The Sun and the New York herald. [volume], June 21, 1920, Page 10, Image 10

About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
THE SUN 'AND NEW YORK HERALD, MONDAY, JUNE 21, 1920.
Recuperation
The Nntiom of the OI-1 World
should ultimately recover from
the efftc'1 of 'he World Wnr.
Mcimwhile, their Municipal
Securities, which tire le.nl invest
ments for
Trust Funds
Savings Banks
Insurance Companies
in the respective cities issuing
them, con l bmiyjit from us now
in somt run nl nppfoxinntely
I 10th "f the pricej vhich th-ir
own citizens are paying.
FINANCIAL NEWS
AND THE SITUATION
July Investors and I'rolmlilo
Siimnioi' Developments of
Iiond Market.
IXQI'IKIKS INCH MA SING
prefers nn out nnil out Investment trans
fiction. Unless nil signs rail, however,
various foreign governments anil mu
j Iinpoi'liuil Fen I ii res of Our
I'Amiftnliiiiir.v Situation in
Security Huymr.
Ilr Imro v"l"'"l OiVni'inj Irt'rr
irltliw '"I' "'"' l'"i" W""n"".
ii ill i " '- '"' f'"'' '
HyutH 'if I . 'I
Morton LacheiibmclL & Co.
42 Ri'mul Strict. "NewVurU
aiiswo ectkoii riyiADEvnuA rirrsuucoa
L !
r
Geo. A. Huhn & Sons
MEMBERS
New York Slock Exchange
Philadelphia Mock kxclianis
Uucago .Stock luchanj;
New York Cotton Lxchanjj
111 Broadway N'cw York
Phono Hector 5340
1418 Wiilnut St., Phila.. Pa.
Investment
Suggestions
GLUDEN, DAVIDGE&CO.
MemUrs New York Slock Exchani:
20 Broad Street, New York
STANDARD
?
L
ISSUES
THE EFFECT OF
STOCK DIVIDENDS
ON
STANDARD OIL
PRICES
WB II WE l'KK.l'AHr.I) fitter.
IJMt NO 1-N (.IMNfl A ItDCOUI)
(IF TUB MAIthKT ACTION. IIVBK
A I'Kiiiot) op s r.Aits. or stocks
Ol' STM)AKI) OIL CIIMI'AMEH
WHICH IIWK DKCI.AUKI) STOCK
Dl.STItllll TIUN'S
CARLH.PFORZHEIMER&CO
Dealers In Standard oil Srrurltlc. 1 1
.'.1 1IKU.1II ST.
I'lioiirN 4SiO-:i-.1-4 llroad
J, K. Rice, Jr. & Co. Buy & Sell
American Brass
American Mach. & Foundry
Bank of Manhattan Co.
torn Exchange Bank "Rls."
Continental Insurance
Glens Falls Insurance
Lehigh Valley Coal Sales
Nhgara Insurance "Rts."
N. Y. State Rys. Com. & Pfd.
Nation! Park Bank "Rts."
N. J. Zinc Stk. & "Rts."
Pcnna. Coal & Coke
Singer Manufacturing
Title Guaranty & Trust
Ward Baking Com. & Pfd.
rhonn 400-1 to 4010 Jfihn .lit Wnil S N
irc rid Sleek.
Merrill,
i i
LVncn Price par and
& Armicil dlvthnl
Circular .l-M
120 Brodwy, N. Y.
Mmhtrt Not York Slock Exthanit
II)- WIM.IA.ir .ll'STl'S IIOII'.H.
' The llnnnclnl markets enter to-day
! one of tlio most active weck.i In the
j money inarl;et year, when the tnsk of
llnrinrliis the July Interest anil dividend
j disburse merits engages the nttentlon or j
the flrmnclnl community. Thn nltuatlon I
l. unusually Interesting' Just now b
I cause of the credit strain, cffoit to
bring iiliout thorough deflation, the out
cry of organised labor for (Invei nrnenl
ownership of the rnlhoads, piospcrtlvo
financing by rnllro-ids nnil Industi Inl
rnmpnnlcs, ngltallon concerning the eon
tlnunnre of nil rent dividends anil pic
llmlimry skirmishing In anticipation of
an cxtranrulnniy Presidential campaign.
All of thoe fin torn bear on the Invest
ment outlook anil glvn Interest to the
pmbahle course of events during the
next four inonllis, ilurhiK which the
exrltement of the campaign will relieve
the market of their ujual summer
monotony
lloncr Slrnln.
.lune, nlthoufli usually a pcrloil of low
discount rates, has been anythlnr? bitf
an eniy money month. The, inarket.4
have had no cheap money since the year
"lu lled, which Is not ntirprlslriK when
the piessure of Cinernment borrnwliiKS
and demanils ftorn abroad are taken Into
arconnt. Commercial credits ale belns
curtailed, the hanks are offerlni; scarcely
any money on time and competitive bld
dlnB by corporations ami business
houses makes It easy for lenders to ob
tain from 7 to 9 per rent, for Kood sized
loans. In such n situation tho future
course of money rates becomes a rpies
tlon of much Impoitance and deserves
to be studied carefully Just as the out
Ilow of curiency to the harvestlnif sec
tions Is about to set In. The hanks are
still burdened with a jjieat volume of
dead loans, icpiescntliij; ripillt tied up
In tin- freight blockade. That situation
has been relieved partially, but fully
750,01111.000 of credit usually available
for commercial borrowers will not be
accessible this year until the freight
conirestioii shall havo been pcimancntly
icllevcd.
IniprinlliiK I.onns.
Tho total demand for credit from bor
rowers l.i so great as to make It difficult
to tell when the railroad financing can
be resumed on a large scale, or how fully
It will be possible for Investment mar
kets to finance refpiiremcnts of Indus
trial corporations. Koine large Indus
trial properties arc, gieatly In need of
funds to pay for equipment and Improve
ment work required to maintain plants
at full elllcleney The ipieitlon Is, What
proportion of the $300,000. ono of July
dividend and Interest disbursements will
be available for that purpose? The gen
eral bond market has been stagnant so
long that some bond dealers almcst have
I aiianiioneii nope, tnai July Investment
ouying win ue the rnctur that It has
been often In years when the public has
held aloof during May nnd June. With
the (Joveinineiit offering (I per cent
for a year's accommodation through the
sale of tax exempt securities, It is clear
that the ordinary corporation borrower
has to bid n gnod deal more than that
or make the loan otherwise attractive
to win the support of genuine Investors.
