000 1,879,000 Since Aug. 1— Total Feb. 12 1921 47.999.000 24.484.000 44,535,000 2,162.000 3,673,000 1920-21... 17,827,000226,926,000 114,893,000121.169,00017,831,000 10.681,000 Total Feb. 5 1921 51,250,000 20,566,000 43,374,000 1,861,000 4.538,000 1919-20... 13.272,000341,524,000 111,607,0001.33,351,000 21,1.56.000 21,794,000 Total Feb. 14 1920 65,984.000 4.190 000 16,015,000 20088.000 5,305,000 1918-19 132.5S0.00O194,771,0O0l47,.520,000 9.573,000 350.646,000 28.911,000 Total Feb. 15 1919.....lfi9,714,000 5.044,000 35.807,000 19127,000 10553.000 — 1 H . 1 1 K , .

    Fkb. 19 1921.] THE CHRONICLE 719

    STOCK OP MONEY IN THE COUNTRY.—The follow- National Banks. -The following information regarding ing table shows the gonoral suock of money in i,he '-ountry, iiiitioiial banks is from the office of the C-omptroller of the as well as tlio holdings by the Treasury and the amount in Currency, Treasury Department: eiroulation on the dates given: CHARTERS ISSUED. -Slock of.Moiteyfeb. I 192\ Vvrieu in Circulation Cunvor.sioiis of State hanlcs and trust runipanius; Capital ill U S. »HeldinTreas Feb. \ \\>2\ Ftb. \ WiO. The First Nuliunal Hank of Sianwood. Wa-sh ("onvorslon of the Citlitons State Hank, Stanwood, tVaisti

    , 'riiompsou- Ca.shlur, Albert Ciold coin (Inol. bullion lu ill* I'rcsiilont S. A. U, Hall. Organlz-atiuiiN. Treasury) -..2,853.480.649 427,621.611 (/960,224.C.57 96 1.329..'5 59 Original fJoUl ccrtirioatw- - 304,:J((S,825 4O7,0O'J,SIO Tho Flr.st National Hank of Palatine, III. . >.000 .Standard silver doUars 269.746.327 22.243,794 97,720,180 88.233,067 .Succoods Private Hank of ('. H. Patton. Silver eertlfUales 148.177.905 137.343.827 Prusiaenl. Ralph L. I'ock' Caslilor. Uenry 8. Helse. Subsidiary silver 271.511.384 7.836.848 263.674,o3ii 246,043,213 Total _ «50.000 Trea.surv notes of 1890 - 1,004,447 1 .tifl352.'> APPLICATION FOR CHARTER UnltiHl .Statea uoles 346.681,016 3,93,S,34,S 342,742.f.6S 320,727,328 OrlKiiial organizations: Federal Reserve iiolee c3,4S4,226,195 10.223,811 3,104,653,864 2,844.800,40,'i The .Sociirlty National Hank of Denmark, Wi.s , »2.1.(XKJ Ke0,000 « UK). 000 b Include.s $479,319.94S 59 Federal Rejierve Cold Setlleraent Fund deposited with The First National Hank of Konawa, Okla. l.'i.OUO 40. 000 Treasurer of Unll.()!)0 .'>0.00

    500 National Bank of Commerce. .210 i $5,000 PeekskillLtg.&RR.lstSs.'SO 81)4 The dividends announced this week are:

    90 Mcchan. & Metals Nat. Bank. 310 1 10.000 2d Ave. RR. 5s.'48.ctf.dep.$50lot By Messrs. R. L. Day & Co., Boston: Per When Booki ClMta. Shares. Slocks. Ipersli. Shares. Slocks. $persh. Name of Company. Cent. PtttabU; Dam Inctmite 8 Jlrst National Bank, Boston.. 300 35 Draper ('orporatlon 139 Jf 8 Webster & Atlas Nat. Bank...215 160 .lacksonville Traction, common 2 H Railroads (Steam). 7 National Union Bank... 201 10 Sullivan Machinery 49H Canadian Pacific, com. (quar.) 2H Apr. 1 Holders of rec. Mar. 1 100 McSherry Mfg., oommon 5'-^ 25 Hood Rubber, preferred.. .95^-95 Preferred *2 Apr. 1 •Holders of rec. Mar. I 10 McSherry Mfg., preferred 76 25 American Glue, common 122 Central RR. of N. J. (extra).. 2 Feb. 25 Holders of rec. Feb. 23a Ciii. i\'. .). .t re-;js P.iiflc. vlar. 1 Hold'-rs of rec. Feb. 19 1 Ipswich Mills, common _ 90'i 16 t;rocker Pen, pfef.. $10 each.. 8 pfd. (auar.) •IH 25 York Manufacturing ..225 5 Plymouth Cordage 202 North Penn.-'yivauia (quar.) SI Feb. 25 Feb. 10 to Feb. 20

    4 Pepperell Manufacturing 200^4 Ks.sex Co . . $50 each 17534 600 Farr Alpaca rights 2H-'iH 2 Heywood Bros. & Wakefield. Street and Electric Railways. 8 Arlington Mills ..199 common _ 120 Galveston-Houston Elec. Co.. pref 3 Mar. 15 Holders of rec. Mar. lu 3 Whitlock Coll Pipe rights 2 5 Mas.sachusett8 Cotton Mills. _.148!

    10 United Security L. I. & T 132 . 5,000 Na.s,sau & Suffolk Lighting 1st Buda Com Oil ny, pref. (quar.) L IK Mar. Feb. 19 to Mar. 1

    1 Commercial : 5s, Trust 275 H 1945. 60 California Packing Corp . (quar.) *$1.50 Mar. Holders of rec. Feb. 28 1 Rlttenhouso Trust I25K 30,000 .\merican Public Utilities 6% C .mb'-la Stael (

    5 Contintal-Efiuit. Tr. each. 105 . notes. 1936 $50 51 Canada Foundries & Forging, pf . (qu.). l?i Mar. Holders of rec. Feb. 17 4 West 1 Quincy End Trust 50 5,000 Gas, Elec. & Heat Che;ebro'iy:h Mfg. uom. (quar.) •3'-;, .Mar. ; •Holders of rec. Mar. 10 6 Girard Fire M.-irine Ins cons. .5s, k 155 1935 50 Preferred (quar.) -Mar. ; •Holders of rec. Mar. 10 26 H. K. Mulford $.'i0 each 48 10.000 East Jersey Coast Water Ist Cltie.5 Service 1 1-3 Campbell Motoi Car 1st pref.l 4Hs, 1924.. ._ 26 C^ommon and pref. (monthly) Apr. ' 'A $10 each v. t. c 10,000 Intemat. Traction 12 6% notes , Corjn:ou (payable in com . stock) n.H •Vpr. 3 Richard Auto Mfg. pref.. $10 29,000 Moiitgomer.\ Transit 1st & Preferred B (mont'il>) H \pr. each. \ $10 ref. 5s, 1946 5 Continental Oil (quar.) *2 Mar. 6 Richard Auto Mfg. com., $10 lot. 500 Springfield Water 5s, 1926 60'- Crane Co., com. (quar.) IM Mar. each I 1.000 Pliila. Electric 2-yr. 63. 1922. 97J4 Preferred (quar.) *1M Mar. 100 Phlla. Yeast 1,000 2nd Ave. Traction 1st 5s, f Mfg J 'A 1934 50 'ru ible Ste(!l, prtf. ((iiiar.).. m \l;.r. 1,000 Buff. & Susq. RR. 1st 4s 1963 67 Cuban-American Sugar com. (quar.) $1 Apr. Pieferred (quar.) IK Apr. Dartmouth Mfg. Corp., com 4 Mar. Canadian Bank Clearings. —The clearings for the week Common (extra) 10 May ending Feb. 10 at Canadian cities, in comparison with the Pi eferred (quar.) IH Mar. D;iVie-> (Win. ) Co., Inc., Class "A" (qu) •SI .Mar. same week in show a decrease in the aggregate of 8.1 19^, %. Detroit Brais & Malleable Wks (mthly.) •K Mar. Electric Investment, pref. (quar.) IH Feb. Week ending February 10. Elk Horn Co.il, pref. (quar.) *1H Mar. CUartngs at- Fpirb.i.nks, Morse& Co.. pref. (quar.) m Mai. Famous-Players *$2 Inc. or . Lasky Corp., com. (qu.) Apr. I 1921. 1920. ' Dec. 1919. 1918. Federal Mining & Smelt., pref. (quar,).. 1 Mar. Federal Utilities, pref. (quar.) IH Mar. Canada I $ $ General Cigar, Inc., pref. (quar.) IH Mar. % i Montreal 109.027, 316' 137,920,302 —21.0 90,309 209' 61,066,430 (ioid ii. Slock Telc,gra.ph (quar.) •IH .Apr. Toronto 105,128, 124' 101,590,.571 -t-3.5 77,954 464 43,124,838 Grafton C;o. Elec. L. & P., com. (quar.). 2 Feb. Winnipeg 44,009 lOll 43,076,009 H-2.3 31,048 941 30,382,301 PrefiTi-ed ((nr.ir.^...... _ 2 M-\r. Vancouver 13,7.53. 3251 15,050,292 —8.6 10,045 7,52 8,717,6.59 Ciuffey-GiMespie Oil, pref. (quar.) 15i Mar. Ottawa 7,639, 090; 8,174,lf3 —6.6 6,111 349 3,691,966 Hartford Water, common (qua .) I Feb. Quebec 5,425,,147 6.159.591 —11.9 4.402 ,873 2,410,952 Hart.Scha ner & Marx, Inc., pref. (qu.). •15f Mar.

    HaUfax.. 3,635,,517 3,825,410 —5.0 4. .366 224 3,129,090 Haynes .Automobile Co., pre . (quar.).. 15i Mar. Hamilton 5,323 .531 6,283,670 —15.3 4.564 067 3,334,451 Heywood Bros. & Wakefield Co., pref.. $3 Mar. St. John 2.63S ,9111 2.782,554 —5.2 2,722 240 1,832,912 Hood Rubber Prod., Inc., pref. (quar.). 1« -Mar. London 3,183 ,577] 3,195,638 —0.4 2,548 978 1,.545,.576 Intemat. Cotton Mills, com. (quar.) 50c. Mar. Calg.ary 6,1.53 ,6.58 7,163,813 —14.1 4,817 373 6,118,017 Prefei red (quar.) IJi Mar. j \'ictoria - 2,411 ,.580 2.200,000 + 9.6 2,069 458, 1,672,261 lutemational .Salt (quar.) *1H Apr. Edmonton 4,613 .393 4,810,493 —4.1 3,473 095' 2,871,103 Internationa Silve'. pre . (quar.) IH Apr. Regina 3,500 ,247 3,635,280 —3.7l 2.679 164 2, .535 ,9 11 Prefe ed (account accum. dividends). /iH Apr. Brandon 628 ,286 072,784 —6.6 472 ,721' 494,492 Interstate Iron & Steel, pref. (quai .) IJi Mar. Lethbridge 570 ,5751 664,481 —14.1 568 .8981 557.941 Kresge (S. S.) Co.. pref. (quar.) IH Apr. Saskatoon 1,751 ,4S2 1.879,136 —6.8 1,352 025 1,378.287 Lake of the Wood Milling, com. (quar.). 3 Mar. Brantford 1,100 ,926 1.162,222 —4.5i 872 989; 684,891 Preferied (quar.). IH Mar. Moose Jaw 1,273 ,906 1,391. ,332 —8 .9 1 ,.367 ,148 1,006,291 LIbtjey-Owens Sheet Glass, pref. (quar.) IH Mar. Fort William 990 ,299 956,151 + 3.6' 588 ,7351 510,129 Liuds;iy Light, preferred (quar.) *1H Mar. New Westminster 547 ,238, 616,028 —11.2' 593 ,667 401,444 Loose-Wiles Biscuit, first pref. (quar.).. *1H Apr. Medicine Hat 440 ,872i 417,563 + 5.6 .308 .926 .507,870 Mackay Companies, common ((luar.) •Ui Apr.

    Peterborough 792 ,422 i 871,153 —9.0 637 866 463,232 Prelerred (quar.) ._ 1 Apr. Sherbrooke 949 .545! 1,100,511 —13.7, 798 133, 419.623 Maresl-Mazzettl Corp., Isl pref. (quar.) 2 Mar. Kitchener 797 ,135 979,055 —18.6 635 .078 337,729 Miv-scouma Light & Pow., com.& pf .(qu.) m Mar. Windsor 2.818 ,340 2,431,965 —15.9 1.021 21 Mergcnthaier Linotype (quar). 2.H Mar.

    Prince Albert 308 ,782 441,330 -30.0, 313 85 Michigan Drop i orgc. com. (month y).- 2fc. Mar Moncton 1.14S ,454 s'ot included in total Michigan .Stamping, com. (monthly) 7.'-sc. Mar. Miller Rubber, preferred (quar.) 2 Mar. Total Canada. 330.378 3^5 359 451.487 -8.1' 256,644.445 185.195 396 .Minnesota Sugar, pref. (guar.) 1*4 Mar. . . J . 1 . I! .

    720 THE CHRONICLE [Vol. 112.

    Per Wfien Bookt Clnitd. Per When Hooks ClOBtd. Name of Company. Ccm. Payablt Days Inclusive. Name of Company. Cent. Payable Days Inclusive.

    MUc«llaneoua (Concluded) Mliccllnnoous (.Condw'ed) Monlrc.il ColtoiiH, roiii. ((|imr.) Mar. 15 HolderK of r(!C. Feb. iJonlidoii Si'M'i fiirp I'A 28 . ''oiii. (.-. lliii 50c Mar. Holders of re-. Feb. 15a Tnn!.en-l.>ei.roit Axle. pref. (quar.) "lii M;u . 1 •HoKlciw i}i rec. eb. 22 -May Department Stores, com. (quar.).. 2 Mar. Holders of rec. Feb. 16a Tonopah Kxlenslon Mining (quar.) . *r,c. April 1 Holders of rec. Mar. 11 Preferred (quar.) : IJi Apr. Holders of rec. Mar. 15a S. (quar.) 1 U. Envelope, common *3'A Mar. Merrimack Mfg. com. (quar.) 2 Mar. Holders of rec. Feb. 8 Common (extra) Mar. 1 *2'A Preferred 2'A M-ar. Holders of rec. Feb. 8 (payable in stock) . _ 1-3 Holders of rec. Common common /33 Mar. 2 Michigan Sug.arcom. (quar.) •10c M.ar. •Holders of rec. Feb. 1.5 Preterrod Mar. i *3K, National Biscuit, com. (quar.) \H Apr. Holders of rec. Mar. 31a ''. S. Industrial Alcohol, com. (quar.) 2 Mar. 15 Holders of rec, Feb. 28 Preferred (quar.). . IH Feb. Holders of rec. Feb. 14a Valvoline Oil, common (quar.) Mar. 1.5 Hold(;rs of rec. Mar. S 2H National Lead pref. (quar.) . IH Mar. Holders of rec. Feb. 18a Wabas.so Cotton (quar.) SI April 2 Holders of rec. Mar. 15 National Sugar Refg. (quar.) 2yi .Apr. Holders of rec. Mar. 12 Wr.m.sut (..', Mills (quar.) 2 Mar. 1.-- lloj(!(:r.-> of roc F(-b. 15 Nov." River Co., prof.. IH Mar. Holders of rec. Feb. 16 Welsh Grape Juice Co., com. (qu.) 75c. Feb. 28 Holders of rec, Feb. 18 N. Y. Shipbuilding (quar.) SI Mar. Holders of rec. Feb. 9a Preferred (quar.) Feb. Holders Feb. IH 28 of red 18 Nilcs-Beinent-Piiiid, com. (quai.) IM Mar. Holders of rec. Mar. la Wllmmglon Ga.s, pref 3 M;),r. 1 Fob. 22 to Feb. 28 Prof'Trpd (dur.r.). IH Feb. Holders of rec. Feb. 9a Woods Mfg. (quar.) Mar. 1 Holders of rec. 2 Feb. 22 Ontario Steel Products, common (quar.) 2 May Holders of rec. Apr .30 '21 freferrea (quar.) IM Feb. Holders of rec. Jan 31 ^i Below we give the dividends announced in previous weeks Preferred (quar.) IH May HolderBofrec.Apr.30'21 30*21 and not yet paid. This list does not include dividends Preferred (Quar.) . . ... \H AuK. Holderaof rec. July Owens Bottle, common (quar.) 750. Apr. Holders of rec. Mar. 16a announced this week. P eferred (quar.) \H Apr. Holders of rec. Mar. 16a Pacific Power & Light, preferred (quar.) IH Feb. Holders of rec. Jan. 22 Packard Per When Books Closed. Motor Car, pref. (quar.) IH Mar. Holders of rec. Feb. 28a Peerless 1 Name of Company Cent. Payable. Days Inclusive. Truck & Motor, oom. (quar.)_. •.50c. Mar. •Holders of rec. Mar. Common (quar.) 50c. June Holders of rec. June 1 Railroads (Steam). Common (qu.ir.) *50c. Sept. Holders of rec. Sept. 1 Common (quar.) Dec. •Holders of rec. Dec. 1 Atch. Topeka & Santa Fe. com. (quar.). Mar. 1 Holders of rec. Jan. 28a 50c. Penmans, Ltd., com (bonus) 2 Feb. Holders of rec. Feb. 16 Baltimore

    Pratt & Whitney, pref. (quar.) I Feb. Holdc.-!> of rec. Feb. 9o Cleveland & Pittsb., reg.guar. (quar.)_. IH Mar. 1 Holders of rec. Feb. 10a IH Pressed Steel Car (quar.) Mar. Holders of rec. Feb. 16a com \ 2 Special guaranteed (quar.) 1 Mar. 1 Holders of roc. Feb. 10a Preferred (quar ' Mar. Holders of rec. Feb. 8a Cripple Creek Central, pref. (quar.) 1 Mar. 1 Holders of rec. Feb. 15 .) \H f, Pure Oil, com. (quar.) 50c. Mar. Holders of rec. Feb. 15a Delaware & Bound Brook (quar.) it Feb. 21 Feb.dl2 to Feb. 20 i

    . . rec. Com (payable In com stock) , Mar. Holders of Feb. 15a Delaware & Hudson Co. (quar.) 2K Mar. 21 Holders of rec. Feb. 26a /2 Quaker Oats, pref. (quar.) Feb. 28 Holders of rec. Feb. la Illinois Central (quar.) 1% Mar. 1 Holders of rec. Feb. 4a IH Riordon Pulp & Paper, preferred (quar.)! 1% Mar. 31 Holders of rec. Mar. 22 New Orleans Texas & Mexico (quar.) m Mar. 1 Holders of rec. Feb. 18u Klt?-< ar Iron Hotel. preferre i Mar. Feb. 28a .Associated Dry Goods, first pref. (quar.) IH Mar. Holders of rec Feb. 11a 87He United Paper Board, pref. (quar.) i 'Apr. Holders of rec. Apr. Ix Second preferred (quar.) IJi Mar. Holders of rec Feb. lio IH Preferred foua'"). IW {.Inly rfoliiers • if rec Inly is Atlantic Refining, common (quar.) 5 Mar. Holders ol rec Feb. 21 U. S. Cast Iron Pipe & Fdy., pref. (qu.). Hi Mar. Holders Of rec. Mar. 1 Atlas Powder, com. (quar.) 3 Mtix.. Mar. 1 to Mar. 9 U. S. Plaving Card (quar.).. 3 \or Holde'S of rec. Mar. 21 Bethlehem Steel Corp., com. quar.) IVi Apr. Holders of rec Mar. 15a U. S. Steel Corp., com. (quar.) Mar. Mar. 1 to Mar. 2 Common Class B (quar.) 1^ Apr. Holders of rec Mar. 15a IK Preferred (quar .) Feb. Jan. 30 to Feb. 1 Eight per cent cum. conv. pref. (quar.) 2 Apr. Holders of rec Mar. 15a IH Van Raatle Co.. 1st pref. (quar.) IH Mar. Holders of rec. Feb. IE Seven per cent non cum. pref. (quar.). Apr. Holders of rec Mar. 15'? m Second preferred (qtiar.) SI .75 Mar. Holders of rec. Feb. 15 Boott Mills, com & pref. (qu.) IH Mar. Holders of rec Feb. 19 Wayagamack Pulp & Paper (qu.) Mar. Holders of rec. Feb. 15 Hrlti.sh (obniK Fish, .t Pack, (quar.) Feb. Holders of 'ec Feb. 10 IH IK l.-ili>i-o-i-i. ..!>• %•-

    White (J. G.) Engineering, com. (quar.). i !Mar. Holders of ree. Feb. 15 Cerro de Pasco Copper Corp. (quar.) 50c. M.ar. Holders of roc Feb. 17o IH of rec. (quar.) ! Cities Service — Preferred IH Mar. Holders Feb. 16 White (J. G.) M.anagem't pref (qu.) IH Mar. Holders of rec. Feb. 15 Common and preferred (monthly) A Mar. Holders of rec. Feb. 15 . 27a Wilson & Co . , com (In common stock) _ Mar. Holders of ree. Jan. Common (payable In common stock). flK Mar. Haiders of rec. Feb. 15 . rm Woolworth F. W.). com. (quar.) i 2 Mar. Holders of rec. Feb. 10a Preferred B (monthly) H Mar. Holders of rec. Feb. 15 Woolworth (F. W.) Co., pref., (quar.)..f vu Apr. Holders of rec. Mar. 10a Cities Service, Bankers' .shares (monthly) 36Hc Mar. Holders of rec. Feb. 15 Wrigley (Wm.) .Ir.. Co., com. (monthly)! oOc. .Mar. Holders of rec. Feb. 25 Cleveland Elec. 111., pref. (quar.) 2 Mai Holders of rec. Feb. 15 Common (monthly) 50c. Apr. Holders of rec. Mar. 25 Colorado Fuel & Iron, com. (quar.) Feb. Holders of rec. Feb . 5a Common (monthly) 50c. Mav Holders of rec. Apr. 25 Preferred (quar.) 2 Fob. Holders of rec. Feb. 5a Common (monthly) 500. June Holders of rec. May 25 Consolidated Cigar Corp., pref. (quar.). IJi Mar. Holders of rec. Feb. 141 Preferred (quar.) lU Apr. Holders of rec. Mar. 25 Consolidated Gas (New York) (quar.).. IH Mar. Holdi-rs of roc. Feb. 9a Consumers Co., preferred Feb. Holders of rec. Feb. 10a • From unofficial sources, The York Stock Exchaqge has ruled that stook Cosden & Co., pref. (quar.) IK Mar. Holders of rec. Feb. 15a t New will quoted ex-dlvldend on this not until further notice, a Transfer Crescent Pipe Line (quar.) 75c. Mar. Feb. 22 to Mar. 15 not be cate and books not closed for this dividend. 6 Less British income tax. d Correction Davol Mills (ouar.) *2 .Apr. 'Holders of rec. -Mar. 25 e Payable In stock. /Payable In common stock, Payable In Fcrlp. A On account Decker (Alfred) & Cohn, Inc., pf. (qu.). IVi Mar. Holders of rec. Feb. 19a s of accumulated dividends, i Payable in Liberty or Victory Loan bonds. Deere Co.. preferred ((|uar.) . .. IJi Mar. Holders of roc. Feb. 15o k Trinstcrs rcce'ved n order in London oti or before March will be in time for Dl.imond Match (quar.) 2 Mar. Holders of rec. Feb. 2Si payment, to transfe-ees. Dominion Iron & Steel, pref. (quar.) IM April Holders of rec. Mar. 15 t Payable in S<^ dividend certificates. . . . . I

    Feb. 19 1921.] THE CHRONICLE 7Z1

    Transactions at the New York Stock Exchange daily, Boston Clearing House Banks. —We give below a sum- weekly and yearly. —Brought forward froui page 725. mary showing the totals for all the items in the Boston Clearing House weekly statement for a series of weeks:

    Stucks. Ratlroad. BOSTO.N CLEARING HOl'SK MKMHER8. Feb. 18 1U21 etc.. V. .s. Shafts Par Valu^. Bonds. Bonds. Feb. 12 Cha' ua Irum Feb. 6 Jan. 29 1«21. prevluui ueek. 1921. Satunlayj HOLIDAY 1921. Monday 470,951 $36,719,600 $2,700,000 SSOT^WO S9.ss,i.()on 9 $ $ Tut'Hday.. 599,514 46.728.400 2.3.'JS.000| 70ii,.'',()l) 9,04S.()()(1 Circulation 2.558 .000 Inc. 133,000 mm 2,.54 8, 000 WednoNday 590,350 52.148.500 3,057,000 1, 191, .WO 8,550.000 luvestmeuls. 583.551 000 Dec. 81;- 1)00 Thursday 579.966 48.208.600 3,622.000, 747,500 6.219.000 Loans, dUe'ia i liKllvlduul (lupuslis, lacl. U. 8 404.878 000 Dec. 2,4::. . 1)00 Friday 555,772 4.1,618.300 2,327.500) 757.000 5, 581, 'too l>iie to bunks 94.565 000 Deo. 2,21.. ;:.v, ,.. .,....i,000 24.232 ,000 Dec. l,752,tKMJ •.'.5,'.I84,U')0 2'i,84(i,l000 Total 2.797..')53 $233,423,400 $14,064.5001 $4,210,000 $39,283,900 11 me deposits I'liited Siuiej Deposits 7,943 000 Dec. 3,430,000 Il,:i73, ,()()<) 1.1.794, IX»t Feb. Jan. 1 to Feb. 18 Sales HI Week ending 18 Due from other banks 49,30.5 000 Dec, 2.464,000 51,71)9,000 5l,'>9'',i0(XJ York Sunk New ( 'ash In bank & V R Hank 49,561 ,0001 Inc. 411,000 49,1.50 ,KOtJ 50.004,,000 1920. 1921. I Exchange 1921. 1920 Reserve exiHWS In bank and Ferlerul Rejterve Hank 6.218,000ilnc. 308,000 4.910,000 6.512,000 Stocks—No. share.s.. 2.797.533 5,182.430 23. 162.4821 36.266,133 Par value $233,423,400 $461,198,250 $1,914,023,3501 $3,231,994,050 Bank sharps, par Bonds. Statement of New York City Clearing House Banks Government bonds.. $39,283,900 $50,610,000 $288,009,100 $470,9,83,700 and Trust Companies. —The following detailed statement State bonds 4,210,000 7.489.000 35,255,500 95,991,500 the City Clearing House RR. and misc. bonds. 14.064.SO0l 15.981.000 139,069.000 89,068,000 shows the condition of New York members for the week ending Fob, 11. The figures for the Total bonds $57.o5S.400 $74,080,000 $462,333,600 $656,043,200 separate banks are the averages of the daily results. In the DAILY TRANSACTIONS ^T THE BOSTON, PniLAUKLHHIA AND case of totals, actual figures at end of the week are also given: BALTIMORE EXCHANGES. The return of the Equitable Trust Co. has been inclwled in this statement since Sept. 25. Betton. Philadelp/.ta. BalUmore. Wt4k »natne NEW YORK WEEKLY CLEARING HOUSE RETURNS. Feb. 18 1921 Shares. Bond Sales. Shares. Bond Sales, Shares. Bond Sales. (Stated in thousands of dollars—that is, thru ciphers [(X)0) omitted.)

    .Saturday HOLI DAY Monday 17,380 $38,700 4.156 $130,000 1,068 $12,600 CLEARING Net Loans, Reserve Nari Tuesday 13.751 11.8.50 3,65J 1,50,30C 1.235 2.5, .5C0 HOUSE CapUal. Profits Oiicount, OimA with Net Time Bank Wodneiday 15,529 80,400 4,923 62,fiC0 160 28,000 MKMBEHS. Invest- in Legal Demand Circu- Thursday 16,669 91,800 6,064 91,600 588 12,200 (.000 omUied.) Nafl. Dec. 29 ments Vault. Deposi Deposits. posits, latum. Friday 12.968 19.000 2.485 9,000 191 0.000 Week ending State, Nov. 15 dtc. tories. Feb. 11 1921. Tr. Cos, Nov. 15 Total 70,297 S27 1.7.50 21,282 S 443,500 3.2 J2 S84,300 Members of Average A verage .4 cerage Average .Average AW. Fed. Res. Bank $ S $ $ S % S $ Hk of N Y.NliA 2,000 7.179; 42,371 786 4,110 27,672 2,116 767 New York City Non-Member Banks and Trust Com- Manhattan Co 5,000 16,672! 127,193 2,688' 12,9951, 98,108 12,358 panies. —Following is Iho report made to the Clearing House; Mech & Metals 10,000 16,568 188,858 8,541| 18,907, 144, .527 2.973 i".o66 Bank of America 5,500 6,118, 59,342 1 ,8.54 6, 6671 50,332 1,189 by clearing non-member institutions which are not included National City. 40,0001 60,116 556,941 8.953 49,893 •486,947 36,023 1.402 in tho "Clearing House Returns" in the next column: Chemical Nat'l 4.500 15,460 128,436 1.548 13,546 101,9881 1.73i 350 Atlantic Nat'l.. 1.000 1,103 16,8,53 451 1,920 14,181 569 . 231 RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING Nat Butch & Drj 300 165 4,475 120 625 4,426 72 289 HOUSE. Amcr Exch Nat 5,000 7,410 120,639 1,204 11,675 85,011 4.067 4.741 Nat lik of Comm 25,000 33,519 380,020 2,647 33,130 245,789! 4,084 (iVo/ci/ !! thousands of dollars—that Is, three ciphers [0001 omitted.) Pacific Bank 1,000 1,710 21,217 1,304 3,297 23,7.58! 229 Chatli & Phenix 7,000 8,424! 118,673 4,723 13.582 101,555 14,596 4.385 Hanover Nat'l. 3,000 20,404 116.470 912 14,933 107,042 I 100 "564 . .\ti Loans, Metropolltan 2,0001 3, ,379 42,037 2,871 6,699 44,869 CLE.MllNt. \CajHtal.i Projlts Dis- Reserte Net Na Natl Corn Exchange. 6,000! 9,471 157,329 6,371 20,734| 150,9671 13,638! NON-MEMBEIi.^ counts,] Cash wUh Demand Time Bank Imp & Trad Nat 1,500 8,883 41,848 707 3,577 27,274 32 51 |Vat.bks.Def.29 Intesl-i in Legal Di- De- Circu- National Park.. 7,500 23,368 191,814 1.186 17,974 136,794 1,753 5,323

    Wt:oi. , endiiifi I.Slatcbks.Xov.1.5 ments, 1 Vault. Deposl-f pcslts posits . latiou FJa.st River Nat. 1,000 800 10.984 362 1,525 9.048 2,046 50 Feb. 1921. Tr. COS. Nov. 15 &c. torks. 9.59, U ! Second National 1.000 4,698 23,829 2,847l 19,868, 85, 611 First National.. 10,000 37,770 296,610 1,1941 21.609 158,300 4,066 7.027 Members of Average\ Average Average A terage Average Average Ir%-ing National 12,500 10,695 178,417 6.819 23,518 180,683 2,151 2,426

    Fed'l Res. Bank. $ $ S $ S S I S N Y County Nat 1,000 366 13,275 785, 1,830 13,373 889 193 Battery Park Nat 1 .500 1 ,696 U.7I9 246 1,391 9,407 23, 190 Continental Bk. 1,000 798i 7.193 122 9961 5,730 100 Mutual Bank 200 "38 10,842 318 1,663 11,881 213, Chase National. 15,000 24,990! 336,138 5.766! 32,933 237,103 9,956; 1,673 W. R. Grace & Co.. 500 1,162 4.133 33 500 2,719 433 Fifth Avenue 500 2,319 20,094 862 3,178; 20,629 Yorkvllle Bank... 200 863 15,519 496 1,382 8.236 8,005 Commerc'l Exch 200 1,054 8,707i 464 1.170 8,3751 Commonwealth 400 804 9,120 592 1 ,205l 9,423 Total 2,400 4.461 42.213 1.093 4,936 32.243 8,674 190 Garfield Nat'l.. 1,000 1,622 15.045 537 2,210 14.658 29 386 State Banks. Fifth National. 1,000 810 13,044 333 1,798 13,307 499 245 Not Members of thi Seaboard Nat'l. 1,000 4,791 47,309i 886! 5,880 44,218 893, 68 ' Fed'l Reserve Bank. Liberty Nat'l.. 5,000, 8,054 89,564 505! 8,399 64.084 1 ,892 2,568 Bank Of M'^ash His. 100 450 3.498 453 215 3,584 53 Coal & Iron Nat 1,500 1,504 18,923 802 1,718| 13.763 304 400 Colonial Bank 600' 1.568 16.443 2,162 1.411 17,698 Union Exch Nat 1,000 1,612 18,050 356, 2,474' 18,6.54 323 386 Brooklyn Tr Co 1,500 2,741, 36,057 847, 3,950: 28.787 3,858 Total I 700| 2.019 19,941 2,615, 1.626 21,282 53 Bankers Tr Co 20.000 19,612 273,212| 969 27,776 *212,784 8,76i: Trust Companicsl U S Mtge & Tr 2,000 5,143 57.6061 714; 7,710i *57,112 1,0171 Not Members 0/ the ' Guaranty Tr Co 25,000 36,114 497.781 2.555| 46,658; 405,237 30,315 Fed'l Reserve Bank. Fidel-Int Tr Co 1,500 1,593 17,2301 444 2.344 17,631 643 Mechanics Tr, Bay 200 516 8,961 435 145, 3,734 5,695 Columbia Tr Co 5,000 8,010 79,5371 1.167 9,862 75,352 3,894 Peoples Trust Co 1,500 1,958 34,195 1,246 3,441 33,385 1.273 Total 20o! 516 8,961 435 145 i 3.634 5,695 New York Tr Co 3,000 11,719 87,650 561 7,959 60,507 1,625, Lincoln Tr Co. 2,000 1,121 22,863| 501 3,122» 22,795, 483 Grand asCTegate..; 3,300| 6,996 71,115 4,143 6,707 a57,159 14,422] 190 Metropolitan Tr 2,000 3,435 30,428' 663 3,262 24,355 1,140 Comparison prevlo us week 231 236 484l +464 + + + 744 + 64 Nassau N , Bkiyu 1,000 1,4231 16,22ll 1 ,3841 13,310 434 50 Farm Loan & Tr 5,000 1 1 ,050 116,840 1,550 12,799 112,502 14,855 Gr'd asgr. Feb. 5 3,300 0.996 70,651 3,912 6,471 a56,415 14,358 190 Columbia Bank 2,000 1.618 23,810 705 3,348 23,458 205 Gr'd ager. Jan. 291 3.800 8.008 82,515 4,912 6,9821 a63,737 15,007J 190 Equitable Tr Co 12,000| 17,8881 171,300 1,701 17,527, 158,043 10,9151 Gr'd aggr. Jan. 22, 3,800| 8.008 79,023 4,803 7,1071 a63,.599 14,951' IgO Gr'd aggr. Jan. 1.5 3,800 8.012 76,614 5,065, 7.863 a64,350 14,844 194 Avge, Feb. 11. 262,900472,279 4,885,555 82,323 498,802 c3.703,638 198,58734, 122

    a U. S. deposits deb. 11 4,852,974 88,131 504,858,c3,697, 188 198,691 34,175 Bills payable, rediscount.s. aoceptances and other liabilities, S938,000. Totals, actual co ndltion Feb. 5 4,926,022| 79.7651506. 141|c3.743.7961195.762 J4.338 E.\cess reserve. increase. S282.490 Totals, actual co ltd It ion Jan. 29 1.920.575 80,445 500.427 -•3.742,883198.663 34.260

    State Banks. Not Meimbers of Federal Reserve B,ank. ' I Greenwich Bank 1,000 1,919 18,761 2,659! 1,574 18,964 50 Philadelphia Banics.^The Philadelphia Clearing House Bowery 15ank 2,50 848 5,716 666 340 5,659 ' statement for the week ending Feb. 11 with comparative State Bank.. 2,500 2,615 72,744| 3,635 2,079 30.726 42.719 figures for the two weeks preceding is as follows. Reserve Avge, Feb. 11. 3,750 5,383 97,22l! 6,960 3,993 55,349 42,769 requirements for members of the Federal Reserve system Totals, actual co nriii I'll, Fe'i. 97,489 6,899 3,895 55,556 42,654 are "I 10% on demand deposits and 3% on time deposits, all Totals, actual co ndltion Feb. 96,694 7.148| 4,1971 55,563| 42,584! to be kepi with the Federal Reserve Bank. "Cash in Totals, actual CO iidilluii .l;in. 29 9S,1.5J 6,905 4,3351 56.944 42.553! vaults" is not a part of legal re.serve. For trust companies Trust Compan ies. N 01 Members of Federal Reserve Ba\nk. not members of the Federal Reserve system tho reserve Title Guar & Tr 6,000 12,4.59 46,083 1,244 3,177! 29,490 1,002 Lawyers R & Tr 4,000 6,333 25,676 919 l,819j 17.570i required is 15% on demand deposits and includes "Reserve 336^ with legal depositaries" and "Cash in vaults." Avge. Feb. 11 10,000 18.793 71,759, 2,163 4,996| 47.060 1.338|^

    Totals, actual co n'iiiioii iFe') 11 70.903 2.228! 5.006 46,288, 1.321 Weekending Feb. 11 1921. Totals, actual condition Feb. 71.593: 2.255; 4,991 47.115, 1.342 Totals, actual CO iioltioii J:in 29 72.491I 2.113 5.0071 47,515! 1.342 Feb. 5 Jan . 29 Tiro ciphers (00) omitted. [Members oft Trust 1921. 1921, F.R. System Companies Total. Gr'd aggr. avge 276,650496,455 5,054,535 91,446 507,791' f3,806,047242,694 34, 122 Comparison, pre vlous « eek —68,372+2,550-11,752' —75,'243 +2,748 —20 Capital $33,225,0 $4,500.0 S37.725,0 837,725.0 837,725,0 Surplus and profits _ 90.894,0 12.997.0j 103.891.0 103.891,0 103,891,0 Gr'd aggr., acl'l cond'n IVb. 115,021,366 97,258 513,759 63,799,032 242,666 34.165 Loans, disc'ts & investm'ts. 079,107,0 33,862,0, 712,969,0 714,471,0 7 10,.549.0 Comparison pre vlous week —72.943+8,090—1.570 -^7.442+2.978 163 Exchanges for Clearing House 25,404,0, 265,0, 25,669.0 29,246,0 21.069.0 Due from banks 86.626,0 11, Oi 86.637.0 91.065.0 90.465,0 Gr'd aggr. . act'l •ond'n Pcb 5 5,094,309 89,168 515.329|e3,846,474 239.688 34.338 Bank deposits 121.032,0 298,0 121,330,0 124.122,0 124.3.55.0 Gr'd aggr. act'l cond'n Jan. 29 5,091,224 S'J.4t)o >l)!),7- '.'1j:<.847.342 ."42.558, U.2U0 Individual deposits 476,866.0 18,096.0 494,962.0 498,444,0 495,849.0 tir'd aggr. act'l on'"n J 111. 22 5,1.54,0641 90,4' 51524 ()7i'!vi3,927 ,4^0 J.54.9S7i'4. 407 Time deposlt.s 10.571.0! 162,0 10,733.0 11.330.0 11,2.58,0 Gr'd aggr. act'l -^onl'ii .1:111 1. 5,i:«.5'i5 08.177 "._'15ir'iS4 .017. 445 274 771; 14.535 Total deposits 608.469,0 18,556,0, 627.025.0 633,896.0 631.462,0 U. S. dcpo.'Jits (not included) 4.797.0 7,709.0! 10.2.59.0 • incluilea deposits lii f.ireiirri liranches not included in t.t.il footing as follows: ii.ii (11 f".>.. Re.servo with legal deposit's. 2.092,0 2,092,0 2,207.0 2.274.0 Natl, ' Huiu, $113,332,000; Bankers Trust $10,864,000. Guaranty Trust Reserve with F R. Bank... 50,345,0 50,345,0 51,632.0 50..585,0 C" . S116. 681.000: l-armes l...:,n & Trust Co.. 519,430.000 tiiuluible Trust (3o., Cash In vault* 11,589,0 853.0 12,442.0 12.842.0 13,640.0 524,369,000 B:ilp.nce8 carried in banks In foreign i-ouiiirles !i.s reserve for su^h Total reserve and cash held. 61.934.0 2,945,0 64,879,0 66,681,0! 66,499.0 <:ei'"M's "•••: X.itiiinr.l cif '<:uik. $50,189,000 B'inke.-s' Trust Co., $771,000: Reserve required 48.903.0 2.725,0 51 ,628,0 51,488,0 62,0r-6.0 (.ur nty T,-i)s! C.< 511,222,000: Farmers' Loan & T.-ii.st Co., $2,201,000. Equita- Excess rec. cash in vault. l.'^. ble ' In foreign branches not f •'..! & 03 1,0 220.0 13,251,0 15,193.01 14.443,0 Tust Co . $6,132,000 Deposits e U. S. deposits deducted, $47,292,000. fU. S. deposits dwtu t.-d «31, 483.000. Bills • Casli n vaults not ooitnted aa reserve for Federal Reserve members. iKiyable. rediscounts, acoeptmi'-.-s and other liabilities. $1,212,007,000...... — .

    1Z2 thp: chronicle [Vol. 112.

    STATEMENTS OF RBSKRVE POSITION OF cmARlNQ HOUSE BANKH CO- RESULTS OF BANKS AND TRUST COMPANIES IN AND TRUST OOMPAXIKH. GREATER NEW YORK.

    Avcraitci. Loan* and Demand 'Total Crub Retert* (n Week enrted— 'ntestmenit PepOtUs. in VauU. Deporttaria Rtterve Krservf tn Total KfitTte SUTVlUI t % t > in ViiuU. OeposUarles Kesirte. Uequirid. Raem. Dec. 11 6.787.304.000 4.566.593.800 134 .495. ion 619.346,200 Ixx; 18 5.837.8'.i().IO0 4.''49,''>62..''.0') 132.9::;'t.^oo » .'.74 '103 100 13:'. V.U. '.'('> r.^'i 14C, 4(KI K

    Total Feb. 11... 9,123,000 507,791,000 516.914,000 .504,4.52.370 12,461,630 J:in, 29 5.708.133.700 4,447.40r, .-tfio 1 1 7 026 200 5't3. 132,300 Total Feb. 5... '.t,oo;i,Oi)ii 519,543.000 528,552,000 514,18i),2IO 14,362,7'.tO Feb. 5 5,699.88'i.500 4.451.067.WMI 113.040 WKI .570.805,000 TotiU Jan. 29... 9.017.0(10 514.413.000 523,430,000 512.3'.I8.460 1 1.031, .540 Feb. 11 5.636,439.700 4.376,232.700 115,406,100 .590,687.400 Tofjil Jan. 22 .. 9,I03.0(K) 5:;6 .6 18.000 35,7^1.000 512.012.H60 13.778.140 * ThLi Item Includes gold, silver, legal tenders, national bank notes and Federal Actual Fleureii. Reserve notes.

    Cash Heserve b Condition of the Federal Reserve Bank of New York. Tolal Surplus Renerrc. in Reserve —The following shows th<; condition of tht! Federal Res

    Tnist companies. . . 2,228.000 6,006,000 7,234,000 6,943,200 290,800 Feb. 11 1921. Feb. 4 1921. Feb. 13 1920. Resources— 8 t S Total Feb. 11 9,127.000 513,759,000 522,886,000 503,538,450 19,347,550 Gold .and gold certificates 111,974,544 99.063.000 ll3,96t,0«« Total Fob. 5 9,t03.0IK» 515,329,000 524,732,000 .509,634,930 i5,u'.»;,0 7o Gold .settlement fund— F. R. Board 47,038.864 47,611,000 74,882,00* Total Jan. 29 9,018.000 509,769,000 518,787,000 .509.911,850 8.875,150 Gold with foreign agencies 1,211,000 41,406,0«« Totiil .I;in. 22 9.0't3.0()0 524.076.0(M) 533.169.000 520.741,360 12.427,640 Total gold held by bank 1.59.013,398 147,885,000 230,254.00* • .\ol loomDeiH ol Federal Reserve Uank. Gold with Federal Reserve Agent 206.168,431 206.969,000 299,876,000 a This la the reserve re(|uire

    394,403,030 424,726,000 591,022,00* All other-For members 620,809,984 520,290,000 256,279,000 State Banks and Trust Companies Not in Clearing Less rediscounts with other F.R. banks 49,735,000 House. —The State Banking Department report.s weekly 520.809,984 620.290.000 206,544,000 figures showing the condition of State banks and trust com- Bills bought in open market 14,485,806 9.881.000 204,561,000 panies in York City not in the Clearing House, as follows: New Total bills on hand.. -. 929.698.820 954,897,000 1,002,127,0*0 U. S. Government bonds 1,256,800 1,257,000 1, 457, 000 SUMMARY OF STATE BANKS AND TRUST COMPAKIIiS I.V (IREATER YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT. U. S. Victory notes. 50,000 NEW U. S. Certificates of Indebtedness. 61,579,443 59,277,000 66,482,000 * (Figures Furnished by Stale Banking Department.) Differences from Total earning assets 992,535.063 1,015.431.000 1,*70,1I6,000 Feb 11. previnn.'i week Bank premises 4,237.993 4,238.000 3,094,000 Loans and investments $581,904,700 Inc. .S4.92^.200 5% rertemp. fund agst. F.R. bank notes. 2,627,110 2,666,000 2,681,000 Gold 6.884.300 Dec. 516.900 Uncollected items and other deductions Currency and bank notes 17,075.800 Inc. 332.200 from gross deposits 119.298.258 132-.763,000 234,838,000 Depo.sItswith Federal Reserve Bank of New York... .50. .581.000 Inc. 1,986.100 Gold abroad in custody or in transit 1,211.100 Total deposits 608,659,900 Dec. 387,200 All other resources 2,332,056 2,185,000 1,009,000 Deposits eliminating amounts due from reserve de- positaries, and from other banks and trust com- Total resources. 1 ,687,760,349 1,707,635.000 1,914,705,000 panies in N. Y. City, exchanges and U. S. deposits- 570.185,700 Inc. 407.900 Liabiliiies— =^ Reser\-e on deposits . 106,856,500 Inc. 3.273,100 Capital paid in... 26,451,800 26.349,000 23,804,000 Percentage of reserve, 20.9%. Surplus 56.414.4.56 56.414.000 45,082.000 RESERVE. Government deposits 22 .006.776 22.520.000 7,942,000 Stale Bunks — Trtii;t Cnmpante<>— Due to members—reserve account 655.629.293 670.9.54.000 730,618,000 Cash in vaults $26,190,000 16.23';, .$48,351,100 13.90% Deferred av.iilabllity Items 73.961.105 74.415.000 191, 97'), 000 Deposits In banks & trust companies 9.105,200 05.68% 23,150,200 06.66% Other depo.sits, incl. foreign Govt, credits 13.496,652 14.041,000 42.712,000

    Total $35,355,200 21.91% S71,.501,300 20.56% Total gross deposits 765.093.827 781.930.000 973,251,000 F. R. notes in actual circulation 787,937,680 796. 492 .000 809,254,000 • Includes deposits with the Federal Reserve Bank of New York. whlC'S for the F. R. bank note? in (Ircul'n—net liability 40,124,200 35.S10.000 50,467.000 State banks and trust companiea combined on Feb. 11 were $50,581,000. All other liabilities 11,738.386 10,640.000 12,847,000 |{ The Equitable Trust Co. Is no longer Included In these totals. It having become a member ol the Clearing House and being now? included In the statement ot the Toul liabilities 1,687,760,349 1,707,635,000 1.914,705,000 Clearing House member banks. The change began with the return for Sept. 25. Ratio of total reserves to deposit and F. R. note liabilities combined 39.4^ 38.1% 38.9% Ratio of gold reserves to F. R. notes in Banks and Trust Companies in New York City. —The circulation after deducting 35% against averages of the New York City Clearing House banks and deposit liabilities 42.5% Ratio of reserves to net deposits after trust companies combined with those for the State banks deducting 40% gold reserves against and trust companies in Greater New York City outside of F. R. notes in circulation 38.8% 35.7% Contingent liability on bills purchased the Clearing House,, are as follows: for foreign correspondents ,100,9.50 1,098,684

    The Federal Reserve Banks. —Following is the weekly statement issued by the Federal Reserve Board on Feb. 12. The figures for the system as a whole jue 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 liabilities sepa- rately for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks. The coininent of the Federal Reserve Board this time consists entirely of a re\'iew of the operations of the Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says: Fiu^her gains of about 10 millions in gold and of 16.1 millions in total Bo.ston. Philadelphia and Cleveland Reserve banks are shown inclusive of

    cash reserves, accompanies ' v a reduction of 2.'i.3 millions in Federal Reserve 19.4 millions of paper discounted for the .Atlanta. Minneapolis and DaUas note circulation and an in.. ease {)f 25.6 millions in deposit liabilities are banks, compared with about 33 millions the week before. In addition, the indicated in the Federal Reserve Board's consolidated weekly baiili state- above three discounting banks and tho Reserve Bank of San Francisco. ment issued as at close of business on Feb. 11 1921. The reserve ratio report among their acceptance holdings over 46 millions of bank acceptances shows a further rise for the week from 49.3 to 49.6% purchased from the New York Bank, compared with 51.9 millions on the Following tho adoption by most of the Federal Reserve banks of higher preceding Friday. discount rates on paper supported by Trea.sury certificates, holdings of As against a nominal increase In Government deposits, a decrease of 2.9 this class of paper show a reduction of 22.8 millions, against an increase of million.'S in members' reserve and other deposits is not«d. On the other 17-3 millions in the holdings of paper supported by other Government hand, the "float " carried by the Reserve banks and treated as a deduction securities. Other discounted paper on hand shows a decline of 22.1 mil- from immediately available deposits is given 28.5 millions smaller than the lions; acceptances purchased in open market increased by 8.1 millions, week before. In consequence, calculated net deposits show an increase for while Treasury certificate holditigs went up 3.6 millions. In consequence the week of 25.6 millions. of the changes .iust noted, total earning assets show a further redtiction of Federal Reserve note circulations shows a fimher decrease for the weekjOf 1.5.9 millions, the Feb. 11 totjil .standing at 2,870.8 millions, a decrease of 25.3 millions, as against an increase of 67.3 millions for the correspond ng .551.2 milUons from the peak figure of 3,422 millions shown on Oct. 15 of week in 1920. Federal Reserve Bank note circulation, on the other hand, last year. shows a increase of about 1 million, as against a decrease of 3 millions for Of the total holdings of 1 .01 1 .7 millions of paper secm-ed by United States the corresponding week a year ago. ,5'"; the paid-in Government obligations. 59i.6 millions, or .58. , were seciu-ed by Liberty Owing largely to increases in capitalization of member banks

    and other U.S. bonds; 299.9 millions, or 29.6";; . by Victory notes, and 120.2- capital of tlic Reserve banks shows an addition for the week of S329,000. millions, or 11.9%, by Treasiu-y certificates, compared ivith ,595.5. 278.7 all the banks, except thpse at Minneapolis and Dallas, reporting sub- and 143 millions reported the we«k before. Discounted bills held by the stantial gains in their paid-in capital for the week. Combined Resources and Liabilities op the Federal Reserve Banks at the Close, op Business Feb. 11 1921.

    Feb. 11 1921. ,yan. 1921. './an. Jnn. 1921. JTlte. 30 1920 Dec. 23 1920. Feb. 13 1920. Feb. 4 1921. 28 1921. Jan. 21 14 1921. 7 •|

    HESOURCES. S S Gold and gold cerTificates 204,985,000 199.7.50,000; 199,869,000 220.239,000 247.365.000 250,1.35,000 263,952.000 273.749.000 202,425,000 Oolrt settlement fund, F. R. Board. 480,480,000 48 ,192,000 461,523,000 421.325.000 393.173.000 40.r,644.000 356,244.1KI0 363.723.000 424,832,000 Gold with foreign agencies 3,300,000 3,300,000 3,300.000 3,300,000 3,300.000 3,30(t.0(l(t 3,300,000 112,822,000 740,079,000 Total gold held by banks 685,465,000 085.242,001) 664,692,000 644,864.000 643 . 83 S, 000 659.079.000 623,496.00(1 640,772,000 old with Federal Reserve agent* 1,269,037,000 1,27 1,747,000, 1,288,4,50.000 1.286,304,000!l,2n5„55<5.000 1,264,762.000 1,276,214,000 1,253.492.000 1.121,757,000 Gold redemption fund 167,476,000 151,958,000 152,995.000 164,601,000 170,058,000 156,441,000 159,623.000 161 .5.';S.O('0 126.544.000

    Total gold reserve. 2.121,978.000 •? 1 1 1 .947 000 2,106.137 nf«r2.095.769.000 2.085.4.';4.000 2.0SO. 282.000 2.0,59.333 OOO 2,055,802.000 1.988,380,000 1| .

    Fku. 19 1921.J THE CHRONICLE 7^3

    /'<&. u 111:^1 /•eO. i 1021 Jan. 28 1921 Jan. 21 1921 Jut- J.Ki. 7 J:'.ii i>c< . JO i i»- //

    s • Legal tender notes, silver, &v. 220,220,000 214,180,000 213.837,000 205,482.000 203,084.000 IQ6,566,l(;i. 189,830.000 180.C52.(KMi M.I33.M*

    Tot:il reaervea 2,342,198.000 2,326,127,0:XI 2,310,974,two 2,301.251,000 2,288,538,0(Ki J, 276 ,848.(too 2.24U,ltt3,(KMi 2.2a').7.54.00<' 2.*S2,513.0M Bills (llsooiiuted. Secured by (Juvt. obllgaUons 1.011,677,000 1,017,152,000 1.048. 7«K,(Ki(i 1.0.56.117,000 1,024,1107,000 l,104,536,rHN l.I4l.036,

    Total hills on hand-- 2,581.389,000 2 ,6tH), 891,000 2,621.533.00i' 2.650,979.000 2,652,052.000 2,S42,108,OO( 2,974,»3

    Total earnlni; assets 2,870,831,000 2,886.729,001) 2,908,853.0(M) 2,941,528,000 2 ,968, .544 ,000 3,130.014.000 3,263 ,027 ,0(KI 3.281.039.00< 3.1S3.190,0«O Bank iiremiscs 18,977.000 IS. 244.000 18,228,000 18,215,000 17.966,O0( 17,3.59 .COO 18,450.000 18.168.000 11,103.000 UDcollecled IteniH and other deduction: froin uross ilfi>o»li8 507,478.000 597.980,001. 595,006,001 667.141.000 706,7115.000 744,111,00(1 7I7,227,(M10 7fil.0O5.0O(. t.0S2.3i3,0OO 6% rwlenip fund hl'si. V R t>aiik uotec 12,207.000 12,868,000 12.746.000 12.680,000 12,799.000 12,389,000 12,762,000 12,052.000 12,1I4,0M Gold uhruad In vusUxly or In traiudt 3,300.000 All other resources 7,500,000 7, 105,COO 6,830,00

    TotaJ resourcea 6,822,491,000 5,849,053,000 5,861,727,00(1 5,946,999.000 0,000,713,000 a,185,ri9.IMI0 6.2('9,617.O0( 6,318.0.36,000 6,285,375.000

    LlABlUrJES. Capital ;>ald In 100.5r>7,000 100,228,000 100,147.001 99.062 00(1 9U.8I5,00( 99,808.000 99.770.0(M! 99,45.-(,00O 89,*74,0«0 Surplus 202,036.000 21)2,03ii,0OO 202. o:f'l, 00(1 202 036.000 202.036,000 202 .036 ,()(!( 11. 4, 745,001. 164,745,000 120,120,000 Government deposits 48.457,000 50,373,000 52.I38,(K»i 32,603 (MKi 8.970.000 25.592 ,00( 27,639,(KiO 2«,0-»9.00

    TotAl i;roBS deiwslts 2,238.131,000 2,243,011,000 .238,317.000 2. -'05. 648.0011 2,302,211,000 2,378.649,000 2. 321.417.000 2.310, 353,(Kl( 2,839,578,000 F. R. notes In actual olrculatJon 3,050,416,000 3.075,7511,0011 3.090,748,f»OO 3.1I5.3I0,00( 3,159,491 ,000 3,270,023.001 3.344,686.000 3.404,931,(K1( 2.959.087,000 F. R. bank notes In circulation—net llal> 198.178.000 197.210.000 202,Hi9,0OO 207.365.00(1 213,177,000 2I3,552.COO 2 16. (Hd ,0011 218.S32,(»()f 245,810,000 All other liabilities 33,173,000 30.818,000 28'.310,000 26.678.000 23,983,000 21,05l,OO( 121,9.(9,000 I19,716.00( 31,106,000

    Total Uabllltles 5,822.491,000 5,849,053,000 6,861,727,000 5,946,990,000 6.000,713.000 6,185,719,00( 6,209,817,«Mi 6,318,035,000 6,285,375,000 Ratio of gold reservew to net depcslt and F. R. Dote liabilities combliiCHl 44.9% 44.7% 44.5% 44.2^ 42.4% 44.9"/! 45.4% 4I.»% Ratio of t^jtal reserves to net deposit and '; F. R. note Ilabllliles combined 49.6% 49.3% 49.0% 48. 5 "y, 48.1% 46.4?; 45.4 46.1% 43.2% Ratio ol Rold reserves to F. R notes I'' circulation after setting aside 35^ :kgalnst net depoeli llahllUle.x 57.6% 66.9% 56.5% 65.6*!; ,S4.8'; 62 1*7, 60.5% 49.8% 48.2%

    Distribution by MaturUits— S S 1-15 days bills Niught In open raarUct. 52.666,000 66 ,559,000 66,424,000 SS.O.M.OOO 68 ,742.000 79.109.000 87.030,(M)0 80 ,304 .001 137,611,000

    1-15 ,532,48S,0( ( days bill cllscountcd 1,431,768,000 1,456 ,476,000 1,453,331,000 1,443.330.000 1,409 .471.001 1 1,632.885.000 1 ,«0S .f)42.00(i .457,971,000 1-15 days U. S renlf. of Indebtedness 4,823,000 5 823,tKI0 4.4';s.ooo 4,802,00(1 30 :t05.00i 6.2I9.(i(jii 10.924.011(1 30 ,910,001 24,1153,000 16-30 days bills boiit;bt In o|)eu market 47,6,52.000 38 249,000 41,4.56,000 47.008,000 46 ,(W9,0(ii 54,(i75,00( 64,74.5.00(1 63 ,995.0111 127,.<.}9,00O Ki-.tO days bills dlncouuted 251,266,000 238 301,000 235.415,000 251,587,000 232 ,971,00(1 238,822 ,00(. 2'-0,406.00(l 320 ,421, 00( 223,711,000 I(l-.t0 days U. S. certlf of liKlehtedness 6,000,000 ,000,000 1.999.000 2.500.000 1 ,.500,000 4,000,000 3,44(i.00(i 3 ,120,001 6,000,000 31-<;0 days bills bought lu open market 58.860.000 56 ,23 1! ,000 48,117,000 53.030.00(1 72 ,236.000 76, 509 .IKK 76.805.000 75 ,)19,00( 207,592,000 91-C() days bills discounted 403.555.000 407 ,392,000 410,912,000 434. 432.OOP 4.58 .93'i.OOO 449.U20.('0I 430.676.000 405 ,606. onr 357,3-0,000 31-C(i days U. S. certlf. of IndebteJiness. 7,646.000 9 ,955.000 10.nS2.000 12,29f.,O00 S ,S39,O0( 7.013.001 1.499.000 41 ,960,000 10.853,000 61-90 d.iys bills bought In open nuirket. 16.695.000 16 .777,01)0 9,061.000 8,9.58,000 15 ,785,00* 25,066.601 27,122,000 21 ,749.00(' 70,058,000 61-90 days bills discounted 274,716,000 2S3 ,855,000 293,538,000 297,735,000 28S ,159,001 32O.lV,S.O01. 311,619,000 328 ,397 .00(' 239,269,000 61-90 days U. S. cerrlf. (jf Indebtedness 8.858.000 11 ,511.000 8,020.000 8,138.000 8 ,920.0011 30.177.000 9.492,000 8,,953,000 5,500,000 Over 90 days bills dlscoimtefl 44,211.000 47 ,049,000 54.279,000 55,945,000 60 ,(;o:i.ooh 65.ri 12.001 63. 548,000 69 ,225.000 15.074,000 Over 90 days certlf. of Indebtedness. . 236,247.000 230 ,081,000 236,283.000 236,895,000 240 ,121.000 2 1 4.376.00* 232,9O2.r'0O 196 ,320.00r' 243,911.000

    Faiernl Reserve .Votes— oiitstandinq 3,368.644.000 3.400.093.00(1 !,51I,301.000 3.563,107,000 59').7o8 (Hio •?.67S,O24.0O'' 3.735. SSo.OflO 3.755 .246.0f)(i 3,187,974.000 Ifeld by banks 318.228.00O 324,343,000 420,553.000 447,887,000 440.217.000 408,001,00' 394,194.000 350,315,000 228,887,000

    lu actual circulation 3,050.416,000 3,075,750,000 3,090.74S.000 3,115,310,000 3,159,491,000 3.270,023 .00( 3,344 .086 ,(H)(. 3,404,931.000 2,959,087,080

    Fed. ties Xfites (Agentx Accounts)- Recolve

    .\mount chargeable to Fed. Res. agen' 4,193,670,000 4.215,527,000 l.:?55.K35.000 4,297.880,000 4,324,642,000 4,.:i64,6''8,00(l 4.377,259,000 4.3!5.151,TO(i 3,533,853.000 In hands of Federal Reserve Ai?ent 825,026,000 815,434,000 744.534,000 734,683,000 724.934.000 6S6,674.0(:0 638,379.000 ;.S9.905.000 345,879.000

    3,187,974,000 Issued to Federal Reserve banks 3,368.644,000 3,400,093,000 :j,51I,.'',01,000 3,563,197,000 3.599,708,001 1,678 ,02?, 000 3.73S,880.2.>«.-,1.000 2,276,893,000 2.334.1,50,000 ,413,2(il-'.C00 2.462.666.00(1 2,.501, 754,000 2,066,217,000 118.901,000 97,579,000 Gold redemption fund . 103,412,000 114 182,000 109,247,0I)(. 112..'19f:,000 106,177,00(1 118,506.000 109,3.56,000 With Federal Reserve Board 922,751.000 943,949,000 946.881,000 910,671,000 886,677,000 891,359,000 892.692.600 877,710,000 780,030.000

    Total 3.368.644,000 3,400,093.0;)(i 3,511,301,000 3,563,197,000 3,599,708,000 3,678,024,000 3,738,880,000 3,7.55.246,000 3,187.974,000

    Bslhip pat>er delivered to F. R. Agent. 2,525.411.000 ? n.'lt.noi OOfi 2.547 440 .onn 2. .598. 204.000 2,666,566,000 2,773.450.000 2 »9r> oo."; non 2.8!>2,008.0O0 2,761,176,000

    •Revised figures.

    WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 11 1921

    Tuo clpheri (00) omitted. York. Tolai. Federal Reaerre Barif: of— Boston. New Piaia. Clereland.' Richmonn] Atlanta. CMcago. St. LouU. AUnneav.iKan.City Dallas. San Fran.

    RES0VhCE6. % S I s s S ' $ s s I Qold and gold certificates 10,098,0 111,975,0 3,945,0' 7,788.0i 4,367,0] 5,231,0 22,241,0 4,007,0 8.644,0 2,835,0 5,83»,»! 18,»24,0 204,985.0 OoW Settlement Fund. F. R. B'd 37,1.55,0 47,039,0 44,748.0 96,507,0] 26,091,01 9,866,0 119,785,0 25,526,0 5,981,0 30,783,0 5,270.0 31,729,0 480,480,0

    Total itold held by banke 47,2.53,0, 159,014,0 48.693,0 104,295,0.30,458,0 15,097,0 142,026,0 29,533,0 14,625,0 33,618.0 H,100,» 49.753,0 685.465.0 Gold with Federal Reserve agents 148,450,0 206,168,0 132,125.0 181,299,0; 53,190,0 60,340,0 210,518,0 63,665,0 25,768,0 38.271,0, 16,625.0 132,618.0 1,269.037.0 Gold redemption fund -.. 31.055,0 41,000,0) 12,650,0 11,265,0] 7,907,0 8.3.33,0 21,581.0 5,369,01 2,737,0 3,588,0i 11.099,0 10,892,0 167,476,0

    Total Bold reserves 226.758,0: 406,182,0 193,468.0 296,8.59.0, 91,555,0 83,770,0 374,125.0 98.567.0 43.130,0 75.477.0 38.824,0 193,263,0 2,121.978.0 Legal tender notes, silver. Ac. 11,422,0' 159,33/ ,0| 2,814,0| 4,254,o| 6,696,0] 4,482,0 14,274,0 6,426,0] 794,0 2.842.0, 4.917,0, 1,962.0| 220.220.0

    '->: Total reserves 238.180,0, 565,519,0,196,282,0 301,113,01 98,251,0; 88.252.0 388.399,0 104.993.0 43,924,0 78.319,0| 43,741.0 195,225,0 2,342,198.0

    ' Bills discounted: Secured by Gov- I I eriiment 394,403,0' 38.209.0l J. 677,0 obligations (a) | 59,393,0, 110,8.57,0 71,295,0 48,909,0 57,819.0 126.908,0 35,205,0 18.487,0 33,841.01 16.351.0 1,01 All other 70,218,0, 520,810,0: 37,5,50,0 64,725,0 56,997,0, rO. 807,0 235,848.0 54,188,0 59,889.0 67.110.0; 54.325.0 101 .372.0] 1.393, 839,0 aiils bought Id open market (b).. 20,520,0 14,486,0, 22,627,0 51,748,0 5.077.0 2,623,0 12,147,0' 688,0 42,0 863.01 72,0; 44,980,0 175,873,0

    Total bills on band 150,131,0. 929,699,0 171,034,0 187.768,0 110,983,0 131,249,0 374,903,0' 90,081.0 "8.418.0 101,814,0 70.748,0 184.561,0 2.581.389.0 O. S. Government bonds-. 550,0 1,257,0| 1.434,o; 834,0 1,233.0| 114,0, 4,490,0 1.153.0 116.0 8.867.0 3.979.0, 1.822.0 25.849.0 O. H. Oovernfncnt Victory nofep 5,0' 10,0' 3,0' 1.0 19.0 1 I I r a. certlflcalejs of indebtedness 21,538.0] 61,579,0 31,227,0: 23,800,0] 12,262,0 16,665,0 39,616,0] 16,277.0 8,480.0 12,820,0] 8,300,0] 11,010.0 263,574.0

    Total earning assets 172.224,0 992..535.0 203.695,0 212,412,o!l24,478,0 148,031,0 419,009,0 107,511,0 87,014,0 123,502,0 83,027,0 197.393,0 2.870,831.0 Bank prcmlst-s 3.046,0 4,237,0 1.625,0 1,494,0 541,0, 2,707,0 626,0 .590.0 1,462.0] 1.7.56,01 393,0 18.977.0 VncoUecttd Items and oilier de- dufitlons from prross depocMs.. 39,802.01 119,298,0 50.192,0 47,938,0. 28.594,0, 69,485,0, 29,053,0 17.720.0 42.486,0 35,462,0 36,868.0 567,478.0 B% redemption fund agalcpt Federal Reserve bank notes 1,072.0 2,627,0 1,239,0 601.0 .599,0 1.834,0 523,0 245.0 916.0 586.0 665,0 12.207.0 Gold abroad In ciii-'tody or t ra n; It . 241.0] 1,211,0 270,0! 162,0' 119,0' 393,0 155,0 89.0' 158,0 86,0 152,0 3,.300.0 422,0 7.:oo.o -All other resources . I 455.01 2,333,0 393,0, 394,0 367,0 1,043,01 500,0 127.0 338.0 734,0

    Totiil resources 455.020.0! 1.687,760.0 453.025,0 567,244,0,273,318,0 266.503,0 882.870,0 243,361,0 149,709,0 247.181.0 165,392.0 431,108.0l5,822,491.0 LIABILITIES. I Capital paid In 7,858.0| 26.452,0 8,556,0 10,?62,0 5,318,0 4.013.0 I4,064.ol 4.434.0 3,485,0 4,478.0 4.131.0 7,006.0l 100.557,0 Surplus 15,711,01 56,414,0 17,010,01 20,305,0 10,561,0 8.343.01 28.980.0 8.346.0 6,980,0 9,1.59,0 6.033.0 14,194,01 202,036,0 t 2.637,0; 22,007,0 1,474.0 1,829,0 1,617,0 2,422,0| •;8.457,0 Governraen deposits 3,092,0 3,072,0] 1,708,0'0' 427,0 5,856,0] 2,316,0 Due to membfre, reserve account 113,836,0, 655,629,0 106,377,0 152,487,0 58. 934, 48.222,0 250,928.0 67,.507,0 44,231,0 77,044,0 51,718.0 113,346,0'!.740.259,0 Deferred availability Items 32,978,0 73,961,0 38.780.0 40,885.0 36.917,0 20,715,0 44,747.0, 28.150,0: 13,041,0 38.896.0 24.810.0 29.733.0 423.613.0 0th. deposits, Incl. for. Govt, crefl. 628.0] 13.496.0 909,0, 475.0, 276.0. 223.0] 2.027.0| 580.0| 554.0 337,0 318.0 5.979.0 25.802.0

    Total gross deposits 150. 079.01 765,093,0 149,158.0 196,919,0 97,835,0 69,587,0 303,5.58,0 98.5.53,0] 59,300.0 118.106.0 78.463.0 151.480.0 2.238.131.0 F. R. notes In actual circulation. '26 1,954,0 787 ,938,0, 256 ,313,0 316, 165.0, 148,542.0. 169 ,288,0 498.251 ,0.122, 847,0 71.802.0 100.9S4.0j 69.02S.0 247.303.0;3.050.416.0 F. R. bank notes In clrculat!on — I m Net liability 17.759,0 40.124,0 20,144,0 20,977,0 9,9.59,0 13,759,0 32,893,0 7,906,0 6,899,0 12.463,0' 6.447.0 8.848.0 198.178.0 All other llablUtlee 1,6.59,0 11,739,0, 1.844,0 2,116,0 1,103,0 1,513,0] 5,124,0, 1.275,0 1,243,0 1,991.0 1.289.0 2.277.0 33.173.0

    Totalllabllltles. '455,020.0 1.687.760.0 4.-.:t.0'.)fi.0 567,244.0 273.318.0 266.503.0 882 870 243.361.0 149.709.0 24". ISl 165,302.0 437.109 5.8r2 491.0 . . . . .

    724 THE CHRONICLE [Vol. 112.

    TtBO e(pAffr« (00) omitted. Boston New York. PMla. Cleveland. Hichmond Atlanta. ChUago. St. touU. Minneap. Kan.CUv. DulUu. SanFran ToUU.

    (Cor.cluried)-- LIABILITES s S S s i % % S t t 9 t Ratio of total rcsprvon to net dc- poBlt niid F. H. nolo llbllltlcs conililned. por rent 04.0 39.4 r,r,.-A 65.1 49,5 42.0 53.0 54.0 387 44.3 39.0 .M.9 49.0 Mcmorii':da—CoDtltiKcnl liability aa CDdors er on: DlnooiiiiKvI paper rodlscounled with other F. R. bankH 5,116,0 600.0 13.812.0 19.427.0 Bnkcrs" arreptan'-cH .told toother F. R. banks without ondorsem't 46,022.0 40.022.0 ContlnRont llab. on bills purch. for forolcn correspoTidents 1.108,0 8.101,0 1 .280.0 1,312,0 784.0 576,0 1,904.0 762.0 432.0 768.0 416,0 736.0 18.229.0 (a) Inoltide.H Mils Msroniitrd for other F. R. banis. viz. 1.02.'-j.O 2.148.0 15,354,0 19.427.0 (6) Ineludes bankers' aeeeplanrrs boiiirlit fr om other F. R. banks Without their endorsement 6.00.'),0 6.823.0 m..303.0 13.S91 46.022.0

    STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEB. II I92I.

    Federal Reserve Agent at— Wision .\ew York PMla. Cleve. KWim-d Atlanta Chicago St. L. Minn. K. CUv Dallas San Ft Total

    Ke.ionrces— (In Thousands of Dollars) % % « % Federal Reserve notes on hand 117.780 268.000 25.490 .53,020 24,848 75.535 151.140 25.080 13,285 5,120 I6.82C 48.300 825.026 Federal Reserve notes outstandln? 274,6,'57 924,014 266,723 333.090 155,395 174,325 542.773 142.740 73.814 108,928 73.637 297,942 3,368,644 Collateral security for Federal Reserve notes outstanding: Gold and cold certificates 5.600 169.007 23,775 3.500 5.960 13.052 5.891 227.388 Gold redemption fund 17,850 10,.561 19.730 17.524 3,190 3.240 14.374 4.074 2.516 2,911 3. .500 19,425 118.901 Gold settlement fund—Federal Reserve Board 12.5.000 26,000 112.389 140,000 .50,000 .53.000 190,144 .53,031 10.200 35,360 7.234 113,193 922,751 Eligible paper 'Amount required 120.207 718,446 1.34..598 151,797 102,205 113.98 332,255 79,075 48.040 70.657 .57,012 165.324 2,009,607 (Excess amount held 23,924 182.538 18,712 34.554 6.060 16.1.56 42.423 10,714 28,689 30,945 13,599 17.490 425.804

    Total. 691,018 2.299,766 577.648 753.766 341,698 440,341 1,279,109 321 .874 189.602 253,921 177,701 661 ,674 7,988,118 lAabilUies— Net amount of Federal Reserve notes received from Comptroller of the Currency 392,437 1,192,014 292,213 380.110 180.243 249,860 693.913 168.420 87.099 114.048 90,465 346.242 4.193.670 Collateral received from /Gold 148.4.50 206,108 132.125 181.299 .53,100 60.340 210,518 63,065 25.768 38,271 16,625 132.618 1.269.037

    Federal Reserve B-ank I Eligible paper 1,50,131 900,981 153,310 188.351 108,265 130.141 374,678 89,789 76.735 101.602 70,611 182.814 2.525.411

    Total. 601,018 2.299,760 577,648 7.53.700 341,698 440.341 1.279.109 .321,874 189.602 253.921 177,701 661.674 7.988.118

    Federal R&serve note.^ outstanding; 274,0.57 924,614 266.723 333.096 155.395 174,325 542,773 r42,740 "73.814 108.928 73.637 3,368.644 Federal Reserve notes held by banlcs 12,703 136.076 10,410 16.931 6.853 5,037 44,522 19,893 2.012 7.944 4.608 318.228

    Federal Rese'^ve notes In actual eireiilatlon. 2OI.9.54I 787.938 2.56,313 316.165 148.542 169,288 498,251 122,847 71 .802 100.984 69.029 247.303 3.050.416

    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 Dee. 14 1917, published in the "Chronicle" Dec. 24 1917, page 2523. STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKSIN FEDERAL RESERVE BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS FEBRUARY 4 1921 Aggregate reductions of 31 millions in total loans and investments, ac- bonds and in all other loans and discounts, and decreases of 2 million in companied by a docline of 8 millions in borrowings from Federal Reserve U.S. bonds and Victory notes, of 12 millions in Treasury certificates, and of 5 millions in other bonds, stocks and securities. banks, is indicated in the Federal Reserve Board's consolidated statement Accommodation of all reporting banks at the Federal Reserve banks leading cities. of condition on Feb. 4 of 828 member banks in For the re- shows a reduction for the week from 1,907 to 1,900 millions, the ratio of porting banks in New York City an increase of 10 millions in loans and accommodation to total loans and investments remaining unchanged at investments and of 35 millions in borrowings from the local Reserve Bank 11.7%. For the New York City banks increases from 826 to 861 millions are shown. in accommodation and from 15-3 to 16% in the ratio of accommodation are Changes in the loan portfolios of the reporting banks for the week were as noted follows: loans seciu-ed by U. S. Government obligations decreased by 1 Government deposits show a reduction of 44 millions for all reporting million; loans secured by corporate stocks and bonds increased by 8 mil- banks and of 20 millions for the New York City members; other demand

    lions, other loans and discotmts, composed chiefly of commercial paper, deposits (net) went up 7 millions (3 millions In New York) . while time de- declined by 10 millions, and total loans and discounts show a decrease of 3 posits show an increase of 5 millions for all reporting banks and a decrease millions. The banks report an increase of about 1 million in holdings of of 2 millions for the banks in New York City. U. S. bonds and Victory notes and decreases of 21 millions in Treasury Reserve balances of all reporting banks with the Federal Reserve banks certificates and of 8 millions in other bonds, stocks and secm'ities. For the increased by 9 millions, while the New York Federal Reserve Bank shows New York City banks the following changes in earning assets are shown: a decrease of 1 million in the reserve balances of its reporting member banks. decrease of 5 millions in loans secured by Government obligations, in- Cash in vault declined by 4 millions for all reporting banks, one-half of creases of 6 and 28 millions, respectively, in loans seciu'ed by stocks and this decrease being shown for the New York City banks.

    1. Data for all reporting member bank;, in each Federal Reserve District at close of business February 4 1921. Three ciphers (000) omitted

    Federal Reserve DLstrta Boston. \New York] Philadel. Cleveland. Rlclnn'd. Atlanln. Chicauo. \St. Louis Minneap.iKan. City Dallas. [SartFran.l Total.

