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TO.
era 11
INCLUDING
Bank & Quotation Section
Railway Earnings Section
ineancial
1L1tLk
Railway & Industrial Section
Bankers' Convention Section
VOL. 114.
Electric Railway Section
State and City Section
SATURDAY, APRIL 1, 1922
W,h,e ODlitrunitle
NO. 2962
Week ending March 25.
Clearings at
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CHICAO0 OFFICE-19 South La Salle Street, Telephone State 5594.
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-Edwards
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&
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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY. President, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; l3USIlleSS Manager, William
D. Riggs; Secretary, Herbert D. Seibert. Address of all, Office of the Company.
Chicago
Cincinnati
Cleveland
Detroit _
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids__ _
Dayton
Evansville
Springfield, Ill
Fort Wayne
Youngstown ___ _
Rockford
Bloomington __
Quincy
Akron
Canton _
Decatur
Springfield, 0_ - South Bend
Mansfield
Danville
Jacksonville, IlL _
Lansing
Lima
Owensboro
Ann Arbor
Adrian
Inc. or
I Dec.
1921.
1920.
I
1919.
+8.6
+5.4
-19.0
+17.0
+11.9
+15.6
-15.7
•
$
638,662,459
67,096.679
126,910.048
123,686,084
32,777,723
16,638.000
13,206,100
489,845,937
53.001,172
83,375,839
68,421,021
29,618,518
12,618.000
9,768,300
3,102.775
4,769,004
+3.4
+31.6
6,234,312
7,063,083
4,412,714
3,954,218
4,079,609
2.513,486
1,484,391
6,264.864
1,713,681
1,473.843
1,281,014
5,776,000
4,462,703
994,901
-2.6
-18.8
+7.2
-34.0
+0.5
-17.3
-4.3
-10.0
+5.5
-6.6
5,047,384
2.302,178
2,441,289
3,938,742
2,834.307
2.120,586
2,331,327
12,467.000
5,462,021
1,730,331
3,816.937
1,981,625
1,210,802
3,572,737
1,918,548
1,643,616
1,470,388
6,942.000
3,370,284
1,179,796
$
497,637,963
59,337,468
76,829,147
96,418,163
31,836,773
14.609,000
11,805,800
a
3,200.458
0,272,500
3
458,120,103
56,316,199
94,886,665
82,000,000
28,451.447
12,634,000
14,003,200
3,972,585
2,040,211
1,591.703
4,134,231
1,722,588
1,219,206
1,226,576
5,201,000
4,708.920
929,165
a
1,726,458
1,500,000 +15.0
1,712,138
910,842
a
278,605
1,541,922
642,362
350,520
519,286
150,759
333,647
1,450,000
633,780
313,4061
443,814
250,000
562,104
1,715,102
1,107,263
816.249
538,525
346,924
587,860
933,008
1,086,070
1,209,031
298,989
1,110,432
Tot, Mid. West
829,915,369
789,332,592
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City__ _
Spokane
122,500,000
87,339,000
30,638,490
26,691,778
10,370,460
a
a
11,792,160
5,050.049
2,704,643
2,702,800
3,405,269
1,683,150
1,245,396
3,614,872
a
3,858,777
827,874
130,000,0001
83,162.000
32,157,068
28,920,917
21,800,060
-5.8
+5.0
-4.7
-7.7
-52.4
+5.1 1.079,748,558
1
154 495,765
71,262,000
41,802,448
35,251,196
16,500,000
107,758,666
36,827,000
34,431,591
25,326,773
12,391,281
9,976,401
5,797,710
2,337,514
4,770.300
3,482,440
1,356.368
1,159,741
3,095,415
+19.3
-12.9
+15.7
-43.3
-2.2
+24.1
+7.4
+18.8
9,560,234
4,995,051
2,452,281
5,611,100
4,504,102
1,806,595
1,721,279
2,203,189
7,776,709
3,227,960
1,677,755
1,784,616
2,450,093
1,087,891
1,003,693
1,102,1813
3,139,425 +22.9
694,606 +19.2
2,623,304
1,225,114
Total Pacific__
314,424,718
331,849,905
-5.2
354,788,544
238,071,327
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Cedar Rapids__ _
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
billings
Aberdeen
134,445,000
55,937,139
37,683,084
27,996,250
16,880,280
a
8,282,371
4,952,859
10,312,566
3,911,404
2,576,357
1,788,471
849,884
744,869
1,667,694
4,795,666
1,461,637
2,491,475
315,117
489,656
463,359
811,396
138,361,778
54,075,012
38,9.33,290
27,239,078
17,072,413
-2.9
+3.4
-3.0
+2.8
-1.1
242,058,244
,676,126
72,956,381
19,916,584
22,606,361
174,955,715
39,932,942
56,838,2013
14,417,529
20,862,953
8,937,069
1919.