.Niiirtlnir Inrpitini-iitii,
The average Investor, however, does'
not like to put bis money into short
term securities likely to mature when I
credit Is more abundant and safo bonds I
are quoted as considerably higher In '
price. The best securltlivi are avallahle I
now for the lowest prices that have ob
tained since civil war days and it Is
unreasonable to expect that the market
will remain on a bargain level Indeli
nllely It Is safe to look for some re-'
mai or iionu buying after the San Fran
cisco convention makes its nominations
and the people bine had a chain e to
gauge sentiment and ascertain what the
Issues of the campaign are likely to be.
They will lie disclosed within ten days,
when the Democratic ticket will be in
the field and the platform announced.
Afterward the security markets are
likely to be Influenced by ups and downs
or tho Presidential campaign, as the ex
perience of tho last twenty-four years
lias shown that markets as a rulo Mzu
up the situation well In advance of elec
tion and often aro surprisingly accu
rate in their conclusions. A great deal
of money awaits Investment and It la
probable that a good deal of It will be
lodged In good securities as soon as tho
campaign Is well advanced, provided
that no disaster be encountered and the
crops turn nut as satisfactorily us the
production Indicated by last week's Gov
ernment report 1
Higher niHcimnt,.
The experience of the last month shows
that a 7 per cent, bond or note orfered
by a stiong corporation appeals effect
hely to the Investing nubile If the loan
be not excessive. The buyer has the
upper hand, however, and because tho
I demand for credit Is so largely In excess
r supply lie is In a position to pick his
securities and insist on safeguards which
borrowers In normal markets would
never guarantee. The Indications are.
therefore, that the loans to be marketed j
during inc next six inontns win offer
not only the Inducement of a high In
terest ratp but alsu exceptional con
version privileges or other benefits cal
culated to attract the hard beaded In
xestor. The railroads have large ma
turities to provide for during the next
ear and to refund the loans advantage
ouslv and obtain additional capital re
quired, they will be furred to make the
new offerings exceptionally attractive.
A high Income return offered by a rail
road or Industrial corporation of sound
credit looks pretty good to the most dis
criminating Investor, especially In cases
In which the loan Is otherwise secured
by gooil collateral Such financing as is
dnno through the sale of preferred stock
often enrries a 7 'A or S per cent, divi
dend, although the basic s-curlty Is not
as great.
Com I mr Mx Munthi.
The chances are, howeVer, that during
the coming six months the most extraor
dinary series of loans that the American
jniaikets have ever had to reckon with
will be brought out. Several new va
rieties ma be offered In the effort to
I m.ike foreign floxernment bonds more
I popular In this country Some of them
I will e irry attractive redemption features,
I others valuable conversion privileges and
nearly all of them possibilities of clear
ing handsome profits from recovery In
exchange rates. In addition to ono or
more of those features some reient for
eign loans have piovlded nn Ingenious
I lottery devlre represented by premium
drawings at rrrtain Intervals Those
, proposals never have taken well in this
country, as the American Investor dls
approves of the gambling device and
before (he year epds, provided they can
obtain the Treasury's consent, tin equal
terms the average Investor everywhere
prefers to put his money Into a security
with which ho Is thoroughly familiar.
Hut when a foreign loan Is brought out
by a responsible! banking house In which
be has conlldcnco the American Investor
will often Invest In a foreign bond Issue,
knowing that his Interest will be paid In
dollars and that his principal H safe,
Aliulo-I'relieli I,oilli,
.Most great foreign loans have been
helped by the determination of the Ilrlt
Ish (Jovernment to pay off the Anglo
I'Yench J500.000.000 loan when It shall
mature In October. Those bonds In the
clnrlng days of 1017 sold down to SI'i,.
Their lowest price of this year was 93 V4.
Most of the funds with which to pay off
these securities weie obtained by selling
American bonds nnd stocks In tho New
York market. The Chancellor of the
Ilrltlsh ICxrheqin r eaily in the yra
offeied to buy any of the $500,000,000
securities In his possession nut of the
amount borrowed from Ilrltlsh owners
during the war. There was never any
doubt that a HrllUh loan would be
paid nt maturity or that Its owners
nleipalltlcs will seek to place loans here! would bo forced to extend It. Hut that
action by tho Ilrltlsh Government In pre
paring to take up that great loan at
maturity has helped the New York
maiket for foreign Issues and made it
possible for foreign Governments of high
credit to borrow extensively here If they
caie to do so.
The I'litiire,
It Is nppnrent that the future of the
bond market will be controlled largely
by developments In the money situation.
There Is no easy mnney in sight and no
leason to look for nn enlarged supply
available for security trading. Hut the
price cutting campaign has advanced far
enough to Indicate Hint a large amount
of ci edit will bo released thioiiRli that
means nnd that the deflation process will
continue until tho nation's loan account
Uhall be materially reduced. With those
changes In the credit situation, bank
reserves will bo strengthened to a point
where It will bo possible to provide
eiedlts necessary to support sustnlneil
revival In the bond market. The I'nlted
.States Is still acting ns banker for the
rest of the world, although conditions In
London hip Improving so rapidly as to
siiKBCSt that tho Ilrltlsh market mny
share soon again with New York the
prestige which attaches to u great Inter
national banking centie. There Is noth
ing In the present situation to become
alarmed about and tho business com
munity should be thankful Hint the
Federal Heservn banks long ngo. adopted
their policy of bringing about systematic
credit euitnllment. The llnanchil posi
tion of this market has been strength
ened materially by It and It Is apparent
that wo have begun scarcely to fed the
beneflts which will icsult from such n
course.
OFFER ELECTRIC ISSUE.
Wm. A. Head A Co. are offering to
day a new Issue of Clovehind Electric
Illuminating (.'ompmy fifteen year 7 per
cent, ill st mortgage collateral bonds due
In 1935 for a price resirted as uround
n 714 per cent, basis.
The bonds are to be secured by $7,H3,
000 of Cleveland Klectrlc Illuminating
Company Hist mortgage 5 per cent,
bonds, due In 1939. The deposited bonds,
which are thus pledged at 70, are part
of mi authorized Issue of $30,000,000,
secured by ,1 ilrst and only iinutgage
lien on the property of the company
now owned or to be acquired, There are
$18,500,000 of those first inortRose bonus
outstanding and the balance w I bo
required as collateral for the
Ized nmount of new 7 per cent, bonds
and, therefore, tho first niortgaKe will uo
closed,
STOCK EXCHANGE SALES.
Ilxclmng" ",' l'c"
New York Htork
ciiuVil Junu in
STOCKS
Monthly
Tuisiliiy ..
Wrriiieailay
Thursday ,
I'rlilay ....
Saturday ..
Totals . .
Year lo
date .
10:0.