    Number of reporting banks 49, 113 59i 89 84' 44 115 37 35| 82 52' 69, 828 Loans and discounts, iuclufling bills re

    i discounted with F. R. bank: ; s s I S S s s S $ S s I Sis Loans sec. by U. S. Govt, obligations- 47,065 360,436 75,725, 66,640 28,435 26,533 92,846 27,103 14,084 24,715 9.341 31,585 810.508 Loans secured by stocks und bonds.. 193.0591,293,956 196,870 340,332 113,631 59.607 437,413 115,8711 40,041| 79.9061 38.471 152,361 3,061.518 All other loans and discounts 666,549 3 230,978 408,402 717,510 336,242 339,3101,381,400 356,845! 234.235 407.126 229,313 807.098 9.115.008 Total loans and discounts 906,673 4,891,370 080,9971,124,482 478,308 425.4501.911.659 499,819, 288,360 511,747, 277,125 991,04412.987,034 I U.S. bonds 32,506 299.048 45,746 100,229 60,100 40.847 80.045 29,192i 16,138' 35,937 37,705 96,095 873, .588 U. S. Victory notes 6,008 so.ioi: 11„536 21,410 7,686 3.599 34,013 2,208 1,334 3,943 2,719 17,210 197,857 U. S. certificates of indebtedness 11,2.59 121,918 13,371 15,197, 3,524, 2,019 29,979 3,106, 860 6,159 1.976 12.691 222,059 Other bonds, stocks and securities 122,249 723,806, l.";7,069. 279,063, 47.347 35,559, 298,298: 64.223 19.574 54.547| 10.837i 172,708; 1.985.280

    Total loans, disc'ts & investments, incl bills redlscounted with F. R. B.ank 1,078,695 6.122,243 908,7191,540.381! 596,965' 507,474 2.3.53,994 598,638, 326.266 612,333, 330,362 1,289,748 16.265,818 Reserve balance with F. R. KanI; 78,834 614,575 64,721 102.347. 39,308 26,937 182,522 44.518 19,081' 47,452 24,019 76,100 1,320.414 Cash in vault 22,560 106,130 16, 34,550 16,182 12.173 57.115 9,639 7,340 13.666: 11,009 26,129 333.261 Net demand deposits 764,732 4,706,808 648,357 910,666 329,190 235,1971,329,850 328,718; 183.066 401,247j 212,156 599.55610,649,603 Time deposits 172,653 442,68li 39,061 433.270 116,121 145,927 660,785 142,686, 68,014 100.5321 58.982 542,961 2,923.673 Government deposits 10,039 52,969 9,j:27j 7,035] 1,670 971 9,428 2,754, 2,231 1,989, 751 2,465' 101.829

    Bills payable with F. R. Bank: i Secured by TJ. S. Govt, obligations... 22,025 298,741 39.972 16,256 24,378 26,794 63,455 17,290 8,022 19,40l' 9.953 12,987! 559.274 All other 36 70, 992 50! 110, 110 1.368 Bills redlscounted with F. R. Bank: Secured by U. S. Govt, obligations 13.943 100.713 39.951 11,205 3.309, 9.035 18.314 5.844 1,018 4,439 1.440 4.893, 214.10 A 11 other 60.768 511,650 32,063 48,838' 36.104! 46.373 184.164 45,651 28,297 45,0751 20.709 65.716 1,125,40

    2. Data of reoortinft member banks in Federal Reserve Bank and branch cities and all other reporting banks.

    jVew York City. CUy of Chicago. All F. R. Bank C'Uies F. R. Branch CUles.AUOther Report .Bks. Tulal. Three ciphers (000) omitted. '20 Feb. 4. Jan. 28 Feb. 4. Jan. 28. ' Feb. 4. Jan. 28. Feb. 4. Jan. 28. Feb. 4. Jan. 28. Feb. 4 "21. Van. 28'21Feb. 6

    Number of reporting banks 72 72 52 52 286 286 211 211 331 332 828 829 804 Loans and discounts. Incl. bills redls-

    s S S S I S counted with F. R. Bank: S S ! S $ Loans sec. by U. S. Govt, obllg'ns 339.329 344,489 65,695 62,892 594,296 596,250 125,282 124,046 90.930 91 .640 810,508 811.936 1.196.200 Loans secured by stocks & bonds. 1,129,171 1,122,554 314,592 321,298 2.138.835 2,135,123 489.310 490,152 433 373l 427.979 3,061.518 3,053,254 3.301.979 All other loans and discounts 2,920,4602.892,429 863,509 874,777 6,029.267 6.024.66,51.629.053 1 .639.017 1 ,456.688 1 .461 .569 9,115,008 9,125,251

    Total loans and discounts ,388.960 4.359.4721 243,79611 258,9671 8.762,398 8.756,038 2,243.645 2.25.?.215 1,980,991 1.981.18812,987.03412.990.441 a U.S. bonds 256.719 254.016 19,172| 17,429! 435,555 431,263j 222,938 223,262 215 095 211.810 8"3.588 866.335 866,878 U. S. Victory notes 76.601 81.294! 12,793 12,688' 111,330 117,374! 50.590 49,399 35,937 37.909 197,857 204.682 212.644 U.S. certificates of Indebtedness 112,714 125.0111 9,148 9,907( 153,176 168.0571 43.099 46,920 25,784 27.663 222.059 242.640 731.068 Other bo;]

    Fkb. 19 1921.] THE CHRONICLE 725

    United States Bonds. —Sales of Government bonds at ^aitUjcrs^ ©a^jette. tin iioard are limited to S1,(XX) 4s coup, at 103^ and thf various Liljertv Loan issues. WaU Street, Friday Nigitt, Feb. 18 1921

    Railroad and Miscellaneous Stocks. — Little* has oc- DaUu Record of Uberiu Loan Fricet. ytb. 12. yti). 14. >W< 15. A'fA.ia. Ptb. 17. rtb.u. rurrt'd this week al'tVctiiifi the .security moi'kets. The trend FIriit Liberty Loan High 91.36 91 20 91 28 9I.28< 01.38 3H"i, bonds of 1932-47.. lx>w 91.10 91.01 91 04 91 14 91.2w 87.30 87.30 87.50 vance, selling .?3 91. was only a modest ad- above Then; Close 87.30 87.30 87.50 Total sales vance in the stock market, howe\er, and recessions have In SI .000 units. 4 1 3 Converted 4 J-i^ bonds of High 87.30 87.:*6 87..'>0 87.48 87 4s

    .'{ 1932-47 (First 4Kk) I>ow 87 S7.18 24 2«. followed all along the line. Sterling has droj)ped points 1 > OC 87 87.30 87 Close ^ 87.30 87. 2(: 87.28 87.42 87.4JS or more and shares have generally lost an a\erage of about Total sales In SI .000 units Ib6 78 ISO 49 4S Second Convenwl ' i High 97.00 4k' ( § 100.00 one-half the earlier advance mentioned. Both movements bonds of 1932-47 (Flrst| U)W O 97.00 99.0<» Second 4'w < 90.00 90.06 90 CO 89.96 89.90 (Third 4 'is) Close 90 14 90.14 89.96 CO sales to-day it dropped over 9 points. Mexican Pet. has H 9C 90 Total sales In SI. 000 units O 961 572 364 1.045 659 tuurth Liberty Loan covered a rai.ge of G points, closing with a net gain of less High 87.28 8; .20 87.26 87.24 87.14 4k % bonds of 1933-38 Low S6.92 86.92 86.94 87.04 87.00 than 2. (Fourth 4k 8) Clos« 87.18 87.02 87.08 87.06 87.12 Total sales In SI. 000 units 1.671 2,045 1.563 1.587 1 los Victory Liberty Loan High 2(; Saturday's bank statements showed some improvement in i 97.28 97. 97.2'! 97.34 97.42 4U% notes of 1922-23 low 97.22 97.22 97.22 97.20 97.34 the banking situation. Call loan rates have not been (Victory 4;<.s) Closa 97.22 97.22 97.24 97.32 97.42 Total sales in SI. 000 units 2,569 1.292 1.569 2.186 1,665 quoted above 7% this week, almost all the business h .v ng 3k % notes r,f 1922-23 High 97.28 97 28 97.24 97.34 97.40 (Victory 3 k 8) Low 97.22 97 22 97.22 97.26 97.34 been done at that rate. Renewals were quoted at 6% »n Close 97 22 97.22 97.21 97.34 97. 3^ Total sales Wednesday in $1,000 units 2.782 2,'.82 3 102 366 62.". 'Note. The above table includes The following sales have occurred this week of shares not — only sales of coupon bonds. Transactions in registered bonds were: represented in our detailed list on the pages which follow: 401 l.stS'^s 90.80 to 91.001 27 3d 4ks 89.90 to 90.14 22 Isl 4ks.. .87.10 to S7..'i0|2O6 4th 4ks 86.88 to 87.14 STOCKS. Sales Ranee for Week. Range Since Jan 1. 13 2d 4kf 86.66 toS6.84| 55 Victory 4k8 97.00 to 97.30 Weekendtne Feb. 18. for Week Lowest. Htghest. 'j Lowest. Highest. 1 Foreign Exchange.—Dulness was the chief characteristic

    Par. Shares^ per share. per share. ! per share. per share. $ \ $ $ $ of trading in sterling exchange this week, though prices were All Amer Cables 100 200 100 Feb 15103^ Feb 17] 100 l^'eb 103!-:i l''ob Amer Bonk Note ."50 400; 49 Feb 14i 50 Feb 17! 46 !i Jan 50 Jan firmly held. The same is true of most of the Continental Preferred 60 200 45^4' Feb 17 45^ Feb 18 43 ^j Jan 45'^ Feb e.xchanges, Am Brake S4F pref.lOO 100 89 K Feb 17 8SH Feb 17; 835^i- Jan 905^5 Feb especially francs and lire. Marks, however, Am Malt & Grain. no par 200 20 H Feb 17 20H Feb 17 19 Jan 20 '4 Feb ruled heavy. Amer Radiator 25 1.000 71!-J Feb 14 72?^ Feb 14' 665^8 Jan 72 J^ Feb Ann Art)or pref 100 100 20 )j Feb 15 20^^ Feb 15 20 Feb 20 Feb H W Todays (B'riday's) actual ratos for sterling exchange were 3 79?ife Assets Realization ---.10 700 2 'A Feb 14 3M Feb 17 2« Feb 3H Jan 3 8374 for sixty days. 3 S6@3 for checks and 3 for Atlantic Refg pref... 100 316 106.'; Feb 16 107 Feb 15 106 M Feb llOH Jan 90H 86 ?i® 3 90?^ H cables. Auto Sales pref 50 (00 13 Feb 15 14 Feb 16; 13 Jan 15 Jan Commercial on banks sight 3 85^@3 89%. sixty days 3 79k^ Bamsdall class B l.roo 16 Feb 35 25 25 H Feb 26 Feb 17, 25Ja Jan 3 83 Va . ninety days 3 76 k @3 80 'A and documents for payment (sixty days) Balopllas Mining 20 soo Feb 1 Feb 14 Jan 1 .(an Va 16 u 3 79Ji(ff.3 83H. Cotton for payment 3 and grain for Bkljn Union Gas 100 800 51 Feb 15 57 Feb 18 51 Jan 57 FkU 85>i@3 89^S Brown Shoe Inc 100 100 33 Feb 14 33 Feb 14 33 Feb 42 Jan payment 3 85!^@3 89%. 1- Today's Calumet & Arizona. . . 10 200 49 Feb IX 49 Feb illi Jan 50 Jiin (Friday's) actual rates for Paris bankers' francs were 7.07 fe lO'i Case Thresh M pref. . ICO 855^ Feb 18 85 ?4 Fob 1^; 77 J".n sr,'4 Feb 7.25k for long and [email protected] for short. German bankers' marks are Chicago & Alton 100 100 7'A Feb 14 7\4 Feb 14' Jan S)i Jau 7H not yet quoted for long and short bills. Amsterdam bankers' guilders were C St P M 33.93 for long and Cluett, Peabody & ColOO 100 52 H Feb 16! 52 H Feb 16' 51 Feb 62!.; Jan [email protected] for short. Continental 62 65 Insur 25 450 62) a' Feb I7l 64 Feb 161 'A Feb 'A Jan "Exchange at ParLs on London 53.31 francs; week's range 52.45 ftancs high Cuban Am Sug pref.lOO 100 95 Feb 15| 95 Feb 15' 93 « Jan 95 Feb and 53.64 francs low. Davison Chemical- no par 400 25 Feb 16 25).^ Feb 15| 25 Feb 31 Jan Eastman Kodak 100 10ft 655 Feb 16 6 Feb 18' 650 Feb 690 Feb The range for foreign exchange for the week follows: Elk Horn Coal pref... 40 16! 16 39 50 200 Feb 40 Feb Jan 40 Jan Sterling Actual— Sixty Days. Cheques. Cables. Emerson Brant pref.lOO 100 35 « Feb 161 35}:; Feb 16; 35 Jan 40 Jan High for the week Fairbanks Co (The) --25 100 38 Feb 1 71 38 Feb 171 38 Feb 40 Jan 3 86 7-si 3 92 >i 3 93 Gen Cigar pref 100 300| 90 Feb 14 90 M Feb 14' 84 Jan 91 Jan Low for the week 3 79?i 3 86 3 86Ji GlllUand Oil pref 100 1,200 90 Feb 161 91 ^^ Feb 15' 85=4' Feb 91',' Feb Paris Bankers' FraT\cs— Hablrshaw E C-.-no par 500 llJi Feb 16: 12 Feb 17 11,'^ Feb rs'-i Jan H High for the week 7.43 7.50 7.51 Homestake Mining.. 100 900 50 Feb 15' 50 Feb 141 49 H Feb 50 >i Jan for the week Hydraulic Steel... no par 300 16 Feb 171 17 Feb 1.^, 16 Feb 20 3i Jan Low 7.07 7.15 7.16 Kelsey Wheel 100 2O0 43 Feb 18! 43'i Feb 17 40 Jan 4-i'A Feb Gernwny Bankers' Marks— Mailln Rock v t c.no par 100 lO'/i Feb 17: 10k' Feb 17, 10 Jan 19)^ Jau High for the week Martin Parry no par 3O0 17 H Feb 14il7J.i; Feb 15I li>4 Jan 21 Jan 1.75k 1.76 k Maxwell Motor 100 l,'i30 i% Feb 16 5 'A Feb 15 2 '4 Jan 7'A Jan Low for the week 1.64 1.65 Ctfs dep stpd asstd-. 600! Feb 15. 1 Feb 14 Jan Jan Hi H % 3i2 Amsterdam Bankers' Guilders— let preferred- 100 100 8 34' Feb 16 8Ji Feb 16' 7'A Jan 12 Jan High for the week 34.15 34.58 2d pf ctf dep stpd asstd 400 31 i Feb 15! 3H Feb 15 3>J Feb 5 Jan 34.68 Mulllns liodv 11:/ p I'll. 27 Feb lf-1 27 Feb 1^ 21 Jan 28 ;< J Ul Low for the week 33.74 34.16 34.26 National Biscuit 100 1,000 1 06 ^ Feb 14107^ Feb 17 102 Jan 108 Jan PrefeiTed 100 2001113}^ Feb ISiilH Feb 14 106 Jan 120 Jan Domestic Exchange.—Chicago, par. St. Louis, 15@25c. per $1,000 N Y Shlpbulldlng.no par 500 30 !i Feb 14 32 Feb 16 30 Feb 32 Feb discount. Bo.ston, par. San Franci.sco par. Montreal, $155 00 per Norfolk Southern ... 100 100 12 Feb 141 12 , Feb 14 10 Jan Jan JJ 12 H $1,000 premium. C'incinnati. par. .N'orfolk* WRsiern pdlCL lull R() Feb IV 66 Feb 1^ Hr,!, Feh R7?4- .1 in Otis Elevator... 200 123 Feb 18 125 Feb 16 115 Jan; 125 Jan Parish 14i Outside Markets. —There was little improvement in & BIngham.no par 400 14 V^ Feb 14Ji; Feb 14 12;.; Jan 14 »f Jau RR Sec 111 Cent stk ti ctf 40 55 17i Jan! 56 Jan H Feb 55 H Feb 17 55 "curb" market conditions this week. Active trading was Rand Mines Ltd.. no par 1.6001 22 H' Feb 15! 2i'4 Feb 16 22J2 Feb 255^ Jan Sears, Roebuck pref.lOO 2001101 H Feb 16 101 H Feb 16 100 Jan 102 Jan confined to a few issues the rest of the market being quiet. Southern Pacific rights. 74,525 15 Feb 16 17?4' Feb 14 15 Feb 26M Jan So Porto Rico Sugar. 100 1 ,266 75Ji Feb 17 87 Feb 15 75^ Feb 103 Jan Prices for a time showed a firm undertone but a reactionary Stern Bros, pref 10(1 50 93 Feb 18 93 Feb IS 85 Jiin 88'.:; Jan Temtor C&FP class A.. Feb 15 15 200 20 20 Feb 20 Feb 25 Ji Jan tendencj' wiped out all gains and the market closes with Texas Co warrants 800l 415^1' Feb 14 42 U Feb 16 .41!^ Feb 43 '4 Jan ThU-d Avenue Ry...lOC 7001 17 H Feb If 18 ;i Feb 16 13 Jan 20 Feb fractional losses the rule. A few issues showed rather heavy United Drug IOC 600, 99 Feb 14 100 Feb 15 94 H Jan 106 Jan 1st preferred 50 lOOl 47 Feb 16 47 Feb 16 44 »4 Jan 47 Feb declines. Goodj-ear Tire & Rub. com. dropped from 17 to Weber & Heilbr'r. no par 4,500| 10 Feb 16 13 Feb 17 syj Jan 13 Jan Wilson & Co pref 100 3001 89 Feb I7I 89 !« Feb 15 1 85 Jan S9H Feb 11. The pref. sold up from 38 to 39, then down to 25. For transactions on New York, Boston, Philadelphia, and Intercontinental Rubber, after an early advance of about two Baltimore exchanges, see page 721. points to 14M broke to 10^4^ Allied Packers rose from 6H to 9j;nd reacted finally to 8. Durant ^Motors were conspicu- State and Railroad Bonds.—No sales of State bonds ous for strength advancing from 18^4 to 20. Lehigh Valley have been reported at the Board this week. Coal Sales was off from to 65 recovering finally to (39. The market for railway and industrial bonds has made a 72 H the list fairly good record. The volume of business has been fully Trading in Reading "rights," overshadowed for a up to the average and included a relatively large number of time advancing from 15 to 20, reacting to 14^2 and closing issues. Fluctuations have been narrow with prices well to-day at 15 J 2- Only few oil stocks were active. Maracaibo maintained. The usual list of 25 representative bonds Oil from 22 J4 reached 245^, reacted to 22 3<^ and to-day sold shows one-half have advanced or are unchanged. up to 253

    '3'26 New York Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUPVrNG THKKK l'A<;KS For sale* durlnti tho week of stocks usuully Inactive, sec prcccdinit paite.

    Salt» PER SHARE PER SHARE HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT. for STOCKS Range since Jan. 1. Range for Previous the NEW YORK STOCK On basis of lOO-share lots Year 1920 Saturday Monday Tueedau Wednesday Thursday Friday Week KXCIIANGE Feb. 12. Feb. 14. Feb. 15. Feb. 10. Feb. 17. Feb. 18. Loteest Highest Lowest Hiehest Shares I p«r share % per share S per sliare t per share $ per share S per share Railroad!. Par % per shared ( per share t per share % per short Sl-Ti 82S4 817g 817g 82% «2l2 8218 82% 82% 8214 3,000 Atch Topeka ic Santa Fe.-lOO 81 Feb 4 84% Jan II 76 Feb 90% Nov 7812 78»4 7812 78i2 •78 79 7834 7834 7834 7834 .500 Do pref 100' 75% Jan 3 79% Jan 24 72 May 82 Jan •5 (i 5^4 .•l->4 6 6 6 6 600 Atliinu IJlrm & Atlanta... 100 5% Feb 2 7% Jan 4 4% Dec 12% Sept •S.S 85 •82 841- 83% 8:{58 •84 85 •84 85 100 Atlantic Coiut I-lne R.R lOO' 83% Feb 16 8618 Jan 3 z82 Dec 104% Oct 33% 34 33I4 34 34 3418 34 34I4 3334 34 5,075 Baltimore 8 6873 69 58»4 5934 59 5934 68% 59 4,100 Chesapeake & Olilo 100 57% Fob 4 62I4 Jan 10 47 Feb 70% Nov •4 6 Chic Feb 16 35 Aug 46 Dec

    101 14 10114 IOII4 IOII2 101 101 •100 101% 101 • 101 600 Delaware & Hud.son 100 90% Feb II 102 Jan 13 83U June 108 Oct Sept ..--B.... 215 219 , 219 219 210 220 100 Delaware Lad & Western. 50 208 Jan 20 220 Jan 10 185 Feb 260% 134 17g •134 2 1% 1% "134 1% 1% 1% 2,000 Denver & Rio Grande 100, '4 Jan 7 2% Jan 29 I; Nov 9 Jan 378 4I4 334 4 4 4 4 334 14,000 li2Jan 434 Feb 4 I 41s Do pre -100 3 Jan 31 % Nov 16% •334 4I2 •334 4I2 •3I2 412 *3l2 4% •334 4% Duluth S S & Atlantic lool 4 Feb 1 4% Jan 3 3 May 8 Oct •514 6I2 *5l4 6I2 •5 7 •5 7 '5I4 6% Do pre' lOOj 6 Feb I 7% Jan 17 5% Dec 12»4 Oct 1318 I3I2 I3I4 1312 I3I2 I312 I3I2 13% 13% I3I4I 2,750 Erie 100 13 Jan 22 1478 Jan 3 9% Feb 21% Sept •1934 2OI4 20 20 197s 20% 2OI4 2OI4 20 2OI4I 1,400 Do Ist pref 100 19% Feb 4 2178 Jan 12 16% Dec 30% Oct •1314 137g 13% 13% 13% 1378 13% 14 1334 1334 1,000 Do 2d pref 100 13% Feb 4 15% Jan 12 12 Dec 22»4 Sept 7514 76 7578 76I4 76I4 77 76% 7634 76% 76% 3,000 Great Northern pref 100 75 Jan 4 79% Jan 29 6584 June 91% Nov 297, 30 29% 30 29% 30 30 30 30 30% 2,000 Iron Ore properties. iVo par, 28% Jan 3 30% Feb 18 247g Dec 41% Mar •834 IOI2 *9 IOI2 •9 IOI2 Qui Mob & Nor tr ct 8.. .100 8% Jan 10 914 Feb 2 7 Jan 17% Oct *24 27 25 25 •24 27 100 Do pre' 100 21 Jan 7 23 Feb 1 18% Dec 3534 Oct 8834 89 •88% 8834 •88% 8834 8834 8834 8834 89% 800 rillnola Central-- -.100 87 Jan 3 91 Jan 26 80% Feb 97I4 Oct 478 5 5 5 5 5I4 5 5I4I 4% 5% 3,800 Interboro Cons Corp.. iVo par 378 Jan 7 57gJan 25 3 Aug 6% Oct I3I4 isig 1334 13% I4I2 I4I4 1434 14% 1458 14 I 2,900 Do pre 100 10% Jan 14 16 Jan 25 8% Dec 17% Nov 19lg I9I4 19lg 1934 19% 20% 20 2OI4' 19% 20 2,700 Kansas City Southern 160 18% Feb 4 21 Jan 13 13% May 27I4 Oct 46 46I4 46 46% 4612 4634 46% 46% ^46 46% 1,100 Do pre - -.100 45% Jan 25 4734 Jan 7 40 May 52% Oct *I2l2 I3I2 *12l2 I312 I2I2 12% 300 Lake Erie & Western 100 12% Jan 31 14% Jan 13 8% Feb 2434 Oct •24 30 *24i2 30 •25 30 Do pref 100 25 Feb 2 28 Jan 25 16 Feb 40 Oct 56l.> 52I2 52I2 5II2 52 14 52 52 52% 52 14 52 53% 2,800 Lehigh Valley -. 50 51 Feb 7 66% Jan 5 3934 May Nov '100 lOOig *100 lOOlg 100% 100% 100% 100% 100 101 300 Louisville & Nashville 100 9734 Jan 20 103% Jan 11 94 Aug 112% Jan 51 52I2 53 547g 54 54 54% 3,000 Miinhattan guar 100 Jan Jan 25 July 6584 Oct 54% "12" Ry 45% 6 58% 38% 11 Jo III2 "11% III4 12 800 Minneap & St L (new) 100 11 Feb 3 13 Jan 11 8% Dec' 21 Oct 7134 7134 *70 72 *70 72 70 72 70 72 200 Minn St P & S S Marie 100 70% Jan 22 73 Jan 11 63 Feb 9034 Oct I •88 93 •89 94 89 94 89U 91 Do pre 100 93 Jan II 93 Jan 11 80% June 95 Nov 2% 234 2% 2% 2% 234 2% 234' 21.) 2% "4,266 Missouri Kansas & Texaa.lOOi 288 Jan 3 3 Jan 31 214 Dec! 11 Feb *4l4 434 *4l2 434 •4I2 434 4% 434 4% 4% 800 Do pref .100! 414 Jan 25 534 Jan 10 334 Dec; 18 Feb 18 18l4 IS'g 181s 18 1834 18% I834; 18% 19 3,700 Missouri Pacific trust ct S-lOOj 18 Jan 27, 2078 Jan 12 11% Dec, 31% Feb Oct 39 39 38% 391s 39% 3934 3834 40 3834 38% 2, .500 Do prei trust ctis 100. 38% Feb 4J 41.'!4Jan 12 33% Dec 55% *5 534 Slg 51s 5% 5% 5% 5%' 5% 5% 2,000 Nat Rys of Mex 2d pref 100 414 Jan 5 C% Feb 7 3% Dec' 884 Oct 72 72I4 7212 72I2 7234 75I2 75 77% 74% 7434 6,600 New on Tex & Mex v tC-.lOO 60 Jan 10 77% Feb 17 31 June 65% Oct < 70I2 72 7078 7II4 71% 72 72 72% 71% 72 2,000 New York Central 100 70% Feb 7 74% Jan 12 64% Feb 84I4 ><'ov *45 48 •45 48 48 48 46 49 •46 49 200 N Y Chicago & St Louis-.. 100 46 Jan 8 SO Jan 4 2384 Feb 65 Oct « *56 68 *56 68 •56 68 56 68 •56 68 First preferred 100 50 Apr 73I4 Oct •55 61 •55 61 •55 61 55 61 •66 61 Second preferred 100 41% May 70 Oct 2OI2 2034 I9I4 2OI2 20% 2012 20% 2034 1934 2OI4 8,000 N Y N H & Hartford 100 18% Jan 23% Jan 12 15% Dec 37I4 Sept m 17 17I4 I7I4 I8I4 I714 I8I4 300 N Y Ontario & Western-. -100 10% Feb 1914 Jan 3 16 Feb 27% Oct 03 9912 991^ 99 99 '9912 100"l4 100% 102% 102 10334 10.802 Norfolk & Western 100 98 Jan 10334 Feb IS 84% Jime 105% Nov 83 84I4 8334 8414 83% 84% 8334 84% 83% 84I4 16,500 Northern Pacific 100 81 Jan 88 Jan 28 66-34 June 95% Nov 401r 4OI4 4018 4OI4 40% 40I4 40 40% 40 40% 6,120 Penns.vlvania 50 39% Feb 4134 Jan 12 3778 May 44 Oct o Feb o 16% 17 17 17 17 17% 17% 17% 17% 17% 3,200 Pere Marquette v t c 100 16% Feb 19% Jan 8 14 Dec 32 •53 55 *53 55 •53 55 .53I4 54% 53% 53% 100 Do prior pref v t c 100 53 Jan 57 Jan 20 50 Dec 68 Feb *35 37 •35 37 35 35% 34 40 36 45 400 Do pretvtc-- -100 35 Jan 19 45 Jan 6 37 Dec 57% Oct 29I4 29l!> 29% 29% •29 30 29I4 29% 29% 29% 900 Pittsburgh & West Va 100 28% Feb 4 32 Jan 10 21% Feb 39I4 Oct *68 •68 *69l2 73I2 •69 8434 Sept 74 74 09% 74% 75 1 Do pref -100 17184 Feb 1 75 Jan 17 667g Aug I 77I2 8OI4 75 79I4 75% 77% 74 14 76% 7434 7634 138,700 Reading 50 7414 Feb 17 89% Jan 15 6434 Feb 103 Nov 47I2 48I4 < 60's 51% 53I2 47 45 47 14 145 46% 17.000, Do 1st pref 50 45 Feb 17 55 Feb 7 3278 Mar 61 Oct Q 45I4 33I4 52 14 52I4 47% 53I2 47 48 47 46 47 6,700' Do 2d pref 50 4514 Feb 17 5734 Jan 15 Mar 65% Oct 2U4 211^ 207g 2II4, 21 2134 21% 21% 21% 21% 2,400 St Louis-San Fran tr Ctfs-.IOO 20% Feb 5 24% Jan 10 15I4 Feb 33% Oct o •29 31 •28 31 30 30% 30% 30% 29 31 800 Preferred A trust ctfs 100 29% Feb 4 33I4 Jan 1 23% Jan 48% Oct m 247g 25 25I4 2578' 25I2 26 26 2634 25I4 26 2,900 St Louis Southwestern 100 23)8 Feb 7 30 Jan 13 II Feb 40 Sept 36V8 3678 •36 38 •36 38 37 38I4 37 37 1,700 Do pref 100 36% Feb 1 41 Jan 13 20% May 4934 Oct I *6l4 6I2 *6l4 6I2 *6l4 6I2 6% 6% 6I4 6% 400 Seaboard Air Line 100 6% Jan 3 7 Jan 11 6% Dec 11% Oct *9l2 11 9I2 11 10 IOI2 10 10% IOI4 11 200 Do pref -.100 10 Feb 16 12 Jan 8 8I4 Dec 20% Oct 7812 79 79Is 78I4 78% 78% 79 78% 78% 21,400 Southern Pacific Co 100 78% Feb 18 101 Jan 3 88% Feb 118% Nov 21% 22 2134 22 22 22I4 22 22% 22 22 5,100 Southern Railway lOOi 21% Feb 7 2478 Jan 13 18 Feb 3314 Oct 56I4 57 6684 57 I 57% 57% 57I4 57I4 57 68 1,100 .Do pref 100 5^14 Feb 14 60 Jan 13 50 Feb 66% Oct 2234 23Ir 22I2 23I2 2234 23% 22% 22% 22% 22% 5,600 Texas & Pacific- -- 100 16% Jan 5 21% Feb 10 14 Dec 47 Mar 4OI4 •39I2 •38 39 •38 40'4 111 27 14 June 43 Oct 40 41 I 42 42 42 200 Twin City Rapid Transit- -100 36% Jan 10 Feb 119 11934 119% I2OI2 12034 I2II4 121 121% I2OI4 I2II4 6,000 Union Pacific--- 100 117% Jan 5 122 Jan 10 110 Feb 129% Nov 66% 66I2 •66 67 •66I4 67 6684 6684 67 67 700 Do pref 100 64% Jan 3 67% Jan 20 61% May 69% Jan I *9l2 IOI2 10 1034 1034 12 1134 12 1134 1134 3,900 United Railways Invest... 100 9i4Jan 18 12 Feb 16 7% Aag 15% Oct •2O84 22 22 23I4 23 24I2 24 26 24 24% 2,800 Do pref 100 19% Jan 14 25 Feb 17 14 Aug 32% Oct 7Vs 778 7S4 8 734 1,500 - 100 Jan 12 7 May 13 Oct 8 I 8 8 8 7% Wabash 7% Feb 5 8% 2018 201r 20 20I2 •20 21 20% 2034 20 20% 900, Do pref A-.- -.100 19% Feb 4 2388 Jan 12 17 Dec 34% Oct •13is I5I7 •I3I2 1512 •1334 I5I2 •13% 16% Do pref B -.100 1334 Jan 25 15 Jan 11! 12% Dec 23% Oct IOI4 ""9% "10% "5",966 Sept IOI4 10 10 I 934 10% 9% 10% WestP n Maryland (new) . - 100 934 Feb 6 11% Jan 13 8% Feb 15% 18'2 1834 17% 18 1734 18 1734 1734 1,400 Do 2d pref- 100 17 Jan 27 19% Jan 14 11 July 27% Oct 25 25 25I2 25I2 26 26 26 26I4 26% 26% 1,000 Western Pad ic 100 25 Jan 28 29 Jan 3 20% Feb 40 Sept •68 69 68I2 69 •68I4 70 68 70 68% 69% 400 Do pref 100 67 Feb 4 70% Jan 10 54% Feb 78 Nov I 934 034 934 934' 9I2 934 9I4 9% 9% 9% 800 Wheeling & Lake Erie Ry.lOO 9% Feb 7 11 Jan 13 8 '4 Dec 16 Oct 1534 lOh I5I4 I5I2 I5I2 I6I4 16 16 16 16% 1,400 Do pref - 100 15 Feb 3 19 Jan 13 15 May 28 Oct •32 36 Wisconsin Central 100 32 Feb 1 36 Jan 20 25 May 48 Oct Industrial & Miscellaneous 29 29 30 30 30 30 30 30 29 31 400 Adams Express 100 26% Jan 3 35 Jan 28 22 Dec 42»4 Apr •15t2 I8I2 •I.5I2 ISI2 18% 19 1834 I9I4 19% 19% 1,300 Advance Rumely 100 16 Jan 3 1934 Jan 8 14 Dec 46% Mar •50 52 •50 52 52 52 52% 52% •52% 65 300 Do pref 100 45 Jan 3 52% Feb 171 40 Dec 72 Jan •34I2 38 •34:2 38 •34% 38 34% 38 •34% 38 _ i AJr Reduction, Inc no par 32% Jan 6 40 Jan 12, Jan •36 37 33 Is 36 33 3334 31% 3334 2712 31 18,666 AJax Rubber Inc 50 27% Feb 18 39% Jan 11 24 Dec 8834 1% II4 1'8 1% •1% 1% II4 1% •1% II4 1,100 Alaska Gold Mines 10 78 Jan 14 1% Feb 9 % Dec 2% Mar 1% 1«4 1% 1% 1% 134 1% 1% 1% 1% 3.500 Alaska Juneau Gold Mln'g. 10 1 Jan 3 184 Feb 9; 34 Dec 3 Mar 49% SO 4934 6OI2 4534 4934 47 47% 46% 471.> 30,700 Allied Chem & Dye no par 44% Jan 5 55% Jan 13 43I4 Dec 62% Sept 93 93 90% 92 9OI4 91 90% 90% 1,900 Do pref.-- 100 88 Jan 3 9378 Jan 26, 8478 Dec 92% Nov 35 3512 3534 37 3634 37% 36I4 3734 35% 36% 16,700 Allls-Chalmers Mfg 100 2934 Jan 3 3734 Feb 171 26% Dec 63% Jan 81 81 •78 82 81 81 300 Do pref 100 75% Jan 7 81% Jan 20 67% Dec 92 Jan Jan 54I2 5412 55 55I4 5634 57% "54% s's'is 5434 5434' 2,300 Amer Agricultural Chem.. 100 5334 Jan 24' 65% Jan 6 51 Dec 95 •75 76 76 76 76 76 7534 76 76 76 200 Do pref --100 74% Jan 26 90 Jan 20 79 Dec 96i2 Jan 47I2 4812 49 51 48% 49I4 29 50 48 48 5,000 American Beet Sugar 100 41% Feb 4| 51 Feb 15 3234 Dec 10334 Apr •74 •75 80 •75 80 76 80 75 80 Do pref 100 7478 Jan 5 7478 Jan 5 75 Oct 93 Jan Jan 5434 57I2 55 5612 62% 55% 53 54% 63% 55% "l"l",666 Amer Bosch Magneto.. A''o pir 49% Jan 14 5784 Jan 8 45% Dec 12884 297s 3OI2 30 30% 30% 30% 3OI4 30% 2934 30% 8,200 American Can 100 25 Jan 3 3284 Jan 29 2184 Dec 6134 Jan 8534 8684 86 86I2 86I0 86% 8634 8634 1,300 Do pref 100 77I4 Jan 3 88 Jan 20 7284 Dec 101 Jan 12234 12434 I23I2 124 123% 124% 123% 124% 123 124 4,800 American Car & Foundry. 100 120 Jan 3 127i4Jan 10 111 Dec 147% Apr 113 113 •112 ^112 115 112 115 •112 113 200 Do pref 100 110 Jan 6 II314 Feb U 10584 July 116% Feb 22I4 22I4 5434 Jan 22 22 22 22 I 22 22% 500 American Cotton Oil 100 1934 Jan 3 23% Jan 28 16% Dec •63 66 Do pref 100 6884 Jan 6 64% Jan 10 59% Dec 86 Mai- *6l2 7 7 7 684 7 7 7 684 6% 1,500 Amer Druggists Syndicate. 10 6% Jan 24 884 Jan 11 6% Dec 15% Jan •125 130 •125 135 •125 130 ' I28I4 128% 12534 125.34 300 American Express 100 120 Jan 4 133 Jan 21 96 Feb 175 Mar 912 9% 9% •9 934 9 934 g 9% 400 American Hide & Leather. 100 8I4 Jan 3 11 Jan 8 5 Dec 30% Jan 45" 45% 45% 45% 45I4 45% 45 4534 44% 45 4,800 Do pref 100 40% Feb 2 5314 Jan 11 35 Dec 122 Jan •43% 44 44 44 44 46% 44% 44U 1.600 American Ice 100 42 Jan 25 46% Feb 17 37 Aug 531, Mar '5934 Jan 5934 59 59% •58 60 I 59 60 59% 60 1.200 Do pref 100 57 Jan 8 60 Feb 17 63 Feb 68 45I4 46% 46% 47-34 47I4 48% 47 48%| 46.34 46% 20,800 Amer International Corp.-lOO 38% Jan 5 4934 Jan 11 30% Dec 120% Jan 884 10 8I4 11 IOI4 Jan 7 884 Dec 14U Jan 8% 8% 884 8% 9 9 9 600 Am La France F E Feb ' 55 57 63I4 5634 51 54I4 49 52% 50 50% 9,700 American Linseed 100 49 Jan 3 62% Jan 31 42 Dec 95 Apr I 88 88 200 Do pref 100 86 Jan 12 93 Jan 29 80 Aug 99% Jan '84'34 IO9I4 Apr "8334 8434 86% 8.534 8OI4 85 8RI4 841^ 85 9,700 American Locomotive 100 8II4 Feb 4 S';.3s Feb 15 74 Dec J ue 107 Mar •IO6I2 IO7I4 10')% 107% •106% 107% 106% 107% Do pref 100 100 Jan 4 10i^i"Fcb 11 I 96% J

    I June 8 ""s" 8 8 8 7% 7-34 ""3,666 American S.afety Razjr 25 7% Feb 18 10 Jan 7 6% Dec 17% 81s 7% I —

    ' ' Dec -'an 934 III2 10% 11% 10 IOI4 IOI4 10% 9% IOI4 6.400 m '=!'i p & >m'ii no PI 878 Jan 3 14 Jan 20 7% 30%

    Bid and asked prices: no siles on this diy. t Eit-ri^jhts. i Less tn.m 100 shares, a Ex-div. and rights, x Ex-dlvidend. " 2 1 11 1

    New York Stock Record—Continued— Page 2 727 For sale^i Uurlnii the week of ^toclcti usually laactlve. see mcoad precodlat pafte. PER SHARE PER SHARE BIQH AND LOW SALE PRICE—PER SHARE, NOT PER CENT. Sales STOCKS Raiye ff'tce Jai. I. Range for PrttUtta lor NEW YtJKK STOCK On baits uf lOO-thare lot Year 1920 Saturday Moiutay Tucudau Wednetday Thursday Friday the EXCU.\.NGK

    Fet>. I Feb. 12. Feb. 14. 15. feb. 16. feb. 17. Feb. 18. Week LowttI Highest Loaesl 1 HichMt

    per Shares tc Par per share f per thare $ per share $ per share I $ per share S per share S share Indus, MUcell. (Con.) % t per share t per share t per short •65 •i>5i-> Scciir iiref ser 6 67 I 05 68 67 G7 G7 100 Am Smelt A. 100 63 Jan 11 7 Feb 11 61 Dec 83 Mar 43 43I4 43l< 44 43^8 44 4338 4418 /4iu 42i'> 11,200 Aiiier .SiU'Mlliit; Ac Uellulux-lOO 35 Jan 3 4II2 Feb 10 29I4 Dec 72 Jaa I •82 84 •81 85 •82 85 •82 85 827g 827s 200 1J» pref 100 7514 Jau 3 83 Jan 20 641} Dec IOOI4 Jao 30 30 30 3038 30Ik 303g 3014 3OI4 30% 3038 2.10U Am Steel Ks 9368 9338 9438 93 9334 93*8 94 93 94 5.800 Auierlcaii .Sugur ReftnluK 100 SS Feb 8 96 Jan 19 8218 Dec 142% Apr 101 1021: 102 lO-'U •102 103 102 10212 101 lOllo 1,910 Do pref 100 100 Jan IO7I4 Jan 27| 977g Dec 11834 Jan 80 SO'sI 79I4 80 8014 821 S2 8334 82l2 85I4 16.200 .\miT .Sumiitru Tobacco 100 733* Jan H .I4 Feb 18 65 Dec I0'ii4 Mar 88>s 91 •85 89 9I1» 911 9134 9134 •85 89 200 Do pref 100 831' Jan 9134 Feb 17 79 Dec 105 Apr 997g lOOlgl 100 lOO's 100 100'4 100 IOOI4 100 lOO's 9,200 Aiiier TcU'plioue Fob l/i 97 Jan 17 88I2 Dee 10.'il2 Jan •5i" "94 36 36 •36" "37 •35 37 200 Amer Wrlilog Paper pref. -100 32 Jan 3 3912 Jan 20 28I2 Dec 61% Jan 8'4 8'4 9 91; 9I4 9I4 9 9 •8I2 9 1 ,400 AiiKT Zinc Lead o pref 25 2634 Jan 28 33 Jao 14 2512 Dec 691. Jan 39I2 39I2 39 39l2 3934 3978 391. 397g 3918 3938 9,500 Anai^ouili C ippor MlalQg. 60 337g Jan 3 40is Jan 20 30 Dec 66 12 Apr •24i« 26I4 26I» 261*. 26l» 251g 2518 2618 ' •26 27 500 AssoL'laled Dry UoodS 100 24 Jan 26 28% Jan 13 18 Dec 67 14 Jan •57lj 61 •59" 61 •60 61 61 61 •6OI2 62 100 Do 1st preferred 100 5534 Jao 6 61 Feb 17; 4978 Dec 74% Jan •50 54 52 521 •52 59 •50 55 •52 55 200 Do 2d preferred 100 45 Jan 5 ' 51 Feb 111 38 Dec 7534 Jan 98)4 9894 98l2 981 98 98 400 Aa3oclate 641 149,800 At (Jult 4 \V I S8 Lloe 100 5112 Feb IS 76 Jan 3 71I2 Dec 17612 Jan •41 44 42 42 4218 4218 4012 42 3878 40l8 2,700 Do pref ..100 3812 Jan 4 44i2Jan 7 42 Dec 75 Jan 10 IOI2 10 10 10 10 1,900 Aastln, Nichols 4 Jan 12 8 Dec 24 Mav Do pref 100 61 Jan 6 70 Jan 21 577g Dec 82 June 8912 9278 9078 9238 9038 92 90 9178 8958 905s 80,500 Baldwin Locomotive Wks.lOO 84 Jan 3 94I4 Jan 11 78 Dec 14812 Apr 10014 IOOI4 •98 101 102 102 200 Do pref 100 997g Jan 10 IO214 Jan 25 92 Dec IO2I2 Jan 378 4 4 4 334 4 378 4 334 4 2,400 Betliloliem Motors No par 2>s Jan 4 434 Jao 8 2 Deo 32I2 Apr •53>4 55 5578 5578 •55 57 5538 5578 5318 53I2 2,300 Uetlileliem Steel Corp 100 50i2Jan 22__ 5934 Jao 1 47 Dec 96% May 66% 5754 5738 5838 5758 59 58 ig 5914 57 58 29,420 Do Class B common 100 5334 Jan 22 63ig Jao 11 487g Dec IO2I2 Jan 90 90 •90 91 90 95 lOOl Do pref 100 90 Feb 9 9314 Jao 11 90 UR IO2I4 Feb IO5I2 IO5I2 106 106 IO5I4 10514 '105 IO6I2 '105 10534 2,200 Do cum conv 8% pref-100 99'4 Jan 3 IO712 Jan 15 99I4 Dec 114 Jan 5'8 51s 5'8 5I8 5 S'S •5 512 •5 5I2 700 Booth P'lsberiea No par 4i2Jan 25 534 Jan 27 2»4 Deo 15 Jan •91 98 •91 96 •91 96 •91 97 •86 93 Brjok yn Edison. Inc 100 88 Jan 8 88 Jao 8 82 Deo 96>4 Apr 85 85 85 86 86 865, 8534 8534 86 86 "V,i66 B irn Uos 100 81 14 Jan 91I4 Jan 21 76 Deo 129 Apr 5 5l8 6 5I4 5 5I4 5I8 5I2 5I4 578 5,300 Butte Copper & Zinc v to. 5 43g Jan 6 Jan 8 334 Dec III2 Jan •I7I2 19 19 19 I9I2 1934 300 Butterlek ...100 14I2 Jan 20 Jan 19 10 Dec 26 Jan 13^8 1358 1338 I3I2 isi^ '1312 I312 131 600 Butte & Superior Mlnln!».. 10 lO's Jan 1434 Jan 6 8 Dec 29I4 Jan 1518 I512 I5I4 1534 1534 16 1512 1578 1.558 1558 2.800 Caddo Central Oil & Ref..lOO 1358 Jan 18% Jan 20 9% Dec 28I4 Jan 62l'> 6234 6234 6234 63 63 63 ig 647, •64 6434 2,100 California Packing No par 5912 Jan 64^8 '''eb 17 65I4 Dec 85I2 Jan 395S 41I2 40i8 411 40 40'i8 405g 42 4OI4 41 17,800 California Petroleum 100 25 Jan 12 Feb 17 15% Nov 46 Jan •74 76 7434 7434 •74 7B 75I2 76 •74 76 600 Do pref 100 68I2 Jan 77I2 Jan 31 63 Nov 75I2 Jan 534 534 578 6 6 6I4 6 6I4 578 6l8 7,200 Callahan Zinc-Lead 10 5 Feb 712 Jan 8 4 Dec 20% Jan •6 8 *G 8 •6 7 Ca.se (J I) Plow Wka...No par 6 Jan _ 8I2 Jan 13 5% Deo 1934 June '3912 4"0'2 3938 40^8 3918 3958 3634 3938 3778 4¥,400 Central Leather 100 3612 Fel; 18 4314 Jan 19 3012 Dec 10434 Jan 88 88 87 88 86 8634 80 86 8318 85 3,700 Do pref 100 H') Feb 17 96 Jan 12 80 14 Dec IO8I2 Jan 28i2 2938 29 29 29 2914 I28l2 285s 2834 29 3,200 Ccrro de Pasco Cop No par 27 Jan 3 321' Jan 20 24 14 Deo 01% Jan 73I2 7012 72 72 74 7538 721s 7458 70 72 45,000 Chandler Motor Car. .No par 64 Jan 3 7.5 's Etb 16 59% Dec I6434 Mar •65 70 •65 70 •B5 70 65I2 651'> 200 Chicago Pneumatic Tool. .100 60 Jan 3, 7OI4 Jan 11 60 Nov 11178 Apr "li's 1238 12 1238 121s I2I4 12l8 I2I4 12 1218 8,800 Chile Copper 25 934 Jan 3 12'4 Feb 10 7I4 Nov 21I4 Jan 22U 23 2234 2314 23 23 23 23 2258 23 3,000 Ctilno Copper 5 19^8 Jan 3 23 12 Feb 10 16% Dec 41% Jan 22l'> 2278 22I2 2278 22l'> 2278 2238 2234 2178 22 5,000 Coca Cola No par 19 '4 Jan 3 25 Jan 7 18 Dec 4034 Jan 271J 28 28 2813 28" 2818 2818 2818 •27I2 28 800 Colorado Fuel & Iron 100 27 Jan 5' 3012 Jan 11 22 Dec 4414 Jan 6038 60I'> 6OI4 601? 60'2 601 6018 6OI4 5978 6018 1,800 Columbia Gas & Electric. 100 567g Jan 63 Jan 29 50 May 67 Jan 1034 11 IOI2 11 lOls 1058 834 IOI4 87g 9% 69,700 Columbia GraphophoueATo par 738 Jan i 1234 Jan 8 9 Dee 6512 Jan •60 62 62 62 5634 60 58 58 400 Do pref. 100 50 Jan 62 1 Feb 10 5212 9234 Jan 38" Dec •36 38 •36 •36 38 •36 38 •36 38 Cornputing-Tab-RecordinglOO 35>4 Jan 3812 Jan 19 34 Dec 56 Jan •52 54 •51 53 5U4 52 52 52 52 52 800 Consolidated Cigar No par 5II4 Feh in°i 59 14 Jan 11 5II2 14 14 I Dec 80 Aug •79 80 •77 80 •77 80 •78 80 7834 80 200 Do pref... 100 74 Jan 20 80 Feb 18 70 Dec 897g Aug 7734 7734 7834 7834 7834 7938 79I2 7934 80 81 3.600 Consolidated Gas (NY)... 100 77i2Jan 5 82 Jan 19 7134 Dec 9378 Mar 2OI4 21ig 20^8 20 2038 2OI4 2OI4 2034 2OI4 2OI4 5,600 Consolidated Textile.. A^o par 19 Jan 13- 217gJan 7 16 Dec 46 14 Apr 57 58 •49 5OI4 •5712 59 58 '2 58i2 5734 5734 800 Continental Can, Inc 100 57 Feb Hi 66 Jan 29 52 Dec 98 Apr 94I4 •9414 98 •9414 9812 •94 14 9812 •94I4 9812 Do pref 100 Feb 9 98 Jan 6 9734 June 10234 Jan I's 134 1 "ih 1 II2 1 II4 1 II4 186,500 Continf I Candy Corp. No par 1 Feb 15 5 Jan 7 3% Dec I4I2 Apr 71 7238 7134 7234 7178 7234 7134 73 7OI2 711- 10,800 Corn Products Refining.. .100 65 Jan 5 7312 Jan 20 61 Dee 105 14 Apr •102 lOSU •102 IO312 102 IO310 103 103 103 103 200 Do pref- .-.100 100 Jan 5 IO412 Jan 17 97 Deo 107 Jan 2978 30 2934 30 2934 30 30 30 29I2 29I2 1,300 Cosden & Co No par 2812 Feb 7! 3234 Jan 10 24I2 Dec 43% Apr 93 9Gl2 95 97I4 95I2 9634 94I2 96i2 9338 9434 44,300 Crucible Steel of America. 100 73 Jan 3 IO7I2 Jao 11; 70 Dec 27812 Apr •87I4 89 •87I4 89 •8778 89 89 89 •8778 89 100 Do pref.. 100 8312 Jan 3 91 Jao 17| 8II2 Deo 100 Jan 2334 26 2518 2578 2514 253s 25 2512 24i8 25 16,900 Cuba Cane Sugar No par 21 sPeb 2 2 i Feb 1 I6I2 Dec 59% Apr 66 6738 6714 6734 6718 67I4 66I2 6778 2.700 Do pref 100 6178 Jan 5 677g Feb 1S| 54 Dec 8578 Jan "3134 "3214 297g 32 31 14 32 3134 3258 32 32 15,200 Cuban-American Sugar... 10 27 14 Feb 3 3234 Jao 20 2II2 Dec n605 Apr 1478 I5I2 1538 I6I4 16 I6I2 I5I4 16 I4I2 1538 14,400 Dome Mines. Ltd 10 lO's Jan 3 1 iio Fob 16 9'4 13 Jan i Mav •18 I9I2 •I8I2 19 19 19 19I2 2038 20 20 1,300 Elk Horn Coal Corp 50 17 Jan 25 20% Feb 17 13% Deo 28 Jan 62 62I2 6I34 63 611- 62 6OI4 6II4 5978 6038 5,000 Endlcott-Johnson 50 52 Jan 5 63% Jan 31 47 Deo 147 Jan 95 95 100 Do pref ..100 87 Jan 95 Jan 29 84 Deo 104 Jan 643g 6534 6412 66I2 6434 6514 64l2 6512 63 64 16,900 Famous Players Lasky No par 48 Jan 6812 Feb 15 40 Deo 95 Jan 8234 83l2 83 833a 84 84 1,000 Do preferred (8%) 100 76I4 Jan 81 Feb lo 66 Dec 91% Apr •6 8I2 •6 8I2 *6l2 9 Federal Mining & SmeltinglOO 8 Feb 1 878 Jan 11 5 Dec I6I2 Mar •2634 27 27 27 •26 27 2684 27 2618 27 800 Do pref 100 23 Jan 29i2Jan 28 2II2 Dec 4434 May •80 86 •80 88 8318 84 8318 8318 •82 86 300 Fisher Body Corp No par 79 Jan 90 Jan 11 78 Dec 13478 Mar 1438 147g 1468 147, 1458 1478 145g 1478 I4I4 1458 6,900 Flsk Rubber 25 III2 Jan 15% Jan 11 10 Deo 48 Jan 17 17 17 17 16 16 •I5I2 Freeport Texas par 1334 Jan 20i2Jan Jan "3'^ 17 400 Co No 17 12% Deo 361; 358 334 3 2I4 278 2I2 278 2I2 278 14,400 Gaston W & W. lac. .No par 214 Ftb 16 534 Jan 13 II2 Dec I9I2 Jan 67 6834 68 6958 6938 71 6734 7058 6534 68I2 120.800 G neral Asphalt 100 40<4 Jan 7134 Jan 26 32I2 Deo 43 Deo 105 110 10914 no 106l-> 108 1,200, Do pref 100 80 Jan 112i2Jan 28 7II2 Dec 79 Dec •58' 12 60 5<)l4 GO 18 5934 6II2 62 6I34 62 4,000 General Cigar. Inc 100 54 Jan 62i2Jan 20 51 Jan I Deo 75% •80 85 •80 84 •80 84"- •80 8412 •80 8412 Debenture pref 100 8OI4 Jan 84 Jan 24 7834 Deo 9434 Jao I28I4 I28S4' I28I4 ' 13134 131 13212 131 132 131 131 14 y.ioo' General Electric 100 120i2Jan 10 13212 Feb 16 II6I2 Deo 172 Jan 14ig I4I4 I4I4 1458 14I4 1458 14l8 I4I2 14 I4I4 59.300 General Motois Corp.. No par 13 n Feb 7 I6I4 Jan 11 1234 Deo 42 Mar 71 71 7114 7II4 300 Do pief 100 Z66I2 Jan 10 7 I4 Feb 18 6412 Nov 8934 Jan 66I4 6638' 66I4 6614 66I4 66I4 "66r4 66I4 600 Do Deb stock (6%)... 100 64 Jan 4 70% Jan 13 58% Deo 85I4 Jan 77 77 77 77 78 78 300 Do Deb stock (7%)... 100 73 Jan 5 82 Jan 24 69 Deo 94 Apr 39I8 40 3958 40 3918 40 39 3934 37 39 15,800 Goodrich Co (B F) 100 3558 Jan 3 44i8Jan 11 27 Dec 8578 Jan •82 84 •82 84 •82 8312 83 83 8234 8234 200 Dj pref 100 72 Jan 3 85 Jan 7 70 Dec I02»4 Jan •225g 2318 23 23 23 23 2258 2258 •22 23 500 Granby Cons M S & P 100 20 Jan 5 25 Jan 26 15 Dec 5512 Jan •lUj 13 •III2 13 •111.. 13 Gray Do pref 25i-> Feb ISJ 778 Septi 4514 Jan I 21 23 3,200 100 SijJan 4 •23 24 ^23 25 24 2412 24l.> 24I2 24I2 25 500 Jones Bro.s Tea. Inc 100 14i2Jan 3 2512 Jan 27| 13 Dec 30 Jan 45I2 4612 46I4 4684 4534 47-% 4o5g 47I2 4434 46 13,500 KeMy-Sprlni;ileid Tire 25 40I4 Jan 3 4934 Jan 111 25I2 Dec 1521. Jan •86 91 ^88 94 •88 •87 94 93 I 89 100 Temporary pref 94 Jan 25 75 Dec 105 Jan I 89 8% 100; 847s Jan 12 I9I2 1938 19581 1934 1938 1958 I9I4 igi- 1878 I9I4' 1 1 ,700 Kennecott Copper .Vo par^ 1778 Jan 3 2 1 Jan 7 14% Dec 331. .\pr 14l8 14 14I2 I4I4 1458 1458 I412 I512 1458 1538 21.000 Keystone Tire & Rubber.. 10, 8<4 Jan 3 15i« Feb 17| 534 Deo 4Sl2 Jan 5458 5458 55 5534 5512 5512 5512 5612 5512 55I2 2.500 Lick iwanna Steel lOO' 52 Jan 51 5812 Jan II 45 Dec 91S4 Jan Licledo Gas (St Louis)... 100 40 Jan 3 46I4 Jao 29 35 Aug 57I2 Oct I 2158 2158 I'2l58 2158 21 2112 400 Lee Rubber & Tire .Vo par 171- Jan 14 2218 Fe'> 11 15V Doc 3878 Jan •138 145 ^135 145 *138 145 •HO 145 14212 14212 100 UiwAX & Myers Tobacco. 100 I38I4 Ian 22 146 Jao 28 I27I4 Nov 207 Jan- __ •103 106 •lOS 106 I 10478 10»78 10*78 10478 '103 lO'i 200 Do pref 100 97% Jan 3 1051 2 Feb Si 95 Deo 10978 Jan I

    1718 1718 1710 I7I2 1 171; 1734 1738 18 177s I8I4 9..500 Loew's Incoppirated...Vo par 15 lin 3 IS I iM I412 Dec 36 Apr

    * Bid and asked prices: no sales on this day. { Less than 100 shares, j Ex-rlghts. a Ex dlv. and rights, n Par value S 100. Old stock, i Ex-dlvidend. " 1 '1 1 1 5, . 1 1

    728 New York Stock Record—Concluded—Page 3 For saloH (liirlnit thf w(-ck of Hlocks uhuqIIv Inactive, uec third precvvJlnfl paite. PKH SHARE PER SHAHU SALE Sales Hiaa AND LOW PRICE—PER SHARE, NOT PER CENT. STOCKS Range si ice Jan . 1 Ranae for PraUiu^ /or VKW YORK HTOCK On basts 0/ lOOshare loll Year 1920 Saturday A/on Tttaday Wednesday Thursday Friday the i;.\c;HA.vc;i;

    Feb. 12. 14. Feb. lb. I Feb. 10. FrJ>. 17. Feb. 18. Week Lowest Hiyhest Lawett Hiyhett I

    p«r «/iarc S per thare S $ ver share t per share S per share $ per share Shares Indui. & Mlncell. (Con.) Par % per share . < per share t per share % per share HI- lllo ll<4 1138 III4 ll'i •II III4 11 11 1.400 I^oft Ini-orporHt/Cd No par II Feb 18 12)4 Jan 10 9% Nov 28 Jon 39 40 •38 401. 40 40 •38 10 •38 40 300 U)())Hi-\\ \Wh lUhnull tr clfH. 100 31 Jan 5 42 Jan 31 25 I>ec 70 Jan •901.1 •98I4 •98I4 115 •98ii 115 98 14 115 115 115 IJo 2<1 prcf 101 KM 105 1U5 105 105 'KtO 105 •100 no 2(X) IJo prcf 100 100 Jan 5 107 Feb 3 97 Dec 110% Jail •00 70 •««l4 08 •0014 681. Ma<:kay Cumpanlea 100 .59l2Jan 3 08 Jan 24 56 Dec 0»3j Jan r,7 57 •57 58 •.57 59 57 67 67 "300 Oo pr<.I. 100 57 Jan 10 571. Feb 2 60 I>ec 64% Mar •821. S4 891. 90 80 87 •80 87 80 801; 1 ,350 ManutI HuRar 100 08 Jan 3 HiijFeb 14, 63% Dec 1611. Apr 741. 76 i74 76 76 7612 77 78 •77 79 1.800 May Ucpiiruneut rttorcs-.KW 05i2Jaa 4 78 Jon 12 6.5 I>>c 137% Apr •95 . •94 •95 •95 •95 1>(> prcf __ IWt 95% Oct 107 Jan \r>&h 163 101 1631. lOllg 1027« 161 i"k"4-% 159 IOII2 137,100 Mexican Petroleum 100 1501. Jan 25 167i4Jan 13 148 Au« 222 Jan •90 100 •91 96 91 100 Do pr(f__ 100 94 Jan 11 94 Jan IF 88 Mar 105 Jan 183g 18-18 1834 1834 181; 18% 800 Miami Copper 5 1.534 Jan 3 19% Jan 28 14% Dec 20 Jau I3I4 131. I3I4 131 I3I2 I3I4 1334 2 13% 1334 13% 20,400 Mlfldiir HUiKjH on Corp 10 J 12% Jan IS 15l2Jan 8 10 Aug 713' Jan 30':; 31I.I 3II4 311. 31% 313.1 311 31%; 30% 3034 4.300 MIdviilo .SIx-cl & Ordnance- .60 301. Feb 3 .3.31. Jan 4 28% Dec 62<4 J an •52I2 *h2U 65 55 •.521. 55 53 53 '.52-14 55 100 Montana I'ower 100 63 Jan 3, seujau 11; 47% Dec 69% Jau 92 98Si •93 9812 •93 981. •93 9812 •93 9812 Do pref 100 93 Dec 10084 Jan 1758 17'« 1758 1838 18 18 I7I2 I8I2 17% 1778 3,000 Mont \Vo pref 100 .5514 Jan 4 75 Jan 22 53% Dec 102% Jan 4I1' 3I4 iu S's 31." 3I2 334 3%' 3 3% 14,900 Nat Conduit & Cable. A'o par 3 Feb 18 5 Jan 10, 2 Dec 13 Apr 64l2 633.1 65 64 05 6478 04 14 641. 02 041. 2,200 Nat Iinam"K & Slamp"g...l00 4978 Jan 5 05 Feb 14] 46 Nov 83% Jau 93 95 •93 95 •93 95 93 95 •93 95 Do pref - 100 92 Jan 7 94 Feb 3 88 Nov I02I4 Jan """-400 72 72 •69 75 7 Hi 711) 70 75 71-'i 71-34 National Lead ..100 0984 Jan 3 74 Jan 20 63% Dec 93I4 Apr 104 104 'IO2I2 100 '103 1041" 103 103 • 1011. 106 200 Do pref... 100 100>4 Jan 8 105 Jan 111 100 Dec 110 Jan 1134 11^8 1178 12 1178 12 11% 1178 11% 11% 3.900 Nevada Con.sol Copper 5 97g Jan 3 12 Feb 15, 8 Nov 171? Jan ' •80 85 8334 8434 85 85 510 New York Air Brake 100 7884 Fea 4 85 Feb l«l 66 Dec 117% Jan •22" 26I4 21 2Y *2058 22 22 22 223^ 22 22 600 New York Dock 100 20% Feb 9; Feb 1| I6I4 Dec 48% Jao * 45I4 45-I4 44 1,1 4534 4534 •45 •45 " 441. 50 100 44 Jan 26 Feb Jan 55" " Do preferred 100 15, 36% Dec 61 *63 55 5478 65 •53 55 55 •54 55 300 5412 Feb 5514 Oci I North American Co 100 7| Jan 11 48 May 6I84 !• 37I2 37I2 36 3738 3738 37% 3734 38 371. 37-14 1,100 Nova Scotia Steel & Coal . . 100 31 Jan 5 3-s Feb 17l 20 Dec 77% Jan *I0l2 11 »10l2 " *10l2 11 •1012 11 978 101. 900 Nunnally Co (The) -Vo par 978 Feb 18| 1278 Jan 8' 9 Dec 22% Apr I 3% 31. 312 3I2 338 31. 3% 3% 338 .3% 2,800 Oklahoma Prod & Ret of Am. 3% Jan 3 4 Jan 7l 2% Doc 684 Mar 434 51. 434 434 414 434 100 Ontario Silver Mining 100 414 Jan 3 5i2Jan 31 31. Nov 9% Apr "27i"4 27I4 27 271. 2yi4l 27I4 27I4 27I4 1,300 Orpheum Circuit, Inc 1 26 Jan 29 Jan 13: 23 Nov 2884 S<;pl 1358 1378 1334 14 131. 14 1,000 Otis Steel No par 13 Jan 3 16 Jan 11 12 Dec 4178 Jan I •56' 5018 .5034 501s 501s "sY .50 51 .50 50 700 Owens Bottle 25 47 Jan 7| 54%Jan n i42'8 Dec 66 -Ian *14l2 17 •141. •14 16 14 1418 14 141. 900 Pacific Development 1.334 Jan 3 1934 Jan 8 1084 Dec 78 Jan 48 48 4758 477s' 47I2 477s 47I2 477g *47 471. 800 Pacific Ga.s & Klectric 100 4014 Jan 19, 48% Jan 10 41% May, 61% Jan 3158 3234 3038 3158 301 3138 31% 3234! 32 32I2 15,300 Pacific on... 3OI4 Feb 10 41% Jan 4; 35 Dec 41^8 Dot 77I2 76 77 7658 7758 7034 7684 79% 7018 77I2 43,500 Pan-Am Pet & Trans 50 71i2Jan 6 7 >% Feb 17i 69% Dec 110% Apr 69 691. 70 7012 6958 7034 7OI4 7134 O9I2 70 3,000 Do Class B 50 66 Feb 4 7184 Jan 12 64% Dec 1III4 -\pr 12 125s 1238 121. 12 121. 12 121.1 1178 121s 5,.5O0 Penn-Seaboard Si'l vtc -Vo par 9 Jan 3 17 Jan 171 6I4 Dec 36% Apr 38I4 38I4 39I8 39 14 38 381. 381s 3812 38% 3912 3,000 People's G L & C (Chic).. 100 .33% Jan 3, 40 Feb 11 27 Aug 45 Oct 33 33I4 33I8 33I2 33% 341 3378 34I4 3384 33-14 2,800 Philadelphia Co (Plttsb)....50 32 Jan 16 35% Jan 11 30% Dec 42% Jan 26I4 26I4 26% 263s 2612 2034 500 Phillips Petroleum No par 26 Feb 9| 31% Jan 8, 26»4 Dec 44% July 24I2 26«. 261. 26I4 271. 27I4 2512 2618 2778 2534 20,600 Plerce-Arrow M Car A'o par . 1934 Jan 31 2778 Feb IT 15 Dec 82'8 Jan no pref 100 68 Jan 3' SOUJan 20 59 Dec 108% Jan 101. 107g 1034 11 1034 11 1034 1034 105s 1084 2.200 Pierce Oil Corporation 25 IOI4 Jan 3] IHsJan 8 9 Dec 23I4 Jan 761. 7612 7612 761. 76 761; 751. 76 75 76 500 Do pref 100 7478 Jan 4 78 Jan 7 72 Dec 98 Jan 6OI4 6OI2 60 60 581. 6OI4 OOI4 6OI2 60 61 1,900 Pittsburgh c;oal of Pa 100 57 Jan 13 6278 Jan 26 51% Feb 72% Sept *86 86I2 86 86I4 86I4 76ii S6I2 861. 86% 86% 500 Do pref 100 8278 Jan 8 88% Jan 19 83 Dec 91% Jan I3I2 131. *13 I3I2 I3I2 I312 *13 14 13 13 300 Pond Creek Coal 10 12% Jan 18: 14% Jan 24 12 Dec 27% Jan 95I4 92I4 8II4 9378 94 , 96 rt2 94 9234 2,800 Pres.sed Steel Car ..100 Jan 5 96 Jan 24 72 Dec 11384 Apr 95I2 96 200 Do pref 100 9,1. Feb 16 104 Jan 24 90% Dec 104% Feb Public Serv Corp of N J... 100 54 Jan 15 62 Feb 5 52 Dec 68 Jan IO6I4 108 10684 IO7I4 107 1077g 107 1071. 2,800 Pullman Company 100 105 Feb 41 11058 Jan 21 95% Deo 124 Mar < 48 505s 501. oU. 491. 51 49I2 5034 49 491. 10,200 Punta Aleere Sugar 50 4338 Feb 8 51% Jan 11 40 Dec 120 Apr Q 3538 36 13358 341. 3334 34 Is 34 3418 34 34I4 9,500 Pure Oil (The) k 25 34I4 Feb 4 36I4 Jan 8 297$ Dec 6078 Jau W 8478 85 87 87 14 87 87 500 Hallway Steel Spring 100 82 Jan 87% Jan 24 73 Dec l06% Apr •104 107 104 108 «104is 108 106 106 100 Do pref 100 100 Jan 106 Jan 12 92% May 107 Nov 1358 14 I4I4 .Ian 14 ] 1334 14 137s 1334 1358 137s 4,700 Ray Consolidated Copper. .10 11% Jan 14% Jan 5 10 Nov 2284 •32 36 32 36 •3414 .361. 3512 36 35 35 1,200 Remington Typewriter vtc 100 26 Jan 37% Jan 20 24% Dec! 94 Jan

    *30 35 ' 3II2 32 14 *31 3134 32 14 32 14 *31 33 800 Rcplogle Steel A'o par 31 Feb 8 39% Jan 12 30 Dec 931. July 8 6534 661. 66i8 67l2 6634 673s 6738 69 67 68% 20,900 Republic; Iron & Steel 100 60% Jan 3 73i4Jan 13 .55I4 Dec 12434 Jan *94 95 *94 95 *94 95 »94 95 95 96 200 Do pref 100 89% Jan 96 Feb IS 84 Dec 10634 Jan 2II2 O 217g 22 23 23 2338 221. 23 2.600 Republic Motor Truck. A'^o par 18 Jan 5 24% Jan 25 16% Dec 553i Jan 6OI2 62 62 63 61 6178 6134 63I4 611. 0314 Feo 7 Jan II Maj' O I 19,000 Royal Dutch Co (N Y shares) 56% 69% 49% Dec 123% J St Joseph Lead 10 1184 Feb 10 13 Jan 12 10 Dec 1778 Apr 4I2 434 5 5!l 5 5I2 5I4 5I4 5 51. 2,300 San Cecilia Sugar v t cA^o par 384 Feb 3 5% Feb I'i 2% Dec 25I4 June •18 19 *17 19 *17 19 *17 19 *18l2 191. -- -J Savage Arms Corp 100 1178 Jan 3 2338 Jan 11 9 Dec 83% Apr 478 5 478 47s 478 5I8 5 5% 5 5I4 2,100 Saxon Motor Car Corp.ATo par' 278 Jan 3 538 Jan 8 2% Dec 21% Jan 86 87 87% 8834 88I4 891. 89 90 86% 881? 12,600 Sears, Roebuck & Co 100 S334 Feb 2 9834 Jan 3 85% Dec 243 Apr Q 171. 1734 •171. 181? 171. 18 1734 18 17% 171. 1,500 Seneca Copper No par 17 Jan 3 2084Jan 17 14I4 Oct 23% Nov 46I4 41 417r *41 423s 4134 4134 411s 42 14 4088 40-% 1,100 Shell Transp & Trading.. .£2 3834 Feb 7 Jan 20 33% Dec 90% Jan o 24 2478 2378 241. 23% 24 2334 24I4 2334 24I4 35,300 Sinclair Cons Oil Corp_A''o par 22% Feb 4 25% Jan 11 20 D«c 4884 Jan a 51 511? 52 52 *50 53 501. 52 5034 5034 1,000 Sloss-Sheffield Steel & Iron 100 50 Feb 4 56 Jan 11 43 Dec 82% Jan 94I4 •76 88 •76 88 *76 88 76 88 76 88 . I Do preferred 100 75 Dec Apr 15212 I52I2 15258 1525s 153 1.53 I.52I2 153 •152 156 800 Standard Oil of N J 25 I52I4 Feb 3 167% Jan 13 Cl42% Dec C2I21. Mar 1087s 10878 108 1085s 108% 108% 10858 109 10884 109 420 Do pref non voting 100 105% Jan 3 110 Jan 20 100% June 113% Mar 8OI4 801. 80 ^0 *S0 82 80 80 80 80 600 Steel & Tube of Am pref- - _ 100 80 Jan II 82 Feb 7 77 Dec 91% June 35 3534 33 34I2 33 333, .3312 331. 33 34 3,700 Stewart Warn Sp Corp. A'o par 27 Jan 3 37 Jan 24 24% Dec 51% Mar *36l2 40 37% 39 37I2 39% 38 39I4 37% 38 3,300 Stromberg-Carburet -Vo pari 31% Jan 3 4284 Jan 7 22% Dec 118% Apr 50 581s 57% 59 58% 61 60 6238 59% 6188 99,600 Studebaker Corp (The). -.100 43% Jan 3 fl'%Feb 17 373i4 Dec 126% Apr •86 95 •87 95 *88 95 "9" 88 95 Do pref 100 83 Jan 5 94% Jan 25 76 Dec 101% Jan 85s 86x 8% 8^8 884 878 "*8% 8I2 834 400 Submarine Boat No par 81' Feb 5 10% Jan 7 8I4 Dec 14 Oct 9 914 9 914 9'4 9I4 9 9% 8% 9 4,100 Superior Oil A'o par 878 Feb 11 ISUJan 11 11% Dec 20% Sept 4118 42 41 41 42 42 42 -12 700 Superior Steel Corp'n 100 41 Feb 15 48 Jan 13 41 Feb 60 Apr 81. 8I2 8I2 85s 8I2 81. 8I2 8% 8% 8% 1,500 Tenn Copp & C tr ctfs.A'o par 7% Jan 3 9i4Jan 20 6% Dec 13% Mar 4234 43I4 43 4334 43% 437s 43% 44 4312 43% 18,300 Texas Company (The) 25 42 Feb 4 45 Jan 10 40 Dec c5734 Jan 281s 3II4 27 28Vs 27% 29% 28I4 29% 271s 28I4 54,500 Texas Pacific Coal & Oil... 10 2684 Jan 3 3678 Jan 21 22 Dec 53% July 1034 1034 1078 HI? 111. 1134 11 11 101. 1184 1.400 Times Sq Auto Supply. A'o par 9% Jan 3 12 Jan 10 678 Dec 34% Jul.v 531. 543s 55 55 55 56 55 57 53 56 11,000 Tobacco Products Corp 100 51% Jan 3 57-i4Jan 20 46 Dec 95% Jan *88 91 *88 91 *88 91 *S8 91 •85 91 Do pref 100 81i4Jan 6 91 Jan 13 80 Dec 106 Jan 9 9I4 9 9I4 9 9I4 9 9I4 9 9 "i",836 Transcontinental Oil-.^Vo par 7I4 Jan 3 12% Jan 10 5% Dec, 8884. Jan 401s 4012 401. 41 3978 401s 40 40I2 3984 3934 2,300 Transue & Williams .St. A'o par 39 Jan 43 Feb 9 3478 Dec 66% Jan 72 721? 73 73 500 Union B.ig & Paper Corp. .100 08 Jan 3 75 Jan 13 6I84 Dec 127 .\pr 22 22 1« 22 22I4 217g 22 2178 221s "21% '2"l"78 5,400 Union Oil A'^o par 20% Jan 3 2434 Jan 6 19% Dec, 38 Jao 3234 32Vs 32 14 321. •32I4 33 321-' 33 32-14 3284 500 United .-^lloy Steel A'o par 31 Jan 3 34 Jan 4 27% Dec 53 Jan Oct 10518 1077s 1061. 107=8 107 IO8I4 106 14 IO8I4 1061s 1071s 9,700, Unted Fruit 100 1101% Jan 17 207 Jan 7, 176 Feb 22478 .56I4 o57s 561. 56 14 5634 6684 58 587s 55Is 5678 33.200 United Retail Stores No par 51% Jan 3 5S% Ftb 17 45% Dec; 96% Jan Jan 1258 1258 I2I2 I2I2 I2I2 1234 1284 1434 13 131. 2,800, U S Cast I Pipe& Fdy 100 11% Jan 3 1484 Feb 17 10% Nov 25% 45I4 45-34 45'2 4534 1,.500| Do pref 100 39I4 Jan 3 46% Jan 28 38 Dec 55I4 Apr 6 6 *5 6l2 6I2 65g *5 61. 5 084 .500: U S Kxpress 100 6 Feb 14 7 Jan 13 5h Dec 37% Apr Jan 22% 23% 23 12 237s 2334 25 24 2475 23% 241. 8,100 U S Food Products Corp.. 100 20% Jan 3 27i4Jan 19 15 Dec 78% 68I4 69 69 69I2 69 7084 0978 72 091. 70 13,200 U S Industrial -\lcohol 100 64% Jan 3 72 Feb 17 56% Dec 116% Jan" 9514 Jan 3 97 Jan li, 90 10334 Jan '46" 100 Do pref 100 92% Aug 46% •45 49 47% 47% 46 48 46 49 700 U S Realty & Improvement 100 41% Jan 3 5184 Jan 19' 3578 Nov 6934 Apr 69I4 70% 70 7078 70% 7178 7OI4 71% 6878 70% 33,300 United States Rubber 100 62% Jan 3 72% Jan 20 53 Dec 1433j Jan 103 103 1027g 10278 a 0234 103 •10284 1021. 10284 pref 101 Jan 3 10378 Jan 4; Dec 116% Jan 103 610 Do 1st 100 95% " 3384 3334 34 34I2 3412 34% 331. 3384 1,100 U S Smelting Ref & M 50 33 Jan 10 35% Jan 27| 29% Dec 76 Jan 43% 4358 100 Do pref 50 42 Jan 20 441. Jan 3; 39% Dec 473s Mar 8212 8334 83% 845s 84% 8478 8312 85 83% 83% 105,000 United States Steel Corp. .100 80% Jan 3 85 Feb 171 76% Dec 109 Jan 110 1101. 110% 110-54 111 111 1107s 110% 11084 111 1,700 Do pref 100 107 Jan 3 112 Jan 27 104% Dec J 1534 Jan 56% 56 551. 557s 55I2 56 55I4 357g 55 55I4 12,700 Utah Copper .10 4884 Jan 3 59% Jan 19 44% Dec 8O84 Jan •884 10 9 9 *9 IOI4 9 9 •81. 9 200 Utah Securities v t c 100 9 Jan 4 10 Jan 11 7 Aug 14 Oct Apr 3534 3634 3618 371.1 361. 37% 3658 3734 36-34 37 14 7,200 Vanadium Corp Nopar 32% Jan 5 41 Jan 11 28% Dec 97 •37I4 Feb 17 Jan 11 2434 Dec 80% Apr 38 38 38% 3812 3812 3.3% 38% 34% 36 8,100 Virginia-Carolina Chem 100 33% 42% I — Jan •99 101 991. 1001. 99% 99% •99% IOOI2 991s 99% 300 Do pref -.100 95% Jan 8 10284 Jan 18 8884 Dec 112% •88 94 Virginia Iron C & C 100 84 Jan 95 Jan 25 76 Feb 120% Sept 6S4 7I4 678 71s 684 7 6% 7 684 684 3,200 V Vivaudou No par 6I4 Feb SUJan 13 5«4 Dec 21 June •6158 66 61% 01% 65 05 61 65 •61 05 300 Well.= Fargo Express 00 49% Jan 72 Jan 20 46?4 Nov 76 Mar 87 87% 8734 88% 87 871. 861. s^h 1,900 Western Union Telegraph. 100 84 Jan 88% Feb 15 80% July 92% Oct •93' 90" Jan •93 96 Westinghouse .-Ur Brake 50 93 Jan 967s Jan 14 89% Nov 119 45" Jan "44% 45 4534 4534 46 40 468s 45% 4014 7,300 Westinghouse Elec & Mfg.. 50 4284 Jan 46% Feb 17 40 Dec 55% 3804 39 39 40 39I2 42 41 41% 40 41 5,800 White Motor 50 35% Jan 42 Feb 16 30% Dec 09% Mar Oct 141. 141. 1434 15 14% 15 1434 15 141. 141; 3,200 White Oil Corporation -A'o par 14% Feb 7 17% Jan 8 13% Dec 25% •15 IS 1684 17 16 I7I4 •17 18 700 Wickwire Spencer Steel 5 16 Feb 17 IS%Jan 11 19 Nov 32% Sept ""734 "7% 7% 8 734 8 734 8% 755 77$ 12,300 Wlilys-Overl.ind (The) 25 5I4 Jan 3 9 Jan 8 5% Dec 32 Jan Jan *34 37 *34l2 37 37 371 34 371. 35 35 800 Do pref (.neu-) 100 30 Jan 3 40 Jan 26 Dec 93 Jan *42 45 •42 45 •42 45 431. 4384 •431. 45 200 Wilson Co, Inc, v t c.A'o par] 3884 Jan 14 47 Jan 3478 Dec 82% & Apr II2I4 II2I4 •11184 1121; •11134 II2I2 II2I4 112% IUI4 112 600 Woolworth (F W) 100, 10984 Jan 24 113% Jan 4 100 June 145 Jau •112 *112 112 112 "HO --. •112 .-- 100 Do pref 100 108 Jan IS HI Feb 2 W)2 Dec 116 *48l4 5OI2 Jan 19 Dec 95 Jan 50 I 491. 5T 5034 50 50 48% 49 2,800 Worthington P & v t c.lOO 43 Jan 3 52% 35% M Jan •80 82 81 81 •78 82 •80 82 §80 80 115 Do pref 100 71 Jan 7 81 Feb 11 73 Dec 9384 I A Jan • 6334 65 •631. 66 •65 66 •65 66 65 65 100 Do pref B 100 61 Jan 8 65 Jan 26 53% Dec 76 JiOO. • Bid and aaked prices; no sales on tbla day. I Lesa than 100 shares. : Es-rlghts. a E-^c-div. and rights, i Es-dlv. c Reduced to baaJe oiwe par. • Par — ——— 11 2 1 '1 1 '

    New York Stock Exchange BOND Record, Friday, Weekly and Yearly ^29 Jan. I 1909 the Uzehange method of guotlng bonds trot changed and price* are nou>—"and interest" —eicepi for income and dt/antted ttoruU.

    BONDS Price Week's Range BONOS g j Price Week's Hanoe Frtdasi Range or Since N. Y. STOCK E.XCHANOE maau Ranye or aiitce N. Y. STOCK EXCHANGK *^^ 11 Week endlog Keb. 18 Feb. 18 Last Sale Jan. 1 Week ending Feb. 18 Feb. 18 Loti 8aU * Jtm.l 1

    U. S. Ciivernr.tent. BUI Ask Low High .Vo. iotr Iflgft Bid Aak Ijuw Hlth No. Late Bifh First Liberty Lo.ui Canadian North deb a f 78.. 1940 1 u 101 14 Sale 100'4 1011. 176 9y7x ion* iSSli 58.38 J D .•n57o of 19S2 10(7 91.30 Sale 91.01 yi.3i 90.80 93.50 far Clinch A- Ohio Ist 30-jT 74 75 7414 Feb'21 74'4 76 •<,., 1 Conv 4% of 1932 1947 87, >0 Bale 87.39 87.50 9 21 :^s 5(1 (.'unlrul uf Ga Ist gold &8 j;1945 A 87% 95 95 Fcb21 1 04% 95% .M 1 Conv4>i% of l»32 1947 87.48 Sale 86.00 87.53 •13S H") 4(1 SS 1)0 Counul gold 58 ..1945 N S47(| 86 Feh'31 84 89 2d conv iyi% of 1932 1947... 98.50 97.00 100.00 30 l<)7.26 100 10 yr temp 8e<'ur 68 June,. 1929 8512 h't 851; 85'2 i 86% 01 Second IJberly Imum— Chatt Dlv piu- uioiii-y g 4H.1951 J b 65 711} 6« Dec'20 ( 4% of 1927 1912 M N 86.30 86.60 S6.70 87.50 31 S5.34 SS SO Mac i N'or Dlv Ut g 58. 1940 J J 8314 90 May' 18 1 Sli.tiO 4970 Gii 1947 J J Conv 4 >i % of 1927 I W2. M N 86 92 Sale 87.10 H5 ;iO 88 40 Mid & Atl Dlv 5s 82% 97% June'17 ,| Third IJberly Ixiuu .Moblh? Dlv 1st g 58 1940 J J 83 82 Dec'20 ,j of 1028. _-- M S 00 IH) Side 89.95 90.26 3'i31 88.00 11 14 f'ent RR A: B of t;a coll K 5s. 1937 M .\ 82 831.-. 81 81 a ioii 'ii 4\i':;. J J Fourth I.ibtrty I-oiiD C4?nt of .V J gen gold 6s 1987 971" Sil.f 97". »9 '2, 94 100 J >.i '.»8l2 ' 4'^% of 1933 19118 - \ O 87 12 Siile 86.92 87. 21 7971 85.34 88.60 Registered // 1 987 96 96 Fe'3l 96 971. 1 J 9!(1.. Victory Liberty l»an Am Dock A Imp gu .58 1921 99 99 99 ^,1 09 90% S l| * iH% Notes of 1922 1923 1) 97 12 Sale 97.22 97.42 92H01 95.56 97.42 N \ A: Long Br gen g 48... 194 M 81 ... IOOI2 Jan'18 J .1 '84 iH% Notea or l9-£i 1923 1) 97 :ts Sale 'J7 22 97.10 955; 95.80 .•7.40 Chcsa & O fund & Impl 58... 1929 K2% 81 SI a 79" 2s cousol roxlstered « 01 03% 1 28 cousol ooupoo (il93(i J 991" 100 I00i« June'20 RcKlsU'red 1939 M N 78% June'20 S 4s registered 102;' F 103 4 lOl': 105 July'20 General gold 4 'is 1992 M 75I2 Sill- 75 77 ^ 73% 77% i M S 4h coupon.: 1925 F 103 'i 103'4 l()33t i02'2 103»4 Re','lst(?red 1992 86 Mar- 17 1' 1- A Pan Canal IO-30-yr 2b tl»3B 98 14 Mar' 19 20 year Convertible 4W8-.1930 7.';i2Sale 7514 78 3B 73% 78 A <) Pan Canal 10 30-yr 28 reg. -l9:tH i N 99 July' 18 30-year cjonv seciu-ed 58 1946 81% Sale 81% 82's IW 81% 86 79i,j J U Panama Canal 3a g 1 96 QM 79 81 Apr'20 Big Sandy Ist 48 1944 69% 84 6334 July'20 J 1> RCKUtered... _ 1961 li M 79 81 871- Mar'20 Coal River Ry 1st gu 4s... 1945 6618 65 Jan'21 1 6.5 66 Craig \ulley ist g 58 1940 I J 74I8 73 Jan'2I j 73 73 Foreign Covernmant. Pott8 CYeek Br 1st 48 1946 J J 8II4 69 June' 19 Argentine lotetnal 5« of 1999... M S 70 711- 7II4 71 14 Ii7 R & A Dlv Ist con g 4b... 1989 J J 72I2 80 70 70 - 70 727* 915 Sale HO J .1 Belglum 25-yr ext s f 7H 9 K-1945 J I) 96 97 95>i 99 2d consol gold 4s 1989 75 72 Nov'20 90i-> 43I M N ^.i-year 0% Botes Jan 192.S 90'.i Sale 9II2 87 93 Greenbrier Ry 1st gu g 48.1940 65 88% Sepfie .... Sale 98l2 2K3l IVI s 20-vear s f 8a.. _ 1941 F A 9SiK 9114 981" 100% Warm Springs V 1st g 5s.. 1941 72% 113 Feb'15 911- Sale 91I2 20' A 44I4 Berne (City nO ^ I 8b .1945 M N 951 9278 971 Chlc& Alton RRrcf g38 1949 4414 Sale 44 14 ,7 44% 46' 12 J J Bordeaux (City 15 yr (58-19:!' M N 7 il" S ..c 7fil2 78^8 761.. 84 1^ Rallwau Ist lien 3>is 1950 3712 Sale 36% 37I2 .36% 39^8 oO 41i 1^1 Chine < (Hukniini? Ry) 53 of 191 J 1> : 401; 41 41 411 40s 4 5's Chic B 1 & Q — 24I J J Chrlstlanla (aty) s f 8s 1945 \ O 95 Sale 9434 9'> 9IS4 98 Illinois Dlv 3!^s 1949 71% 717s 71% 72 I^ 7OI4 7634 J J Oopenha«cn 25 yr s f 5K8..1944 I J 7311 Sale 73 74 3;»| 73 7534 Illinois Div 48 1949 82% S.ile 82% 82% 1 7934 82% 1'.'04. SI 79I2 Cuba— Ertarnal debt 58 of M S 80 79 Feb 21 1 t Joint bonds. See Great North Kx-ter dt of 5s 1914 ser A.194'l F A 77I2 81 Dec'20 1 Nebraska Extension 48 1927 M N 8914 90 89% Jan'21 1 88 80«4 Kxternal loan 4!^8 ..1949 K A '(54l« 6538 64 65I4 ^1 63 651 Registered 1 927 9078 Oct' 19 Sale 130! IW S 801" Ueniiiark oxuraal s t Ss 194 OS 98 9S1» 98 100 General 48 1 958 S.ilv 801. S2 27 Ji ii Sale 1291 J J 31 Sile Uaoish Municl|>al Ss A 194 i 98 9712 98 1| 971r 9SM Chic & E 111 ref A- Imp 48 g..l955 31 31% « Con 54I 31 35% S«rlMB 194(5 9S Bale 9S 9Sl8 9712 9HI4 U 8 Mtg & Tr Co CIS of dep 30I4 32 28% 31 ' A 28% 34 Domini iin Ji p .n (I'lis, 5 '58 78 Sile 77 78 9fi| 70''H 78% Ist consol gold 6s 193C 95 95% »5 95 - 94% 95% I^ominion of (Canada g Sa 1921 A C) 993s Sale 99I8 99% 9878 993.1 funeral consol ist 58 1937 MN 82I2 8 Us 84 F1 87% 93'8 ChicA IndC Ry Ist 58 1936 32 Mar' 17 J J I'rench M S 981^ Sale 981* 99 57 4 lOU.i Chicago Great West 1st 48... 1 959 5112 Sale 51 52 KepuUtle 35-yrext 83-194S 97% S ^ 50 64 S2is S ,li' 13 M 97 Italy (Kingdom of) Ser A 6!4s.'25 F A 821s 83 81 85 Chic Ind & Loulsv— Ref 6s.. 1947 Sue 97 97 ^,, 96% 98 145 1 J Japanese Govt—£ loan 4 Vis. 1925 F A : 821:; Sale 8178 83 75% 83 Refunding gold Ss 1947 8OI2 9OI2 81 FeV21 81% 81% J J ' " - Second series 4Hs 1925 J J t 82 Sale 82 8234 244 75I8 8234 Rerundin? 4s Series C 1946 6712 68 M3r'20 ..1

    J J 1 do do "Oennoa stamp". 76 Jan'20 ' Ind & Loulsv l8t gu 48 1956 68 63 May' 19 "64' J J Sterling I*ao 4a 1931 J J t 63 Sale 62 64 Wi 56 Chic Ind & Sou 50-yr 4s 1956 79 71% Jan'21 1 71% 71% J J Lyons (City oO 15-yr ia 1934 M N 707s 7778 78 78 4 7612 84-3i Chic L S & East 1st 4M;s..-1969 73% 73% Dec'2» '•> J D Marseilles (City oO 15-yr »s.l934 M N 7fi7« Sale 7678 78 761" 84 Ch M & St P gen g 4s ser A.«1989 69 Sale 68% 69% i* 67 71'% J J 1 J 4K Sale 4612 2.38 Mexico—Extcr loan £ Ss of 1899 Q 4884 40 483.J Registered el989 92% Feb' 16 — -,l 51 Q J '58'l2 Gold debt 48 rt 19«4 1954 J D 3.-i2Sale 3 438 3i 29 3:5 Gen'l gold 3 '-^s Ser B cl989 'aOh 60 Jan'2I ----' 60 60 99I2 41 ) J Sil.- Norway exteraal 8 f 8s 1940 V O 993i Sale 100 9934 IOOI4 General 4Hs Series C fl989 7712 77 77I2 '" 75% 7934 1 J 175 '<>'' Paris (City oO 5-year 63 1921 A O 9>>!j Sale 9SI4 96 14 94 9634 Gen & ref Ser Ai'XiB a2014 60% Sale 60% 61 14 60 65 \ ' Switzerland wf) s f J J IO214 Sale 102 10:34 64] 1041,1 Gen ret conv Ser B Ss a2014 69l2 Si 6914 69% (G»vt 88 1940 102 F A J} 68% 72% Tokyo City 5s iMn of 1912 M S .54 S.iie 5318 54 36 43 54 Convertible 4^8 1932 68 Sale 6S 69% ''> 6732 72 J D U K of Gt Brit & Ireland — Permanent 4s 1925 76I4 Sale 76% 76l2 '4 J D 75% 78»4 5-year aates 1921 M N 99^8 Sale 9912 99% 388 97% 99% 25-ye:u' debenture 4s 1934 6OI2 62 60% 62 1' 5yj% J J 60% O884 20-year gold l>«»d F A Si Sale 8512 86 15tt| 871) Chic & L Sup Dlv g Ss 1921 98 98% 98 Jan'21 5J48..1937 83% 1 J J 9734 98 10-year conv 1929 F A 883-1 Sale 88I2 89 17S| 86 893,, Chic & Mo Rlv Dlv Ss 1926 85 911" 93I4 Feb'20 SHs- J J 3-year conv F A !>«! Sale 9ll2 i8 (Corporate stock 1966 A O 86I2 --- 88 Jun'21 88 88 General gold 'S>4a ...1987 66% 66% 65% 6678 2 65% 69 92 M N 4H8 Corporate stock July 1967i-. 93 9212 Feb'21 92 931s Registered -- pl987 F 68 Jan'21 ---- 68 68 stock 1965 J D 92 93 9114 Feb'21 921" General 4s 1987 J 75% Stie 75 4 4J^ Corporate 91U \1 N 75% 74% 78 Corporate stock 1963 «I S 92 9434 91 91 2 91 94 Stamped 4s 1987 75 7 W4 7434 4 4H8 VI N 7434 7734 Corp«rate stock 1959 M N' 83=8 Sile 8312 8134 81 General 5s stamped 1987 9134 93 93 93% 3 I 83% 4% ^1 M N 9U2 96 stock 1958 M N 83 84 83 Feb' 21 84I4 Sinking fund 1879-1929 99I2 Jan'21 4% Corpo-ato 12 841s 6s \ 99% 99% 99% N' 83i2 8414' 12 -1879-1929 9yi2 V< 4% Corporate stock 1957 M 831s 83 '2 83's S4U Registered.- \ 9S% 21 97 98% 80 83 921" ' 4% Corporate stock reg...l956 M N I 8312 Jan 21 8312 831? Sinking fundSs 1879-1929 \ 89% Dec'20 93I2 3 New 4^8 1957 M N 92 91 9118 91 931s Registered 1879-1929 \ 99 94% Feb'20 : (Corporate stock_-.1957 IVI N 92 S.ile 92 92 4 93 Debenture 5s 1921 99% 99I4 Feb-21 4H% I 9034 12 A 99% 99% 954 M N' 7734 74 Fe'i'21 Registered 1921 98 90 3Hi% Corporate stock. ..1 74 74 \ . 98 Mar' 19 N Y State—43.- 1961 M S 90 Dec'20 IIII Sinking fund deb Ss 1933 90 Sale 9') 90 '^ >I N , 87% 91% Canal Improveinent 43 1961 J J 89 Sept'20 Registered 1933 Nov'20 yi N 90% Canal Improvement 4a 1962 J J 91 June'20 10-year secured 7sg 1930 103 Sale 10234 103% ,46 1 D loih 1041? J J 90 • • I 99I4 9OI4 t;anal Improvement 4s 1960 93 July'20 15-y v sec 1 6 ^^'g 195 M S Sale 9t% 151, 99% 993t Canal Improvement 4)^8-.19S4 J J 101 Nov'20 Dos Plalnes V.al 1st gu 4Hs--'47 73 101% Oct'16 IVI s Canal Improvement 4!^3-.1965 J J 99 Mar'20 Frem Elk & Mo V 1st 63- -1933 \ 102 103 10.' 102 10 161 162% S 102 68 Highway Improv't 4Hi3..l963|M "97" May'20 Man G B & N W 1st 3HS-1941 J J 62 Nov'20 Highway Improv't 4!4s..l965,M S "II 95 July'20 Mllw & S L Ist gu 3HS..-1941 6S 'i 1 J 99I2 1 Virginia funded debt 2-33... 1991 J J 7114 Oct'20 Mil L S & West 1st g 63. .-1921 m s 99% Jan'21 99% 9934 58 deferred Brown Hro9 ctfs. 7512 Dec'20 Ext & imp s f gold 5S...1929 F \ 93% 98 9978 Apr'20 Ashland Dlv 1st g 6s. -.1925 97I2 100 Sept'19 ! IVI s Railroad. Mich Div 1st gold 6s.- -1924 9914 99I4 !• 21 ,1 J 99% 99% Ann Harbor 1st g 43 tlOOO Q J 51 58 51l2 Fe'>'21 5? Mil Spar 1st gu 4s-1947 77% 78% 787g I 50 & N Jan'21 W ,! IVI 8 74 78% 144 • Atch Top S Gen g 48 . . 1995 A O 7S Sale 771-' 78 St L Peo & Isl gu 53-1948 90 90 '21 & Fe— ' 75% 79U N W I J Fe 87 90 RegUtered 1995 A O SO 76 771, Chic I 1988 71 Salo 71 Feb21 76 R & P—Ru gen 4s J J 71% 7 , 70 73% Nov "7"o"u Sale 6912 14 681" gold I Regtatered 71 Adjustment 4s *1995 72 69 73 1988 J J 67% F?!>21 67% 67% Stamped *1995 Nov 70 Sale 69 7012 69 73 Refunding gold 48 1934 6734 Sale 67% 68 70 I ^? A 6634 69% ' 67i2 14 Conv gold 48 1955 J D 68I2 67Io 71 R I Ark & Louis 1st 4H8--1934 M S 67 >8 Sale 6*5% 67I.S 39, 65 6938 J 81 83 811' 46 Conv 43 issue of 1910 1960 U I 82 81 84 Burl C R & N Ist 53 1934 A 8312 92 8512 Jan'2I 85% 85% S 84 9234 East Okla DIv l8t g 43 1928 M 83 Feb 2 S3 85 C R I F& N W Ist gu 58. -1921 \ 97 14 Feb' 19 ; Rocky Mtn Div 1st 48 1965 J J 70'; 71 70 7012 8 65 7012 Ch Okla& cons Ss 1952 82 82 Nov'20 I G IVI NJ I J 7518 76 75I2 73I4 Trans Con Short L 1st 4s. 1958 I Jan'21 761., Keok & Des Moines 1st 58.1923 A n 74 72 Jan'21 72 73 8OI2 (Jal-Arlz 1st & ref 4J^3 "A" 1962 n 79 79 Fe)'21 77I2 84is St Paul & K C Sh L Ist 4H8.'41 F A (54 r>tl" 6534 (53,34 3 6334 68% 1 S Fe Pres Ph Isi 53. . . 1942 \\ s 88 1 88 Chic St P 6s 1930 101 IOII2 10034 3 & g 88 SS 88 M & O cons 1 D 101 10034 103% Atl Coast L 1st 43 il952 M S 7/58 Sale 77i'< 78i,s 30 7634 81 Cona 6s reduced to SU? 81% Jan'21 BOW 3Ms..l930 t n , 81% 81% 10-year secured 7s 1930 M N 10234 Sile 10234 18 IO3I2 Debenture 5s. 1930 82 83 83 I- 103 lOl- IVI s 21 , 83% 84 Gen unified 4!^8 1964 J D 75I4 79I4' 78 78 6 72I2 Wisconsin 100 118 78 North 1st 6s 1930 1 1 Nov' 16 .\la Mid Ist gu gold .58 1928 \I N 92 91 Jan'21 91 91 Superior Short L 1st 5s g-.cl930 M S 95 May' 18 Bruns 71 '68I2 '73 Consol 50-year 4s 1952 60 Sale 5978 60 23, LAN T 1 53 62% 10118 L.." S»v F& W 1st g»ld 6s 1934 A O 103 1007J Nov'20 Cln U & D 2d gold 4 His 1937 J J 72% 90 May'17 1st gold 5s 1934 A () 91 Ocf20 C Find & Ft 1st gu 4s g.I923 88 Mar'17 1 |""39 '8'4' W MN '7'2'" Bait prior I 83 Sale 8Jl2 8', '79'4 1 & Ohio 3)^8. 1925 J Day & Mich 1st cons 4!<;3.1931 1 1 IIII 81 Jan'20 1 Registered tl925 81 Apr'20 1 Clev Cln Ch & St 1. gen 4s.. 1993 67 69 (=8 (19% 8 66 72 "67" 1 n Ist 50-year gold tl948 68 Sale do '7"038 75I2S1IC 7.'jl. 4s 68 68 s 1 20-ye:u- deb 4H;s 1931 1 1 76 6 : 75% 81 Registered J!;1948 COI4 Feb'20 General Ss Series B ..1993 J D 85 88 Oct'20 69 '7" lO-yr conv 4^8 1933 14 Sale 69 70 55 '67% 178 Ref & Irapt 6s Series A 1929 89 Sale 88'4 89 '^ 40 88«4 91 J (5878 S ir.> 3i) 74I4 Refund & gen 53 Series A. .1995 D O8I2 69% 68 72 Cairo Dlv Ist gold 48 1939 J T 7414 7514 74I4 2 74% 74% 10-yr J 9014 Sale 38 93I2 Temporary 9s 1929 J 90 91 8934 Cln W & M Dlv 1st g 4b. . . 1991 T 1 61% 67 1 66 Feb'21 66 69 Pitts June 1st gold 63 1922 J J 112 Jan' 12 St LDIv 1st coll tr g4s 1990 M N 6712 7012 7OI2 TOi« 67 71 P June t> 74 1« .Tan'l<) ret 1941 S.tle 65I2 66I2 60 641. 1 P L E & W Va Sys 48.. M N 66 621" 661" W W Val Dlv Ist g 48 1940 .1 1 74 84 Nov' 16 Southw Dlv Ist gold 3>

    871-' 1 Ohio River RR Is g 53. -.1936 J D Stle 87l2 8712 9 8712 88 C C C & I gen cons g 6s. . . 1934 J J 9834 9S Der'ao General gold Ss -..1937 A O 84 88 Aug' 19 Ind B & W Ist pref 4s 1940 A 67% 73I4 74 N0V2O 1 Pitts Clev & Tol 1st g 6s.. 1922 \ O 92 '»8'l2 997g Mar' 18 Ind & 1st pref 5s...dl938 65 1 "'21: O W Q J Tol & c;in dlv 1st pef 43 A. -1959 J J 54Ss sue 53 55 'hi\\ "551!; Peoria & East Ist cona 48.. 1940 A 00 6II4 591. 60 4i 64 61% Buffalo VI 9II2 Feb'21 1 R& Pgen g 58 1937 s 93 93 Feb'2I 93 93 Income 46 1990 .Apr 22 23 1 22 21 26 8II2 85I4 Consol 4Mis -1957 M N 85 Fe')2I 79 12 S5 Cleve Short L 1st gu 4yjS 1961 A 83 1 83 83 i 83 83 All & West Ist g 4s gu 1998 V o 72% 73 14 Jan'20 Colorado

    730 New York BOND Record—Continued— Page 2

    BONDS Price Week's Range BONDS ga PrUt Wtckt Range N. Y. BTOCK EXCHANGE Frldnv Rnnge or Slrue N. Y. STOCK EXCHANGE § fe Friday Range or I Since = 0. Week oiKlliiK Kel). 18 Feb. 18 /yisl S'lle Jan. 1 Week ending Feb. 18 ^^\ Fd). 18 Last Sale Jan. 1

    Del Lack « N0V2O Warron Istref KUK3H9---200O !•' A 10218 Feb'08 Registered 194 1 A .113 Mar'12 99I4 Delaware & Hudson I>eh Val RR lO-yr coll 6g.-7jl928 .. Bale 98 99 14 IC 9512 9914 1st lien equip g 4 K8 1922 J J 961] 9612 Feb21 98>2 96l2 I^h Val Coal Co Ist gu g 58. - 1933 J 93I2 93'4 9334 10 93I2 93% Ist & rof 4a 1943 m N 7H so 79 79 6 77 81 Registered - 1933 J 105 Oct'13 3()-ycar conv 56 1935 a O mu Sale SO'J 8II2 33 8OI2 84 Ist Int reduced to 4s 1933 J lO^year secured 78 1930 J 1) 10354 Sale 10334 106 8 102ig 10412 I^h A N Y Ist guar g 4a 1946 M 70 71I2 Jan'21 7U2 711j 7.')7g Alb & Suflq conv 3H8 1946 A O 73 73 73 11 71 73 Registered 1 945 M Renss A Saratoga Ist 78. ..1921 M N 9934 104 100 Doc'20 Long laid 1st cons gold 58- -A 1931 (j 9012 01 Jan'21 01 01 Den & R Gr— l8t cons g 48..1936 J .1 0313 Sale 6318 6334 23 63lg 00 1st consol gold 48 A1931 Q 75 79 May'20 Consol gold 4H8 1936 J J 6712 6S 68 68I4 6 6OI2 72 General gold 4b --1938 J 73 73 73 73 75 Improvement gold 58 1928 J 1) 68 7()'8 69I2 69I2 4 6714 71 Ferry gold 4^8 1922 IW 91ig 9II4 9II2 91 9112 l8t & refunding 68 1956 K A )5l8 Sale 44 40 18 4258 4634 Gold 4a 1932 J 67% 99I4 Oct'06 Trust Co certlfs of deposit •I3I2 Sale 43 431- 40 48 Unified gold 48 1949 IW 66I2 6OI2 6112 65 66>j RJo Gr June lat 58 1939.1 70 75 Fol)'21 Debenture gold 58 1934 J 72I2 gu D . 73 73 73 67 Dec'20 Rio Sou 1st 4fl 8 61 Apr'll 20-year 1 037|IW 6II2 Sale 6112 6II2 Gr gold 1940 J J "40" 14 p m deb 58 60 6312 Guaranteed 1940 J J 10 2978 Dec"20 Guar refunding gold 48 1 949 IW 6684 68 68 6818 66»t 69^4 Rio Gr West Ist gold 4s-..1939 J J 63 Sale 63 63 62 66 Registered - - 1949 IW 95 Jan' 11 MtKc. & coll trust 43 A.. 1949 A O 51I2 Sale 6II2 6II2 47^8 54 N Y B A M B Istcon g 5b. 1935' HWn 87 Nov'20 Det& Mack— I8tlleng4s...l995 J u 65 78 82 Dec' 1 NY ARBlBtgoldSs 1927|M 8OI2 86 Dec'19j Gold 48 ...1995 J D 48 63 Nov'20 Nor Sh B 1st con g gu 58.al932!(J 75I2 90>g June' 19 '70"34 Det Rlv Tun Ter Tun 4H8..1961 M N 7734 Jan'21 76 7784 Louisiana A Ark 1st g 68 6OI4 69% 64% Feb'21 6312 64% Dul MlssabeA Nor gen 5S...1941 J j 9212 93I2 Dec'20 Louisville A Nashv gen 68 99I2 N0V20 Dul& Iron Range Ist 6s 1937 A O 8734 SSig 8818 87% 8818 Gold 5s... 91»4 91 Jan'21 91 91 Registered 1937 a O IO5I2 Ma '08 Unified gold 48 8234 Sale 817g 83 »'*'» '83" '83'" 80»4 Dul Sou Shore & Atl g 58 1937 j j '88*" 87 83 83 Registered 7812 78 Feb'21 78 78 Elgin JoUet & East Ist g 58. .1941 ni n 92 Oct'20 Collateral trust gold 68 90 92 90 90 90 92 &le 1st consol sold 7b 1920 M S 99 Dec'20 10-year secured 7s IO314 Sale IO3I4 103«4 IO2I2 IfWi N Y& Erie lstextg48 1947 M N 7018 80 Jan'20 L CIn A I>ex gold 4 Ha 8734 88 Jan'21 87 88 "92"l2 3rd ext gold 4H8 1923 IVI S 9018 9II2 Sept'20 NOAM 1st gold 68 100 101 Feb 21 99 101% 4th ext gold 6a 1920 A O 93 June'20 2d gold 6s 92'8 100 Feb'20 6th ext gold 4a-- 1928 J D 9434 Nov' 1 Paducah A Mem Dlv 48 72 77 71I4 Dec'20 N Y L E & W 1st g fd 7S-.1920 M S 9812 Aub'19 St Louis Dlv iBt gold 68..- 10018 102 lOO's lOOig 99U lOOU Erie Ist cons g 48 prior 1996 j j 5412 Sale 63 5U2 16 53 55I2 2d gold 3s 53 53I' 53% 5338 52 55 Registered 1996 J j 5812 Oct'20 Atl Knoxv A Cln Dlv 4s- . . 7II4 Sale 7II4 71I2 69J2 73I2 1st consol gen lien g 4s. -1996 J J 4112 Sale 41 4158 41 45 Atl Knox A Nor Ist g 5s 8834 95I2 Nov' 19 Registered -1996 J j 73 June' 16 Hender Bdge Ist s f g 63 98I4 104 Aug'20 Penn coll trust gold 48- -1961 F A 7212 7478 73I2 Feb'21 72I2 7278 Kentucky Central gold 4s. 70 75 72 Jan'21 72" 12 50-year conv 48 Ser A 1953 A O 38 3812 38I4 38I4 3634 40 Lex A East 1st 50-yr 68 gu. 85 90 87I4 87I4 87 87I4 do Series B 1963 A O 38 Sale 38 38I4 37I8 3978 LAN A MAM 1st g 4^8. 8II2 81% 8134 8OI4 81»« Gen conv 4s Series D 1953 A O 42 Sale 41 42 41 4578 LAN South M Joint 4s... 65I4 6718 66I2 66I2 66% 71»4 Chic & Erie 1st gold 5s 1982 IW N 78 79 78% Feb'21 7634 8II2 Registered h 95 Feb'05 "90" Cleve & Mahon Vail g 5S--1938 J J 74 10678 Jan'17 ' NFlaAS lstgug6s 89 ... 90 Jan'21 '9"o" Erie & Jersey 1st s f 63.. .-1965 J J 82 84 84 11 '8'4" N A C Bdge gen gu 80 84 977g May'16 84U 88 4Mi8 '99' Geneasee River let s f 63....1957 J J 80 8212 Dec'20 Pensac A Atl 1st gu g 6s 99 99^ 99 Feb'2l 99" Long Dock consol g 6S-. -.1935 A O 9614 IO8I2 Sept' 19 SAN Ala cons gu g 53 9II4 94I4 Jan'21 91 94I4 Coal & RR 1st cur gu 63. ..1922 IWN 103 Jan' 18 Gen cons eu 50-yr 5s 81 86I2 8212 Jan'21 8212 8212 '76" "7'6" Dock & Impt 1st ext 5s.. -.1943 J J 76 76 Feb'21 ..-j La & Jef Bdge Co gu g 4s 66I2 67% 67 Feb'21 65«4 68 N Y & Green Lgu g58... .1946 M N 7012 77 85 Jan' 18 Manila RR—Sou lines 4s 34I2 N Y Susq & W Ist ref 53- .1937 J J 55 62 60 Feb'21 — 5812 6OI4 Mex Internal 1st cons g 4s 30 77 Mar'lO .I 2d gold 4Ms 1937 F A 36 IOOI4 Dec'06 Stamped guaranteed 75 Nov' 10

    General gold 53 -..1940 F A . 52 50 Feb'21 1 50 50 Midland Term— Ist s f g 5s.. 93 99 99 JiUy'20 Terminal 1st gold 58.-1943 78 Jan'21 Minn St Louis Ist 95 95 M N 81 12 8II2 8II2 7s "99" Mar'20 Mid of N J 1st ext 5s 1940 A O 7014 72 Nov' 19 Pacific Ext 1st g 68 90 91 Sept'20 Wllk&East Istgug6s 1942 J D 5418 52 Feb'21 52 53 1st consol gold 53 70 73 71 Feb'21 '6'7"% 7212 Ev& Ind l3tconsgug68 1926 J J 2312 Jan'17 1st A refunding gold 43 40 4012 41 45 2 40 45 2' Evana&TH lstcons6s 1921 J J 9OI2 8912 Jan'21 8912 94 Ref A ext 50-yr 53 Ser A..- 45 Sale 45 45 44 48 1st general gold 5s 1942 A O 75 67 Sept'20 :::: Des M A Ft D 1st gu 4s--- 401' 42 40I4 40I4 2| 40 42 Mt Vernon 1st gold 6s.. .1923 A O 53 108 Nov' 11 lowa Central 1st gold 5S-. 69I2 70 6912 70 7 6912 7II2 Sull 53 40l2 44 Co Branch 1st g 5s 1930 A O 95 June' 12 "-8 ' Refunding gold 4s 40>8 43 Feb'21 40 75I2 76I4 "7"5' '14 Florida E Coast 1st 4 Ks 1959 J D 75I2 7534 '7'6'i4 80 Sale 7914 SOig 7812 *4l2 Fort St UD Co 1st g4J4B...1941 J J 65 92 Aug'lO 1st cons 5s 938 93 90 Jan'21 90 91 61lg 1 Ft Worth & Rio Gr Ist g 4s. -1928 J J 63 66I2 Dec'20 1st Chic Term s f 4s . 941 85 Dec'20 Galv Hous & Hend 1st 5s 1933 A O 66 62I4 Feb'21 62I4 62ii M S S M A A 1st g 4s Int gu'26 88I2 90 88'>4 Feb'2I 88'34 '90% Grand Trunk of Can deb 78- -1940 A O 10138 Sale 101 IOII2 104 101 10238 Mississippi Central Ist 5s_--I949 95 Dec' 16 Great Nor C B & Q coll 4S- . - 1921 J J 9712 Sale 97I4 97% 729 9578 90 Mo Kan A Tex— 1st gold 43- -1990 5934 Sale' 59I4 60 26 58 61% Registered ftl921 Q-J 97I4 9714 95I2 97I4 2d gold 4s ffl990 37 Sale 37 39 16 36 42 1st & ref 4 j^s Series A 1961 J J 8118 Sale SUs 8I34 18 80 8212 Trust Co ctfs of deposit 36% 3812 36 Feb'21 36 40 Registered 1961 J 96 June' 1 1st ext gold 5s 1944 24 32 30 Jan'21 25 30 St Paul M & Man 4s 1933 J 84 Sale 84 84 8I34 8t 1st A refunding 4s 2004 54 5412 54 54 5012 55 1st consol IOU2 Sale 10112 Trust certfs of deposi 54 54 54 g 6s 1933 J IOII2 IOII2 102 Co '39" Jan'21 54 Registered 1933 J 98 99 Sept'20 Gen sinking fund 4Hs 1936 J J 42I4 31 Jan'2I 30% 31 Reduced to gold 414s-. .1933 J 8914 Sale 89 8914 8712 92 Trust Co certfs of deposi' 39 33 Jan'21 33 33 96 A 26I2 26I2 Registered 1933 J I2OI2 May' 16 St Louis Div 1st ref 43 2001 O Dec'20 '40" Mont ext 1st gold 4s 1937 D 82 8II4 Feb2l 81 82I4 6% secured notes "ext" 1916 37 40 Jan'21 iS' 59I4 Registered 1937 D 80 Sept' 19 Dall A Waco 1st gu g 5S---I940 M 51 12 Jan'21 51I2 57 Pacific ext guar 4s £ 1940 J 7134 83 Mar'20 Kan City A Pac 1st g 43-- -1990 F 58 60 51 Dec'20 E Minn Nor Div 1st g 43- -1948 O 76 75 Feb 21 75 75 Mo K A E 1st gu g 56 1942 A 48 42 Dec'20 99I2 Sale 9OI2 99I2 Ist » 67 69 Minn Union 1st g 6s 1922 J ' M K A OkIa guar 5s---I942 68 69 Feb'2 55 Mont C 1st gu g 6s- 1937 J 102 103 Feb'21 9OI2 M K A T of T 1st gu g 63.-1942 M 60 6278 Oct'20 103 "30' '30' Registered 1937 J I36I4 May'06 Sher Sh A So 1st gu g 5S---1942 I 32 30 Jan'21 1st guar gold 5s 1937 J 94U 95 94I4 JaQ'21 90 94I4 Texas A OkIa 1st gu g 5s--1943 M 50 37 Oct'20 Will & S F 1st gold 5s_--1938 D 91 90 Jan'21 90 90 Missouri Pacific (reorg Co) Green Bay & W Deb ctfs "A" Feb 60 6918 70 Feb'21 65 70 1st A refunding 5s Ser A- -1965 F 7812 79 78le 7934 7812 80 Debenture ctfs "B" Feb 7I2 8 712 Feb'21 7I8 Ist A refunding 5s Ser B-aI923 F 90% 91 9OI4 9OI4, 92I2 8 , 86% Gulf & S I 1st ref & t g 5s..61952|j J 6884 6934 Jan'21 6934 0934 1st A refunding 5s Ser C--1926 F 8678 86 Feb'21 --- 85% 87 Hocking Val Ist 72 74 74i2 74I2I M "5434 Sale 5414 73 53I2 56I2 cons g 4H8.-1999iJ J 69 76 General 43 1975 j 55 Registered 1999 J J 73'2 June' 18 Missouri Pac 40 year 4s 1945 M 58 Oct' 18 '72% Col&H V 1st ext g 4s 1948: A O 675g 73I2 Oct' 18 3d 7s extended at 4% 1938 M 72I2 72% Jan'21 ---' '7'2% CoI&Tol 1st ext 4s 1955 F A 64I4 69 Nov'20, Cent Br UP 1st g 4s 1948 M 60 66 68 June' 19

    I 78I4 Houston Belt & Term 1st 5s. 1937 J 75 , 84 Jan'21 76 84 Pac Rof Mo 1st ext g4s-.. 1938 J 79 Jan'21 II "78"U '7'8"U 79I2 Illinois Central 1st gold 4s... 1951 J 81 . 83I2 Dec'20 2d extended gold 5s 1938 F 7812 ! Aug'20 "90'»2 Registered 1951 J 92 Sept' 17: St L Ir M A S gen eon g 53.1931 J 86 86% 87 8712' . "83'l2 1st gold 3Hs 1951 J 73 71 Jan'21 71 71 Gen con stamp gu g 5s.. 1931 A 102 July' 14 Registered 1951 J 84 Nov' 16' Unified A ref gold 43 1929 A 71 Sale 707g 7112' 7014 73»2 F-xtended 1st gold 3}^s 1951 7034 Dec'20 Registered 1929 J 8078 Oct'17, O '6'7" Registered 1951 O Rlv AG Dlv 1st g 4s 1933 J 68 Sale 68 68% 71% 1st gold 3s sterling 1951'IVI s 80 July'09 Verdi V I A W 1st p 5s 1926 M 82 90 87 Sept'20 "94" Collateral trust gold 1952 in 71 73 71 71I2 Mob A Ohio new gold 6s 1927 M 99I2 99 99 'gg'u 4s s 71 74 I Registered- 1952 A o 9538 Sept' 12 1st ext gold 6s ftl927 J 87 9134' 90 Dec '20 '68" "6'2" 1st refunding 4s-.. 1955. M N 7534 Sale 74% 76 31 74I2 77I2 General gold 48 1938 Q 58% 64 62 Feb'21 Purchased lines 3 Hs 1952'j J 6714 70 6934 Jan'21 "4 6934 6934 Montgomery Div 1st g 53.1947 M 71 Dec'20 LNO& Texas gold 4s 1953jM N 7034 71 70% 70% 68I2 72I2 St Louis Dlv 5s 1927 F 7612 78 78 Jan'21 -I 78" 85 Registered 1953|m N 68 Dec'20' St L A Cairo guar g 43 1931 J 7434 76 75»4 76% " 731» 76% 91I4 91I4 '44 94 94I2 94% 15-year secured 5 Hs 1934'j j Sale J 90 89% 92I2 Nashv Chatt A St List 5s...l928i 94% 94% 94 Cah-o Bridge gold 4s 1950 J 73I4 ... 73I4 Jan'2l' 73I4 73I4 Jasper Branch Ist g 6s 1923 A 99 99I4 99 99 98 99 Lltch ield Dlv 1st gold 3s.-195l| 5812 ... Dec'20 Nat Rys of Mex pr lien 4>^S-I967 J 25 Sale 24I2 25 25 J 58 i 23 Louisv Dlv & Term g 3^8-1953 J 66 68 68 Feb-2l! 6412 68 Guaranteed general 4s 1977 i 27 17 Dec'20 Middle Div reg June' 16' of prior lien J 25I2 34I2' 34I2 Dec'20 5s 1921|F 102 Nat Mex 4Ms..-1926 '2'7" Omaha Div 1st gold 3s 1951 F 5434 .. 5812 Dee'20 1st consol 4s 1951 A 22% 27 Feb'21 33 59I2 69I2 St Louis Div & Term g 33-. 1951 J . - 5812 Sept'20 NO A N'Elst ref A impt 4HsA '52 - - 7034 7034 7034 70 70«4 Gold 3>^s..- 195llj 68 .. 69 Dec'20 New Orleans Term 1st 4s 1953 J 65% Sale 65 65% 6134 67% Springf Dlv IstgSMs 1951 J 80% Nov' 16 N O Tex A Mexico 1st 6s 1925 J 9312 95 Feb'21 ...' 90 95 Lines Ist 1961 6914 7II2 Feb 211 Non-cum Income 1936A 6414 Sale 63 64% 82 57], 64% Wester g 48 F 7II2 7II2 6sA I Registered— 1961 F 92 Nov' 10 N Y Cent RR conv deb 6S---1935 IW 89% S:ile 891? 90 108 1 891" 92% ' Bellev & Car 1st 6s 1923 J 'so' II7I2 May" 10 10-year coll tr 7s 1930 M 101% Sale 101 IOII2 93 101 103% Carb & Shaw Ist gold 4s-..1932 IW 70 73 Mar'19 Consol 4s Series A 1998 F 70 Sale 70 71% 15 67 72% Chic St L & N O gold 5s.. .1961 J 88I2 87 Jan'21 87 87 Ref A impt 4>^s "A" 2013 79 Sale 7812 82 18 76% 82 Registered 1961 J 88 Oct'20 New York Cent A Hud River Gold 3Hs 195l'j 6512 July' 18 Mortgage 3Hs 1997 J 67% 69 66% 673g 66% 69% J 671(. 671' 67% Joint Ist ref 5s Series A. 1963 J 8478 8478| 791s 86 Registered -1997 67% Jan'21 Memph Dlv 1st g 4s 1951 J 72 73 73 Jan'21 67I4 73 Debenture gold 4s 1934 IW 78 Sale 78 79 29 741- 80% Registered 1951 J 66 Nov' 17; Registered-- 1934 IW 66I2 June'20 St Louis Sou 1st gu g 4s.. -1931 M S 73I4 77I2 Aug' 19 30-year deb 4s 1942IJ 75 76 Feb'21 721') 76% 75I4 63I4 Ind III & Iowa 1st g 4s 1950 J J 75I4 Feb21i 73I2 76I4 Lake Shore coUg 3 Hs 1998 F 6234 6212 62% 59% 64% Int&GreatNor Istgext 7S..1922 M N 8934 91 8934 Feb'21j 8818 9018 Registered --1998,F 6II2 64 52I2 May'20 James Frank & Clear 1st 43.-1959 J D 74 76 75I2 Jan'21 7612 75I2 Mich Cent coll gold 3HS..1998 F 6212 63% 63% Feb'21 59 68 Kansas City Sou 1st gold 3b.. 1950 A 6438 Sale 54I4 5434! 147 54 5612 Registered 1998 F 62 62 Feb 21 60 62 Registered 1950 A 78 Oct'09, Battle Cr A Stur Ist gu 3s. 1989, 46 49 Feb'20 Ref & Impt 53 Apr 1950 J 74 Sale 7334 74I2 36 73 7518 Beech Creek 1st gu g 43. ..1936 J 79 8834 81 Dec'20 7178 Sale 7178 7218 17 Registered. 1936 J 9534 Nov' 16 Kansas City Term 1st 43 1960 J 1 7012 74 76I4 Lake Erie & West 1st g 53 1937 J 7934 80 80 Feb'21 79 82 2d guar gold 5s 1936 J 104 May'16i 2d gold 6s -.1941 J 64 Sale 64 64 64 65 Registered 1936 J North Ohio Ist guar g 68..1945 A 50 65 Aug' 19 Beech Cr Ext 1st g 3H8.61951 A 56 Leh Val N Y 1st gu g 4HB-..1940 J 84 86 84I4 Jan'21 84I4 84I4 Cart A Ad Ist gu g 4s 1981 J 68 76 73 Registered 1940 J 78 Sept'19 Goub & Oswe 1st gu g 63.. 1942 J 76 Ka A A G R iBt gu g 58.. 1938 J

    • No price Friday; latest bid and asked this week, a Due Jan. 6 Due Feb. Due June, b Due July, n Due Sept. t Due Oot. * Option alae. 1 ' — — 11

    New York BOND Record—Continued—Page 3 731

    5*^ BONDS Price Week's Raiiijt BONDS Price Weett Rmnte Y. Frtday Range or SiHCC N. Y. N. STOCK EXCHANGE 5a. STOCK EXCHANGE Friday Rante or Sine* Week eiKllnt' Feb. 18 Feb. 18 Last Sale Jan. 1 Week ending Feb. 18 Feb. 18 Latt SmU Jan. 1

    N Y Cent & H R RR (Con)— Ask Low High No. Low High Pennsylvania Co {Cond.) — Hid Ask LoiB iftih No. Lou Hilh Lake Stiuro gold 1997 J 1> 67 Ij 6S 87I2 I-el.'21 671. 71 Sodus Bay Sou l8tg58..1924'J J .. 3HS "3 14 A 88 loe JiMi'vs, RcKlstered 1997 J » O6I4 70 663g 663s 68 14 66 's Sunbury A Lewis l8t g 4a..l936 J J 86!4 -. Debenture uold 48 1928 M S 8414 Sale 84 14 84 »4 4 83 86 U N J UK A Can gen 4a. . .1944 IW 80*4 .. 80le Dw'20 ' 25-yeiir fold 4s 1931 M N 82«ii Sale 8.'>4 83'Si 27 SOI; 85 Peoria A I'ekin Un 1st 6s g. . 192 1 Q F *\^^ OeI'M RoK'Istered 1931 M N' 8412 Nov'19 2d gold 4 'is 61921 j.MN S0>« Sept'20 Mob & Mai Ut euB46 1991 M S 725s 69 Dec'20 Pere Marquette Ist Ser A 6s. 1956 J J 80 82 8134 83 28 81 S6t, 93I4 Mahon CI RU Ist 6a 1934 J J 88>4 May'20 l8t Series B 4a. 1956 ,1 66 67 67 67 1 66 70 Michigan Central 5s 1 93 1 IW S 9912 Aug'17 PhlllDplne Ist f 1937 J 3S1 40l2 8&h Hy 30-yr 8 4b. 4« Feb'21 ... i 35lt 42 Registered 1931 Q M 9812 Nov'18 PllLri Sh A L E l3t g 68 1U40 83 8134 Jan'21 ... 81«« 81*4 4b ....1940J J 7518 ... 82 Nov'19 Ist cunxol gold 58 1943 82 97 14 Dec' 17 Registered 1940 J J 7414 Sept'20 Reiuling Co gen gold 48 1997 82 Sale 811. 8.'i 167 78I4 83 J LAS 1st gold 1951 S 65 6618 Mar'20 Registered 1997 77 Deo'2e 3H8 M '87" 1st gold 3S"j8-.. 1952 m M 71ig 71 1V'.'21 66 71 Jersey Central coll g 4s 1951 8314 85 84 84 'io '84" 20-yeiir debenture 48 1929 A O 7sss 81 7718 78 7634 79 Atlantic City guar 4b g 1951 N Y Chle & St L Ist g 4s. .1937 A O 7912 SOIj 7912 80 79I8 82 St J<« A (irand 1«1 1st g 48 . .1947 63 64 64 Dec'20 Registered 1937 A O 85 Nov' 17 St I>ouls A San hYan (reorg Co) 72lg Debenture 48 1931 M M 7234 7234 7JS4 72 741. Prior lieu S<'r A 43 1 950 6194 Sale eiu 6I34 187 «1 «3lt N J Juno RR guar Ist 48. . .1936 F 703g 891. Feb' 16 Prior lien Ser U 58 1950 7-1 Sale 7234 74 25 72«4 7« "77" Ilariem 2000 70 6912 Dec'20 Prior lien 861. Hale 86I2 N Y& g 3^8 iVI Ser C Oa 1928 80 22 i 84>8 90 NY* Northern Ist g 58. .1923 A 927s 94 Nov'20 Cum adjust Ser A 6s A1955 6512 Sale 65 6684 118 64I4 60<« 71l8 N Y & Pii Isi luiis g I g 48-liKli A 69 Jan'21 69 69 Income Series A 6s A1960 Oct 4SI4 Sale 4778 4812 176 4?1. 6II4 mne Creek reg suar 6s 1932 J 9818 113 May'15 St Ixjuls A San Itan gen 6s. .1931 J J 975s 9712 Feb'2l 95I2 97l2 R W& Ocon Istext58...A1922 A 9734 9734 9734 97 14 9734 General gold 5s .1931 .1 J 88I4 8934 88 Jao'21 87 8834 Rutland 1st oon g 4H8 1941 J t)7 7II2 Nov'20 St L A S F RR cona g 4s. . .1996 J J 66 67 Oot'20 Og & L Cham Ist gu 4s g. 1948 J 55 60 60 Dec'20 Southw Div Ist g 5s 1947 7712 77 Jan'21 77 77 Rut Canada Ist gu g 48.1940 J 50 55 50 Feb21 50 50 K C Ft S A M consg 68... 1928 96 97 96 Jan'21 96 96 71) St Ljiwr & Adlr Ist g 6e. . .1996 J 101 Nov' 10 K C Ft S A M Ry ref g 48. . 19:16 6538 Sale 651s 66 22 63 67lg 2d gold 68 1996 A 7OI4 103 Nov" 16 K C A M R A B 1st gU 5s. . 1929 76 8234 Jaii'21 82»4 8234 trtlca 1989 J J 651« 69 58 Jan-21 68 68 Pitts McK & Y Istgu 68.. 1 932 J 98 13018 Jan'09 Consol gold 4s 1932 63 64 63I2 6312 19 62<4 65 95I4 2d guaranteed 6s 1934 J 91 June'20 1st terminal A unifying 53.1952 65 Sale 64 14 65 20 627« 66»4 West Shore Ist 4s guar 2361 J 73 Is 74 73 74 13 691. 741. Gray's Pt Ter Ist gu g 68.. 1947 60 9812 Jan' 13 Registered 2361 J 6912 731; 72 Jan'21 68 73 S A A A Pass Ist gu g 4s 1943 6258 63 6234 63 7: 68 6318 NYC Lines eq tr 58...192(V22 M N 99I2 Feb'19 Seaboard Air Line g 4b 1950 58 70 67 67 5 6OI2 69 94-14 Ekjulp trust 4)^8... 1920-1925 J J 6712 June'20 Gold 48 stamped 1950 5334 5434 64 12 Feb'21 52I2 67 Y Connect Ist "22 39I2 N gu 4)^8 A. .1933 F 7758 79 7834 Jan'21 78l2 78»4 Adjustment 58 ol949 3312 Sale 3312 35 33 12 N Y N H & Hartford— Refunding 3K Sale I 48 1959 38 3934 9 38 43 Non-conv debon 48 1947 1VI 46 50 46 46 40 46 1st A cons 6s Series A 1945 4734 Sale 47 49 200 47 65 Non-con V deben 3HS-.-1947 M 40 46 Sept'20 Atl A Blrm 30-yr 1st g 4s.el933 M S 5978 65 65 Jan'21 66 65 Non-conv deben 3Vis 1954 A 4278 Sale 42^8 4278 42I2 45 Caro Cent 1st con g 4s 1949 6O34 64 May'20 i Non-conv deben 4s 1955 J 44I2 4634 48 Jan'21 44 60 Fla Cent A Pen 1st ext 6s. .1923 95 95I4 9012 9612 9612 96t2 Non-conv deben 48 1956 IW N 44^ 4634 45 45 45 49I2 Ist land grant ext g 6s.. 1930 86 88 101 Dec'15 Conv debenture 3H8 1956 J J 407s 3912 401-> 39I2 45 Consol gold 5s 1943 81 ... 81 81 76 8U2 I Conv debenture 68 1948 J J 66I4 6684 fifiU 67 65I2 72^8 Ga A Ala Ry 1st con 58... 01945 78 8. 80 Jan'21 80 80 Cons Ry non-conv 4s 1930 F A 50 Oct'17 Ga Car A No Ist gu g 5s. . . 1929 8512 8684 89 Oct'20 Non-conv deben 4s 1955. J J 60 July' 18 Seaboard A Roan 1st Ss 1926 86 .. 92 Nov'2S Non-conv deben 4s 1956 J J 49 Oct'19 Southern Pacific Co Harlem R-Pt Ches 1st 4s 1954 IW N 67 70 68I2 Feb21 6SI2 69 Gold 4s (Cent Pac coll)...tl949 7114 7134 7112 721.' 15' 70 73 B & N Y Air Line Ist 4s. .1955 F A 65 6412 Nov'20 Registered ftl949 70 7OI2 Oct'20 Cent New Eng 1st gu 4s... 1961 J J 52 53 Feb 21 20-year conv 48 ^1929 .M S 7818 7SI4 77I2 78I4 78 7918 52 63 I 7612 Housatonic Ry cona g 58 1937 MN 70 IO6I2 May'15 20-year conv 68 1934 91 Sale 91 91 3 I 905g lOOls Naugatuck RR 1st 48. - . 1954 M N' 57 87 July'14 Cent Pac 1st ref gu g 4s... 1949 73 Sale 72I2 73 48 72I2 76 N Y Prov & Boston 48 1 942 A O 62 83 Aug'13 Registered 1949 8712 Sepfie, N Y WohesA B Ist Ser 1 4Hs '46 J J 40 Sale 40 4114 34 35I8 43 Mori guar gold 3Hs...tl929 7618 78 7612 7612 76I4 78 Boston Terminal Ist 4s 1939 Through St L 1st gu 4s.. 1954 7114 72 71 Feb'21 6858 73i« New England cons 58 1945 70 G HAS AM A P Ist 5s.. .1931 IW N 87 ... 100 Oct" 18 Consol 48 .1945 00 70 Sepfl7 2d exten 58 guar 1931 J J 76 97 90 JaD'21 90 90 Providence Secur deb 4s. . .1957 IW N 30 45 45 Nov'20 Gila V G A N Ist gu g 5s.. 1924 IW N 90 ... 90 90 90 90 Providence Term Ist 4s .1950 IW s 6818 8838 Feb' 18 House A WT Ist g 5s 1933 IW N 8II4 ... 84 Jan'2ll 84 84 W&Con East Ist 4!^s 1943 J J 7412 Dec' 19 Ist guar 58 red 1933 IW N 8312 ... 82I4 Aug'20 N YO& Wref lstg4fi.. ffl992 M S 6312 64 63 63 60 65 HATC 1st g5slntgu 1937 J J 86 ... 87 Dec'20 Registered S5.000 only...cl992 M S 59 Nov'20 Gen gold 4s Int guar 1921 A O 99I4 ... 9938 99isl 9914 9038 General 4s 1955 J D 48 59 57 ct'20 Waco A N W div 1st g 63.. 1930 IW N 85 ... 94 Mar'19| Norfolk Sou 1 St & ref A "53 .1961 F A 52''s Sale 52V 54 12 451. 5478 A A N W IstgugSs 1941 J J 85 ... 84 Jan'21 84 84 Norfolk & Sou Ist gold 58 1941 IW N 711s 77 De?20 Louisiana West 1st 6s 1921 J J 9538 99I2 96»a Sept'20 Norf & West gen gold 6s 1931 IW N 10218 10334 lOl's Feb'21 10178 10458 No of Cal guar g 5s 1938 A O 90 90I2 Feb 211 8812 90i2

    Improvement & ext g 6s .1934 F A 101 1 122 Nov'16 Ore ACal Ist guar g 5s 1927 .1 J 8958 Sale 8808 8958 15 88 9112 New River 1st gold 6s 1932 A O 10134 103 1 10158 Feb'21 10158 10158 So Pac of Cal—Gu g 5s 1937 M N 90 96 Apr'20 N& W Ry 1st cons g 4a.. .1996 A O 76I4 Sale 76 767s 26 76 80 So Pac Coast 1st gu 48 g...l937 J J 8312 86 8058 Aug'20 Registered 1996 74 Oct'20 "7 Tex A N O con gold 5s 1943 7712 86 July'19 Dlv'l Ist lien A gen e 4s-1944 75 7534 7578 761s 7478 77I2 So PacRR 1st ref 4s 1955 76l2 7718 70 75 78i2 10-25-year conv 4s 1932 74 76 Jan'21 75 77 San Fran Terml Ist 4s 1950 7034 72 7034 72 8 69 76 10-20-year conv 43... 1932 9618 96 Jan'21 96 96 Southern— 1st cons g 5s 1994 85 Sale 85 863s! 52 85 90 10-25-year conv 4>^s...l938 M S 9634 Dec' 19 Registered 1994 84l2 Oct'20 10-year conv 6s 192G M S 1037s Sale 102 104 255 102 IO5I2 Develop & gen 4s Ser A... 1956 5812 Sale 58I2 60 93 681. 6II2 Pocah I C A C Joint 4s.. .1941 J D 78 7934 78 78 1 7612 80 Mob A Ohio coll tr g 4s. ..1938 5778 Sale 5778 69 4 577s 59*4 C C A T 1st guar gold 58 1922 J J 9612 - - _ _ 9812 Jan'20 Mem Div 1st g 4)^3-58 1996 81 84 83 Feb'2l| 80 86 Solo V A N E Ist gu g 4s.. 1989 MN 77 IOII2 77 Feb'21 77 77 St Louis div 1st g 43 1951 69 7OI4 69 Jan'21 67 71I4 Northern Pacific prior lien rail Ala Gt Sou 1st cons A 5s. .1943 8II2 86 82I4 Jan'21 82U 82U way A land grant 7612 Sale 76I4 7678 69 Atl A Charl 8OI4 g 48 1997 1 7534 79 A L 1st A 4^8.1944 78 Dec'20 Registered . _ 75 1st 88I2 92l8 1997 77/s Dec'20 30-year 5s Ser 1944 Sale 871. I 10 871. "41 B 88 General lien gold 3s..IIIIa2047 5458 Sale 54 55I1 54 5634 Atl A Danv 1st g 4s 1948 69 6878 rob'2ll 64 70 Registered a2047 54I4 Feb'21 54I4 54I4 2d 4s 1948 47 62 8II2 Mar'16 " Ref & lmp4^^sger A 2047 SUs 81 Jan'21 77I2 8II2 Atl A Yad 1st g guar 4s... 1949 6312 6712 Feb 21 67 6712 St Paui-Duluth Div K 48.. 1996 83 83 Oct'20 E T Va A Ga Div g 5s 1930 8914 8912 89l2 89 8912 St P & N P gen gold 6s 1923 9914 102 9868 Jan'21 9858 9912 Cons 1st gold 5s 1956 M N 88 90 88I4 88I2 8412 89l2 Registered certificates 1923 98 . 96 June'20 E Tenn reorg lien g 5s 1938 86 88 Feb'21| 87I4 89l2 St Paul A Duluth Ist 5s. .1931 91 9312 97 Feb'19 Ga Midland 1st 3s . 1946 50 67 55 55 55 55 1st consol gold 4s 1968 69 14 73 7618 Ocfl9 Ga Pac Ry 1st g 6s '...1922 9734 99 98 Fcb'2l! 96I4 99 Wash Cent Ist gold 4s 1948 Q (W 63 85 3712 Dec' 16 Knoxv A Ohio 1st g 63... 1925 97 96i2 Jan'21 9612 96l2 Nor Pac Term Co 1st g 68... 1933 J J 106 IO9I2 Jan'2I --I 106 IO6I2 Mob A Bir prior lien g 5s.. 1945 76 8OI2 May'20 Oregon-Wash 1st A ref 48 1961 J J 71 SHie 71 71I2' 8 7OI4 7412 Mortgage gold 4s 1945 55 65 65 Aug' 19 Pacific Coast Co Ist g 58. J 946 J D 71 68 Dec'20 Rich A Dan deb 5s stmpd.1927 89I4 8778 Nov'20 Paducah A Ills Istsf 4Hs .1955 J J 76l2 7OI2 Jan'21 761. 7612 Rich A Meek 1st g 5s 1948 M N 56 6II4 60 Feb'20 Pennsylvania RR ist g 4s... 1923 IW N 9458 9358 Feb'21 9358 9358 Virginia Mid Ser D 4-5S...1921 IW S 98I4 Jan'21 98I4 981* Consol gold 4s 1943 IW N 82 83"34 82 Feb'21 81 84 Series E 5s 1926 IW 3 " Dec'20 Consol gold 48... 1948 IW N 8II2 84 8II4 Feb'21 81 85I4 Series F 6s 1926 IW S Jan'21 Consol 4l4s I960 F A 8738 Sale 8738 89 21 873s 9212 General 5s 1936 IW N Jan'21 General4Hs 1965 J D 7978 Sale 7934 8038 40 78I4 8258 Va A So'w'n 1st gu 5s 2003 J J Dec*20 General 5s 88I4 86l8 21' .1968 D Sale 88 8884 40 1 92 1st cons 60-year 5s 1958 A Fe!' 10-year secured 7s rrrr"l930 O 103 Sale IO2I2 1033» 59 102I2 IO5I2 W O A W 1st cy gu 48 1924 F 15-yeiir secured 6 Hs 1936 A 991s Sale 9918 99I4 441> 99 IOOI4 Spokane Internat Istg 6s 1955 J Alleg Val gen guar g 48. ..1942 S 7914 8II2 8U2 8II2 ll 811. 811. Term Assn of St L Ist g 4H8.1939 A DRRRAB'ge Ist gu 49 g. 1936 A 8034 83 Feb'20 Ist cons gold 5s 1894-1944 F Pennsylv Co gu 1st g 4^8... 1921 J 991s Sale 99 99is| 13 9838 991s Gen refund s f g48 1953 J Registered 192i J 981? 99 9734 Oct'20 St L M Bridge Ter gu g 58.1930 A Guar 3Hs coll trust reg a'i937 M S 64 . 6918 Ma '20 Texas A Pac 1st gold 6s 2000 J Guar 3'Aa ooll trust Ser B 1941 F A 64 73% 67 Dec'20 2nd gold Income 5s ?2000 Guar 3 Ms trust ctfs C 1942 J D 64 . _ 7358 Jan'20 La Div B L 1st g 5s 1931 Guar 3Ms trust ctfs D 1944 J D 67 8778 77 Nov'19 W Min W A N W 1st gu 58.1930 Guar '15-25-year gold 48... 1931 A O 81 8378 Jan'21 8OI4 8378 Tol A Ohio Cent 1st gu Ss.. 1935 40-year guar 4s ctfs Ser E 1 952 rw N 71 77 Nov'20 Western Div Ist g Sa 1935 Cin Leb A Nor gu 48 g 1942 -M N 68 80 Feb'20 General gold 53 1935 Cl A Mar lstgug4>^s.. 1935 M N 76 84 84l2 Dec'20 Kan A M Ist gug48 1990 CI gen A P gu 4^8 Ser A.. 1942 J J 887r 90 8878 887s 8878 8878 2d 20-year 5s . 1927 SeriesB ..1942 A O 88 104 Dec'15 Tol P A W 1st gold 4s... . 1917 Int reduced to Sjis 1942 A O 68 96I4 Feb' 12 Tol St L A W pr Hen g 3H8.1925 Series C 3^8 1948 M N 67I4 901s Dec' 12 50-year gold 4s 1950 Series D 3 Ms 1950 1'' A 6714 67 Jan'21 67 67 Coll trust 48 g Ser A. 1917 Erie A Pitts gu g 3^8 B... 1940 -I J 681s 75 Apr'20 Trust CO ctfs of deposit SeriesC 1940 J J 681r 79I4 May' 19 Tor Ham A Buff 1st g 4s...tl946 GrR A lex lstgug4Hs..l941 J J 8II2 82l2 76l2 Apr'20 Ulster A Del Ist cons g 5s 1928 Ohio Connect 1st gu 4s 1943 M S 67 80 Sept'20 Ist refunding g 4s 1952 Pitts Y A Ash Ist cons 58 1927 M N 85 93 Mar'lO Union Pacific 1st g 4s 1947 Tol W V A O gu4Ms A. .1931J J 82 86I2 Oct'20 Registered ..1947 Series B 4^8... ..1933 J J 80 82 Dec'20 20-year conv 48 1927 83 Sale Series C 4s 1942 M S 69 8818 Sept'17| 1st A refunding 4s (f20O8 M S 767s Sale P CC A et Lgu4MsA...1940 A O 85I4 87 85I4 8514 8412 8558 10-year perm secured 63.. 1928 9934 Sale Series B guar 1942;A O 85I4 . - _ _ 85I4 Feb'20'. 85 86I4 Ore RR A Nav con g 4s 1946 7734 78 Series C guar . 1942 M N 85 8412 Dec'20 - Ore Short Line 1st g 6a 1922 98^8 9834 Series D 4s guar 1945'M N 79 80 Oct'20, - 1st consol g 5s 1946 90*8 Series E3M8 guar gold.. 1949! F A 7478 751. 75I2 7512 751. Guar refund 4s 1929 7934 Sale Series F guar 4s gold 1953 -T D 79 __ 82I4 Apr'20 - Utah A Nor gold 5s 1926 90^8 9112 SeriesG 48 guar 1957 M N 79 8OI4 80 Jan'21 1. 80 80 l8t e.nended 48. 1933 811. Series I cons guar 4H8..1963 F A 80 76i8 June'20 - Vandalla cons 4a 1955 731. 72l8 721« '87 g Ser A General Ss Series v. _ 1970 J D 8314 Sale 8314I 81f^ 72I2 721» 1 83 17| Consola 4s Series B 1957 M N 73'2 est P Ist LA cons s 58... 1932 A O 95is .... 966g Oct'20 . Verz Cruz A P Ist gu 4)i8...1934 J J 28 23 23 Phlla Bait A W 1st g 4s. ..1943 M N 80 85I4' 78 May'20 . Virginian 1st 5s series A 1926 M N 823s Sale 48 82 84 • No price Friday; totest bid and asked, a Due Jan, 6 Due Feb. Due June. > Due July, t Due Aug. • Dim Oct. p Due Nov, # Due Deo. 1 Option sale. — 2 8811 1 . i 8 11

    733 New York BOND Record—Concluded—Page 4

    BONDS 5l Price Week's Range BONDS Price Week-a Range N. Y. STCHJK rcXOHANOE Fridau Range or .Since N. Y. STOCK lOXCHANGE 3i Fridau Rankle or Since Feb. 18 Last Week cadlnK Feb. 18 Sole Jan. I Week ending Feb. 18 Feb. 18 lAut Sale Jan. 1

    aid Ask Low High No Hlgti I LOW MHcellaneoui Bid Atk Low nigh Na. Low High WftbflAh l9t eold 68... 1939 HHIg Nil 8Si» K834 20 8412 90 Adams Ex coll tr g 48... .1948'M 62 Sale 62 3 n N , 63% 66% n3'4 2d KOW 0« 1939 F A 74 75I4 7514 7614 1 76 80 AluHka Gold deb 68 1925 IW 19 20 1912 M A I 19% 15 19*4 Debonture aertes B 1939 90 Aug' 1 6s ' | j Conv deb 6s Hcrlea B 1926 M 14 I9«4 1934 Feb 21 16 l»a4 tst lien equip B (d K6a 1921 M S 07 97 "2 Jilly'l9 Armour A Co Ist real eet 4 j^s 1939 J HO Sale 79% 80% 16 76 83 Istllon SO yr (I314 62 Feb' 21 K term 48 1954 J .1 60 62 Atlantic lYult conv dob 78 A. 1934 J 65 Hale 65 66% 19 63 73 '20 Detit Ch Kxt let 68 1941 SO'i 8878 Atlmi.l^ Il'^fi^ > K ,1 J Ma 'lo 6'-^^H.. ...1931 M 99% Sale 99 99% 334 98*4 997( Des MolDes DIv let 65 r. 1 s 48. ..1939 J .1 80 Aug'l2 Booth FIsherleB deb a f 68 1926 A 90 Feb' 1 DIv 52I2 Om l8tK3H8 1941 A o 63 63 Feb 21 53 65 Bradcn Cop M coll tr 8 f 0«..193l F 83 Sale 83 83% 4£ 81 8634 TolA Ch DIv K 48 1941 m s 56 74I2 Oof 19 Bash Terminal Ist 43.. 1952 A 70 71% 68 Dec'20 66I4 WaahTorinJ IstcuSWa 1945 F A 09 Jan'21 f.6ii 6614 Consol 58 1955 J 70 Silt conv 7s.. 1923 M 95 Sale 94 12 95 8 92% 96 Western Pao l!>t ser 194fl 81i2Sale 8II2 83 Coll 7Jlj 72i_ A 68 IM s I 8II2 88 tr & conv 69 ser A 1932 A Sale 73% 26 B6 76 WheclinK* 1^ Ist, «f)i2 L r 59 1926 A o 82 Jan'21 82 82 Computing Tab Rec 8 f 69. .1941 J 8014 8212 8012 80% 1 80 82 Wheel DIv 1st Rold 1928 83 90 84 Oct'20 69 I J Granby ConaMS&P con 6a A 1928 M 92 May'20 Bxten A Impt prold 58 1930 F A 75 OOSg Mar'17 Stamped 1928 M 88 95 Apr'20

    Refunding . 1 48 65 I 4 Hs so-lee A _ . 960 M s 66 55 50l8 56 Great Falls Pow lat s f 58 1940 M 82 '8 82 Jan'21 82 82 RR l8l oonaol 48 _1949 6S 60 69 69 59 Inter Mcrcan f 68.. 1941 A 8)l2 Safe' 76 M s 68 Marines j 80 80% 78 82% Winston 8ak)ra H lat 4s...l9fiO 68 70 Jan2l' S.l'; ^'1 B I J 66 . 70 Montana Power Ist 5h A 1943!' 81% 831 84N 82 88 C8I; Wis 09 I 1 Cent 50 yr 1st Ken 4b 1949 J J 0914 Feb'2 68 711] Morris & Co 1st s 14^8 1939 76i2 77% 76% Feb-21 71% 76% Sup & Dul dlv & term l8t48'36 M N 69 70 69i8 Fob21 66lg 73 Mtge Bonds (N Y) 48 ser 2.. 1966 A 83 Apr'14 10 20 year 58 aeries 3 1932 I :::: ::::i 91 June' 16 Street Railway F 66 H.ilf 15 | N Y Dock 50 yr Ist g 4s 1951 66 62 86 65% I 5 Brooklyn Ra[>ld Tran k 5a... 1945 A o 271; 29 2914 291" 25 291; Nla','ara Falls Power Ist 58.. 1932, 87% 88 88 Feb 21 86% 88 l8t refund oonv gold 4s 2002 33 Sale 30 33 23 A .1 J 25 33 Ref & gen 6s al932 9134 Sale 01% 9U4 91 91»4 Sale 22 ^1 45 45I2 83I4 1 2 yr 7% secured notes. ..*1921 J J 45 4018 60 Nlag Lock & O Pow 1st 5s. . . 1954 . - _ - 8314 Jan'21 83 86% CertlflciHcs of deposit 41 45 4334 4434 17 Nor States Power 25- A. 1941 78»4 H lie 7634 1 42 50 >t 5s 1 76»4 76 7978

    ei's 1 Stamped guar 4 59 1956 p ^ 65 65 Feb 21 6312 65 TkI • V t- O 6'-$8 1931 9778 Sale 977g 98% 22 (>8% 9834 51 Kings County E 1st g 4b.. 1949 p a 69 62 Dec'20 ::::i Wilson & Co Ist 25-yr 8 f 68.-1941 90 Sale] 8934 90 15 86 90ii 61 Stamped guar 48 .1949 p a 53«4 Nov'20 10-year convs t 68 1928 85'4 SaleJ 8534 86 37| 8034 87% Nassau Eleo guar gold 4a.. 1951 j j IS 25 18 Deo'20 Sale 30 Chicago RyB lat 58 1927 p a 6414 6234 6414 58 6414 Manufacturinq and Industrial 66I2 t;onn Ry & L. 1st &retg4J48 1951 J j June'20 Am Agrlc Chem 1st c 58 1928' A O 90 93 90 90% 19 88 98I4 6ri2 Stamped guar 4Hs 1951 j j 55 571?. Feb' 21 57I2 5712 Conv deben 5s 1924 F A 94 100 10034 Jan'21 87% 10034 Det United 1st oons 4^8.. 1932 611" Sale fill?, ftll2 M N 71I4 g J j 59 6358 Am Cot Oil debenture Ss 1931 75 76 75 I "l 70 75 Ft 65 A '4 Smith U & Tr 1st g 5s. ..1936 lyi s 58 Jan'20 Am Sm& R Ist 30-yr 58 ser A 1947 O 77 Sale 77% 78 106 73 78% 115 Hud & Manhat 58 ser A 1957, p a 64% Sale 6312 6> 59 65 Am Tobacco 40-year g 6s 1944 A O 117 Jan'21 117 117 411 77" Adjust lacome 58 1957| 3112 Sale ao'R 3112 2318 311; Gold 4s 1951 F A V.'.'. 69-2 Dec'20 7512 77l« N Y & Jersey 1st 5s 1932 Nov'20 Am Writ Paper a f 7-6s 1939 J J li 73 73 73 76% pa 'iol I Interboro Motrop coll 4H8..1956 1934 Sale l'J'8 20^8 15' '2ri2 Baldw Loco Works 1st 5a 1940 M N 9114 Sale 93% 93*4 a o 93% I 91 1753 Sale 132 Certificates of deposit.. 1638 I8I4 Cent Foundry 1st s f 6a 1931 F A 70% 70 Dec'20 j 13 1834 j" 5t'2Sale 448 Interboro Rjip Tran 1st 5s.. 1966 j 6234 5412 4812 5534 Cent Leather 20-year g 5s... 1925 A O 9J Sale 90 90% 21 88 93 Manhat Ry (N Y) eons g 48.. 1990 a 6 55I2 56I4 54 5612 3 54I4 58 Consol Tobacco g 4s 1951 F A 73.2 Dec'l8 5514 5Si2 66I2 2 IVI "89% Stamped tax exoMPt 1990 a O 5612 53 60 Corn Prod Refg 9 f g 6s 1931 X "II 89% Sept'2» Manila Elec Ry & Lt s f 58..1953 m g 76 76 Oct' 19 Ist 25-year s f 5s.. 1934 (VI N 89% 91% 92 Feb '2 1 90 92 Metropolitan Street Ry Cuba Cane Sugar conv 7s 1930 J J 81 Sale 83% 8134! 100 82% 86

    4t 45 I Bway3 7878 Sale 97 United Rys Inv 58 Pitts lS3..1926 IVI N 69 14 6914 65 70 Ist & ref series A 1947 78% 79% 75% 79% 47I2 4912 9934 Sale 107 United Rys St L 1st g 48 1934 I J 5012 Feb' 21 50 501" 10-year 7Hs 1930 99% 100 9534 101% St Louis Transit gu 58 1924 \ O 35 3912 50 June' 17 U S Smelt Ref & M conv 6s. .1926 93 94 93% 93% 90% 94% '3"2" "3'4'34 United RRs San Fr s f 4s 1927 A 34*4 Sale 3134 3t'4 VaCaro Chem 1st 15 yr 5s.-1923 92% 9234 93 Feb'21 90 9338 O I9I Union Tr (N Y) ctfs dep 3ti2 Sale 32 35I4 26 35I4 Conv deb 63 £1924 92% 102 92% 92% •J 91% 96% 3ti2 cr,o Eqult Tr (N Y) Inter ctfs Sale 31 3512 '*"? 2Rl2 3512 West Electric 1st 5s Dec 1922 95% 97 95% 95% 27 92% 95% 63i2 «J4i2 N Sale Va Ry Pow 1st & ref 5s 1934 J J 64 64 6Il2 67I2 Westlngh E & M 7s 1931 M 98% 98% 9334 227 94*4 99»4 Wickwire Spen Steel 1st 78.. 1935 96 Dec'20 Gas and Electric Light 7834 Bklyn Edison Inc gen 5s A.. 1949 J ,T ~9U 7912 7912 76 80 Coal, Iroi & Steel 747$ Sale J J 8 Bklyn Un Gas Ist cona g 58.. 1945 IVI N 7478 7 t78 71 77 Beth Steel 1st ext s f 5s 1926 8884 89% 89 89 86% 89 Clncin Gas & Elec lat & ref 5s 1956 A O 8334 85 U 85 Nov'20 1st & ref 5s guar A 1942 (W N 8278 Siie 8234 83 11 78% 86% J J Columbia G & E 1st 5s 1927 J J 81 87 8684 Feb'.'l 82I2 86 20 yr p m & imp s f 5s 1936 79% Sale 78 80 75 82% 8534 J Stamped 1927 J J 84 86 Feb'21 8II2 86 Buff & Susq Iron s f 5s 1932 D 76 89 9312 July'19 Columbus Gas 1st gold 5s... 193 84 87 June' 19 Debenture 5s al926 IVI S 8834 85% Nov'20 I J 97 Consol Gas 5 yr conv 7s_'...1925 F 99'4 Sale 98I4 9912 98I4 162' Cahaba C M Co 1st gu 6s---1922 J D — 101 Dec' 14 Q F A Cons Gas EL&P of Bait 5 yrSs '21 M N 79 Apr'20 Colo F& I Co gen 3 f 53 1943 78% 82 78% Feb 21 76% 78% — ;:::i F A Detroit City Gas gold 5s 1923 J J 95I2 Apr'20 Col Indus Ist & coll 53 gU--.1934 68 73 70 Feb'2 6234 63% 5 J D Detroit Edison 1st coll tr 5S-.1933 J J 8^1? 90 88I2 8918 8712 8912 Cons Coal of Md 1st & ref 5s. 1950 73% 73% Feb'21 72 74 5 J D Ist &ref Ssser A J:1940 M S 8U2 Sale 8ll2 8II2 77% 8212 Elk Horn Coal conv 6s 1925 70 98 Feb' 19 1 A l8t & ref 68 series B ftl940 M a 8912 8912 88I2 8912 Illinois Steel deb 4!^s 1940 O 8O34 82 8034 82 II 76 82% Sale 43 f<1 Duquesne Lt 1st & coll 6S-.1949 T J 8912 89 89l2 89 9OI2 Indiana Steel 1st 5s 1952 X 89 Sale 89 89 10 86 91% J D 9ti« Eq G L N Y 1st cons g 5s... 1932 IVI s 94 Feb' 18 Jeff & Clear C & I 2d 5s 1926 Havana Etec consol g 5s 1952 F A 7II4 70 Jan'21 66 7OI4 Lackawanna Steel 1st g 5s. .1923 A O 9 1 Sale 94 947g 921: 96%

    M S 75 Sale I ll' Hudson Co Gas 1st g 59 1949 IVI N 91 Sept" 19 1st cons 58 series A 1950 75 76 73% 78 - - - - i J Kan City (Mo) Gas lat g 58.. 1922 A O 87 92 12 iec'19 Lehigh C & Nav s f 4!^s A. .1954 83% Aug'20 S Sale 32 Kings Co EI L & P g 5s 1937 A O 8II2 - 8II2 Sept'20 Midvale Steel & O conv s f 58 1936 M 76 14 76 76% 73 78 Sale J J Purchase money 6e 1997 \ O 9^5s 9f»8 98^8 93 9778 Pleasant Val Coal 1st s f 5s. .1928 70 80 80 Jan'21 80 80 95 J J Convertible deb 6s 1925 IVI s 87 92 Dec'20 Pocah Con Colliers 1st s f 59.1957, 7834 83 78 Nov'20 ig 8118 A 4 Ed El m Bkn 1st con g 43.1939 J J 74 73 Jan'21 73 73 Repub I & S 10 30-yr 5s s f_.1940 O 85 86 86% 867g 85 86% Lac Gaa L of St L Ref & ext 5s '34 A O 7>i 72I4 Feb'21 6818 73 St L Rock Mt & P 5s stmpd.1955 J J 72% Sale 72% 72% 3 71 72% J J 1 Milwaukee Gas L 1st 4s 1927 IVI N 8118 8078 Feb' 2 8OI4 8078 Tenn Coal I & RR gen 5s. -.1951 88% 88% 88% 8638 91 Newark Con Gas g 5s 1©48 10412 Apr'17 S Steel Corp \coup (11963 MN 95 Sale 94% 95% 141 92% 95% J D '83"" U — 134 83 MN Sale 1 NYGEL&Pg 53 1948 J D 8 8112 83 'Sl'ls 8 f 10-60-year 5s/reg dl9 53 94 94 94 I 94 947f 67 68 MN . Purchase money g 4s 1949 F A 6712 68 6434 68 Utah Fuel 1st s f 5s 1931 80 Oct'20 86l« J J ( Ed Elec in 1st cons g 59. ..1995 J J 8558 Dec'20 Victor Fuel Ists f 5s 1953 52 Jan'21 52 52 --- IVI S 5 NY&Q El L&P 1st con g 5s. . 1930, F A 84 7812 May'20 Va Iron Coal & Coke 1st g 53.1949 82% 83 81 83 Pacific G & E Co—Cal G & E— Sale 10 • Corp unifying ref 5s 1937| s«3 83 83i2 8412 Teleqraod & Telephonle & M N 8278 I 20 44 Pacific G & E gen & ref 5s... 1942 J J 7712 7878 78l2 79 77 79 Am Telep & Tel coll tr 4s.. .1929 J 78% Sale 78% 80 73% 80 M 63 Pac Pow & Lt Ist & ref 20 yr | Convertible 4s 1936 68% 68% Feb21 68% 7812 Sile 23 ' 58 International Series 1930 F A 74 7334 Feb 21 7334 ' 7334 20-year conv 4)-i3 1933 M 82% 82 8234 80 84 J Sile 58 Pat& Passaic El 5s 1949 M S 105 July'17 30-year temp coll tr 6s .1946 81-8 81% 82 I 77% 83% G& "84' "84" Peop Gas & C 1st cons g 6s.. 1943 A O 8>l4 8878 84 Jan'21 7-year convertible 6s 1925 F 9 >% Sale 95% 96%' 129 94% 97 A 89 Refunding gold 5s 1947 M S 70% 71 6912 Feb 21 63% 70 Bell Teleph of Pa s f 73 A. . . 1945 10 S Sale 10;% 103% 10034 106% Ch G L * Coke 1st gu g 53.1937 J J 67lR . . 70 Nov'20 Cent Dlst Tel 1st 30-year 53. 1943 J 8534 96% 85 Dec'20 Con G Co of Ch 1st gu g 5s. 1936 J J 6512 100 Apr'17 Commercial Cable Ist g 4a.- 2397 Q 60 64% Aug'20 Ind Nat Gas & Oil 30 yr 5s. 1936 MN 89 Mar'17 Registered 2397 Q 68% Jan" 18 Mu Fuel Gas 1st gu g 5s.. 1947 M N 66 75 May'19. Cumb T & T 1st & gen 5S-- .1937 J "8()% "sd^ 8OI4 80% ^ 78% 80% Sale 34 J Apr' Philadelphia Co conv g 5s... 1922 M N 91% 1 91% 92 88 93 Keystone Telephone 1st 5s.. 1935 98 16 F '87'% "93' 7 Stand Gas & El conv s f 6s.. .1926 J D 8212 8334 8212 Feb'21 8212 8212 Mich State Teleph 1st 53 1924 87% 88% 's.r 'ss'ti 89 Syracuse Lighting 1st g 53...1951 J 7034 Nov'20 Y Telep 1st & gen s f 4Hs. 1939 M 78 Sale 77 78 75 79 D N I 68I4 21 Syracuse Light & Power 58.. 19 54 J J 70 67.2 Aug'20 SOyear deben s f 6s-.Feb 1949 F 89% 8978 89% 89% 8734 92 F 961'' Sale 254 Trenton G & El Ist g 58 1949 IVI S 98% Oct'17 Northwest'n Bell T 1st 7s A. 1941 96% 96% 96% 98 39 Union Elec Lt & P 1st g 58.. 1932 S 7812 86 Nov'20 Pacific Tel & Tel 1st 5s 1937 J 84 Sale 8234 84 80 84 M I J 35 Refunding & extension 5s.. 1933 IVI N 72 78 82 July'19 South Bell Tel & T 1st s f 5s- 1941 8278 Sale 82 8278 81 83 f .1936 84 93 89 Oct'20 Union coll tr cur 5s_. 1938 J 85 85% 85% 86 84 86% United Fuel Gas 1st s 6s.. J J West I

    Utah Power & Lt 1st 6s 1944 F A 7934 Sale 79I4 80 I 13 76 8O34 Fund & real est g 4Hs.. .1950 M 80% 80% 81 I '1 77% 81% Utlca Elec L & P Ist g 5a 1950 J .1 77 95 Mar'20 Mut Un Tel gu ext 5s__ .1941 M 99 101% Sept'l7 I UtIoa Elec ref 5s 1957 J J 96 87 Nov'19 Northwest Tel gu 4Hs g 1934 J 64 Nov'I6 Gas & ' Westchester Ltd gold 53 1950 J D 69 79 88 Oct' 19 I

    •No prleo Friday: latest bid and asked. aDueJan. 6Cue April. eDueMay. j/DueJune. ADueJuly. *DueAug. oDueOct. pDueNov. jDueDec. sOptlonsale. ' 1 "" 1 11 11 11

    BONDS BOSTON STOCK EXCHANGE Stock Record S*e nest paf« 733

    SHARE PRICES—NOT PER CENTUM PRICES Saiet STOCK.S Ratine since Jan. 1. Ranti for Pr^rtout ' /or BOSTON STOCK Ytar 1»20. Saturday Mondau Tiusday Wednesdav Thursday Friday I the EXCOANOB FO). 12. Feb. 14. Feb. 15. Feb. 16. Feb. "'«* Lowest. HtghtM. Loveil. Hithttt. 17. Feb. in. , 1 Shares Railroad* 127 127 Hoaton 127 127 ' 1271s I2712 127 12984 127I4 I2714 54 4 Albany 100 123 Feb 7 129 Jan 22 U9 Fek 134 Nov e4>4 64^4 «3l2 64I4 63 64 63 64 63l» 332 HoHton Klovated 100 6|7, Jan II 05 Jun2l 60 May 68 Oct I (Wg

    •80 .. •80 '80 80 80 I 80 80 3 Do pref 100 78 Jon 7 82 Feb 101 741t Dec 891: Nov •24 i 24«4 231s 24I2 231s 23I2 •23I» 24l» 23 23'-. 90 UoMUjn & .Maine 100 22 Jan 1 2.'>34Fcb M; 131? Dec 4U Sept •20 ... •26 •ze Last Sale 20 Fel)'21 IJo pref 100 26 Feb 2 30 Jan 4 25 Dee 49 Oct 130 130 '130 •130 130 130 130 130 20 noBton & Providence 100 125 Jan II 133 Jan 21 124 Jaa 143 Mar Last Sale .25 Jan'21 . HoHton Suburban Eleo. .no par .25 Jan 29 .25 Jan 29 lOo Deo 26c Oct .75 .75 Uu pref no par .75 Jan 29 99Jun 28 75o Dee 7 Mar ---. 3»4 3»4 10 Boat & Wore Kleo pref.no par 3>4 Jan 19 3I4 Feb le 3 Nov 11 Mar >130 135 '130 135 ,^130 135 Last Sale Chlo Juno Ry AUS Y 100 130 Jan 132 Jan 120 Nov'20 '67' •70 75 •70 73 70 70 1 )o pref 100 Jail 3 73 65ig Dec 80 Jan I •70 73 '/O 73 ' Feb 4 •43 45 43 43 42i-> 43 I M.iUuf ( 'entnil 100 32 Dec Sept 43 43 I 43 43 77 37 Jan 3 431, Feb 3 76 20l2 20'« • 197g 201 20 2OI4 •2OI2 2078 20 2018 33.1 N Y X II * Hartford 100 1858 Jan 3 2314 Jan 12 1534 Dec 37 14 Sept 74 74 75 74 74 8 Northern New Hampsblre. 100 74 Jan 14 741, Jan 14 70 Dec 86 Jau •72 Norwich July 70 iMSt Sale 74" Feb'2i I & Worcester pref. 100 74 Jan 28 76 Jan 27 77 July 89 7Ils 7II2 70 Vo" •68 70 •68 6934 •68 6934 g Old Colony 100 63 Jan 3 75 Jan 19 60 Dec S6 Apr •18 21»4 •I7I4 •I712 2134 iMst Siile 20 Jan'2I .1 Rutland prof 100 18 Jan 3 21 Jan 12 15 Jao 27I4 Oct •75 .-..| '75 •75 Vermont Massachusetts. Nov 83 lyast K't/e i Feb'21 & 100 75 Jan 20 76 Feb 9 70 June 80«t 41 41^4 4II0" 42 •4134 42 42 42 411, 4]l2 WoHt Knd Street 50 40 Jan 3 42 Jan 24 36 Dec 46*4 Jan 60 50»4 'SI 5OI4 51 •6OI4 51 51 51 Do pref 50 49 Jan 8 52 Feb 10 48 July S6I2 Jau Miscellaneous •1 •1 •1 Us' 1'2 I'S Last Sale Am Oil l!:ni;lnoerlns 10 I Feb 10 3 Jan 6 3o Dec 714 Mar 3i« 3i8, 3lg 3l2 314 Amer Fneumatlo Sorvloo 11 1 3ij Nov 31s 3 v. 33r 38g 38.S 26 2 Jan 21 3I2 Jan Feb 11 II 123s 1238 12 12 1134 1184 12 121, Do pref 50 81, Jan 3 121, Feb 10 5 Feb 131, Nov IOOI4 100 100 10038 100 1003s 100 I003g lOOls 10038 Amer Tolep i Tele« 100 96i8 Jan 3 100-ls Feb 15 80 Apr I«0»4 Sept 8SI2 881; 88 88 88 88 ss 89 89 89 AinoakcaK Mfg no par 74 Jan 3 8'» Feb 17 70 Nov 167 Apr •7612 79 •7012 •761'. Do pref .no pir 83 Jan I 78 78 761' 77 76 Jan 5 80 Jan 15 70 Nov •10 1 •10 1 •10 1 r^si Sale .l"6">e'b'2i Anglo-Am Comml Corp.no par 07 Jan 6 .16 Feb 9 lo Dec 19 Jau •12% I •12 •12 Last Snle 1212 Feb'2I Art Metal Construe Ino 10 12 Jan 2 I2I2 Feb 2 10 N*v 38 Apr •17I-. 18 • Y8" 17 'is 17 171, 180 Atlas Tack Coriwratlon no par 10 Jan 3 I9I2 Jan 12 14 Dec 35I4 Apr 3I2 "'3' 312 •314 4 •3I4 334 •3I4 384 3 50 Beacon Chocolate 10 3 Fob 18 4 Jan 8 37* Dec 10 Apr 6I« 5»4 5J4 6 •5 6 •5 6 •5 6 290 BiKheart Prod & Refg 10 5 Jan II nis Jan 3 6 Dec 127g Apr .50 .60 .50 .50 .«) .50 .45 .50 .45 .45 4,350 Boston Mex Pet Trustecsno par .45 Feb 17 .95 Jan 10 60c Nov 38g Jan .59 .59 Jau •50 .55 •50 ,55 •50 .55 .50 SO 112 Century Steel of Amer Inc. .10 ..SO Jan 18 Us Jan 10 49c Deo 7 I3I4 I3I4 •13i| •I3I4 I312 13-2 M3I4 131, •I3I4 131? 50 Connor (John T) 10 1278 Jan 4 1312 Jan 10 12 Nov 14*4 Sept 4Ij 4I4 •4I4 438 •I'l 414 •4I4 41; •4I4 41, 230 Eiist Boston Land 10 4 Jan 27 41, Feb 11 33s Dec GI4 Mar 21is 21i« 2II4 2II4 2II4 21I4 21 21 16 Kastern Manufacturing 5 201, Feb 9 23 Jan 8 21 Dec 361; Jau •15>o 1684 "16" 15l2 16 16 16 16 •16 17 "I'e 90 Eastern SS Lines Ino 25 16 .Ian 10 17 Jan 31 Dec 2888 May •70'2 75 •7OI2 75 •7OI2 75 Last Sale Do pref 100 17 9 62 Aug 88 Apr 701, FPb'2l| 1 70 Jan 7OI2 Feb •163 164 163 16312 162 Edison Electric Ilium 104 Nov 163 161 161 160 1 60 l.')7 100 152 Jan 3 104 Jan 25 140 May •16 I6I4 •16 161- 16 16 •15I2 lfil4 •151, lOl) 25 Elder Corporation no par I6I4 Jan 4 17 Jan 8 1512 De<^ 3612 Jau 6l'> •6 7 7 6U 7 •6 7 •6 7 45 Oorton-Pew Hsherles 50 61, Feb 11 8 Jan 3 S Doc 26 June •34 •34" •34I4 35 35 35 341, 35 101 Greenfield Tap & Die 25 .34 Jan 5 35I2 Jan 17 3234 Deo 60 May 20"« •20I'> "21" 21 21 207« 21 2078 21 Vi' 1.33 Internal Cement Corp.no par 2OI2 Jan 29 25 Jan 20! 10 Apr 2914 Oct •40 4II2 4II4 41I4 40 40 •40 4II4 •40 41Ij 29 Internal ''ollon Mills 50 40 Jan 27 411, Feb 71 40 Dec 7412 Jan •841 8512 84 84 84-2 8412 841, 841. 33! Do pref.. 100 81 Jan 7 8412 Feb 5 80 Dec 06 Jau •9 OU •9 "9" " Jau " 10 9 912 9I2 lO's W- 590 Internal Products no par OI4 Jan 4 13 Jan 81 6 '8 Deo 45 •22 26 •22 25 •22 25 •22 25 23 23 20 Do pref 100 23 Feb 18 32 Jan 71 24 Dec 8012 Feb •4l8 438 •41,, 4l8 Island gig Apr 484 48, 4 41s 385 Oil & Trans Corp... 10 4 Feb 18 434 Jan 8 4 Dec 1134 1238 I2I4 I2I4 IIS4 1134 1134 I2I4 11 12 421, Llbby. McNeill & Llbby..-10 1158 Jan 3 13 Jan Hi lOlg Nov| 317g Apr 1II< 11I« 81 III4 111, 111-. III2 llSg 111, 1138 111, 371 Loew's Theatres 10 11 Jan 3 12 Janl7| 9ip Apr I2I2 Sept 91!^ 915s 92 92 92 92 •9II2 92I2 91 91 66 McElwaIn (W H) Isl pref. 100 90 Jan 17 92 Feb 1">| 8912 Dec 10112 Jan 82 8212 82 83 83 83 82 83 82 82 200 Massachusetts Gas Cos 100 81 Feb 7 85 Jan 8 0834 Feb 86 Nov 6O34 61 61 61 61 6U0 61 611, 199 Do pref 100 59I4 Jan 6 O2I2 Jau22| 57 June 6334 Nov •120 125 •121 122 121 121 121 121 121' I2Y" 40 MerRcnthalcr Linotype 100 119 Jan 10 122 Jan 26 118 Nov l.'J8.2 Jan •19 I9I4 Jan 19 19 19 19 •19 191.) 19 19 45 Mexican Investment Ino 10 I7I2 Jan 3 21 Jan 7 15 Dec 53 SBg 87g July 6h 8^8 858 87s 858 878 85s 884 1,670 National Leather 10 Slg Jan 18 9I4 Jan 13 758 Dec 12 •4 4I4 •4 412 •378 4 Lost Snle Feb'21| National on 10 334 Jar; 31 4I2 Feb 2 458 Nov| 8ig Sept 99I2 43s IOOI4 9912 IOOI4 100 IOOI4 lOOli 102 IOI84 102 709 New England Telephone.. 100 95I2 Jan 3 10! Feb 18 82., May 101 Nov •9 10 •9 10 9 9 Ohio Body Blower no par 17 9 ^^ I 8ls 8's 65 & S's Feb IOI2 Jan 7 Dec 3638 27I2 •27 27I4 34ig 271s 2712 2714 •27 27I0 "ZTi", "2Vl!i 425 Orpheum Circuit Inc 1 26 Jan 5 2818 Jan 11 2334 Dec Mar 164 164 •160 165 •160 165 164 164 164 I67I4 87 Pacific Mills .. 146 Jan 3 IO714 Feb 18 I46I4 Dec 17618 Jan 84 87 4 Plant (Thos G) pref 100 82 Jan 19 87 Feb 17 85 Dec 99 Jan "14"' •I312 14 1312 I3I2 •13U 14 •1384 14 •1384 10 Reece Button Hole 10 I314 Jan 24 14 Jan 10 13 Nov 16 Jan 17 •16l2 17 •I6I2 17 Last Sale 17 Jan'21 Root & V Dervoort CI A no par 17 Jan 29 17 Jan 31 177r Dec 55 Jau •6 •6 7 7 61') 6I2 7 7 6I4 63, 95 SImms Magneto 5 6 Jan 3 8I2 Jan 7 5 Nov 251, Apr »35 •33" Apr •34 35 34 Last Sale. 27 De<''20| Stewart Mfg Corp no par 27 Dec 49*4 IO2I2 loVis Jan 102»4 10338 103 10412 103 1041, 103 IO3I2 598 Swift & Co 100 161" Feb 4 16.534 Ja"n" 12 971, Nov 133 •69 62t2 6OI2 61 60 61 60 60 119 Torrington. 25 54 Feb 8 IS 50 Dec 76 Mar I 59 59 61 Feb 21 21 •20 21 •20 21 21 21 21 21 90 Union Twist Drill 5 2OI2 Feb 8 22 Jan 10 21 Nov 28 Apr 3734 38 38 38ls 38 38 3818 ,067 United Shoe Mach Corp.. 25 3658 18 4 .3212 Dec 49 Jan 24U 381s 3734 381.1 1 Jan 3914 Jan 245g •24 2412 24 2434 •24 241 •24 241, 112 Do pref 25 231, Jan 4 25 Jan 14 2278 SeptI 2C Feb I7I2 1712 171, 1758 I7I2 1758 I712 1734 I7I4 171, 1,113 Ventura Consol Oil Fields. -.5 17I4 Jan 3 I8I4 Jan 8 I2I4 Feb 19 Mar 1834 185s 1858 1884 1884 1884 1884 1834 1834 I884 273 Waldorf System Ino .10 1678 Jan 6 1988 Jan 27 15 Dec 2314 Apr • 1512 1614 •I5I2 161, I6I4 16I4 16 16 70 Waltham Watch 100 I5I4 Jan 7 17 .Ian 6 I4I2 Dec 441. Jan •16 16I2 ' " •16 I6I2 16l» 16I2 •16 I6I2 17 104 Walworth Manufacturing. .20 141, Jan 3 17 Feb 18 14 Dec 26 Feb • « 'lY 20 20 •18 20 Last Snle Warren Bros 50 20 11 I912 Dec 391, June •23" I 20 JaiT2l| 20 Jan 20 Jan •2312 25 24 2312 2312' 23 23 22I4 22I4 40 Do Ist pref 50 20 Jan 12 25 Jan 12 27 Dec 33 Jau •25 30 •26 27 •25 30 •25 30 5 Do 2d pref 50 20 11 25 Dec 36 Jan ( 25 25 25 Jan 30 Jan •I6I2 I7I2 •I6I2 I7I2 • I6I2 I7I2 17 17 30 Wick wire Spencer Steel 6 17 Jan II 1818 Jan 11 15 Dec 32 Sept Mining •75 .95 •.76 .95 •.75 .95 Last Snle .60 Feb'21 Adventure Consolidated 25 .60 Feb 4 .60 Feb 4 40c: Aug U4 Feb 61 62 4OI4 Jan 62 62 51 51 I •50I2 52 •501, 52 94 Ahmeek 25 40 Jan 3 66 Jan 19 Dec 77 .35 .35 •35 .50 •35 .60 •.35 .50 •.35 .50 100 Algomah Mining 25 .30 Jan 17 .35 Jan 28 20c Dec I2 Jan 22I4 •22 23 23 22 22 22I2 Allouez 25 171, 1 15 Dec 42 Jan I 23 •22 23 90 Jan 4 231, Feb 278 284 Apr 27s 234 3 234 284 278 28j 23, 1,105 Aecadlan Consolidated 25 214 Jan 3 334 Jan 7 2 Aug 4I2 •8 8I2 838 8% 8I2 8I2 •8I2 9 8I2 81, 180 Arizona eoramereial 5 678 Jan 9 Jan 6 5I4 Dec 15^4 Jan 8I2 8I2 •8I2 •8I4 9 9 •8I4 8I2 8I4 81 100 Bingham Mines 10 8I4 Jan 20 878 Jan 20 6I2 Mar 107s Apr •03 .05 •03 • I Jan .05 03 .05 Last Snle .04 Feb'2f I Butte-Balaklava Copper 10 .03 Jan 6 .04 Feb 2 2c O t 40o 249 2.54 •25034 Jau 25012 252 252 I 252 2521, 251 253 144 Calumet & Hecla 25 240 Jan 259 Jan 4 200 Dec 4«9 •I3I2 I4I4 14 1412 1488 153s 15 1558 I4I2 15 8,985 Carson Hill Gold 1 13I4 Jan 10 1618 Jan 17 IOI4 Nov 40ig Jan 9I2 912 •9 •9 6I2 Jan 10 10 •9 10 •9 10 15 Centennial 25 7 Jan 10 Jan 28 Dec 16 1£ 34I4 35I8 I 33^ 35 3578 3512 35 35I2 35 3.5I8 776 Copper Range Co 25 27 .Ian 3578 Feb 15 25 Dec 485s Jan 41 4I4 4I4I •33li •334 •334 Last Sale 4 Feb'21 ' Daly-West 20 334 Jan 414 Jan 18 3I2 Dec 47g Mar 678 684 684 7 66s 67g, 6»2 6^8 Oij 612 1,440 Davis-Daly Copper .10 512 Jan 71, Jan 6 47s Dec 1414 Jau 9I4 9'4 9I2 9I' 988 938 9I4 9I4 9I4 9I4 370 East Butte Copper Mln 10 758 Jan lOis Jan 8 7I4 Dec 16 Jau 2I4 2Ss 2I4 238 23i 2I2 2l8 2i8 •258 284 323 Franklin 25 214 Jan 314 Jan 60c Aug 5>4 Apr •21-. 312 •3 312 2I2 2I2 3l8 6ig Mar 234 •234 31," 44 Hancock Consolidated 25 184 Feb 18 31, Jan 6 2 Dec 2" 2 •134 2l8 Jau 214 2 •2 2I4 I84 2- 990 Helvetia 25 178 Jan 28 212 Jan 7 1 Aug 4 •.47 .75 •60 1 •.47 .75 Last Sale .47 Feb'21 Indiana Mining 25 .47 Feb 11 60 Feb 8 250 Nov i^ Jau •5OI4 6II2 50 51 61 51 51 6II41 •5118 52 184 Island Creek Coal 1 48 Jan 3 5112 Feb 2 39 Feb 60 Sept •76 77I2 75 75 75 76 75 75 •75 7712 70 Do pref 1 75 Jan 7634 Jan 24 75 Nov 82 June 20 20 20 2OI2 •20 21 20 201,' •20 21 240 Lsle Royale Copper 25 1614 Jan 22I2 Jan 8 15 Dec 38 Jan •3 33s •3 334 •3 3l8 3 Kerr Lake ..5 13 2i8 5 Mar 3 I 3 3 210 21, Jan II 318 Jan Dec •II4 II2 •II4 II2 •lU I'2 Last Snle II2 Feb'21 Keweenaw Copper 25 II4 Jan 5 II2 Jan 6 Hs Dec 2I4 Jau 3I4 3 3 •315 314 3I4 •3I4 31, •3 312 170 Lake Cop[>er Co 25 2 Jan 4 314 Feb 16 II2 Dec 4% Apr •2I4 2I2 •2I4 2I2 2I4 2I4 2I4 2I4 II4 3ig Jau *2l4 212 50 La Salle Copper 25 II4 Jan 25 21 1 Feb 11 Dec •nj 1»4 •II4 134 •II4 1»4 Jan Last Sale II4 Jan'21 Mason Valley Mine 5 II4 Jan 22 15s Jan 14 90c Dec 3 212 2I2 •2I4 •2I4 5Sg Jau 284 284 2I2 212 •214 234 240 Mass Consol 25 2'i Feb II 358 Jan 8 184 Dec 438 4l8 41.1 4I4 4I4, 4I4 Jan •41s 4I4, 378 4l8 1,315 Mayflower-Old Colony 25 37s Feb 18 514 Jan 8 314 Dec HS4 •21'. •2', ' 3 3 •212 3 3 3 •21, 3 30 Michigan 25 2I2 Jan 3 3 Jan 6 I84 Deo 7ig Jan 46 46 46 14 4684 46 48 4712 471, 48I4 48I4 156 Mohawk.. _. 25 431, Jan 4S1, Feb 18 4012 Dec, 72 Mar 16 lesg 16 1638 1618 lOlg 16 1618 16 16 495 New Cornelia Copper 5 I414 Jan I6I2 Jan 10 I214 Nov 24 Jan •.50 •50 1 *.60 7t. Jan "4"6'" Last Snle .95 Jan'21 New Idrla Quicksilver 5 .95 Jan .95 Jan 7 35c Dec! 40 40 *40 •41 48" Oct 45 45 I •46 335 New River Company 100 40 Feb 45 Feb 17 21 Mar; 81 82 •8II2 "84" Sept i82 82 I •82 83 83 85 287 Do pref 100 80 Jan 85 Jan 17 79 Feb 96 8I4 8I4 8I4 8I4 8ig Jan 81s 8'2 8I4 818 81., 1,127 Nlpisslng Mines... 6 714 Jan 8I2 Jan 20 7 Dec 12ie 1218 I2I4 12 12 14 1218 1238 1218 123s 12 1238 2,321 North Butte 15 878 Jan Feb 10 8 Dec 211, Apr *.35 •.35 123s .50 .60 •..35 .50 Last Sale .45 Feb'21 North Lake 25 .30 Jan 14 .50 Jan 7 I4 Oct 80c Jan •13g • lu n 2 «1U' 2 Last Sale 11, Feb'21 OJlbway Mining 25 ISg Feb 9 178 Jan 1 Dec 2*8 Jan 21 21 21 21 21 21 20 20 20 20 165 Old Dominion Co. 25 1558 Jan 3 21 Jan 7 15 Dec 371s Jau 28I2 •27 •27 28i2 28 28 27I2 28 2712 271, 80 Osceola 25 24 Jan 5 30 Jan 6 2OI2 Dec 58 Jan •39 40 •39 40 40 40 •39 40 •39 40 45 Qulncy 25 351, ,lan 3 41 Jan 7 34i» Dec 65 Jan •34 36 34 35 35 35I4 36 36 35 35 37 St Mary's Mineral Land... 25 28 Jan 3 30 Feb 17 2534 Dec 58 Jau I I'S •1 1>4 II4 Jau •Us I's II4 II4 II4 245 Shannon 10 .75 Jan 3 1 % Jan 28 50c Dec 2 •II4 •II4 II2 •II4 Us Ho Last Snle 1 Jan'21 South Lake 25 1 Jan 22 2 Jan 1« lOe Mar 2it Apr •08 .10 •.06 .08 •.06 .10 Last Sale 08 Feb'21 South Utah M&S 5 .05 Jan 5 .12 Jan 8 3c Dec 86c Jan •4I4 •4I4 412 4I2 4 4 •4 4I2 4 160 Superior ..25 3I2 Jan 3 412 Feb 1 2*1 Dec • Jau I i'Xc 17g 2 134 134 178 2l8 2I4 1 Dec; fig Jau 2 214 2"s • 1,875 Superior