4117,131
ll'il.lll
soi.noi
MS, 1 51
1110,00'J
nun
1,47.1,055
i,.ra,WK
1,4.TS.(NH)
1,211,775
1 .StM.SitO
755,105
inm.
537,45.1
3S2.710
aos.HHj
I20,S(C
577,100
270.MK)
Monita
Tuesdsy .
Wednesday
Thursday .
l'rlihiy .
Snttinlny .
....2,1111,237 7.501,005
. 110,058,311114 133,307,024
IIONHH tl'AH VAI.Un).
11120. I010.
. . IS.530,000 1I,H7.000
. 11.MI3.K10 11.05N.000
IH. li!l!l,Hl ll,ll!Ml
II. 1112 0,1110,001)
ll.lSK.I.imll ii.jis.iiiw
l,N22,0'H) 3,11V
I.IHSI
i!,&03,(HI)
09,3 10,300
ltiln.
5,3NH,0o0
0,477.01KI
5,007,000
7,lS2.non
fl,00.1.UOi)
3,210,000
TelaH ..172.230.000 I55.149.O0O $33,818,000
te'VfiOS.Sj
TOTAL TRANSACTIONS IN THE NEW YORK STOCK EXCHANGE
WKF.K I'.NDKII .11' NM 111, 192(1.
Sales for week. .
lUniie 1P20.
lllth.l Low.
40
1920
2,101,237
1919.
7,r,04,r,')5
4li,
s
3
53 Th
92
95
103,
103
227
1.1 ?i
101
25 !i
OHi
111
K
3 01.
741,5
70
74 i
R4'!i
17011
3514
Hlr. Dir.
In I VI. I.I.
Rilei.
1474, 12-Hi,
lK.li
5 I ' Si
15't,
17
30
53Vj
08
11914
14 H
95
9!t-
100'.,
107
44
17'i
SOi.j
100 V,
60
tS ,fj
142";
1 1 8 to
1061,
52
ioor,
283
H1
74r;4
1G3'4
lOSKj
GPs
21i
or. 1 .
CH
751),
125 .
801,4
$2
9
93
114
17014
24
)2
14 8 14
102 14
3Sll
49 s
r.os
13 h
1 5 4'
111'4
3214
114
'.02 Vi
15
17
13 V.
02
1181',
100
129
27
291,4
21
85 1.
40 "
7514
131
191
lot
104?,
108'..,
fills
f.2
1G4-Y,
59'ij
10',
27's
42 '4
0114
91
12015
ltl'4
n
nr. "a
7S
21 'li
4lr's
08 I
101
401',
441,
f.7
05 14
92
50
83".
9 3 '4
20Si
401,4
9S
1414
105 Vt
107
433,
101'.
39 !4
11
sr.
15 ',
85',
38
53
so;
, IOC's
'71
HI
82
93 ',4
W-h
llfN
l(!',li
5C
89
33
8C
12314
102
4011
92!!,
209
8511
91V,
93'n
37
121
53
V,
(10
92
7fi
1
7
8
8
7
12
'7
12
7
' 4
80c
0
7.05
9.30
0(10.10
C.'.MI
9 09
3.07
7.501
6.12
G.91
82',
103
137
231,4
82
103
97
27rN
4DTs
40
35
114
102
17 '4
7714
103
87 la
. 7 V,
IOIn
fill
4 9 Mi
93
9314
93
12
20
GV,
15 V,
GS !-..
2ti
05
110
IS
' 93
G2"i
'9911
40 !4
40
9714
47
7
13'i
3011
45"!
074
9914
7.8
23 1'.
54
0 1 14
1 1 li
291
Oil
95
30 14
2S
30
271.
81
44
7ii!l
13 ,
1
'78
10'4
70 11
101
30
27SK,115!4
oosl 2
i9", 39 V,
79
3 1 14
SO
1C1
4
9
90
!",
3
10
3 V.
9.51!
2.G7
9.09
9.42
8.89
7.71
5.GG
7.65
8.G3
G.51
9.09
5 71
4.44
100 Adams Express ,
500 Advance Humcly
100 AJ.ix Itubher ....
1800 Alaska (iold M. . .
2000lAlaska Jlineau (i
M.
I High.
30 '
3314
C2')5
U4
37C
77
85'.j
93
9 0 4 1
215
4 1 I
30 V.'
32i4
G21,
14
3G4
1 .
85
90
884
215
39'4
9111
500 . Mils Chalmers Mfg..
100 Allls Chalmers Mfg pf.
400 Am Agrlc L'hem
2000 Am Ileet Sugar
9)0Am Ilr Shoe & Fdy ex dlv
100 Am Ilr H & Fdy pt ex dlv.
6100 Am Can I
5501Am Can of ex div
OlOOlAin Car & Fdv ex dlv. . . 1 1 13 '4 1 137
200 Am Car & Fdy pf ex dlv.10STf,10S
3G90 Am Cotto.i oil. , I IG 141
llOOlAm Druggist Syndicate.. 11, 114
. uo I A in Kxpresg
200Am Hide & Leather. . .
1500 Am Illdo & Leather pf..
200 Am Ico
lOOfAm Ice pf
9800Am Inter Corp ex dlv...
200 Am La France Fire ling
900i.in Linseed Co..
0.64
7.7G
7 71
8.00
5.581
0.54
11. 36
10l!l
8.3S
8.93
6.82
9.07
7.23!
7.40
100
20080
100
100
27100
S3C0
17001
5001
1400
100
1300
340
2700
Am Linseed Co pf ex dlv
Am Locomotive
Am Locomotive pf
Am .Malt & drain
Am Safety Itazor
Am Ship & Commerce. . .
Am Smelt .4 Hef
Am Smelt k Itef pf
Am Steel Foundries. ..,
Am Steel Foundries pf..
Am Sugar Itef
Am Sugar Itef pf
Am Sumatri Ion.
7.031
11.67
G.32
7.51
CCD
S.52
G.71
6.21
10
10
10:
4.21
7.23
9.73
5.95
5.25
6.6Gj
5.72
7.5G
5.53
6.91
7.19
9.09
lOOlAm Tel ti Cable.
42O0jAm Tel & Tel ex dlv
100 Am Tobacco
100 Am Tobacco pf new
8200 Am Tobacco Sec
10700 Am Woolen ex div
300 Am Woolen pf ex dlv. . . .
400 Am Writing Paper pf....
700 Am Zinc, L & Smelt
4600IAn.ionda Copper
loolAssets Realization
100!Asso( Dry ioods 2d pf...
10(' Associated 1)11 Co
4200iAU.li, Top & Santa Fe
13001 Ateh, Toil & Santa Fe pf. .
000 Atlanta. Illrm a Atl.
13
17 W
91 14
43
59
87
11
821
921-j
9814
101
37
17T4
21
61 H
wo 14
10
87 14
1251'.