    734 THE CHRONICLE [Vol. 112. I

    Pittsburgh Stock Exchange. Record of Outside Stock Exchanges — transactions at Pittsl)ur(;li Stofk K.xcliange Fel). 14 to Feb. IS, Itotli inclusive

    (Feb. Lincoln's 1 Boston Bond Record. —Trans:u;tions in bonds at Boston 12. Jiirthday, holiday f-ompiled from official Stock Exchange F(!h. 14 to Feb. 18, both inclusive: .sales lists: Friday Sales Friday Sales JmsI WteVs Range for Range situe Jan. I. IjOSI Week's Range for Range sinee Jan. 1. Sale. of Prices. Week. Sale. 0/ Price.i. Week. StOClM- Par. Price. Low. High. Shares. Loir. High. Bonds- Price. Lou- Jllgh. Low High. Amer Uolline Mill com. .25 40 40 100 "0 Feb 42 Jan V. S. Lib Loan 3^81932-47 90.56 91.18 S10.800 90.66 Feb 92.90 Jan Amer Vllilfled Prod rom.50 II 11 11 100 II Jan 12 Jan" 1st Lib Loan 87.20 87.20 3,100 85.62 Jan 88.52 Jan 4X81932^7 Amer Wml Gla-ss Mach KM" 166 1C6 107 no; 106 Feb 115 Jan 2d Lib I^an 4H81927-42 86.07 87.28 35,.';50 85.54 Jan 88.72 Jan Prrferreii IOC 84 84 84 ,50! 84 .Ian H5 Jan 3d Lib Loan 4^8. 1928 89. 84 90.40 42,100 88.10 Jan 91.26 Jan Amer Wind Glass Co. pflOO 101 ICl 451 99 Feb, 101 Feb 4th Lib L'n 4 Ks. 1933-38 86.80 87.32 43,500 85.34 Jan 88-54 Jan Arkansas .\at (;as ,10 7y, 75i 8K 2.398: » ' % Ji>n, 10' Jan Victory 45f 8 1922-23 97.04 97.42 14.450 95.78 Jan 97.81 Jan Harnsdall Corp cla-ss A.. 25 27 27 100, 27 Keb 35 Jan Am Tel & Tel conv 68.1925 95 05 1,000 95>4 Feb 96 Jan H H H Class H 25 255^ 26 150, 25'., Fob 35 Jau Atl G & W 1 SS L 58. . 1959 56 56 59 M 80,000 55 Jan 62 Jan c:arbo-HyflroKen Co com. 1 1 lOl Jaol I Jan Chic June & U S Y 58. 1940 80 80 80 1,000 77K Jan 82 Jan % Preferred. , 3 3 325 2 Jani 3 Jan 4b 1940 65 65 1,000 64 Jan 65 Jan '4 Camcgle Lead Zinc 5 5 6!.2 2.210' 4U, Jani 6!-, Feb East Mass ref 58 1948 35 35 3.000 35 Jan 35 Jan < 'oiumbia < ias A Klec - 100 6C^ 6OI2 60'^ 10< 601.. Feb. Feb Miss River Power 58. .1951 77 78 13, .500 74% Jan 78 Jan 60S Consolidated Ice com 50 •5 5 500i 3 .Ii>ni 5 Feb Is" E Telephone 5s 1932 85 85 2.000 79 « Jan 85 Feb Preferred. 26 .. ...50 24 'i 620) 20 1 Jan! 26 52 Feb Pond Creek Coal 6b. .. 1923 941/, 941^ 1.000 94 Jan 96 Jan CJuffcy-Glllespip OIL no par 23 Ji 23 H 24 2.950! 23 '4 Feb 27 Jan Seneca Copper 88 1925 99 99 1.000 94 Jan 101 Jan Ref 100 15i 91 ,. Harb Walk rue com 91H 91 5i ' Jan i;2 Jan Swift & Co 1st 5s 1944 85 85 ''i; 4.000 80J-J Jan 85 Feb H H Kay County (Jas .1 1 1'4 17,5i 1 Feb 15; Jail Western Tel & Tel 5s. .1932 82 81 ''^ 82 5.000 78« Jan 82 Feb Lone St;ir Gas 2. 25 2.5 H 4.55 2452 Feb 26 Jan Mfrs. l,iKhl& Heat 50 51 sm 52 1101 .50',-H .Ian' 53 Jan Chicago Stock Exchange. —Record of transactions at Marlaiid Rcfg 5 2% 2H 2H 1 ,93.5! 2V. Feb 3^. Jan Nat Fireproofing com 50 6}i 654 7 :{95i 6 Jani 7", Jan Chicago Stock Exchange Feb. 14 to Feb. 18, both inclusive, 170i Preferred . . 50 13H 13 Mi 13>/4 12 Jam U Jan compiled from official sales lists: Ohio Fuel Oil 1 1654 16 16H 4851 1« Jani 19 Jan (JhloFuelSurply. 25 48 48 4814 4.30, 465, Jani 4«!.2 Jau Friday Sales Oklahoma N'at Gas 25 2754 27 5i 28 ,'4 .505 275-4 Feb 30 H Jan Last Week's Range for Ranae since Jan. 1. Pittsburgh Brewing prcf ..50 7 65i 210! 5 Jan 854 Jan Sale. Prices. Week. of Pittsburgh Coal com 6054 60 54' 60 5i 25' .58 '2 Feb 61 Jan Stocks Par. Price. Low-. High. Shares. Low. High. Preferred 100 86 H 86'-^ 45 86 1-2 Feb 88 Jan Pittsburgh Jerome Copper 3c 2c 3c 14,500: 2c Jan "p Jan American Radiator 100 71 72 M 285 67 Jan 72 K Feb Pltt.'bA Mt Shasta Cop.. 1 25c 29c 5,500' 25c Feb] 36c Jan .\merlcan ShipbuiMing.lCC 77 80 16S 69 >A Feb 80 Feb PittsbOli&Gas. 9>i 10 !4 866, 9-4 Feb I 12 Jau Preferred 100 70 77 130 .59 H Jan 77 Feb Pittsb Plnte Glass com. 100 llSJi 114 n55i 150! 113 W Jani 116 Jan .\rraour prcf 92 & Co. 100 92?; 923 8 '4 210 84 Jan 94 m; .'an Trancontmtntal Oll.-- 9 9 .50! 8 54 Jan' 10 Jan 12 '4 .Armour Leather. . 15 12 H 12?'8 125 2..520 -'4 Feb 13 ^i Jan Union Natural Gas 100 11854 118J4 301 11614 •Jani llSij Feb Preferred IOC 89-, 89% 89^8 175 86 Jan 94 Jan U S Steel Corp com 100 835-H 84 5i I35I 81 Feb Hi-i Fob Beaver {*) Board 42 42 150 40 Jan 42 Feb West'houso Air Brake .50 945; 94 H 95 90 94^ Febl 97 !4 Jan Briscoe, common (*) 17 Ji 12 19 2.675 9 Jan 19 Feb Wcst'house El Mfe com-.50 46 45 46 432 42 14' Jani 4« Pcb (J I).. _(*) Case 7 7 100 654 Jan 8 Jan West Penn Ry.-.' pref-. 100 73 73 55 70 Febl 73 Feb Chic C&Con Ry pt sh pf (*) 5H 5H 25 5K. Jan 6Vi Jan Bonds Chic Pneumatic Tool. .100 68 68 25 66 Jan 68 .Ian Indep Brewing 69 1955 42 42 42'f SI.000 41 Febl J2'4 Feb Chic Rys part ctf .scr 2__ 2 2 155 2 Feb 3 Jan Pittsb Brewing 6s 1949 69 69 3,000 69 Jani 69 ' Jan Commonwealth Edison ICO 106 H 106 >4 106'/^ 8.50 1C2 Jan 106 J i Jan Continental Motors 10 1.275 Jan Jan 65e 6-H 7 6 75a of Cudahy Pacli Co. com. ICO 57 57 57 H 100 55 Jan 63 Jan Philadelphia Stock Exchange. —Record transactions pref 87 Deere & Co . ICO 87)4 91 255 '2 Feb 91 Feb at Philadelphia Stock Exchange. Feb. 14 to Feb. 18. both Great Lalccs D & D 1 00 77 >, 83 560 61 Jan 83 Feb inclusive, compiled from official sales Usts: Hartman Corporation. . ICO 73>.. 73 H 40 70 Jan 73'^ Feb Hart Schaff&Marx, coralOO 75 75 5C 65 Jan 75 Jan Friday Sales Motor 10 11'-. 13-8 Hupp 13?; 13M 525 Jan Jan Last Week's Range for Range since Jan. 1. Illinois Briclt 100 25 695-4 Jan 69 69 OS H. Jan Sale. of Price):. Week. Llbby McNeill Libby.lO 11 & 11 5» 2* 12 H 6.345 115-4 Feb 13 Jan Stocks Par Price. Low. High. Shares. Low. High. Lindsay Light 10 5'A 5' . 6 1.205 5M Jan 7m; Jan Mitchell Motor (*) 705 Jan 8 Feb Co 8M 14 Alliance Insurance 10 18 18J4 315 18 Feb If Jan National Leather 10 SH 5.390 Jan 9'A Jan American Stores no par 53 52!^ 55 2.074 44 .Ian I 55 Feb Orpheum Circuit. Inc 1 27 27 27,14 235 26)4 Jan 28 Jan K K Buff & Susq Corp v t c. 100 72 80 98 72 Febl 80 Jau Pick (Albert) & Co (*) 25^4 25 45 23;^. Feb 26)-2 Jan "17" M Preferred v t c 100 43 43 43 136 43 Jan' 48 Jan Piggly Wiggly Stores, Inc(*) 14 Jan 17 H 2,900 14 Feb 19 Cambria Iron 50 37 37 15 36 Jani 37 Jan Ser of Nor III. com 100 75!<; 75 68 Jan Feb Pub 76 SCO 76 Elec Storage Batterj-.lOO 10454 10154 106 1.164 92 Jani 106,1-2 Jan Preferred 823.j' 100 82 M 5 82 Feb 83 Jan General Asphalt 100 6654 6654 69 310 5654 Jan 70 Jan Quaker Oats Co 100 no 110 126 f60 no Fet 149 Jan Hunt & Broad Top pref- 17 17 50 854 Jani 22 V4 Jan Preferred 100 8-1 180 S3 Ftb 01 J an Preferred ctfs. deb 16 17 332 13 Jani 20 Jan Reo Motor 10 22 87, IS Jan 24 Jan £2J^ Insurance Co of N A 10 28)4 285^ 2854 364 2754 Jan 2954 Jan fears-Roebuck, com 100 87 9? 86 89 M 3.700 84 Feb Jan Lake Superior Corp. -.100 854 SH 50 754 Jan 10 Jan 9.'; Feb Sciip — 94 95 28.368 94 Feb Lehigh Navigation 50 65M 71 1,794 65)4 Feb 71 Feb Shaw, com (*) 43 43 Jan WW, 44 570 43 Feb 66 Lehigh Vallcv 50 53 5154 53 52 51 >4 Feb 56)4 Jan Rights 19 ]6',2 20 J.nii 20 1,420 Jan MinehlU & S 50 4654 46,14 10 44 Jan 4654 Feb pref Frb H Standard Gas & El, .cO 35^4 3G'A 75 34 Jan 3o;-2 Norristown 50 104 104 5 104 Feb 104 Feb Stew War Speed, com. _ 100 32 Jan 36 Jan '71' 33M J4 35 }2 9,925 27 !i Pennsyl Salt Mfg 50 71 71 481 64,>4 Jan 71 Feb Swiit 100 102 102 1.4 & Company H Ji 104 1,127 101 Feb IDS Jan Pennsylvania ..50 40 405s 2,504 40 Feb 42 Jan Swiit Int( rnational 1 -5 26 27 2,8.50 25 Feb Jan 25^ M 5 i 31 m: Philadelphia Co. (Pitts). 50 34 34 100 .34 Feb 355s jan Temtor Prod & F "A"(*) 20 21 2.5 20 Feb 26 Jan C Pref. (cumul. 0%) 50 31)4 3354 e56l 31)4 J an 34 J an Thompson. J R, com — 25 32"^ 32 33 335 27 V, Jan 33^, Feb M Phlla. Insul. Wire. . no por 51H 5114 5154 120 51 Jan 52)4 Jan Union Carb & Carbon. .10 .>.)!4 o7'A 37,500 49'.:: Jan 62 Jan Phila Electiic of Pa 25 22 H 2154 22 5 J 2,445 2154 Jan 2254 Feb United lion Wks v t c 50 430 10 ki Feb 131^; Jan 30M WH Preferred 27 H 27 K 28 456 2654 Jan 28 5i Feb Wahl Co (*) 48 47 4E< 1.055 Jan Feb 37 H Rapid Transit 50 \7- Commonw Edison 5s_1943 85 5 85 2,000 78 ' .. Jan 88 Jan Prfferred 50 49 54 4954 167 49 J4 Jan 50 Jan Mori is & Co 4,^3 1939 77 77 5.000 70 Jan 77 Feb Warv. irh Iron 4 6« 30 5i^4 Jan Jan Gen consol 4 5^s 2003 7854 78M 1,000 78)4 Feb 81 Jan Commercial Ciedit 25 40 40 12 39 Jan 40 Jan Lehigh Val Coal 1st 5s 1933 94,1-4 9454 1.000 94 Jan 95 Feb Preferred B 2h 22M 22M 22K 25 20J€ Ffb 22 14 Fib Pennsjlv RR 10-yr 7s_ 1930 103 103 2.000 103 Feb 105 Jan Consol Gas E L & Pow.lOO 87 86M 87 183 85 J^ Jan 92 Jan 15-year 6i-is 1936 9954 9954 50. .500 99 54 Feb 10054 Feb 100 Consolidation Coal 84M 84H 8454 90 83 h Jan 885 2 Jau Phil Co con &colltr5sstpd'51 76)4 77 23.000 7654 Feb 78 Jan preferred 5 4 Cosden & Co — 4 355 33-4 Jan 4 Feb Phila Electric 1st 5s- - - 1966 83,14 83)i 8454 23.000 82 Jan 8454' Feb Oavison Chemical. -no par 24)-i 25 .381 24>f Feb 31 Jan Small 1966 8354 86 2.100 81 Jan 86 Feb Elkhom Coal Corp pref -50 39 5€ 3954 80 35 Jan 40 Jan Reading gen 4s 1997 84 ?i 8454 5.000 7954 Jan 8454 Feb Houston Oil pref tr ctfs - 100 82 M »1H 82 H 35 80 Jan 83 Jan Spanish Am Iron 6S---1927 98^4 98,5-4 1,000 98 Jan 99 Jan I Benesch no par 24 24 50 23 J.in 24 Feb First preferred 25 •23H 23 Mi 60 23 Jan 23) . Feb Market. Below we give a record of MtV-Woodb Mills V t r. 100 16 16 12 16 Feb 18 Jan New York "Curb" — Preferred vo r 100 60 60 n 5214 Jan 6254 Feb the transactions in the outside security market from Feb. 14 Pennsyl Wat & Power. _ 100 81 82 200 7754 Jan 82 Jan 'i to Feb, 18 (Feb. 12 Lincoln's Birthday hoUday). both in- United Ry & Elec 50 11 11 20 10 Jan 12 '2 Jan clusive. It covers the w.eek ending Friday afternoon. Bonds should be understood that no such reliability attaches Chicago Ry Lst 5s 1927 63 63 .S4.000 00 Jan 63 Feb It regularly City & Suburb 1st 5s. . 1522 90 96 2,000 94 Jan 96 Feb to transactions on the "Curb" as to those on the Consol Gas EL&P4)4sl935 755-5 75 V, 9.000 73 Jan 761-2 Jan organized stock exchanges. 7% notes-- 96 H 96 •!4 2.000 E3J.2 Jan 97 52 Jan for instance, only Consol Coal ref 5s. 19.50 743,j 74k 74 »4 2.000 72 Jan 74 H Jan On the New York Stock Exchange, Convertible 6s 1923 965-8 96 96-/, 1.000 96 Jan Jan Js 1 9734 members of the Exchange can engage in business, and they Ccsden & Co conv s f 92 92 ki 21.000 90-% Jan 92, Jan that Elkhom Coal Corp 6s-192£ 91 91 f.OOO S£ Jan 92 Jan are permitted to deal only in securities regularly listed— 1931 82 82 2.000 82 .lau Fairmont Coal 5s Jan 8£!2 is, securities where the companies responsible for them have Georgia & Ala cons f s- 1945 80 SO .^:,000 79 Jan SO Feb before being I,exiQgton (Ky) St 5s. 1949 73 73 1.000 73 Feb 73 Feb comphecl with certain stringent requirements United Ry & E 43 1949 65 65 5.000 6134 Jan 6552 Jan admitted to dealings. Every precaution, too. is taken to 44'..; 4414 Income 4s 194S 1.000 4414 Jan 4754 Jan quotations coming over the "tape," or reported Funding 5s small 1936 63 '2 64 -H 1.000 60 Jau 64?-, Feb insure that 7! 2% notes 100^ 100 10014 17,000 99I4' Jan 1001 Feb in the official Ust at the end of the day. are authentic. r ,2 . UA . r r 1 , A . 1 A

    Feb. 19 1921. J THE CHRONICLE 735

    t^ndav SalM On the "Curb," on the other hand, there are no restrictions Lail Wtek'i Range for Rantt Hnct Jan. 1. whatever. Any security may be dealt in and any one can Other Oil Sale. uf Prlcea. WteX. Stoiks (Concluded) Par Price. Low. HUih. Stiartt Low. Hloh. meet there and make prices and have them included in the lists of thoee who make it a business to furnish daily records .Settled Prod r. - 3 2H 3 4,100 2 Jao 3 Jan SImms Petroleum r(no pur) 7 11.500 Jan of the transactions. possibility' that fictitious transac- 7H 7H A 6H Jan The Skelly Oil.r-.- 10 7 7 7H 4,300 7 Feb Jan tions may creep in, or even that dealings in spurious securi- Susucx Ollr 1 H A A 3,eoo H Feb A Feb 'I'exon Oil * Land.r 1 48.900 11-16 Jan ties may l)e included, should, hence, always bo kept in mind, H H A A Feb L'nltcd Royalty. r 2K IH 2W 3.300 1 A Feb 2A Feb particularly as regards mining shares. In the circumstances. I'nlted Tex Petrol.r 1 .5-16 H 6-16 3,600 A Jao 7-16 Jan \iclorla on r. 1 1 1 it is out of the question for any one to vouch for the absolute H 7,800 A Jan 1 Jan WIUox Oil* Cias.r *^ 4«i 400 4)^ Feb 5 Jao trustworthiness of this recoril of "Curb" transactions, and WoudburnOllCorp r(nopar) IH I 1.400 1 Jan Jan we give it for what it may be worth. Y' Oil 4 C;!i8 r 1 3-16 3-lH 2,500 Feb A Feb

    h'riday Mining Stockv - l\'eek ending h'tb. 18. Last H'efk's Hangt tiaiiile aince Jan. 1 AliLska-Brlt Col MetaUi...! » 16 U 16 11-16 14.200 H Jan H Jan Sale. of Prices. -America Mlnew.r 1 1 I 600 1 Jao 1 Jan Stocks Par Price. Lou-. High. Low. Hioh. Arizona tilobe Copper 1 7-16 ?; 10.500 &-16 Jan A Jan Allania MlneH.r ...i 2e 1 ho 2c 13.000 Ic Jan 2c Jan Industrial & MUcell. Allis Cold.r 23 23 26 31.000 15 Jan 26 Feb Acme Coal.r — 1 H H H Feb 1 Jan Helchcr- Divide r lOc 4c 2'.ic 4e 19.300 2c Jan 5<- Jao Aetna Kxplos r (a'> par; 9?4 10 «'4 Jan »H Jan llclclicr |.:\ten8lun.r lOe 4i c-<>rtlllcat

    Brill (J G) Co, cora.r. .100 .>() 50 50 Jan 53 Jan Cruckcrjuckr . 7i-j 9^ 13.900 7)^ Feb 10 Feb 8 '-li

    Brlt-Amer Tob ord ..£1 !3> . 13 «, 12'; Jan I3;,, ).'e') Divide |.:xtenslon 1 34c 30c 36( 66. .500 26c Jan Sic Feb Ordinary bearer £1 13,'-; 13 (4 Wi Jan 14 Jan Kl i^alvador Sliver Mln . - . 1 ,5-16 7-16 21.000 5-10 l.'e., 9-16 Jan BuoTusCocom.r 100 171,. IS Jan 18 Feb Kmma Silver 2 A 3' 12. .550 2 Jan 4 Jan Buddy-Buds, Inc.r (t) Ml Feb Feb l.:ureka Croesus 83c 81c I 3-16 1183000 39c Jan 1 5-16 Jao Oar LtK A- Power. r 25 2H 2 Jan 3H Feb Eureka Holly, r 1?4' \H 1 13-16 4.6.50 7-16 Jan 2 Jan Chlo Nipple Mfsr cl A.r.lO (> 6^ Feb 7;'4 Jan I.'<)rl.\-N'ine Mining r H A A 2.300 22c Jan A Jan Cities .Service com r 100 252 250 255 r2h 250 Feb 255 Feb (ioldflold consold-r 10 9c 8c 10c 14.700 1-16 Jan lie Feb Preferred r 100 70 70 71 1 .."ion OS'i Fob 71 Feb GokHlcld Develr 10c I'^ic Ic 2Hc 1 1 .300 Ic Jan 2)i.c Jan PieferredB r 10 6H a 4 6' 1,800 6'4 Feb 6', I'eb Goldfield Florence. 34 32 40 89,000 29 Jan 46 Feb Cities Serv Bankers sh r (t) 2SH 28-, 29,' 2,200 28 '- J an 30 '» Jan Gold Zone Dlvlde.r 22c 21c 23c 52,700 20c Jan 26c Feb Cleveland Auto Co (t) 42 42 100 42 Jan 50 Jan Great Bend r 2c 3c 9.900 Jlc Jan 3c Feb Colombian Kmerald Synd 2H iH 3; 7,500 2ii Jan 4?i Jan Harmill Divider- 10c 20c 18C 28c 04,000 I4c Jan 34c Feb Com'weulth Kin Corp pUOO 45 44 4i 46 426 44 Feb 48 Feb Hecla Mining 25c 4)i 4H 3.650 3H Jan 4'i Feb Continental Motors. r 10 7 300 6 .Tan 8 Jan Henrietta Silver. r 1 2 lA 3 10.700 lA Feb 4 Feb Davles (Wm) Co.. (no par) 31 " 31 31 100 31 Feb 36 Feb Honduras Amer Synd r (t) 6'A fsy» 100 6 Jan 6k Jan Durant Motors r. -(no par) 20 18>J 20 7,400 13 Jan 20 Feb Howe Sound Co 1 3 an 200 2 J: Jan 3k Feb Farrell(Wm)&Son com r(t) 14 15 400 14 Feb 21 Jan Iron Blossom. r lOc 20c 20c 1.000 15).'ic Jan k Feb Federal Tel & Tel 5 6J4 7 200 i'A Jan TA Feb .liin Butler. r 1 16c 1 5c 17c 12.900 15c Feb 19c Feb Gat land SS . r (no par) 1>4 Wi 200 11-16 Feb 5M Jan Jumbo Extension 1 10c 8C lie 15.400 4c Jan 12c Feb GoodyearT&Rcom.r 100 11 11 17 IHi4 11 Feb 26, Jan Kewanua. r I 2Ae 4c 13.700 Ic Jan 4c Feb Preferred. r 100 25 25 39 725 25 Feb 54 Jan Knox Divider.-- 10c 1,5c \2V,i: 15c 23.900 7Ae Jan 17c Jan Hall Switch & Slg com r 100 3 3 100 2'J Feb 3 Jan Long Stur.r 1 7AC 6c 8c 82,000 3}^c Jan 8c Feb Preferred.r 100 6 6 436 6 Feb 6 Fcl) MacXamara Crescent.r.-l 17e 14c 18C 136,000 10c Jan 20c Feb 14'. 14:'4 15''; Hanes(P.H.)Knlt comr-10 14 '•1 1 ,200 13 « Jan Jan MacNamara Mining. r — 17c 17e 18c 16.000 15c Jan 19c Feb Common B.r 10 14 14 14 H 600 13« Jan 15 Jan Magma Copper 5 25 24)^ 25 900 18 Jan 25)-i Feb Preferred .r- -10 96 96 '-i 200 96 Jan 97 Jan Marsh Mining. r 1 10c 9c 10c 15.500 7c Jan 10c Jan Havana Tobacco pref r. 100 6K 6 200 4 Jan 8 Jan Motherlode. 1 5' Heyden Chem.r..(no par) 2% 4,900 2 'A Feb Feb Nipissing Mines 5 sy» 8 3.500 7K Jan 8k Jan Indian Pack Corp r (no par) 3H 600 2% Jan i'A Jan Ophlr Silver Mines 1 9-16 'A A 1 ..500 A Jan 13-16 Jan Intercontinental Rubb-100 10?4 UH 9,500 TA Jan 14H Feb Platinum-PalladlumCorplO 5A 3.400 5k Feb 6 Feb Internal Cultl pref. -r_- 10 7 7,'4 1,400 6)i Jan 7'A Feb Prince Consol 2 A A 6.900 k Jan A Feb Intemat Trade Mark_r-(t) 65 64i.i, 65 K 800 64 Jan 65 )i Feb Ray Hercules. r 5 A 7.200 Feb A Feb Kay Co, Gas lerllf of ('eP r V/» 200 1)5 Feb I'A Jan Ray Verde Copper 1 H A 1 1,475 H Feb I).^ Jan Lehigh Val Ccal Sales.r-50 69 65 71 ;.;. 460 58 Jan 72).,; Feb Red Hills Florence.r. - 3c 2 A 3A 21,700 2H Feb iA Feb Lindsay Light, com.r 10 5 5 200 5 Feb 5 Feb Red Mountain Mines. 1 1 I 3.600 85c Feb I)^ Feb Maxwell Chalmers B.r 15-8 15M 300 12 Jan 19 Jan Rex Consolidated Min 1 8(' 7c 9c 73.000 4c Jan 9c Feb Meteor Motors- r - - (no par) 23 22->4 23 H 2,900 19)-i Jan 23 K Feb Roper Group Mln 1 1-32 1-32 1-16 17.000 1-32 Feb 1-16 Feb Xat Leather. r 10 8% %y» 200 &% Feb 10 Jan St Croix Silver 1 'A 2.800 A Jan A Jan Nor Am Pulp & Paper. -(t) 5!1, 800 4H Jan 5% Jan Silver King Divider 1 2c 3c 9.000 Ic Jan ZAe Feb Perfection T& R-r 10 1% IM; 1 11 16 4,550 1 Jan 2k Feb Silver Mines of America. r. 47 44 48 13.400 36 Feb 48 Feb Profit ShC&RS.r 1 1 'A 1 4.050 « Jan 1 Feb Silver Pick Cons'd.r 1 8P 7c 9'<:.c 16.200 3)<;c Jan lie Jan Preferred .r 1 1% m 7.850 \'A Jan IH Jan Standard .Silver- Lead 1 3-16 3-16 3-16 1.500 3-16 Jan 3-10 Jan Radio Corp of Amer.r- -(t) 1 H 2 10,000 1% Jan 2 Jan Success Mining 1 3c 2Ac ZAe 9.500 2c Jan 3 '-OC Feb Preferred.r 5 2% 2H 8,000 2 Jan 2 )'.; Jan Sutherland Divider 1 Ic 2c 9.100 Ic Jan 2 Ac Jan Reading company 33 36 1,399 33 Feb 36 Feb Talapoo.«a Silver, r 1 A 5-16 A 4.900 H Jan 3-16 Feb Reo Motor Car.r 10 22 H' 22.',, 100 18 Jan 23 Jan Tonopah Belmont Dev 1 1 9-16 lA IH 2.700 Ik Jan 15 Jan Republic Rub.r--(no par) % H 1 7,050 M Feb 1% Jan Tonopah Divider 1 1 3-16 IH 1 5-16 19.500 1 3-32 Jan Jan Roy de France TolletP>rod 5 Hi 4?i 800 4 Jan 6 A Jan Tonopah Extension 1 1 7-16 1% lA 6,000 1 5-16 Jan I Jan Standard Gas & EI,com-50 13 12 H 13 1,150 \2H Feb 13 Feb Tonopah Mining. r 1 IK !<; 4.780 Ik Jan 1 9-16 Jao Preferred United Ea.stern Mining..! 2 '7-16 9-16 50 35Ji 3514 36 900 35,!4 Feb 3G Feb 25J 2 12,760 2k Jan : 9-16 Fob Stanwood Rubb.r-(no par) % 14 4,200 Jan 'A Jan U S Continental Mines, r.l 8c 8c 9c 26,200 6e Jan lOi^c Feb Sweets Co of Amer.r 10 2K 2H 2H 9,700 2 Jan 2H Jan Victory Divider 10c 4c 3).c 5e 20,400 3 Ac Jan 5c Jan Swift lnttTnatlonaI-r.._15 26 26 27 M 500 26 Feb 29 Jan West End Consol'd 5 1 1-32 1 1 1-16 10,800 15-16 Jan lA Jan Todd Shipyards Corp r (t) 70 72 570 64 Jan 72 Feb Western Utah Copperr-l 19 15 20 12,000 15 Feb 20 Feb Union Carblde&Carbonr(t) 56 54)-, 57 2.020 51 Jan 60 Jan White Caps Extension. 10c He Diic 10.000 ,'^c Jan l)4c Feb United Profit Sharing --25c IV., 1% 4.700 m Jan I Jan White Caps Mhilng 100 8C 7)^c 9c 15..500 4c Jan 10c Jan Un Retail Stores Candyr(t) 8H S 8H 6.200 TA Jan 9 Jan Wllbert Mining 1 3C 2A<: 3Ac 12.300 2c Jan 4c Jan V S Distributing, com.r. 50 30 30 100 30 Jan 35 Jan Yukon Gold Co.r 5 1 1 100 1 Feb Ik Jan U S Ship Corp.r 'A IK 178,500 'A Feb 1% Jan Bonds-- S U S Steamship 10 'ya ij'k 120,800 Feb IK Jan Allied Pack conv deb6s r'39 56 >: 52 58 115.000 50 'A Feb 60 Jan Waj-ne Coal 5 2K- 2\

    Engineers Petrol. 1 15-16 1 fi' '. ' . Co.r 4 5.400 '/H Feb u. Jun , notes r. Feb 15 1923 99 'i 99 100 220,000 99 Feb 100 Feb Federal Oil 5 2 IVi 2 5,000 Feb 2M Jan 8', notes. r, Feb 15 1924 99 'i 99 99' , 180,000 99 Feb 99 'a Feb Gilllland Oil,ccm.r(no par) 20 22 800 17 Feb 24 Jan S'\ notes. r. Feb 15 1925 99 98 J4 99 '4 235,000 9Si'4' Feb 99 k Feb Glenrock Oil.r 10 1' . 2H 6.300 \A Feb 2'» Jan Diamond Match 7'',s.r-'35 lOHi 101 »4 101 27.000 99 A Jan 102?4 Jan '24 Grenada on Corp Cl A. r 10 6Mi 6 1.300 .5 Jan 8 Feb Empire tias & Fuel Gs.r 83 '4 83 'i 1.000 82 Jan 85 Jan Guffey-Glllesple Oil-r.. (t) 23>A 23 !- 24 1.400 23 Feb 27 Jan Flclshiiiann Co 8i _r.l930 161 101 101 3,000 100'4 Jan 102 Feb Henderson Farm OU.r 1 1 lii 3,500 1 Feb 13» Feb I'rench CJovernment 4s. r.. 50 50 10,000 42 Jan 50 Feb Hudson Oil.r 1 ,'4 7-16 9,700 9-16 '93 93 Vi Feb Jan CJalena-Signal OH 7s.r. 1930 ?i 93 'i. 94 46.000 '-4 Jun 97 Jan Inter Petrol. r (no par) 16 16'.. 3,500 15?4 I5M Feb 17^4 Jan Goodrich (B F) Co73r.l925 90 H. 90 90 '.J 33,000 83 Jan 91k Jan Livingston PetroLr 2 3 200 2 I'Vb 3A Jan Cirand Trunk Ry 6)iJS-1936 95 A 95 H 96)-^ 244.000 95), Feb 97 k Jan oil Ref 1 ,'4 Magna & 3 3 3'-i. 5,600 2% Feb 'i'A Feb Gulf on Corp 7s. r 1933 95 H 95 'j 97^4 156.000 95 Ftb 98'5 Feb Maracaibo Oil Explor r (t) 25H\ 22,'4 13,300 101 i Jan 25,^4 Feb Heinz (H J) Co 7s. r.. 1930 97)4 96)5 97:'. 35.000 94'3 Jan 98 Jan Marland Oil (Del) (no par) 23 21)'; 23'<; 4.000 21 Feb 31 Jan Intcrboro R T 7s.r--_1921 68H 67)4 68 H 135.000 67 Jan 72k Jan Merritt on Corp.r 10 12 12J4 1.400 11 Jan 13), Icb Kenecolt Copper 7s 90 4' Jan 94 12H r 1930 1 90,'f 90 Ai 25.000 87k ^ Jan Mexican ' Eagle OH. r 24 M 22 ) a 25 1.600 21 Feb 26 !/, Jan Laclei Jan 7s. r .1923 94 W 94 J^ 10.000 93 Jan 96 Jan Panhandle Prod & Ref .r(t) ah 6Ji 100 Feb 6U Feb -1924 93 li 94 10.000 93 Jan 95 k' Jan 5',4- Peimock Oil.r 10 5}f ah a% 300 Jan 6' . Jan 7s. 1925 94 94^4 10.000 93 Jan 95 H Jan 5 Producers & Refiners. r. 10 4H 4'i 4Ji 4.500 Feb '4 Jan Ohio Power 7s. r 1951 95 95 10,000 94 >4 Feb 9 5 '4 Feb Red Rock Oil & Gas.r.- I iy» 4.100 A Jan Ik Feb Sears, Roebuck & Co 7s r'21 98;i 98». 98''. 42.000 975^ Jan 99 ,k Jan Ryan Consolidated -r 9 2,800 7 A Feb 14 !•'-. Jan 7'", ser notes. r. Oct 15'22 95 H 96 75.000 94)4 Jan 97 H Jan Salt Creek Producer new 9X 9H 9H 3.300 9H Feb Ilk Jan 7'"; ser notes, r. Oct 15'23 '95ii 95Jg 95 ?4 28.000 951^., Feb 97'-.. Jan — H — — A — — .. '.

    736 THE CHRONICLE [Vol. 112.

    FrUUiy Sale* fyflSI Weeyi Rauiit for Ranoe ttnc» Jan. 1. New York City Realty and Surety Companies. .Sale. .Veei.. Ik>n(ls (.Ciincluaed) — Price. Low. llioh % Loir High. All prfcen doUarn per nharc. Alk BU, A»k BUt Ask Bid 1 Sinclair Con Oil 7HB.rl025 91 225.000 fiS'A Jan 92'^ Feb 11 OIK W 02J.J Alliance R'lty 70 80 Lawyws Mtg lis 124 Realty Aemo Solvay & Clo 8b. r 1027 45.000 99 Feb 102^ Jan 100 Ji 100 lOOl-i H Amer Surety. 05 70 Mt(fo Bond.. 80 (Brooklyn). 95 102 South Ry 0% notes. r. 1022 96 05 10.000 95 Hi Feb 96 Jon H M « Bond A M G. 213 218 Nat Surety.. 180 186 U 8 Casualty. 15« 160 Southw Hell Telcp 78. . 192.'> 9fl oim 1.35.000 92 Jan 90 Feb "myi « City Invcstlnir «0 70 N Y Title & U 8 Title Guar 70 80 Stand on of N Y 79.r.l925 lOOK 101 'i 28.000 loo;,' .Ian 102^4' Jan Preferred . . 86 95 Mortgage.. 115 120 iWeflt 4 Bronj 7% BCrKold (Icb 1926 lOOK 101 '4 1(1.000 100 .Tan 102 Jan 1 Title AM U 160 160 7 % ser Kold (lob 1 927 lOUH 101 101 'i 10.000 100 'J .Ian 102K Jan 7% serROld deb 1028 101 Uj 101 101 'i 1 8.000 lOOW .Ian 102 H Jan 7% stTKOld dpb 1020 10\H 101 }.f 101 M 20.000 lOOK Jan 103 Jan 7% ser Rold dob 1030 1021.4 101 in2ji 01.000 lOOH Jan Jan H 103H for Securities. 7% ser ROld dob 1031 I02M 102>i 10314' 38.000 101 Jan 103 Ji Jan Quotations Sundry Swedish Govt Ca Juo 15;)0 80 80 5,000 78 W Jan 84 Jan All bond prices are "and IntercHt" except «hcre marked "f." Swift & Co 7s. r 102,') "OflH OdH 005-J 100.000 05 Jan 08 .Ian Switzerland Govt 5 Hs. 1920 81 Ji 81 « 82 -10.000 70 H Jan mv. Jan Standard Oil .Stocks Per sha: RR. I quipmenta Per Ct BatU. Toxa-sCo 7% <''a o Power, com 100 9 11 annual meeting held at the Tuesday evening Midday Club: Thomas K. MacAndrews & Forbes.. 100 111 Preferred 100 73 78 Carpenter of Taylor, Ewart & Co.. Pres.; Marshall Forrest of Ames. Preferred 100 86 Com'w'th Pow, Ry & Lt.lOO 13 15 Emerich & Co., Secretary, and Lawrence Howe of the Chicago Trust Com, Porto Rican-Amer Tob.. 100 95 Preferred 100 34 36 Scrip 95 Elec Bond & Share, pref . 100 82 85 pany, Treasurer. The club also chose J. W. Marshall of the Chicago Trust Reynolds (R J) Tobacco. 25 87 Federal Light & Traction. 100 6 9 Company and John A. Stevenson of Stevenson Bros. & Perry, directors to B common stock 25 361o Preferred 100 40 45 serve three years each. Preferred 100 IO3I2 Great V\'est Pow 5s 1946. J&J 75 80 Tobacco Prod Corp scrip 96 Mississippi Rlv Pow, com 100 12 13 J. Young, formerly with the —W. Western Committee on Public Weyonan-Bruton Co, comlOO 157 Preferred 100 721 7512 Relations of the Association of Railway Executives, has resigned to become Preferred 100 93 First Mtge 68, 1951... J&J 77 78 Office Manager of Marshall Field, Glore Ward & Co. of Chicago. Previous Young (J S) Co 100 105 Northern Ohio Elec Corp. (t) 6 20 15 25 to his connection with the Association of Railway Executives, he was Preferred 100 96 Preferred 100 ices) North'n States Pow, com. 100 48 51 Chief Clerk to President, R. H. Alston of the Chicago & Northwestern Firestone Tire & Rub, com 10 *79 80 Preferred 100 78 82 and served as office chief on the Northwestern r^ional staff under Federal 6% preferred 100 S2 84 North Texas Elec Co.comlOO, 70 73 7% preferred 100 79 Preferred 100' 68I2 -Hi ccHitrol. 205' Gen'l Tire & Rub, com. ..100 180 Pacific Gas & EI, 1st pref. 100! 79 81 Preferred lOO 80 90 Puget Sound Pow & Lt. . 100 17 20 Goodyear Tire & R, com. 100 I3I4 I3I2 Preferred 100 58 61 New York City Banks and Trust Companies. Preferred 100 3012 31 Republic Ry & Light 100 6 u Miller Rubber 100 80 87 Preferred lOO] 18 20 All prices dollars per share. Pre/erred 86 88 South Calif Edison, com. 100 90 92 Mohawk Ruboer 100 155 200 Preferred 100 101 Banks Bid Ask Banks Bid •12 N Y Ask Trust Co's Bid Ask Portage Rubber , com 1 00 171 20 Standard Gas A El (Del). 60 13 America * ISO 190 Industrial*. 180 190 New York Preferred 100 40 Preferred 50 •36 37 Ajner Exch.. 240 250 Irving Nat of American Swineliart Tire & R, com. 100 40 Tennessee Ry,L & P,oom.l00, 1 2 Atlantic 213 N Y. 200 207 Bankers Trust 332 3.38 Preferred 100 Preferred 100. 5 (i Battery Park. 175 185 Liberty 325 345 Central Union 330 337 Short Term Securities Pe Cent United Lt & Rys, com...lOOi 22 25 Bowery* 450 Manhattan *_ 200 205 Columbia 300 306 Am Cot Oil 6s 1924.-M&S2 90 92 1st preferred 100 58 58 Broadway Cen 150 160 iMech & Met. 300 308 Commercial - - 145 Amer Tel & Tel 6s 1924. F& 95 95'''., Western Power Corp lOOl 24 251. Bronx Boro*. 105 125 iMutual* 490 Empire 300 - 6% notes 1922 A&O 96 96,'i4 Preferred ...100, 67 70 Bronx Nat- 145 155 ,Nat American 150 160 Equitable Tr. 285 290 Am Tob 7% notes 1921M&N 9934 IOOI4 Bryant Park* 145 155 iNat City... 325 330 Farm L & Tr 345 355 7% notes 1922 M&N 9934 IOOI4 Industrial { Butch & Drov 32 37 'New Neth*. 160 170 Fidelity Inter 200 210 7% notes 1923 M&N 9953 IOOI4 and Miscellaneous Per shar e Cent Mercan 105 205 New York Co 120 140 Fulton 270 AnacondaCop Min 68'29. J&J^ 86 8b I2 American Brass 100 188 192 Chase ;^13 320 New York 450 465 Guaranty Tr. 310 315 7s 1929 Series B J&J 93 9358 American Chicle, pref. .l. 100 60 65 Chat & Phen 255 265 Pacific * «270 Hudson 155 165 Anglo--4mer Oil 7V<-,s'25 A&O 9934 lOOU American Hardware 100 138 143 Chelsea Exch* 125 145 Park 360 370 Law Tit & Tr. 125 135 Arm'r&Co7sJulyl5'30J&J15 97 9738 Amer Typefounders, eom.lOO 40 43 Chemical 525 635 Public 295 310 Lincoln Trust 155 165 Beth St 7s July 15 •22.J&J15 98l'> 99 Preferred 100 82 85 Coal & Iron.. 225 240 Republic* Mercantile Tr, 280 290 7% notes July 15 '23 J&J16 961 97I4 Bliss (EW-) Co, new. -no par *28 3) Colonial* 350 Seaboard 580 605 Metropolitan. 270 Canadian Pac 6s 1924. M&S2 94 95 Preferred 50 •62 56 Columbia*. .- 150 170 Second 45". 470 MutuaKWest- Federal Sug Ref 68 1924M&N 92I4 94 Borden Company, com.. 100 8412 85ir

    Commerce 215 218 State* 200 210 1 Chester) ... 105 125 Goodrich (B F)Co 7s'25.A&0 90 90lo Preferred 100 89 91 Comm'l Ex*. Tradesmen's * 200 N Y Life Ins Hocking Valley 6s 1924. M&S 91 93 Celluloid Company 100 130 140

    Common- 23d Ward*... 1 220 & Trust 545 560 Interboro R T 7s 1921.. M&S 67 69 du Pont (E I) de Nemours 1 wealth* 210 225 Union Exch.- 160 170 N Y Trust... 580 590 K C Term Ry 4Hs 1921. J&J 971 9SU A Co, com 100 165 172 Continental . . 125 135 Unlted States* 155 165 Title Gu & Tr 315 321 6s Nov 15 1923-.-M&N15 971 98 Debenture stock 100 78 80 Corn Exch*-. 300 310 Wash H'ts*.- 350 425 U S Mtg & Tr, 3H5 410 Laclede Gas 7s Jan 1929 F&A 901 92 H.avana Tobacco Co 100 II4I 21: Cosmop'tan*. 10.5 110 Yorkvllle*... 425 United States 810 830 Lehigh Pow Sec 6s 1927. F&A 66 6''634 Preferred 100 6 6i« Cuba (Bkof). ISO Liggett&MyersTob6s'21 J&D 981- 99 1st g 6s June 1 1922. .J&D /45 55 East River 170 Brooklyn Brooklyn Penn Co 4Hs 1921..-J&D15 9S-1. 99I4 Intercont'l Rubb. com 100 10^ 11 Fifth Avenue* 900 920 Coney Island* 140 155 Brooklyn Tr. 460 475 Pub Ser Corp N J 7s '22. M&S 87 89 International Salt 100 66I2 70 Fifth 150 166 First 205 215 Hamilton 340 Reyn (R J) Tob 6s '22. F&A 97 gsi' 1st gold 6s 1961 A&0 /67 70 First 890 910 Greenpoint 160 180 Kings County '29. •38 660 Sloss Shef f S & I 6s . F&A 87 92 International Silver, pref. 100 '73" Garfield -.. 220 230 Homestead*.. 80 100 Manufacturer 200 Southern Ry 6s 1922.. -M&S 9-11, 95I4 Lehigh Valley Coal Sales. 50 «70 Gotham 190 200 Mechanics' *.- 87 95 People's 270 290 Swift & Co 6s 1921-..F&A16 9Sl2 99 Phelps Dodge Ootp 100 170 Greenwich • 250 . Montauk * 85 95 7% notes Oct 15'26 A&015 96 9634 Royal Baking Pow, com. 100 110 in\ Hanover 790 810 Nassau 220 Texas Co 7a 1923 -M&S 99I4 9934 Preferred 100 83 84 Harriman.. 350 360 North Side*-. 195 205 U S Rubber 7Hs 1930. -F&Ai 99 991; Singer Manufacturing 100 89 91 Imp & Trad 500 516 People's 150 160 Utah Sec Corp 63 '22.M&S15' 87 Singer Mlg, Ltd £1 •21; 3 RJdgewood 200 West Elec conv 7s 1925. A&O 99 • Banks marked with (*) are State banks, t Sale at auction or at Stock Exchange * Per share. 6 Basis. d Purchaser also pays accrued dividend, e New stock this week, t New stock, i Ex-dividend . y Ex-rights. ^Flat price, n Nominal z Ex-dlvldend . j/ Ex-rights. .. I .. ; 1 1 1

    73 Inijestmtut ixml ^uxxhovjA lutjclligjentje* RAILROAD GROSS EARNINGS The following table shows the gross oaniiiiLjs of various STKAM roads from whioh regular weekly or monthly returns oan be obtained. The first two columns of fi;^tiros give tlio gross earnings for tlie latest weok or month, and the last two oolumns the earnings for tlie period from Jan. 1 t.i and inwluding th«3 latest week or mouth. The returns of the electric railwayi are br(rught together separately on a suhseQuent page.

    Latest Oross Earnings. Jan. 1 to Latest Date. Latest Oross Earnings. Jan. 1 to Lat»at Date

    ROADS. Week or Current Previous Current Precious ROADS. Week or Current Pretioua Current Preriout Month. Year. Year. Year. Year. Month. Year. Year. Year. Year.

    % % % % % % H % Alabama & Vlcksb. December 310. 5S3 2t)3.7r)7 3,510,404 2.794.556 Missouri Kan & Tex December 3,439,476 3,01 1 ,.374 39,925.436 34 .272 .092 Ann .\rbor Isi wk Ki*b s-'.i-.':i S9,:ii() .'):is.'.>22l .'>ir),2'ii Mo ICiT Ry of Tex DecemlMjr 2,886.064 2.160,76-1 29,929.948 25,244.614 Atch Tc>peka & S Po December IS.'i.'iOOH 17.'")171S 215411111 17990U'.IS Mo Ac North .\rkau. December 205.070 148.5.5H 2.115,210 1,.587,826 Gulf Colo & 8 Fe ll)o(!eiubor 2.(iSi».2S2 199, S12 27,.54S,OS9 22.1S4.;il() MLs.sourl Pacific Decern l)er 10(i94 6S7 8,656,302 118132429 93.577.081 Panbandio S Fo,.' December S14.r)()2 822.929, 9,355.874 6,708.470 Mouongahela December 694.799, 303.689 4.674.852 3.652.667 Atlanta Blrni & Atl.|Del,0r2 vIduo i-.

    1 1 B & U Ch Term.. I December 254,263, 194.7231 2,3.56,795. 2.0.^)8.917 Newbiirgh & .Sou Sh Do<-ember 234.420 176, 151 1.920.237 .328,:iy9 Bangor & Aroostook-Uocember 590.1581 521,042 G. 740.098 5,287.299 New Orl Great Nor, December 206.960 195.725 2,684.96,3 2,294,549

    Helli'lonto Ootilr.il . iDciviiiht r 1 1 .;?!•! 8.918 12 1.(1 '8, 102, .'SO N O Texa.s i Mex. 4th wk Jan 475.000 305.800 1,291,000 987.800 Belt Ry of Chicago. iDecembor 485.686' 346,346 4,730.8,541 3.780,322 Heauin S L& W.. December 280.326 137,705 2.361.223 1.364.168 Bessemer & L Erie. . 'December 1.261.516; 499. ,572 15, 790, .560 12.508.700 Ht L IJrownsv & M December 607.093 541.293 7,.589,742 5,540,631 Bingham ic Garfield December 32.420; 155,840 1.399,492 1.314,960 Now Vcirk ("ontral.. December 31006 19) 26836 202 ,368355 216 .3 1 07 1 5 575 Birmingham South. iDecembor 72.(>49i 44 660.336 .5*)7.3.50 Ind llarl):)r Belt- December 770,191 .565,611) 9,21(i,137 6,562,912 Boston & Maine December 7,2.56, .550, 6.441, 185 86, 7 15, .564 72 ,,583,880 Lake Krle & West Decentber 1,0 15, .882 869.615 II. 7 12,.361 9,784,826 Bklyu E D Term December 105.0871 91.437 1.193.519 1.030,620 MichlKun C^enlral Decembur 7,130.933 7.106,1.53 87.5,55,082 78,844.385 Uulf Koch & I'lUsb. 2(1 wk i'Vb 3()1.K.52 3.52,107 2.()>0,4SI) 2.214,91 3 Clov C C & St L.. December 7,.3()6,.578 7,234,277 88. 869. .334 73.8.56.4.56 Buffalo & Sa.sq. December 304.497 145,2,54 3,114,960 2,1.57.831 ('inclnnall North DecembiT 273.270 219.012 3,616.98',) 2.872,2()9 Cauudlau Nat Itys. Isi wk Feb 2.171.01)9 1,545,173 10,955,818 8,813.035 Pitts & Lake Krle December 3,.548,7 12 2,4.59,908 35, .570, 807 28,034 188 Canadian Faclfic.-. 2d wk Feb 3.014.00!) 3,547.000 21,072,000 20.954.000 Tol & Ohio Cent December 1,3,52,688 616,675 13,445,864 9,078,910 Oan Pac Lines In Me December 390,330l 369,738 2,890,171 2.7,54.9.53 Kanawha & Mich December 465.926 367„563 5,417.653 4,324,7.55 Oaro Clinch & Ohio. December 34,992' .579,416 7,634,328 6.277.826 N Y Chic & St LouLs December 2, .530. 1.57 2,125.633 28.226.188 23.476.562 ,\ ll ,Sc !,, ,'^| I 1, CM- 01,.', 13 120 Central R R of N J . . i December 4,961.689 3.910.7()6 51.989.303 44.837.302 V Y llirif DccciriUcr 10. HI OSS 0,01 l;:., Cent .\fw Kim'laiid ^December 907,9Si>l ,578.8511 7. 787. 075 0.7.57.409 N Y Ont & Western December 1.140.017 841,992!l2,924,934 10.909.515 Central Vermont 'December •>20.434i 513,KSi> 7,173.646 5,8.52.308 N Y 8u.sq & West.. December 288.946 35I,034i 4,450,1 1 3.915.640 Charleston & W Car December .301.610 323.620; 3.471,736 3,121.636 Vorf Ik Soitlieru.. DeccriiluT 6:w.0i0l 71 1.131 7 SHi,)"' 0.,3'll ,L'27 GhesJc Ohio Lines.. December 8.645,801 5,675.677 90.190,745 71,475.016 Norfolk & Western. December 8,451,199 6„570.897 86,559,174 76.925.599 Chicago ,>/ .'.172,123 30,S93,.S65 21,795,181 Northwestern Pac. December 528,865 696,045 7.867.940 6.682.469 Chicago Groat West December 2.087,567 1.8.59,494 23,889,976 22,128,189 Oihu Ky & Land Co November 1,57,860 8S.786 1.960.696 1 .490.698 Chic Ind & Louis V. November 1.464.456 1.003.311) 14.61 1.603 11.277. 925 Pacific Coast December 446,558 .3.30.219 Chicago Junction.. December 395,725 .321,062 3,600,429 3,712.478 Pcnnsylv UK & Co. liecember .32.3960 17 ^1381917 .5668(3(17.38 48927(594,3 Chic Milw & St Paul December 13199 828 12586 422 167771947 1.50370394 Bait Ches& Atl.. December 133.628 116.823 1.675,099 1.603.332 Chic & North West. December 13161607 11094 113 16,5029 625 139.589 915 <'in Lob & Nor. December 20'). 101 74.50' 1.302.. 550 1.1,33.261 Chic Peoria & St L December 237,915 161, .302 2.801,193 1,7.36.078 < I rand Rap & Ind December 870,109 660.140 9.797,701 8.238.636 Ohio R I & Pac... December 11177 lOS 10151 118 1.35258 495 111578 6,55 Long Island December 1,934.835 1.732,058 26.843.748 24.381.973 Chic R 1 & Gulf. December 702,383 509,594 6,767,(),56 5,046,028 Mary Del & Va.. December 108.018 104,368 1.338.996 1.366.187 Chic St P M & Om December 2,665,317 2,412.131 31,911,606 27,7.32.018 N V I'll la ,& Norf DcciunOi^r 481,3'; 618 70K 7,01 i.:-ioi 8.208.366 Ohlc Terre H & S E December 701.675 358.494 6,245,409 4.094.195 Tol Poor & West. December 160.073 132,800 2,014,007 1.645.768 Ohlc Ind & Western December 388.283 343.338 4,481.147 3. 204. ,570 W Jersev & Seasli I)eceini)er 878. -,^36 80 t 1 1 13.014.442 11. Or' 1.021 Colo & .Southern 1st wk Fob 541.433 .551.795 3,231,0,59 3.081 ..525 Pitts O <^ & St L_ December 13004 581 8. .305. .539 1 1 1 .302 1 86 93,60(i,303 Ft W & DenClty. December 1.293.164 1.0.52.636 13.143.676 11. 162. .302 Peoria & Pekin Un. December 182,298 123.993 1.679,044 1.243.748 Trln & Brazos Val December 296,814 187,660 2,260,169 1,454,328 Pere Marquette December 3.101.663 3,072.670 40,772,368 35,443,137 Wichita Valley... December 181,884 1.59,479 1,825.913 1,227„501 Perklomen December 124,324 107.000 1,269,616 1,121,837 Colo & Wyoialng December 128,710 25.311 1.084.795 915,650 Phila Beth & N E.. December 80.273 76,492 1,295.245 839,122 Columbus & Greenv December 198,812 213,801 1.881,5.59 1,864,983 Phila & Reading... December 9,670,579 6.104,?.39 94,321,5,37 72,871.823 Copper Range December 82,494 74,004 992.413 1,002,911 Pittsb & Shawpiut.. December 223, .565 83,383 1, 858, .382 1.118,725 Cuba Railroad November 1.087,4.57 1.022.351 11, 338, .382 10,480.771 Pitts Shiw & North December 148.821 83,831 1.584.172 1.125.7.56 Camaguey & Niiev November 1,56.946 87.8.59 2,584,839 2.318,963 Pittsb & West Va.. December 284,530 141.940 2. .57/ .075 1.4.52.608 Delaware & Hudson December 4,761.775 2.876.042 44.648,193 .34.687.023 Port Reading December 271,299 62.943 1,949,198 2,377.412 Del Lack & Western December 8,461.2.34 6,307,146 81,907,747 71.824.047 Quincy Om& KC. December 125,874 95,741 1,.366, 998 1.117.415 Denv & Kio Grande November 4,080.803 2.829.991 36,171.133 29.850.(>21 Rich Fred & Potom. December 1,036,047 9.56,819 11,049.883 276.017 Denver & Salt Lake December 265,680 252.835 2,938.479 2,911.041 Rutland December 534,122 414.749 5.966.142 4,8.38,5.34 Detroit & Mackinac December 146,543 149.0.56 2,078,601 1.687.341 St Jos & Grand Isld December 274,922 233.556 3.433.706 2.932.822 Detroit Tol & Iront December 508,665 293,959 5,220,604 3,765,755 St L.)uis San Fran__ Decoraljor 8,370.7(i6 7,190,725 93,K,n.()34 78. .3.52. 125 Det& Tol .Shore L.. Dei-embcr 2(i3.172 203,038 2.4,50.0 1( 2,158.39) Ft W& Kio Gran. December 161.7,32 177,637 1,961,143 1,665.481 Dul & Iron Range.. December 1.57.725 128,418 11,052,316 7,961.606 St L-S Fof Tex.^s. Deccmb'.T 180.836 131.163 1,816,776 1..337.(i-t0 Dul Mlssabe & Nor. December 259.312 260.051 19.614,069 19,994.713 St Louis Southwest. Dece'viber 1,835,675 1,487,071 21.311,705 13.750.285 :!'". .!.. Dul .Sou Shore .fe \tl 4t 1 WK Ian r"t.sii.- m'i,i(;8 .•(>tS.l)ti.T StLS WofTex.. December 840,165 770,321 9,267.392 6.910.877 Duluth Winn & Pac December 213.624 160,936 2,498,223 1,913,689 Total s>T;tem l.st wk Feb .330.419 .52),47f 2.744,6fi7 2.8.56..394 East St Louis Conn. December 156.098 130.393 1,512,770 1,229,4,39 St Louis Transfer.. December 132.561 119,697 1.395. ,505 1,144.253 Bast'n Steamsh Lines November 240.419 262,406 4.479.323 4.281,769 .San Ant & Aran Pa.ss December 562,605 448. .305 6.041,297 4.516.590 Elgin Jollet & East December 2. 651, .501 1,995, .302 25,630.441 19,310,380 San Ant Uvalde & G December 82,594 100.046 1.462.457 1.101.712 El Paso & Sou West December 1,269,896 1.051,049 14,490.557 12,701,391 Seaboard Air Line.. December 4,559.244 3,687.554 49,265.029 41,183,632 Erie Railroad December 10118 194 8.120,383 109066 950 91,797„507 South Buffalo December 138.186 67.416 1.590.382 949,683 Chicago & Erie.. December 1,116.512 896,546 12,837,811 10,401 ,,398 S.iuthorn I'a'-ific Co December 17lts:-t36 1468111 -'01894 19.' 169728931 N J&N Y RR... December 121.615 106.747 1,348,224 1.144,688 .Atlantic S S Linos December 872.8.39 1.214.222 7,238.800 10,374,089 Florida East Ooast. December 1,512,559 996,519 13,546.205 10,121,222 .Ai'i'.ona Eastern, December 295 7-^q :<13.'^0« l.OOl.OOt 3.681.306 Fonda Johns & Glov Decemljer 123.056 112,064 1,431,362 1 651 Galv Harris & S A December 2, .560,922 2,333,202 26„543,746 21 .9.57,495 Ft Smith & West«m December 213,008 1.55.821 2,045„504 1.64 . :60 Hous & Tex Cent. December 1.257.899 1,060,420 12,134.259 9.720..533 Galveston Wharf December 247,098 133,933 1.980,566 988,814 Hous E & W Tex. December 286,797 230,842 3.022,714 2.396,164 Georgia Rail-oad December 4HS,?t20 521.(i31 6,5/'l.l.»0 6.380.087 Louisiana Western December 492,079 467,796 5,380,826 4,2.34,597 Georgia & Florida.. December 131.805 90,367 1..528.(: 99S.346 Morg La & Texas December 1,004.693 980,104 10,429„501 8,065.807 Grand Trunk .Syst.. 1st wk Feb 2.038.601 1„585,.551 10,916,364 8.722,108 Texas & New Orl. December 931.660 805,901 10,001.849 8.140.177 Atl & St Lawrence November 397.191 272.280 2,882,771 2.810.408 Southern I'ac Syst.. December 25003245 ?2 2 '3 100 'SJ,:!60.30l 2:<0 657 27,-I ChDetOanGTJct November 238.955 181.561 1.773.994 1,942.739 Southern Hallway.. 1st wk Feb 3.430,013 3,.5 46, 674 17.804.229 19.108.784 Det G H & Mllw. November 682.390 362,744 4.586.540 4,039.790 Ala Great South. December 1,045,012 970,249 11. .588. 804 10„529.739 Grand Trk West. November 1.292.351 1.175,089 15.6.'>0 .355 12,66»> (•.•!3 Cln N O & Tex P. December 1,741,727 1,383,.321 20, 8,38, .359 16.313.686 Great North System December 9,827.633 8.089,469 124192373 106.533739 Georgla Sou & Fla Decemljer 463,159 440,668 5,330,810 4,374,501 Green Bay & West. November 117,309 123.079 1.167.393 1.130.519 Mobile & Ohio_„. 1st wk Feb 374.3" 365,483 2.032.270 1.777, 116' Gulf Mobile & Nor. December 446,986 254,164 4.180,494 2. 823. .506 New Orl & Nor E. December 661.428 549.2,56 7,728.115 6,446,802 Gulf & Ship Island. December 247.353 249,189 3,053,924 2.496.260 Northern Ala December 119,21 104.374 1.,50 1.881 1,183.932 Hocking Valley NoveniOer 1.849.729 796.447 15.551,777 10.707 807 South IJy in Mi.ss. December 198.812 213,801 1.8S1.5,".0 I,KH4.9S3 Illinois Central December 13 117546 9,752,374 1451.54271 107 886835 Spokane Internat.. December 1.53.457 175.409 1..566, 775 1,248.090 Illinois Terminal December 115,612 75,101 1,119,931 9.38,439 Spok Portl & Seattle December 757.149 .532,701 9,1.54,845 7.275.263 Internat & Grt Nor. Decemljer 2.087,976 1,216,735 19,998,851 14,410,300 Staten Island R T.. December 203.128 162,861 2,415,149 2.234,671 Kan City Mex «& Or December 163,4,59 149,3.58 1,714.314 1,511,840 Tenn Ala & Georgia 4th wk Jan 3.549 4,762 8,954 14.489 K C Mex & O of Tex December 247.028 166.143 1.991.519 1,322,209 Tennessee Central.. December 226,086 199.761 2,928,925 2.489,538 Kansas City South. December 1,810.488 1,468.744 19.762,433 15,111,997 TermRRAssnofStL December 395,007 412.744 4,758.433 4,002,717 Texark& Pt Sm.. December 237,267 81,036 2,251,813 1,495.013 St L Mer Edge T. December 405,453 363,521 4.364,016 3,217.134 Kansas City Term. . December 131,269 119.712 1„598,277 1.388.293 Texas & Pacific 1st wk Feb 787,445 718.202 4.218.4.S2 4.278.124 KanOkla& Gulf... December 314,846 170,977 2,803,056 1,517,855 Toledo St L C& West. December 1.006.063 844,063 ll,356.93.b 8.267.877 Lake Sup & Ishpem. December 11.459 5,992 1,658,244 1,003,152 Ulster & Delaware.. December 103,713 90,237 1.480.096 1.215,809 Lake Term Rv December 168,911 84,993 1,449,021 1,105,285 Union Pacific December 10379 154 8.603,326 13109.304 110819514 Lehigh & Hud River December 315,335 213,099 3,116.401 2.687.2,56 Total svstem .... November 195)71,32 137_'n0.30 19265110; 163516422 Lehigh & New Eng. December 516.992 367.375 4.808.0,55 3,981.318 Oregon Short Lino December 3„534,720 3,160.987 44.906 043 38.260.580 Lehigh Valley December .312,1,52 5,443,231 75,097.761 64„528.891 Ore-Wash RR&N December 2,491,532 2,166.961 33. 0t)0.169|28, 367.603 Los Ang & Salt Lake December 2,150,264 1,505,384 20,898.126 17,209.932 Union RR (Penn).. December 1.049,065 593,796 10.977.141 10,276 Louisiana & Arkan. December 404,951 282,578 4..305.421 2.220,760 Utah December 191.164 169.187 2,009,519 1,309.865 Louisiana Ry & Nav December 357,702 321,8.37 4.275,834 3,542,034 Vicks Shrev & Pac. December 430.141 274,403 4,522,271 3.323.329 Louisville & Nashv. December 11254141 9,645.628 126371693 107514965 Vlrslnlan Railroad. December 1.720.093 1,082.469 18.180,051 12 075.305 Louisv Hend & St L December 282,428 253,218 3,163.648 2,914.103 Wabash RR December 5.705.328 4,622.171 59.982,282 48.847.085 Maine Central December 1,925,9,33 1.,583, 3 13 21.366„5.37 17, .525, 178 Western Maryland. 1st wk Feb 366. 98S t 213.80.3 0.32.269 1 1,275. 770 Midland Valley December 500.186 349.341 5,086.397 3,952,821 Western Pacific December 167.223 1.291,017 15.981.502 13.657,296 Mineral •.(6. Range 4th wk .Ian 14.181 19,798 43,780 57,.564 Wostorn Kv of Ala _ December 234 :<6( _'2:-!.417 ..',78rt.,-

    % I S Mileage. Curr.Yr. Prcr.Yr .? 4th week Nov (19 roads). 24 998.832 19.207,734 +5.791 ,098 30.15 March 213,4,34 212.770 408.582.467 347 ,090.277 +61.492.190 17.73 Ist week Dec (16 roads). 15 876.0231 12,573,390 +3 ,,302 ,(i33 '26.27 April 221,726 220,918 387.680.982 372 ,828.115 + 12.852.867 3.4« 3d week Dec (20 roads). 18 272.1121 14.455,009 + 3,817 .10326.40 May 213.206 211.040l387,330,487 348 .701.414 +38.629.073 11.08 3d week Dec (16 roads). 15 .,590,2021 13,1,33,672 + 2,430 ..330! 18 ,32 June 213.525 208.59S| 430.931 ,483 369 ,225,761 +61.705.722 16.90 4th week Dec (14 roads). 17 .435,318. 14,360.096 + 3,075 .222 21.41 July 220.459 218.918 467'351 .544 401 .376.485 + 66,925.069 16.43 lat week Jan (10 roads). 8 ,078,1451 7.270.486 + 807 .6,39 11.11 August 199.957 199.418 411.423.158 36, .865,628 + 73 ,557 ..5.30 19.98 2d week Jan (13 roads). 12 .706,388 12..324,.308 + 381 .8801 3.09 September ..226.955 224.922 594.192.321 480 408.546 4-113783776 23.68 3d -week Jan (20 roads). 13 ,9,37,148 12.898.166 + 1,0.58 .982, 8.21 October 231.4.39 229.935 (V^, 8.52.568 503 ,2Sl.6:

    738 THE CHRONICLE [Vol. 112.

    Latest Gross Earnings by Weeks. In the table wliirli (irof' h'arninqs Nrt Earnings (iirrrnl Prfvtruary. Tlu; UiIjIo covers 17 roads and shows 9..j4',f, .Manila Kl Hy k U <'orp J an 321.2ft>. ^7«.33ft 124.824 SS..585 Jan 1 increase in tlie asprrcgate over tlie same week last year. to r)i-<;il -n 3.161.74.'. 2.«40.705 1.25*).»13 776.867 Gross \el after Fixed Halance, Karninys. Tazes Charges First week of February. 1021. 1920. Increase. Decrease. .Surplus. n, % S 5 S $ * Arkansas I,Uhl Dot; 20 93.28(1 18,913 Ann Arbor. 82,123 89,310 7,187 .V I'ower (V) 19 64,369 16,910 ,92.'', HulTalo K()

    I'.iclCic . {"aiiadiaii 3,370,000 3.2HS.00() 82,000 ( llles Service '21 .Ian 1.637,022 1 ,570,388 145.364 1,425.024 ("oloradn .V Southern 541,433 .551,795 10.362 Company '20 I .905. 7H1 l,8.52,8fK) (irand 'Prmik of Canada l.V>..5.57 1,696,243 1 12 mos '20 21.429.280 23,715,1,55 l,9:w>,4.35 21,784,720 (irauil 'rruiik Wostcrn 2,038.001 1.,585,.551 4.53.050 '19 20.029,734 19,.3:i4,644 1,971.415 17,:i63,22» Del roll, (irand Ihiv & Mllw. V:\ iiada Alia nl Ic Citizens Tract Co Dec 20 98.812 29,124 8,6.58 20,466 Minneapolis & Ht Louis.. 323,943 271,216 .52.727 .% Siibsid 19 76.24.5 25,694 7,.563 18.131 \ ' ( 12 nio.s Iowa 'enl ra.l J 20 1.004.079 246,302 98,432 147,870 Nevada-( 'allfornla-Oregon 4,80.5 4,416 389 19 772.:i3.5 205,399 86.198 119,201 S|. Louis Sout luvesl orn ,5.30.449 524 .476 >.973 Colorado Power Dec '20 102,720 49,7.32 Soul hern Hal I w ay 3,430,013 3.546.674 116.661 Company '19 88, .399 34, .5.36 Mobile & Ohio 374,373 3(i5,483 H,K9n 12 mus 20 1,121,42V .528.912 338,793 Texas & Pacific 787,445 718,202 69.243 190, 11» 19 1.095.141 .549 .V)4 .334.980 Western Maryland .- 366,988 243.805 123,183 214,824 Columbia Gas & Jan '21 1..598.i:«i 1,0.59, .502 428.687 6.30.815 Total {17 roiids) 14,334,420 13,086,508 1,423,991 176.079 p:icctrlc Co 20 1.402,312 982,363 403,105 579.2,58 Net Increase (9..')4%) 1,247.912 12 mos "20 14,810,186 9,988,6.58 5,100,.5.59 4,888,099 '19 12,:i43,293 8.212,705 4,813„501 3,399,204 * Comparison with 1917. not 1920. Kaslern Shore Gas Dec 20 19,316 1 1 .765 6,027 5,7,38 .t Klec Co & Subsid 19 13,036 11.741 5.834 5.907 Net Earnings Monthly to Latest Dates. The table .5f;6.1.5fi — I 2 mos 20 107.747 70,456 37,291 following shows the gross and net earnings with charges aud 19 414,9.5s 93,692 .57,428 36,264 Krio Lt Co & Dec '20 125,089 14. .576 railroad and industrial companies 15.205 29,371 surplus of STEAM Sub.sid '19 97,472 36.2.53 15.254 20.999 '20 reported this week: 12 mos 1 .230,377 141,988 181,376 260,612 '19 905.57.: 300,511 176,997 123,514 (Irus.s from Xcl from .\V'/ after Xtl after Nevada-California '20 116.221 Railway. Railwau. Taxes . Equip.Rcnls. Dec 201,698 64,623 51. .598 '19 % lit! % % Electric Corp 209,404 105,237 58 ,.392 46.845 Central Vermont Dec 20 620,434 def70,902 dcf77.363 def79.826 12 mos '20 3.0.50.191 l,6:i0,.587 716,368 914,219 •19 513.886 def25,4S3 def23.481 def26,665 '19 2,.570,616 1.396,6.39 695,142 701,497 '20 Jan 1 to Dec 31 7, 173, 646defll.59.495def 1379,930 1,.529. 887 I'cnn Central Lt Dec '20 232,8.36 81,700 28.064 .53.636 •19 & 5,852,308 dof580,580 dcf770.281 def823,819 I'ower & Subsid '19 187. .574 76.472 30,920 45,5.52 '20 Chicago & Eastern Dec '20 3,093,557 319,319 243,619 401 ,.5.36 12 mos 2.:i40..501 756, .331 3.38.265 418,066 '19 Illinois '19 2,172,123 209,109 128.146 177.999 1.883,135 697, .502 353,905 :i43,.597 '20 Jan 1 to Dec 31 30,896,865 2,002,931 878,737 2,546,080 rtah Pow & Lt Co Dec 20 685. .507 ;}64,467 145.486 218.981 '19 24,795,181 799,130 dcf91,845 def455,069 '19 ,5.58,794 286,900 136,691 1.50,209 Colorado Southern- 12 mos '20 6,730,849 3.279,712 1,705,611 1,574,101 Trinity & Brazos Dec •20 296.814 *63,390 *62,685 *41,.565 19 5,655,9.59 2.899,026 1,668,820 1 .230,206 Valley •19 187,660 14,390 3,127 131 Jan 1 to Dec 31 •20 2,260, 169*def3t)8,606*dcf455,421*dcf529,477 •19 1,454,329 def447,941 def,531,464*def.531,464 Detroit & Toledo Dec ^20 263,172 134,3.53 124,353 83,817 FINANCIAL REPORTS. Shore Line RR Co "19 203,038 62,054 54,154 18,130 Jan 1 to Dec 31 '20 2,450,010 893,089 775,828 320,098 •19 2,458,394 ,159,537 1,051.534 909,520 Financial Reports, —An index to annual reports of steam Georgia & Florida Dec '20 131,805 def43,424 dcf.55,018 def.58,688 railroads, street railway and miscellaneous companies which •19 def53,823 90,367 def65,403 def66,45S published during the preceding Jan 1 to Dec 31 ^20 ,528,672 def743,852 def826,043 def884,790 have been month mU be given '19 998,346 def388,187 def447,067 def442,998 on the last Saturday of each month. This index wiU not New York Dec 20 31,006,104 1,146.801 def831,375 def825,951 include reports in the issue of the "Chronicle" in which it is '19 5.0' Central 26,8.56.202 4,087 4,013. .571 4,310,807 published. The latest index wiU be found in the issue of Jan 1 to Dec 31 '20.368,355,216 19,827,131 6,111,625 3,.5.57,.580 '19 310,715,575 61,774,941 50.124,374 49.701,630 Jan. 29. The next will appear in that of Feb. 26. Cincinnati Dec '20 273,270 def5,587 def47,482 def43,112 Northern •lO 219,042 69,998 .59,298 63,720 Republic Iron & Steel Co. Jan 1 to Dec 31 ^20 3,616,989 664,775 498,890 357,341 •19 2,872,269 710,673 587,551 490,851 {Report for Fiscal Year ending Dec. .31 1920). Indiana Harbor Dec '20 770,191 defl46,646 dcfl.57,333 defl58,359 The remarks of Chairman .John A. Topping will be found Belt '19 .565,616 defl20.527 defl25.746 def258,368 Jan 1 to Dec 31 '20 9,216, 137def2024,209def2152,741def.3360,036 at length on subsequent pages, together with the compara- '19 6.562,912 def547,295 def663.43.5def 1160,526 tive income account, and balance sheet and other tables. Cleveland '20 7,366,578 .564.351 409.974 cm Dec 1.256,254 UNFILLED ORDERS IX TO.V.S DEC. 31. Chicago & St Louis '19 7,234.277 700,973 .504,576 371,621 Jan 1 to Dec 31 '20 88,869,534 14,858,020 11,326,244 9,249,991 1920. 1919. 1918. 1917. '19 73,856,450 16,429,004 14,165,664 12,946,171 Finished and semi-finished.. 162,906 389,.524 143,383 318,324 Pig iron :}5,772 96,855 63,132 100,619 Kanawha & Mich Dec '20 465,926 24„545 def45,158 47,823 '19 367,563 5,025 def46,314 dfl3,132 COMPARATIVE STATEMENT OF EARNINGS AND DISPOSITION Jan 1 to Dec 31 '20 5,417,655 121,507 def286,636 676,139 OF INCOME FOR CALENDAR YEARS. '19 4,324,755 262,400 8,257 166,843 1920. 1919. 1918. 1917. Gross vol. of business.. _S;76. 342, 219 $45,872„345 $75,224,110 $78,325,461 Erie '20 1 015 882 60, 606 30,871 33,886 Lake & West Dec profits 14,174.163 5,031,838 18,906,815 28,769.021 •19 def56, defl07,928 Gross 869 615 431 defl03 402 Deduct— 1 to 31 ^20 712 561 ,543, 143 50, 146 defl26,216 Jan Dec 11, Deprec. & charges 6,.557,641 2,890,641 11.114,881 12,911,825 •19 9, 784, 826 542, 431 99 355 def45,922 Net profits 7.616. .522 2,141,197 7,791,934 15,857,197 Michigan Central Dec ^20 7 130 ,933 967, 790 477 824 284,206 Preferred dividends (7)1,750,000 (7)1,750,000(7)1,750,000(7)1,750,000 •19 7 106, 153 1,592, 050 1,336 852 1,193,676 Common dividends (6)1.800,000(6)1,632,687 (6)1.631.460 (6)1,631,460 Jan 1 to Dec 31 '20 87 555, 082 10,732, 539 7,825 828 4,668,280 •19 78, 844, 385 21,002, 571 18.347 075 16,934,172 Amount carr. to surp_._ .S4.066,522def. 1,241,490 34,410.474 $12,475,737 Pitts & Lake Erie Dec '20 3 548, 712 506, 245 def327,237 defl69,230 Bal., surplus account-. -.$37,441,571 .$33,880,972 $35,122,462 $30,711,988 '19 2 459 908 353, 111 344 253 551,380 — V. Ill, p. 1667. Jan 1 to Dec 31 '20 35 570 807 2,376 943 def74 355 2, 361, .578 •19 28 ,034 188 4,106 882 3,281 286 3,540,388 General Motors Corporation. Toledo & Ohio Dec '20 1 ,352 ,688 314 388 146 833 216,687 Central '19 616, 675 defl66, 243 def254 234 def238,442 {Advance Statement for Year Ending Dec. 31 1920.) Jan 1 to Dec 31 '20 13 445, 864 1,470, 150 839 071 1,278,202 '19 9 078, 910 436, 108 def2 916 def 117,650 President Pierre S. du Pont says in brief: (Compare '20 Pennsylvania RR Dec 52 596,,067 2,270, 579 845 645 def307,522 Ill, p. 1078): •19 41 384, 947defl878, 629def3186 ,448def3478, 165 V. Jan 1 to Dec 31 ^20 566 860, 758df23189, 179df41783 742df48229,428 Sales. — Sales for 1920 were approximately $.565,000,000, being an •19 489 ,270 945 33,913 484 18,461 ,085 13,908,663 increase of $56,000,000 over the preceding year. motor car business in common with other Unes of manufactiure Grand Rapids Dec '20 870 ,109 13 313 def68 222 def96, 565 The acutely from conditions which obtained during the last four months & Indiana '19 660 140 def38 ,289 def73 ,295 def83, 499 suffered the year. The demand for the company's products, which had been Jan 1 to Dec 31 '20 9 ,797 701 195 669 def248 403 def383,409 of urgent during the first part of the year, was sharply curtailed '19 8 ,238 636 897, 119 577, 722 4.36,896 insistent, and in September. Pittsburgh '20 13 ,819 cm Dec 004 ,584 2,543 1,632 .211 1,161,3.54 Results.—Net income was $93.,500. 000 from which however there was Chicago & St Louis '19 8 ,505 539defl463 ,757def2255 849def2524, 905 $45,248,000 to cover various items including Federal taxes, to '20 deducted Jan 1 to Dec 31 111 ,502 186def3497 ,157def7930 ~60df 10.334, 802 write down inventories, for depreciation of plants and for amounts written •19 666defll77 ,889def 376 93 ,606, 303 2,514 2696, off in connection with our policy of assisting employees to buyand own their Pittsburgh Shaw- Dec '20 148 ,824 def55 ,013 def60 ,143 def36, 889 own homes. mut & Northern '19 83 834 def38 ,830 def40 ,378 def28,814 The net profits, after these charges were made, were approiamately Jan 1 to Dec 31 ^20 1 ,584 472 def443 ,372 def469 ,906 def87, 202 $48,252,0(30. In addition to the above mentioned deductions, reserves '19 1 ,125 ,756 def335 ,096 def357 017 def22,380 previously set up were also utilized %vith a view to providing for all con- St Louis San Fran Dec '20 *8 370 766 *238 ,854*def292 911*def583,732 tingencie.s and toward writing down the values of inventories and other '19 7 190 725 1,363 ,464 1,133 ,546 952,942 accounts to a basis which it is believed is unquestionably conservative. Jan 1 to Dec 31 '20 *93 ,801 .034*12,771 ,291 *9,475 441 *7, 858,476 Inventories —Inventories reached their peak about the middle of October •19 78 552 125 18.124 ,022 15,407 ,832 14,610,382 and during the ensuing ten weeks to Dec. 31 company was able, notwith- reduction in inventories of ^20 defl95 758 defl98 621 def21 1,727 standing the shrinkasre in sales, to effect a net Ft Worth & Rio Dec 161 752 were written Grande '19 177 637 18 616 5 686 defl4,515 approximately $25,000,000. In addition, inventories further amount of $25,500,000 as of Dec. 31 in order to reduce trnit Jan 1 to Dec 31 '20 ,961 143 def900 ,838 def946 ,303defll91,421 down in the the market. prices to . • • 19 ,665 ,481 139 158 92 ,460 18,440 , , j ... Finances. The officers of the company have clearly in mind the im- '20 def92 def95 defl26,865 — St L & S F of Tex Dec 180 ,836 737 042 portance of maintaining a strong cash position and of reducing the company's '19 131 ,163 1 ,598 def4 ,975 def35,712 current indebtedness. '20 inventories and Jan 1 to Dec 31 ,816 ,776 def518 ,916 def546 ,078 def94 1,492 During the year the company paid as Federal income and excess profits '19 98 108 74 .167 def181, 962 .537 .640 taxes to the U. S. Government approximately .$26,000,000. The company also retired S12.000.000 of notes issued in connection with * Corrected figures. the purchase of the Fisher Body Corporation stock in 1919. AVe also expended approximately .$86,000,000 in extending and improving Electric Railway and Other Public Utility Net Earn- plants and facilities in line with the construction program laid out in 1918 ings.—The following table gives the returns of ELECTRIC and succeeding years. The company's plants are now equipped with the most" efficient machinery for economical manufacture and no railway other public utility gross net earnings with latest and and and further important expenditures along the=e line? are now contemplated or charges and surplus reported this week: appear necessary. . . 1 -

    Fku. ly i9:ii.] THE CHRONICLE 739

    l^roposcd $!.>, (too. 000 ftcxcnc— Whili' in closinB the tioults in accordance \eir Plants Under I'linslriictiiiii by Chicaijn I ' ' CokeCo. —Cluaran- with the above statement all known lossis and appropriate write- capital compelled inventories have lueii lalven care of, ne\ ertheless llie board of (ilreetors your directors to abandon the projwt of bui.c.i.r: .. . .lal gas plant by the ut its nex! ineeciiifr "ill be reciiiestiil to consider the ad\ is.ibiliiy of ap- e,<>nii)any. but the negotiations for the enx'tlon ut a j-oal gas plant and also pro))riatintt -.ome pan uiol exceeding $1 .j.OOO.OOOi of oin- sniplu> aecoiinl as of u water gas plant through a scparali- corporation, referred lo in our r»^)orl

    as t'liicayo Hii-I'rudial , ii reserve for ftitnrtt coniintiencies. for last year, and known Coke Co w< —fully Outlook. In \ie\\ of the conditions obtaining in all lines of industry. eonsummaled and resulted In a eonlra<'t with the Ki>ppei iv of this in niakiiiK a i'lllsburgh to finance and build these plants. This contract ...iuved I he officers of the <-onipan.\ do not f. el justified at time are at the last meeting of the stoi-kholders, [See offering of fore-rast of i his years carninKs. Keports from distributors however animel $13.(KjU.(X)0 encourajiinK and voiir company is in an excellent position to takt advanlani- jointly guaranteed bonds of llie iiy-l'roducl Co. In V. 110 i*. 873) of and lo profit by the Improxement in trade which il seems reasouabli^ Moth the coal gas i;lanl and (he water gas plant are now nearing coiiiple- to anticipate duriiij^ thecoininK year. fion and. il is ixpectid. will bi in opiration before the end of 1921. XET SAU:S FOR CAl.HXDAK YEARS. Rates Decision — \'alu(ili(>n -.inpial. —On April 20 1920 the company 1*. li filed an application with the . Commission for an eniergeney increase lu (See Note Below.) 1920 (<.sr> 1!»19. KtlK. 1917. l\w temponiry rales for gas llu^n In effect . On June 10 1920 the Commis- Mot sale-s $,'JHr).OOO.O0OSJO9.ti7(>,(i9.'")S32ti.O14 ,75t) 89(1.295.7 1 sion entered ordtr incniaslng the temporary rales and on Dec. Cars and trucks sold See text lOti.lSS 2H).S34 80.901 an 21 1920 eonliiuied In effect as perniiinent ratios the rates established temporarily ni't i)rofits of $(10. 00,"). -IM \ote. — For the year 1919 tht! company rejiorted on June 16 1920. after UoductinK Federal and other taxt Utilities Commission until Dec. 21 1920, when the hearing i Iom-xI mon stock;. The corresi)ondinK item in 191S was Sll .S2r).,")li0. .'ind order was eiKci-ed, this order the Ulllllles .Some financial writers have undertaken to comjiare the foresoint; amoimts a final By ('ommissiou that Ihe value of the company's properly used and us<^ful In the gas with the figure $45. 218.000 mentioned above in the remarks of I'resident found business is $85,000,000 and thai tin- ennipaiiy Is (Uililled to net e:irniilgs (in I'ont. but the •('hroniele" has n>;ison to believe that such comparison ' !• ei|Ual id 7 ' p. a . ui)on ( lial value, or lln- ; uiii of $6 375 000. This \ alua- is not justified and is likely to prove more or less misleading. ; lion does not include propeii not used and useful in operations i>( mak- A new financial policy and the vigorous 'house cleaniiiK" which I'resident any y ing and distributing gas In the City of <'hlcago, and therefore excludes the du Pont is known lo have pursued since he came into office on Nov. .'JO 1920 main office building and other valuable assets. It does, however. Include make it nece.s.sary to await the final audit before attempting any detailed \alue " "working capital." comparison of carninKs. &c., for a .series of years. an allowance for "going and for lieli(!Viiig that the valnatioi' fixed by the Commission was Inadequate, iJXCL. SVB. COS.) DEC .'51 (1920 imrtlu csl.). COXSOL HAL. SHEET and thai th(^ rates for gas fixed wtire not sufflcrlent lo produce the net earn- 1920 if.<:!.). 1919, 1920 («r). 1919. ings to which the company in entitled even upon this valuation, the company .tv. valuation of ihe properly and as to the rates fixed by the 48,231.200 l*ur. nicney bds, 1.443.000 1,50.000 Cash 49,278,000 order of the Commission, which petition Is still pending. U. S. Govt bds. 213. 21S Pui . iMon, notes 9.840.000 M .840,000 Refund Suit.—.There have b(!en no developments in the so-called "refund Marketable .spc- 989,44S Outstaiid'K stock in Circuit Court of t^ounty since the last report. SlgUt draft sas.st. & sur. or sub. suit" pending the Cook 1.78S.00O 1.5S5.34:; B-I- attached. 1 1 .000,000 10.945,061 COS.. not own,: Slockliolders. —The company has 7,009 stockholders; 3,812 are residents Due from i;. S. .Acc'ts payable,. 25.794.000 37.846.313 of t he State of Illinois, and of the.se 3 . 104 are residents of the City of Chicago. Govt, on war Xotcs payable. 72,225,000 6.812.319 contracts 304,335 Taxes, i)a.\-rolls RESULTS FOR CALENDAR YEARS. Notes & acc'ts & suud, accr'd 12.000,000 11. .521, 771 Slatislics— 1920. 1919. 1918. 1917.

    lecelvable 37.G61.O0O 20,444,S71 Ue.serves: Miles of street mains.. 1 Data not' 3,102 3.080 3,068 Inventories 166.000,000 128.696. 652 Ueprec'n real Meters reported. I 701.211 069.3.50 704,669 Deferred exps.. 5.090.000 3,301.713 estate, itc. 35.742.000 Gas stoves. { 511,109 492,113 Honusfor emp. 1.080.000 'f Good-wltl, pat's. Public 1 6,066 6.865 7.658 « lamps I

    copyrlght.s,&c. 22.724.000 20.323. SS3 Pref, & deb. ' Arclamps J 90.985 103,379 106.421 div. payable 1.025,000 889.882 Gas made (1,000 cu. ft.) 24.905, .509 24.310.206 22,636.485 19.660.810 Fed'l taxes & Gas bought " " 6,413,926 4,270.180 5,273,758 5,875,139 extr'y exp. 4.500,000 36.262.473 Gas sold " " 29,175.810 26, .529.678 25,9.55,900 23,867,927 Siindrj- contin 6,552,970 4.546.653 Income from gas .$29,818,514 $22,995,395 $19,6;i0,979 .$17,6.59,008 Surplus 127,531,180 78,641,897 Income other sources... 1,417,821 1,548,403 2,242,237 1,973.121

    Total 602,753,000 446,652.521 Total 602.753,000 446.652,521 Total income.. .-$31,236,335 $24,543,798 $21,873,216 $19,632,128 a Includes, it is understood, 20.517.055 shares of Common stock of no par value but with a declared or a stated value of .?205.170,550 and $356,300 Deduct Expenses— material $914,681 $789,978 of §100 par stock.— V. 112. p, 566. Steam $1,134,443 $;^93,I03 do cts. per M.. (4.56 cts.) (3.77 cts.) (3.49 cts.) (2.00 cts.) Fuel (gas making) 6,379,238 4,694,626 3,864,000 2,4.56,611 Pacific Gas & Electric Co., San Francisco, Calif. do cts. per M.. (25.61 cts.) (19.30 cts.) (17.07 cts.) (12.50 cts.) Oil 6,343,748 4,931,972 5,817,350 5,131.508 {Adva7icc Official Staicmcai for Year Ended Dec. ,'U 1920.) do cts. per M.- (25.47 cts.) (20.29 cts.) (25.70 cts.) (26.10 cts.) Purifying material 124,721 109.910 85,620 37.629 A. F. Hoekenbeamer, 2d V.-Pres. & Treasurer, in state- Station supplies 308,426 218.069 190,2,58 106,089 ment released Feb. 11 says in brief: Manufacturing labor 2,080,319 1, -496 ,989 1,386,044 783,877 do cts. per M.. (8.35 cts.) 16.16 cts.) (6.12 cts.) (3.99 cts.) is subject to Results.—The following income statement for the year 1920 Maintenance and repairs 590,670 519,227 379,973 231.405 audit, but it is not expected to vary to any appreciable extent from the This probably Superintendence 175,186 95..592 final figures. The gro.ss business aggregated .535.385,833. Engineering department 104,923 92,188 "87^215 gross revenues like public puts the company in second place as to among Gas bought 1,705,695 813,235 833,455 1,354,581 service corporations in the United States. Probably $5,000,000 of the total increase of $8,803,146 occurred on the properties operated prior to the acquisition of the Northern Califomia Power Co. and the leasing of the Cost of gas $18,947,370 $13,886,489 $13,428,033 $10,582,013 Sierra & San Francisco Power Co.; the remainder may be attributed to do cts. per M-. (60.50 cts.) (48. ,59 cts.) (48.11 cts.) (41.43 cts.) taking over the business of these two companies on Oct. 3 1919 and Jan. 1 Distribution 1 ,657 ,981 $1,246,150 $1,190,686 $1,096,065 1920, respectively. Utilization 511,372 .501,324 429,312 585,602 Additions.—We connected up 39,797 additional customers in 1920 at a Commercial expense 1,891,118 1,637,460 1,055.249 931,019 cost for ne'w services, meters, transformers, &c., of approximately $1,900.- New business expense 71.618 280,344 249,667 376,107 000. The total capital expenditm-es during 1920. including also the larger General & misc. expense 2.072,093 1,452,385 1,167,921 1. 260,431 items of work such as new power houses, transmission lines, important Depreciation 1 ,218,802 1,112,975 1,034,107 903, '265 extensions, enlargement of gas manufacturing facilities, &c., were approxi- Contingent .52 ,385 259,559 223.719 mately $12,500,000. The plants and properties account at Nov. 30 1920 Taxes 819,830 "8'l8'",2i2 8,58,980 9,55.826 stood at $164,521,154. The new money invested in the business in the Uncollectible bills 203,935 166,972 76,679 67,562 2-year period covered by above income account exceeded $26,000,000. Rent for leased plant and First Pref. Slock Sales. —During 1920 the company sold to its customers equipment 352,667 345,989 422,975 412,492 $3,634,650 of its Fu'st Pref. stock and during Jan. 1921 a further .$1,690,400, Int. on Ind. N. G. & O. making a total of 12,194 direct sales of First Pref. under the "cu.stomer Co. guaranty 300,000 300.000 300,000 95,000 ©wnership" plan in the &^ years from June 3 1914 to Jan. 31 1921, with City bonus 32,454 an aggregate par value of $20,126,450. It seems probable that, judging Amortized rents 204,637 2b4",637 204.637 from the continued demand for this stock, the present issue of $5,000,000, Miscellaneous deductions .54.197 42,070 44,704 which was authorized by the Railroad Commission on Nov. 6 1920, will

    soon be exhausted. Cost of gas delivered to , consumers $28,358,006 $21,995,007 $'20,722,509 $17,521,555 INCOME FOB FISCAL YEARS ENDING DEC. 31. ACCOUNT do cts. per M_- (97.94cts.) (82.90 cts.) (79.84 cts.) (73.38 cts.) 1920. 1919. Increase. Interest on funded debt- 2..364,321 2,366,150 2,366.1.50 2,375,150 Gross earnings, incl. raiscell. income. $35, 385,834 $26,582,688 $8,803,146 Int. on unfunded debt-. 133,256 117,434 68,851 Maintenance and reserve for deprec. 4.585,933 3,248,482 1,337,449 Oper. expenses, rentals, taxes find. Total cost of gas deliv- Federal taxes) and reserves for cas- ered to consumers- -$30,8,55,583 .$24,478,591 $23,157,510 $19,896,706 "ualties and imcollectible accounts. 20,657,073 14,500,644 6,156,429 do cts. per M_-(106.56cts.) i92.26 cts.) (89.22 cts.) (83.33 cts.) Total expenses $25,243 .006 517,749.127 17.493.879 Net income $380,752 sur.$65,207dfSl 284,294 df$264,578 Net income 10,142,827 8,833„560 1.309.267 Other deductions 82.335 100,623 Bond and other interest 4,920,436 4.285.257 635,179 Previous sm-plus 10,790,883 11,047,599 12.137,025 13,789,105 Bond discount and expense 306,537 207.950 98,587 -Additional depreciation reserve 1,000,000 1,000,000 Total $11,171,635 $11,112,806 $10,770,396 $13,423,904 Preferred dividends accrued 1,777,934 1,528,961 '24'8',97i Add simdry credits 57,450 169,503 10,762 60.723 Withdrawn from contin- Balance $2 , 1 37 ,920 $1,811,391 $326,529 gent fund 1,092,814 Common dividends accrued 1 ,700,203 1,700,203 Total $11,229,085 $11,282,309 $11,873,972 $13,484,627 Balance, surplus $437,717 $111,188 $326,529 Dividends None None None 1,347,477 —V. 111. p. 2528, 2516. Rate per cent (3^j%) Deduct sundry charges- 511,000 491,426 *826,374 125 People's Gas Light & Coke Co., Chicago. Balance $10,718,085 $10,790,883 $11,047,599 $12,137,025 {Report for Fiscal Year ending Dec. 31 1920.) BALANCE SHEET DEC. 31. President Samuel In.>iull, Chicago, says in substance: 1920. 1919. 1920. 1919. Increase in Reserre Charge.—There has been an Increase in the Item of Assets— S S LlaMlUies— S $ depreciation, amortization, &c.. charges of $550,793 over 1919. due to Real est., franch's Cap. stk. (auth.) setting up a reserve of $183,606 for material and supplies stores adjustment tunnels, mains, 350.000,000), is- and to the increases set opposite the other following charges, viz.; (a) De- &c 98 ,907,932 96,771,042 sued 38, 500.000 38,500,000 preciation. $97,471; (6) in.surance. .$40,477; (o casualty reserve, $68,258; Materials ,605.487 2,692.324 Underlying prior (d) contingent charge acerutxl. .'?;52,385; (c) reserve for uncollectible bills. .\cc'ts receivable. .244.627 956..Wl lien bonds 24, 020.000 24.077.000 $36,963; (/) amortization of expenses of cases before Public Utilities Com- Bond coup, dep.- 336. .500 350.045 Ref. mtge. bonds. 20 554.000 20.554.000 mission. .$71,634. Deferred expenses. ,694,495 6,382.145 Gen. & Ref. bds.. 1 712.000 1.712,000 Resjills. —Our operations for the year might well have been divided into Gas bills receivable ,997,830 1,804.127 Gas bill deposits.. 780.620 602.921 two periods, one for five months, from .Tan. to May, incl,, undei the old Cash 710.302 410.343 Acc'ts payable 4, 004.561 2,113.967 rates for gas. and the other for seven montns. from .Tune lo Dec, incl., Reactiuired securs. 50,000 50.000 Taxes accrued 959.666 982,888 under the present rates, which became effective on June 16 1920, Sinking funds 70,786 117,746 Bond Int. accrued. 482.076 482,558 The income account so set up would have shown a deficit in gas operations Reserve fimds ,450,941 1,295,331 Depr., &c., reservelO, 742.987 3,449.699 lor the first five months of .$1 ,221 .560. and for the last seven months of the Sundry deposits & Loans & notes pay. 1 295.211 1,185.664 year sufficient to meet all expenses of operation, incl. interest charges, and advances 104,962 710,968 do (control'd cos.) 975.000 650.000 to reduce the deficit of the first five months to $87,145, which is the actual Matured Interest. 336,500 350.045 deficit for the year from gas operations alone. Sundries 78.283 54.661 Other Income. —By reason of income from subsidiaries and other sources, Deferred credits.. 14,873 34.374 aside from its gas operations, the company is able to show surpUis earnings Surplus 10 718.085 10,790.883 of $380,752 for the year. Of the income from subsidiaries, .$225,000 was paid to it by the Manufacturers' Coal & Coke Co. as a dividend from Its Total 115,173,862 111540,6611 Total il5,l73,862 111540,661 earnings for the year. -V. 112, p. 659, 265. .. 3 — . 740 THE CHRONICLE [Vol. 112.

    1 mproprmKntn (S. S.) Kresge Co., Detroit, Mich. , Ac,—The Improvftment expcndltur©!! In 1920 (aggregating $.">37,6S31 are about equally divided between McKeos Horkn and Allegheny {Report for Fiscal Year Endiiuj Die. 31 1920.) plantK, c:overlng Improvements, tools. &(:., acqulrwl under our Hottlcment with the 1020. 1910. 1018. 1017. Government, wllh, at the forincp plant, additional Installation for Stores 18S 176 170 104 the production of the Houston wheels, and at Allc;?heny Increased facllltle* for the production of cars. Sales $51.24.'),3I I $12,608,061 $.36. 300..") 1 $30,000,700 Lincoln dill Coal Co. Operations havo satisfactory, Not incomo 3,678,508 3.505,201 2.0.'i0,999 2..300.9S8 — been the produi-tlon for the last few months averaging over a thousand War ox. vrot. fi Inc. tax tons per day. It la hoptKl that and reserve for conting 925,000 1,225,000 1,2.')0,000 .WO.OOO early In the year cipaclty will be largely lficn!asepi>el /nfliislrial Car E'luijimeril Co. Prof, dividends (7%) MO.OOO HO.OOO 140,000 140.000 A —This company and the Kopi>el Car Uepair (V>. sub-itanilal orders which will Common dividends. .(6%)600,000 (6)600,000 (5)500,000 (4)'100.000 have Insure gowl and continu- ous productions for some time to come. Western Steel Car Foundry Co. OpenitlonH have be'jn Katlsfactory. Balamw. surplus $2.013. .506 $1,640,201 $1,060,999 $1,320,988 A — considering general conditions, largely, during the last few monthx. In re- BALANCE SlIKKT DECEMBER 31. I)alrlng cars. 1020. 1919. 1020. 1919. American Steel Co. of Cuba. —This company ha« been In operation dur- Afset-i— S $ UahUUIcs — $ s ing the year, but the difficulty of promptly iinl'>adlng materials at Havana Cca.'jeholds. orsanl- Common slock 10 000.000 10,000,000 has much retarded operations. The wheel and casting foundries have zation, As 6,128,708 6,089.408 Pr 'erred stock 2 000,000 2,000,000 b-en delayed owln.? to the Inability, until very recently, to get perraltn Merrhantflse 7.351,039 6,290.381 Pre'. Btk.,sub. cos 20,050 allowing the forwarding of materials for the construction, but we hope by July 1 to this in successful Rents, r,s MortRaRfpayable. 582.000 300,000 the moratorium the shotild Increase. Fum, fix'ts., &c.. 7,080.853 4.704.82(1 Notes payable 557.500 500,000 .Some of the vessels h.ive bion In the harb ir six months without being able Land, bldgs., &c.. 1.795,434 741,397 Apcount.s payable to unload. However, we havo no responsibility for dernurrago. As there Cash 1.1.57,9;il COR. 582 (Incl. war taxes has been a deflation of 300% In the basic product of Cuba (sugar). It Is not Liberty beads 588,100 1,300,250 and reserve for to be wondertsd at that things are up-slde-down. ooiitlngencles) . . 2 545,242 2,295,3.-,7 Steel Car Equipment Co. —Car Trust. —To meet the demand from private Accrued accounts. 56,701 .50.212 owners, wo have organized the Steel Car Equipment Co. (all the stock of Profit and loss ,339,822 5,320,316 which Is ownoa by your company) to build and sell on terms in small quan- tities 1.000 5.5-ton standard hopper cars. To finance this business, a car Total... 26,101.915 20,471,884 Total 26,101,015 20,471,884 trust representing 75% of the value of the .selling price of the equlpntent was sold, running over ten years, the obligations guaranteed, principal and [The stockholders on .July 7 (n) inrreascd the authorized Common stock lntere.st, by your company. (See V. Ill, p. 1668.1 from $10,000,000 to .520,000,000 and (6) authorized an is.suo of .$3,000,000 Pressed Steel Pneumatic Wheel Co. We have recently entered Into a con- serial gold notes. Compare V. Ill, 78, 194, 393, 1088.— Ed.) — 7% p. tract with the Pressfwl Steel Pneumatic Wheel Co. by which we are to manu- p. 567, 167. —V. 112. facture and they are to sell a patented design of pimcture proof pneumatic wheel for motor vehicles, kno'.vn as the Houston v/hecl. .Several hundred Stewart-Warner Speedometer Corporation, Chicago. of the.se wheels luivi! been In continuous trial service for the past four years, with satisfactory results, showing cheaper operating costs for motor trans- (Report for Fiscal Year ending Dec. 31 1920.) port service than either the solid tire or large pneumatic type of wheels. Patent Deparlment. 120-ton all-steel Vico-Pros. V. R. Buoklin, Feb. 1,5, wrote in substance: Engineering and —The coal car, of which we built 1 ,000 for the Virginian RK. C;o., was designed in competition Results.-—After providing liberal rasci-vas for depreciation on plant, and with four different car builders. These cars make It possible for the rail- Inventeries, but before deducting I'Y'dcral income and excess profits tax, road to move advantageously In one train 10,000 to ]2,(X)0 revenue tons, the earnings show a profit of .52,728,472 as compared with .S2, 331, 916 for which Is a decided advance over regular practice. net profit after deducting Federal ta.x;es amounts 1919. The to 32.210,928, During the year we hive been granted ten new patents and several patent as against the 1919 figure of $1,963,574. suits were decided in our favor, and the result of thase decisions will continue Additions.—^During the year substantial additions to the plant, approxi- productive revenue for your company. A considerable number of applica- mating in value $1,500,000, have been made out of accumulated sui-plus tions for patents are pending. without the need of any bond or other capital issues. These additions give us much needed additional manufactvu-ing capacity. SALES PROFITS DIVIDENDS &c. FOR CALENDAR YEARS. Acquisition—Stock Increase.—Dm-ing the year the corporation has ac- 1920. 1919. ' 1918. 1917. quired through an even exchange substantially all the stock of the Stewart Gro.ss.sales Not stated. Not .stated. Not stated. $44,034,8-14 Mfg. Corp., which has for years been our source of .supply for die castings, Earnings, all sources x$3,194,277 55,3,38.640 $4,818,893 $2,940,601 one of the principal materials entering Into our product. Our authorized Repairs and renewals... 662.472 1,073,408 468.108 510.293 capital stock was increased from 400. ()00 shares to 600,000 shares, %vithout Divs. pref. stock (7%)-- 875,000 875,000 875.000 875,000 par value, and of the increase, 60. 000 shares were applied to the purchase of Divs. common stock. (8%) 1.000, 000 (8)1,000.000(7 Ji)968.750(7%)875.000 Stewart Mfg. Corp. stock, the remaining 140.000 shares being held for Depreciation of plants.. 630.456 400,000 300,000 future requirements. (See V. 110, p. 1978, 2199, 2494.) Outlook.—-AVhile during the latter part of 1920 there was a marked slowing Balance, surplus $6.56.805 81,7,59,775 $2.107,0.35 .$.380,308 down in the automobile and allied industries, we are already beginning to Previous surplus 14.464,188 12,704,412 10, .597.377 10,217.069 receive a censiderablo volume of business which we are confident is a first indication of the coming of normal busine.ss conditions during 1921. Total surplus Slo. 120.993 $14,464,187 $12,704,412 $10.597 ..377 x Includes: From operations, $3,060,985; from divs., int., &c., $133,292 INCOME ACCOUNT FOR CALENDAR YEARS. BALANCE SHEET DEC. 31. 1920. 1919. 1918. 1917. 1920. 1919. 1920, 1919. Prof. & income (see note) .$3,092,384 §3,161.634 $2,002,646 $2,200,774 Assets S S LiabUUtes— S S Adjustment of inventories, Prop! & franchise. 26,680,020 26,804,809 Common stock... 12, 500 .000 12,500,000 dismantling expenses & Securities & stocks Preferred stock. ..12. 500,000 12,500,000 int. on borrowed money 363,912 owned 6,000,374 5,316,338 Accts. & bUls pay. 14,080,724 4,224.131 Divs. rec'd from Stewart Taxes & insurance Acer, sal'y & wages 465,344 265.250 Mfg. Corp.- -. Cr.79,267 not accrued 11,450 78,504 Acer. pref. divs... 218,750 218.750 Federal taxes 517,544 368,341 407,981 340,000 Notes & accts. rec. 9,052,208 6,818,713 Acer. com. divs... 250.000 250,000 Common dividends 1,674,267 900,000 600,000 600,000 Material on hand. 11, 237,622 3,595,275 Rev. for contlng.. 800.000 800,000 Cash 2,954,136 2,608,680 Surplus. 15,120,993 14.464,188 Surplus net income $615,927 $1,893,293 $994,664 $1,260,774 Deduct—Adjust, of inven- Total .55.935,811 45,222,3191 Total. ...56,933,811 45,222,319 tories & munition claims -V. 112, p. 47 r, 168. against U. S. Govem't. d«6.829,719 Adj. of 1919depr. prov.de&.88,444 Brooklyn Rapid Transit System (excl. Bklyn. City RR.) Add—Previous surplus . . 7,514,454 6,450,880 5,456,215 4,195,441 {Receiver's Report for Periods ended A^ov. 30 1920.) Total unapprop.surp- -$8,041,937 $7,514,454 $6,450,880 $5,456,215 Note.—"Profits and income" are shown, "after deducting all manufac- The income accounts were given last week, page 648. turing, seUing and administrative expen.ses, including adequate provisions Receiver Lindley M. Garrison, N. Y., Feb. 8, tiirough his for discounts and lo.s.ses on doubtful accounts, deprec. on plant equip., &c." counsel, Carl M. Owen, further reports to the Court in brief: BALANCE SHEET DECEMBER 31. [This statement should be studied in connection with the very full pre- 1920. 1919. 1920. 1919. liminary statements bv the receiver as to property, capitalization, &c.. In Assets— S $ Liabauies- $ S V. 108, p. 373, 263- V. 109, p. 1079.] Land, bldgs. ,mach. Capit^l stock. .xll,953,810 10,000.000 On Dec. 31 1918 Mr. Garri.son was made receiver of the B. R. T. Co.. & e<]uJpment 4,119,736 2,894,868 Accounts payable. 312,407 384,292 N. Y. Consol. RR. Co. and N. Y. Municipal RR. Co. On July 14 1919 the Pat's, trade-marks, Notes payable 200 .000 receivership was extended to the Brooklyn Heights RR., Brooklyn Queens good-will, &c 9,188,432 9,170,208 Accrued commis- County & Suburban RR., Nassau Electric RR. and Coney Island & Treasury stock 185,700 sions, wages, tax- Brooklyn RR.—Ed.] Investments 1,953,811 es, &c 238,070 257,147 Exigencies. —^The exigencies of the present situation require that a full Inventories 3,998.097 2,645,991 Provision for taxes 575,000 425,000 report bf made to the Coiu-t in order that appropriate directions may be Notes & accts. rec. 1,528,048 1,832.072 Surplus.. 8,041,937 7,514,4.55 given the receiver. U. S. Govt, secure. 226.3.50 1,415,000 Summani.—^For convenience the following summary is given of facts Cash 32,8.54 448,544 hereinafter (in the pamphlet report) more fully set forth In detail; Deferred charges. 86,998 174,211 Cash on Hand and Current Liabilities at Date of Receivership Cash. Cur. Liab Cn.sft. Cur.Liab. Total 21,321,226 18,580,894 Total 21,321,226 18,580,894 Na.ssau Co 8145,040 $904,876 B. R. T. .$26,447 *3,484,794 Note.—Contingent liability in respect of customers' notes discounted B.Q.C.&Sub- 40,3.55 323,236 N. Y. Municipal 56.980 amounts to $393,623. ('. Isl. & Bklvu- 112,465 259,781 N. Y. Con.sol._. 194.156 3,443,503 shares, of par value. See text above. X 457,525 no —V. 112, p. 569. Bklyn. Ilei-hts. 467.180 2. .5.36, 853 * Does not include demand banlc loans of $3,917,500 or loans to constitu- Pressed Steel Car Company. ent companies of $6,427,437. Municipal not b^ing an operating company, its liabihties (22d Annual Report—Year ended Dec. 31 1920.) X The N. Y. on .Jan. 1 1919 consisted principally of interest due that date on its $60.- First Mtge. bonds and amounts due and to become due contrac- President F. N. Hoffstot, Feb. 16, wrote in substance: 000.000 of tors on construction Avork. Results. The gross earnings wore ,$3,194,278, and after deducting $662,- — Results. Results of operation of the principal trans- 472 for depreciation, obsolescence, &c., the net earnings were Receiver's Operatinrj — $2,531,80.5, including the Brooklyn Heights RR., that com- allowances having been earnings include final portation companies [not made for taxes. These the City being now separately adjustment of most of our contracts with the different Governmental pany's former leased line, the Brooklyn RR. its officers; see V. 112, p. 161, 371, 561. Ed.] for the departments, but one or two still remain open, which we hope to settle operated bv own — during the next few months. period of receivership and for the five months .July 1 1920 to Nov. 30 1920. are as follows: The earnings of the controlled companies have been upward of $1 ,000,000, and for the month of November 1920, after establishing our customary reserves. There have been no dividends RECEIVER'S EARNINGS AFTER DEDUCTING ONLY CHARGES P.4.ID. from these companies, the money being left with them for the development (With no allowance for bond int. aside from Elev. RR. bonds, of N.Y. Consol) of plants and additional working capital. i-^—"' «* year 1920 was a difficult one, especially for our class of business. Periods ending 1614 Mos. nMos.end. Month of The '20. The winter was most severe, while, owing to the "outlaw" strike there Nov. 30 1920— to Nov. 30. Nov. .30 Nor. 1920. were weeks when the railroads in and out of Pittsburgh ana Chicago oper- Nas.sau Company def.S449,002 defS512,073 def$89.488 ated few trains a day and for weeks no raw materials were received. Suburban Company def98,213 defl54,012 def23,265 def36.951 In the early fall it looked as if there would be a considerable buying move- Conev Island & Brooklyn suri?88,755 defl24,081 ment, but the action of the Government in failing to make partial payments New York Consolidated . sur*2,205.262 defl,708,924 def33,806 tied the railroads' hands and has made it very difficult for them to carry * Covers period Jan. 1 1919 to Nov. 30 1920. out their commitments and has preventea them from entering into new ones. CURRENT FINANCIAL .SITUATION OF EACH RECEIVERSHIP. About ©00 cars were ordered diu-ing the year and of these were 60, 25% Taxes \ Current Deferred Est. Acci- bought by private owners in order to protect the execution of their obliga- y Liabilities. Liabilities. dentClaims. tions. A.'! of iVor. 30 1920 Unpaid. $1,:505,629 $620,421 $200,000 This condition of affairs, with Inefficiency and lack of co-operation on the Nassau Company .$689,980 68,365 .34,000 part of labor, has helped to bring about a depression which will last until Suburban Company 472,163 334.398 274,775 330.182 46,766 49,000 there Is a readjustment of general conditions. Conev Island & Brooklyn 953,925 70.000 all matters are adjusted, yom- company should receive a substan- Brooklyn Heights 649,103 When 5,oo"r,oo6 tial share of the business, and in the meantime your products are being Brooklyn Rapid Transit 519 812 2,098,766 7. 752, .500 13,000,000 diversified as much as possible. A comfortable volume of business Is on N. Y. Municipal (approx.).. 94,627 4,241,642 168.000 hand and it is hoped there will be no break in the operation of your plants. N. Y. Consolidated 2,334,315 Stocks and Securities. —The change is largely due to the acquiring of all 7.35, .5.52 $521,000 the stock of the Steel Car Equipment Co., hereafter referred to. Total [Inserted by Ed $5.034. 775S17,017,042$18. receivership, Inventories. Inventories have been checked and taken not to exceed X Additional to certain unpaid obligations antedating — part contested. market prices, and we have no Inventory or commitments for materials y Taxes of various kinds levied and unpaid and in other than to cover orders on the books, which will be liquidated during the Tbe power and maintenance bills unpaid to Nov. 30 1920 here included next three or four months. snder head ofcurrant liabilities are as follows: Nassau Company, $902,924 . —S —. . 1 .

    Feb. 19 1921.] THE CHRONICLE 741

    « Suburban fJonipany, $lJ."..7',)->; Coney island .t llr(>.)klyn. SSO..*!)!): lironk- RESULTS FOR MONTH OF NOVEMBER 1920. lyn HoiKhts. $733,871 Total, SI. 812,988. These amounts are owini? to (No bond int. deducted aside from Elev. RR. bonds of N. Y. Consol. rTI'i all bonds the B. U. T. Co. and under Order of ('ourt now rank aheiid of Nassau Suburban Cuiieylsl.A N.Y.Cuns. and receiver's certififate.s on tlie several iJi'opertios. Co. Co. Brooklyn RR. Co. ha.s oixlenxl the i)a>anent each week to the U. 1{. T Moreover, the Court Transportation revenue.. $360,578 $I.'J0,«>1 $186,116 $1,645,045 lea.st equal to the estimated cost of power and maintenance of an amount at Opcr. rev., adv., ronts.&c. 9,448 2,034 4.173 6,205 for the precodint? week, this chaine, whicli is now regularly paid, b«'ln({ at Co., weekly; Suburban Co.. .*1 1.300; present as follows: Nassau Sir). ISO Total street ry. op. rev. $370,036 $132,498 $190,289 $1,707,098 Coney Island & Hrooklyn. $80,396; total, $130. SKi. Under exi^ti^lK aK'iee- Maintenance of way, &c. $62.6.50 $28. .5.39 $25,930 $126,105 receive their power at cost; this cost including ments the operating cos. Malnt. of enuipmonl 92,081 30.(i43 44.252 269,142 the jiower facilities used in fur- 10% on cost (or fair value) of any p;u-t of Operation of power plant. 57,820 14.705 26.547 419. S39 charKO includes the cost of labor and nishing; same. The maintenance Operation of cars, &c 205,359 70.6,58 101.155 672,427 5''; 10' fair value) of material plus : also an allowance of c on cost (or Injuries to |)er.sons, &c 1 1 .319 2.320 12,205 23.984 facilities contributed, this 10% ias lu cost of power) to cover interest, de- Uenural & miscellaneous. 1 1 ,603 4.087 6.617 55.029 preciation. Insurance and taxes. Taxes street railway opor. 13.077 6.097 8.3'27 82,381 Ante-Receirersliip Clai'ns Fi'.el. —There h.ive been filed ai;;vlnst the com- panies (a) 743 claims I'lr bro;ifhos of contract aB!?peBatlns S3,7U.7.^.'>: (ft) Income from street ry.op.der$83, 873 def$24,550 def$34,744 $58,188 2. BOO nei?llKence claUas for damage Incurred, agsiregatlng SI, 507, 787, all Non-oporatlng income 7,562 4.007 1,354 23..561 prior lo rei-"lvershlp. Gross ..dof$76.311 dof$20.543 def$33,389 Dcfaiillecl liDrvls.

    Dcfaulletl Bits. A Itk. Leans . — C'l/s. of Indebi., Ac. Other deductions 658 72 54 22t) Princii):il. Interest Princinal. Interest Nassau Co $14,925.00.) $1,179,480 .SO.017.1SS $907. 07 Total Income deductions $13,176 $2,721 $3,560 $115. .5.56 Suburban Co 0,3-! t.O!)') .->t)6,300 2,610,710 39t>.120 Not Corp. def . (see note) . $89,487 $23,264 $36,950 $33,806 Coney Island & Bkly.i_- 6,105,0;)i) 528,2(;0 118.29S 17.745 Brooklyn Heights 2,)0,00J 18.750 17,992.174 1.198.82(1 X Income deductions include no bond Interest other than the coupon-s on 15. 380. 477 807.071 the $22,967,000 Elevated RR. bonds of the N. Y. Consol. RR., which call B. R. T. 73.255.000 11.652.358 6.427,437 648. ,579 for $89,862 monthly. New York Municipal... *2.2ti5.000 233.125 Income deductions for .V. Y. Consol. RR. Go. do not Include interest ou N.Y.Consol. (guarantor) 14,651.791 2.05S.33S receiver's certificates or N. Y. Municipal bonds.

    Total $103,184,000 $14,228,279 $13,261,077 $6,033, 76'i RESULTS FOR 5 MOS. AND 1C>'A MOS. ENDED NOV. 30 1920. *|These bonds are 'Jiaara-.iu'od by the .^I. V. Consol. Hit. Co., and the [>fo bond Int. deducted aside from Elev. RR. bonds of N. Y. Consol. RR guaranty Is secured by a mortgage on Its property. They are part of a'l J l.ssue of SOO. (),),), 000. the re u.ilniiig $57,735,000 having baun pur.-liasod ;i'id Nassau Company-— —Suburban Company— pledgiHl bv tho Urooklvii II ipld Transit C ). to socure its own notes. Th:!so 5 Months 16 K Mos. 5 Mos. 16 H A/oj. notes are Included In tin; above Indebtedness of the 15. R. T. (V. 108, p. 374). Street railway oper. rev.. $1.992. 369 .57.961.488 $6to.645 $2.3.58,3.53 The forcgtiln^ dcl'aultod certificates of Indebtedness which the receiver Total not Income def 125.602 der232,398 defl31,414 dof04,871 says "purport to constitute a Hen on specific pieces of property" have all Income deductions 86.471 216.601 22, .598 33.341 been plod.;ed by the Brooklyn Rapid Transit Co. (by which they wore purchased or received in return for advances for additions. &c.) as part Net deficit $512,073 $149,002 $154,012 $98,213 collateral for its own 1st Kef. bonds of 1902. Of these last-named bonds Coney Island

    Brooklyn Heights 725.566 16. 128..5.30 2.021.647 Nassau Electric RR $1,000.000 1 Coney Island & Brooklyn. $400,000 Brooklyn Rapid Transit 4.839,097 81,219.794 11.6.52.3.5S Suburban Co 300,000|N. Y. Consolidated RR.. 3,000.000 do do due sub. cos 6.427.437 648. ,579 Strike. 29 a strike occurred, practically N. Y. Municipal x2.200.000 24.940.906 283.125 —On Aug. tho entire operating orce at the outset stopping work. In addition to the direct expense of N. Y. Consolidated y2. 521.535 22.575.640 2. 0.58. .338 this strike there was an indirect loss duo to loss of revenue, &c.. during and following the strike as follows: Total $10,809,337 $193,225,701 $20,262,045 immediately Losses from Strike—Direct, $1,847,392; Indirect (Estimated), $720,000. X Unexpended proceeds of receiver's certificates, y Does not include Direct. Indirect. impoundeil income under receiver's certificates of $1,476,053. The cash on \ Direct. Indirect hand Feb. 4 1921, Incl. impounded earnings, was about $1,750,000. Nassau Electric RR.. $346. 247 $1.50,000 Coney Isl. & Bklyn... $127,981 $50,000 Suburban 101.625 20,000|N. Y. ConaoUdated.. Note. —This statement does not include (a) interest on contested taxes Co 1.271,543 500,000 and on claims prior to receivership; {6)some $521 .000 of estimated tort claims; "Deferred Maintenance."—The total amjunt of deferred maintenance (c) the principal of the outstand.ng Brooklyn Union EI. and Kings County (work which should have been performed properly to maintain the proper- El. bonds aggregating $22,967,000 (interest on which Is regularly paid. Nor ties) is e.stimated for the surface lines of the B. R. "T. system and tho Brook- . Is there Incl . the debt of the separately operated Bklyn . ity Ed now C R R — ) lyn City RR. by tho P. S. Commission in its report for the calendar year Nassau Safety Cars.—-The application shows that having, under the order 1920 at $4,292,399. of tho Public Service Commission and the Supreme Court, purchased 73 In this report the Commission says In substance; "Deterioration or safety cars and having paid on account thereof in cash the amount of deferred maintenance of the street railway companies, operating within this $170,703, the Nassau receiver, for lack of funds, has had to default on his district, has continued during the past year and has assumed an alarmli^ car lease warrants Issued for the remaining installments of purchase price aspect. Our electrical engineer estimated that the amount of deferred which amoimt to $299,648. and that he is in danger of having the cars taken maintenance on the lines of the principal operating companies. Including away from him, losing both the cars and the money. (V. 112, p. 651.) rapid transit and surface lines. Is $1(1.945.091. This Is an Increase of year. In words, Suspension of Operation of Lines. —The Nassau receiver has suspended in $4,134,091 over last other the companies have been unable whole or in part the operation of the following lines: to provide, In a number of cases, the necessary money properly to maintain their eauipment. Ocean Ave. (In part). Church Ave., Hicks St., work is deferred too long there will come a time Rogers Ave., Seventh Ave., Park Ave., "If the when the cost to put the present equipment in first-class condition will approach the cost of Ocean Ave. (in part). ChurchAve., Hicks St., 39thSt. Coney Island — buying new equipment. Such condition exists now practically on all the Rogers Ave., Seventh Ave., Park Ave., (in part). lines operating in Queens County, as well as certain lines In Richmond The Suburban receiver has suspended !n whole or In part operation of the (Staten Island) and other boroughs." Metropolitan Avenue Line (in part), Ralph Avenue Shuttle Line. Paving. The constant obligation to the City of N. Y. with Wyckoff Avenue Line, — respect to paving and repavlng is also a very heavy burden upon the earnings of the The Coney Island receiver (In conjunction with the Nassau receiver and companies. the Brooklyn City RR. Co.) has ceased operating the experimental Park surface Slope Line. Fares.—The report goes fully into the fare situation and the efforts of the The application shows that the following additional lines are falling at the receiver to get increases of fares both for the N. 'i'. Consol. RR. and the present time to earn even their direct operating expenses; surface lines. The Court of Appeals on July 7 1920 in the case of People vs. Nixon Nassau Co. 86th St., Broadway—Ferry Shuttle, Wilson Avenue, Ocean Ave., Metropolitan Ave., handed down a decision (V. HI. p. 188) in which it held that the P. S. Com- mission has power to Increase rates of faro upon street railways constructed Ralph Rockaway, Suburban Co. . Utica Ave., — undor the following classes of franchises, viz.: Eighth Ave., Broadway, Coney Island & Brooklyn and operated (1) All franchises directly by tho Legislature; (2) all franchises granted municipal Vanderbllt Ave., Jamaica Ave.. Franklin St., granted by authorities prior to Jan. 1 1875 or subsequent to July 1 all West End Ave., Reed .\ve., S.-nith St. 1907; (3) fran- chises granted by municipal authorities between Jan. 1 1875 and July 1 Earnings of Surface Lines.—The month of November in previous years 1907 which do not specifically limit or fix rate of fare. earnings has been a month in which the net have been only slightly below UndtM- this decision the 1'. S. Commission would s(*em to have jurisdiction for fiscal the average monthly net earnings tho year, but under existing con- to grant an increase of fare over the following lines: (n) Nassau Electric ditions as to rates of fare and operating costs it is reasonable to assume RR., on Bergen St.. 15th St., Flalbush & 7th .^ve.. Wilson Ave.. Hicks St.. the statomeuls of carniugs beiovv given tliat the linos indicated from abDve Iloyt & Sackctt Sts., New Lots Ave.. Park Ave.. Ralph-Rockaway Ave., cannot continue to be oper;ited. 7th Ave.. St. Johns Place, Union St.. Vanderbllt Ave.. West End. (ft) The following table shows for the month of November for each of the Suburban company, all lines, (c) Coney Island & Brooklyn RR.. all except surface lines as now operated the gross receipts and the net loss or gain after perhaps two short branches at tho extreme easterly end of De F-Calb .Ave. line. deducting therefrom the "direct operating expenses, exclusive of taxes, In the case of People ex rel Brooklyn City RR. Co. vs. Nixon. 193 App. strike expense and any expenditures for renewals and replacements, (the Dlv. 746 (the Platbush Ave ca.se), the .\ppellate Division on Nov. 10 1920 operating expenses for the respective lines being based total upon tho handed down a decision which was afflnncd by the Court of .\ppeals on operating expenses apportioned to each line in the ratio that the car mileage Feb. 4 1921, to the fol owing effect: of the line bears to the total mileage with a differential allowance for safety Where a line was constructed partly In the former City of Brooklyn and car mileage)." partly in one or more outlying towns under separate consents of the local RESULTS IN NOV. 1920 ON SURFACE LINES PRESENTLY OPERATED authorities of such city and towns, and by the terms of such franchises or was, the time the linos were Nassau Elec. RR.— Kevtnue. Loss. Suburban Co.— Revenue Loss. by provision of statute, the company at con- charge fare in the former City of Brooklyn Bergen Street S59.202 314,784 Broadway S48,632 $1,148 structed, authorized to one and towns, neither annexation to the Hoyt-Sackett 11.126 Cf2.074 Jamaica Avenue 27,532 5,794 another fare In the outlying town or City the consolidation of BrookbTi with the City of St. Johns Place 36.910 443 Rold Avenue 31,493 5,209 of Brooklyn and subsequent Law (Sec. 181) liaving affected Wilson Avenue 35.462 11,473 Sumner Avenue. 17,679 Cr231 Now York, nor the provisions of the RR, Ralph-Ivockaway 60 .424 7,359 Broadway Ferry Shuttle 186 814 such right. applied to the various surface lines, the Eighth Avenue 4.268 1.379 Metropolitan Avenue.. 4,160 226 If the doctrine of this case were fare could be legally charged Vanderbllt Avenue 24.526 7.619 Utica Avenue 501 039 result would be that more than one on the Fifth Avenue.- 56.376 3.067 Miscellaneous 281 Cr2,396 following lines: (1) Nassau Company.— (a) Wilson Av. Line, 5c. In Brooklyn, 5c. In Flatbush-Soventh . 33.739 Cr5.761 ,5c. In Brooklyn and Flatbush, 5c. in Flat- New Lots Avenue 7.396 Cr463 Total $130,404 $11,202 Flatlands. (6) Ocean Av. Line, (c) Ralph-Rockaway Av. Line. 5c. In Brooklyn, Union Street 7,174 732 lands, ,5c.' In Cravesend. — 5c. In Flatlands. (d) Rogers Av. Lino. 5c. In Brooklyn, and Flatbush. Weat End 5,418 4.591 Conev Isl. Ti. 5c. In New Lots, (ft) Metropolitan Av. Line, 5c. In Brooklyn, 5c. In Newtown, Total $360,578 $49,646 Total .$186,116 $19,864 5c. In Jamaica, subject to certain fare zones, (c) Reid .\v. Line, 5c. In — . 6

    74:3 THE CHRONICLE [Vol. 112.

    (irook'.yii, 5c. In FUitbush. (d) Utica Av. Line "x-. In Flalbiish. .Oc. In The Baldwin I'ial l;in(lH Locomotive Works, Philadelphia. (3) Cnncii Island I'i. limokliin. — (a) DoKalb Avo. Llm\ ."if. In BrorUlvn. IncludinK Standard Steel Works Co. !>c. In Nowlown. (h) I'^ranUlIn Av. Line. .Ic. lo I'ark C;in:l(), ."ic. or .'{<•. a nillo on prlvalo rlRht of wa.v from Park ("Irc-lo to f'onc.v Island, (ri Smith (UHh AiiHuaL Ktporl—Year ended Dec. '.il 1920.; l,iiir, .')(;. SI . to P.irk <'lrclc, .V. or 3 r. a inllo on prlvali- right-or-way from I'ark C^lrrin to (loiuw l-ilaiul. Pn'Kiflr>nl Samiicl M. Vaudain says in subslanoo: Two rn:. I'arosaro now charKoil on thr (wo last naniod llnt-s, but the pn'sont sln^le-l'aro zone! cixtomlWu from I'ark (Circle to Kings lllKnwa.v may bu law- Notwithstanding the present unsatisfactory condition of business the fully cllmlnatwl. world over, there is every reason to believe that the works may Ix^ operated at In vlpw of this last-named elodslon, revised tariffs ca'llnK for two ."i-ccnt th(! same percentage of their capacity during the yejir 1921 ai they havo fare* on varlons lines were filed l)«w. I't^O. to be effective on .Ian. 13 1921. been durinx th(! year just closed. The natural readjustmetit which wc are passing through will, but the V. a. Comm. suspended the .same till Mar. 12 pcndliiK hoarlngs. no doubt, have some surprises in store for us. but wc look forward with c!otifirl

    First MtRe. ."is . . 050,000 3:1,000 49..'>00 A A () Oct. I '19 to Oct. 1 '20 1920. 1919. 1918 1917. Oros.s First Cons. M. 4s 11, SOS. 000 400.^20 020,040 J & J July 1 '19 to Jan. 1 '21 sales. $73,.542.666 SS4..307, 7775123,179.2.02 $98,263,865 Atlantic Ave. KR.— Cost 65,987,827 75,465, .5.35 105,322,455 86.484,845 Gen. Cons, 5s.. 2,241.000 112,0.')0 108,07,5 A & O Oct. 1 19 to Oct. 1 20 Impt. Mt«o, ,'j3. 220,000 11.000 10..')00 J & J .Tan. 1 '20 to Jan. 1 '21 Manufacturing profit. $7.55 1. 839 $8,842,242 $17.8.50.796 $11,779,019 B.B.&W.E.Gcn.Os. 121.000 O.O.'iO 9,075 A

    Totals .14,750,000 622,420 1,163,790 Gross profit $11,755,200 $9,945,672 $19,760,441 $12,740,485 Demand loan 175.000 (?) 15.096 (?) Not stated Deduct taxes. Int.. &c.. 3,347,931 1,074,429 1,498.329 1,.546,645

    (2) Brooklyn Queens County & Suburban RR. Profit $8,407,269 .$8,871,243 $18,262,112 $11,193,840 Special Deductions— '19 '21 First Mtge. ,53 3, .500. 000 175.000 3.')0,000 J & J July 1 to J.an. 1 Reserve for depr. & adjus S600.000 $1,095,000 51. 8.50. 000 $600,000 First Cons. 53 2,884,000 144,200 216,300 '19 to '20 M & N Nov! Nov.l Reserve for taxes 500,000 2,000,000 6,.500. 000 1 ,7.50,000 Charges and adjustments 460,895 .538,118 Totals 6,384.000 31'»,"00 506,300 Amortization of machin- Jam.&Bkn.RR. 5s. 232,000 11,600 J & J ery, buildings, &c 3,698,921 Deferred profits 2,878,751 (3) Coney Island & Brooklyn RR. Total special deduc'ns. .$3,978,751 $3,005,000 $12, .509, 81 $2,8SS.I18 First Cons. 43 1,987,000 79.480 158,900 J & J July 1 '19 to Jan. 1 '21 Netprofit $4,428,518 $5,776,213 $5,7.52,295 $8,305,722 Cons. Mtge. 4s... 2,125,000 85,000 170,000 J & J July 1 19 to Jan. 1 21 B.City& Newtown Div. on pref. stock (7%) 1,400,000 1,400,000 1,400,000 1,400,000 Div.oncom. stock. 000 RR.Cons.lst 53. 1.993,000 99,650 199,300 J & J July 1 '19 to Jan. 1 '21 ..(7%)1,400,000(3H)700, Surplus after dividend Totals 6,105.000 264,130 528,260 $1,628,518 $3,676,243 $4,.352.295 Less unexpend. .Tpprop, dc62..500,000 Real estate Mtge. . 257.950 Surplus brought forward 6,554,413 1,907,642 55.346 8,949,624 Writ, off, pat. & goodwill 15,800,000 (4) Brooklyn Heights RR. Unexp. approp. less pat., First Mtge. 5% . . . 250,000 12,500 18,750 A A O Oct. 1 '19 to Oct. 1 '20 goodwill, &c 1,315,241 Cr.970,528 Eddy M. Co. liquidated. $1,515,264 (5) N. Y. Municipal Ry. Corp. Total prof. & loss surp.Sl 1,013, 436 $6,554,413 $1,907,642 $55,346 First Mtge. 5%.. . 2,205,000 113,250 283,125 J & J Jan. 1 '19 to Jan. 1 '21 do pledged.. 57,735,000 _ do do BALDWIN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31. (5) N. Y. Consolidated RR.— — 1920. 1919. 1920. 1919. Assets S •S LiabilUies— $ S Bklyn.Un. El.RK. Real est.,mach.,Ac27, 439,263 27,046,158 Preferred stock 20 ,000.000 20.000,000 1st 5s 15,967,000 798,350 Not in default. Stand S. Wks. Co. 4 ,041,501 4,041,501 Common stock 20 ,000.000 20.000.000 Kings Co. EI. RR. Eddyst. Mun Co. 484.735 Bonded debt 10 ,000.000 10.000.000 1st 43 7,000,000 280,000 Not in default. Chicago plant 3"7V,624 305,850 Accounts payable. 8 ,061.8.59 2,085,118 N. Y. Mun. Ry. guar.—See that company above. Other real estate. _ 5,880 40.618 Bills' payable 16 ,000,000 — Invento ies 16 .321.809 10,505.021 Special deposits 1,543,973 (7) Brooklyn Rapid Transit Co. (a) Bonds Accts. 'eceivablc- - 18 ,517,230 7,323.502 Advances 109.897 Bills receivable 6 ,552.655 1,799.033 Savings funds, Ac, 1 ,898,544 1,666.097 First Mtge. 53 6,970,000 348,500 697,000 A A O Apr. 1 '19 to Oct. 1 '20 Marketable secur_ 582.240 033,021 Acer. int. on bonds 83.334 83.334 1st Ref. M. 43 5,200,000 208,000 416,000 J A J July 1 '19 to Jan. 1 '21 Liberty bonds 1 ,000,000 7,040,457 Int. rec. in adv.,Ac. 451.805 66,557 0) Pledged— xFor'n Govt. secusl3 ,164,664 Depree'n reserve. 750,000 First Mtge. 5s x25.000 These bonds are outstanding merely as collateral or British bonds 962, .500 Reserve for taxes. 5bb",666 2,000,000 First Ref. 43 xl7,329,000 are otherwise pledged and are not included in total Cash.. 1 ,3yf,508 3,441,020 do def'd profits 2 ,878,751 Deferred charges. _ 307,351 96,171 Int. in sinking fund 191,425 129,900 Consol. 6s x28,708,672 L outstanding.—Ed. First mtge. bond Unexp. approp'nsl (c) B.R.T. Notes, &c.— sinking fund 1 403,425 1,141,900 Surplus /ll 013.437 6.554,413 6-yr 5 % gold notes due July 1 1918.. 505,000 30,300 y75,750 J A J Jan. 1 '19 to Jan. 1 '21 Total 91,079,155 04,989,288 Total 91,079,155 64,989,288 3-yT. 7% gold notes due July 1 1921.57,230.000 4,006, lOOylO, 015,250 J A J Jan. 1 '19 to Jan. 1 '21 X Foreign government securities include $6,728,845 (5%) Republic of

    Bills pay., banks 1 [ about 1 Poland bonds; $4,143,750 (6%) Belgian Treasury notes; $1,592,069 (7%)

    & trust co'3 ) 3,350,000 201.0001 2 years / Various Various to Dec. 31 '20 Rumanian Treasury notes; and $700,000 (5%) Argentine Treasury notes.

    Total z 73,255,000 4,793,900 11,652,358 CONSOLIDATED BALANCE SHEET. (d) Add'I B.R.T. 1920. 1919. 1920. 1919. bills payable to Assets— LtabilUtes— $ .S S S constituent co'3. 6,427,437 (?) 648,579 Real estate, ma- Preferred stock. ..20,000,000 20.000,000 chinery, Ac 37, 100, .596 36,879,764 Common stock... 20,000 .000 20.000,000 X The B.R.T. in addition to the bonds respectively outstanding and pledged as Investments 377,504 891,203 Bonded debt 12,400.000 12,000.000 above shown holds In Its treasury $5,000 of its 1st M. 5s, 85,092,000 1st Ref. 4s and Inventories 20,182,279 13,798.140 Accounts payable. 10.059.910 2,250,809 $291,328 Consol. M. 63, making the total amounts issued under these mortgages Accts. receivable. .22,233,358 8,606,644 Bills payable 10,000,000 owned, pledged and in hands of public 57,000,000, S27,621,000 and $29,000,000, Bills receivable... 6,574,987 1,799,633 Savings funds 2,113,788 1,817,117 respectively, y Supplied by Editor, z Grand total for B.R.T., e.xcl. pledged bds. Marketable secur.. Int. accr. on bonds 726,564 27f ,791 Lib. bonds, Ac. 14,809.904 8,647,578 Advances.. 109,897 RECEIVER'S OBLIGATIONS. Cash 1,543,082 4,055,893 T eposits 1„543,973 Deferred charges.. 307,350 96,171 Depree'n reserve. . 750,000 [Compiled from data appearing in the receiver's report.] Sinking fund foi Reserve for taxes. . 1,509,961 2,833,126 Baldwin Locom. do forconting. 171,335 Nassau Electric RR.— Authorized. Issued. Outst'g. Remarks. Works 1st mtge do def'd profits 2.878,751 Rec'r'sctfs.(acct.equip.)$2,500,000 $32,5.000 $320,774 first lien. A bonds 1,403,425 1,141,900 Sink.'d.S.S.W.Co. 2,600.000 2,400,000 Equip, lease warrants. 360,000 360,000 288,987 Due part ( each Surplus 16,072,177 11,332,160 pledged toJ.G. Brill do \ month. Co. (due Jan. 1 1921). 10,661 In default. I Total 104,532,486 75,916,932 Total 104,532,486 75,916,932 Suburban Co. Rec'r's ctfs. ,000,000 34,354 34.354 Due Nov. — 11921. -V. 112, p. 654. Car lease warrants — 40,860 40,860 .34,0111 Paid in monthly Coney Island & Brooklyn \ installments. Car lease vrarrants 56,194 56,194 46,766] GENERAL INVESTMENT NEWS. ( Bklyn. Heights—Rec. ctfs. 950 ,000 Issuable to B . R . T .—not yet issued) Equip, lease warrants, $443,314, assumed by Brooklyn City RR. N. Y. Consol. RR.-N. Y. Municipal—Rec. ctfs... 13,000,0001 B. R. T. Co. — Receiver's certificates \See note, RAILROADS, INCLUDING ELECTRIC ROADS. junior to 4% 1st Ref. M. 18, 000,000 18,000,000 See note J General Railroad and Electric Railway News.—The Note.—Out of the last-named issue of $18,000,000 (described in V. 108 p. 377, 478; V. 109, p. 675, 774), $5,000,000 was allotted to the B. R. T. following table summarizes recent railroad and electric rail- for power house construction, &c., and the balance was used to purchase way news of a more or less general character, fuU details the $13,000,000 joint receiver's certificates of the N. Y. Municipal Ry. and N. Y. Consol. RR. in order to provide funds for construction under contract concerning which are commonly published on preceding 4 with the City of N. Y. (These latter certificates rank ahead of (a) the pages under the heading "Current Events and Discussions" $57,735,000 Municipal Ry. Corp. 1st 5s which are pledged under B. R. T. "Editorial Department"), either in the week notes; (ft) the mortgage given by N. Y. Consol. RR. to secure its guaranty (if not in the of those bonds; (c) $14,344,975 N. Y. Consol. RR. certfs. of indebt.; but the matter becomes public or shortly thereafter. are inferior in lien to the first mortgages of the Kings County Elevated RR. Rates. States join forces to have provisions of Trans- and Brooklyn Union El. RR. of 1899. Compare p. 14 of •Electric Intrastate — (a) 20 Rail- rates under power of I.-S. C. Commission way Section."—Ed.] portation Act placing Intra-State declared unconstitutional. 'Times'" Feb. 18, p. 11. (b) Bill introduced to Transit Requirements. table Further Rapid —A in the report shows that take such power from I.-S. C. Commission. "Sun" Feb. 18. p. 1. there has been disbursed from May 1 1919 to Nov. 30 1920 for construction, (c) Indiana. — I. S. C. Commission rules against State Commission's rolling stock, &c., under rapid transit contract No. 4 of N. Y. Municipal rates except on coal for 30 miles or less and orders change to Inter-State the Ry. Corporation with City of N. Y. the sum of $9,650,523, and that basis by March 24. "Bost. N. B." Feb. 17, p. 12. State Commission contracts have been entered into calling for a fm-ther $7,752,500, chiefly brings action to prevent increase. "Pin. Am." Feb. 16-17. account of new rolling stock, of which approximately on $4,000,000 will (d) Montana-Nebraska.—In both States the I.-S. C. Commission has probably be required by Aug. 1 1921. Contracts ?till to be let, it is stated, ordered the raising of Intra-State freight and passenger rates to the inter- will eventually call for a further $4,167,000, including chiefly $1,217,000 State level by March 22. . for 14th St. -Eastern line and $1,500,000 for additional tracks ^ . ^ X „„ , on Fulton (e) Nrnv York.—A statutory court to consider enjoining L. I. RR. and St., Brooklyn. Some portion of these additional requirements will prob- Staten Id. Rap. Transit Cos. from charging 20% increase in fares. "Times" portion ably be met from the unexpended of the $5,000,000 proceeds of Feb. 11. p. 4. receiver's certificates allotted to the B.R.T. inter- (f) Illinois.—U. S. Dist. Court enjoins State Commission from Preferred Power & Maintenance Accounts, Arrears, &c.—The outstanding fering with increase of intra-State freight and passenger rates and dismisses power and maintenance accounts due the B. R. T. Co., which have been suit of Attorney-General. "Times " Feb. 16. given by the Court a lien prior to the lien of the outstanding bonds and Canadian Rate of Exchange on Freight.—From Feb. 15 to 28 rate of ex- receiver's certificates of the several companies, are included in a preceding change on shipments of freight between Canada and U. S. lo be 14%' table under caption of current liabilities and are further referred to in a surcharge 8%. "Tribune" Feb. 3. paragraph following said table. A portion of these accounts represent lia- New England Divisions Case.— (a) See N. Y. N. H. & H. RR. below. biUties accrued prior to the receivership and with further amounts heretofore Hearing concluded Feb. 7. Probable pool to aid New England roads. discharged by the receiver are the subject of litigation, the B." Feb. 16, p. 5. mortgage trus- "Bost. N. ^ , ,^ ^ tees contesting the right of the receiver to provide for same, as he was Bill to Reduce Both Wages and Rates.—Representative Black (Dem.) of proceeding to do out of earnings.—Ed. —V. 112 p. 647. Tex. introduces two joint resolutions. "Times" Feb. 15, p. 23. — — ——

    Feb. 19 1921.] THE CHRONICLE 743

    Riiihtay Valuation, Land Values.—"Ry. Review" Feb. 12. p. 24~. to 251 Should all of the said stock not bo disposi^l of b<»foro the expiration of Ojilimistic View.—Julian H. Parolee. Director "lluroau of Ry. Eco- six monllis after entry of this d<'crce or prc\ ious to any later date which the court, the remainder sliall be iIkii transferred to the iioinlcs." "Hi. Am" 1'Vi>. 11. ]) .ill. may be fix«l by Ruilwaii Funtlrtl UvM Maliiriny Yi"irt\i 1920 lo 1949. I'ic. — •Uureau of Ry. C'enlral L'nion Trust Co. of New York, as the cuslookh of for Feb. 23. "Host-. N. H." Feb. 15. ib; 1{K. L; the Coal Company. unions' plea tlial Atl. Ulriii. & All. i';isf is outsulr Uoanls juri-.ilu-iion. Pending transfer of the stock to persons qualified to receive it. the triist4)e •Times'^ Feb. l.">. p. 23. Case aiBued. "Times' Feb. IC. p. 7 Feb. IS, p. shall re<'eivc all divideiuls declared on any stock standing in its name and at stockholders' nmeling. l.'>. (c) WiiKe rertmaion by Host Revere lleaeh & l^ynn. "Host. N. B" may xote thereon any Feb. 17. p. U). In order to enable the Central RR. <;o. of N. J. to dispose of the said (d' I'nions may aKroo to eltaiiges. "Times" Feb. 12. p. 1. (.e) Import- stock to the greatest advantage without any accumulated dividends, the ant systems urfjfHl by railway executives to eall eonfereiiees with their em- injunction heretofori' granted in this suit shall be mo.lified so as to permit l)lovees as to wav'o readjustments. "Times" Feb. IS. p. 20' "Wall Street the Central RR. Co. of N. J. to collect and recei\e any di^idi h .loiiriial" Feb. 14. p. 0; Feb. 17. p I. (f) I'nlon labor's raids. "Railway liave been or in;iy be declared upon the stock of (lie Lcliigh A; W.l Review " Feb. 12. p. 2 (.O. Coal Co. pres ions to disposition thereof. (Signed, Robert W. •. .. .1 , (Ki Fenn. Ul{. "furloughs" 875 more employees and N. i \\ . closes of counsel.'

    " Roanoke shop (IJM) men) till March I "Times Feb. 18, p. 9. Digest of Affidavit to be Signed by Individuals Purchasing Said Stock Miscellaneous. —-(a) N. Y. Senate committee reports favoraVHy bill for Deponent does not own in his (or heri own right any shares uf the I'apital

    .S.5.0(l(),t)()0 appruprlatlon for veUieular tunnel, (b) (lov. Miller's transit stock of the Central RR. Co. of N. J. , Reading t^o. , Pliila. .V Reading Ry. < plan. "I'ost" Feb. 17. p. 1; •'Tlnie-i' F>l> 15. Fel). l-i. p.l: Feb. 17. Co.. the I'liila. A: Reading 'oal & Iron <;o.. whither nvjis-erel in Ins (or her) p. 1. (ci Claims ai^ainst railroads for violation during Federal control of own name on the boolis of said companies or any of them or registered in Act to Regulate Commerce must be filed before March 1. (d) Automatic the names of otliers for deiKjnent's use and benefit. DeiMjnent in receiving air bi'aUe tested. "Fin. An\." Feb. 10-17. the Slid certificate or certificates is not acting for or on behall of any stock- (ei Steel cos. object to demnrra(?e cliarge. "Iron .\go" Feb. 1*. p. 439. holder of the Central RR. Co. of N. J. or of any other of the said companies (f) Rate adv.mee .set for Feb 25 oppo.sed by Lake Superior Ore Association. or in concert, agreement or understanding with any other p«ti-soii, firm or tdein. p. 45S. (g) I'Velght moving less than during switehmons strike. corporation for the coiili-ol of the Lehigh & Wilkcs-Barre Coal Co. in the "Ry. Age" Feb. 11. p. 357. 3Sl. (h) Ry. mall pay. Idem. p. 3S7. interest of the Central RR. ('o. of N. J. or of any other of the said com- MullirsCovrrcl in "Chronifle' oi Fib. 12. — (a) Mexican RIt. roorganiza- Iianies. but is acting in his own behalf in good faith.—V. 112. p. 61. tlon niav be undertaken by W. tl. McAdoo, p. tjOo. (b) House passes bill for partial payment of Oovt. guaranty, p. 61(>. (c^ Refusal of Fres. Wilson Chosapeaks & Ohio Ry. — Notes Paid. — Ago." p. 3()3 to 367. to Intercede In wage dispute, p. 617. Compare "Ry. It is announced that two demand notes of the company aggregating of (d) Rapid transit situation In N. Y. and special commlttoo of Chamber $2,320,000 held by the War Finance Corp. for advances mad<^ during the Commerce, p. tilS. period of (iovernment control, have been paid. — V. 112. p. 651, 561. Baltimore & Ohio RR. —Authorization—Approved State Chicago Milwaukee & St Paul Ry. —Guaranteed Notes. ( ( .-S. '. has ;'i Knize . ih conii any to pi d'^c from lime The I 'onuo'ssuin t Sec Indiana Harbor Htli, lilC. below.— V. 112, p. 109. to time as .sernrliy lor short-term not s which it may lauinlly i.>s\n- with- out authorizatii n the follow ni,' bonds, whch it has nominally issued or Chicago & North Western Ry.— Trustee for Bonds. — has been authoriz -d lo nominallv i.ssue («) .So. 000, 000 Tolcdo-Cinc nnaii The United Sta'es Trus' C;o. (not the V . S. Morttage & Trust Co.) has 5<^ (h) .?2. Ref. f; Dlvi.s'on Is Lien * R f. M.. series B. bonds: 000, 000 & birn :innnTi".,l tus'-" for the «! Ono.fiOO 1 r^.-i'^^r di/.cr. Si cured gold (Jen series bonds, and (r) $2,935,000 Ref. & Gen. M. series Mtge A 5% bonds due March 1 1936. See Chicago St. Paul Minneapolis & Omaha Ry. H (i';,, b nds. and Indiana Harbor Belt RR. below. See offering of bonds in \'. 112. p. 652. Security holders and others intere.stod in the property and its operations and facilities, both greatly extended of recent years, will find many particu- Chicago Rapid Transit Plans. —Franchise Canceled. — in editorial review of the annual n-port for the yeai- 191'', lars of interest the ( Tlic 'litcago City Council on Feb. 1 by a vote of 52 to declared the 1907 which appeared in tho "Railway Age" of Jan. 21 1921 and has now been contract ordinances with the traction companies to be canceled, annulled, reprinted for separate distribution. V. 112. p- 561. 468. — abrogated and terminated. Touching on tho action of the City Council Berkshire Street Ry. — Sale of Real Estate.— the Chi -ago "Economist " Feb 12 says: "It is a City Council that can ab.olish a contract without <-on- llarrv Reinhard. North Adams, Mass., a real estate and insurance dealer handy the .sont of tho otiier party. That Is what the Chicago body has done In a has purchased real estate owned by the company at public auction for vote of .52 to to anntil tho contract with the i,ra(;tlon companies, which $1,475. Tho sale was held to satisfy unpaid taxes for the past three years has yet on its terms 6 years to run and more. Naturally the action will be totaling .51,216 a9- The sale of personal property owned by the company cotitested in the courts if the city authorities persl.st in their purpose and In WilHarastown was postponed. Mr. Reinhard purcha.sed the Iloosac tmless there is .some adverse technicality not now visible a defeat of the Valley park property of the Berkshire company at a tax auction sale held city fathers may be predicted. on Aug. 21 last. ("Electric Railway Journal.") — V. 112. p. 160. "It Is all a part of the Thompison scheme for subverting the prevent service —Notes Authorized. and substituting a dream .system with a 5-cent faro. (See Chicago subway Boyne City Gaylord & Alpena RR. plan in V. 112. p. 61.) The I.-S. C. Commission lias auUiorized the company to issue from time "Preparations for this move have been going on for a long time and last to time within two years $250,000 short-time promissory notes payable year and this the city has refu.sed the money due under the prevision in within two years from date with interest at 7*1 p. a. to secure loans to the contract for 55% of the income of the roads. A featnro of the action its enable it to pay («) its maturing short-term loans. (6) interest on funded this week is a direction to the Law Department to ask the P. U. Commis- its debt. ((•) its obligations for eciuipment bought, (rf) its taxes and (c) pay- sion for an order for the construction of 1 10 miles of track e.>:tension. Just ments on interchange roads when called. The notes are to he sold at par. where the funds are to come from does not appear. Otner than politicians —V. 110. p. 969. nobod.v seems to be able to get much money for such purposes in these days, — — tlie most prosperous transportation cnmpanie; being put to their trumps British Columbia Electric Ry. Phms Sale. to find evtm a meager supply." (See also "Electric Railway Journal" It is understood that the company has made application to tho Dominion of Feb. 5 and Feb. 12.)—V. 107. p. .500. Parliament for authority to sell its entire propert.v, including tramway, lighting and power systems, to the Fraser Valley & Southern Ry. This is Chicago St. Paul Minn. & Omaha Ry. —Notes Auth. — done, it is stated, so as to stabilize the fare by bringing the company's entire I'lie I.-S. C. (Commission lias authorized tho company (1) to issue to the interest except the Vancouver Power Co. under the jurisdiction of some order of the (Chicago & North Western Ry. a promissory note for §1 .000.000. fairly body. V. 112, p. 256, 61. permanent — payabh! Dec. 31 1921 . with interest at the ratt; of 6'5ti P- a., in renewal of a — note of like amount which matured on Dec. 31 1920: and (2^ to repledge as <.i-c. — Brooklyn, Queens County & Sub. RR. Earn. .security therefor $1,200,000 Debenture gold bonds of 1930. now pledged See Brooklyn Rapid Transit Co. under "Financial Reports" above. with C. & N. W. Ry. as security for existing note. —V. Ill, p. 1751. V. 110, p. 261. Cincinnati Traction Co. —Fare Increase.— Erie — Time Extended. — Buffalo & Lake Traction Co. The company lias announced an increase in fares from 8V$ to 9 cents, Justice Charles H. Brown In the Supreme Court of ?>ic County has effective March 1. The city authorities, it is said, will bring an injunction granted an order extending until March 31 the time within which George to prevent the increase.—V. 112. p. 256. Bullock, receiver, may di.scontinuo operations of the road along the lake shore between Buffalo and the Pennsylvania State Line, except that part Collins & Ludowici RR.— Sale.— of the line formerly owned by the Hamburg Railway, Buffalo. The sale of this road, about 303^ miles in length, (formerly part of the The original date for discontinuing service Ttas Jan. 31 . The application defunct Georgia Coast & Piedmont RR.) at public auction at Reidsville, the receiver, wiio informed tho court for an extension of time was made by Ga., on Feb. 1 for $70,000 has been confirmed by Judge Sheppard. of the he wished to determine the extent the revenue of the company would bo Superior Court of Tattnall County, Ga. Half of the road was bought by increased by reason of the recent advance in the rates of fare between L. Metzger & Co. of Mobile, Ala., and half by W. A. Dubberly and John line. It is within the points on liie interurban power of the receiver to D. Bradley of Glonnville, Ga. Efforts, it is said, are being made to save discontinue service on March 31 and negotiate for a purchaser of the prop- the road from being junked.—V. 112. p. 61. erty before that time. ("Electric Ry. .Icunral.") —V. 112, p. 468. Columbus Ne'w Albany & Johnstown Traction Co. —Lea.-

    Delaware & Hudson Co. — Slock Aulhorizcd. — The receiver i>r(sriitcd a schi'dule of fixed charges under which the com- pany operatiKl totaling 'I'Ik^ 1,-S. C. ('i>niinisHlf)ii has aiilliori/cd the coiiipany to Issue from time during 19^0. $847.6.33, while the oarnlngH of the traction llnjw • lo liiiK) not oxi-(>i)(liiiK $!),():m.()()0 Coniinon slock for coiivrsion of ils amounted to $806,62.3. or $40,000 less than oxpendituroH. — V. 109, p. lOSO. $1 l.ird.OOO h% 2()-.voar convcrllblo k'oUl bonds of HUT) duo Oct. 1 IMf) as may bo so prcsonlod to It. lionds aro convcrliblc! on or bijforo Oct. 1 Nashville Chattanooga & St. Louis Ry. —Bonds Sold. — 1027 Inio C^omnion stock at rate of .SI ..lOO of bonds for 10 shares (jiar $100) of stock. Clark. I)d. — V. 111. p. 2520. bonds at a price not less than 80.24. The proceeds are to be issued for money Denver Tramway Co. — Secka Higher Fare.— used in the retirement of $4H9.00fl bonds of the Kayettevillc; .Mc.Minnville Ifuntsville Ijranches, The receiver h:is petitioncid tho U. S. District Court at Denver for an and and $6,000 of bonds of the I>ebanon branch. V. ]()2. order to advance fares from 6 to 10 cents.— V. 112, p. 01. 112, p. Detroit United Ry. —City Wo^ild Purchase Lines. — Nassau Electric RR. —Earnings, &c. — See Brooklyn Transit Co. .\ i)ropo.s;il of tho Detroit .Street Ry. (;ommi.s.sion that an ordinance for Rapid under "Finance Report«" above. V. 110, tho purcha.so of 8 lines {asKnigatiiiK about 2.5 miles) of tho D. U. It. be p. 465. submitted to tho people at tho .'\pril election has been laid before tho (Mty New Brunswick Power Co. —Fare Increase. — <^ouncil. Tho Commis.sion proposes to purchase the lines with money from the .51.5,000,000 appropriation voted for the building of a municipal The company on Jan. 3 raised the fares on Its street car lines from 6 cents railway. to 10 cents cash, with three tickets for 25 cents — V. 110, p. 970. .ludKO Deni.son of the U. S. Court of Appeals, Cincinnati, has is,sued a — New York Central RR. Guaranteed Notes.— ; temporary injunction restraining tho ('ity of Detroit from interfering with Sec Indiana ll.irbcr lid' above. ' track laid by tho D. U. R. in Harper Ave.—V. 112. p. Co2. 569. UK. —V. 112, p. 653, 470. East St. Louis & Suburban Co. — Sub. Co. Receivership. New York Consolidated RR.—Earnings, &c.— Se^% Inter Trunk Line 54.0 80.7 136.29 S 0.01541 installments after Feb. 1 1925. The object of the loan is to buy 50 new Intra England 13.0 6.8 65.32 .04371 locomotives, as follows: 25 to cost $70,975 each, 15 to cost $41,250 each, New Local 33.0 12.5 60.11 .06123 5 to cost $61,250 each, and 5 of the Mountain type of passenger engines, to cost $75,500 each.—V. 112. p. 372, 162. (2) Arernoe Cost and Revenue in 1920— September. October. November. Mobile & Ohio RR.—Bonds Pledged.— Average cost per ton mile 1.8696cts. 1.8824 cts. 2.3719 cts. The I.-S. C. Commission has authorized the company to repledge not Average revenue per ton mile 1.9739 cts. 1.9912 cts. 2.2883 cts. of its St. Louis Division gold bonds maturing Dec. 1 to exceed $.500,000 5% Approximately 46% of the freight revenue is produced by 19.3% of the as sociirity for a loan or loans not exceeding a like amount. Of the 1027, ton miles. > above-described bonds $500,000 were originally pledged with Bankers Approximately 80.7% of the ton miles produce only 54% of the revenues. Trust Co. of N. Y. for a loan of $350,000 and are now held by that company This latter represents the large volume of traffic, the revenues from which unpaid balance of the loan. now as security for the $100,000 Company are much below the average cost of handling. It is the portion of the traffic for additional loan or loans, proposes to repledge, as security an such an on behalf of which and for the reasons shown, increased divisions are asked. amount of thesp bonds as it may be able to have released from the existing Method Pursued case a Terminal Road. The result of pledge. The loan or loans to be thus collaterally secured are to be repre- Bad Effect of in of — percentage method of advancing rates and of a common basis affecting sented by a note or notes payable within two years.—-V. 111. p. 2220. the the increase of operating expenses, bears far more heavily on a terminal Montgomery Light & Trac. Co. — To End Receivership. — road unless the added revenues are equitably divided with respect to added petition to in costs. Ray Rushton has presented a Judge Henry D. Clayton . the ton U. S. Court suggesting that the company be released from receivership Longer average hauls, heavier trains, and a less proportion on and that street-car fares be increased from 7 to 10 cents, Mr. Rushton's mile basis of junction, yard and station service produce revenue umts that the company has arranged to pay its creditors and is rapidly on whicli rate advances apply. petition declared and ready to dispense with a receiver, provided it be permitted to earn enough We are going through a period of car surplusage at the present time, money to keep going. the New Haven now has something over 2,000 foreigns on its rails, the dls- .