108
89
47',
130
1 I'
ll 0
43
59
821,4
11
801
921,4
S5
981,4)101
Last.
1918.
2.593,000
Net
('lute.
3014
3314
02 11
1
'1
3714
77
.85
90
901.4
215
101,
9 1 14
139
108
4 1
11'4
135
1711
91V4
43
59
87
11
821
9214
97 V,
951
300
Atlantic Coast Line ex div
100 Atlantic Melliilng pf
3800 Atl, Gulf & W 1 S S
20(, Austin Nichols
100 Austin Nichols pf
120GOolHaldwiti Locomotive Wks
,i(.nl!aldwln Locum Works nf
450D Haltlmore ti Ohio
llOOlllaltlmoie Ohio pf
lOOJiji-nsdall Corp "A"
300H,unsdall Coil) "li '
473001 Barrett Co ex dlv
50()lli.irrett Co pf
43001 Iiethlehem Motors
400llethlehem Steel ex dlv...
10(,0lieth Steel 8 p c pf ex dlv
32400Kethleliciii Ktiel 1) ex dlv.
500 llooth Fisheries
1500 HrooklMi Hapld Transit.,
loo ISklyn It Trail ctfs of dep;
400 ninoKiyn 1 nion i.as
lOOOIIlrottii Shoe
100 Hrown shoe pf
loolllurns Ilros
20i) Hutterlck Co
114
1
4
7
50c
12
10
S.39
10.00
S.S5
7.15
7.13
7.00
9.20
9.91
7.76
9.44
5.81
S.22
16.55
9.33
4.84
7.7S
7.48
O JO
9.23
9.09
3.31
8 61
S.16
8.86
8.95
15.001
S 82
8.421
h 9.511
5.29
6.71
1.39
8.29
9.01
sr,T,
36-11
991,
198
9
lG-
101
13
5K
11
6714
147
104
154
2 5 V4
1714
95
914
441
48
36 V,
19 V,
51
192
754
172
41
83 Vi
93
8314
1021,
55 Vj
491
8411
41 '4
38'i,
15
89
10S
4G'l
774
71
23 V,
951
91
61'4
41
1G4
8S1
142 V,
51 '4
11H4
170
84
71
2Gi
8S
91T.
79
51 Vj
57
21,
30 :
11s
49V4
86
93 V.
9Vj
17V.
12 V,
6514
80
261',
27 ',4
20
11
49
150
58 1.4
131
244
68T4
SI)
48 V,
8911
36T,
21
6511
33
28
7
551i
8114
30
50
51
13
S0T4
611
48 V,
3i
914
69
1121
27 V,
76 14
50
7214
60
15N,
80
l!2U
70
36
50
7
20 V, 1
40 .
95
iOcf
1
7
COe
6
9.91
5.13
8.SC
10.13
4.00
5.47
7.43
10.7 4
9.52
8.57
9.05
4.56
9.0 1
5.69
4 30l
8.30
8 21
9.391
7.S0
2.381
10.14
11.27
8.53
5.45
5.88
8.18
8.1 II
11.39
5.93
4.51
6.7S
8.9i
10.3;
7.35
s.ii
2' S 70
HOOlIlutte Copper ft Zinc
1300Huttt & Superior Copper.
100 Caddo Cent O Ai R
300 California Pack Co
noolcal'fornla Petrol
lOOiCallfornla 1 etrol pf
2600ICanadian I'ailtlo
25PP Case Flow Works
f.OO.C.iso (J I) Th M pfexUlv
3spolCentr.il Leather
500 Central Leather pf
llOOCerro do I'iisro Copper...
700lCertaIn-teed 1'rod Corp..
GGCO. Chandler .MotorK ex dlv..
2100lChesnpenke & Ohio
500IChlcago Grt Western
GOOiChlcago Grt Western pf . .
SilOOiChlcago, Mil & St Paul...
4700'chteago, Mil & St Paul pf
49r,0!Chlcngi & Northw ex dlv.
SnolChieaito & Northw'n pf. ..
2K,oChlcago rneumatle Tool..
19200iChfc.igo, R I & Pacific ...
400 Chi. R I & Fae 6 p c pf . .
1100 Chi, R I & IMC 7 P c pf .
1500 Chile Copper
1950 Chlno Copper ex dlv
100 Clev. C. C & St Louis pf..
300ICIuett. Peabody & Co pf . .
5600ICoea-Cola
lM.OIColoraelo Fuel & Iron
lOOniColumbia Gas & Klectrlc.
lMOulColtimbl.i Graph ex dlv..
lOO'Columhla Graphophone pf
lOOIComp Tab Record
lOOlConsnlldated Cigar pf
1100Consolldnted Gas
lXOOICon Interst C Mln ex dlvi
1400Consolldated Textile ....
GOOlContlnental Can
3000Contlnental Candy
20S00ICorn 1'roductM Itef
400ICorn Products Hef pf
400Cosden & Co
110500Cruclble Steel Co
l.lOOOlCuban Amer Sugar
21500ICuba Cane Sugar
3600Cuba Cane Sug pf ex dlv.
300 De Heers .Mines Am
5200iDeaware & Hudson....
3900IDel. Lack Western. . .
5600 Denver & Rio Grande..
37001 Denver & Hlo Grande pf.
lOOlDetrolt United Ry
200Dome Mines
300
100
lOOIDurham Hosiery Mills.
27100
100
32001
500
100
Duluth, S S & Atl
DUlUtll, S S & Atl pr. .
Kndlcott Johnson
Lndlcott Johnson pf.
F.rle
Krlfl 1st pf
Krlo 2d pf.
34O0IF,imnus Players-L ex dlv.
1000 Famous Players-L pf
1700 Federal Mln & Smelt pf. .
9800 Flsk Rubber ex dlv
1000 Freeport Texas
1000 Gaston W & Wlgmore
lOOIGen Am Tank Corp.
3500
600
1400
General Chemical Co.
General Clg.ir Co...
General Klectrlc Co.
9.52
8.4l
78S00!General Motor ctfs. ..
40niGencrnl Motor Corp deb.
6001(1 Motor Corp deti pr 1 p c
1HU" i.ootlrlcn ( u 1-)
100 (loodrlch (H F) pf
lOOIGranby Consol M & S
500Gray & Davis
1310ftinre.it Northern pf
2100Great Northern Ore ctfs.
lOOOIGreeii" Cananea Cop....
300IGulf. Mobile & North...
noolGulf States Steel
50ftHartman Corp
300'Hendee Manufacturing ..