    Feb. 19 1921.] THE CHRONICLE 745

    position of which Is being delayed. All of those cars came Into Eastern Vtf $25,000,000 bonds i.ssued by the Coal Co. to the Reading Co. ^hall territory under load, moving under a tariff. We had to receive the load and i„uture on Jan. 1 1997, the same dale aij the Oeu. Mtge bonds, and shall receive had to the cars. Thuy are unloaded, and now we are under this !)(. subjiH-l to redemplloii at par and Int. on any Bemi-aiiuu:^l int^Tt'wt dale difficulty of to connections, delay and RettlnK them back our getting them a.s a wliolo but not in part, except out of tho moneys in tin- 'uud. to accept thorn and get them hi^adcd l>ack home. H Except as otherwihi' lu-n-iii cxprissly provided, genii of all This noawsltales per payments the ilaven which increase diem by New clui'us and llifl)ililies as between the Reading- Co. and Hi- .. o.. in- under these circumsuinces, an added burden, notwilhstandiug Its equip- cluding the claim of approximately STO.OtHI.OOO carried on the bookb of the ment standing idle at home. Reading ('o. as an aiiset and on the books of the C^oal t.'o. as a liability, Dislribuling train siTvice produces revenue units slowly; exceKs of will be exchanged. junctions, yards and stations produce no revenue units: but, on the con- Proposed Release of Coal Property on Payment of 10% Premium to Assenting trary, they all aggregate operating costs with great rapidity and in a dis- Gen. M. Bondholders—Eicfi. of Bonds for New Bunds of Reading Co. proportionately large amount. —Compare V. 112, p. 6.'}, V. Ill, p. 2r)21, Co. will agree that it will 1942- V. 112. p. 258, f>2. 4. The Reading obtain the release of the coal property from the lien of tho Gen. Mtge. and the discharge of the Coal Co. N. Y. & North Shore Trac. Co. —M imicipal Operation. — from liability on the Gon. Mtge. bonds, iirovided «uch release and discliarge The Hoard of Kstimate has directed Crover A. Whalen, Ooinmlssionor of can bo secured by oayment by the Reading Co. to the bondholders of a Plant and Structures, to negotiate with the receivers regarding municipal premium not cxceeoing lO''! upon the par value of the outhtaudiiig Gen. operation of the company's line. Tlie franchise was revokiHl by the Hoard Mige. bonds. Such reloa.se and payment will be niaal operation of Tlie Iteading Co. will make payment of said i)riMiiium on the order of the the line similar to the one under which the city is operating the .Staten commit tec to be formed in the inter<'st of the bondholders. Said comiiiilteu Island trolley line, al.so in the hands of a receiver. See V. 112, p. G53. will call for the deposit of bonds and will be authorized by the depositors — (u^ to return to them their bonds stamped as absenting to the reliasi' and Norfolk Southern RR. Security for U. S. Loan.— discharge above mentioned, or (ft) to n turn to them, in the discretion of The I.-S. C. (Commission has authorized the company to Issue .'S222.()00 the committee. Refunding and Improrement Mtge. ImjkIs of the Reading Co. 1st Lien Equip, notes and .§200.000 1st & Kef. Mtge. ,50-Yoar gold bonds, lierelnafter described for an eciual princijial amount and bearing 4 % interest and to pledge notes and bonds with the .Secretary of the Treasiirv as security The depository will collect and pay out tho interest and also the lireiniuni for a loan of $;U 1 .000. Of this loan Sill .000 Is to aid company In procin-lng on the dc'posited bonds pending the determination of the committee that a equipment and $200,001) Is to aid It In making additions and betterments to suflicienl amount of bonds has or has not been deposited to declare the wav and structures. th<' total cost of which Is to app'-axiniato $100,000. I)l,an in effect. The I.-S. C. Commission ha.s approved a loan of $31 1,000 to aid the carrier Expected Release of Coal Co. Stock—Proposed Merger with Delaware Coal Ctt n prov iding Itself with equipment and in making jwlditions and betterments 5. It is assumed that the Attorney-General will ask the court to dir<

    746 THE CHRONICLE [Vol. 112. roorKanlziitloii and rciadluMtnio'il. of 1 h (4)619.600 a I'rotoctive ( oniniitteo. A formal ajfreenKint in course? of preparation will sliorlly l)e ifl with the New York l,if<> Insurance & Trust Co. In Balance, sur. or dof.. sur.$5,37Ssur.$103.683 def.$9.390 sur.S16,441 the nioaiitime, all holders of the t wo <'lasse.s of Preferred stock are requested — V. 112, p. 169. to commuidcate with A. Iselin & Cm. No. .30 Wall St.. N. Y. City, giving the amount of stock held hy them, respectively. Western Maryland Ry. —Equi-p. Notea Offered.—National Commillrf. Iselin —Adrian of A. Iselin k Co.; Robert H. Dodson , Tru.stee. Cil.v C^o. are offering SI ,.-,()0,fK)0 7^ Equip. Cold Notes, ,7. A. (iarland Kstate; K

    Vice-Pres. W. B. Tuttle, writinR .Tan. 21 , says: "W^e have not vet placed National Railway Service C^orp, financing p'an. See "Railway and any of tho .12,000 000 H% Prcf. (a. & d.) stock on tho market, and it is not Industrial Section", page 4.)—V. 112, p. .564. 259. likely that we vnU offer it other than locally at the present time." See V. 112, p. 258, 63. West Penn Ry.—8-Cc/// Fare Stands.— Under Sao Paulo Tramway, Light Co., —Bondn. the terms of a recent order of the Pennsylvania P. S. Commission & Power Ltd. an 8-cent fare with four tickets for 2.5c. will continue to be collected on the Domipion Securities O'rp., Ltd , and Osier & Hammond. Toronto, are McKeesport lines for one year. The fare was raised from 5 cents last offeriuK at prices to yie'd H^^ S250.000 5% 1st Mt^to. gold bonds of 1900 Augu.st.—V. 112, p. 04. and due June 1 1929. Secured by a first Hon on all the properties and rights of the company. Net eariinsts In 1919 available for interest on 1st MtTe Winnipeg Electric Ry. —Purchase by City Pro-posed. — bonds were .154.400.000. about and tho balance after deducting .SSOO.OOO Tt is stated that definite proposals for the city of Winnipeg to take over bond int. was about $4.100,000. —V. 95, p. 1685. tho traction interests of the company and operate them as municipal enter- Shore Line Electric Rv. (Conn.). — DiHcontinunvre. — prises have been mad(! to the City Council. The cost, it Is stated, wotild be around $15.000,000.—V. 112, p. 373. In the Superior Court at Westerly. R I., recently. .Judge Chester W. Barrows granted the petition of Robert W. Perkins, ancillary receiver, for Wisconsin & Northern RR.— Notes Authorized.— leave to discontinue service in his discretion on the lines operated from The I.-S. C. (^lommlssion has authorized the company to issue $.500,000 Westerly to Watch Hill, Pleasant View and Ashaway. The receiver testi- notes as follows: fied that the lines were operated during the past year at a substantial loss. (1) is.sue under date of 6 months' notes —V. 112, p. 63. To May 15 1920, $130,000 8% and to renew notes so authorized for three successi\-e periods of 6 months Southern Ry.—Bonds Authorized— Refunding.— each with a maximum duration of 2 years' time from date thereof. (2) To issue under date of Nov. 15 1920. $120,000 months' notes, The I.-S. C. Ciommisslon has authorized the company to issue and sell 8% and to renew notes so authorized for two successive periods of 6 months each at not le.ss than SO $950,000 1st Consol. Mtge. .5% bonds due .Tuly 1 1994. with a maximum duration of 18 mouths from date thereof. for the purpose of retiring a like amount of its Virginia Midland Serial Mort- (31 To renew $200,000 6 months' 8% notes, dated May 15 1920, issued gage bonds, series D, which mature March 1 1921. V. 112, p. 6.53. — prior to June 28 1920, for three successive periods of 6 months each with a Third Avenue Ry. — Discontinues Transfers. — maximum duration of 2 years' time from date thereof. (4) To issue two $25,000 8%, promissory notes dated July 19 1920 and Pursuant to injunction granted by .Itidges Hough. Hand and Mayer in July 21 1920. respectively, and to mature Nov. 15 1920: and to renew notes U. 8. District Court, in which existing transfer order of P. S. Commission so authorized for three successive periods of 6 months each, with a maximum is declared confiscatory, the company has discontitiued issuance of transfers duration of 18 months' time from Nov. 15 1920. V. 112, p. 471. between its 59th Street line and Intersecting lines of other companies. — See V. 112, p. 470. Wisconsin Ry., Lt. & Power Co, —Fare Increase.— Toledo Rys. & Light Co.—Bonds Extended.— The Wisconsin Railroad Commission has authorized the company to raise its fares in La Crosse from 6 cents to 7 cents The company has The $333,000 Toledo Heating & Lighting Co. 57p bonds due Jan. 1 1921 to $3. have been extended to July 1 1924 at dy^Vc Callable on anv inc. date at raised the price of monthly ticket books good for 50 rides from S2 75 101 and int. on 30 days' notice, at office of Security Savings Bank & Trust —V. HI, p 1754. Co.. Toledo. Provision is made for payment of $50,000 at par and int. each six months beginning July 1 1921. Principal guaranteed bv Toledo Rys. & Light Co.—V. 112, p. 654. INDUSTRIAL AND MISCELLANEOUS. Toronto Ry. —Bids for City Bonds. — General Industrial and Public Utility News.—The The City of Toronto is receiving sealed tenders until Feb. 22 for the following table summarizes recent industrial and public purchase of .$2,500,000 serial bonds is,sued on account of the acquisition utility news of a general character, such as is commonly and rehabilitation of the Toronto Railway Co. See al.so "State and City Department" on a subsequent page. —V. 112, p. 258. treated at length on preceding pages under the caption (if in the "Editorial United Railways of Havana.—Equip. Trusts Offered.— "Current Evens and Discussions" not Dillon, Read & Co., New York, are offering at 99 and div., Department"), either concuiTcntly or as early as practicable to yield 75^%. by advertisement on another page, .$6,000,000 after the matter becomes public. ' brief): "Price cut,s 15-Year Equipment Trust gold certificates, is.sued Iron and Sleel. —The "Iron Age of Feb. 17 says (in 7}4% clinched business known to be urgent, but have postponed those purchases under the Phila. plan. which could be held back for the time being. Lowest dependable prices are Corporation's Dated Feb. 15 1921, due Feb. 15 19.36. Denom. $1,000 (c*). Principal difficult to name. Bookings have been made at the Steel that payable at Commercial Trust Co., Phila., trustee. Dividends payable in levels, but also at prices fully $5 under these. It has become apparent the New York F. & A. Red. as a whole on any div. date at 110 and div., and buying is dropping below one-fourth of the country's capacity. But basis from which in part by lot on any div. date after Feb. 15 1931, at 102 H and div. Pro- general conditions are looked on with favor as hastening the vision is made for retirement of $200,000 certificates each six months bv a healthy normal demand will spring. purchase at or below 103 and divs. to Feb. 15 1931, and thereafter by pur- "Additional wage reductions, notably 20% in the Y'oungstown district, are checks beyond the control of the chase at or below 102 J^ and div. or by call at that price. contribute to the movement, but there steel in fixed coal mine wages and the high railroad freight rates. Furnished trade the Data the Bankers by Chairman C. J. Cater Scott. These need to enter the reckoning of what is the rational buying level. Securitt/. —Secured on th* following standard-gauge steam railway equip "In Pitt-sbiu-gh district a 20% operation covers the situation with many ment purchased in the U. S. at a cash cost of $10,834,180. The certificates of the independent mills and the Steel Corporation has lost ground, .\ctual therefore represent only approximately 55% of the cost of the equipment. steel-making capacity is down to SOSo. a, drop of approximately 10% from

    76 consolidation freight locomotives, 12 Pacific type locomotive s. the gait of a week ago. and finishing capacity is not over 80% . Two of the 17 switching locomotives, 22 extra locomotive tendeis, Largest independent mills are operating at a 25% rate, others are active 48 pas.stnger cars. 3.5 baggage and mail cars. mainly in making pipe and not over 15% of the independent .sheet mill 4,490 steel underframe freight cars. 8 motor coaches and cars. capacity is in operation. The leading interest has dropped off 5% to a Equipment co.sting .$6.2,50.810 was delivered during 1920. and a further 70% basis in sheets and to a 70%. from an 80% basis in tin plates. The as a whole is operating at about an rate. amount, co.sting $1,612,988, is still to be delivered. Tho remainder of llic Steel Corporation 80% its years curtailment became equipment, with a total cost of $2,970,382, was delivered in 1919, 1917, "Apparently following policy of other when 1916 and late in 1915. necessary, the Carnegie Steel Co. has ordered the closing for an indefinite period next Saturday of a high cost plant, the one located at Columbus, C. Comvany. —Forma! corporate title. United Railways of the Havana cSc sheet mills. Regla Warehouses. Ltd. Owns and operates a standard gauge steam rail- which includes two blast furnaces and bar "In the export market continental competition for the present small way system of 1 ,190 miles, under perpetual franchises from the Government underbid the U. S. of Cuba. Further controls 78 niiles of electric railway, and dnring the sea- volume of business is the outstanding factor. Belgium against per ton, the sou operates some 400 miles of branches and sidings in connection with the on some billets for delivery to Glasgow by $41 $52 American price. Products which might be imported are sufficientl>' high 93 sucrar mills located on its lines Company is incorporated under the with transportation costs added there is no advantage." laws of Great Britain, and is controlled and manaered by I^ritish interests. abroad that Serves the western an00.000 passengers. do basic Valley, Pittsburgh 25 00 30 00 30 00 43 00 CapUnlizalion. —The funded debt, exclusive of these certificates, aggre- Open-hearth rails, heavy, at mill 47 00 47 00 47 00 47 00 gates £10,741.000 fS,5'>,205.926). Canital stocl- comprises £3.5,54.202 Fy^, Open-hearth billets, Pittsburgh 38 50 43 50 43 50 58 00 Preferred and £6.550,846 Common with a combined market value on the Open-hearth sheet bars, Pittsbiu-gh . . _ 42 00 47 00 47 00 60 00 London Stock Exchange of approximately £0.584.000 ($32, 000,000V Wire rods, Pittsburgh 52 00 .57 00 57 00 65 00 (Company has .also outstanding £494,750 deferred stoclt on which no divi- (2) Per Pound to Large Buyers— dends are payable until 8% p. a. is paid on (he Common stock. Iron bars, Chicago 2.63c. 2.68c. 2.68c. 3..50c. Dh'iffcnds. —Dividends have bnen paid in full on Ih'? Preferred siocK' since Steel bars. Pittsburgh 2.10c. 2.15c. 2.35c. 3.00c. issuance, and have bwen paid at various ra'es on (he Cominon stock without Tank plates. Pittsburgh 2.25c. 2.40c. 2.65c. 3.50c. interruption since 1908. the present rate hein" 7"'^ per annum. Beams &c.. Pittsburgh 2.20c. 2.2.5c. 2.4.5c. 2.70c. Earninqs of Ihr Comnnnies Now Cimsolidalfd in Ihp X^nilcfl Unilurii/s of Harana Steel lo ps, Pittsburgh , 2.80c. 3.05c. 3.05c. 3.50c. Sheets, galvanized. No. 28, Pittsburgh. 5.50c. o.70c. 5.70c. 6.50c. Year ended 1919-20. 1918-19. 1917-18. 1910-17. 191.5-10. 4.50c. June 30- $ Wire mils. Pittsburgh 3.25c. 3.25c. 3.25c. Plain wire. Pittsburgh 3.00c. 3.25c. 3.25c. 3.50c. Gro.ss earnings. ,28. .5.57. 714 23.761.1.57 22. .543. 843 17.362,486 15,498,117 100-lb. box. Pittsburgh $7 00 $7 00 $7 00 $7 00 Total net income 10,479.073 8.904,f'2' 10.181.515 8.0.50.999 8,427.023 Tin plate. Electrolytic copper. New York 13.00c. 13.00c. 13.00c. 19.00c. Fixed charges... 2.492.208 2.413,412 2,.380, 51 2.-382.848 2,631.300 Zirc York o.35c. 5.50c. 6.00c. |9.10c. Bal. for deprec. New Lepd, St. Louis 4.35c. 4.50c. 4.90c. 8.50c. 1 axes fc divs... 7.847.707 0.471,819 ; .768,102 6,270,483 6.044,775 Tin, New York 32..50c. 32.50c. 34.75c. 60.00c. Compare V. 111. p. 2424 1.567. 1280. Other Notable Price Chnnqet. — Print cloths were quoted Feb. ITfat oU'c. Virginia Railway & Power Co.—Fare Increase. — contrasting with 5''. the low and 16^4 the high point in 1920. Bar silver The Virginia Corporation Commission has granted the company per- at London on Feb. 18 was quoted at 33>8C., against 42 ^ on Jan. 5 1921 and got do%vn 10 mission to increase the fares on its Ferndale Park line from 5 to 10 cents. 89 J4 Feb. 11 1920. the maximum for that year. Lard to $12 Jan. 1920. —V. 112, p. 6.54. 2.59. on Feb. 11 against $13 85 Jan. 7 1921 and $23 50 9 — —

    Feb. 19 1921.] THE CHRONICLE 747

    Gasoline at N. V. City has also been ruduced to 28c. as against 31e on of suKar made when the price of sugar was as high 3^22 cents a pound.— 1 'A» >r~ Jan. 1 1921 and 24 'i^c Jan 1 1920 .\t other points east of tho Rocky Mts. V. 112, p. 164. tlio rcdiicllmi siiici- l) called on external debt. p. (iO,'<. Hi suits for Tline ami .in Mmillis Hiidiil Dtc. 31. (e) Businos.s conditions, improvement in Jan., Fed. Res. Hoard, p. ()12. 1920-3 .\f participate wore un- (par $25), divided Into $1.50,000,000 Class "A" and $l.50,(J')r»,()')() Cl.iss 'B." able to do .so within the lime allowed. Tho outstanding $100 ('onimon sto<-k Is to be exchanged on the basis " It has, therefori'. been determined to afford all stockholders who failed of two shares (Mass "A and 1 wo shares Cl.ass "I!" S25 stock for each share to deposit their lioldln}?s a further opportunity for a limited jafiriod to e\- of Common slock now outstanding.— (<-omparo V. Ill p. 121,49.5.) cbaiiKe their lloUlluKs on tlie basis of the Plan. Substantial additional The (Jiiaranty Trust Co. of New 'V'ork has been appointed to iiCt as amounts of stock ha\e already been deposited. The present proposed registrar for tho stock. Increase of stock Is reiiuired, in purl, to cover these additional deposits. See Swift & Co. below and V. 112, p. 654. The Board has also deeniixl It advls-ib'e to provide an adetpiate reserve of authorize*! stock which, although not now re<|Uired, will be available for Asbestos Air Brake Co. — Receivership. — future issue from time to time, as may be found desirable. V . I 12, p. 565. Vic(^-Cliance11 )r Buchanan of New Jersey on Feb. 11 appointed John O. Bigelow of Newark leceiver. Ajax Rubber Co., Inc.—Annual Report.— — Cnlenitar ^,1 r.- — 1920 1919. 1918. 1917. Barnsdall Corporation. ..S'u6. Co.'s Notes Called. Profits def. $177,921 sur. .'52.951,267 sur. $2,915,368 sur. SI. 955. 293 All of the outstanding '•% gold notes, dated July 1 1919, of the Barri.sdall Federal taxes. __ ,55,447 7.50,000 1,700,000 405, 0(10 Oil Co., a subsidiary, have been called for payment Mar'-li 1 at par and Int. Dividends. (IDx 1,100.000 (12)1,032.627 (12)852.000 (11.7)8,30,700 at the Guaranty Trust Co., 140 Broadway, N. Y. City. .See V. 112. p. 654, 565, 374. Bal.sr..ordf..def,$i.333,36Ssur. $1.168, 610 sur. $363,368 sur. .$()29,.593 Total profit and Beatrice Creamery Co., Lincoln, Neb. —Earnings. — loss surplus.. x,Sl .615,481 .$2,128,848 $1,132,208 $'68,840 Yfir rtidiiw Dif. -.a — 1920. lUIH. 191S. 1917. X Includes premium on Capital stock, (as at Jan. 1 1920), S820.000. Nel income Sl,322,,j>s3 Jl ,.'>12,128 .'i90S,236 $814,215 .Sales of company's iroducis dtirins: 1920 brfore deductinR cash di.scounis, M:i)vec. on plants, &c 309,628 255. 1K5 130.47] 117,540 amounted to .?lS.t)!9,S67. — V. II), j). 2321). Reserve for Fed. taxes... 150,000 210,000 115,000 100,000 American Bosch Magneto Corp. — Busincs.s Reviewed Not profit $862,9,55 $1,046,943 $662,765 $596,675 by President. —Presidout Artliur T. Murray in reviewing Dividends. 805,000 665,000 657,500 5.53,000 the coranany's business since ineornoration says in subst.: Balance $57,955 $381,943 $5,265 $43,675 Output Increased. —The plant was originally designed to proiiuco a President W. U. Ferguson, Chicago, III.. Feb. 12, wrote in substance: maximum of 10,000 magnetos per month. The average shipments per In 1920 we put in operation additional manufacturing plants at Cincin- month under the previous management were in the neighborhood of 8,500 nati. ()., and Durand. Mich. instruments. With constructive readjustment of manufacturing proces.ses, Inventories at Dec. 31 1920, of supplies, raw material, finished products the new management built up a manufacturing and selling organization and products in process of manufacture have baeu priced at cost or market which produce*! and sold in excess of 207,000 magne.sto during 1919, and valu" whichever was lower. in excess of 340,000 during 1920. The average production and shipping schedules during the months of April, May, June and July. 1920, were in excess of 40,000 magnetos per month, over 4 times the number of instru- ments for which the plans of the old company provided: The growth of business was as follows: Old companv sales 1916 $4,009,022 Old company sales 1917 4,539,008 Bucke'^'e Pipe Line Co. —Annual Report Dec. 31.— Old company and alien property custodian sales 1918 3,656,236 19'20. New company sales 1919 5,982,668 Calendar Year— 1919. 1918. 1917. New company sales 1920 8,805,339 Net profits $1,612,325 $1,664,783 $1,715,361 $2,380,083 Dividends (16%) 1,600,000 (16)1600,000(18)1800,000(19)1900,000 Aaniisition of Gray & Davis. —During 1920 company took over the management of Gray & Davis plant in Cambridge, and its lamp factory in Bal., sur. or def siu-$12,,325 sur.$64,783 def$84,639sur.S480,083 Amesbury, under favorable terms (V. Ill, p. 498, 593, 697.) It placed at the disposal of the company facilities (without expenditure of a single BALANCE SHEET DECEMBER 31. dollar for capital account), which allowed the company to enter the autom- 1920. 1919. 1920. 1919. tive field at once with the new starting and lighting product which was Assets— S S Uabmies— S S already perfected and ready for the market. Pipe lines 16.754,246 16,194,550 Capital stock 10 ,000 ,000 10,000,000 To have obtained equal facilities onitsown account would have necessi- Material and sup- Acc'ts payable and tated an investment by Bosch of some $2,000,000, and a serious loss of time. plies 254,565 186,702 Insurance ros've. x930.889 772,639 The Grav & Davis plant is capable of doing a volume of business in excess Cash invest, and Deprecla'n reserve 6,345,914 5,609,891 of $5,000,000 per year. In the accomplishment of these results, less than acc'ts receivable 10,071,455 9,892,416 P. & L. .surplus... 9,803,463 9,891,138 $200,000 of new capital has been employed. Product Diversified. —Company's product is now very diversified. The Total 27.080.266 26,273,668 Total 27.080,266 26,273,668 magneto department is not dependent upon the automobile trade for more X Including reserves for taxes and fire insurance.—V. 112, p. 65. than 20% of its business, and these sales are principally to cover the auto- mobile export trade. The growing demand for Bosch magnetos is in the British-American Tobacco Co., Ltd. —Dividend.— field of farm engines, tractors, trucks, marine engines and other trades in An interim dividend of 4%, free of Briti.sh income tax, has been declared which the internal combustion engine plays an important part. on tlie Ordinary shares March 31.—V. 112, p. 254, 164. Orders on Hand.—Orders on the books at the present time amount to over $6,000,000 in the magneto department alone, and over $3,000,000 Calumet & Hecla Mining Co. — Copper Production.— in the starting and lighting departments. In common with most industry .\fonth of .Jnnuarv^ 1921. 1920. 1919. 1918. during the last few months, the company has acquiesced in the general Copper output (in lbs.) 7,234,300 9,590,671 11,785.500 12,140,197 demand for delayed shipments. Actual cancellations have been few. — V. 112, p. 655, 375. Reduces Quarterly Dividend to $1 25 per Share. — Decreased. — A quarterly dividend of $1 25 per share has been declared on the out- Cambria Steel Co. — Dividend quarterlv dividend of has been declared on the outstanding $45,- standing 96, (WO shares of capital stock, no par value, pavable April 1 to A 1% holders of re-ord March 15. Quarterly dividends of $2 50 each were paid 000,000 Capital stock, par $50, payable Mar. 15 to holders of record Feb. 28. Quarterly dividends of 1 ! ^ each and extras of of 1% each were from April 1920 to Jan. 1921 , incl , as- compared with .«;2 per sh.-ire paid in % H Oct. 1919 and Jan. 1920 and $1 50 per share paid in April and June 1920. paid in the four quarters of 1920.—V. Ill, p. 2046. A -stock dividend of 20 w^as ,-5'so naid in Jnlv last, '^ increasing the outstaiid- Ltd. —Omits Dii>idcnd. Ing stock tc 96,000 .shares. —V, 111 p. 2142. Canada Foundries & Forginps, The directors omitted the declaration ufihe dividend usually paid Feb. 15 American & British Mfg. Corp. —Receivership. — on the Common stock. In Nov. last, a quarterly dividend of ITo was Judge Knox in llic I". S Districi <',)iiil has appointed Cieorge C. Van paid, compared with 3'v paid quarterly from May 1917 so Aug. 1920, incl. Tuyl Jr. receiver. ;n a suit brought by Vmerican -& British Securities Co., V. 111. p. 17.-)5. a creditor for $37,516. The .Vmeiican & British Securities Co., a Delaware — corporation, has claims for money loaned and also owns 23,26,5 shares of Central Illinois Light Co. — To Issue Securities. Preferred stock, par $100, and 31,277 sliares of the Common stock. Ac- The comnanv has applied to the Illinois P. U. Commission for permission cording to the complaint. th(> defendant compan.v is at the pre-;ent time to is.sue $500,000 Preferred stock and $1,300,000 30-year 5'7o gold bonds. 1147. financially embarrassed, although it is completely .solvent. —V. 11 1, p. 2043. — V. 104, p. American Can Co., N. Y. —3^% Liberty Bond Hem. — Cerro de Pasco Copper Corp. — Production. — In reference to the omission in the annual report for the year 1920 of an Month of Janvary— 1921. 1920. 1919. 1918. Item of .$6,000,000 of 3 ''4% Victory notes, which were shownin thereport Copper output (in lbs.) 4,086,000 4,616,000 5,836,000 0,798,000 for 1919. President F. S. Wheeler .says that during 1920 the.se .securities — V. 112. p. 655, 375, 65. were sold for corporate i>iirposes. See annual report In the "Chronicle " — of Feb. 12.—V. 112. p. 649. Chino Copper Co., N. Y. City.— 1920 Dividends. The amounts distributed to stockliolders during 1920 should be apuor- American Cinema Corp.— To Increase Capital. — lloned between dividends (taxable^ and capital di>tributions (not taxable) it 1= entitled Stockholders were to vote Fob. 15 on increasing the capital stock from on basis of depletion allowance to which t he company believes .$600,000 to $1,200,000. The capital will then consist of 120,000 shares to as follows: Common .stock, par $5, and 6.000 shares of preferred stock, par $100. Pavments in 1920— ^far.^.il. .funr 30. .fepl.liO. Dec.3Q. Dividend, per share 37j-.cts. American Druggists Syndicate. —Earnings. — Capital Distribution, per share_ 37'vCts. 37f-;cts. None. Results for Cat. Year— 1920. 1919. 1918. 1917. The Treasury Department has approved the statement of Feb. 26 1918 personal income tax returns. Profits for year. _ $186. ,529 .$82,767 $464,808 .«tl6 749 as to dividend distributions for 1917 as basis for asvei, taken any definite Previous surplus 409,260 851,438 6.36,864 785,810 .\sto 1918. 1919 and 1920 the Department has not, action so that upcn final adjustment iln sc may be modified.— V. 112. p. 655. Total .$595,789 .$934,205 $1,101,672 $1,202,589 — Dividends and other City of Paris (Dry Goods) Co. — Sales—Earnings. 191S. surplus charges x498,641 424,142 297.234 ,'j01,052 .Jan. -.n Years— 1921. 1920. 1919. Prem. from sales cap. stk. Cr. 190.898 Sales x$5,0()4,000 S3, .561, 839 $2,134,177 ?1.. ,6,241 Net profits $276,000 .'«.150.065 $129,415 $.9,135 Surplus end of year.. .$288,046 .$510,063 $804,438 $701. .537 Com. divs., rate paid... 10% S% 8% 8% Partly estimated. V. 1 473. X In 1920 represents dividends paid on A.D.S. capital stock, $497,855, X — 12, p. and dividends paid on sub-companies' stock held by minority interests. Cohoes Power & Light Corp. —Bonds Offered. —Potter $786.—V. 112, p. 472. — Brothers & Co. und Coi't'iii 6. BuiT. Inc.. New York, are American Sugar Refining Co. To Enforce Contracts.— offering at 91 and int. $72r,.0(V) 1st -Mtge. 6s of 191S, due The company has filed suits in different parts of the country against in V. lOS. 272. several companies to compel the enforcement of contracts for the purchase .Jan. 1 1929, and fully described p. 5 3 — . 748 THE CHRONICLE [Vol. 112.

    Data from Letter of Pre«. F. M. Talt Cohoes N. Y. Feb. 10 1921. Dayton (O.) Breweries Co, — Default—Committee.— Comp.iny has built h modern hy(lro-ei. will nr.X as depositary. Albany ana the larKor portion of the power requlroments of the Albany Ab'iut one year ago the company. It Is staled, defaultojl In pa.vment Southern RR. Franchises without time limit. of bontls In the sinking fund, but later made that up. Since then. It Is stated, Capilalization after This Firtavcinfi— Aiilhnrizrd. Oulslandino. a dlvid(!nd on stock has bfx.-n paid, but upon second falluro to pay Intorext Capital ."-tock (paying annual dlvldo)ids of 3%)... 55. 000. 000 .?2..'>00.000 on bonds In the sinking fund recelvershlj) proccwllngs were rommencod. P'lrst MortKaKC Os (IncludlnK this I.ssuc) 10,000.000 3,22.'').000 It Is al.so stated that suit has boon .started In Common Pleas Court of Earnings Years ended Dec. HI — 1020. 1919. 1918. Montgomery County, Ohio, for the dissolution of the company.—V. 107. Gross earnings SSlS.7r)f) $063.2.59 $484,241 p. 1103. Net, after ta.xos 440. .514 389.960 251,134 Balance after ann. Int. on $3.22.5.001 bonds 249.014 De Laval Separator Co., New York. — Notes Sold.— Compare previous offerlnK In V. 108, p. 272; V. 111. p. 2525. Dominiok & Dominick, and White, Weld & Co., New York, Coniagas Mines, Ltd. —15% Cash Bonus. — have sold at 983^ and int., to yield nearly H\4% $.'i,(KX),000 A cash bonus of 1.5"-; has been declared on the oulstandinK .$4,000,000 10-year Sink. Fund. Gold Notes. (See adv. pages). Capital stock, par $.5 bcin;; a dislribulion of profits realized up to 1017. 8% Durlns? the year ended Oct. 30 1920, the follov.inc dividends and bonu.ses, Dated Mar, 1 1921. Due Mar. 1 1931. Int. payable M. & S.. without deduction for In amounting to 12M!%, wore paul: viz., 2 !^ % or SIOO.OOO each. Nov. 1 1919. normal Federal Income tax not excess of 2%. Denom. and .$.500 (c*). as whole, In Feb. 1. May 1 and Auk. 1 1920. In May last, an extra divi. of was $1,000 Red. a but not part except for sinking 2H% fund, also paid. Dividend No. .50 of '2'4% was paid on Nov. 1 last. Thi)130000 Deere & Co., Moline, 111. —Notes Offered—Earnings. — Central Trust Co. of Illinois, Chicago, and Guaranty Co. of Balance def.$43.102sur.$285,881 def.$49,804 sur. $147,761 —V. 110, p. 767. New York are offering at 99 and int., to yield about 7.65%, — — by advertisement on another page, $10,000,000 Elyria (Ohio) Iron & Steel Co. New Director. 7J^% Henrv Wick has been elected a director, succeeding Frank R. Guyon. Gold notes. —V. 104. p. 1706. Dated Feb. 15 1921, due May 1 1931. Int. payable M. & N. (coupon Emerson-Brantingham Co. —Earnings. — due 1 1921 will be for 2\4 mos. Int.) at Central Trust Co. of Til.. May 1919-20 1918-19- 1917-18. 1916-17. Chicago, trustee, or at Chase National Bank. New York, without deduction October 31 Years— Profit from oper. after for normal Federal income tax up ot 2%. Denom. $1,000 and $.500 (c*l. Federal taxes $1,512,8.57 $1,837,226 $1..347.222 Bed. all or part on any int. date on 60 days' notice, to and Incl. May 1 1922, Other income 412.696 409,785 328,140 at 105 and int. , and thereafter at K of 1 % less for each full year or fraction thereof from May 1 1922. Total 31,925.553 $2,247,000 , $1,675,362 Purpose.—Proceeds will be applied to the reduction of current liabilities. Adm. exp., incl. proper. Data from Letter of V ice=Pres. Burton F. Peek Moline IM. Feb. 14. general taxes, &c 419,327 403,311 410.635 Comp/jn?;.-^ Is one of the most important manufacturers of farm Imple- ments in the United States, ranking first in the production of steel plows. Total -51,506,226 $1,843,699 $1,746,445 $1,264,727 In addition to plows, manufactures harvesting machinery, corn planters, Interest on loans 453,087 339,444 296,331 189,989 disc harrows, hay rakes, hay loaders, farm wagons, corn sliellers, grain Depreciation 180,436 181,835 167.845 150.502 drills, manure spreaders, and other farm machinery. Preferred dividends (7%)851.935 (7)851.935(1^)212.984 Business founded in 1837 and conducted as a partnership until 1868, when it was incorporated. Present company incorporated in 1911 and took over Surplus for year .$20,768 $470,484 $1,069,285 $924,236 the business formerly conducted by the old company and its subsidiaries. Total surplus $2,562,857 $2,542,089 .$2,071,605 $1,002,320 Company's 14 plants are located at Moline and East Moline, 111.; Ottumwa —V. 112, p. 165. and Waterloo. Iowa; Welland, Ont.; Fort Smith and Malvern, Ark.; Syra- — Henry L. cuse, N.Y.; Horicon, Wis., and St, Louis. Mo. Products are distributed Empire Gas & Fuel Co. Notes Offered. — through a selling organization under company's direct control consisting of Doherty & Co. are offering at 95 and int. $5,000,000 Bond- 30 sales branches which cover practically the entire agrlculttiral sections of notes. circular shov,-s: the United States and Canada. Secured Sinking Fund Conv. 8% A Provisions.— (1) Company will not mortgage or pledge any of its real Dated Oct. 1 1920. due .June 15 1924. Denom. $1,000 (c&r), SlOO, $500. property or plants, or its subsidiaries (excepting existing mortgages of $1,000. $5,000 and multiples. Int. payable A. & O. on coupon bonds and .$85,000 against two subsidiaries), or any subsidiary may purchase monthly on registered bonds, at office of Henry L. Doherty & Co., N. Y. property subject to mortgage, or create purchase-money mortgages upon City, w"ithout deduction for normal Federal income tax not exceeding 2%. property hereafter purchased. (2) Current assets shall at all times be Perin. 4-mills tax refundable. Callable all or part at any time on 30 days' maintained at 200% of amount of total liabilities, including notes then out- notice at such premium as would make the yield basis 7% to June 15 1924. standing; (3) total borrowings of subsidiary companies shall at no time but not exceeding 103. Bankers Trust Co.. N. Y., trustee. Sinking fund exceed $2,500,000- requires the retirement each month, beginning April 1 1921, of 1% of the Sinking Fund.—A sinking fund beginning Feb- 1 1924 will retire $,500,000 principal mount of notes outstanding. notes in each year 1924 to 1926, Incl.. and $625,000 each year 1927 to 1930. Convertible at option of holder, par for par, into the 8% non-votmg incl.. at not exceedinG: current redemption price. Cunml. Pr^f. stock of Empire Gas & Fu'>1 Co., excer)t that conversion privilege will expire sixty days prior to maturity, and in the event of a call Net Earnings after Interest, Taxes, Depreciation , Ac. Years ended Oct. 31. for redemption, such conversion privilege will expire three weeks 1915-16. 1916-17. 1917-18. 1918-19. 1919-20. of notes date of first publication of notice of call. $4,117,993 $4,932,025 $4,834,987 .$5,257,177 .$4,647,718 after This /.ssi/e. —A direct obligation of Empire Gas & Fuel Co. and the fol- Balance Sheet Oct. 31 1920 Before Present Financing {IQIO Inserted by Ed.) lowing additional companies will also join in the execution of the note in- denture: Empire Refining Co., Empire Gas & Fuel Co. of Texas. Empire 1920. 1919. 1920. 1919. Pipeline I Gasoline Co., Empire Petroleum Co. and Empire Gas & Co. — ,S Liabililies— Assets S S .S These companies ^vith subsidiaries constitute substantially all the operating

    .5fiO I Preferred Land, bldgs., &c. 20.512,847 18. 837, stock... 35.000 .000 35.000.000 companies of Cities Service Co. engaged in the production, transportation 2.976.200 Common stock. ..17.904.400 Timber lands, &c 3.300.100 17,904.400 and refining of petroleum, and the production and transportation of natural Inventories 26.717.366 19.037.0.S6 Sub. cos.' bonds bl39.500 222.000 gas in Kansas. Oklahoma and Texas. Cash 5,553,493 5, 758, 279, Stock of sub. cos 2.000 2,000 and Subsidiaries, 12 Months ending July 31 1920. U. S. and Canadian Notes payable 14.365..549 1,024,733 Earnings ofComapny Govt, bonds... 2,442,968 2.898,211 Accounts payable. 3.308.300 2,342,841 Gro.ss earnings .$66,848,4961 Ann. int. on $19,680,700

    1 1 ,4 1 Taxes accrued taxes, $21,142,0941 notes and $5,000,- Notes receivable. . 1 1 , 738 ,826 5 ,964 4.707,347 5,713,514 Net after &c 6% ^ ^^ ^^, Accts. receivable--10, 152,605/ Reserves 8,021,032 6,885,608 Annual, interest on di- I 000 87c notes Sl,o80,842 Trade-mks., pat'ts Profit and loss sur- visional bonds 933,1801 Balance $18,628,072 * and good-will --.17,904 ,400 17.904,400 plus .17,237,488 15,039.770 Security.—Secured bv pledge with trustee of First & Ref. Mtge. & CoU. Pref. stock owned. al,451 .000 203.100 Trust Sinking Fund 6% bonds of 1919, and maturing June 15 1939, equal Deferred charges.. 772,795 472,244 to twice the principal amount of these notes outstanding- All the compames ,373 Total each side mortgage Insur . fund In vest . 1 39 ,2 1 83 100,685,615 84,134,866 joining in the note indenture also jom in the execution of the payments, This these bonds. a Held for .sale to employees on monthly b amount has securing ,.- .. »., been reduced to $85,000. c Includes in 1920 reserves: against property The bonds pledged are part of an issue of $150,000,000, of which $41,- now to and equipment, $4,413,338; against current assets, .$2,473,669; against In- 131 000 are pledged to .secure the 6% notes, $14,732,000 are reserved surance and pensions, $484,024; against contingencies. $650,000.—V. retire the underlying divisional bonds, $11,152,000 has been deposited in corporate purposes Ill, p. 1756. W) -51 sinking fund, $42,909,000 may be issued for proper . —

    Feb. 19 1921.] THE CHRONICLE 749

    (Incl. the deposit to secure those notes) and the balance. $40,076,000 may 000.000. The offer was refused. I am not in need of money. The rumor lx*como outstatullnv? durint? thu life of tln-.se nottis at t)u) rale only of SHO In that w<^ Intend to sell out or to merge with any ouu eW- is too ridiculous to " bonds for ea<'h SI 00 additional exijondituro for capital account, i'omparo discuss. V. 108. p. 2436. A bill in enuity was filed in Federal Court at BoHton on Feb. 11 by William Guarantee.^ -"SIO.OOO 000 7% Notes of Empire Oil Purch. Co. 11. Moses of Walertown against I.aliine & Paxlridgo. Inc.. Iloston. and Ford -Motor Co. of Detroit, <-harginK infringement on his patent for elec- See Empire Oil I'nrchasinK Co. l)clow. — V. 110, p. IS.W. trical starling. iKuUion and generating. He a.sks a temporary and perma- Empire Oil Purchasing Co. —Guaranteed Notes Offered. — nent injunction restraining thu sale of Ford cars couialning or embodying

    his . accounting Henry L. Dohorty & Co. are offoring at 1(X) and int. S1(),000,- patent and also an of profits gained through Us use, as well as costs of the suit. — V. 112, p. 656. 474. 000 Partieiiialing notes ({guaranteed). Bankers state: 7% (H. H.) Franklin Mfg. Co. — Neio Directors.— Dated March 1 1921. Duo Sept. 1 1923. Denoni. Sl.OOO. S.-iOO, $100 (c). .\. G. Mane.v and 11 . I. I'l.iiiklin have be<»n olecto'l dirwKirs, and O. A. Int. payable M. & S. at office or agency of conil>any In N. Y. City, wiihoui Lautori h.is seiired as :i iinriibcr >i{ the bo:ird.— V. llli. p. 262. deduction for normal Federal income tax, not exceedlnp 2'', ('allal>le all or part, at any time on 30 tiays" notice at 100 and int. Bankers Trust Gaston, Williams & Wigmore, Inc. — Stockholders' Com. Co.. York, trustee. New A si>e<"ial meeting of stockholders having boon called for Fob. 25 1921, to usual expenses in con- I'articipaltoii in I'rdl'ils. — After provldinK for the consider future plans and financing of the company, the commilteu named nection with operations. IncludinK taxes and interest, all net profits resvilliuK l)elow h;us consented to represent I lie interests of stockhuldupi in the formu- will be dlvidini in the ratio of from operations conducted by the conn)any lation and carrying out of such plans. 1-3'; to the holders of th(>ve notes, and (iti 2-3'; to the company. 33 The stockholders art! requ(«teriiig expenses and for svi.'h other ex- Selling, gen'l, admin. .&c., penses as may be iiu'ident thereto, the purpose being to take full advantage exp.. incl. Fedl taxes. 6, .539,363 4,616,4.36 4.310,871 2.997,416 of the opportunity afforded by the temporary low levels in prices now ob- Other income.. Cr.366. 638 Cr.222„505 Cr..500.685 C'r.H7,19S tahied in the oil industry. With every prospect of a serious oil shortage Interest on loans, &c... 306,6.53 2.55. .551 423.883 268.3.'J9 within the next 12 to 18 months due to the decreasingly available supply. Preferred dividend (7%) 3.50.000 350.000 3.50,000 350,000 operations of company should prove most profitable to the noteholders as Debent. pref. div. (7%) 311.731 (3)132. X,K7 well as to the company. Common dividend... (6%) 1,086, 240 (5)905, '200 (4)724,160 (4)724,160 Eureka Pipe Line Co. — Unfavorable Decision.— Balance, surplus The Supremo Court of West Virginia on Nov. 26 handed down a decision $1,652,449 $1,384.84.0 $585,727 $267,861 V. HI. p. 689. holding valid the law pa.ssed by the extraordinary session of the Legislature — of 1919 levying a tax on oil and gas piped over a distance of 10 miles. The General Motors Corp.—May Redeem Bank Loans decLsion was rendered in ca-sos of tliis company and the Unit ed Fuel Gas Co. against Walter S. Hallanan. State Tax ComniLssioner. The law had been Through Bond /.s.swe Preliminary Report for 1920. —The declared unconstitutional bv the Kanawha County (Mrcult Court. The "Wall Street .Journal" Feb. 1.5 says: company has asked the rightto appeal of the West Virginia Supreme Court definite proposal for forward the of Appeals from the above decision'. See V. Ill, p. 1,'>69. While no new financing has been i)Ut finance committee of General Motors Corporation is considering the Federal Adding Machine Corp. — Suit. — advisability of wiping out bank loans of approximately $75,000,000 through JThomas H. Ryan, of I'assaic. N. .1., a stockholder, has brought suit in the .sale of new securities. General Motors has no immediate need for New Jersi^y Chancefy Court against the company, Clarence P. King. I'res.. funds for any purpose other than the elimination of its loans, and it is Jean do Beltrand. ex-Pres., and others for the restoratipn of .52.500,000 simply a question of policy whether the banks should be paid off at this time. Common stock alleged to have been manipulated to the injury of the com- Whatever financing is negotiated probably will take the form of a note or pany and its stockholders. bond issue, for it is unlikely that any attempt will be made to sell stock- The Colt Patent Fu-o Arms Manufacturing Co. of Harftord has been See preliminary annual report for 1920 on a preceding page-—V. 112. admitted as a party complainant. The company's action is based on the p. 566, 377. alleged repudiation of a contract with the Federal corporation for the manu- — — facture of 30.000 adding machines and failure to compensate for an outlay General Petroleum Corp. nejunding—Notes Offered. of more than .'il.OOO.OOO. See V. 109, p. 1182. Blvth, Witter & Co., San Francisco, New York, &e., are Federal Sugar Refining Co. —Building Loan. — offering at 99^ and int. .S7,.500.000 10-year 7% sinking fund The company has secured a loan of .$100,000 from the Title Guarantee & gold notes due 1931. The bankers state: Trust Co. on the 12-story Tontine 13uilding, at 82 to 88 W^all St., N. Y. City, Conipan'j—Property. Organized in California Properties acquired last July. The loan is for 5 years and bears interest at the rate of — in 1916. comprise In the 6%.—V. Ill, p. 2428. (1) Approximately 25,000 acres of patented or located land various California oil fields, held in fee or under lease, on which are 465 FoUansbee Brothers Co. —Bonds Sold.—First National producing wells, yielding at the rate of about 4.000.000 bbls. per annum. Bank, Pittsburgh, and J. H. Holmes & Co., Pittsburgh and (2i Controls through subsidiary about 5,260 acres of land in the oil fields of Wyoming. (3) About 7, .500 acres of land in the various oil fields of Mexico, New York, have sold at 9514 and int., to yield over 7.40% held under lease, and 25() acres of land with deep water frontage at Tamplco (see advertisement on another page) $4,000,000 1st Mtge. owned in fee. (4) .\ refining plant at Vernon, near Los Angeles, and topping plants at Ollnda and Lebec, Calif. Capacity aggregates about 20-Year 7% Sinking Fund gold bonds. 32, .500 dally. (5) Loading wharfs at Los Angeles Outer Harbor. (6) Dated March 1 1921. due March 1 1941. Free of Penn. 4-mill tax. A .ship-loading and train-loading station at Seattle Harbor, and a ship- Denom. $1,000 (c*). Callable all or part on any int. date after 60 days' loading and train-loading station at Meadow Point, near Seattle, Wash. notice at 10>3 and int. Int. payable M. & .S. without deduction for normal Company owns entire capital stock of General Pipe Line Co. of Calif., Federal income tax up to 2%. First National Bank. Pittsburgh, trustee. whose sy.stem consists of 268 ntiles of pipe line, extending from the San A sinking fund of .8200,000 p. a. from 1924 to 1935, 8300,000 p. a. from 1936 Joaquin Valley oil fields to the Corporation's refinery and to tide-water at to 1939 incl., and .$400,000 on March 1 1940 will provide for the retirement Los Angeles. of all bonds at matmity. Earnings. —Net earnings after all charges including all taxes for 4J^ Data from Letter of President Wm. U. FoUansbee, Feb. 15. years ending Dec. 31 1920, were at annual average rate of over $3,000,000 Is interest earnings Capitalization after This Financing— Authorized. Outstanding which over 5.9 times requirements on funded debt. Net charges for 6 months ending Dec. below), were atannual X First Mortgage 77o gold bonds 1941 (this issue).. .$4,000,000 $4,000,000 after 31 1920 (see rate $5,995,000 or over 11 times interest requirements on present Issue. Conmion .stock, par $100 y 7,500,000 used Mtge. on warehouse at Indianapolis and office build- Sinking Fund.—Sinking fund 5% will commence Feb. 15 1922 to be notes. ing in Pittsburgh 51 ,850 51 .850 for purchase and redemption Purpose. Proceeds will be u.sed to retire all outstanding bonds of General X If it is found impossible, under the laws of Pennsylvania, to issue — Pipe Line Co. of Calif. to retire all of the First Mtge. 7% bonds. $5,000,000 1st Mtge. 6% Sinking Fund gold bonds [$2,537,000 June 30 19201 and will be issued and pledged to seciu-e $4,000,000 Collateral Trust gold notes General Petroleum Corp. Secured Gold Notes. of the same date, maturit^j- and general tenor as this Issue, y [Press di.s- Income Account Six Months ending Dec. 31 1920. patches stated that the stockholders on Dec. 8 voted to increase the capital Gross Income $7,172,557 to $11,000,000 and that a stock dividend was to be declared. —Ed. Deductions;—Interest, $105,687- depletion, $1,229,960- deprecia- Company.—-A continuation of a business established in 1812. Plant at tion, .$.592,078- drilling labor & Incidentals, .$879,595- miscel- FoUansbee, W. Va., consists of 4 open hearth furnaces, 7 sheet mills. 6 laneous, Incl. unproductive drilling, abandoned leases, amorti- tin mills, tinning and galvanizing departments, producing at capacity zation bonds dl.scount & loss on Liberty bond sales, $567,724. .$3,375,044 approximately 60,000 tons of high-grade fmished steel per annum. Prod- Excess profits tax estimated 800, 0(X) ucts consist of black sheet steel, blue and polished sheet steel, galvanized sheet steel, tin plate, roofing plate and electrical sheet steel. In 1919 com- Net income .$2 ,997 ,613 pany purchased 40 acres of land near Toronto. Ohio, and is now in the cour.se Production from California properties during the last six months of 1920 of constructing a new operation consisting of 4 open hearth furnaces, 10 was 2,482,000 bbls., compared with 1,950,000 bbls. during the first six rolling mills, a power plant and 96 dwellings. Product of the steel works, months of 1920.—V. Ill, p. 1276. consisting of sheet bars, ;svill bo used in the rolling mills, which will also General Pipe Line of Calif. — To Retire Bonds. — produce a capacity of approximately 60,000 tons of finished sheet steel, making a total of 120,000 tons capacity for the 2 plants per annum. In See General Petroleum Corp. above. —V. 106, p. 301. connection with the new Toronto plant, company has acquired an acreage Goodyear Tire & Rubber Co. — To Vote on Plan March 4. of coal adjacent to the plant. reorganization Also owns 93.6'.^ of the $2.50,000 capital stock of Sheet Metal Specialty —The stockholders will vote March 4 on the Co., located at FoUansbee, W. Va., engaged in manufacture of stove pipe, and financial plan outlined in V. 112, p. 656. President elbows, portable stce! omvs. furn;i'-e i)ipe and other sheet metal goods Sieberling saj's in part: Owns warehoases in Pittsburgh, Pa., Rochester, N. Y , and Indianapolis, of the largest Security. A d rect f rst lien on the plants at FoUansbee. W. Va., and The plan has b Jcn approved by directors and already many — indicated assent. Toronto. Ohio, together with the warehouse and office building in Pitts- creditors and holders of a majority of Common stock have the position of the burgh, subject to a .$45,000 47c purchase-money mortgage lien. Further As will bo seen from the statement of indebtedness, of Oct. 31 secured by the deposit with the trustee of its holdings of capital stock of the company is exceedingly precarious. .Since the annual statement Sheet Metal Specialty Co. 1920 (V. 112. p. 158) the indebtedness (including contingent liabilities most largely Purpose. — Proceeds of these bonds, together with an additional .$1,000,- of which will have to bo met) has increased to nearly $60,000,000, in 000 realized from the proposed sale of $1,000,000 Common stock, will bo by reason of the fact that deliveries of raw materials have been made the same used to retire $1,500,000 7% Cumul. Pref. stock (V. 109, p. 1013), to com- the interim; these deliveries increasing the indebtedness and at plete the manufacturing plant at Toronto, Ohio, and provide additional time reducing commitments. working capital. Notwithstanding the present embarrassment, tho directors and officers is promptly Earnings. —Net earnings for the 9 years ending Dec 31 1920, before have implicit faith in its future and believe that if the plan Federal taxes but after depreciation of 81,022,414, aggregate $10,645,6.56 a.ssented to by creditors and stockholders, the company will bo put upon and average for this period $1,182,962. Net earnings for the calendar a sound basis. The write-off and capitalization of so large a part of loss year 1920 were SI. 560. 330. resulting from falling market value of raw materials delivered and con- The average earnings for the last nine years amount to over four times the tracted for will, it is beliovi>d, put the recapitalized company upon a favor- interest charges on these bonds, and for the year 1920 to nearly six times able basis. Notwithstanding discouragements of early mouths of the interest charges. current fiscal year, it is expected that if the plan is consununated. opera- Directors.—B. G. FoUansbee (Chairman), Wm. U. FoUansbee (Pres.), tions of the I'ecapitalized company for remainder of the fiscal year will show .lohn FoUansbee (V.-Pres.), William Banfield (V.-Pres.), Nathaniel Holmes, a considerable margin of profit over all fixed charges, including contem- W. AV. Bell. John D. Brown. J. D. Lyon. H. Darlington Jr.. with W. D. plated sinking funds, and over dividends on • rior preference stock Com- Ti.-. ».i-,n Reld. Sec. & Tre;\s.—V. 111. p. 2329. ) Ml V irj. 1). (i56 . nM Ford Motor Co. —Denies Financing and Merger Rumors. — Great Northern Paper Co. —Extra Dividend. —

    Henry Ford in an interview with the Boston "American" is quoted as .An extra dividend of 'i'~'c has been declared on the capital stock, along .saying: "It has been said that I have tried to borrow S75.000.000. .lust with the regular quarterlv dividend of 1 H % both payable Mar. 1 to holders what effect the rumor mongers expected it to have we don't know. But of record Feb. 27. In March and Dec. 1920 like amounts were p!»id extra. we do know it resulted in a coterie of New York bankers offering us $100,- V. Ill, p. 2113. . — . — — —1

    750 THE CHRONICLE [Vol. 112.

    Gregory Electric Co., Chicago. —100% Slock IHridcnd. takes Into account Iosk on all future- cominllmi-iilH. (Invi-nloric-« applicable lo firm ord.rs valued ai COS! Iti .h( A lOO';^ Klock (lividiiiid wus (tnclari'd Uvv. IS, puviibin at onro, IncroasInK J c rve for continKcnci(« - V. 110, p. 2080 the issurd slock from $21 1. COO to .?IHa,200. Ati III. corimriitlon. Aulli- International — — orlzcd stock rocoiilly iiuTi'ascd from $:{00.(K;0 to SI. 000. 000. Inrrirp. Paper Co. Reduces Prirrs. The Ki-b. orlxlnally in I80:! for .$I0..")()0 capllal and lias prospered considerably. company on I 7 announi ed a price of 5.7 cents a pound, or $1 14 a ton. «'ai)ltal incrense

    cretary, with Kcneral offices rjuota- tlon at Lincoln, Kith and Wood Sts., CliicaKo. from April I to tho balance of the year at r>'A cents a oound or $110 a ton. While th<- <-onipany has signed conlra(-ts calling for H(l' ; of its nfrws- print output for the year. <|Uotatlons . (S. Ward) Hamilton Co., Harvey, III.—Bonds Offered.— are adjustable (piarterly by agrMrment. In the cvi-Mt that cu-toincrs <-le<-t stand. ir-:{.">, hit rod all or part (ipi)n (id days' notice at lOH from Do-, l.") "> It was uiider~lr)r)d llir: Canadian Kx()ort Paper Co.. 1923 to Do:-. I I92H. durliiir tlii> next :{ yeirs at I0'2. !i;id thereafter at 101 controlling the out- put of .'(rvcTal large- matnifacturers. will Interest payah'e without dediii-l.lon f International Silver Co., Meriden — covers a aenoral Hik; of small stampings and imliides a list of I Items Conn. Divs. handled by 2.000 stores of V. W. Woolwcrth & Co., a line of abmt .SO The directors have- deilared a nuarti-rly dividerd <.n the I'ref. stock of small i>arts for Kord cars, approximately 7.')','i »f the steel centi-es u.sed for \M'/r. also a dividi-nd of 'f of 1';; to apply on the Deferred Cumulative oil floor .3 oil dividends, mops by of the larRe-;t mop inaniifacturers, metal carpet s vcep- both payable April 1 to holders of record F(rb. 23. — V. 110 ers for Moiitifomory Ward & Co., and a line of sm;ill coal shovels for the p. 18.54. hardware trade. &c. Cinini oiitsta!idlng .|;230.00!J. Gross sales In 1920. S1,1S7.2')0. Pros.. S. Ward Hamilton. Kellogg Switchboard & Supply Co.— .SV;^;,s-, (fee. N<-t sales for 1920, it is report(-d. wen- about $7,080,000 a-s compared Haytian American Corp. — Interest Defaulted—Comm.— with $6,400,000 for 1919; unfilled orders on hand amounted to approxi- The committee iiameui .-4.500 over 1019 I'iie ini-rease in tho hoklers of the .«.J,000.000 7'i serial notes whi(;h mature .'SI, 000. 000 to'onhone business was about 36"/^ for thi- year. Dome-i*i'- nnfllled orders 80''/; annually July 1922 to 1924. Interest due Jan. 1 has boon defaulted but showed ^.n increase of and forelgt r.rders on hand a de ri •, e of ?,','/, under the terms of tho indenture no action can bo taken by the; noteholders In reference to the -tock divide:id of 10',' paid Jan. 31, no fractional shart-s to collect interest before Aj^ril 1 1921. It is stat %2( J2 .?44.10">..">3'< Baker. Fentress & Co.. Chicago, are offering at prices lo viold from 89; xNet, from all sources.. $192. 2.50 .SI ..579.79.5 .$2,31.5.603 .$.5,822,462 to 7H'^ according to maturity $700,000 7% 1st Mtge. Sinking Fund Preferred dividend 419.384 374, .500 374.500 374, .50.) Serial Gold bonds. Dated Nov. 15 1920. Due semi-annually Nov. 1921 to May 19 1929. Denoms. $1,000 and $500. Int. payable at"ContinentaI Availab'e for com. divs- .$72,866 .$1,205,29.5 $1,941,103 $5.4t7,962 & Commercial Trust & Savings Bank, trustee, Chicago. (Common dividends. (16%) 1.144.000 (16) 1144, 000 flV) 121.5, 500(70)5005, 000 The bonds are secured by an absolute first mortgage on about 22.960 acres of t inb r and tin:b r lands in Sab n^ and San Au us' ii' < d., Te<. car- Balance aftei diviaend.df.Sl .071 ,134 .$61,295 .$725,603 .$442,962 ryin-r fes .) 235. "74,000 ft. pine and 51 .522.000 ft. hardwood anf' about 31 acres owned in fee, constituting the mill and townsite. at Hemphill. Texas. X After deducting all expenses incident to manufacture and sale, ordinary The company is a partnership composed of Hiram Knox and L. ^I. Knox and extraordinary repairs, maintenance of plants, accidents, depreciation, and these bonds are also the personal obligations of both partners. Net taxes, &c."—V. 112, p. 263. earnings 1917, 1918 and 1919 (after paying Federal taxes), $,545,006 and 1920 (to Nov. 30) after reserve for taxes. $222,860. Heywood Bros. Wakefield Co. —Reincorporated.— & Superior Corporation. — — See Hoywood-Wakefield Co. below. — V. Ill, p. 2143. Lake Semi-Annual Report. The report dated .Jan. 20, for the first six months of the Heywood-Wakefield Co. —Reincorporated in Mass.— fiscal year, shows: Reincorporated in Massacbn.setts on or about Feb. 9 1921 as successor to the Heywood Brothers & Wakefield Co. of New Jersey, per plan given in Output for the Six Months Ended December 31. V. Ill, p. 1187. (In Tons)— 1920. 1919. (In Tons)— 1920. 1919. The directors are the same as in the New Jersey corporation, with the Magpie ore 83.387 120.273 Cannelton coal 277,179 324,735 exception of Henry Hornblower. who succeeds John D. Walsh, deceased, Coke 269.385 181.507 Lake Superior coal.138.0'5 117.012 and Marshall R. Lloyd, who is added to the board.—V. Ill, p. 2143. Pig iron 233,.332 125,662 Limestone 143,215 108,288 Steel ingots 190,0.52 141,337 Dolomite 10,962 10,023 (H. P.) Hood & Sons, Inc. — Capital Stock. — Deeri.as!' in Magpie ore production was due to j>lant being down part of The company has notified the Mass. Commissioner of Corporations of a Jul.v and August for d( vdopmcnt work on sixth levf 1. in authorized .stock from 70,000 .shares par to hange Common $50, 100,000 The coal companies have b-?£n abie to dispose of the-r output on favorable shaa-es without par value, of which 96,000 shares are to be issued pro rata terms, despite the f.illing market, and your dirtclors ait pleased to report in exchange for all the 24.000 shares of of .$50 par outstanding. Common a substantial decrease in earnings. The total authorized capital will now be 15,000 shares of Preferred of .$100 par, 50,000 shares of employees' stock, of $10 par, and 100,000 shares Monthly Shipment of Iron and Steel tin Tons.) of Common without par. Julv- Aug. Sept. Oct. \or. Dec. Total. 1919 18,466 16.440 13.3)4 23,099 33. ,534 36.092 140,9.54 Hudson Navigation Co. —Receivership. — 1920 47,977 47,840 46,429 47,0.57 32,448 23.240 244,991 Federal Judge Knox on Feb. 16 in an equity proceeding instituted by Unfilled orders for iron and s1c< 1 on Dec. 31 1920. were approxiroately Charles H. Nolle, a commission merchant with a claim against the company 69. .500 tons. Two contracts have been closed for rails for delivery during of $12,463, appointed former State Senator James A. Emerson, Warrens- the f'ist half of 1921 , and the directoi-s expect further .sales to b? completed burgh, N. Y.. President, and Middleton S. Borland. N. Y.. receivers. shortly. Central (^o.. and the .Vlgoroa Eastern 1-iabilities are placed at $4,250,000 and assets at $7,500,000.—V. Ill, p. 77. The Algoma & Hudsou Bay Ry. Ry. Company report that the operating re.sults for the 6 months ending Illinois Bell Telephone Co. —New Directors. — Dec. 31 1920. .show an improvement over the corrseponding 6 months of David R. Fofgan. President of the National City Bank, has been elected 1919.—V. 112. p. 167. a director succeeding A. 8. Hibbard. — V. 112, p. 6.58, 378. — — Laurentide Power Co. —Annual Report. — Imperial Oil Corp. New Well. Cat. Years— 1920. 1919. Cat. Years- 1919. It is officially reported that the Cotton Belt Petroleum Co., a subsidiary, Gross revenue .SI, 033. 176 5837,737 Dividends (4%).. $420,000 has completed its No. 4 well in Hewitt field. Carter County. Okla.. making Miscell. income .- 7,711 10.108 Income tax 6.564 175 barrels natural from a sand at 1,320 feet.—V. 112, p. 658. 263. Contingent fund Total revenue.. SI .040. 887 Pipe Line. —Report for Year ending Dec. 31. S847.84.5 Indiana Expenses S174,09.5 5176,769 Bal., surp... ..del.S16.463 $142,614 1920. 1919. 1918. 1917. Bond intpre.st, &c. 434,537 387,125' P. & L. surplus $3,342 $19,806 Profits for year $9.58.301 $1,073,685 $1,146,233 $1,4.54.154 —V. 110, p. 876. Dividends (16%)800, 000(20) 1000.000(21)10.50.000(24)1200.000 Lehigh Coal & Navigation Co. —Annual Report. Balance, surplus $1.58.301 .$73,685 $96,233 $254,1.54 Calendar Years— 1920. 1919. 191S 1917. —V. 112, p. 67. Coal production (tons).. 4.125.729 4. 108. 968 5.005.27 4.898.424 Indianapolis Water Co.-— To Issue Additional Pref.— Gross earnings $26 ,888 .330 S24.886.908 .$25,83 $21.8^1,894 earnings 6.169,.'^08 4.910.23H 0,236.331 5.696.111 The company has petitioned the Indianapolis P. S. t'ommi-ssion for Net General taxes 742,226 651 ,968 963,750 947,103 authority to is.sue and sell .$220,000 7'^, Pref. stock to reimbuise the com- Reserve for bad debts 25,245 pany for additions to its propei ty up to and incl. Dec. 31 1920. General, &c., expenses.. 211,293 201 .200 273, .523 190.353 Earn'nf-'s for 1920 show: Operating revenue, $1,395,282: oper. expendi- Interest on funded debt. 1 ,136,557 1.1.5S.S.55 1.171.177 1.186.882 tures, $'!8.5.9'<1, and net corporate income, See V. 1 .$346,019. 11 ,p.393, 77. Miscellaneous 9,133 23,830 22.792 9.372 International Abrasive Corp.— Stock—Officer. — Dividends (8%) 2.333,916 2.-333,916 2.3.33.672 2,124,6.36 The stockholders have ^oted to authorize the sale of all or any part of the .$300,000 unissued 1st Pref. stock. Balance, surplus $1,711.13;< $540,967 $471,417 $1,237,764 Lawrence Chamberlain of Lawrence Chamberlain & Co. has been elected —V. 112, p. 475. Vice-President.—V. 110, p. 171. Lehigh & Wilkes-Barre Coal Co. —Plan for Sale of International Cotton Mills. — Smaller Dividend Earnings Stock by Central Railroad of Nerc Jersey.— A Quarterly dividend of 1 % ha.s been declared on the outstanding .'J4.7.58,- " 733 Common stock, par .$50, payable Mar. 1 to holders of record Ftb. 21. See said railroad company under Railroads above. —V. 112. p. 368. In June, .Sapt. and l^ec. last, quarterly dividends of 3''7 each were paid, Light Co., Chicago. — Dividend Omitted. — compared with 2% paid quarterly from June 1918 to Mar. 1920, incl. Lindsay quarterly dividend of usually paid Feb. 28 will be omitted Consolidakci Iiienmr Aeaninl The regular 2T^. on that date. Dividends were resumed in Aug. last, when 2% was paid: (Incl. Int. Cotton Mills. Bay State Cotton Corp.. Boston Yarn Co.. a like amount was also paid in Nov. last. —Y. 112. p. 475. Imperial f -otton Co., Ltd.. and Cosmos Cotton ('o.. Ltd., but not the J, Spencer Turner Co.) Longmont (Colo.) Farmers' Milling & El. Co. —Bonds. Calendar Years-— 1920. 1919. 1918. 1917. The American Bank & Trust Co., Denver, offers at 100 and int. $400,000 Oro.ss profits _$4.S60,.5S7 $4,2.56.960 $5.8,59.681 .$4,408,618 SSc -Serial Gold Deb. Dat^d .Tan. 1921 . Due serially July 1 1922-31 . Int. Depreciation reserve . 511,970 375,36) 404,216 239,383 .1. & J. at .Vmerican Pank i\- Trust Co., Denvf r, trustee, or at Ilarriman Na- Debentures redeemed 27.000 2", 000 27,000 27,000 tional Bank. New York without dedtiction for Federal income tax not to ex- Premiun; on bonds, - &c a48.200 13.425 15,045 17,640 ceed -i-?. Denoms of Si .000, S500 and $100 (c*) . Red. on any int. dale on Current interest . 6.34,170 340.831 453,237 110.016 90 days notice at 103. Miscellaneous .56.497 14,000 The company was incor. in Coloi^do in 1887, with a capital of $75,000. Present capital $250,000 Common and $2,50,000 6

    Feb. 19 1921.] THE CHRONICLE 751

    Manasota Lumber Corp. —Guaniulecd Notes Offered. — Tne regular dividend of T", was also declart^d on the pref st

    Dated l-'ib 1 1<)21. Due serially . $.'">(I.O(){t inoiithly beKliiiiliiK April 1 1921. .\n extra di\idcnd ol 50 cents per share on the capital stock has been Guarauteod by endorsement of H. Lanca.ster Williams & Co.. R. Laneas- declared payable .March 1,5 to holders of recoril Keb. 2H. ter Williams and J. S. Oosden. Tresldent Co.sdeii Oil Corp. The responsi- Jn 1920 extras were paid as follows 50 cents per share each in March and bility of the above endorsers is rei)resentecurllles ii in banliiuplc.v at Wichita — V. 112. p. 67. Falls. T.'x. I.iablitiis stated at $207 .Ol.'- and as.se, sof .'iN27,102, of which $775,020 represents iinll(|iii

    I iKisiiiuch as the eariiiiirs I'lii- all prior \ lars had been distrlbut*^!, and the Mathieson Alkali Works, Inc. luiriiiiKjs. — earnings for 1920 were not in <'>;c<-ss of

    Net einiinus lor ilie year (iidiiiK Dev :i I 1<)2'» amoiinli'd to .^150. 520, company under the provisions of the l''edcr;il Tax I aw based iiik.ii the value

    as axainsi SClH.Os* In Hll'.l l-'or l;i2(t t here was a deficit after taxes, of properties at .March 1 191.3. all amounts distributed to stocklKlders during

    I'lef divs . &e . of St»3.S51 , compared « it h a surplus of S25I ,7,'>9 as at Dec. 1920 should, under the above basis of depletion, be considered as capital .SI 1919.— V. 111. p i.-ioa. distributions and not taxablti to tin- n-cipient thereof. The Treasury Department has approved the statement of Feb. 27 1918 Maxwell Motor Co. — Suit. — as to dKideiid distrilmlions for 1917 as basis for personal income tax returns

    .1 i.f Charles . True Illinois, owner of -lOO shares of 1st I'ref. stock, his filed as to 191S and 1919 the Treasury Department has not as yet taki-n any a bill in the Federal District Court at Wlliaiiiitton. Del., asking for an in- definite action so that upon final adjustment these may lje modified. junction auO. the appointment of a recei\er. In his petition True says that V. 112. p. 6,58. 168. he obji'cts io the oroposed plan of reorifani/at Ion of the Ma\well aid Chalm- — ers companies.— V. 112, p. .')()7. 2t)3. New England Tel. & Tel. Co. Capital hu-rease. Earnings I III sii,c-Mii,]il( I'M (i:i I'l I). K) Ml' iioii/.ed an increase in the Capital stock Mid-Co. Petroleum Co. — Bomis Offend. Kiiif,'. Hoafr- from $.-5.000.000 Io .$100,000,000. The annual r' nor' for 1920 shows operating revenue, $.''3,606,340; laiul iV ("()., Cliicai.ro; Hoiiiir. Mo.ssci' lii: Willaiiiaii. Cliicafio operating exprnscs. .'5.25.1 51 .030; taxes, $1,980.3(J6; uncoil -ctiibles. $86,- and Df^troit: Clinndlcr^: Co.. Inc.. Pliila., N. Y. and Boston; 518; Total de'ay l.i 1919. of .«1 000 each, have been called f( rredomp'ion ~V. 112. p. 6.59. 261. April 7 at 101 and int. at the Montreal Trust Co.. Montreal, t^tiebec, Can- barkers, ada, or at Imbrie&Co.. til Hroadwaj . N.V. City. — V. 108, p. 21 29. Old Dominion Co. of Maine. —Production. — — 19'20. National Cloak & Suit Co. —Annual Report. — Month of .Januanj 1921. 1919. 1918. Copper output (lbs.) 2,822.000 2,504.900 2.812.000 3.400.000- Cal. Years— 1020. 1919. 1918. 1917. —V. 112. p. 168. Net sales S47, 704.42s $39,449,986 .S33,485.015 $27,649,538 Profit before deducting Orpheum Circuit, Inc. —Earnings, &c.— bonus and taxes dfl. 130,051 Cr2, 326.971 rrl.668.671 Cr2.570.640 Gross income for the year ending Dec. 31 1920. amounted to $15. .563. 81 .5- Bonus payments 219. S67 . 314.351 expendilures. $12,171,857; net income. $3.:<91.958. Net profit after de Fed. income & prof.taxes 363.487 341.716 .524.1.'S7 ducting $575,000 for Federal taxes, totaled $2.816.9.'8. V. 111. p. 1189. Net profits defl,349.91,'5 C;1.649.133 C/^1.326,961 Cr2.046,483 — President Rosenbaum says in substance: "As a result of the extraordinary Penn Central Light & Power Co.—Listing.— sales promotion plan adopted, om- merchandise inventories, which stood at The Phila. Stock Exchange, Feb. 4 admitted to the regular list 32,000 over $12.000 000 at the beginning of the fall season, were reduced as o£ shares (total authorized issue) no par value cumul. Preference stock, full Dec. 30 1920 to $6,933,282. This reduction was necessarily effected at the oaid and non-assessable. This listine removes this stock from the Tn- expense of profits. . . Our nierchandi.se inventory represents less listed Dep.-irtment of the Exchange. V . 110, p. 1419. than 15'^r of the net sales for the year and has now been reduced to a minimum, consistent with the volume of -sales. Our commitments Dec. 31 Pennsylvania Power & Light Co. —Bonds Offered.— were very moderate and represented only a small part of our requirements for the early spring months. Guaranty Co. of N. Y., Harris, Forbes & Co., Halsej', During 1917 to 1919 $1,000,000 was set aside as a special reserve for Stuart & Co.. Brown Brothers & Co., are offering at 92 and possible future reductions in value of merchandise. This reserve has been applied against the losses realized upon the liciuidaticm and depreciation of int. to yield about 7.68'^ by advertisement on another page. inventories. The excess of the loss for the year has been charged against SS ,000 ,000 1st & Ref. Mtge. Bond^. Series A. 7% due surplus. The regular Preferred dividends and two quarterly dividends [aggregating 2^^. on the Common stock, amounting in all to $,'592,600. Feb. 1 1951 (see deseription in V. 112. p. (5.59 have also been paid during the in year, resulting a total net reduction of Further Data from Letter of V.-Pres. P. B. Sawyer, Feb. 8 1921. $623,483 in the amount of siu-plus, which thus stands at the close of the year at $3,954,033. Terrilorii Served.—The territory served includes the .\llentown-Beth- To provide additional working capital necessitated by the growth of the lehem-Northampton-Slatington industrial section. In the territory there business and the opening of the Kansas Citv plant, the company during the are many diversified lines of industrial activity, including iron and .steel year issueti $.").000 000 10-Year 8<^ Convertible Sinking Fund"Oold Notes works, anthracite coal mines, steel car and automobile works, silk mills, cement plants, and other important manufactories. It is estimated that dated Sept. 1 1Q20. [Notes payable to hankers Dec. 31 1920 stood at $1,050,000, against the territory served wholly or in p;irt produces more than 60'"; of all the anthracite coal mined in the world and 30' ; of all the cement a $2,750,000 in 1919; cash. $1,157,803. again.st $1,.599, 314. V. 112, p. O.W. about and — large proportion of the slate output of the United States. Natl. Conduit & Cable Co., Inc. — Stockholders' Com. Earnings.—Gross earnings in13 3H N<"t e;irnlngs. tiHcr deducting cperating evpe-ises of $822,229. amounted Bond Intjerest 90..3.52 102.623 110.806 Tik'993 to $161.St)6. and after Preferred dividends, $130,778. This compares with Reserve for Federal taxes. 60').000 xl.9.50.3.j3 1.100.000 1. 10!), OIK) net earnings for 1919 of $19.413. —V. 101. p. 957. Sinking fund 177.000 169.000 161 ..500 1.54,000 Preferred dividends (7%) 700.000 619.131 598.263 ,598.262 Portland (Ore.) Flouring Mills Co.—Bonds Offered. — Common dividends (6%)935,.508 (6)935.508 (6)9,35, .508 (4)623,672 Blvth, Witter & Co., San Franeiseo, &.O., are offering at Bal.-xnce. surplus $1,726,643 .$'.072,081 $1.2.39.494 .$3,023,621 100 & int. IR3.000,00() 1st M. S% 1.5-yr. S. F. gold bonds. Profit and loss surplus... $9, 957, 247 $8,230,604 $7, 1.58. ,523 $5,919,028 Dated Feb. 1 1921, due Feb. 1 1936. Callable, all or part, on any int. X Includes $1,1.50,3.53 additional Federal taxes for 1917 and 1918. date upon 30 days' notice at 105 and int. Denom. $500 and $1 .000. Int. Repeating their action of a year ago. the directors have declared a divi- payable F. & A. without deduction for any normal Fe

    75^ THE CHRONICLE [Vol. 112.

    Data from Letter of Pre*. M. H. Hoiiser, Portland. Ore.. Jan. 29 1921. for example, 1. 3 or 5 sharesj mcjrely as a favor or c^mvonU-nco to them. Companu. —liuutrp. In Orogon Doc. IHSl. Uuslrio-is li;is tfr.idu.illy ^ % has been declared on the outstanding $1 1 .- Department on Feb. 14 on a court order, and Insurance Commissioner 205.000 Common stock, par $100, payable April 1 to holders of record Donaldson, of Pennsylvania, commenced action for a receiver for the Mar. 10. In Dec. last, a dividend of 3% was paid, compared with a quar- Jefferson Insurance Co. of Philadelphia. These three companies are terly of 3% and an extra of 2% paid in Oct. last, and quarterly dividends owned and controlled byHannevig, and his failures precipitated the above of 5% each paid from July 1919 to July 1920. incl. On Aug. 6 1920 al00% action. ]—V. 112, p. 477. stock dividend was paid increasing the outstanding Common stock to $11. — — 205.600.—V. Ill, p. 2136. Quaker Oats Co., Chicago, Dividend Decreased. Spanish-American Iron Co.—Bonds Retired. — quarterly dividend of 1 has been declared on the outstanding A J^% $11,- The Phila. Stock Exchange on Jan. 26 reduced the amount of 1st Mtge. 250,000 Common stock, par $100, payable Apr. 15 to holders of record bonds due Inly 1 1927, on the regular list from $1,761,000 to $1,623,000. Apr. 1. Quarterly dividends of each nave been paid since Jan. 1918' 6% 3% V. 111. p. 2431. extras of 1% each were also paid quarterly from April 1918 to April 1919, — Incl. On Sept. 30 last a 25% stock dividend was paid on the Common Standard Oil Co. (Kentucky).—Report.— stock. Increasing issue to $11,250,000.—V. Ill, p. 1859. The annual report for the year ended Dec. 31 1920 shows: Profits. $6.- (Gold) — — — 020.260; Federal taxes. $2,250,000: dividends, $720,000: surplus. $3,050,260: Rand Mines, Ltd. Dividend Production. previous -surplus, $4,240,640; total siutjIus Dec. 31 1920, $7,290.900. A dividend of $2.06 per share has been declared on the Bankers Trust V. 112, p. 660. certificates for "American "shares, payable Feb. 25 to stock of record Feb. 21. Standard Oil Co. of New Jersey. — Dividend.— Month of January 1921. 1920. 1919. 1918. A quarterly dividend of 5% has been declared on the outstanding Com- Gold output (in ozs.) 651,593 670,503 676,059 714.183 mon stock, par $25, payable March 15 to holders of record Feb. 28. This is —V. 112, p. 265. the first dividend paid on the new $25 par value stock, and is equivalent to $20 per .share on the old $100 stock. Quarterly dividends of 5% each Remington Typewriter Co. of N. Y. City. were paid on the old Common stock during 1920, making 20% for the year The Columbia Trust Co., 60 Broadway, N. Y. City, Is now prepared to —V. 112, p. 569. 380, 168. exchange certificates representing First Prof., First I*ref. Series "S," Second Standard Tank Car. —Equip. Trusts. Stix & Co., St. Prof, and Common stock for outstanding votin.g trust certificates.—V. Ill — p. 2528. Louis and First National Bank, Sharon, Pa., are offering Revere Motor Car Corp.—Receivership.— at 100 and int. to yield 7}^%, S550,000 10-yr. 7}4% Sinking The Citizens Loan & Trust Co., Logansport, Ind.. has been appointed Fund Equip. Trust Gold certificates Series TC, Due Feb. 1 receiver on a petition filed by U. S. Hoffman and Charles Hanna, local 1479. stockholders. The action is a friendly one, and was taken in the belief 1931.—V. Ill, p. that it would best conserve the interests of the company.—V. 110, p. 268. Steel & Tube Co. of America. — To Pay Notes.— Sagamore Mfg. Co., Fall River.—New Director. — The 3-Year 7% gold notes maturing July 1 1921 will be paid ar par and Dana D. Brayton has been elected a director, thereby increasing the board int. at any time on presentation to the trustee. Continental & Conunerclal from 8 to 9 members.—V. 112, p. 477. Trust & Savings Bank. Chicago.—V. 112, p. 380. 266. Sandow Motor Truck Co., 'Bo^ton..^Bankrupt — Superior Oil Corporation.—President Resigns.— devote his time A petition in insolvency was filed in the U. S. District Court, Boston, on An official statement, dated Feb. 16. says: "In order to Feb. 11. The petitioning creditors are the Commercial Finance Corp., to other pressing business interests. Robert M. Catts has tendered his Mutual Finance Corp. and Detroit Auto Radiator Co., with claims amount- resignation as President but will continue his relations ivith the Corporation retains a ing to more than .$61,000. Tho stockholders recently voted to authorize in an advisory capacity and will remain a director. He also S. D. Griffiths. Treasurer, to acknowledge tho willingness of the company substantial stock interest. H. G. Da^-ies. formerly with the Carter Oil to be declared bankrupt. Co. has been elected Vice-Pres. & Gen. Mgr. in charge of the operation of the property.—V. 112. p. 660. Seaboard Steel & Manganese Corp.— Sale. — — to Plans.— Robert J Sterrett. special master, will sell the entire property at pul)lic* Swift & Co. Govt. Objects Packers' auction on JVTarch 7 at the Berks County Courthouse. Reading" Pa. The Department of Justice on Feb. 16 requested .Justice Wendell P» The plans decree was granted on the petition of the Guaranty Trust Co., trustee of Stafford of the District of Columbia Supreme Court to disapprove the Swift Wilson Co., Inc., sub- t>>e 2-,vear mtge. collateral trust notes which fell due April 1 1920 — of .•Vi-mour & Co., Morris & Co.. & Co. and & coitfomi of .Tan. last. V il2. p. 379 mitted to the Court to with the decree 3 The petition sots forth that the plans of the packers, with the exception Sears, Roebuck & Co., Chicago.— To Buy Scrip. — of that submitted by Cudahy Packing Co., do not meet the Court decree, President Julius Rosenwald Feb. 15 .said; "I have agreed to take over the which required an early and complete divestment of the stock yard termi- scrip at par held by the smaller stockholders (those holding a few shares. nal interests. It is declared that the plans do lot provide for complete — . — — . .

    Feb. 19 1921.] THE CHRONICLE 753 control of such Interests by the Courts during the time contemplated by the were Issued, redeemable In 10 days at 105, the company paying the normal plans for carrj'Ing them out. Compare last week's "Chronicle". —V. 112. tax up to 2%. Heber J. Grant. Pres.. Salt Lake City. Utah. 660. p. Utah Copper Co., N. Y. City. — 1920 Dividends.— Tyson Co., Inc., New York City. — Stock Offered.— The amounts distributed to stockholders during 1920 should be appor- Granvlllo Hartman. Now York. Is offorInK at $100 por share (with an tioned biHween dl\ Idends (taxable) ajid (-:i|iilal distributions (not taxable) equal amount of Common stock

    The Tysons founded the theatre ticket agency business over 60 years a«o As to 1918. 1919 and 1920 the Department has not . as yet , taken any definite and the company maintains and operates a chain of 19 ticket selling agencies action so that upon final adjustment lhe.se may be modified. — V. 112, p. 661 in practically all the prominent hotels in N. Y. City, and. through Its Boston company, operates 4 agencies and Is negotiating for 4 other agencies In Warren (Pa.) Oil Co. —Receivership. — Boston. ALSO conducts through subsidiaries In the same hotels news, Harry A. Logan was appointed receiver on Feb 9 In the Federal Court periodical and book businesses, and handles a full line of cigars and tobacco at Pittsburgh. Tlie action was taken on behalf of tin' comi)anv to protect at many of Its agencies creditors. Assets are .$3.01)0.01)0 and liabilities $2.000.000. — V. 109, p. 1899. Union Carbide & Carbon Corp. Status, &c. — Western Knitting Mills, Inc. Dividend Dates Changed. E. T. Konsberg & Co., Chicago, In a circular just Issued say In substance: Dividends, it is announced, will hereafter be payable June 30 and Dec. 31 The corporation was recently reported to have 120 platits, 218 warehouses instead of (luarterly. — V. UO. p. 270. and employing 25,000 people. At Sault Ste. Mario, Mich., where cjirbldo — — Is made, we understand they use 57 h. p. per man employed and employ Wheeler Timber Co., San Francisco. Notes Offered. .«4(»'(i.ll()0 around '700 men, operating 24 hours per day. seven days por week. The l.nnil). iiiiins Ti usi Co.. San l-'r-.-iiicisio. oilers 10(1 iind int. . 5-vr.

    7 ' mpany's supply of lime, one of the main Ingredients in the manufacture '4 , Secured tJold notes. Dated Jan. 1921. Denoms. $100. $.500, of carbide. Is practically Inexhaustible. $1 .000 (c*). Int. i)ayal)le J. & J. in New York. I'ortland or San Francisco Company manufactures welding and farm lighting equipments, and ac- witliout deduction for Federal income lax not in excess of 2 'I- Optional cording to recent reports has 340,000 farmer customers. on any int. date at 101. .Meicanlili- 'I'rusl Co., San Iranc^sco, irustee The Oxweld RK. Service Co., a subsidiary. Is reported to have 85% of Notes are secured by a closed first mortgage on 31.340 acres of tlml>6r the railroads of the U. 8. under contract for welding and cutting, and uses land (mostly redwood) owned in fee. and additional timber; mortgage also the corporation's products. covers all buildings and other improvements, machinery, &c. Notes were Linde Air Products Co. (a subsidiary) plants are located In over 50 cities issued to refund 7';',', notes due Jan. 1 last. throughout the U. S. Products are used In conjunction with carbide chiefly for welding and cutting. Whitlock Coil Pipe Co. — Rights to Subscribe. — The corporation's subsidiaries are the large.st manufacturers of dry coll The stockholders of record Jan. 17 are given the right to subscribe up batteries In the world, and are reported to supply approximately 60% of the to V\'h. 23 at par ($25) to 2,000 new sliares ni the ratio of one share of new dry cell batteries used In the Uiilted States. They also manufacture elec- stock for four shares of the old stock hold. Payment to bo made .50% on elec- tric light carbons, electric storage batteries for use on atitomoblles and or before Mar. 1 and 50% on or before April 1 , at office of Francis R. C'ooley tric house lighting plants, track and signal batteries for use on railroads. & ('().. 49 Pearl St.. Hartford, Conn. Interest at rate of 6% p. a. to be and carbon brushes for generators and motors, automobile starting and paid to subscribers on all payments received prior to April 1 lighting, magiteto brushes and kindred products. The company recently added to Its metallurgical department the Haynes (William) Whitman Co., Inc., Boston. —New Officers. — Stelllte Co. of Kokomo. Ind., manufacturing a metal harder than steel, Antiur T. Bradley has boon elected President, succeeding William Whit- but which cannot pro])orly be termed steel, as It contains uo Iron. It Is a man, who becomes CJhalrman. (Jcorge II. Waterman. Hendricks H. \\'hit- metal known for its li;irdness and non-rustabillty. A superior grade of man. Malcolm D. Whitman and William Whitman Jr. have been elected cutlery, as well as surgical Instruments, &g., are being made from this Vlce-Pi-osidents. — V. 110, p. 1195, 474. product. The corporation as of Sept. 1920 controlled a total of 36 companies, man- Williams Harvey Corp. — To Create Preferred. — ufacturing and selling a groat many different necessities. Th(^ stockholders will vote Feb. 23 on increasing the capital stock from $1,000,000 (par $100) to $2,000,000. to consist of $1,000,000 Pref. and $1,- This company and its subsidiaries have filed demurrers claiming faulty 000.000 Common stock.— V. 106. p. 1583. law and Insufficient evidence in the suit Instituted In the U. S. Court on Dec. 30 last by the Alexander Mllburn Co.. of Haltlmore. to recover Wilson & Co., Inc. —Government Objects to Plan. — $2,500,000 damages for alleged violations of the Sherman and Clayton See Swift & Co. above and V. 112, p. 661. Anti-Trust Acts and the Federal Trade Commission Act. The defendants. — — It was alleged, conspired to eliminate ccmpetltlcn and monopolize the Wolverine Copper Mining Co. Production. manufacture ana sale of carbide, oxygen gas, acetylene gas, acetylene Janimni— 1921. 1920. 1919. 1918. generators and apparatus u.sed in the welding and cutting Industry.—V. Copper output (In lbs.). 326,632 281.052 399,050 3.50,957 111. p, 1480. —V. 112, p. 380. Union Electric Light & Po'wer Co. — Treasurer. — (Rudolph) Wurlitzer Co., Cincinnati. — Capital Incr. John L. Ganz has b U'U elected Treasurer. —V. Ill, p. 1573. The Secretary of State of Ohio has granted the companv permission to — — increase its capital from .$4,000,000 to .$6,000,000, the additional capital Union Oil Co. of California. Aitnual Report. to be 8% Pref. stock.—V. 109, p. 386, 688. Produclion of Company and Controlled Companies Young, Smyth, Field & Co., Phila. —Paym't to Creditors. 1920. 1919. 1918. 1917. The first payment to the creditors of this wholesale dry goods firm for oil, barrels 8.271,084 7,430,154 Crude net 8.681.308 8.705.447 which a creditors' committee was named sometime ago, will be made early Results for Calendar Years— 1920. 1919. Increase. in the present month. This payment will be 15% of the indebtedness of Profit from operations .$25,477,083 $20,532,488 $4,944,595 the company, or approximately $600,000. According to the terms of the General expense, taxes & employees' agreement, which has been accepted by all crcditois. payments are to be share of profits 2.834.893 2.037.611 797,281 made not less often than quarterly. The first of these was scheduled for Interest charges Cr .317,395 366,158 Dec.683,552 March 15, but the committee has made such propxcss in working out the Prov. for depr., depl. & labor and in- affairs of the company that it is possible to anticipate this paj-ment by more cidental cost of new drilling 7,920,704 5,740,465 2,180,239 than a month. As a part of the plan of adjusting the company's indebted- Provision for income and excess profits ness a voting trust has been formed consisting of William A. Law, Albert J. taxes and other contingencies 3,000,000 1,750.000 1,250,000 Sullivan and James L. Wilson. (Phila. "News Bureau.") See V. Ill, p. 2433, 2146. Net profit $12,038,880 $10.638.2.53 $1,400,627 Dividends paid 10H%5.043.760 10%4.395,053 648.707 Youngstown (O.) Sheet «& Tube Co. —Sales—Earnings. Gro.ss sal<« for the year 1920, it is riiported, were $75,443,518, compared Net after dividends. $6,995,120 $6,243,200 $751,920 with .$55,354,363 in 1919. Gro.ss earnings amounted to $11,615,501. -V. 112. p. 380. 267 against $11.422.709.—V. Ill, p. 1669. States Envelope Co. —33 1-3% Stock Dividend —United — CURRENT NOTICES. Rights— to Subscribe to $750,000— Additional Stock— Under- written Declares Extra Dividend Annual Report. —The annual report of the New York Life Insurance Company, pub- The directors on Jan. 14 voted to distribute to the Common stockholders lished in another column, "thinks in millions," .so to speak. Over thirty- ofrecordof March2 1921. [$750,000 outstanding) the 2,500 shares (par $100) five million dollars were paid to the beneficiaries of deceased policy-holders of Common stock that has remained in the treasury, unissued, since or- ganization of the company in 1898 in the proportion of one share for every and over .seventy-nine millions to living policy-holders. Nearly one-half 3 shares of Common stock held on that date. of the latter amount was in so-called dividends, more correctly moneys re- will privilege of Each Common stockholder of record March 1 have the turned as being in excess of actual cost, the comjjany being purely mutual. subscribing at par until March 19 for one share of ($7.50.000) new stock, for each share of Common stock held. [This with the $250,000 issued as a The amount of such returns, payable in 1921, exceeds thirty-seven millions. stock dividend will bring the outstanding stock up to $1,750,000. The It was evidentl}' a banner year witii the New York Life. Over two hun- stock issued as a stock dividend will not participate in the rights.) Sub- dred thousand new members joined, including those who increased their scriptions will be payable at Old Colony Trust Co.. Boston: $.50 per share holdings, the total new insurance being nearly seven hundred million dol- on or before March 19. and $50 per share on or before May 19. The shares to be sold have been underwritten by Havden, Stone & Co., lars. The new insurance alone would make a company larger than any in Boston. Mass. Compare V. HI, p. 2529: V. 112, p. 169. the country outside half a dozen of the large.st. There is no monopoly in Extra Dividend. — life in.surance; the gain of one company is not the loss of another, and all An extra dividend of 214% has been declared on the outstanding Com. gains are gain to society, in the protection afforded to the wdow, the orphan stock, par SIOO. in addition to the regular semi-annual dividend of 3 ''2%, and the aged. both payable Mar. 1. Extras of each have been paid annually in 2V2% There is another gain in the accumulations of the life companies not so Mar. since 1917. often remarked on. but of great importance and value. These accumula- Report. report for the calendar year 1920 shows: —The tions fm-nish the basis of some of the great enterprises of the country, as Ls Net profits, $2,275,697; Deduct: Interest, $116,646; depreciation $686,287: tax reserves, $410,000: other reserves. $550,000; dividends. shown by the list of the New York Life's investments. There is light here $370,000; surplus for year, $142,764: previous surplus. $1,442,426; adjust- on the part of the life companies in solving the housing problem. The ments, (Cr.) $151,046; total surplus Dec. 31 1920, $1,736,236.—V. 112, p. real estate and mortgage loans of the New York Life in this State are over 169. ninety-three million dollars and its total investments in the State exceed U. S. Light & Heat Corp.—New Officer. — one hundred and seventy-nine millions. This amount is slightly more than D. H. Kelly has been elected Vice-President succeeding C. L. Lane. the State policy-holders' share of the invested funds of the conjpany. V. 112, p. 661, 478. —The 1921 year book issued by Swift & Co., Public Relations Depart- United States Worsted Co. —New Treasurer. — ment, Union Stock Yards, Chicago, 111., is ready for distribution. It Myron E. Wood, formerly Treasurer and General Manager of the New is one of the interesting and Important documents of the year, giving England has elected Treasurer, Channlng Cotton Yarn Co., been succeeding statistics and explanation about one of the biggest industries of modern W. Souther.—V. 111. p. 2237. civilization, affecting the life of everj' American every day. Copies will be United Verde Extension Mining Co. —Earnings.— sent upon request. Cal Years— l'.»20. 1919. 1918. 1917. —Stone & Webster, Inc., will shortly Issue copies of their attractions In Gross revenue $7.591.S15 $5.0.58,669 $14,919,072 $14, .583, 649 "Electric Railway, Electric Lighting, Gas and AVater Power Prop- Other income 202,843 406,225 237,644 171,465 their erties Manual for 1921," which gives brief descriptions of the various com- Total income $7,794,658 $5,464,924 $15,1.56,716 $14,755,144 panies under the management of their organization, together with state- Mining expenditures. 3,407,830 2,771,592 5, .596.484 3,685,686 ments of capitalization, particulars regarding the securities, earnings and Other exp.. incl. taxes 570,808 569,308 661.245 400,581 Federal taxes. &c 2,000.000 expenses for the year 1920. « Reserve for depletion. 4.635.220 2.359.180 3,567,9.33 2,412.730 — Rollo GuUickson has been appointed Manager of the Mimicipal Bond Dividends 2,100,000 2.362,500 1,575,000 1.680.000 Department of William L. Ross & Co.. Chicago. Robert A. Gunn also has become sasociated with Ross & Company. Mr. Gimn served through Balsur. or df...df. $2.919, 209 df.$2.597,656 sr. $1,756,054 sr..$6. .570, 147 —V. 112, p. 661, 169; V. UO, p. 2333. the war as chief of the Chicago division of theA merican Protective I^eagrue. — has been appointed Transfer Utah Hotel Co.—Bonds.— "She Equitable Trust Company of N. Y., Agent of the stock of the Acme Packing Co. and as Dividend Disbursing The $1,000,000 6% bonds of the company due Jan. 1 1921 were arranged •for as follows; $200,000 was paid and $800,000 new 20-year 7% bonds Agent for the Eastein Potash Corporation. — -

    754 THE CHRONICLE [Vol. 112.

    ^jcp0rts ituA S 0cxxmtwts. REPUBLIC IRON AND STEEL COMPANY YOUNGSTOWN, OHIO.