13300'Haskell & 11 Car ex dlv.
lOO'Homestake Mining
2400 Hupp Motor
1600 Illinois Central
1000 Indlahoma Hef
2400 Inspiration Con Copper...
800 Interboro Con Corp
300 Interboro Con Corp pf...
300 Int Agrl Corp
300 Int Agrl Corp pf
7400 Int Harvester Co
17700Int Mer Marine
liooo'lnt Mer Marine vt
6S0O! International Motor Truck
400 Int M Truck 1st pf ex div
200Int M Truck 2d pf ex dlv.
3IUV international .Mei:e ...
HOOjlnternatlcnal Nickel pf...
Sioounternatlonal raper
300Internat'l Paper pf stpd.
140ft. Iron Products Corp
lOOUsland Creek Coal
31200. Island oil & Trans Cor.)
300 Jewel Tea
200 Jones Ilros Tea
600 Kansas C'ty Southern
1001 Kansas Cit; Southern pf.
lOOlKayser (Julius) & Co....
71
8.8
66 V,
10111
97JJ
40 V.
14 '
57
I
60
95
7911
711,
7W
SG
101
16 Vi
231
82
119 14
9 7T,
31V,
42
42
10
154 14
106
2''!
S7l
IO714
93 V,
SI',
12 '4
9
50
101 V,
93 ',
110
13 V,
2 2 VI
8'4
1GI,
69 V4
324
70
113
191
91
(IS li
1 100 14
43-r,
57 .
103
51
8
2114
.13
50 1',
70 Ts
103
98
3G11
C I
75
111
31
CI 1
1004
351
34
-j
33
81
49
12
SO
1 4 1.
34l4
SIH
12 4
95 VI
1044
3 6 -"i
154
564
534
801
.1 1 "J
90 V,
. .1198
41
10
90 V,
9'H
314
SV4
50
93
95
1214
19
13 V,
794
84
35 Vi
34
241'.
1314
49
1791
66 V4
143
73'
83
6.1
89 li
69 '4
35,14
30
14
61 14
84V4
33
73si
53
174
S3
a
3
12 Vi
21
84 '
135 Vi
33
90
(124
79'4
67 Vf
18 14
Sl4
77 Vi
74
47
3
164
231,
591
90
381.
8714
1211,
107
871',
47T,
9214
225
88
5514
95
91Vj
39
1314
56
I
60
95
7S'i
7314
S214
101 ,
11s
23 V4
1 82
ll.".f;4
9 7 Vi
30
4114
42
39
131
105 14
2114
87 V,
10714
89,
811
11.
9
49 V.
95
9314
110
13
214
S
16 VI
68'4
281
70
112'4
IS "
93
42'4
55-
97!'j
51
7 V,
21 "
31
48H
674
101 Vi
! &
04
73i
MVij
30
Gllll
9.1
334
32
544
29 Vi
81
49
79
78 V,
131),
33
S3
1111
92Vi
104 Vi
36
13714
55
51
79
34Vi
S6
184 V,
4
9 VI
90 V,
9
3 '4
sv'-
50
86
95
114
18",
131,4
73 M
S2V4
34
32
22V4
12
49
165
C5 14
1140
23
72 Vs
85
62V4
89 li
37
21
66
3514
2S
12,
6014
82
32
69 14
55
17
811
7V4
52
3V4
111
204
S2
12911
311
87V1
5714
774
66V,
174
SO
74
73 Vi
44
I
37
17V4
21
GO VI
904
381,
87 Vj
125 ' j
107
874
47:4
93 V,
225
88
r.5',4
97
94 V
40 "
13
50 4
4
60
95
7914
744
7,
.82
104
161
2 3Vi
82
I1S4
9714
3011
41
42
39
152V4
106
22
S7V,
10-1,4
90U
SlI
12
9
50
101 v,
931,'j
110
13
211
S
1C,
69
31',
70
11.1
IS
94
C7V,
100 V..
43 V,
:!$
102
51
7v!
. 21V,
32Vi
491
6SH
103
9S
36
04 Vj
16
31
61V.
95
35 14
32V-j
55
30 VI
SI
49
79
7S
13 Vi
34
83
11
94 rN
10 IV,
30
145
r.r, t.
52VJ
80
34 V4
90 ',4
19S
4
9 V4
90',,
Is
3 V
SVj
50
91
95
11
19
13Vi
74 V4
St
35
33
23
12V4
49
175H
66 14
140V4
23
72 VI
85
63
891i
37
21
69
35
29
1 1
61 V4
82
32
734
55
17
S2
7
524
3V4
12
21
SI
133
32 i
SS !4
62
7S
67
1714
814
77
74
47
1
3'.,
214
1
1
1
11
4- 3
'',
2
1
4
14
1
2
1
4. 5
I
T'
H
Hi
2 V,
Hi
2W
14
6UJ
Hi
1".
1.
3 Vi
1
7
-f
4- 1
41,
V,
-11
1'4
4
HI
1:
1
4
4-
1
1:
1 '
1
1 '
1
I
4- I'll
4J
8
ivi
8?.
I
1
1
IV,
31
"i
Hi
n:
.
M
715
18
1
4- 4
13
14
H
2,
IV,
v,
3 VI
,
4
14
1
4-13
1
1
1
1
Hi
1
1
Hi
14
14
1
1
24
1
3
V,
1
!",
23 Vj
17
42
95
6
9
23 1
lij
95 I
9
2.1
17
42 I
95
1
4
V,
Year to ditto.
1920.
119.958,3161
1919
133,307,02 1
1018
69,349,306
152'i'i
DI3 t
ItllllfP IKU. I HIt.i Dir.
High I Low lln S 'Yield.
98 I
95 1
53
33 '..5!
t8l 21V,
102 , l'Kl,
911,' 63
38, 2G '1
4 7 Vi I 391,
207 1 111, I
J ..11 ',, 110
25
41
1311
97
60
391
(1
Sales.
,1.20
! 7
Si
1 3
12
36
2S
71)
1834
112 V.
G4 Vi
63
30
I.I71.4 111
222 161
26
71;
3.891
S.11
7.i;o
7.001
8.33I
6 67I
7 27'
S.281
. . I
7.1I!
52',
IS 14
91
11
18
31 s
4911
1001
10
40
72
911
116
80
13
89
93 ',
110
18
221,
40
9
80
3 V.
7
21
36
1.60
4
8.631
7.12
6.67
7 16.57
110.001
7.21
5.56
9.76
5.08
9.50
8.C5
301',
3'."'..
II
S3
107
58
8
I 63
I 72.
0 1100
7 4 i
17
471,
117
7714
36
48
3Gj
21
1 29
"J 7.00
3i4jl0.2G
'7l 7 53
71 6.54!
5 &.1S
11.
31
92
6 IV
23
Sall
ies "I
10 1
S3 I
4S
61V,
49
10
' V.
151
37
3
611
107
21
47
50
IIV1
7 1 , 1
67,
30
90
37
20
30
22 Vi
59
34
37
45
90
15
81
60
51V,
S3'-,
21 Vj
15
84
I0Si
71
S811
SG14
2si;
16',
64'T,
32
33 Vl
58',',
89
.1 1 it
37 I
S4l
94
93V4
15 V,
22 V.
11 "
20
20
8
6 V.
121!
203
81
72
28 91
61
SS
IS
50
96
78
625
100
374
50
59
41
9Vi
43
15S
25
156
11
46",
60.
240
13
481
79
164
108
73
27
110
61V,
40
121 Vj
4Si
55
176
8
17
64
151
6
53,
77
96
40
89
103
56
41
8941
1044!
65
71
42
59
1104
78
17
20
20 V,
4S "
S4
20
54
S2
103
44
9
47
16
77
61 91
100 I
10
50c
4
40c
11.85
7.71
C.91
S.33
10.26
7.30
C.OC
s.ii
9.SS
9.88
9.43
3.121
10.32
7.S4I
..I
6.56
5.301
7.841
10.781
5.S11
0.2S
12.18
S.4
s.2;
8. GO
9.32
6.35!
8.55!
7.01
5.ti
8.14
7.16
4.91
S.33
7.00
6.06
4.72
4.57
4.55
S.0OI
6.47
7.37
4.31
1 :llin r K-,.1 1 v KiirlllL'llelil Tire
lOOIKelly Spring Tire 8 p c pf
200ielsey Wheel Co
2400Kennecolt Copper
9800,Krvstone Tire & It ex dlv.
100Krcss (S II) & Co pf
SloOlLacknwanna Steel Co
300Lee Rubber & Tire
25O0ILehlgh Valley
200ILIgcctt & Myers Tobacco.
100 Liggett ,4 Myers Tob H. .
12600Loews, Inc
3300 I.oIt, Inc
300! Loose Wiles Illscult
400Lorlllard ') Tob ex dlv.
100 Louisville k Nashville
500 Mnckay Cos pf
lSno'.Miinhattnn Klcvnteil ....
l'.ioo'.Martin-l'arry Curp
300I.Mavs Dent Stores
19900'.Me.lcan Petroleum ex dlv
610 Miami Copper
23200 Middle States Oil
10G00 Mldvalo Steel K Ord...
700 Mlnne.ipollH & St L new
600 Minn, St V & S S M pf
1300 Missouri, Kan H Tex. . .
600 Missouri, Kan ft Tex pf
6900 Missouri 1'aclflr
10500 Missouri Pacific nf
100.Montana Power pf ex dlv
lBOOIMont Ward Co
700iNalii.il Acme Co
30G0O National Aniline . ("hem
0300lNat Anl ,1 Ch pf ex dlv. .
200Natlnnal Illscult Co pf . .
300j.'atlonal Cloak & Suit
400 National Conduit Cable
200i.'iitlonal Kn.im .t Stamp.
OOOiN.ttlnn il Lead Co
lOOINational Lead Co pf
200!N.it R R of Mex 2il pf
700Nevada Con Cop ex dlv..
200 New Orleans, Tex & Mex.
400New York Air Drake
2800 New York Central
200 New York, Chic & St L. .
3200i.'ew York Dock
SlOOOINew York. N II & 11
800 New York. Out &. West..
600 Norfolk Southern
1200. Norfolk H Wstrrn
400 North American Co
24500lN'orthcrn IMelllc
400 Nova Scotia C & C
300 1 Ohio liody & Hlower
600 Nunnally & Co
5000'Ohio Cities Gas
5700Oklali Prod Ret ex div..
700Ontario SIlMr Mining
400 (ills Kle-tor
lGOOIOtls Steel
lOOIOweiis Hottle Co
1400llMrltlc Development
1000I Pacific Gas & Klectrlc
54700-IPan Am Petrol & Tex dlv
5900IPan Am Pet & T It ex dlv
600 IMrrlsli A Hlngliam
Penney Co ( J C)
Pennsylvania It R
Perm Seaboard Steel...
IVnnlps iliis Chieaeo. .
330ftlPerc Marriuetto
SOOlPere Marquette prior pf
1700Plilladelplil,i Co
21500,Philllps Petroleum
26000! Pierce Arrow Motor....
300 Pierce Arrow M pf ex dlv
900
16500
400
:goo
920
300
100
1700
100
2100
I Pierce Oil Corn
Pierce Oil Corp pf
Pitts, C, C & St Louis
Pittsburg Coal of Pa
Pittsburg Coal of Pa pf. .
Pittsburg & West Va
13001 Ponil Creek Uoai
3700iPresed St-el Car
900PuIlman Co
r.SOOIPunta Allesre Sugar
OoniRaiiway stl Spring ex dlv
llOOUtallway Steel Spring pf. .
lOOIItand Mines Am
2400 R.-.y Consol Cop ex dlv. . .
22 1001 Reading
SOOIReacPng 1st pf
400iReadlng 3d pr
900 Remington Typewriter .. .
1001 Remington Typewr 2d pf.
lS.IOO'Replogle St. el
3000 Republic Motor Truck
43400lRepublle Iron & Steel
200Republle Iron & Steel pf..
25100. Royal Dutch Co N Y
47O0lSt Ijouls San Fran
1200
6200
6U2.40
1
::i ::i
's 3.9'ij
'icj 1.3 ij
'ii; s.451
C, 6.491
'.5 8.971
6 7.69
20 3.05
7 7.00
1 9.88
4 5.52
7 9.72
6 12.00
'3 6.50
2100St Louis Southwest pf.
8
7
8
io
4
4
s
3
6
12
S.74
S.93
8. Si!
4.71
6.51
9.14
8. S3
6.2G
9.30
G.37
7.23
10.
6.00
3.78
8.93
S.80
7.31
8.39
7.41
10.61
8.35
5.35
6.71
S.82
7.1 1
5.30
7.67
5.17
10.46
6.35
S.33
6.66
S.0SI
7.69
5.26
S.3l
S.10J
7.671
6.6!
9 36i
S 82
300
1200
300!
10O
200;
100
2S00
421O01
4S00
23900
94 00
400
2001
100
117
15800
600
3600
72400
Santa Cecilia Sugar.
St Louis Southwestern..
.lOOISuperior Steel Corp.
2600
31400
200
17G00
Savage Arms Corp.
Sixon Motor
Seaboard Air Line
Seaboard 'Air Line pf...