    TWENTY-FIRST ANNUAL REPORT—FOR THE FISCAL YEAIi KNDIXCi DECEMBER 31 1920.

    To the Stockli()l(l( rn of the Republic Iron

    quarter were not only affected by reduced shipments, but Total profits for the year $14,174,163 ,58 also by losses due to shrinkage of Inventory Values and other Less: adjustments, all of which are reflected in our Income State- Provision for deprec. & renewal of plants $1,506,260 50 Provision for exhaustion of minerals 608,061 86 ment for the year. The Profits for the year ending Decem- Provision for Income & Profits tax 1. 812, 835 00 ber 31 1920, however, were on the whole very satisfactory, Interest on bonds and notes 737,966 97 Reduction of Invontory values below cost. . 1,992,516 80 notwithstanding the albove and other difficulties encountered 6,557.641 13 throughout the year, such as shortage of fuel and trans- portation, cent Net profits for the year $7,616,522 45 which restricted production to about 80 per Surplus at Dec. 31 1919 33.880.971 91 of capacity. As general Profits appli- $41,497,494 36 a result of operations, the Net Deduct — cable to Dividends for the year ending December 31 1920, Dividends "^ on Preferred stock $1,7.50.000 00 after Inventory adjustments of approximately $2,000,000, Dividends—6% on Common stock 1.800,000 00 Balance of Additional Assessment of Federal full Depreciation, and deductions for Repairs, Maintenance, taxes for 1917 charged to surplus 505,922 87 Taxes and other Contingencies, were $7,616,522 45. 4.655.922 87 Federal the year 1917 Income and Excess Profits Taxes for Net surplus carried to balance sheet $37,441,571 49 have been adjusted, and settlement with the United States Net profits applicable to dividends $7,616,522 45

    BALANCE SHEET DECEMBER 31 1920. ASSETS. LIABILITIES. Capital Assets— Capital Stock— Common—300,000 .shares of $100 each $30,000,000 00 Property Accounts: Preferred 7% Cumulative—250,000 shares Cost of Properties December 31 1919 $90,675,598 43 of $100 each_._ 25,000,OCO 00 Net additions for the year ending Decem- $55,000,000 00 ber 31 1920 4,962,668 20 10-30- Year 5% Sinking Fund Mortgage Gold Bonds— .$95,638,266 63 (Total authorized issue. $25,000,000) Investments: Total Issued $19,869.000 00 Less Bonds for In Potter — Purchased Ore Company $401,000 00 Sinking Funds $6,868,000 00 Investments in advances other and to Bondsheld in Treasury 491,000 00 compan ies 1 ,290 .480 90 1,691.480 90 7.359.000 00 12.510.000 00 First Mortgage 6% Serial Gold Bonds Outstanding on Bes- Total Capil.nl Assets .$97,329,747 53 ' semer Mines Nos. 1 and 2 800.000 00 Potter Ore Company Bonds—$182,000 00 Outstanding Cash Deposited Trustee— First Mortgage F>'/„ Bonds guaranteed jointly with Ten- nes.see Coal, Iron & Railroad Company, less that Com- For redemption of 10-3')-Vear (iold Bonds in addition to pany's proportion 91 ,000 00 bonds of a par -.x'ue of $6,868,000 00 retired in terms of Bonds Outstanding on the Martin Coke Works Property- 73.000 00 the Trust IJc-.-cl. por Co.itra 10,000 00 Current Liahilities— Accounts and Bills Payable .$6,653,892 91 Current Assets— Ore Contract Balances representing Cash re- ceived in excess of the value of Ore shipped Inventories of Manufactured Products, Ma- to customers 11 ,895 00 terials and Supplies on hand $18,751,278 43 Estimated War Profits Tax. Income and Ore C^ontract i'ayments, represented by Ore Regular Taxes 2.331.116 11 at Docks 1,131,451 34 Accrued Bond Interest 180.527 08 Accoimts and N'ot(!s Receivable after deduct- Provision for Dividends payable January 2 ing Reserv(! for Bad and Doubtful Accounts 8,869,442 95 and February 1 1921 887.500 00 Investments in United States Llljerty and Unclaimed Dividends 11.528 00 Victory Bonds at cost, including balances 10,076.459 10 due from employees in respect of bonds Reserves— purchased on their behalf ,174,411 44 For Exhaustion of Minerals and Mining Cash in Banks 1,,443,752 88 Equipment S4 ,078.294 64 35,670.337 04 For Depreciation and Renewals of Plants 11,901,170 26 For Relining and Rebuilding Furnaces 919,294 98 Deferred Charges to Operations— Por Fire and Accident Insurance 820,721 26 For Contingencies 1.472,585 14 Expenditures for Explorations, Stripping at Mines, Ad- 19.192.066 28 vanced Royalties. &c., chargeable to future operations, _ 2,174,012 30 Surplus— Balance December 31 1920. per attached statement. 37.441.571 49 Total $135. 184.096 87 Total $135,184.096 87 Net Current Assets $25,593,877 94

    WORKING CAPITAL. EXPENDED. Dividends on Preferred Stock $34,543,936 87 The following statement covers items affecting Working Dividends on Common Stock 7.103.472 00 Capital from organization of the company to December 31 Collateral Notes Paid 7.000,000 00 Bonds Retu-ed 17,359.000 00 is followed by Comparative Statement of 1920, and Net Haselton Notes Paid 1.475.000 00 Working Assets, as shown by the V)ooks of the Company as Bond Sinking Fund 10,000 00 at 31 1918, 1919 and 1920: Investments, Securities, &c 1.600,480 90 December Prepaid Mining Expense, &c 2,174.012 30 Working Capital. May 3 1899 $6,500,000 00 New Construction , 46,433,460 29 Property and Plants 7,333,906 34 Collateral Notes Issued, October 1 1904 7,000,000 00 125,033.268 70 Bond Issue, October 1 1904 10,000,000 00 Preferred Capital Stock Sold 110.000 00 Net Current Assets per Balance Sheet $25,593,877 94 Consisting of: Bonds I.ssued f- 19,869.000 00 10-30 Year Inventory $18,751,278 43 Mortgage Notes on Haselton Property 1.475,000 00 Ore Contract Payments 1.431.451 34 Additional Preferred Stock Sold 4,583,100 00 Accounts and Bills Receivable 8,869,442 95 Additional Common Stock Sold 2,809,000 00 U. S. Government Certificates and Bonds-- 5,174.41144 Cash 1,443,75288 Amotmts Reserved out of Profits for Depreciation and Re- newals, Insurance and Contingencies 19,192,066 28 835.670.337 04 Liabihties 10,076,459 10 Net Profits, May 31 1899 to December 31 1920 . 79,088,980 36 Less Current

    $150,627,146 64 Net Current Assets - $25,593,877 94 — : . — -

    Feb. 19 1921.] THE CHRONICLE 755

    COMPARATIVE STATEMENT OF NET WOKKING ASSETS. PROVISIONAL FUNDS. For Depreciation Fur For For Fire artd For Current Assets— /Jer. 31 1920. Dec. 31 1919. /Jfc. .SI 1918. Reneiral Ezhauslion Relining Accident Conxin- Inventory $18,751,278 43 $1.5.94.1.239 31 $13.6.39.970 fi4 and Plants. Minerals. Furnaces. Insurance. gencies. Ore Contract Paymeiit.s 1,431,15134 1,182,73108 (521, .34225 of of Accounts and Bills Hoceiv- % S S $ $ able 8,869,442 95 5,723,76120 7,295,129 84 Dec. 31 U. S. Government Certifi- 1920... 11, 901, 170 26 4,078.294 64 919.294 98 820,721 26 1.472.585 14 cates and Bonds 5,174.41144 8,023,149 80 13.766,465 40 D«x-. 31 3,.570, 232 78 Cash..- - 1.443.75288 1,223,74800 4,072,684.55 1919. -.10,757, 188 37 532.158 93 788,942 84 1.464.996 80 Dec 31 $35,670.337 04 S32.096.629 39 $.39..395..'j98 68 1918... 9,772,202 65 3.109..327 48 5.52,737 69 663,620 61 2.382.249 99 Less Current Liabilities 10.076,459 10 8,486.024 83 10.665.630 08 NEW CON.STRrcTIO.N AND PRtJl'EHTV ADDITIONS. Net Current Assets $25,593,877 94 $23,610,604 56 $28,729,968 60 Additions to the I'roiicrty Account during the year aggre- COMPAUATIVE STATEMENT OK INCOME. gated .*1 902.(U)S 20. Tlie" total New Construc-tion to date, Vca; eiuliny Year eitdino Year ending I)eceiiil)er ;il 1920, is: /M.31 1920. Dec.M 1919. Dec . 'M 1918. Blast Furnaces .- -$11,716.883 18 Not earn. fr. operations alter Steel Plants, Holling Mills and Factories-. 22.561 ..3-1,5 31 deduct. oharKCs for niuin- Ore Minus, Coal Mines. Coke Ovens and Quarries 11,497,687 19 teiianco & repairs of plants Miscellaneous . . 627,544 61 amountluK to: .«;13,825,.521 77 .$4,4.56,341 1,'> SI 8,177. 046 85 l)ec.3r20. $5,928,626 67 Total »46 ,433 .460 29 Dec.3ri9. 4.707,709 50 i:)oc.3ri8, 5.147.442 76 SUMMARIZED COMPARATIVE STATEMENT OP PUOPKKTY Interest and dividends rcc. 348,64181 .575.496 24 729,767 82 AC total value of Inventories, as compared Feb. 1 1920, at all of the Company's Blast Furnaces and with preceding years, is partly due to the increase in the Steel Works, and at a later date, a general advance was volume of business done, and growth of the Company's made at the Ore Mines. During the year, increases in Mining and Manufacturing Plants, particularly its Tube wages at the Coal Mines were also made effective, ranging and Sheet Departments, and partly due to higher costs of from 15% to 40%, depending upon the occupation. On production, freight rates and prices paid for materials pur- account of the fact that these advances were made at different chased. It has been the custom of the Company to carry times, after the first of the year, current rates of wages are all products mined or manufactured by it at cost of produc- not fully reflected in the average earnings per man per year, tion and all purcliased material at cost. Owing to the de- shown ijy the following comparative tables: cline in values dui-ing the latter part of the year, any pur- AVERAGE NUMBER OF MEN EMPLOYED. chased materials in Inventory which were above market Year ending Year ending Year ending prices have been written down to that level, and where cost North Dec. 31 '20. Dec. 31 '19. Dec. 31 "18. , Ore mines 667 582 751 reductions were reahzed on materials prqduced proper ad- Coal Mines and ovens_ 1,689 1,619 1,989 justments have been made. It will be noted that a large Furnaces 981 882 1,474 Works 7,417 6,093 7,681 percentage of the Company's Inventory is in Iron Ore. Total North-- 10.754 9,176 1 1 .895 The bulk of the Ore on hand was produced by the Com- South pany's own mines or in mines in which it is interested. On Ore mines 951 860 780 Coal mines and ovens 1,044 1,178 1 .353 account of the fact that the present business depression Furnaces 429 518 587 came about the time the Lake Transportation Season closed, Commissaries 52 52 53 and Ore had been provided for full operations during the Total South 2,476 2,608 2.773 winter, the quantity of Ore on hand is larger than usual. Grand Total 13.230 11.784 14,668 As of As of As of TOTAL EXPENDED FOR LABOR Average Classification— Dec. 31 1920. Dec. 31 1919. Dec. 31 1918. Year ending— Aniount. per Man. Finished Product .S3, 851, 718 57 $2,959,000 06 .$2, .587,579 49 Pig Iron 2.302,05167 1,284,495 65 517,894 94 December31 1920 .$28,972,720 15 $2,190 Puddle Mill Products 14.494 03 90.069 91 40,623 17 Decomlier31 1919 21,466,605 56 1,822 Deeember31 1918 23,747,200 97 1,619 Billets, Blooms, Slabs, &c.. 680,668 26 1,443,007 79 1,026,759 86 Ores 7,285,065 29 6.406,200 13 5,685.034 91 December31 1917 17,574,480 56 1.211 Scrap 740,297 67 662,920 18 586.628 07 December31 1916 12,778.8.36 21 979 01 771 Ferro-Manganese 264, .565 40 118,984 23 208,339 01 December31 1915 8,558,574 Fuel 690,690 68 461,309 84 668,183 28 UNFILLED ORDERS. Rolls, Molds and Stools 415,785 68 227,074 59 291,987 44 -Stores 2,043,2.56 47 1,790,427 01 1,621,498 46 Orders on hand represent" the balance, after making all Commissary Supplies 116,188 84 153,403 67 134,426 63 necessary adjustments. Present demand is extremely 87 346,346 25 271,02138 Miscellaneous 346,495 naiTow, being largely confined to re-assorting stocks which Total $18,751,278 43 $15,943,239 31 $13,639,976 64 are not excessive, and in some cases, subnormal. Liquida- COMPARATIVE STATEMENT OF E-\RNINGS AND DISPOSITION tion, therefore, is largely confined to values rather than to OF INCOME. quantity, which encourages the belief that as soon as con- year Ending Year Ejiding Year Ending fidence is restored, increased demand will develop, because Dec. 1920. Dec. 31 1919. Dec. 31 1918. 31 the purchasing pow(n* of the has been seriously Gross Profits $14,174,163.58 $5,031,837 69 $18,906,814 67 Country not Depreciation and Charges-- 6.557,64113 2,890,64100 11,114,880 73 impaired; furthermore, the necessity for increased Net Profits 7,616,522 45 2,141,196 69 7.791,933 94 housing and transportation facihties are somewhat Dividends 3„5.50.000 00 3,382.687 00 3,381,460 00 Amount carried to Surplus- 3,560, .599 .58 *1,241,490 31 4,410,473 94 imperative, so that demand from these sources and for Balance Surplus Account..- 37,441,571 49 33,880,971 91 35,122,402 22 other general purposes should develop when credits rela.x and * Deficit cheaper money is available. The following statement shows GROSS VOLUME OF BUSINESS. the Balance of Orders on hand Dee. 31 1920, as compared Year ending December 31 1920 $76,342.219 80 with the balance on hand for the two preceding yeai's: Year ending December 31 1919 45,872,344 55 Year ending December 31 1918 75.224,110 08 FINISHED AND SEMI-FINISHED. Ions. COMPAR.\TIVE ST-\TEMENT OP ANNUAL CHARGES TO COST December 31 1920 - 162.906 OF PRODUCTION .\ND DEDUCTIONS FROM PROFITS FOR December 31 1919 .389„524 REPAIRS AND MAINTENANCE, DEPRECIATION, December 31 1918 '- 143,383 .\ND OTHER PROVISIONAL FUNDS. PIG IRON Year ending Year ending Year ending Tons. Dec. 31 1920. Dec. 31 19r9. Dec. 31 1918. December 31 1920 35.772 Repairs and Maintenance .$5,928,626 67 $4,707,709 50 .$5,147,442 76 December 31 1919- - - - 96,855 Charges for Depreciation and December 31 1918--- - 63,132 Renewal of Plants 1,506,260 50 1,381,220 21 4,183,319 07 By Order of the Board of Dir(>ctors. Total $7,434,887 17 $6,088,929,71 $9,330,76183 Yours respectfully, Provision for Exhaustion of TOPPING, Chairman. Minerals -- 508,06186 460.905 30 312,619 78 JOHN A. 756 THE CHRONICLE [Vol. 112. 1 time at wages fixed Jan. 1. At Fall Kiver. Mass.. all cot- ton mills, with the excejftion of two, have n-sumed o[M;ra- lions. many on full time. A scarcity of skilled op<'rators tends to keep jtroduction below normal. The Dunham COMMERCIAL EPITOME. •Mills. Inc. of Nauuatuck. Conn., renewed operations on full Xciv Yorlc, Frulaii Nii/ht, Feb. 18 1921. time on the 14th instant. The Baldwin 'J'cxiilc .Mills, at Chester. S. C, reduced wages on the 14th instant. Trade is smaller than it was a \v(>ok a^o, notably in cloth- 15% In the Charlotte. .\. ('., district half a dozen cotton mills ing lines, with the weather unseasonably mild. In (ruth re- sumed full-lime o))eratioiis this week and some [ilants, it the pace back towards nonnal conditions is unmistakably is said, have sufficient orders on hand to keep them busy slow. Caution is the word of order everywhere. Keprc;- for several months. Wages were cut 20% at the Haynes sentafive trades, like those in steel, iron, coal and coke, -Mill, manufacturers of cotton goods, at Ilenriette, >f. C. of are dull at declining prices. Also the stock market of late Wages 6.000 metal trade workers in New Orleans will be cut 107c .March 15, so that New Orleans may comi»ete with has weakened somewlmt. The.se things are noted by the Gulf and Atlantic ports in the shij) rei>air and .shipbuilding mercantile community. And naturally they do not tend to business. At I'hiladelpliia a general reduction of 23.93% stimulate trade in commodities generally. Wheat has ad- in wages i)aid in the huiidiii'r trades is recommended in a vanced on reports that the greenbug i)est has appeared in report presented to the Philadelphia Chambor of Commerce. Texas, Oklahoma and Kansas about a month earlier than 'J'liere can be but little employment until building costs are usual. If there should be a prolonged period of drought reduced, said the con)mittee which made the report. The this insect might cause no little damage, though no very Norfolk & Western Jtailroad will close its shops at Roa- .serious apjirehensions are felt at the present time. The noke, Va.. to-morrow until March 1. Unemployment Is fact that Argentina is underselling the American wheat worse at the Altoona. I'a.. shoi)S of the Pennsylvania Bail- farmer in lOurope by nearly 20 cents a bushel, however, is road Co. Some 3,600 New York Central repair-shop work- something noteworthy in American agriculture. And at ers are to be idle for a time. The Columbus plant of the the big manufacturing centres of this countiy unemploy- Carnegie Steel Co. at Columbu.s, Ohio, will close to-morrow ment continues on a very considerable scale. for an indefinite period. Present business depression is the Yet it is said that the consumption of textile goods is cau.se. Two hundred employees of the Leeds plant of the gradually increasing. The figures show that it did increase Nonotucket Silk Mills, Northampton, Mass., have struck in the case of raw cotton during January. And it is be- rather than accept a wage cut of 15%. A reduction of 20% lieved to be larger than recently in silk and woolen goods. in wages, affecting all the building mechanics in Lawrence, Some advance in sugar has taken place, owing to the de- Mass., and vicinity has been announced for March 1. At cision of the Cuban Government to regulate the sale of the Boston the deadlock between employers and workmen of latest crop. And coffee has moved upward a little, partly the building trades as a result of which 15,000 men are idle on reports that the Brazilian Government has floated a loan and construction of buildings valued at several million dol- with a view to protecting the price of coffee. The hard- lars has been stopped, remains unbroken. One-half of the ware trades are quiet. The automobile industry is dull. 16.500 workers in Baltimore now idle will be given employ- Larger sales of copper are reported at something under ment within the next 40 days, according to the Industrial 13 cents. Crude petroleum continues to decline, and it is Bureau of the Board of Trade. now nearly 50% cheaper than it was early in the year. Leading rein-esentatives of the 106 New York plants affil- The world output has increased, it seems, nearly 25%. iated with the Allied Building r^Ietal Trades Industries, Lumber is quiet, but with the approach of spring prices which reoi)ened their establishments on the loth instant in have become somewhat steadier, though other building ma- defiance of the demands of union labor, declared that they terials ' show a downward tendency. Commodity prices in had inaugurated a permanent open-shop policy and that some cases have advanced, for instance in wheat and pro- they were well satisfied with the response made to their visionte. But recently the price of eggs have given way, advertisements inviting employees to enroll with them, under a big increase in the supply. union or non-union, at the old rates of wages and on the old Soft coal is dull and some of the mines In Ohio and Ala- 48-hour week .schedule. bama are being run on 50 to 65% capacity. Anthracite coal Food prices are gradually falling towards the pre-war is quiet, but remains firm. In .some parts of the country a level. After the entry of the United States into the war po- fair retail trade is reported, but hereabouts it is to all ap- tatoes began to rise and reached a level of $18, $20 and pearances only moderate, if not actually dull. Some of the even $22 a bbl. for the better grades. But recently they big department stores uptown in the morning hours seem have fallen to $2.23 to $2.50 a bbl., a price closely approxi- almost deserted, as prices continue high, and the consum- mating that of the pre-war quotation. Eggs have dropped ers' strike continues. There can be no doubt whatever that recently to 45c. per doz., against 69c. a year ago, 32c. in the people in the n)ass are angered by the continuaiice of August 1914: flour, per 24y2-lb. bag. is $1.45, against $1.90 what they regard as unreasonably high prices for almost a year ago and 90c. in August 1914; sugar, 8c. per lb., everything in the way of food, clothing and housing, though against 18c. a year ago and 7%e. in August 1914; coffee, as to housing the suppl.y is still inadequate and it is not 25c.. against 43c. a year ago and 25c. in August 1914. Meats, difficult to understand why rents and the price of houses however, are kept at a high price. The restaurants are still continue high. Collections are for the most part slow. It charging war prices. is significant that they are no better than they were re- Dock space at Buenos Aires is badly crowded with mer- cently. Failures are less numerous than they were last chandise that consignees have, for various reasons, refused week. The total for the week is 358 against 3S0 last week, to accept. It is impossible to handle incoming cargoes. Sev- but on the other hand, against lOG for the week last year,' eral steamers have been waiting for three weeks for their 112 in 3 919, 180 in 1918. and 287 in 1917. turn for the berthing spaces. It is said that of the 170 Exports of wheat continue on a large scale. The wintcr- vessels which arrived during the last 30 dajs, 155 are still sowu crops are in the main looking well, except in parts of in port. During this period, of 97 vessels departing. 25 left Texas. In the extx'eme South fruit trees are in bloom and in ballast because no outbound cargo could be obtained. it is to be hoped that the threatened cold wave will not As the result of industrial depression there are now 358.- reach them. Call money has fallen to G% and time money is 065 surplus cars on the nation's railroads, the Car Service reported more plentiful. Foreign exchange, after a sharp Commission has reported to the Inter-State Commerce Com- advance, has reacted somewhat, although it is still higher mis.sion. There is a surplus of 122.000 coal cars. At this than a week ago. Taking trade as a whole in this country time last year there was a shortage of approximately 150,- it is less active than a week ago, and at this time last year, 000 freight cars. The level of whole.'^ale prices declined an but noticeably better than it was three months ago. There average of 6 1-3% during January, the Department of La- is no doubt that something of disappointment is felt that bor at Washington announces, making a decline of 35% the improvement is not more rapid. The vital point, how- since the peak of high prices in May. The Department of ever, is that the country has apparently turned the corner, Labor states that cattle on farms are now valued at less or, in other words, that the engines have been reversed, than pre-war prices. A drop in value began in January, and it is believed that improvement as the year advances 1919, and continued throughout 1920. will be steady, even if slow. And it is easily conceivable The United States Steel Corporation directors are au- that later on the pace towards better things may quicken. thorized by a resolution just passed to extend credits to The important thing is that the country is headed in the foreign purchasers up to $20,000,000. Judge Gary, Chair- right direction, that merchants are cautious, that there is man of the Corporation, stated that private enterprise "can no reckless buying and that a spirit of conservatism per- and should assist foreigners to make purchases here by vades all branches of business. And there is a widespread extending suitable credits to them." hope that with the beginning of the new Administration a Eleven leading Cuban importers recently sent a circular distinctly prosperous state of things will be inaugurated in letter to various firms asking for the cancellation of all the United States. There is already talk of the possibility pending contracts. This has stirred the local trade to sharp of a Harding boom somewhat similar to that which followed protest. At a meeting of the Associated Cotton Textile Mer- the election of McKinley in 1896. A steady improvement chants of New York it was unanimously voted to write to along conservative lines, however, is more to be desired, each of the Cuban firms, insisting that goods on order would with lessened costs and a larger production, a lowered cost have to be taken or the consequences suffered. Some Cuban of living and a return to normal consumption and employ- firms later on repudiated the canceling letter. ment throughout the ramifications of American trade. The weather here has-been mild and spring-like, though At Allentown, Pa., on the 17th instant work was resumed it is cooler to-day. The temperature on the 16th instant at the Fogelsville and West Copley mills of the Lehigh reached 63 degrees, a high i-ecord for that date, and blue- Portland Cement Co. Eight hundred men will work full birds and song sparrows were heard in nearby towns of Feb. 19 1921.] THK CHRONICLE 757

    Now Jersey. Chicago awl several Middle Westeru titles on SpoKunoflicialj et«.4;s IMarch.. ct«.4 9."i(*4 97|July ctii.5.4K<«5.4;i September... 5. iMay 5.1'[email protected] I 5b©5.60 the Kith instant rej)orted one of the wannest Fehruary days OILS — Linseed quiet but steady at 67@69c. for February- on record. At Cliicai^'o llie tiiermonieter re^'istered G4 de- .\l)ril carloads, 72c. for less than carloads and 74c. for five >:rees. It is announeei)inf; over tin- inquiry from small consumers. But on the whole jwtuul territory and that the Canadian Northwest was virtually business is light. Cocoanut, Ceylon bbls., \()y,(iij\U;.; cut off from wire and railroad commuulcatiou with the Cochin, Uy.(nV2c. Olive declined' to $1 65 ((/:$1 SOl Cod. rest of the world. domestic, lower at 47c,.; Newfoundland, .5.'')c. Lard, sptH;ial steady; prinn* Western, 5()(('$12 (U); refined LAKD S12 prime fell to 97c. Soya bean, (nlible, 93/^^lOc. Cotton- to the Continent, 14.;^5c.; South American, 14. Hie; IJnizii seinl oil sales to-day, 14,600 bbls. March closed at 7 55 @ in kegs, lo.GOc. Futures advanced witli jifrain and liofrs, 7.60c.; May at 8.13 to 8.15c. and Ju y at 8.42 to S.45c. in the fear of decreased receipts of hojjs. It is said and St)irits of turpentine, .56c. Common to good strained rosin, that Germany has removed import restrictions, but this liad $7 00. httle effect, as stocks across the water are larpo on consitrn- in small demand and lower; refined, in ments. Also the semi-montlily statennmt of Chicafro stocks PETROLEUM barrels, [email protected].; bulk, 11.50Ca)12.50<^.; cases, 24.25@ showed an increase in lard of about 7,000,000 lbs., th<< total 25.25c. Gasoline lower at 28c. for steel barrels; motor gaso- now being 40,445,334 lbs. Packers sold liedges. Shorts line, U. S. Navy specifications, 21c.; naphtha, 63 to 6() deg., at times covered freely. Commission houses also bouglit 25. .50c.; 66 to 68 deg., 2(5. 50c. The estimated daily average for long account. But later came a reaction with grain oil production in the Gulf ("oast region last week was 120,145 lower. To-day prices declined slightly. May ends 5 barrels, a decrease of 4, .500. Louisiana daily production points higher for the week. averaged barrels, of Mid-fM)nti- DAILY CLOSING PRICES OF LAKU PUTURKS IN CHICAOO. 84,700 an increase 675. f Sat. Mon. Turs. UVrf. Tluirs. Fri. nental producers have been discouraged by the steady de- May delivery Holl- 12.25 12 40 12 25 12 20 12 15 cline in prices, California's production in January was, July delivery day 12 60 12 75 12 62 12 57 12 60 however, 331 , 186 barrels of oil ])er day. This is a new record. quiet; mess S31C"5$32; family $3()@.f40; short PORK It shows a gain of 6,253 barrels per day ever December's clear $;il@$34. May closed at $21 15 an advance for the production. California's shipments in January were 319,769 week of 40 points. Beef dull; mess packet $16@$18; ban-els, a decrease as compared with December of 16,198 $19@$21; family $27@$29; extra India mess $45@$48; barrels. The total shipments from California in January No. 1 canned roast beef 15; No. 2 $8 25. Cut meats S3 were 9,912,834 barrels. inactive and lower; pickled hams, 10 to 20 lbs. 19^@20^c.; Pennsylvania S3 75 Indiana $2 63 Strawn ...$1 75 pickled bellies 10 to 12 lbs. 17(rt)18c. Butter, creamery Corning 2 25 Princeton 2 77 Thrall 1 76 extras, 473^@48e. Cheese, flats 12@29c. Eggs, fresh Cabell 2 21 Illinois 7 77 ITealdtoD 1 00 Somerset, 32 deg. Plymouth- 2 23 Moran 1 75 gathered extras 40@41c. and above 2 00 Kansas &, Okla- Henrietta 1 75 COFFEE on the spot quiet but steady at 65^@6Kc. for Ragland 1 15 homa 1 75 Caddo, La., light. 2 00 Wooster 2 05 Corsiqfina, light 150 Caddo, crude 1 25 No. 7 Rio and 9^@10c. for No. 4 Santos. Fair to good Lima 2 73 Corsicana, heavy . 7,5 De Soto 1 90 cucuta was quoted at \\%@\2]4

    758 THE CHRONICLE [Vol. 112.

    STP3KL has remain(>

    .Mobile . "266 "507 nominal price prevails of ha-se ho.x of tin plates, .5.31 99 217 iod r.6.54 A $7 pw l"cns,i(i)l:i button round lot« a much lower price, it is believed, would .Jacksonville .Savuniiah '480 of steel it is r.267 1.566 978 l'.656 716 6.602 be accepted. SalcH products have been made, Brunswick said, at $.5 under the big corporation's quotations. Steel Charlcslon '324 388 "268 129 '49 .341 bars have sold at 2 to 2.;i.')c., later at 2.1()c., plates at 2.2.'5c,, WllinlnKlon 423 89 268 304 269 303 .646 Norfolk 912 876 813 511 481 762 .345 structural stoel at 2.20 to 2.2.5c.. black sheets at 4.10<'. N'port News, Sec. 47 47 Pittsburgh, galvanized wire is off S."), nails, indopendent, are New York .508 .508 '2.5 Boston . 151 31 51 258 .$;i .?3 10 to 25 per keg. IJaltjniore 2.461 .461 '260 WOOL has b

    FKii. 19 1921.] THE CHRONICLE 759

    Speculation in cotton for futun- delivery has been less FUTURES."The highest, lowest and closing priwti at active iind latterly at lower prices, though early in the week New York for the past week have been as foIlowH: there was some advance. One trouble has been the weaken- Saturday, MoruUtl Tut^sdat, Ued-dat, Thurtd't. Frtdat, ing of the technical position after a rise of about 100 points. Feb. 12 Ftb. 14. Feb 15 Feb. 16 Feb. 17. Feb. 18 Week.

    Waldorf-Astoria interests liave been covering for about a February - week. Other operators have also retired short lines. The Hange ClusluK 13.20 — 13.65 - 13.40 13.10 12.90 — effect soon bixjame plain in weaker prices. MeanwliiU' .\Jarch- Range 13.80-.57 I3.6t»-.04 13.62-10 13.32-. 73 13.02-.30 13.02-i04 the trade has not bought freelj . It was expected to. Re- Closing 13.45 — 13.90- .92 13.62- .63 13.32-34 13.10-.II April cently there was an idea that the textile industries ot this Ilangf li.W — 13.69 13.43 13 .43-. 59 turned the corner. IVrhaps in a way they have; Cloiilnti 13.65 — 14.10 13.85 — 13.69 13.30 country had Mttv— but sales of goods of lat© have certainly fallen off and prices Range 13.77-01 14.01-.60 14.10-69 13.82-20 13 60-80 13.60- <59 Closing 13.8«-.90 14.40-43 14. 12-. IS 13.b2-.H5 13 60-62 have declined. It may be only a temporary check, but it is June — Range certainly not inspiring. And the South has been selling 13.96 — 13.75-85 13.75-.96 Closing 14.08 — 14.63 — 14 .25 13.96 — 13.75 JulV more or loss steadily. Not that it has sold heavily, l)ut it Uiinge HOLl- U. 1.5- 37 14.3S- .83 14.4.'>-.92 14.21-.60 13.91-22 13.91-ra2 has been selling more or less from daj' to day. Liverpool Cloiilng UAY 14.25- .26 14 .75-. 77 14.45-.47 14. 22- .24 14.02 Auaust— interests. also sokl to some extent. So have Japanese And Range 14 .95- .97 14.96-97 of notices. Will Closing 14.35 — 14.85 — 14.60 14.40 — 14.20 — there looms ahead the question March Heplember they be large or small'.' The general idea is that they will Range 14.77 — 14.70 — U.70-.77 CloaloK 14.55 — 15.00 — 14.72 — 14.45 — 14.30 — be large. Some even estimate them at as high as 50,000 October— Range 14.62-.84 14.68- 20 14.83-.23 14.58-92 14 31-60 U.31-.23 bales. This of course, however, is mere con- and 75,000 Closing 14.62 15.10- .12 14.86 — 14.58-.60 14 45-46 Xorember jecture. Some cotton is said to be on the way from Now Range 15.30 — 18.30 — Orleans to New York for delivery on March contract. An- Closing 14.72 — 16.20 14.96 — 14.70 1465 — December— other report was that 15.000 bales were about to be sent Range 14.82-.96 I4.9O-.35' 15.05-40 14.83-17; 14.55-.81 14.66-.40 Cloalng 14.8&-.87 16.32 — 15.10 — 14.83- .85 14.65 — from that market to New York. Whether this is so or not January — remains to be seen. The diffenuices between the two Range 14.88- .96 15.00- 40 15. 15- .32 14 .87- .22 14 65-09 14 .05- .40 market* do not seem to favor such transactions. Mean- Cio.sing 14.95-.»e I5.3« — 15.15 — 14.87 —I 14.69 while March has been pretty steadily sold at a discount /14c. of 50 points under May. Some are looking to see this dis- THE VISIBLE SUPPLY OF COTTON to-night, as made count increase. Also there is an idea among not a few up by cable and telegraph, is as follows. Foreign stocks, as that the market is not likely to take on much life or snap well as the afloat, are this week's returns, and consequently until the March liquidation is ended. The consumption all foreign figures are brought down to Thursday evening. in the United States for January, though it showed an in- But to make the total the complete figures for to-night crease over that of December, was far below that of last (Friday), we add the item of exports from the United States, year and for several years past. including in it the exports of Friday only. The certificated stock here is steadily rising and the stock February \^— 1921. 1920. 1919. 1918. Stock at Liverpool bales. 994.000 1,063,000 in licensed warehouses is the largest for three years past. 5

    760 THE CHRONICLE [Vol. 112.

    AT THE INTERIOR TOWNS the movemenl^that is, COTTON CONSUMPTION AND OVERLAND MOVE- thd rccioipts for tho week sinco Aur. 1, the* shipmotits for MENT TO FEB X.—Below wo pre.sont a synopsis of the tho \\iH)k and the stocks to-night, and tlic saino items for the cro{) riiovement for the month of January and the six months corresijonding period of the previous year—is set out in ended Jan. 31 for three years: detail below: 1920-21. 1919-20. 1918-19. Afocemem to Feb. 18 1921. Afocement to Feb. 19 1020. Gross overland for January 216.224 273.831 262.182 Gross overland for 787.,'',.';2 Towns. liecetpls. SMp- Stocks Receipts. SMjy- Stocks 6 montiLs 1.230.4.56 1.107,849 Not overland menls. Feb. menxs. Feb. for January 147,015 201.607 221,734 Not overland for Week. Season. Week. 18. Week. Season. Week. 20. 6 months 5.56,676 912.001 986,090 Port rc<;eii>ls for January .571.724 931.007 60.-,. 749 Tort receipts Als.,Blnn'h'm a 77 16.980 3.259 6,052 9 24,813 625 9.334 for 6 months 4.003.940 4.677.687 3,345,4.50 ICxporls in January ICufaula 2C 8,121 100 5,384 2 6,219 192 2,560 .549.530 1.013.495 627.210 P3xports in Montgomery 117 46,322 401 32.250 175 64,8.52 379 10,189 6 months 2,981.180 3.834.025 2.-545,696 Tort stocks on Jan. 31 l,435.,-,:}4 l.;«8.1.00 1 ..362.076 Selma 162 30.1,'•.a 107 17,0.19 117 36,032 145 3,209 Ark., Helena.. 475 7.980 Northern spinners" takings to Feb. 1 962.634 1.736.843 1.268.194 1,12C 41.93C 1,101 18,056 1,052 28,676 Southern consumption Little nock.. 4,753 146,721 2,10fi 64,235 2,696 167,683 2,625 60,038 to Feb. 1 1..594. 000 1,820,000 1 .977.000 Ov

    Total to be deducted.. 23,619 271.465 7,391 356,876 Total takings to Feb. 18. a 338.9831 7.883.680 349.338 9,652.096 Of which American 244,983 5,842,680 206.338 6,985.096 Leaving total net overland * 39,198 669,577 38,201 1,013,428 Of which other 94.000 2,041, cool 143.000 2,667.000

    * Including movement by rail to Canada, a Revised. * Embraces receipts in Europe from Brazil, Smyrna, West Indies, ic. a This total embraces since Aug. 1 the total estimated consumption by The foregoing shows the week's net overland movement Southern mills, 1,724,000 bales in 1920-21 and 2,030,000 bales In 1919-20— has been 39,198 bales, against 38,201 bales for the week last takings not being available—and the aggregate amounts taken by Norther and foreign spinners. 6. 159, 680 bales in 1920-21 and 7.622.096 bales In year, and that for the season to date the aggregated net over- 1919-20, of which 4,118,680 bales and 4,955,096 bales American. 6 Estimated. land exhibits a decrease from a year ago of 343,851 bales. -1920-21- -1919-20- BOMBAY COTTON MOVEMENT.—The receipts of In Sight and Spinners' Since Since India cotton at Bombay for the week ending Jan. 27 and for Takings. Week. Aug. 1. Week. Aug.l. 1 for years been as follows: Receipts at ports to Feb. 18 - 83,292 4,301,586 189,730 5,157,355 the season from Aug. three have Netoveriand to Feb. 18 39.198 669,577 38,201 1,013,428 Southern consumption to Feb. 18 a 46.000 1,724,000 71,000 2,030,000 1920-21. 1919-29. 1918-19. Jnn. 27. Total marketed 168,490 6,695,163 298,931 8.200,783 Receipts at— Since Since Since Interior stocks in excess *5,252 863,282 3,480 473,921 Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. Came Into sight during week... 163, 238 302,411 Bombay 75.000 881.000 86.000 1.186,000 92.000 1,007.000> Total in sight Feb. 18 7,558,445 8,674.704

    Nor. spinners' takings to Feb. 18. 39,014 1,118,901 103,816 1,938.720 For the Week. Since August 1. Exports " Decrease during week, a These figures are consumption; takings not from— Great Conti- Japan& Great Conti- Jaj>an & available. Britain. nent. China. Total: Britain. nent. China. Total. into sight in previous years: Movement Bombay Week— Bales. I Since Aug. 1 Bales. 1920-21.- 6,000 26,000 15.000 305,000 214,000 534.000 1919—-Feb. 21 207,043 1918-19—Feb. 21.. 7.718,097 1919-20-- ' 2,666 2b",666 22,000 38,000 217,000 7f2,000 1,047.000 1918—Feb. 22 206.490 1917-18—Feb. 22 8,^30.057 1918-19 1,000 1,000 12,000 61,000 212,000 285,000 1917—Feb. 23 166.4561 1916-17—Feb. 23 9.996.843 Other India- 1920-21.. 12,000 12,000 13,000 110,000 26,000 149.000 WEATHER REPORTS BY TELEGRAPH.—Our reports 1919-20.. 2,000 'V,666 9,000 20.000 63.000 113,000 196,000 2,000 3,000 5,000 2,000 8,000 15,000 by telegraph from the South this evening denote that while 1918-19.. "i"o66 rain has fallen in most localities during the week the precipi- Total all— 1920-21.. 18,000 18,000 28,000 415,000 240,000 683,000 tation, as a rule, has been light. Farm work is -backward 1919-20.. "2',666 2,000 27,000 31,000 .58,000 280,000 <'05.000 1,243,000 1918-19-. 2.000 2.000 4.000 17,000 63.000 220.000 300,000 as a whole. Mobile reports fertilizer sales small. Bain. Rainfall. Thermometer RECEIPTS AND SHIPMENTS OF Abilene, Texas -.1 day 0.88 in. high 84 low 36 mean 60 ALEXANDRIA Brownsville dry high 82 low 58 mean 70 COTTON.—The foUo-wang are the receipts and shipments for Dallas 2 days 1.10 in. high 80 low 38 maen 59 the week ending Jan. 26 and for .ho corresponding week Corpus Christi dry liish 74 low 58 mean 66 Palestine 2 days 0.68 in. high 78 low 38 mean 58 of the two previous years: San Antonio 1 day 0.02 in. high 80 low 44 mean 62 Del Rio 1 day 0.06 in. low 52 Galveston dry high 70 low 54 mean Alexandria, Egypt, 62 1920-21. 191&-20. 1918-10. New Orleans, La dry mean 61 January 26. Mobile, Ala dry high 70 low 44 mean 57 1 0.01 in. high 79 low Receipts (cantars) — Savannah, Ga day 41 mean 60 109.685 dry high 72 low This week 116,780 173.429 Charlotte, N. C 32 mean 51 o -09 JIT^ .l>;7i.3fiO 3.676.095 Charleston, S. C. dry high 79 low 40 mean 60 Sinro- \iic; 1 . . _ . « . . . .

    Fbb. 19 1921.] THE CHRONICLE 761

    Since Since , Since portions as the higher grades. Recent sales to Europe are Ezporls {bales)- Week. r\uy. 1 Week. Aug. I. Week. Auy. 1. put at about 100,000 bbls. Numerous Continental coun- To Liverpool . 55.085 9.930 195.223 142. IHt tries have lieen buying. Europe, it appears, will make large To Manchester, &c 4«.M7 9.7.50 121.511 6.805 79.771 purchases within certain price domestic traile Cuntinoiit ().'{. K().453 limits. But To and India. 1.710 3(),S ,239 , 14.093 60,17.'i To Ainnriiui 3.201) IS. 103 l.'j..'.93 197.972 11.792 is another matter. Buyers continue to be cautious. They the Ihercfon- Total exports 4.910 182.733 37.512 602.159 20,898 299.922 think recent rise in wheat is temporary. They prefer to stick to the waiting policy, buying only as their F]T. Our report received l)y MANCHESTER MARK — actual necessities dictate. Later in the week the tone re- cable to-nipfhfc from Maticlu •stor states that the market is mained firm with exporters buving clears. Domestic trade, steady for botli yarns ami c loths. TJio demaud for China however, remained quiet. The higher grades were neg- is improviiifj. We f^ivo pru ;es for to-day below and leave lected. The supply of the more desirable grades, liowever, thosp for provioiis weeks of tJ lis and last year for comparison: is small, but, on the other hand, th<' demand is light. Buyers are still in a very conservative mood. Ten thousand barrels 1920-21. 1010-20. of first clear and soft winter straights sold later for export. 8K '»>. STtirt- Cofn 8M b>. SMrt- rv>r» In the absence of any important domestic business, atten- 32» Cop inm. ( cmmon Mid. 32» Cop %ngi Commom Mia TtPtit to Fitust. UpVs TtcUt f ytncsl. UpVi tion is focussed on the export trade. The sales of low-grade flours of late have been rather large. They have relieved O«o. d. d. 9. d. B. d. d. d. d. a. d. a. d. d the situation to certain extent. little of this flour 24 21 (O 26 « 20 @22 6 9.64 53 ® 63 36 6 @40 26.0« a Not a ai 2 m ® 26 H 19 6 @21 6 8.65 54 & 64 38 @41 6 29.1fi had been pressing for sale. Prices h.ave therefore been Jan. rather more steady; holders, tliat is. are no longer selling 7 2lVi «4 26 H 19 8 @21 10.17 58 « 64 38 4 @42 28.70 14 22i>i (* 26 H 19 6 ('-;2i 6 10.85 56 <«) 66 39 6 W42 6 28.06 to exi)orters at almost any price. .\nd exporters, bv the SI 21 «i 25 I'J @21 9.35 57!4 «« 08 39 6 ©42 6 27.66 way, have of late also been inquiring for some of the higher 28 20 H W 26 H 18 n f*20 9.04 58 W 65 40 @43 28.31 Feb. grades. Still reports of fi.OOO bbls. of flour liaving been 4 19M (4 25 is (<5i20 8.35 58 H & 70 40 6 @43 6 27.72 taken for export on the 17th inst. and large inquiries in the 11 19 (<« 24 17 6 «»19 6 8.11 59 (A 71 H 41 6 @44 6 29.67 18 18 (4 22"; 17 fa)18 6 K.-!7 fiO ® 72 42 6 ®4G 30.51 market had little effect. The trouble with the flour trade is that it is sluggish. There is deep-seated skepticism SHIPPING NEWS. among many as to the permanence of present prices. Total bales. Wheat advanced shari>ly on reports of greenbugs in Texas, NEW VORK—To Liverpool—Feb. 11— Bolivian. 100 - 100 To Rotterdam—Feb. 16—Maasland. 100 100 and likely to move into Okla. and further north. Later To riraeus —Feb. H^Kalomo. 100 .- 100 .some reports stated that been found in Kansas. QALVESTON—To Liverpool—Feb. 15—Steadfast. 9.504. ..Feb. 16 they had Novian. 4.646 14,150 Greenbugs are reported by specialists of the Department of 12 To Bremen—Fob. 10—Alness, 8.436. -.Feb. —Christel Sall- x\griculture to breed (^xtraordin,arily in the principal wheat InK. 2.971 11.407 To GothenburK—Feb. 11 —Mexicano, 870.-. 870 producing counties of Texas. Infestation also extends To Genoa— Feb. 11 —Monginevro, 7,450 7.450 westward to other counties where winter wheat is grown. To Venice—Feb. 16—Fiume. 5,775 5,775 To Trieste—Feb. 16—Fiume. 700 700 SevcTe injury to this crop in the infested regions it adds now TEXAS CITY—To Moideo—Feb. 17— Floravista, 300 300 seems inevitable. If the present mild weather should con- PORT ARTHUR—To London—Feb. 17—Pennyworth, 1.548 1,548 NEW ORLKANS—To Liverpool— Feb. 16—Barbadian, 6,966... tinue for the remainder of the winter and spring the crop Feb. 18—Indore. 1,362; Sagoland, 96 8,424 should prove to be a cold backward one. Greenbug injury To Manchester—Fob. 17—Albanian. 1.800 -. 1.800 Kansas and To Bremen—Feb. 14—Kenowis, 3.335 3,335 may extend northward through Oklahoma and To Rotterdam—Feb. 16—Amstedyk, 498 -.- 498 the Miss, basin, resulting in widespread and disastrous To Amsterdam 17 Zealandia. —Feb. — 200 200 oats. There was abundant To Antwerp— Feb. 14— KenowLs, 700 700 injury to winter wheat and To Ghent—Feb. 14—Kenowis, 1,138 1,138 sunshine during the week except in the Northeast and far Venice— To Feb. 12—Giulia. 10.669 10.669 Northwest. Field work was hindered by heavy rains in some To Trieste—Feb. 12—Giulia, 2.50 .- 250 To Argentina—Feb. 12—Thespis. 67 67 Southeastern States and bv wet soil in east central districts To Bombay—Feb. 15—Chickasaw City, 2.000 --- 2.000 and the far Northwest. Work made good progress in west To .Japan— Feb. 12—Chicago Maru, 2,350- 2,350 To Me.xice— Feb. 14—Nola, 500 500 central and southwest sections. Greenbugs have largely MOBILE—To Japan—Feb. 11 —Santa Rosalia, 8.500 8,500 monoDolized attention and the reports about them have put To China—Feb. 11—Santa Rosalia, 1,750 1,750 BBUN3WICK—To Liverpool—Feb. 17—Brasher. 100 100 up prices regardless of bearish news in regard to Argentina NORFOLK—To Liverpool-Feb. 1.5—Thistlemore, 700 700 and Australia which have been offering wheat to Europe at SEATTLE—To .Tapan—Feb. 8— Horai.saii Mani, 5.419-.-Feb. 14— Katori Maru. 3.000; Tyndareus. 5.225. 13.644 low nrices. Also Washington dispatches stating that the President will veto the tariff bill if it passes Congress was Toul 99.125 ignored. For some actual damage has it seems been done by LIVERPOOL.—By cable from Liverpool we have the fol- greenbugs. They have appeared three a month earlier than lowing statement of the week's sales, stocks, «&c., at that port: usual and with dry weather they could easily cause consider- Jan. 28. Feb. 4. Feh. 11. Feb. 18 able damage. Sales of the week 18.000 20,000 20.000 24.000 Sales. American 14.00') 18.000 17,000 21.00C On the other hand, no great amount of export business has Actual erport 9.0;)0 9.000 10,000 9.000 been done. Germany is said to be buving in Argentina. Forwarded 45,000 38,000 35.000 42 .000 offering wheat here at 18c. to Total stock 1 .030 ,000 .024.000 1.012,000 994,000 Moreover, Argentina has been Of which American (517.000 0+8,000 640,000 613,000 20c. under American priees. European crop reports were Total imports _. . 18.000 23,000 51.000 29,000 lias further beneficial Of which American 14,0M 15.000 44.000 12,000 more favorable. Also India had Amount afloat _ 139.000 198.000 167,000 rains. Country offerings in the United States have latterly Of which American _ SO, 030 139.000 106,000 increased. Some 750,000 bushels were taken early in the The tone of the Liverpool market for spots and futures week for export from this country, biit since then foreign each day of the past week and the daily closing prices of buying seems to have been small or entirely absent. Cover- spot ootton have been a. follows: ing of shorts has made up a large percentage of the buying. The visible suppIv decreased last week 2,9S.3,000 bushels Spot. Saturdav. MonOau. Tuesdea. Wednesday. Thursday. Friday. and is now 29,.572.000 bushels against .'3.5,212,000 a year ago. Market, to f Fair To-day prices declined a little, ending, however, 2H 3 J^. 12;15 Moderate Hardening Moderate business Quiet. higher than a week ago. a M. [ demand. tendency. demand. doing. .DAILY C^LOSING PRICES OF WHEAT IN^ NFiW VQRK. Mia.upi'ds HOLI- 8.07 8.21 8.52 8.42 8.27 ."irs. ^ri. Futures. Dull at Steady at Steady at Quiet at Barely st'y, March delivorv in elevator cts. Holi- 170^ 175 171 IBS"^ \&7H Market f 2@4 pts. 4 (Si 6 pts. 2300)32 10@15 10@14 pts. May delivery in elevator day. 159 165 16m 159'^ 157H opened I decline. decline. pts. adv. pts. dec. decline. Indian corn advanced under the stimulus of a rise ia wheat Msket. r Steady at Steady at Quiet at Steady at Quiet, of some export demand for corn itself. Also good buy- 2@6 pts. 12®19 6@13pts. 8@17pts. 17@24 pts. and for P. M 1 decline. pts. adv. advance. decline. decline. ing by commission houses. And American corn has a change bf>en cutting under Argentine prices in Europe. The prices of futures at Liverpool for each day are given Indeed offerings of American corn in Europe were quite below: generally accepted over Lincoln's Rrithday holiday at prices below those of Argentina. This encouraged bullish Sat. Mon. Tues. Wed. Tburs. Frl. Feb. 12 sentiment here very noticeablv, even though the actual 12l4| to , 12K 12'A 12>i| 4 12KI 4 4 I 12)ij 4 12M 4 business was not large. Besides, the price had fallen in Feb. 18. p. u.p. m. p. m. p. m. p. m. p. m. p. m.ip. m. p. m.p. m, p. m.p. m. this country to a point, it was contended, that more than

    I < d. I I d. d. d. d. d. d. d d. d. \ discounted bearish conditions like tlie large supplv and the February 8.42! 8.50 8.56 8.69 8.87 8.82 8.77 8.74 8.62 8.50 receipts earlv in the March 8.55, 8.62 8. 60 8.79 8.95 8.88 8.83, 8.80 8.6S, 8.57 recent heavv receipts. Also primarv April 8.65 8.71 8.75 8.88 9.03 8.96 8.90 8.86 8.74 8.63 week fell off. And although the United States visible sup- Mmyt - 8.81 8.87; 8.91 9.0-4 9.20 9.11 9.04 9.00 8.88 8.77 bushels, marking another June HOLI- 8.861 8.92 8.90 9.09 9.24 9.05 9.08 9.04: 8.92; 8.81 ply did increase last week 3,914.000 July DAY. 9.00, 9.06 9.10 9.22 9.37 9.28 9.20 9.16 9.041 8.95 ^'erv larg(» increase for some weeks in succession, it was said Ausrust 9.05; 9.11 9.15 9.26 9.42 8.99 9.33 9.24 9.19 9.071 to have been in this instance at the expense of stocks in September . 9.10 9.16 9.19 9.30 9.46 9.37, 9.27, 9.22I 9.09 9.04 October 9.14 9.20 9.22 9.33 9.49 9.40 9.30 9.24' 9.11 9.07 country elevators. And these are now said to be down to a November .. J. 9.12' 17, 9.23 9.24 9.35 9.51 9.42 9.32 9.26 9.09 verv small total. moderate export Imsiness has been done. December .. 9.20 9.26 9.27 9.38 9.54 9.45 9.35 9.29 9.14 9.11 A Januan- 9.22 9.28 9.30 9.41 9.57 9.48 9.37 9.31 9.10l 9.13 On" the 1.5th inst. it fell off to 150,000 bushels. Colder w(>ather at the West, moreo\'er, seemed to foreshadow BREADSTUFFS larger receipts. The ronds will be in better condition. To- only 2 to 2J'^c. higher than Friday Night, February IS 1921. dav prices declined. They end Flour has been firmer, owing to a sharp rise in wheat. a week ago And exporters have reported a good European demand for DAILY CLOSING PRICES OF CORN IN NPW VORK. .S'if. .Vfo'i. Tues. Wfd. 7''";'«. Pri first clears, as its price has not advanced in the same pro- No. 2 j'ellow cts. nol. SS'^' 91 H 90 S8H 90 —— —— ,

    76!S THE CHRONICLE [Vol. 112.

    DAILY <;LO.SINa PRICKS OF <'OKN FlITUKKS IN CHICACiO. especially noticejible in the local market where many buy- .vit. Mon. Tue.i. Wid. Thurs. Fri. 4ay doMvcry in <\Iovator cts. HoU- 70Ji 72ii TWi 69% 69Ji ers were holding off f«r lower prices, and showing interest July Uollvory in fJoviitor day. 72 71'4 74^g 73)^ 71 J,; onl.v in the choicest and best known brands. On the other Oats advanoased the country for staple lines of ginghams, perr-ales. prints, last week 2.')0,000 bushels in contrast with a decrease in the bleached cottons, etc. From numerous small distributing same week last year of .583,000 bushels. The total is now jioints man.v small orders were recelvers of overalls reporting a much better business. A buying on a large scale. To-day prices were nearh- un- gooil movement was also notcKl in chambray shirts, notably changed. They end l}^('. higher than last Friday. blue, whereas khaki was relatively slow. There was some DAILY CLOSING PRICES OP OATS IN NEW YORK. demand for choice bi'ands of bleache^ 45 M 45 Ji the tone was generall.v easier, and the bulk of the small Rye advanced with other grain and because of rather heavy busine.ss passing was done at prices below those ruling last covering of shorts. The interesting fact is that prices rose week. Fall River mills showed more willingness to quote 8 to 9 cents early in the week despite the absence of e.xport on odd counts for nearby delivery, resulting in .some small trade. The statistics, however, continue to be bullish. business. Buyers seekin.g narrow cloths for immediate The visible .supply last week, it is true, increased 300,000 use were able to pick up some lots at attractive prices, such bushels, but the increase in the same week last year was as .5Vic. for 27-inch G4x(i0s. There were spot sales of .361/2- .508,000 bushels. The vital point, of course, is that" the total inch 64x60s at 7%c.. although 8c. was generally asked. On "visible" in the United States is only 2,1.59,000 bushels, .39-inch (>8x72s HV^c. was asked for Ea.stern goods and 9<-. against 20,0^2,000 bushels at this time last year. Later, for Southern, while .38yj-inch 00x488 were quoted at 694c.. however, prices gave way with those for wheat and corn. and 4-yard 80 squares at 10c. Early in the week a number Besides there was no export demand. Eai-lier in the week of inquiries were received for spot and nearh.v goods, but 25,000 bushels were taken. Of course this was a mere holders were not interested at the prices indicated. Later nothing by comparison with the export business done at one demand showed some improvement and a .somewhat stead- time this season. To-day prices declined but closed 2 to iei- tone developed. Toward the close last week more eager- 2J^e. higher than last Friday. ness was shown to sell brown sheetings from stock, and in DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO. some cases concessions of fully a quarter-cent were named. Sat. Mon. Tues. Wed. Thurs. Fri. This increased pressure was ascribed to the lack of export May delivery in elevator cts. Holi- 143^^ 147'^ 145>4 142 141 3f July delivery in elevator day. 126*-2 131 129H 126 125 trade, the small needs of bag manufacturers, and the low j)rices ruling l)urlaps. There were, of course, some ex- The following are closing quotations: on cei)tions, but virtually all sellers marked down their prices GRAIN. all constructions and it was the general impression that Wheat Oats on No. 2 red $1 96H No. 1 white L .58 still lower prices might be accepted from a desirable buyer No. 1 spring Nominal No. 2 whiite .57 who would make a firm bid. Sateens, twills, lawns and Com No. 3 white 56 No. 2 yellow -tO 90 Barley voiles have continued quiet with a generally easier tone. Rye- Feeding.. 75@80 No. 2 1 70,'.^ Malting 84@91 WOOLEX GOODS—Conditions have shown no .striking FLOUR. change during the week, although stock goods of both men's Spring patents $9 00® $9 50 Barley goods—Portage barley: wear and dress goods have I>een moving rather more freely. Winter straights, soft 8 25® 8 50 No. 1 $7 25 quieter Hard winter straights 9 00® 9 60 Nos .2,3 and 4 pearl 7 50 It is true that men's goods have been much than Clear 6 75® 7 50 Nos.2-0and3-0.-- 7 15® 7 25 usual at this time, but compared with previous weeks busi- Rye flour 8 50@ 9 75 Nos. 4-0 and 5-0 7 50 is most of this was in stock goods, a Com goods, 100 lbs.: Oats goods—Carload ness better. Of course Yellow meal 200® 220 sptot delivery - 5 70® 6 00 noteworthy feature being that Western buyers were willing Com flour 1" 2 10 to pay more than Eastern. Serges were especially active For other tables usually given her, .see page 718. and there was a good call for trousering.s. Pencil stripes and herringbones were more salable for immediate deliv- THE DRY GOODS TRADE ery, destined for spring sales. Among jobbers dress goods were quiet, but cutters were still interested in spring goods. New York. Frklaii Nir/Jit. Feb. 18 1923. Buying of staple goods was slow, owing to prices asked, but Ceueral conditions in dry goods markets are virtually the a fair business was done in popular fabrics. Trlcotines and same as noted for some weeks past. In short, while buyers fine twills were still leading, while plaids and .^tripes for of various lines nrv still in fairly lari,'e attendance, they skirts were still popular. are generally taking only small lots when available at at- tractive prices. Few if any of them show any disposition FOKEIGN DllY GOODS.—The burlap market has con- to advance bids in order to .secure goods. Another feature tinued dull at a still fuither dec-line in values. The re- still jirominently. in (nid(Mice is the sreneral unwillingness. ported light shipments from Calcutta to North America exeej)ting in a few exceptional cases, to make commitments during January, only 40,000.000 yards, were more than off- for distant deliveries. In the majority of cases immediate set by further weakness in the primary market, where or fairly prompt deliveries are si)ecifled. This fact serves lu-ompt shipments were offered about a half-cent below the further to confirm previous indications that ultimate dis- levels quoted early la.st wi^^k : light weights being available tributei's have been doing a good business at the lower at 4.25c. and heavies at 5.15c. As a consequence the local range of values; sufficient in some cases virtually to ex- ba.sis dropped to 4.35c. for lights and 5.1.5c. for heavies, and haust all old stocks, as well as a good part of the goods it was alleged that sales had been made at 10 to 15 points alread.y re<."eived on re<'ent purchases, as a result of which less. Nevertheless, big bag manufacturers and other large stocks of man.v kinds of merchandise over wide areas have users were still al).sent. displaying practically no interest in been drawn down to extremely small proportions. Hence either spot or future ix)sitions. Hence business was con- it is not surprising that eagerness to provide for immedi- fined to a few small lots, chiefly from spot stocks, for fill- ate replenishment is a salient feature of the demand. Buy- iug-in purpo.ses. In the linen market it is stated tliat the ers for retail houses have been taking white goods, wash recovery in prices for flax and yarns from the extreme low goods, laces and handkerchiefs, generally limiting them- levels recently prevailing in Europe has had no appreciable selves to requirements for the next two or three months. effect on this side of the water. Importers report some de- It is also easy to understand the widespread reluctance, mand for damask goods and fine plain linen.s, but this buy- both among buyers and sellers, to enter into long-term con- ing has been limited almost entirely to goods from whole- tracts in view of the numerous important uncertainties in salers' stocks that have been offered at attractive reduc- the situation, notably relating to raw material costs, the tions. In short, while spot bargains are being picktnl up. supply of labor, wages and import tariffs. There have been little interest is shown in future positions. It is evident no changes of moment in commercial credit conditions, only that buyers are unwilling to anticipate future requirements, the most desirable names and shortest maturities going as being doubtful of their ability to resell, owing to the keen low as 1^2%- competition of cotton fabrics, which have been materially DOMESTIC COTTON GOODS.—The sharp break in reduced. Price lists received from the other side confirm 40^'c un- brown cotton sheetings late last week had a restraining in- ju-evious claims that the new basis would be 25 to fluence in practically aU other quarters of the market, caus- der the former levels. A fact of interest is that although ing the great majority of buyers to display a feeling of the yarn basis has come down there Is no change in bleach- much less confidence in tlie stability of prices. This was iui: costs in Belfast. . A, — . —

    Vvm. 19 1921.] THE CHRONICLE 763

    from taxation for a period of ten years dwellings erected ^tatje nn& Citg gjtpartmtnt between April 1920 and Ai)ril 1922. The vote was 40 for to 27 against. An exemption up to $,'j,(XX) for a single house, .SlOiOOO for a two-family house and 81,000 a room NEWS ITEMS. uji to five rooms for apartments is provided in the ordinance. "' Chile (Republic of). —Bonds Offered in United States. — \ news item in the New York "Tribuni of Feb. 10 had the A syndicate composed of J. P. Morgan & Co., the National following to say in the matter: City Co., Harris, Forbes & Co., Kuhn. Loeb & Co.. (luaranty \liijor 1". II. La (iuardia, I'resident ; the apprii\.il of the

    Hoard of Kstimale to become a law . th<- cipal oidj' and not interchangeable. I*rincipal ant the ordfnanci- in the gold coin of the present standard of weight and fineness at Hsiiniaic Hoard, or enough to defeat il Moiougli I'lcsident lleiir.N II. Curran was the only memb.-li I'resident Van .Name of Hiclinioiid. all joined with Major La (lovernraent on any interest date on (JO days' notice at 1 1(J' (iuardia in voting against it. Iloroiigli rresld«nt < 'onnolly of Queens was iio( represented. The .\ldermanic I'nsidcnt offered two amt ndments on or before Feb. 1 1931 and at 10.'>% and accrued interest and the Socialists one amendment to thi- oidinance .All three were voted thereafter. Further details of this offering will be found on 'town. Till' originally was previously a preceding page of this issue in our department of "Current lax exemption ordinance as of article 9 of the State C^on- .\s noted above, the ordinance needs the .sanction of the stitution is before the Miiniesota Legi.slature. The bill pro- Board of Estimate and the .Mayor before it can become poses to increase the debt limit from $2.")0,000 to .$.50,(KX),(KX). effective. Comptroller Craig on Thursday was quoted as We print bill below showing the proposed new matter to saying that he was "in favor of the ta.v e.xemption ordinance be added to section f) in italics and the old matter to be and hoped that the Board of F^stiinate and the would eliminated in brackets: Mayor ap))rove it as speedily as possible." Comptroller's A BILL for an Act proposlns an .imeudmcnt to section 5 of article ^ of the The Constitution of the .State of .Minnesota relating to the public de!>t declaration it is thought brightens the prospect for its Be il enacted bii the Legislature of the Slate of .Mitincsota: adoption by the Board of Estimate, of which therejhas Swtion 1 . 'file following: aineiidment to section 5 of article 9 of the f?on- been some doubt. stitutlon of the State of Minnesota is hereby proposed to the people of the State of Minnesota for their rejection or approval, which said section, when amended, shall read as follows; UlliO. Soldiers' Bonus Resolution Approved by Legislature. "Section ."i. For the purpose of defraylnp: extraordinary expenditiwes. tlie — The resolution proposing to give a bonus of $10 for each State may contract public debts, but such debts snail never in the ags^reKale exceed [two hundred and fifty thousand fiflu mitlion dollars c\ery smJi month of service to ex-service men and women of Ohio J ' debt shall be authorized by law for some single object, to be; distinctly (V. 112, p. 281) has been passed by both branches of the specified therein- and no such law shall take effect until it shall have been passed bj the vote of two-thirds of the members of each bran<-h of the General Assembly. The "Ohio .State .Journal" dated Feb. Legislature, to be recorded by ye^is and nays on the journals of each Houst; 10 had the following to say in the matter respectively and every such law, in all cases wlierc funds are not olhericise soldiers' proposal will go before people nt^rt available, shall levy a tax annvially sufficient to pay the annual interest The bonas the November by unanimous vote of both houses of the Cieneral As,sembly. It i^i in the [of] upon such debt, and al.so a tax sufficient to pay the principal of such form of a constitutional amendment authorizing the issuance of $25,000,000 debt within [ten] /i/.'i/ years from the final passaKe of sucn law, and shall specially appropriate the proceeonds to the public to (-ontinue work on the oitj'V. hydro- their completion."] electric Skagit River. Section 2. This proposed amendment shall be submittal to the people development on the (V. 112, p. 580). of the Stat« for their approval or rejection at the general elwtion next With regard to the matter, the Seattle "Post-Intelligencer" occurring aft«- the passage of this Act, and the qualified electors of this says: .State, in their respective districts, niay at such eltctlon vote for or agaiivst such amcndnient by ballot, and the returns thereof shall be made and cer- "The committee had under consideration a suggestion from Mayor tified within the time and such vote canvasses and the result thereof de- Caldwell that the council advertise for sale $1 .000,000 or $2,000,000 worth clared in the manner provided by law with reference to the election of State of Skagit bonds, the bids to be opened Feb. 25. Committee members officers, and if It shall appear thereupon that a majority of all the electors expressed the belief that this procedure would interfere with the snccess of voting at such election, as provided in the next section, have voted in favor a plan previously adopted by the council on the mayor's recommendation, of the same, than the GoveiTiov shall make proclamation thereof and such whereby bids have been invited from mamifacturers of hydro-electric amendment shall take effect and be in full force as a part of the Constitution machinery to furnish $1 ,000,000 worth of machinery accepting in payment of this Stat«. therefore Skagit bonds. A call for bids on this plan has already been adver- Section 3. The ballots used at .said election on said amendment shall tised by the Board of Public Works, the bids to be opened Fob. 18.

    have printed thereon: amendment to section ."i of article 9 of the Constitu- In voting to place on file the mayor's i-ecommendation that an attempt tion of the Stat-e of Minnesota, relating to the public debt, Yes ( ). be made to sell Skagit bonds for cash, the committee indicated its intention No (—— ), and each elector \oting on said amendment shall place a cross to adopt the plan should the effort to purchase Skagit machinery with mark thus (X) in the spac«' to be left opposite either the word "Yes" or bonds prove a failure. 'No." and shall be counted for or against the proposition in accord;ince Councilman R. H. Thomson advised against purcha.se of machinery for with the expressed will of the electors, as provided bv the election laws of the Skagit at this time, declaring the equipment will not be needed for a the State. year or two, and expressing the belief that in the meantime the basic price Section 4. This Act shall take effect and be in force from and after its of steel will drop and transportation rates decrease, which wotild enable passage. the city to negotiate the purchase on more s.iti.sfactory t«-ms." bill before the Extension of Debt Limit Proposed. —Another Suit to Prevent Appropriations for Support of Car Lines— Minneapolis Le^gislature proposes to amend Section ti of Temporary Restraining Order Issued .Against Payment on Ai'ticle 9 of the Constitution by lowering the minimum Utilities Botids. — It is stated that a suit has been filed in the denomination of bonds to be Issued from .1^530 to .'$100, and Seattle Superior Court asking that the City of Seattle be extending the time of maturity from ten years to fifty years. enjoined from appropriating any further money from the We print this bill below showing the proposed new matter in general fund for the support of the street ear lines and that italics and the matter to be eliminated in brackets. th(i City Treasurer be cnjoint d from setting aside rt^ceipts Be It Enact«d by the L«'gisJature of the State of Minnesota: of the car lines for the purpose of paying interest on utility .Section 1. That the following amendment of Section 6, of .Article 0. of the constitution of the State of Minnesota, be and the same hereby is bonds while warrants for labor and operating expen.n] fifty years after the final earnings of the lines, that the matttT of purchasing the lines ha-s never Eassage of the law authorizing such debt ; and such bonds shall not be sold been "legally submitted" to the voters of the city and that the deficiency y the State under par. A correct registr.v of all such bonds shall be kept for the year 1921 If the city continues to operate the lines will be at least by the Treasurer, in numerical order, so as always to exhibit the number SI .000.000. fourteen Seattle business men >evterday momaig filed suit In and amound unpaid, and to whom severally made payable." the Superior C^ourt asking that the city be enjoined from appropriating Section 2. This proposed .\meudment shall l)e submitted to the people any further moneys from the general fund for the support of the .system of the State for their approval or reje

    764 THE CHRONICLE [Vol. 112.

    that they bo lnBtriict«d by a inann I hn l>i>n(ls. water works and el<:elrle liifht, jdant bfinds offenvl on Feb. 12--V. 112 That tho 'I'P(!.a.surc!r and ('oinplrollcr bn n;(|iiiiii<'(;n p.ild out of the Koiicral fund Due $1,000 yearly on Sept. 15 from 1930 to 1940, Inel., and 8.5O0 Sept. 15 for opcratlntt or iualul;ilnlnK the <'ar linos and to sot asides funds to the 1!I4I amount of tlio doproclatlon rharKos uindn aRalnsl the- system since It has boon opcralod by tlie city boforo niakluK any payments on tho Interest or APPANOOSE COUNTY IP. O. Centerville), Iowa.— flOA'D .SALE.— princli)al of tho bonds. Phe UhiK -I'hillips Co. of Davenport has jnin-hasod SOO.OOO 0% funding That tho ('ourt docroo that under the State constitution city bonds at and charier 100.17. Date Jan. 1 1021. Int. .M . & N. the enllre cost of operation, maintenance and depreciation charges shf)Uld before principal be paid the and Interest on tht; bonds and that city ordl- ARLINGTON, Reno County, Kan«. BONDS VOTED. An issue of tiiincos provldInK otherwise are void. — $10,000 (!lci;tric-dl>ilrlbuting system bonds has been voted. It Is stated. The complaint recites at Ien«lh thj! hlstorj' of the purchase by tho city of the car lines, reading Into the complaint the lanKuagc of the ordinance ARMONA SCHOOL DISTRICT, Kings County, CaliL—BOND by wlilch tlie special fund for paying off tho bonds was created and tho 0/'/''/v'«7jV6'.— l'r()i)0.sals will be received by E. F. i'iekerell. County Clerk method of i)ayment fixed. d'. O. Jianford). for $fi5.000 G% school F)onds until March 4. Denom. Tt Is asserted that the ratification of the contract a vote by of the people $1,000. Date Feb. 8 1921. Due $5,000 yeariy on Feb. 8 from 1922 to .ind that the matter of buying lines wcro legally the never submitted to a ]'.y.i4 inclusive. 70t6 of tlio i)eople. The complaint assorts further tliat at the time that the city purchased ASHE COUNTY (P. O. Jefferson), No. Caro.— nOATD .SALE the systeni the lines and rolling stock were In a "run-down and out-of-rcpalr CAN- CELED.—BONDS RE-OFFERED. An issue of $300,000 coupon road condition." and for that reason It has been Impossible since the system was — 6% bonds was sold on Nov. 16 1920 to Prudden & Co. and Sidney. Spitzer & Co. acquired by the city to operate It so as to nay operating expenses, malnle- (V. Ill, p. 2155), but because of a requirement in the Municipal Finance nanco costs, depreciation and Interest and principal on the bonds out of Act of the Special Session, to the effexrt the earnings of the system. August 1920. that county bonds bo advertised, according to Municipal Finance Act wVJch laws were not The assertion Is made that In 1919 charges for operating the system that — available until this month rather than await decision should have been charsed against the .street-car fund were charged to other — of Court to settle t(!chnical questions, the Board of Good Koads Comml.sslon has decided to funds and to the g(?iieral fund In the sum of .$10.5.721.01 and that In 1920 resell said bonds, fiw. former award having been canceled at request of similar charges totaled .'6117.803 78. The further sum of .?S.3.000 Is alleged purchasers. The bonds will be ro-offcred on Feb. 23. Proposals for these to ha\e been appropriated from the gontiral fund In Oocembor 1920. bonds will be received until 4 p. m. on that day 8. Parsons. Chair- further de-laratlon Is made In tho complaint that under the State by G. A man of the Koads Commission. laws the warrants for wages of tho employees of the company have a prior Good Denom. $1 .000. Date Dec. 1 1920. Prin. and semi-ann. int. payable at the U. S. Trust Co.. V. claim over the warrants for principal and Interest, as provided in the pur- Mlge. & N. chase contract. Due $30,000 yearly on Dec!. 1 from 1941 to 1950, Incl. Cert, check on a solvent bank or trust company for of the of bid for, paya- Asserting that there -was a deficiency of .$,'),50,000 In 1919 and a further 2% amount bonds ble to the Good Roads Commission, required, or in lieu thereof an equiva- deficiency of $5()0.000 In 1920. tho complaint declares that In 1921 tho lent of deposited deficiency will reach the sum of $1,000,000. cash with the Secretary of the Board. The bonds arc Stating that the legal debt limit of the city at the time of the purchase issued under authority of Chapter 467, Public Local Laws, Session 1919. will be printed the will once. of the car lines left a margin of only $2,800,000, the complaint alleges and by county. They be ready for delivery at defects as to other that the city exceeded Its constitutional limit of indebtedness by entering Any requirements of publication under new law or any Into the purchase contract. technicality which might delay favorable legal opinion will be cured, it is Concluding, the complaint asserts that unless restrained the city authori- stated, by special Act by present session of General Assembly. Legal opinion of Oakley, well will ties will use money from the general funds to make further payments on the Wood & or other recognized bond att,orneys. Interest and maintenance costs of the system. bo furnished at expense of county. Official circular states that there If or litigation affecting this issue of The fourteen men whose names appear as bringing the action are; S. B. no controversy ponding or threatened Asia, of the Victoria Shoe Shop' Daniel W. Bass, Associate Manager of the bonds, the corporate existence of the county, or issuing board or its officers. Hotel Frye and President of the Atlas Lumber Co.- John H. Carter, Presi- Bonded debt (including this issue). $520,000. The actual assessed valua- dent of Carter, MacDouald & Miller, real estate- Herman Chapin, property tion as equalized by the re-assessment board of 1919-20 is $17,770,707. holder- Pierre P. Ferry, lawyer. Secretary of the Leary Collins Land Co., and the estimated real value would be from twenty to twenty-five million President of the Third Avenue Improvement Co.- Theodore N. Haller, dollars. Population 1920 (Census), 21.001. heavy property holder- Paul C. Harper, President-Treasurer of William C. ASHVILLE, Buncombe County, No. Caro.-BOND SALE. The Harper & Son, bonds and mortgages- Roy J. Kinnear, President of the — street bonds, offered on Feb. 15 V. 487 were sold Building Owners' & Managers' Association, Treasurer of the Kinnear $160,000 6% — 112, p. — on that to Stifel-Nicholaus Investment Co. of St. Louis at par and Realty Co.- Wlnlock W. Miller, heavy property holder. Regent of the day the interest. Jan. yrly. on Jan. 1 as follows: University of Washington- Emanuel Rosenberg, Vice-President and Treas- accrued Date 1 1921. Due 1922 to 1928, incl., and 1929 to 1934, incl. A bid of urer of M. Seller & Co.- Roy C. Southworth, Treasurer of the Bon Marche- $10,000, $15,000, $1.53,300 was also submitted by Weil, Roth Co. J. W. Townsend, Superintendent of Frederick & Nelson- David Whitcomb & BOND SALE.—On the same day the $32,000 6% funding bonds—V. 112, of the firm of Beebe & Whitcomb , President of the Arcade Building & Realty 580 were sold to J. Adams, Attorney, at 100.31 and interest, a basis ,Oo.- Worrall Wilson, President of the Seattle Title Trust Co. and of the p. — G. Jan. 1 from Dime & Dollar Savings & Loan Association. of about 5.94%. Dat« Jan. 1 1921. Due $4,000 yrly. on The three law firms engaged to bring the suit are Tucker & Hyland, 1924 to 1931, incl. the firm headed by Wllmon Tucker, who was Mayor Caldw-ell's special ATTLEBORO, Bristol County, Mass.— TEMPORARY LOAN —Ob repre-sentative in the investigation of the purchase of the lines- Chadwlck, l^b. 15 a temporary loan of $50,000, dated Feb. 16 and maturing Nov. 16 McMicken, Ramsay & Rupp, and Preston, Thorgrimson & Turner. 1921, was awarded to the First National Bank of Attleboro, at 5.15% dLs- count. West Virginia. —Extension of Municipal Debt Limitation Proposed.—Among the bills before the West Virginia House AVERY COUNTY (P. O. Newland), No. Caro.—BOiVD SALE.—The Hanchett Bond Co. of Chicago was awarded on Feb. 10, it is stated, the of Representatives is one which proposes to amend and re- $150,000 6% 40-year bonds—V. 112, p. 391 —at par. enact section 1 of chapter 47a of Barnes' Code of West N. Freeman Virginia as amended and re-enacted by section 1 of chapter 8, BAYONNE, Hudson County, J.—BOND SALE.—M. M. & Co. and the Mechanics Trust Co. of Bayonne, have ne^tiated a deal Acts of 1915. The bill proposes to extend the bonding with the city, whereby they acquire an issue of $346,000 6% gold water power of municipalities to 2}4% of the value of taxable bonds, which are now being offered to tho investing public at 102 to yield 5.60%. Date Feb. 1 1921. Prin. and int. payable in New Yori£. Due property therein for the purpose of constructing and im- Feb. 1 1927. proving roads and bridges in addition to the present 2 3^% Financial Statement. Assessed valuation of taxable property $97,870,449.0 limit. We print section 1 below showing the proposed Gross debt (including this issue $9,556,527.79 matter in italics: Less water debt and sinking fund 5,296,495.08 Section 1. county, city, school district or municipal corporation, No Net debt -- $4,260,032.71 except In cases where such corporation has already authorized bonds to be ifisued, shall hereafter be allowed to become indebted in any manner or for BELLE PLAINE, Sumner County, Kans. CORRECTION.—The any purpose, to an amount, including existing indebtediie.ss, in the aggre- price at which Vernon H. Branch of Wichita obtained the $30,000 6% gate, exceeding two and one-half per centum on the value of all taxable paving bonds on Jan. 17 was 95.25 (not 100. as stated in V. 112, p. 674.) property therein; to be ascertained by the last assessment, for the State (P. O. Bentleyvillc), Wash- and cbunty purposes, previous to the incurring of such nor, BENTLEYVILLE SCHOOL DISTRICT indebtedness; Feb. the $85,000 without at the same time providing for the collection of direct annual ington County, Pa.—BOND SALE.—On 10 5)4% a that 487 were awarded to ax to pay annually the Interest on such debt the principal thereof school bonds offered on date—V. 112, p. — and and interest, within and not exceeding thirty-four years. MuUin, Briggs & Co. of Philadelphia, for $86,759.50 (102.07) a basis of about 5.25%. Date Oct. 1 1920. Due $4,000 j^early on Oct. 1 Provided, however, that any county, magesterial district or group of mages- to incl., and $1,000 Oct. 1 1942. The following are terial districts, is hereby authorized and allowed to become indebted, notwith- from 1921 1941, additional bids received: standing anything in this Act to the contrary, in an additional sum not to exceed Miners Nat. Bank$86,250 1 Davis R. Hill, Pittsburgh. .$85,606 two and one-half per centum on the value of the taxable property therein, ascer- Farmers & Co., Pitts.. 86,530|Glover McGregor. Pitts.. 85,582 tained as aforesaid, for the purpose of locating, grading, draining, paving and J. H. Holmes & & permanently improving the roads or highways and for the construction or repair BENTON COUNTY (P. O. Fowler), Ind.—BOND OFFERING.— of bridges therein, or the purchase of existing toll bridges. Provided, further, Frank E. Cones, County Treasurer, will receive bids until 10 a. m. Feb. 28 however, that any city or municipal corporation of five hundred inhabitants or for $14,342.55 4}i% Samuel Widmer et al. Gilboa Twp. road bonds. more is hereby authorized and allowed to become indebted, notwithstandi7ig Denom. $717.13. Date Feb. 15 1921. Int. M. & N. Due $717.13 each anything in this Act to the contrary, in an additional sum not to exceed two and six months from May 15 1922 to Nov. 15 1931. incl. one-half per centum on the value of taxable property therein, ascertained as aforesaid, for the purpose of grading, paving, sewering and otherwise improving BIGGS, Butte County, Calif. BOND SALE.—The city of Biggs has the streets and alleys of said city or municipal corporation: the term "sewering awarded the $45,000 6% municipal sewer bonds, voted during March 1920 being used in a comprehensive sense so as to include mains, laterals, connec- (V. 110. p. 1336). to Freeman, Smith & Camp Co. at par and accrued int. tions, traps, incinerating and disposal plants, and other necessary and con- Due serially. venient accessories to a modern, saititary and efficient sewerage system; and. COUNTY SPECIAL ROAD AND BRIDGE DISTRICT provided, further, that no debt shall be contracted under this section, unless BREVARD 6, Fla. BOND OFFERING. N. T. Froscher. Clerk Board of County all question.'; connected -with the same shall have been first submitted to a NO. — Commissioners (P. O. Titusville) will receive sealed bids until 10 a. m. vote of the people, and have received three-fifths of all the votes for and March 9 for the $175,000 6% bonds—V. 111. p. 2063. Denom. $1,000. against the same, and, provided, further, that in all cases where like authority Date Feb. 1 1920. Int. payable on the first days of February and August is given to such cities or municipal corporations by their charters this section except the first year, and the entire interest for the first year shall not apply. of each year, shall be due and payable on Feb. 1 1921. Due on Feb. 1 as follows: $25,000 in each of the years 1925, 1930. 1935. 1940 and 1945 and $.50,000. 1950. Cert, check or bond for at least 2% payable to the Chairman Board of Coun- ty Commissioners, required. Bonds are issued under Chapter 6208, Laws BOND PROPOSALS AND NEGOTIATIONS of Florida, 1911, and amendments thereto. Official circular states that this week have been as follows: there has never been any default in payment of district's obligations and that there is no controversy or litigation pending as to validity of these bonds, or the title of the present County officers to their respective offices. The ABBEVILLE COUNTY (P. O. Abbeville), So. Caro.—BOND OFFER- validity of these bonds has been approved by the Judge of the Seventh ING.-—J. S. Stark, Chairman of the Highway Commission, will receive Judicial Circuit of Florida, and the approving opinion of Jno. C. Thomson bids for $450,000 6% coupon highway bpnds imtil 12 m. Feb. 28. Denom. of N. Y. -will also be furnished. Total Bonded Debt (including this issue) $1,000. Date Jan. 1 1921. Prin. and semi-ann. int. (J. & J.) payable at $175,000. The true value (estimated) of aU taxable property in the the Guaranty Trust Co., N. Y. Due $15,000 yearly on Jan. 1 from 1922 district is$2,539,071. The as.sessed valuation of real and personal property to 1951 incl. Cert, check for 2% payable to L. W. Keller, Secretary of the equalized for 1920, in said district, is .$794,499. Population 1920 (est.) Highway Commission, required. 2.000. AITKINS COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 39 BROCKTON, Plymouth County, Mass.—TEMPORARY LOAN — (P. O. Swatara), Minn.—DESCRIPTION OF BOJVDS.—Additional On Feb. 15 the temporary loan of $200,000 dated Feb. 17 and maturing information is at hand relative to the sale of the $40,000 6^ % school bldg. Nov. 9 1921 (V. 112, p. 674) was awarded to the Fu-st National Bank of bonds awarded on Dec. 28 to Gates. White & Co. of St. Paul at par—V. 112, Boston on a 5. 58% discount basis. p. 178. Denom. $1,000. Date Dec. 15 1920. Prin. and semi-ann. int. (P. (J. & D.) payable at the Capital National Bank St. Paul. Due Dec. 15 1935 BROOKVILLE CONSOLIDATED SCHQOL DISTRICT O Brookville), Montgomery County, Ohio. BOND OFFERING.— ALCOA, Blount County, Tenn. PURCHASER—BOND SALE.— Mark W. Howett. Clerk of Board of Education, -will receive bids until The purchaser of the $125,000 6% sower bonds on Dec. 31—V. 112. p. 12 m. Feb. 26 for $196,000 6% schopl bonds. Denom. $1,000. Date 487—was the Aluminum Company of America of Pittsburgh. Pa. On Mar. 1 1921. Int. M. & S. Due each six months as follows: S3.000 Mar. 1 incl.: the same day the company named also purchased a $25,000 6% funding 1930 to Sept. J 1938, incl.; $6,000 Mar. 1 1939 to Sept. 1 1944. and bond issue. Both issues bear the following description. Denom. $1,000. $7,000 Mar. 1 1945 to Sept. 1 1949, incl. Cert, check for 5%, payable Date .Tan. 1 1921. Int. J. & J. Due Jan. 1 1941. to the Clerk, required. ALBION COMMUNITY HIGH SCHOOL DISTRICT NO. 200 (P. O. BRYAN, Williams County, Ohio.—BOxYD OFFEBTA^G —Proposals Albionl, Edwards County, III. BOND SALE —Whitaker & Co of St. for the piu-chase of $12,000 6% fire dept. bonds, will be received until Louis liave purchased .SI 00. 000 5% school bonds, -which they are now offer- March 7 bv John A. Neill. Village Clerk. Denom. $.506. Date March 1 ing to investors at prices yielding from 5 40<^ to 6%, according to reports. 1921. Int. M. &; S. Due $2.0()0 yearly on March 1 1922 to 192i, incl. Int J. & D. Due serially from 1921 to 1940 incl. Certified check for 214% of amoimt of bid, reqmred. . — . — — — — — — — .