Sears Roebuck Co
Shattiick Ariz Cop
Shell Trans ft Trading.,
Sinclair Consol Oil
Sloss-Sheflleld S & I. . .
Southern Pacific
Southern Railway
Southern Railway pf....
Stern Hros pf
Standard Milling Co pf. .
Standard Oil of N J
Standard Oil of N J pf.
Stewart Warner Speed..
Stromberg Carburetor . .
StudebaKer Corp
Term Cop & Chem.
Texns Co ex dlv
Texas Co full paid
Texas & Pacific
5S5 Texas Par 60 p c paid..
OOOIThlrd Avenue
260fl!Texas Pacific Coal ft Oil.
3400
lOll
6000
300
200
100
100
600
23G00
7000
800
200
300
200
100
1600
100
600
34900
100
100
15900
12
13800
16800
500
300
800
Tobacco Products
Texas Land Trust
Transcontinental Oil
Transuo & Wms Steel. . . .
Twin City R T pf
I'nderwood Typewriter ..
t'nderwood Type pf
I'nlon Hag & Paper
Fnlon Oil
I'nlon Pacific
Union Pacific nf
Fnlted Alloy Steel
1 tilled Drug Co ex dlv. .
I'nlted Drug Co 1st pf. . .
I'liitid Djiwond ex div..
I nited Fruit Co ex div. .
I'nlted Ry Investment..'.
I'nlted Ry Invest pf
Lnileil Retail Stores
C S C I Pine k Fdy
H S Kxpress. . ..
IT S Food Prod Corp
2640WU S Ind Alcohol.
U S Ind Alcohol pf
IT S Realty k Imp
IT S Rubber
V S Rubber 1st pf
U S Smelting, R & M
IT S Smelting. It & M nf.
S 10001 II S Steel
390OII' S Steel pf
nOO'I't.'ih Copper ex dlv
lOOll'tab Sec Corn
121300IVanadlum Corp
6300IVa-Caroilna Chem
300'Va-Carollna Chem pf
2600IVa Iron. Coal & Coke....
66o0lVlvaudou V ex dlv
lOOIVulcan Detlnnlng
lOOOlWabash
HOOIWabash pf A
1300lWells Fargo K.vpress
900Western Maryland
700 Western Pacific
lOOIWestern Parlfic pf
600' Western Union Tel
lOftlWestlngbouse Air Rrako. .
17001 Westlnghouse K & M
lOOIWheellng 4- Lake Krle....
250n'Whlte Motor ex dlv
1680ftWlllys Overland
11 00' Willys Overland pf
HOOIWilson & Co
l.lflO'Woolworth (F W)
lOOIWoolworth (F W) pf
1600 Worthlngton Pump . .
200 Worthlngton Pump pf H .
100
68
81,
L7.V'
29 :K
224
50
6
9
157
11
65
7S
61V.
116,
1111,
4714
94
43
aoi4
12
32
68
4 2 V,
434
82
108 V,
23
98
80
61V,
91 V.
331,'
27 1,
113
124
120
106 V.
106
29
22i
9 41
45
4 5
94
98
924
551
1214
i(ir,-y,
120
25
25
18
30
S3 11
2H4
94
18
243
13
90,1',
484
82 "1
103,
26,
68 91
100
85
S50
113,
5114
54
12694
lit!
134
50
210
47
21 I
17
47,
95 V.
420 "
381
66
99
200
110
127
38
124
69
53
148
53
3714
'1 J
"l34
2991
96
25
37
784
1164
103i
6991
143',
113V4
76
474
109
1151
801!
12
97
80
112.
113
20
29
10
31
76
12
321
66
S9V1
119
55
14
69
32 .
93
82
143
116
9.IV4 6ft
76 ' 07,
odd lots
NOTE- Odu lot traii-actlons ..re not recorded in separate line unless bales
were made at price outside of the regular full lot range,
i
1 Net
IljghJ I,wJI.ait.C!yi
T()7 103 1001 Hi
95 95 95 1
65 63 63 2
28 26 26 -- Hi
30 27 V, 28' H4
10114 100 100(4
7214 70 72 -- Vj
30 30 30
42 4091 41 Vi l'
145 1449. 145
110 110 140 ..
29 274 28 1
17V. 16 16 91
46V4 45 4614 ''t
110 139 139
9S 97 9S
00 60 60 .
43 40 12 1
20 20 20
111 111 HI J
181 171 Vi 1784 Hs
20 20 20
30 28 29 i
439, 40 42 -- 1
139, 13 131 1'.
S1V, S0 80 34
6 5 6
9 9 991
23 24 244 11
41 ij, 39 40 V,
99 Vi 99 Vi 99Vi 3
34 33 33 i
I 34 I 31 31 4
! 73 68 71 2Vi
96 89 93 I 291
1071 1"7 107 1 1
61 61 61 4
9 S 8. Vj
67 '4 67 67 4-
78 i 77 77 '4
103 103 103 4 1
5 I', 5 4
129. 12 12
32 31 32 1
99 96 'j, 98 Vi
68 67 68 14 4. li,
2794 2 6 2 7 94 Is
34 3314 34 1
29 289, 29'4
179, 16 16 1
24 20 24 2
86 85 V, 86
601 504 604 1
71 661 70 39s
51 61 53 1
28 27 27
16 151 16
39Vi 3S 3891 'f.
44 41, 4 14
7 6 91 7 li
122 120 122 2
2 1 '4 23 23 9,
54 51 54 3
53 50 51 1 94
47 46 4G V,
104 91 100 1031 1
95 951', 97 4- 4
32 31 9, 32 4- 14
93 93 93 3
39 38 384
26 V4 25 25 1
39 37 38 VI
21 22 24
60 69 59 2
37 36 36
434 38 42 4- 1
6214 49 52
94 V. 93 93
164 15 16
85 83 85 2
71, 74 91 741 V,
68 56 58 4. 2
S3s 854 854 ,
2S 26 91 27 Vi
1894 17 1 8 94 19,
101 98 99 1
1119', 110 llli 4- 194
101 101 103 91
1U0 97V1 97 1
100 9714 100 4. 491
29 29 I 29
16i 16 16
85 S2', 84
431 431 431 4- Vj
14 43 4 4 4- ,
64 631,1 63
93 93 93 4- 591
8714 79 83 34
544 47 61 - 14
91 90 921 l'v
94 94 94
118 113 116 4- 1
21 231 24 94
25 VI 22 V. 2214
12 11 " 1191
22 2191 23
4S4 4.8 48 2
9 9 9 4
7 7 7 ',
13 13 13
2131 201 204 12
9 891 s; vi
75 73 744 1
32 30 31V4 91
7191 61 71 4- 591
93 901 92
23 22 23
56 65 91 53 91 Vi
97 96 96
78 7S 78 51,4
662 649 656 8
10191 100 10091 4
11 40 40
794 72 72 14 4 91
721', 67 72 4.