    Fm. 19 1921.] THE CHRONICLE 705

    COLUMBIA, Richland County, So. Caro. BOND SALE.—^The- fJmiranty Co. of . N Y offering 103.71 & Int . a b,i.sls of about 5 69%. was awarded the $300,000 ii% street impt. bonds on Feb. 16— V. 112. p. 674. Date Jan, 1 1921. Duo Jan. 1 1941. In giving the notice of the offering _ i-aiiii. — nil,, vj . ct ij.i imyauir ai. in. of Covington. Duo yearly on July 1 as follows: $.000, 1922 to Vernon II Hranch of Wichita. Ocnoni. $500. Date Fob. 1 1921 . Int. 11131. Incl.; to 1937. Incl.; $l,5(5o F. $1,000 1932 1938 to 1943 ajid $1,000, & A. Due Feb. 1 1931. I'JM to 1947, incl. CANTON SCHOOL DISTRICT (P. O. Cantont. Stark County, CYPRESS CREEK TOWNSHIP, Franklin County, No. Caro.— Ohio—BOAro SAUi.—Ou Feb. 11 the $29S,000 V>% sdiool BO.XI) ,S. !/,/•;.- l)onds, offenwl On Jan. 3 llnicc ('ra\ 5% of 1919, on .Ian. 10— Keane. ni(?bio& Co.-- 310 0S9 -V. Ill, p. 2443 —have been sold to Caldwell & Co. and the Weil. Uoth & Co. (bid conditional: not accepti^)! ." .\nierican National .Securities Co.. liotli of N'asiivillo. jointly. Date Jan. 1 1920. Due ye;irly on Jan. 1 as follows: 1 .000 to incl.. Prudden & Co. offering to refund into .O^f '>"98 OOO S 1922 1920, % •SN.OOO to incl.: to incl.: '"'""].• ^" refund into 1927 1931, .$12,000 1932 193S, .S;l6,000 1939 and "^'t'i^o'^JJ J**"'"*""'"*-' $150,000 5H%.tai:lnBr »I'i8,000 at 6% 298.272 1940; $20,000 1941 to 1945, incl.; and $24,000 1946 to 19.00. incl. Natrona County, V/yo.—BOND OFFKIiING DE KALB COUNTY (P. O. Decatur), Ga.—BOND .^ALE.—On Feb. £!^^^JI^• POSTI'OXrcn the —The offeruiK of the five issues of 6% bonds, aKPrefratinp SS3.0.000. which 15 Trast Company of Georgia of Atlanta was the succos.sful bidder at wa,s to have 00.02, a iKLsis of about 5.85%, for the $250,000 ro:id bonds— V. 112. taken place on Feb. 1.0— V. 112, j). 392—has been postponed 5% until March 21. The bonds are described as follows: 1). 675. D,ato Jan. 1 1920. Due on Jan. 1 as follows: $20,000. 19.38. $30,000. 1939. and $40,000, 1940 to incl. *.9x'29" 1.0-30-year (opt.) water bonds, Denom. $1,000. 1944, 1.00.000 10-20-year (opt.) seweraKo bonds. Denom. $1,000. DELAWARE (State of).—BIDS —Wo are in receipt of the following lO-W-year (opt.) fire dept. bldp. bonds. Denom. ,S500. list of bids which were subinitt(!d on l4 Jan. 1 1921. Assessed valuation 1919. $1,043,963. This is the only debt. Population, officially estimated rr556. ERIE SCHOOL DISTRICT (P. O. Erie), Erie County, Pa.—BOND IU^"Rn^n^f/^i^'T^J*T,^'STRICT (P. O. Chicago), Cook County, OFFERING.—We are in receipt of complete details of the offering on III.—BOjVD .S.4LE.—The Hams Trust & Savings Bank of Chicago, offering Mar. 1 of the $.000,000 4M% coupon (with privilege of registration), a basis S? Sn?; ^L^^rVv^^^' ^1"^l •^9 95.3988, of about 5.69%, was awarded tax-free school building completion bonds—V. 112. p. 675. R. 8. Scobell, »v(,000,000 5% coupon (wnth privilege of registration) bonds, which thev Business Manager, will receive proposals until 2 p. m. on that date for the are now offering to investors at 973^ Denom. $1,000. Date Jan. 1 issue. April 1 IMn. and semi-ann. int. Prm. 19'^l Denom. $1,000. Date 1921. and semi-ann. int. (J. & J.) payable at the Sanitary District Treasur- (A. & O.) payable at the District Treasurer's office. Due $20,000 yearly er s office. Due $500,000 yearly on Jan. 1 from 1927 to 1932, incl. on April 1 from 1925 to 1949, incl. Cert, check for 2% of amount of bonds Financial Statement. payable to the "School District of Erie", required. Bids must be made on Real value of taxable property, estimated $3 528 076 324 l>lanks furnished by the Business Manager. Purchaser to pay accrued int. Assessed valuation for taxation . . l'764'288'l62 The official circular states: "This issue, and the form of bond and coupon Total debt (this issue Included) _ , ' 16 will be certified to as to legality by the solicitor of the School District. The " "' "" .#i,>jou971 000 Population, estimated, 3,000.000. requii'ed certified statements will be filed in the office otthe Clerk of Quart«r Sessions. The district has never defaulted the principal or interest nor H^'y^^^CO'J'^TY (P. O. Jeffersonville), ^.f Ind.—BOiVD OFFERING.— repudiated any issue of bonds, nor is it nor has it been engaged in litigation Fifer. County Treasurer, will receive i » bids until 10 a. m. Feb. 25 concerning any bonds. There is no controversy pending or threatneed £,>- Slov-SO Homer G. 4^% Stacy et al. Utica twp road bonds. Denom. affecting the corporate existence of the boundaries of said district or the 1921 Int. N. . M . & Due $786 each six Xir^- , P.^:^J^^^.^ months from title of its present officials to their respective offices. The bonds will be May 15 1922 to Nov. 15 1931, incl. issued under the provisions of the Act of A.ssembly of Peima. of April 20 Brazil), 1874, and its supplements." «Q« oAX^.S^^'^I^ i^- °- Ind.—BOND SALE.—THa block of |jJ6,000 5% W R. Jones et al. Van Buren Twp. road bonds offered on Financial Slatement. vet). 10— V^ 112, p. 581 —was awarded to the Brazil Trust Co. at par and Bonded Debt, created without authority of voters.. $1,&40, 000 interest. Due $1,800 each six months from May 15 1922 to Nov. 15 1931 Bonded Debt created under authority of voters 889,600 incl. Total Bonded Debt (excl. this issue) $2,529,000 There were no bidders for the $21,400 4J^% John H. Strain et al. county Sinking Fund None line and $17,400 5% W. W. Jones et al. Po.sey Twp. road bonds offered Assessed valuation 1920 91,848,908 at the same time. Tax rate 1920— 14 mills. Value of school property 6.200,000 CLYDE, Sandusky County. Ohio.—BOJVD OFFERING.—Proposals until 7 p. m. Mar. 4 by R. L. Harnden. Village Clerk, for Population, City of Erie, 1920 census, 102.093. J^c'^aJ? ^*!S'"^*^^ a school $5,000 6% refundin,g bonds. Denom. .S,000. Date Mar. 1 1921 Int On April 13 1920, a portion of Millcreek Townsh' j, which has yearly ' bonded debt of $50,000, was annexed to the City of Erie. It h;is not u- f ? .?-H? 51 .000 on Mar. 1 from 1926 to 1930, incl. Cert! Check for $300, payable to the Village Treasurer, required. I'urchaser to yet been determined what portion of this delit. if avy, is to be assumed by pay accrued interest, Erie School District. The school tax-rate of Millcreek Townsliip for 1920 COCONINO was 10 mills. COUNTY SCHOOL DISTRICT NO. 1 (P. O. Flagstaff), The assessed valuation of the School District, including the annexed OFFERING.—On Feb. /^'^•"~^f?'l° 26 $275,000 6% serial school-bldfr! territory for 1921. is $109,854,446. bonds will be offered for sale. Dated Aug. 15 1920. Int. A & F with Henry prmcipal payable at National Bank of Commerce. N. Y. Due $27 .000 ESSEX COUNTY (P. O. Newark), N. J.—NOTE OFFERING.— annually from 1931 to 1910. both incl. C. Hines. Director of Board of Chosen Freeholders, will receive bids until COITSVILLE 2 p. m. Feb. 25 for $500,000 tax-anticipation notes, the interest rate to be TOWNSHIP RURAL SCHOOL DISTRICT (P. O. named )>y the bidder. Denom. as requested by purch;»ser; not less than Scienceville), Mahoning County, Ohio. BOND OFFERING —C F Date Mar. 1 1921. Dec. 1021 al the Merchants & Shipton, Clerk of $.00,000. Due 30 Board of Education, will receive bids until 8 p ni Feb 24 Manufacturers' National Bank of Newark. Certified check for $5,000. for $20,000 school 6% bonds. Denom. $1,000. Date Feb 24 19'>1 payable to R. W. Booth. County Treasurer, recjuired. Bonds to be de- anfj semi-ann. int. (F. A.) payable at E^'",- & the Commercial National livered and paid for on March 1 at the County Treasurer's office. Bank of Youngstown. Due $2,000 yearly on Feb. 24 from 1928 to 1937 mcl. Cert, check for $500. payable to the clerk, required. EXCELSIOR SPRINGS, Clay County, Mo.— BOA'/) OFFERING.— Until 7:30 p. m Feb 24 Walter L Baker, City Clerk, will receive bids for COLLEGE CORNER, Butler County, Ohio. — BOND OFFERING an issue 10-20-year (opt ) sewage-dLsposal plant bonds, which C. B. Howe, Village Clerk, of $25,000 6% will receive bids until 7 p. m. Mar. 7 fur $5 000 authorized a vote of 319 to 24 on Feb 8 1921 Bonded debt. $68,- fu-e was bv 6% apparatus bonds. Denom. $.000. Date Mar. 1 1921. Int. semi- 000 .^.ssessed value, $2,032,000. Population 4, .000 ,^___ *500 yearly on Dec. 15 from 1922 to incl. ?IJ5,- P"® 1931, Cert, check for BIDDERS.—There were no 10% of amount of bonds bid for. payable to the Village Treasurer, required FORT LEE, Bergen County, N. J.—NO bidders for an issue of $12,000 5% fire-apparatus bonds offered on Feb. 16. COLLINS SETTLEMENT SCHOOL DISTRICT (P. O. Crawford)! Denom. $1,200. Date Julv 1 1920. Int. J. & J. Uue $1,200 yearlylon Lewis County, W. Va. BOND SALE. Feb. —On 11 the $50,000 6';, July 1 from 1922 to 1931 . incl. school bonds—V. 112, p. 488—were sold to the Lewis County Bank and the Covington), Ind.— BO.VD OFFERING. National Exchange FOUNTAIN COUNTY (P. O. Bank both of Weston, jointly. Date July 1 1920 Albert H. McElwee. County Treasurer, will r<>ceive bids until 10 a. m. Due on July 1 in each of the years — 1925, 1930. 1935 and 1940. Mar. 9 for $28,480 5% Wm. E. (iary et al. Millcreek Two. road bonds. si.v COLORADO SPRINGS, El Paso County, Colo.—BOA^D ELECTION Denom. $1,424. Date Feb. 15 1921 . Int. M.&N. Duo $1,424 each incl. ;—Voters of Colorado Springs will cast a ballot in the April election on the months from May 15 1922 to Nov. 15 1931 . __ ^ issuing of .$600,000 in bonds for the erexrtion of a municipal auditorium FRESNO IRRIGATION DISTRICT (P. O. Fresno). Fresno County, 1 1 is report ed Calif. BOND PftOPO.s/7'/O.VN \OTED.—Uy a majority of more than —— :— — — — ——. — — — .

    766 THE CHRONICLE [Vol. 112.

    26 to 1, the voterK of this dihlrict. in a npocial oloctlon Kanctlonod the $1,000. Date Dec. 1 1920. Int. M-mJ-aan. Due Dec. 1 Ift'iO. Ctrtified Issuauci' ot $1 ,76©.00O bondx for the purchase of the plant and K.vsH'm of the chock for 5% of amount of bid. payable to the VllUge TroaMorcr, Vrvsna required. lAmU & C^tuaal Oorporation. A voto of mom than IS to 1 approved Bonds to bo delivered and paid for within 10 days from date ot award. Ihu M^oail ItKoe ot $200, fWO for making improvemont.s In tho systeni. Purchaser to pay a<«rued intn'st . thr .lames .\I . .\daras. County Treasurer, will rerehe bids until 2 p. m. Feb. 21 •IS.OOO 6% flrtvapjKinitus bond.s offered on that date— V. 112. p. (j?."). for the follow ing gravel road bond..: Date Jan. 1 1921. Due yearly on Jan. 1 as follows: %hOO. 1922 to 1927. $70,000 4 K% W L. Kwing et al. Vineennes Twp. »)ondN De^oms. 60 Incl., and $1,000, 102K and 1029. for $1,000 and 20 for .$.500 Date Auk. 3 1920. Due $3,.500 GOLDMINE TOWNSHIP SCHOOL DISTRICT, Franklin County, each six months from May 1.5 1921 to N'ov. 15 19:i0. IncJ. 13.000 o'-y, (' L WillianLs I't al. PalmjTa Twp. bonds. Denom. $650. No. Caro. liOHI) SALE. 'Tlu' .SIO.OOO fi^'/c .school lionds offerfid on .Ian. :j Date Jan. 4 1921. Due .$6.50 each six monthx from — V. Ill, p. 2643—have boon sold, it Is reported, to Uruco ("raven of May 15 1922 Trinity. to Nov. 15 1931. Inil. 21.000 4'j''; C. W. Wildmum et al. Widner Twp. bonds. Denom. GOSHEN, Utah County. Utah.~B//; REJECTED.—The only bid $600. Date Aug. 3 1920. Due $l.'200 each kU monlh.s from which was fHibraittwi by Keolor Uros., of Denver on Feb. 10 for the pur- -May 15 1921 to .Nov. 1.5 19.30. incl. pose of acqoiriuug S19,000 0% water bonds— V. 112, p. .582 —was rejected. 5.200 4'r.j'; Henry Knmions et al. Decker Twp. bonds. Denom. $260. Date April 6 1920. $'260 each six GRAND RAPIDS, Kent County, Mich. HOXI) .SALE The follow- Due months from May 15 1921 to Nov. 15 19.30. ind. inK two i.ssues ot" 6% tax-frw spi'cial as.sessnieiit Ijonds offered on J-'eb 14 32.000 5%, Henry VollmiT et al Johnson Twp. Ixmds. Denom $g(X). (V 1 12. p 189) wore awarded to J S Bache & Co of New"Vorkat 100 179. Date Jan. 4 1921 . .600 each six months a basis of about 5.029; Due $1 from May 15 1922 to Nov. 15 1931. incl. $2.'>0.000 street-inipt bond.^ Due .S.')O.OnO v<"arlv on Auj? 1 from 1921 to 9.000 J. P. <^iregory et al. Vigo Twp. bonds. $4.50. Datt 1925 inrl 5% Denom Jan. 4 1921 . Due $4.50 each six months from May 15 1922 to Nov. .'iO.OOOsewi'rT^iXjnsl ruction lioiuis Dui' $10,000 yarly I on .\uk from 15 1931. incl. 1921 to 192.'") iml 22.000 5'; .1. B. Frauraanii et al. John.son Twp. bonrts. Denom. $.5.50. GRANT COUNTY SCHOOL DISTRICT NO. 128, Wash.—BOAi> Dale Jan. I 1921. Due $1,100 each six months from May 15 1922 OFFERING.— Vrvuik T. Bell. County Treasurer (I'. O. Ephrata) will to Nov. 1,-^ 1931. incl. receive proposals until 10 a. m. March 7 for the .$8.'). 000 school bonds, at 8,000 5S' Joseph J. Morrison et al Decker Twp. bonds. Denom. $4(X). not excoedint; 6% Interest, recently authorized by a vote of 109 to 7 Date Jan. 4 1921. Due $400 each six months from May 15 1922 V. 112, p. 675. Int. annually. to Nov. 15 1931. incl. Int. M. & N. ("ert . check on any reliable bank in Indiana, for 3% of GRANTS PASS IRRIGATION DISTRICT (P. O. Grants Pass, amount of bonds bid for. payable to the Board of County Comm'rs. required Josephine County, Ore.— BOXD OFFERING.— It is reported that pro- l)osals will bti received until 9:30 a. ni. March 7 by Wilford Allen, Secretarv KNOXVILLE, Tenn.—BOAO OFFERING —John L. Creer, City of Board of Directors, for $.")00.000 G*^,. irrination bonds. Denom. $1 .OOO". Recorder, will receive propo.sals for .$487,000 6% water works refunding Int. .semi-ann. I>ue yearly from 1932 to 1911. incl. Certified check for bonds until 10 a. m. March 1. Denom. Sl.fKKi. Date March 1 1921. '1% reiiuired. Said bonds will be payable in lawful money of the United States of America GREENE COUNTY (P. O. Bloomfield), Ind. BOND SALE.— at the Chaise National Bank, N. Y. Due yearly on March 1 as follows: The Fletcher American Trust ("o. of Indianapolis, has purchased the five $20,000. 1922 to 1945, incl.. and $7,01X1. 1946. C«a. check on some bank in Knoxville issues of 5% road impt. bonds, ags^reccating .S299.100, offering on Dec. 27 for $10,000 payable to the City of Knoxvllle, required. Said V. 112, p. 2444. bonds will be printed, lithographed or engraved, under the direction of the The .S6,200 4H % road bonds offered at the same time have not been sold Recorder, at the expen.se of the purcha-sers thereof. The bonds will be sold .subject to approval as to legality by Chester B. Ma«slich, N. Y.. BOND OFFERING. Her.schel Corbin. County Treasurer, will receive — whose approving opinion will be furnished to the .successful bidder. bids until Mar. 4 for the following road impt. bonds: .$8,000 4J^% 10-vear serial Alexander J. Bays, Richland Twp.; .$12,900 43/^% 10-vear serial LAKE (P. O. Crown Point i, Ind.—BOA'D OFFERING.— William COUNTY O. Winters Grant Twp.; «14.600 4V^% 10-year serial Daniel V. Ralph IJ. Bradford, County Treasurer, will receive bids until 10 a. m. Feb Beck, et al. Stafford Tvirp.; $9,700 i]i% 10-year serial William Barcroft, 21 for the following 4K>% gravel road impt. bonds: Wright Twp.: $14,700 4M% 10-year serial Zack Rubottem, Taylor Twp.: $50,000 John Love West Creek Twp. road bonds. Denom. $1,250. Due $52,000 5% l&-installment Irwin Long County Unit; $112,500 5% 10- $2,500 each six months from May 15 1922 to Nov. 15 1931- installment Marion A. Thomas et al. County Unit; and $44,000 Benjamin 40,000 Edward Yates Cedar Creek Twp. road bonds. Denom. $1,000. McDermott ot al. County Unit bonds. Due $2,000 each six months from May 15 1922 to Nov. 15 1931- 37,000 Henrv Ohlenkamp et al West Creek Twp. road bonds. Denom. HAMILTON COUNTY (P. O. Cincinnati), Ohio.—A O BIDS.— $1,000. Due each six months from May 15 1922 to Nov. 15 1931 No bids were received for the four issues of 5 Cincinnati-Dayton 'A 7c Date Nov. 15 1920. Int. M. & N. Intercounty Highway No. 19 bonds, aggregating $237,500 offered on Feb. 11.—V. 112. p. 489. LAUREL, Cedar County, Neb. PRICE PAID.—The price paid by the Lincoln Trust Co., of Lincoln on Feb. 5 for the Improvement District HAWTHORNE SCHOOL DISTRICT (P. O. Hawthorne), Passaic No. 1 7% serial bonds (est.)- $42,500 and the Inter.soction paving 10-20 County, N. J. BOND SALE. On Feb. 15 the issue of coupon 6% — 6% year (opt.) bonds 'est.* $23.500 V. 112. p. 676 was 92.00 and interest. (with privilege of registration) school ijonds, offered on that date V. 112, — — — Bids were also received for the purchase of .said bonds from Bums, Brinker 582 was awarded to F. A. Peters Co. al for p. — & 101.166 $30,000 bonds, & Co.. Omaha. Sidney Spitzer & Co., Toledo, Bosworth. Chanute & Co. a basis of about 5.80%. Date Jan. 1 1921. Due yearly Jan. $2,000 on Denver, State Bank of Laxirel, International Trust Co.. Denver, Benwell. 1 from 1922 to incl. 1936, Phillips. Este & Co., Denver and Bankers Trast Co., Denver. HIGHLANDS, Macon County, No. Caro. BOND SALE.—On LEAVENWORTH, Leavenworth County, Kans.—DJ?SCB/Pr/OA' •Tan. 3 the $35,000 6% school bonds V. 111. p. 2444 were .sold to Bruce — OF BONDS. -The $100,000 e"^- water works bonds, awarded on Dec. 28 Craven of Trinity. Denom. $1,000. Date .Jan. 1 1921. Int. J. & J. to Vernon II. Branch of Wichita at 102.48 V. 112. p. 582 answer to the Due yearly from 1924 to 1949, incl. — — following description. Denom. $1,000. Date Jan. 1 1921. Int. J. & J. HILLSIDE TOWNSHIP SCHOOL DISTRICT, N. J.—BOND SALE Due $70,000 1931 and $10,000 each year thereafter. issue of schoo] bonds has been sold to the Trustees —An $90,000 5% for LEWISTOWN SCHOOL DISTRICT NO. 1 (P. O. Lewistown), Support of Public Schools of New Jersey, at par. Denom. $500. Date Fergus County, Mont. BOND SALE.—The $250,000 6% school bonds, May 1 1920. Int. M. & N. Due serially from 1922 to 1950, incl. offered on Feb. 12 —V. 112, p. 394—were sold on Feb. 15 to the Merchants HOMESTEAD, Dade County, Fla.— BO.VJD OF'FfiR/A''G.— Bids will Loan Co. of Billings, which was acting as agent for the International Tiust be received by R. E. Edwards. Town Clerk, until 8:30 p. m. March 21 for Co.. Bosworth. Chanute & Co., both of Denver, and Taylor. Ewart & Co. $15,000 street impt. bonds Int. F. & A. of Chicago. HUBBARD SCHOOL DISTRICT (P. O. Hubbard), Trumbull LIMA, Allen County, Ohio.— BOA'£> OFFERING.—David L. Rupert. County, Ohio. BOND SALE.—The $25,000 6% high-school-equipment City Auditor, will receive bids until 1 p. m. Mar. 14 for $56,000 6% relief bonds offered on Feb. 12—V. 112, p. .582—were awarded to Poor & Co. of trunk sewer bonds. Denom. $1,000. Date Mar. 1 1921. ftln. and semi- Cincinnati for $25,356 (101.424) and interest, a basis of about 5.83%. ann. int. (M. & S.) payable at the office of the Sinking Fund Trustees. Date March 1 1921- Due $1,000 yearly on Oct. 1 from 1925 to 1949, incl. Due $2,000 yearly on Mar. 1 from 1923 to 1950. incl. Cert check on a The following is a complete list of the bids submitted: solvent bank, for .5% of amount of bonds bid for. payable to the City Poor & Co., Cincinnati... $25,356 001 Weil, Roth & Co., Cleve.. $25,033 75 Treasurer, required. Bonds to be delivered and paid for within 30 days

    Detroit Trust Co., Det... 25,201 00 1 Otis & Co., Cleveland 25,002 00 from date of award. Purchaser to pay accrued interest. HUDSON, Columbia County, N. Y.—BOND SALE.—On Feb. 14 the LINCOLN COUNTY SCHOOL DISTRICT NO. 64 (P. O. Hendricks), $19,000 6% revenue bonds offered on that date—V. 112, p. 676—were Minn. BOND S.ALE.—On Dec. 1. Gates. White & Co. of St. Paul pur- awarded to the Hudson City Savings Institution for $19,167 20, equal to chased at par $8,000 6V5% funding bonds. Denom. $1,000. Date Nov.

    100.88. a basis of about 5.75% . Date Feb. 21 1921. Due $3,800 yearly 15 1920. Prin. and semi-ann. int. (M. & N.) payable at the First National from 1923 to 1927, incl. Bank. St. Paul. Due Nov. 15 1935. Financial Statement. INDIANAPOLIS, Marion County, Ind.—BOJVD SALE.—The $300,000 Actual value of taxables (estimated) $2,000,000 coup>on sanitary district offered 11 6% bonds on Feb. —V. 112, p. 489 Asses.sed value of taxables (official 1920) 611,394 were awarded to the Union Trust ("o. of Indianapolis, at par and interest. Total bonded debt, incl. this issue (about 4 ^2% of assess. val.)_ . 28.0OO Dat« Feb. 14 1921. Feb. 14 1926. There were other bidders. Due no Population (est. 1920). 8.50. BOND OFFERING.—Robert H. Brvson, City Controller, will receive bids until 12 m. Feb. 28 for $28, .500 4.'v% coupon park bonds. Denom. LOGAN COUNTY SCHOOL DISTRICT NO. 54 (P. O. Ilitt), Colo.— $1,000 and $.500. Date Mar. 1 1921. Prin. and semi-ann. int. (J. & J.) BONDS VOTED.-By a vote of 40 to 0. S50.000 6% 15-30 year (opt.) payable at the Union Trust Co. of Indianapolis. Due $1,000 yearly on school bonds carried on Feb. 15. Jan. 1 from 1923 to 1949. incl., and $1,.500 Jan. 1 1950. Cert, check on These bonds have already been reported as being sold to the International some local responsible bank for 2.V^% of imoimt of bonds bid for, payable Trust Co. of Denver, subject to being sanctioned at the said election. The to Ralph .\. Lemcke, City Treasiu"er. required. Bonds to be delivered and notice of the sale and election appeared in V. Ill, p. 2544. paid for at the City Treasurer's office on Feb. 28, or such other date as may (P. Anderson), be agreed upon. MADISON COUNTY O. Ind.—BOND OFFERING.— S. L. Van Petteu. County Treasurer, will receive bids until 10 a. m. Mar. 1 IRONTON, Lawrence County, Ohio BOND OFFERING.—Eugene for $9, .500 5% Richard A. Romme et al. Anderson Twp. road bonds. Haggerty, City Auditor, will receive bids until 12 m. Mar. 2 for the follow- Denom. $475. Date Mar. 1 1921. Inf. M. & 8. Due $475 each six ing four issues of 6% bonds: months from May 15 1922 to Nov. 15 1931, incl. $23,000 water works bonds. Date Jan. 1 1921. Jan. 1 Due 1941. MADISON COUNTY (P. O. London), Ohio.—BOiVDS SOLD IN 12,000 street impt. bonds. Date Nov. 1 1920. Due Nov. 1 1940. PART.—Of the eight issues of 6% ditch-impt. bonds, aggregating $82,500. 18,000 deficiency bonds. Date Nov. 1 1920. Due Nov. 1 1928. offered on Feb. 10—V. 112, p. 489—.$48,000 were sold to the Commercial 6,000 water main bonds. Date June 1 1 1920. Due June 1940. & Savings Bank of London. Denom. $1,000. Prin. and semi-anu. int. payable at the National Park Bank of New York. Cert, check for $500, payable to the City MADISON COUNTY (P. O. Jackson), Tenn.—BOiVZ)S VOTED.— Treasurer, is required with each issue bid upon. The bond issue of $300,000 to meet Federal and State assistance in highway construction and maintenance was passed by the County Court on Feb. 14 IVANHOE SCHOOL DISTRICT (P. O. Ivanhoe), Lincoln County, of a vote of 11 to 2. The (/ounty Judge has been authorized to issue the Minn.— BOiV£> OFFERING .—VntW 1 p. m. Feb. 26 proposals for the bonds immediately. They will bear interest of and will be free from purchase of $100,000 school bonds, at not exceeding interest, will 6% 6% be State. County and Municipal taxation. i-eceived by W . W. Panneck. Cashier, of the First National Bank of Ivanhoe. (P. O. Bradentown), Fla.— IF.4RR/1A'7" JACKSON (P. O. Jacksonville), MANATEE COUNTY COUNTY Ore.—FINANCIAL OFFERING The County of Manatee offers for sale $60.0(X) refunding STATEMENT. In connection with the offering on March 3 of the — — $250,000 school warrants, dated March 1 1921. and maturing 3 years fi-om date. 5% coup|on road bonds, notice of which appeared in V. 112, 489 p. —we Int. at 8%. payable semi-annually. W. L. Kimball, Attomeyi (P. O. are now in receipt of the following: Bradentown). Financial Statement. Assessed valoation for year 1920 $27,417,452 MANCHESTER, Hillsborough County, N. H.—TEMPORARY LOAN True valuation estimated at least 44,222,000 —On Feb. 15 the $300,000 temporary loan, dated Feb. 15 and maturing Bonded debt at present, this issue excepted 500,000 Dec. 7 1921 —V. 112, p. 676—was awarded to Salomon Bros. & Hutzler Present indebtedness, outstanding warrants 124.000 of Boston on a 5.89% discount basis. Last tax levy, 27.3 mills (this includes 10 mills State levy). Population of county, 1920 Census, 20.412. MARICOPA COUNTY SCHOOL DISTRICT NO. 80, Ariz.—B0A"^i3 SALE. —The $50,000 6% 20-year school bonds offered without success on JACKSON TOWNSHIP SCHOOL DISTRICT (P. O. Marysville), Jan. 10—V. 112. p. 394—have beSn sold to Jno. Nuveen & Co. of Chicago. Union Connty, Ohio. BOND ELECTION.—The Board of Education Date Jan. 15 1921. has set Mar. 1 1 as the date for holding an election to vote on the issuance (P. O. Marion), ATO bids were of $300,(X)0 school building bonds. MARION COUNTY Ohio.— BIDS.—No received for the $16,100 6% coupon Halsey & Shoots road-impt. bonds JERSEY CITY, Hudson County, N. J.—BONDS NOT SOLD.—The offered on Feb. 12.—V. 112, p. 582. $1,600,000 coupon or rogist'ered tax-revenue bonds offered on Feb. 17 at a MARSHALL COUNTY (P. O. Plymouth), Ind.—BOND OFFERING.- rate not to exceed G% V. 112. p. 676. The Director of Revenue and — Chas. F. Cooper, County Treasurer, will receive bids until 2 p. m. Feb. 28 Finance wlU endeavor to arrange .i ji: ivale sale. for the following 5% road bonds: KENMORE, Summit County, Ohio.—BOiVDS NOT SOLD.—The $31,100 James H. Matchett No. 3 et al. bonds. Denom. $311. Due $3,600 6% eewage-disposal-w : ':s-enlargemenl bonds offered on Feb. 15 $1,555 each six months from May 15 1922 to Nov. 15 1931. incl. V. 112. p. 489—were not .soi.l 67,700 James A. Matchett No. 2 et al. bonds. Denom. S677. Due - .six BOND OFFERING — Proi) ils for $200,000 6% water-works bonds will $3,385 each months from May 15 1922 to Nov. 15 1931 . ind. be received wntil 12 m. Fe'v 23 by B. O. Sours, Village Clerk. Denom. Date Feb. 12 1921. Int. M. & N. — . — — — —— —

    Vhh. 19 1921.] THE CHRONICLE 767

    MARTINSVILLE. Henry County, \m.—BOND OFFERINO.—Vatll Mill and i 'j>« Amdi. issued under OlMpMr 153 of MmLmw of

    datinl .uii;. 1 , 6'" 12 m. March 5, J. D. Sparrow. Chairman of the Finance Commltftie. will 1919, 1921 and bearing . as fV>llowb.

    1 of the of receive proposals for S250, (KK) C; IM-yi-ars coupon t;ix-froe .scliool bldg .000 bonds denomination $25 fc^ch. nutioring July 1 1941; 1.000 bonds of the denomination of $.50 euch. maturing July 1 1941; and .slnH)t trapt. bond^ authoii/.c-d by a vote of 463 to 4 on Jan. IH 1921 1,750 bonds of the denomination of «I00 «ia/-h. luaturloK July 1 1941: April 1921. Int. seml-ann. (A. &(>.) payable at tli<* office of Town Date 2 500 bonds of the denomination of S.OOO each. ui;iturinf( July 1 1941; ( of the denomiiiutiou 1)00 Treas. Due April 2 1955. 't«rt . check for 2 The official notice of ihis bond offering uill be found among Hie odrerlim- llonii litiilding .Seritf liomli, authorized under chapter 21. of the I^wa ol the 7nents rlsetohere in this Department Ni>eclal Session of 1919. $2.50.000 in denominationa to b« announced

    later. Tlie.se will also be . — dated July 1 1921 and will btar Hi % inUin-»>l MARTINSVILLE, Morgan County, \nd.- W ARH.WT OFf'EHI \G Interest is payable semi-annually Jan. 1 and July 1 on .ill Ixind* Frank <) <;(kx1, City Cl.Tk. will n-cihc bids until 7 p ni Fi'li 21 for llii' These bonds and the income therefponi are lax-free in North Dakota, and followiii.ir f.";; time wamints S2,.'00 walcr works ami Kcni-ral fund Harraiil llii'ii' Is no Federal tax on an.\ .state obligation. dated Feb 22 1921; $2,000 water works and general fund warrant, dated The llauk .Stries bonds are engraved and ready for imiu«dlat« delivery. Mar 15 1921 and SlilOO water works and genei-al fund warrant, dated They are owut-d by and are in the cufclody of the bank Iiiteriin certlri- April 5 1921 Due July 1 1921 al the City Treasun-rs office cates ina.\ be issut>d for Ixinds of the Real Kstat*- Serirts. Mill and Klevator .Series and llcnne lUlilding ,Serles i>ending the engra\ing and delivery of such Middlesex /-O.4.V.—On MEDFORD, County, Mass.—TKMPORARY boiiiLs. Hhicli cei tiflcali's shall be .surrendered to the bank in ex<-Jiaiigu tor Feb. 14 tho K-mporary loan of $100,000. issued in anticipation of revenue, the bond.s. The right is rtiservid to reject bids and to ;>ward allr)iinentto maturing on 1921 awarded to Estabrook S50.000 Nov. 8 and No\. 15 —was and lhe.se i|Uolalions are subject to withdrawal or change without noll<» Co. of Boston, a 5. discount ba.sls. & on .59% The Bank Series bonds are backed and supportotl by the fallh and credit MERCER COUNTY (P. O. Celina^ Ohio.~R()\l) .S.l /,/?.— Stacy & of the Stale of North Dakota and its citizens, and b.v all their financial 5.70^,' »onsil>ilit.\ for each 81 of Ixinds For ihe Keal ii-s Kslate .S(Ties there Is lo lodged the State Trea«uror first luortgageb —V. ll2. p. 490. Date April 1 1921. Due yearly on April 1 follows: bo with $6,000. 1922: $7,000. 192,3; $S.OOO. 1924; S9.000. 1925; $10,000. 1926: on real estate worth a I least double the amount of tho mortgages, as guaranty $11,000. 1927; ?12.000. 192h; .$13,000. 1929; $14,000. 1930: .<.15,000. 1931 for the security of lhes<' bonds, in addition to the faith and cn-dlt of Ihi $16,000. 1932: il7.(K)0. 1933; .SIS.OOO, 193 I; $19,000. 193"); 320.000. 193() Slate. The Mill and Klevator Series bonds are secured by first miiriKages 121.000, 1937; $22,000. 19;iS: $23,000, 1939; $24,000 1910; 825.000. 1911 on all the .Slate mills and elevat-or>. and the property pntaining theri-to, 126.000. 1942: $27,000. 1943; $28,000. 1914: $29,000 1915: $30,000, 1946 in addition lo ihe faith and credit of the Stale. The Home Building Series $31,000, 19-17. and $19,000. 1948 bonds are siu-urc-d by contracts on all honii« built or purchased under the

    pit)vislons of Ihe Home Building .\cl . whereby the Home Buyers' lycague MIDDLESEX COUNTY (P. O. East Cambridge), Mass.— 7 A'JV/- nn'inbers contr.icl to make specified monthly payments on the amortiza- I.OAN.-()n Feb. 15 Estabroek \ Co. of lloston were awarded FORARY tion i)lan for the payment of th»- principal and intertst covered by their a temporary loan of $200,000. maturing Nov. 10 1921 . on a 5.85% discount several conlracts, in addition 10 ihe faith and credit of the State. basi.s. For furlln^r information write lo the Bank of North Dakota (Bond De MIDDLETOWN, Butler County, Ohio. fOM) OFFKRI.Xd Uids parlnienl). Bismarck. North Dakota. Failure of the efforts Ui float these Ibr the pun-ha.w of ^,50 (VMI ti' seuer l>oiiojids has be<"n sold to Stern that $1,386 88 7% street-impt . assessment bonds have been purchased by the Standard Paving Co. of Mode-sto at par. liros Jt Co and I'reseott & .Sniilei- IkjiIi Kansas City. Mo Denom-s *7.-)0 and $1,000 Date Jan 11921 Due $4.7;-)0 warly on Jan I from MORRISON COUNTY CONSOLIDATED SCHOOL DISTRICT 1922 to I'.Ml. inclusive NO. 125 (P. O. Hillman), Minn. DE.SCIiiri IO\ OF rtOA/^.S —The Financial Statement S21.000 It' :% sr-ho-vl bUig Ivnds. wliich Mere .iciiuired on Dec 16 at par bv Ass,.,ss bear the followlnp descrint ion: DeiHini SI 000 Date Dec 1 1920 Prin. Water-works and electric light bonds HI. 000 00 and setni-ann int (J &. D ) p;ivable at the First National Bank. St Paul Net debt ...... 107.713 6S Due Dec 1 1935 Population 1920, 2, .386 Financial .S'alemenI Actual value of taxabhs lestiniated) $485,000 OWEN COUNTY (P. O. Spencen, Ind.—BOA'D OFFERING —John A. .\ssessed v.ilue of taxables (official 1920) 171.493 Wells. County Trea.surer. will receive !)iu.s until 2pm Feb. 2.5 for the Total Bonded Deht, including this issue 29.000 I'olloving 5"^, road-improvement bonds: Population (estimated 1920). .500 *(i.90() K W Kiicker el al couniv unit road bonds Denom $690 Due MT. CLEMENS, Macomb County, Mich.—BOA'D SALE.—The $40,000 *;()90 yearl> on Ma.v 15 from 1922 l« 1931. inclu.sive l(i,900 (ieorge Knapp et al. Marion Twp . road bondn Denom $422 .50 6% water works extension bonds offered on Feb. .3 V. 112. p. 490 have — — Due $815 each six monU\s from 15 1922 to Nov 15 1941. incl been awarded to Whittlesey. McLean & Co. of Detroit for $41,013. equal May Date Feb 15 1921 Int M it Cert if ied check for $500 is re<4uired to 102. ,5.32.5. a basis of about 5.62%. Due $2,000 yearly from 1922 to N with each l.ssue 1926 incl. and $3,000, 1927 to 1936 incl. MURFREESBORO, Rutherford County, Tenn — yOTi'A' I»7/,/- PARIS, Bourbon County, Ky.—BOND OFFERING.—Vntil 7.30 p. m. VOTF 0\ RUYTNG H'.i TER PL.WT —The Nashville Banner" of Feb 10 Feb. 24 proposals will be received for $25,000 5% street-impt. bonds by states that "The present franchise of the Murfivesboro Water Company J. H. Hayden. City Clerk. Date May 1 1921. Int. M.&N. Due $5,000 will soon expire, and it has been a question very much discussed as to yearly on Nov. 1 from 1922 to 1926. incl. Prin. and interest payable at whether the city would renew the franchise or bily the plant The city the Bank of America, N. Y. Certified check for 10%, i)ayable to C. K. <-ommissioners have ajsked the commissioners of elections to call an election Thomas, City Treasurer, required. for the purpose of ascertaining the sentiment of the people on the subject, and in compliance the election commissioners PIKE COUNTY (P. O. Petersburg). Ind.—BOAT) OFFERING —H H " have set Thur.sday. March 10, as the date for holding the election Harmever. Counts Treasiuer, will receive proposals until 1 p m Feb 28 for $12,000 4 J:;'; road bond> Denom $700 Date Feb 15 1921 Prin NASHVILLE, Tenn.—BOATD SALE.—The American National Securi- and semi-annual interest (M & N 1 payable at Petersbtug Due $4,200 ties Co.. and Caldwell & Co.. both of Nashville, jointly, have purchased ea<-li six months from May 15 1922 to Nov. 15 1926. inclasi\e. at 97.00 and accrued interest the .$600,000 memorial square bonds. 5% AO BIDS.—There were no bids for the $447,856 80 6% D. C. Houchin which were offerfKl on Jan. 10 V. 111. p. 2544 Date March 1 1920. — — et al. drainage bonds offered on Feb. 14 V. 112, p. 491. Due yearly as follows: $8,000 1921 and 1922: $9,000 1923; $10,000 1924 — and 1925: $11,000 1926: $12,000 1927 and 1928: $13,000 1929 and 1930: PINE ISLAND, Goodhue County, fAinn.~.\DDITI0.\.4L DATA'=- .'iH6,000 $14,000 i931; $15,000 1932; 1933: $17,000 1934: $18,000 1935; 'I'he 6', water works txjiids to the amount of $30,000 which were sold at $19,000 1936: $20,000 1937: $21,000 1938: $22,000 1939; .«23,000 1940: par and interest on Dec 7 to the Northwestern Trust Co and Gates. $24,000 1941; $25,000 1942: $27,000 1943: $28,000 1944: $30,000 1945; While \- Co.. jointlv. both of St Paul, are in denom of $1,000 and are $.32,000 1946; $33,600 1947; $35,000 1948: $37,000 1949, and .$38,000 19.50. dated Oct 11920 Int A & O Due yearly from 1925 lo 1940 incl NEENAH, Winnebago County, Wisc.—DF.SCRIPTION OF liOND.S — POLLOKSVILLE, Jones County, No. Caro.—BOND OFFERING.— The $25,000 bridge bonds, which were .sold on Nov 1 to the First Wisconsin Bids will be received, it is stated, until Mar. 14 for i.ssue of $35,000 water Co of Milwaukee at 101 76 and interest, a basis of about 5 68*"; V 112, an — and light bonds. p. 182—are described as follows: Int rate 6""; (not 5'i % asstated in V 112. 182) Denom $.500 Date p Oct 1 1920 Int A. & O. Due $5,000 PORTLAND, Ore BOND S.ALE -Improvement bonds lo the amount yearly from 1925 to 1929 incl of $;i37,076 98 havt' been sold as follows: NEW SWEDEN IRRIGATION DISTRICT, Bonneville and Bing- Western Bond & Mortgage i'o —Par. accrued interest and a ham Counties, Idaho. NO BIDS RECEIVED.—No bids were received premium of $.63 per $1,000 for $40,000 00 on Feb. 10 for the 6% Irrigation bonds—V. 112, p. 284. W P Snider—^Par, accrued interest and a premium of $6 00 per NOBLE COUNTY iP. O. Albion). Ind.—BOND OFFERJAO-- SI, 000 for 10,000 00 Proposals will Peninsula National Bank—Par, accrued interest and a premium be received until 1 j) ni Mar 1 by Morton P Thomas. •"; of $10 00 for 20.000 00 County Treasurer, for the following 4 J • road bonds: $7,8)0 Frank Wakeman ei al Noble Twp bonds Dc^nom $.392 Due Commerce Mtge Sec Co —Par, accrued interest and a premium $392 each six months from May 15 1922 to Nov 15 1931, incl ofl.-)C per $1.000for_ 20.000 00 4,440 Frank Wakeman et al Noble & Washington Twps bonds Denom Freeman. Smith & Camp Co — Par, and accrued interest and a $222. Due $222 each six monthsfrom Mav 15 1922toNov 15 1931. premium of $2 00 (for $50.000) -- 44.075 98 incl Freeman. Smith & Camp Co —Par. accrued interest and a pre- Dale Mar 8 1921 Int M &N mium of $ 1 00 for 100.000 00 l.umbermen's Trust ('o —^Par. accrued interest and a premium of NOGALES, Santa Cruz County, Ariz.-BOA'D Firs! SALE —The 51c per $1,000 for... 100.000 00 National Bank and the Nogales National Bank purchased on Feb 7 the Catherine Bennett Par. accrued interest and a premium of $30,000 city hall and fire dept. bonds, in addition to buying — $245,000 $1 (K)for_ _._ 3,000 00 water-works impt. and extension bonds on the same day. report of which appeared in V. 112. p. 677. The price paid for both issues was par and PORT OF ASTORIA (P. O. Astoria^ Clatsop County. Ore.—BOA'D accrued intere,st. Bonds bear 5 '2% interest. OFFERING — Until 9:30 a m Feb 23 (ieorge W Warren. Secri'tary. will NORTH ADAMS, Berkshire County, Mass.— TEMPORARY LOAX.— entertain bids for S:iOO. 000 6'^ gold couiwn impt bonds Denom $1.0(X) at Fiscal The First National Bank of Boston was awarded on a 5. .58% discount Dale .Ian 1 1921 Prin and semi-ann int (.1 i J ) parable the Cert basis the temporary loan of $100,000 dated Feb. 15 and maturing Nov. 1 .Vgency of Ihe State of Oregon in N "S Due Jan 1 1931. check 5'; opinion as 1921. offered on Feb. 15—V. 112. p. 677. for . payable lo the Port of ^Vstoria . reeared in V 112.p 28.5—we are now in n>c©ipt owned by the Bank, in denominations as follows: of the following data: Denom SI.000 Date July 1 1920 Int J & J. Due July 1 1930 1 ,932 bonds of tho denomination of $50 each, maturing July 1 1929: 3.8.59 bonds of the denomination of $100 each, maturing Julv 1 1929: POTTSVILLE. Schuylkill County, Pa.—BOND SALE.—On Feb. 8 951 bonds of the denomination of $50() each, maturing July 1 1929; the issue of $4,200 fire dept. l>onds V. 112, p. 491 —was disposed of 922 bonds of the denomination of $1 ,()00 each, 5>^ % — maturing July 1 1934. locally as follows: These Bank Series bonds bear 5% interest and are offered on the present $2,100 to John P. Bowman at par market at 96.64 for the bonds maturing in 1929 and 95.28 for the bondi 1 .600 to Herman Spicker at par in maturing 1934, plus accrued interest from Jan. 1 1921 to date the re- ,500 to Daniel P. Luckenblll for $513 75, equal lo 102.75. mittance reaches the Bank of North Dakota. This is equivalent to an Date Jan. 1 1921. Due Jan. 1 1931; optional Jan. 1 1926. earning basis of 5H% on the investment. Real Estate Series Bonds, issued imder Chapter 154 of the Laws of 1919, POWELL COUNTY SCHOOL DISTRICT NO. 41 (P. O. Heimville), March 5 $1 .200 3-10- yr. topt.) dated July 1 1921 and bearing interest at 5%%, as follows: Mont.—BOA'D OFFERING.—At 2 p. m. 6% school bonds will be offered for sale. Denom. $100 Bids below par will 3,000 iKinds of the denomination of $50 each, maturing July 1 1931: not be considered. H. O. Rogers. Clerk. 1,500 bonds of the denomination of $100 each, maturing Jiilv 1 1931: 3.000 bonds of the denomination of $100 each, maturing July 1 1936; RANGER SCHOOL DISTRICT (P. O. Rangerj, Eastland CoJ;7t7, 900 bonds of the denomination of $,500 each, maturing July 1 1941: Tex. flO.VD.s- VOIKD -At the election held on Jan 22— V 112. p 2S.5 1,.350 bonds of the denomination of $1,000 each, maturing July 1 1946: the $250,000 5'"; 1-40 year serial boud.s were .sanctioned by a vote of 314

    600H>onds of theLdenomination of $1 ,000 each, maturing Julv i:i948. to 1 1 Dale of sale not yet determined. — — — — —— — — — — — 768 THE CHRONICLE [Vol. 112. I RED BLUFF, Tehama County, Calif.—ni:.SCRIPTION OF BONDS. 265.000 library bonds Due yearly on Fob. 1 oh fallows: $2,000. 1922 to Incl ; 1925 to 1931 Incl ; $4,000, 19.32 to 19.36 Incl : —Tho $9r>.()00 (>% water syslom purc-.haKO bonds, awarclod on Jan. 24 to 1924 $3,000, t-o incl ; the National Olty <:o. at 101.88 and intonwt a baslH of about .5.79% $5,000, 1937 to 1940 Incl ; $6,000. 1941 1944 $7,000, 1945 to incl and 1049: 19.50 to 1952 incl : V. 112. p. t)7S- ai-o in dcnonis of HI for SI ,000 and 28 for S.IOO and an- flated 1947 ; $8,000, 1948 S9.000, SIO.OOO. 19.53 and 19.54; SI 1 .000. 19.5.5: $12 000. 19.56 and 1957: .Tan. 1 1021. Int. .1. Ik. .1. Duo yoarlv on .Jan. I aw follows: .$."?, .100 from and 1961 1922 to 1918 Incl.. and .?.500 1919. Tho.so boml.s am part of a .$140,000 bond 513.000, 19.58 and 19.59; $14,000. 1960. $15,000. 1 as follows: SI. 000. 1922 to issue. Tho unsold portion ($45,000) will bo sold latcT. 160.000 impt bond.s. Due yearly on Feb incl 1924 Incl ; S2.000. 1925 to 1935 incl ; $3,000, 1936 to 1941 :

    incl to Incl ; ROCHESTER, N. Y. NOTE HALE —On Fob 10 tlio four block.s of $4,000, 1942 to 194ti ; $5,000, 1947 1951 $6,000, 19.58 to notes offered on that date (V 112, p 078) were awarded as follows: 19,52 to 19.54 Incl ; $7,000. 1955 to 19.57 Incl ; S8,00f), SLOO.OOO overdue lax notes, maturing 4 months from Feb 21 1921, to 1960 Incl . and $9,000. 1961. yearly Feb 1 as . on KobiTt Winthrop fc Co of N . ^ at .5 907c Interest plus $1 prem. 250,000 pul)llc park and playground bonds Due Incl 80.000 s(-hool Kerieral notes, maturing 4 months from Fob. 21 1921, to follows: $2,000. 1922 to 1925 Incl : $3,000. 1926 to 1932 :

    .'> 97',,' to incl : 1943 Uobert Winthrop & Co of N \ .it interest .$4,000. 1933 (o 1938 incl ; $5,000. 1939 1942 $6,000,

    incl ; $8,000. 1949 and 19,50: 10."), 000 poneral fund notes, maturiuR 4 months from Fob 21 1921. to to 1945 incl ; $7,000. 1946 to 1948

    ,'< and $11,000. 19.56 Uobert Winthrop & Co of N Y. at 9.5% interest plus .$1 prem. $9,000. 1951 to 19.53 incl : $10,000, 19,54 1955; 6.3.5,000 school pcenoral notes, maturinK 4 months from Feb 23 1921, to and 19.57; $12,000, 19.58; $13,000, 19,59 and $14,000. 1960and 1961. National Hank of Commerce of Uochester at 6% Interest. 100.000 sewer bonds. Due venrly on Feb 1 as follows: $1,000. 1922 to

    : incl ; 1933 incl : $2,000, 1934 t"o 1944 incl $3,000. 1945 to 1951 NOTE OFFERING.—J. C. Wilson, City Comptroller, will receive bids incl : 19,58 to 1960 Incl , and $6,000, until 2:,30 p. ni. Feb. 23 for S3,5.000 Hrown Street Subway and $,50,000 $4,000, 19.52 to 19.57 $5,000, war emerKency notes, maturinpc four months from Feb. 28 1921. at tho Int. semi-annually payable at Central Union Trust Co. of New York, where delivery to purchaser is to Denom. SI .000. Date Feb. 1 1921. check on --ome national bank In bo made on Feb. 28. Bidders must state rate of interest, desiprnatc denom- the Seaboard National Bank. N Y. Cert, Shreveport for '.iV, of the inations desired, and to whom (not bearer) notes shall be made payable. State of Louisiana or a local bank in the city of amount of bid. payable to J (" Flanagan. City Secretary-Treasurer, re- ROCKY FORD, Otero County, Colo.—BOiVD ,Sy\L7?.—Sidio, Simons. quired The approvii^g legal ()T)inion of Jno C. Thomson of N Y. will Fels & c;o. of Denver have jjurcha.sed tho i.ssue of 6% main street paving be furnished the purchaser Bids may be submitted for one or all issues the Secretary of bonds. Dated April 1 1921. Due on or before 10 years. The amount The bonds will bo registered in accordance with law by will reach from $17.5,000 to $200,000. according to requirements. State of Louisiana, will l>e ready for delivery on or about March 15 1921, at which time and place the successful bidder or bidders will be required to ROGERS-EASTER ROAD IMPROVEMENT DISTRICT, Benton, make payment for and accept delivery of same. Madison and Washington Counties, Arl{. BOND SALE — Stern Dros. Financial Statement Feb. 1 1921. . Kanisas City, Ijocn awarded $.321,000 road bonds. k Co of have 0% Bonded debt (excluding these is-sues) - $2..532..500 00 Denoni $1,000. Date Dec. 1 1920. Prin. and semi-annual interest Certificate debt (additional)... 115.000 00

    (M . & S.) payable at the Chicago Title * Trust Co . Chicago. Due yearly Interest on sinking fund - 192.3; 192.5 oS'*''' 5n on Sent. 1 as follows: .SIO.OOO Sll.OOO. 1924; $12,000. and 1926; Water works and sewer funds 372.41.T 39 $13,000, 1927; $14,000. 1928; $15,000, 1929: .«;16.000, 19.30; $17,000. 1931; Interest and sinking fund. Red River Traffic Bridge 37.623 .30 $18,000, 19,32; $19,000. 1933; $20,000. 1934; $21,000. 1935: $22,000, 1936; Assessed valuation 1920 77,.371 ,670 00 S24,000, 1937: $25,000, 1938; and .$26,000, 1939 and 1940. Actunl value (estim.iled) 1,50.000.000 00 ROGERSVILLE, Hawkins County, Tenn.—ADDITIONAL IN- PoDi'lation 1920 (Census) 43.874 FORMATION.—Further details are at hand relative to the sale of the SOUTH SAN JOAYUIN IRRIGATION DISTRICT (P. O. Manteca). $25,000 6% bonds, awarded on Nov. 19 last to Caldwell & Co. of Na.shville San Joaauin County, Calif. BOND SALE.—It is roported that the at par and interest—V. 112, p. 28.5—Denom. $1,000. Date Jan. 1 1920. $100,000 5J^% bonds, which were offered on Feb. 1,5— V. 112, p. ,584 Int. J. & J. These bonds are part of a $75,000 water works and scwcr have been sold. Date Sept. 1 1919. Due yearly on July 1 as follows: bond issue. $5,000, 1950: $25,000, 1951; $.30,000, 1952 and 1953; and $10,000, 19.54. ST. MARTIN PARISH SCHOOL DISTRICT (P. O. St. Martinsville), SPENCER COUNTY (P. O. Rockport), Ind.—BON^D SALE.— La. BOND OFFERING —Bid.s will be received up to 11 a. m. on Mar. 10 The $39,600 5% .Toshua Weatherholt et al. Ohio Twp. gravel road bonds by W. C, Perrault. Secretary of the School Board, for $300,000 5% 30-year offered on Feb. 1.5—V. 112, p. 492—were awarded to the Grandview Bank each six months school bonds offered unsuccessfully on April 1 (V, 110, p 1557), Denom, of Grand View, at par. Date Feb. 15 1921. Due $2,000 $1,000. Interest annual, ('ertified check for $7. ,500 required. from May 15 1922 to May 15 1931, incl.; and $1,600 Nov. 15 1932. CENTRALIZED SCHOOL DISTRICT (P. O. ST. MARY'S (P. O. Leonardtown), Md.—BOND OFFER- STOW TOWNSHIP COUNTY Cuyahoga Falls R. F. D. No. 8), Summit County, Ohio. BOND ING. Proposals will be received until 11 a. m. Feb. 24 Jos. I. Gough. — by OFFERING. Proposals will bo received until 12 ni, March 8 by H. J. Clerk of Board of County Comm'rs, for coupon tax-free road — $50,000 6% Williamson, Clerk of Board of Education, for $100,000 6% school bonds. bonds. Denoms. $100 and multiples up to $2,000. Date Mar. 1 1921. Denom. $1,000. Date April 1 1921. Prin. and semi-ann. int. (A. & O.) Int. semi-ann. Due $2,000 yearly on Mar. 1 1926 to incl. from 1950, payable at the Falls Banking & Trust Co. of Cuyahoga Falls. Due yearly incl.; $3,000 1927 to 1931, incl., SADDLE RIVER TOWNSHIP SCHOOL DISTRICT (P. O. Warren on Oct. 1 as follows: $2,000 1922 to 1926, Certified check for of amount of bonds Point), Bergen County, N. J. PRICE CORRECTION. The bid sub- and $5,000 1932 to 1946, incl. 5% — Purchaser to pay accrued interest. mitted by the United States Trust Co. of Paterson for the issue of 5% bid for required. school bonds awarded them on Feb. 5—V. 112, p. 678—was $60 218 for SUGAR NOTCH SCHOOL DISTRICT (P. O. Susar Notch), $59,000 bonds, equal to 102,06, a basis of about 4.81%. Due .$2,000 yearly Luzerne County, Pa. NO BIDDERS.—There were no bidders for the on July 1 from 1921 to 1949, incl., and $1,000 July 1 1950. $100,000 5% school bonds offered on Feb. 12—V. 112, p. 584. SALINA SCHOOL DISTRICT (P. O. Salina), Saline County, Kan. SULLIVAN COUNTY (P. O. Sullivan), Ind.—BO.VD OFFERING.— BOND SALE.—On Feb. 12 $65,000 5% school bonds were sold to Vernon Ed. P. Snow. County Treasurer, will receive bids until 10 a. m. Feb. 26 H. Branrh of Wichita at 95 flat. These bonds were approved by the voters for $10,300 Vincent Yeager et al. county line road impt. bonds. Denom. on Jan. 25 1921 by a vote of 1,495 to 1.016. Denoms. $500 and $1,000. .$515. Date Feb, 15 1921. Int. M. & N. Due S515 each six months from Date Fob. 1 1921. Int. J. & J. May 15 1922 to Nov. 15 1931. incl. SANTA MARIA UNION HIGH SCHOOL DISTRICT, Santa Barbara BOND SALE.—The two issues of 5% road bonds, aggregtaing $19,460 15 678 were awarded to J. F. Wild & Co. of County, Calif. BIDS DECLINED—BONDS REOFFERED. The fol- offered on Feb. —V. 112, p. — — each six months from May lowing are the names of the bidders who submitted bids on Feb. 7 for the Indianapolis. Date Feb. 15 1921. Due $973 to Nov. incl. purchase of the $400,000 6% school bonds—V. 112, p. 584—and the 15 1922 15 1931, amounts bid by each respectively, to wit.: TACOMA, Wash.—BO.VD SALE —The following 6% impt. bonds R. H. Mounton & Co. bid par, accrued interest and a premium of $14,300. were issued by the City of Tacoraa during the months of December 1920 and Citizens National Bank bid par, accrued interest and a premium of .$4,225. January 1921: California Bank, Carstens & Earles, Inc., and California Co., bid par, Bonds Issued During December. accured interest and a premium of .$11,046. Dist.No. Amount. Purpose. Date. Due. Security Trust & Savings Bank bid par, accrued interest and a premium .5010 $3,205 95 Watermains Dec. 8 1920 Dec. 8 1925 of $11,027. 1223 574 00 Sidewalk Dec 16 1920 Dec 16 1925 Los Angeles Trust & Savings Bank, Blyth, Witter & Company E. H. All the above bonds are subject to call yearly In December. Rollins & Sons and William R. Staats Company, bid par, accrued interest and a premiiun of $9,328. Bonds Issued During January. Bond & Goodwin, The Anglo & London Paris National Bank, Blanken- 1228 $694 95 Sidewalk Jan. 28 1921 Jan. 28 1926 horn-Hunter-Dulin Co., bid par, accrued interest and a premiimi of $13,125. 4063 1,496 15 Paving Jan. 12 1921 Jan. 12 1926 Bank of Italy and Cyrus Pierce «& Company bid par, accrued interest and a 5510 343 20 Street lighting Jan. 12 1921 Jan. 12 1926 premium of $14,325. All the above bonds are subject to call yearly in January. All of the foregoing bids were rejected and said bonds will be re-advertised TENNESSEE (State of).—BOND SALE.—The $1,000,000 6% 40-year for sale on March 7 1921 , at 10 o'clock a. m. Said bonds will be sold as a capitol annex building bonds, dat«d whole or any portion thereof in the amount of $100,000.00 each, said portion tax-free memorial auditorium and offered without success on Jan. 10 (V. 112. p. 492), to be grouped and maturing (ten (10) each year) as follows: Jan. 1 1921, which were sold to Caldwell Co. and the American National Securities (1) Niunbers 1 to ,50 maturing 1922 to 1926, and have been & Nashville, jointly at par and accrued interest from Jan. 10 Numbers 351 to 400 maturing 19.57 to 1961 $100,000.00 Co., both of date of delivery. (2) Numbers 51 to 100 maturing 1932 to 1936, and 1921 to Numbers 301 to 3,50 maturing 19.52 to 1956 100,000.00 TRUMBULL TOWNSHIP SCHOOL DISTRICT (P. O. Geneva (3) Numbers 101 to 1.50 maturing 1932 to 1936, and R. F. D. No. 4), Ashtabula County, Ohio.—BOA'^D OFFERING.—Jason Numbers 251 to 300 maturing 1947 to 19.51 100,000.00 Winters, Clerk of Board of Education, will receive bids until 1 p. m. March (4) Numbers 151 to 250 matm-ing 1937 to 1946 100,000.00 19 for $36,000 6% school bonds. Denom. $1,000. Date March 1 1921. SHAW SEPARATE ROAD DISTRICT, Bolivar County, Miss.— Int. semi-ann. Due $1,000 vearly on March 1 from 1924 to 1959, incl. solvent for of amount of bonds bid for, BOND SALE. The Liberty Central Tru.st Co. and Lewis W. Thomson Certified check on some bank 5% — & Education, required. Purchaser to pay accrued Co.. both of St. Louis, have purchased $150,000 6% tax-free bonds. De- payable to the Board of interest. nom. $1,000. Date Nov. 1 1920. Prin. and semi-ann. int. (M. & N.) payable at the Hanover National Bank, N. Y. Due yearly from 1921 to UMATILLA COUNTY SCHOOL DISTRICT NO. 61, Ore.—AMOUNT 1945 inclusive. i OF BONDS SOLD.—CORRECTION.—The 6% school bonds which were Financial Statement. sold to Clark, Kendall & Co. of Portland, amounted to S.54,000 (not $60,000 Actual value of taxable property, estimated $5,000,000 as stated in V. 112, p. .584). The bonds bear the following description: Assessed valuation taxable property, 1920 3,2,50,299 Denoms. $1,000 and $500. Date Feb. 1 1921. Int. F. & A. Due Feb. 1 Total bonded debt, including this issue 471,000 1941. Bonded Debt (including this issue) $70,000. Sinking fund $3,200 announcement of the sale of the said SHELBY COUNTY (P. O. Shelbyville), Ind.—BOND OFFERING.— Assessed value, $1,340,194. The under Dist.No. 16 which appeared in V. 112, p. 679—was incorrect. Proposals for the purchase of tiie following three issues of 5% road bonds bonds will be received imtil 10 a. m. Feb. 25 by Geo. R. Carlisle, County Treas.: UNION CITY, Randolph County, fnd.—BONDS RE-OFFERED — 815,800 Geo P. Fritts et al. Moral Twp. bonds. Denom. $790. Due The .$40,000 6% coupon school-aid bonds which failed to sell when offered six $790 each months from May 15 1922 to Nov. 15 1931. incl. on Jan 24 (V. 1 12, p. 492) are being re-offered. This time Thos. B Mason. 10,800 Earl T. Arbuckle et al. Union Twp. bonds. Denom. $.540. Due Citv Cliprk, willreceh-e proposals until 7:30 p. m. Mar. 14. Denom. $500. $540 each six months from May 15 1922 to Nov. 15 1931, incl. Date Mar. 14 1921. Int. J. & J. Due Jan. 2 1931. Purchaser to pay 10,440 Geo. K. Smith et al. Washington Twp. bonds. Denom. $522. accrued interest and furnish the bonds. Due $522 each six months from May 15 1922 to Nov. 15 1931, incl. SALE. Date Jan. 15 1921. Int. M. & N. VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOJVD —The six issues of 4'A'^r road-impt. bonds, aggregating $157,240. offered SHELBY COUNTY (P. O. Sidney), Ohio.—BOiVO OFFERING.— on Feb 10 (V. 112. p. .584), were awarded at par and interest as follows; Bids for $13,000 6% bridge bonds will be received until 12 m. Mar. 1 by $22 440 Creek Road, Pigeon T^vp.. bonds to P. J Euler of Evans%nlle. W. A. Harman, County Ar itor. Denom. $1,000. Date Mar. 1 1921. Denom. $1,122. Due $1,122 each six months from May 15 1922 Prin. and semi-ann. int. (I.x. cSc S.) payable at the County Treasurer's to Nov 15 1931. inclusive office. Due $1,000 each six months from Mar, 1 1922 to Mar. 1 1928, 12 '^00 Buena Vista Road, Center Twp., bonds to Friday & Mauer of incl. Cert, check for $300. ])ayable to the County Treasurer, required. Evansville. Denom. .$610. Dvie $610 each six months from to Nov. 15 1931, inclusive. SHERIDAN, Yamhill County, Ore. BOND SALE. Keeler Bros. May 15 1922 , „ . — Center Twp.. bonds, to P. J. Euler of Evans- of Portland were the successful bidders for the $11,000 6% 1-10 year (opt.) 40 600 Green River Road, $2,030. $2,030 each six months from May 15 mpt. bonds—V. 112, p. 396—on Feb. 7. ville. Denom. Due to Nov. 1931. inclusive. 1922 15 , , „ ^ . SHREVEPORT, Caddo County, La.—BOA'D OFFERING —L.. F. 33 200 Lower West Franklin Road. Perry Twn., bonds to John F. td- Clawson, Commissioner of Accounts and Finance, will receive bids until mond of Evansville. Denom SI, 660 Due $1,660 each six months 10 a. m. Feb. 23 for the following 5% bonds: from May 15 1922 to Nov. 15 1931, inclnsive court .lai! bonds Due yearly on Feb. 1 as follows: Trusser of •$200,000 house and 32 800 Oak Grove Road, Knight Twp , bonds, to Smith & incl from $2,000, 1922 to 1930 incl : $3,000. 1931 to 1936 ; $4,000. 1937 Evans\alle. Denom. $1,640. Due $1,640 each six months to 1942 incl ;,$5.000. 1943 to 1946 incl; $6,000, 1947 to 1950 incl.; inclusive. May 15 1922 to Nov. 15 1931, . incl 19.55; of Evansville. $7,000. 1951 to 1953 ; $8,000, 19.54 and $9,000. 1956 16.000 Lvnch Road. Center Twp.. bonds to August Peters incl to and 19.57; $10,000, 1958 to 1960 . and $11,000, 1961. Denom. $800. Due $800 each six months from May 15 1922 225,000 fire alarm and fire station bonds. Due yearly on Feb. 1 as fol- Nov. 15 1931. inclusive. to incl lows: $2,000. 1922 to 1 928 incl ; $3,000. 1929 1935 ; $4,000. Date Feb. 10 1921. Int. M. & N. incl ; 19.36 to 1940 incl ; .$5,000. 1941 to 1944 $6,000. 1945 to RECEIVED incl.; VIGO COUNTY (P. O. Tcrre Haute), Ind.—NO BIDS 1947 incl ; $7,000, 1948 to 19,50 incl ; $8,000. 1951 to 19.53 of road bonds, aggregating $9,000. 19,54 and 1955; $10,000. 19.56 and 1957; $11,000, 1958< No bids were received for the two issues 5% $12,000, 19.59 and 1960, and $13,000, 1961. $19,460, offered on Feb. 15.—V. 112, p. 679. —— — - — .

    Feb. 19 1921.] THE CHRONICLE 769

    VISALIA, Tulare County, Calif .—DESCRlfTlOX OF BONOS —The EDMUNDS, B. C— I}EBE.\ll RE SALE Weare advi«-d that $60 ()0ar and interest Denom S100and$5()0 Dale Jun 1^4 1921 Inl J & description: Donoin Si, 000 Date Jan 8 1921 Int J &J Due Si, 000 E? .School del>entiues mature 1955 and water-works debentures 1940 yearly on Jan 8 from 1922 to 19 Ki inc-l. FORDWICH, Ont.- DEBENTURES VOTED —The ratepayers have WABASH, Wab.sh County, Ind.—BOND SALE.—The $30,000— passed a by-law authorizing the issuance of $12,CK)0 hydro-elot-lric deb«n- coupon refunding twnds, which wore offered on Jan. 25—V. 112, p. 39t> tui'os. it is reported. have been sold to J. I''. Wild & Co. of IndianaiMjiis, for $30,326 (101.086) and interefit. Due $1,000 each six nionth.s from Jan. 15 1923 to July 15 FREDERICTON, N. B.- -DEBENTURE SALE.—The SI 20.000 5% 1937, incl. debeutures offered on Feb. 15— V. 112. P. 679—were awarded to the Itoyal Securities of Hi. John, at 90.676. Due hurially fl-om 1924 to (P. O. Wagon Mound). Corp. WAGON MOUND SCHOOL DISTRICT 1934. Mora County, N. Mex.—BOND OFFKliING—The CMerk Hoard of Kdura- tiou willsellat public auction on Miir. 21 at 10 a m $6.'i.000 ti' ,' lO-.iO-year GIBERT PLAINS R. M., Man.—DEBENTURE .SALE.—New8pa|>ert

    I Date Feb 1 1921 I'rin and senii-anii (opt bonds Donom $500 report that $.30,000 6';L 30-lnsiallnient Provincial-Guaranteed debeotiirei> int payable at the office of the <"ounty Treasurer or at the National lianl< ha\e been sold to \V. L. McKinnon i Co. liolder. a nalioual of Conuneree. N Y . at option of Cert, checli on baul< for $7,500 reQuired GORRIE, Ont.—DEBENTURES VOTED— ll Is reported that the rat«- payers recently vot»»d favorably on the question of issuing $12.0(X) hydro- (P. O. Vicksburg). MUa.—PART OF TOTAL WARREN COUNTY eleclrii: debentures. ISSUE SOLI) — Koad bonds to the amount of $110,000 have been sold. These bonds are part of a total issue of $500, WO The unsold porlion. NEW WESTMINSTER, B. C—DEBENTURE .SVl^JS.—According to which is $390,100. will be sold soon as 6s reports the Koyal Financial Corp. has purchased at 87.06 an issue of $35,000 WASECA COUNTY (P. O. Waseca), Minn.—BOiVD S/ILE.—Accord- 6% debentures. maturiUK Dec. 1 1939. bonds for County Ditch No. 19. to the amount of $19,000. ing to reports, NORTH VANCOUVER, B. DEBENTURE SALE.—A block of were sola to a Minneapolis company at a meeting of the County Coniniis- C— SI I .(H)() 6% debentures, maturing July 1 1910. ha.s l>n sold. It is stated, to ioners on Feb. 10. . aiaAfll m^^JmmM tho Itoyal FlnaBCial Corp. at 84.58, a basis of about 7H'%. COUNTY (P. O. Salem), Ind.—BOXD OFFEIll XC. — WASHINGTON AUTHORIZED.— It Is reiwrted Taylor. County Treasurer, will rewivi' bids until 1:30 p ni Feb 21 PETERBORO, Ont.—DEBENTURES W L that the Council has adopted a by-law providing that $350,000 be borrowed, for $M 000 4 )•' '" .\rtlmr S Martin et al WasliinKton Twp road l)()iiils ' by debenture issue, for the purchase of a site and the erection of a filtration t)ato Feb 7 1921 int & Duo $700 each .six Denoni $700 M N plant. monthH from May 15 1922 to Nov 15 1931 incluisve POINT EDWARD, Ont.—DEBENTURE OFFERINn.—Da.vi(i Suhlor. (P. O. Broad Ripple), Marion WASHINGTON SCHOOL TOWNSHIP Village Clerk, will receive bids imtll 7 p. m. Feb. 23 for $21,000 public- school bldK. bonds, whidi 7% County, Ind. BOND SALE. —Tho $5,000 ti'/c school debeniures. Duo in installments beginning Dec. 31 1921. were otfered on Feb. 14 —V. 112. p. 585—were purchased by James M. Johnson, of Indianapolis at par. Dale Feb. 1 1921. Due $500 yearly on PORTAGE LA PRAIRIE, Man.—DEBENTURE .SALE. —On Feb. 11 Feb. 1 from 1922 to 1931, incl. A. K. Ames & Co. of Toronto were award% 30-year installment coupon r York bonds maturiii:; Cell Canal 8437 Noble and West Streets, Brooklyn, N.Y.CIty the right being" reserved to reject any and all bids. Two per cent deposit (l^y certified check) required with bid. United States and Canadian Description and financial statement Municipal Bonds. furnished on request. New Jersey J. D. SPARROW, Securities Chairman of Finance Committee.

    F.'h. 10, HVil. Ground Floor Sinoer Building CUTWATER & WELLS 89 Liberty Street, New York Attest: A. S. GRAVELY, Clerk. Telephone Cortlandt 3183 16 EzchanK* Place Tel. 20 Montgomery Jersay City, N. J. . — .

    I INANCIAlv CHRONICLl

    ,.,., • ,,j,.,^^. ' '- ^ 'i ' . i f ium i i jaKEWj Mw i uj i. .MtiLTXTjaiiJBJigii t > r?aa— Classified Department

    INVESTMENT MEN WANTED REPRESENTATION WANTED. POSITIONS WANTED

    SliX^URITY RALBflMAN—New York Invest- CONNECTION WANTED with strong bfjnd houne a ment HoQS(i ban an op<»niiiK for an «'xp«Ti«nr«xl —by man now holding lucrative man- Executives—Sales Reprcsentalives agerial position at good salary. Only connec- and sncTflsfrful Kaiesman. A(ldrt*s Box H6, tion with some prominent concern care ol' Klnaoclal Obronicle, 90 line Street, handling highest class of secxuitles. Including large syn- New York Oity. Two high-|>owered . reliable bufiiness men. with dicate 12 years' experience merchandising, selling and offerings, denired. Uas had long e>- p(Ticnce in financing, one a graduate mechanical and elec- municipal and corporation Imues trical engineer, both sales managers for years, and has valuable acquaintance In Philadelphia BOND BAUttAMAN eougbt by old New York would consider assignments as Middle West and eastern Pennsylvania. Can soil ptTVinally Stock Hxchaoge Hotwe. Must be exporicnced representatives of one or more commercially- manage salesmen and produce msults. Proflt- bond man with OHtoMif^od clientele. Confi- proven manufacturers' lines, with headquarters sharing basis with modest drawing account dentially addrem Box H4, care of Pinancial preferably Chicago. Can furnish excellent ref- preferred to straight salary. Address Box F-2. Chronicle. M Pino Street. New York City. erences. None but legitimate propositions will care of Pinancial Chronicle. 90 Pino Street,. be considered. Address Box H-8, care of Finan- New York City. SUCCB8BPUL SECURITY SALESMAN to sell cial Chronicle. 90 Pine Street. New York City. railroad and manlcipal bonds: hi^h calibre TRADER—College graduate, one year of law. applicanfae only would lnt<;rest us. Address, with six months' experience in Wall Street, with as.surance that replies wUl be held in PARTNER WANTED. well recommended and with pre-vieus connec- confidence. Box K-16. care of Financial <''bron- tions of the best, desires to learn trading. icle. 90 Pine Street. New York City. Opening which offers opi>ertunity of becoming P.A.RTNEK WANTED— Experienced bond man conversant with all phases of the Investment and executive who controls a large and growing business preferred. Address Box H-20. carfi investment business of the highest character, of Financial Chronicle, 90 Pine Street, New TRADERS WANTED desires an active partner with experience, in- York City. tegrity and a limited amount of capital. All NEW YOBK STOCK EXCHANGE HOUSE correspondence will be treated as confidential. Address Box 48. care of BOND TRADER—Yeung unl-verslty graduate, has on opening tor an experienced Trader. Doremus & Co.. 14 Broad St.. N. Y. just released from military service abroad, Must be w^! recommended. Address Box HI formerly with one of the oldest Stock Exchange care of Piaandaa Ghronlcle, 90 Pine Street. houses in New York, is seeldog a position Yorir Oity. New EXECUTIVES SEEK POSITIONS carrying with it the opp«rtunit7 to leam the Bond and Unlisted Trading Business. Salary is of secondary importance. proTlded ability EXECUTIVE, in financial institution, or indus- and energy will pave the wenlngs. Box F-20. care of Finjtncial Chronicle. Pine up circtUar matter, wishes poslUoa. Good Mlntmnm czkpital required, $66,000. Address 90 Street. New York City. reasons for making change. Addrss Box H5, 1, care of Ptaaocial Chronicle, 90 Pine Box F care of Financial Chronicle, 9# Pine Street. City. Street. New Ywk New York City. EXPERIENCED EXECUTIVE possessing un- usual ability for organizing and management, CUSTOMERS' MEN WANTED desires to make a new business connection. GENTLEMAN with training and experience in Address Box E-2. care of Financial Chronicle. trading, handling si>ecial markets and sales- 90 Pine Street, New York City. men's work open for proi>ositioo: references OUSTOMBES' MAN—Large OonsoUdated House exchanged; replies treated confideDtial. Ad- has aa opening for customers' man controlling dress Box G-20. care of Financial Chronicle. active »ocounts. Exceptional opportunity for BUSINESS OPPORTUNITIES 90 Pine Street. New York Oity. the right man. Address Box E 8, care of Financial Cmramde. 90 Pine Street, New York WE HAVE an up to date plant which costs City, SALESMAJ^. experienced, that can furnish the $300,000 for tanning hides, side, kip cals, dry best of references as to his duwTBter. ability or green salted. Our organization is made up and integrity, se*s p>ositioo witti New York of thorough leather men. We also have a good Investment House. Address Bok H3. care of STATISTICIANS WANTED selling organization in Boston to sell the Financial Chronicle. 90 Pine Street, New York finished merchandise. We are seeking some City. NEW YORK STOCK EXCHANGE FIRM hide concern or bankers who are ready to tan has an opMiing for a statistician exijerienced skins on contract. Prices for tanning are 20% STATISTICIAN capable o( preparing circulars, in the analysis of securities. Address in con- lower than last year. Address Box E 3. care of answering inquiries to advo-tisements and fidence Box G-14. care of Financial Chronicle. Financial Chronicle. 90 Pine Street, New York

    analyzing railroad , pnbUc utility and industrial 90 Pino Street. New York City. City. stocks cind bonds as well as foreign government bonds. Address Box H2. care of Financial Chronicle. 90 Pine Street, New York Oity.

    BOND TRADER wishes to make connection with a New York Stock Exchange house; have had 20 years' experience in Wall Street; now associated with prominent Stock Exchange house. Address BoxG-11. care of Financial USE IT Chronicle. 90 Pine Street. New Y'ork City. STATISTICIAN—Specialty graphical illustra- tions, analyses and studies; commercial, finan- cial, engineering: tmiversity graduate; age 26. Box G-10, care of Financial Chronicle. 90 Pine Whether you are in need of a Salesman with a Street New York City- clientele or a Trader that can initiate business or a BOND HOUSE ENGAGEMENT sought by an Statistician capable of organizing a Statistical Depart- engineer who is desirous of learning the bond ment, an ad inserted in this Department will bring business. Address Box G-1. care of Pinancial Chronicle, Pine Street. New York City. applicants from among the best to be had. 90

    UNLISTED TRADER wotild like to make con-

    Rates : Positions Wanted and Office and Bank nection with New York house. Address Box H7. care of Financial Chronicle. 90 Pine Equipment For Sale, 10 cents per word, figure or initial, Street, New York City. with a minimum charge of $3.00; Investment Men, Traders and Statisticians Wanted, etc., 15 cents per STATISTICIAN thoroughly familiar with gather- word, figure or initial, with'a minimum charge of $6.00 ing and compiling data on railroad, public utility and industrial sectuitlee desires position as Assistant Statistician with an inrestmest Keep this Department in mind for use when the house. Address Box G-7. care «f Financial Chronicle, 90 Pine St., New York City. occasion arises.

    BANK EQUIPMENT FOR SALE.

    Brens« and wains* rmO. wataist d«tta, mpmb for Tellen' ea(«B, all In Tarr Aim esndUiea. NatlMial Bxcbaaca Bank. Loekpart. N«v Talk.