50 30 50 94
10, 9 10
48 46 46V4 14
1183 1S2 1S2 4. 2
I 41 38 40
I182U 180 ISO 5
12 12 12 9;
4 7 94 4 6 94 4 6
70', 68 684 1 '1
31714 317 317 1
14 13 1191
56 65 56
50 79 79 1
170 170 170 4. 5 V,
10S 108 108 4. 2
87 80 87 194
32 274 31 4. 3
111 111 113
6391 621 63 91
43 42 43 1
12S1-, 12514 1251 1
15 91 4SV4 48 14
56 56 56 4. 2
203 200 201 4. 3 "
! 10 10 10V4
I 22 21 21V4 194
I 81 14 78 79 3
I 16 16 16 91
6 0V, 6
68 G'.V, 67 4. 1
91 S7 90 2
96 96 96
6011 6591 69 4-'3i
974 9391 961
105 108 108
69 58 59 "i',
43 41 42 1
94 92 934 1
1054 IOI.94 103 4-' it
69 67 6S 1 -
S'(j 8V4 8
84 78 84 4. 3
77 72 75 2
106 106 106 i2
119 109 116 4. ! '
20 1S 19
20 20 20 3
"11 794
23 22 23
62 60 50 IK
9 9 9 1!
27 27V1 27
63 63 63 ' 4. 3
54 SJ 54 Zl .v
106 106V, 106 i.v
30 49 49 4 Ui
991 9j 99; I?
51 50 52 iS
20 18 19 u
S3 82 83 4. ill
63 61 i 611 14
IO6I4 101 lost 4. i
Il06, lOGU 1061 1 ,'
' 6' 61 61 . 1 -'
6S 68 CS
BROWN BROTHERS & CO.
Philadelphia
IVtsblMnsI 1113
NEW YORK
rtoiton
Investment Securities
On request we make a periodic appraisal of the
individual investors' securities and prepare
investment lists. Our facilities as members
of the New York. Philadelphia and Boston
Exchanges and those of our connections abroad
arc at the disposal of our clients.
BROWN, SHIPLEY & COMPANY
ru4ers Curt, Lothkurr
LONDON, E, 0.
EitablUh.d 1IU
Offlca fr Trsrtlari
HI fall Mill. LONDON, . W.
Standard Bank of
South Africa, IP
WE ARB atnll times very ftlnd to discuss
South African and Australian trade
conditions with exporters and Importers.
Established 58 Years
370 Branches and Agencies
Resources $350,778,055
WH. MACINTYRE, Agent
68 WALL STREET NEW YORK
Tke
First National Bank
of Boston
Capital, Surplus and Profits
$37,500,000
Deposits
,$170,000,000
Total Resources
$260,000,000
AUSTRIAN KRONEN
Wc Offer CaMe (Options) On
Kronen Checks or Cable
Transfer Vienna
in amounts of K. 100,000 and ah. vc. allordins
an opportunity of pruiit v. it h limited risk.
RICHARD MAY
i; William Street. Tel. liread 1101-1105-7234.
Stone & Webster, Inc.
147 Milk Street
BOSTON
120 Broadway
NEW YORK
38 So. Dearborn St.
CHICAGO
EXAMINATIONS AND STUDIES
of Industrial and Public Service Properties
REPORTS
on Valuation and Operating Efficiency
U. S. LOSES IN 1919 ON
CHESAPEAKE & OHIO
Annual Report Shows Deficit
of $6,522,298.
The Government lost R522.298 rr0in its
operations of the Chesapeake and Ohio
Hallway In 1919, accorellnK to its annual
report, which contrasts with a profit to
the Government In 1313 of J3.991.C93. The
road's standard return or contract com
iwnsatlon was recorded as J1I.W8.579,
iina-lnet J13.226.983 In 1918, and was an In
crease of Jl,361,39.", but the larger amount
Includes an addition to the standard 10
turn for ISIS and 1919 and also nddltlonal
allowances made by the Railroad 'Ad
ministration for 191S and 1919 011 account
of exceptional conditions of the company,
tho Chesapeake nnd Ohio belntr one of
the very fv rullroads to obtain In
creased compensation throuRh negotia
tion. Compared with the road's com
pensation. Its Federal Income account
showed a net Income of JS.066.2S1, against
J17.21S.677 In 1918.
By reason of tho Federal compensation
Chesapeako and Ohio wns able to earn
a net nmount of J5.S06.95I, equal to 9 1-3
per cent on Its capital stock. The com
pany paid only I per cent In dividends,
nnd thus added to Its profit and loss
s'irplus more than JUOM'jo. Iperea.-lnfi It
fiom J8,56.726 at the beginning nf tnc
year to Jll.849,417 nt Its lose The fol
lowins tabulation compares Its corjorate
Income. In 1519 with that of 1918.
Compensation .
Other Income. .
Total
1919.
..Jl 4,5X8.578
. 1,215,830
mis
J13.22H.9S..
1 118,114
Income, less ,'
corporate expenses &
Federal Income tax... 15,2S2,302 13 8.1 10
Total deduction, 9.5(rt.l9.'l 9 on s7
Net Income J5,774,I09 J4.K17 ',01
In his general remarks to Its stork
holders tho president of the company
describes Its successful Increased renrai
contract negotiations as follows.
"As pointed out In tho nnnual repnii
for 1918, the standard return of
company and Its railroad nibsldiane
under tho Federal control act for the
Vlreo year test period ended June Si"
1517, as tentatively certified by the In
terstate Cornrnerco Commission, was J ' 1
226,983.23. Your directors, being of opin
Ion that the sum named was inequitable
as a fair measure of Just compenat "a.
in July, 1919, applied to the I.irer' ir
General of Railroads for a contract pro
vldlng for compensation In addition
the standard return In the nggrea'
sum of Jl, 047,408 57 After !-e,.ra
hearings and tho submission of J'
tlonal data the Director-General nt'- "1
your company a contract providlrc ' r
compensation. In addition to the r r ,
ard return, In the annual sum of I '
371.50 per annum, being 5 per '
upon the cost of tho ChesapciK. ,1'
Ohio Northern Hallway. Your e : i '
was iil-o awarded by the Dlre , r.e
eral. for th" 'it-e of its Ku-
Interest at 6 , r cent upnn ih . v 1
ment plus li cents a. ton of coal tf
llvered to the Director-General for 4
nletlon and dep'latlon."
.iSU
1