5,787,285
$
$
10,426,824
%
$
$
4,142,656,403
York
3,169,337,277
New
+30.7 4,979,732,067 3,434,749,239
3,322,626
384,000.000 331,693,874 +15.8 449,828,432
Philadelphia
2,430,243
b101,800,000 141,398,682 -28.0 176,700,209 395,295,500
Pittsburgh
2,101,333
132,740,912
57,880,313
Baltimore
68,843,397 -16.0
894,800
80,476,706
67,468,737
35,165,554
Buffalo
32,696,847
+7.6
887,784
43,903,866
18,089,801
17,273,719
Washington
14,867,315 +16.2
1,986,307
17,623,605
13,956,236
C
Albany
4,597,270
7,970,992
Rochester
7,620,640
+4.5
1,518,571
9,722,714
6,156,659
4,304,701
Scranton
4,371,010 -1.5
2,644.978
5,013,597
3,409,785
3,213,824
Syracuse
3,101,372
+3.6
457,737
3,971,145
3,249,816
2,104,927
Reading
1,054,013
386,072
+7.7
2,600,000
2,290,785
a
Wilmington
715,805
Wilkes-Barre _ _ _
1,2,508,000
2,474,584
+0.5
1,087,508
2,865,973
2,450,499
4,194,306
Wheeling
4,404,407 -4.8
5,040,474
4,625,685
2,806,869
Lancaster
2,415,367 +16.2
TotalOth.West 318,892,534 323,763,873
3,409,102
2,869,071
3,170,300
Trenton
3,063,919
+3.5
3,263,696
2,311,078
1,145,458
York
1,141,963
a
+0.3
1,653,640
1,283,905 St. Louis
a
Erie
New Orleans__ _ _
39,125,169
35,981,998
Binghamton _ _ _ _
772,800
719,700
Louisville
24,640,130
24,041,016
+7.3
1,123,900
647,900
C
Greensburg
Houston
a
a
Chester
Galveston
5,844,969
5,212,106
1,010,287
Altoona
734,236 +37.5
39,052,773
39,398,835
955,782
828,868 Richmond
348,042
Montclair
310,919 +11.9
Fort Worth
10,196,000
10,907,916
561,326
290,168
1,318,057
Huntington
1,856,725 -20.0
Memphis
15,020,325
11,482,016
1,662,824
2,913,475
Bethlehem _
2,339,741 +24.5
Atlanta
38,909,088
39,827,009
3,502,607 Not incl. In totals.
Harrisburg
Savannah
a
16,486,292
14,200,040
Total Middle_ _ 4,776,4148,027 3,795,351,988 +25.7 5,700,109,058 4,092,679,644 Nashville
Norfolk
5,903,184
6,465,785
296,000,000 240,466,277 +23.0
Boston
354,868,047 276,579,140 Birmingham _ _ _ _
16,895,172
13,917,244
a
Providence
1,427,120
Augusta
1,627,799
a
Hartford
Jacksonville
10,735,099
9,964,471
5,110,634
New Haven
4,218,554 +21.1
4,916,340
4.967,230 Mobile
1,547,250
1,680,365
4,764,881
Springfield
4,145,134 +15.0
4,594,316
3,150,795 Knoxville
2,521,000
2,600,600
C
Portland
Little Rock
2,148,330
8,843,791
3,259,018
Worcester
2,968,271
+9.8
3,753,584
2,755,519 Chattanooga
a
1,368,777
Fall River
1,184,952 +15.5
2,703,221
1,296,332 Charleston
1,214,107
New Bedford__ - 1,137,160
+6.8
2,051,698
1,425,448 Oklahoma
19,279,300
24,861,744
a
Holyoke
1,038,447
Macon
1,100,366
1,092,389
Lowell
835,476 +30.7
1,143,739
1,601,213
812,663 Austin
1,604,362
545,786
Bangor
729,388 +25.2
553,435 Vicksburg
690,474
315,427
236,268
a
Stamford
Shreveport
4,021,143
3,221,306
Tot. New Eng_ 313.355,592 255,685,212 +22.6 374,721,419 291,540,562 Jackson
824,869
050,000
Wins
24,603,657
25,705,549
a No longer report clearings or only give deb is against individual accounts, with 'I'ulsa
a
no comparative figures for previous years.
NIuskogeo
a
b Report no clearings, but give comparative figures of debits; we apply to last
year's clearings the same ratio of decrease (or increase) as shown by the debits.
Total Southern 1,288,135,457 285,535,986
c Do not respond to requests for figures. • Estimated.
Total all
6,835,371,697 5,781,519,546
Note -Canadian bank clearings on page 1375.
Outside N. Y 2,692,715,294 2,612,182,269
--7.5
-7.3
-1.1
+17.7
+6.0
-14.9
-5.0
-16.1
-16.1
+4.3
-3.7
-5.8
-31.2
+26.8
-35.3
--24.6
13,973,675
10.997,897
12,371,037
6,542,236
3,018,795
3,093,732
1,194,898
919,291
2,724,694
5,551,552
2,248,154
1,830,590
837,420
1,085,746
1,151,687
1,555,705
8,033,695
10,579,376
9,998,878
4,877,005
2,511,260
2,201,035
790,371
634,613
2,409,548s
4,614,271
1,614,254
1,827,435
820,782
492,855
1,203,540
1,344,708
-1.5
513,310,805
361,861,041
+8.7
-1-2.6
65,051,918
11,800,000
45,681,353
16,701,825
+12.1
-0.9
-8.5
+30.8
-2.3
6,137,014
62,727,116
19,283,024
26,129,624
63,548,506
4,589,691)
45,636,762
13,315,404
14,875,7.85
47,915,144)
+16 0
-8.7
+21.4
-12.3
+7.7
-8.2
-3.0
-7.9
21,874,600
9,913,923
19,654,599
6,557,897
12,642,355
2,436,445
2,924,606
11,924,557
14,939,909
7,419,243
10,770,485
2,662,838
8,392,613
1,496,088 •
2,091,870
4,195,970
-22.5
-5.6
-0.2
+33.5
+24.8
+26.9
-4.3
12,476,297
9,670,582
2,000,000
328,626
5,299,618
604,641
39,303,429
8,000,00Q
312,110
2,392,2,97
385,415
15,500,000'
Tho following
CLEARING HOUSE RETURNS.
table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,540,652,380, against $6,835,371,697
last week and $6,269,149,264
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending April 1.
Per
Cent.
1922.
1921.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,261,500,000
396,572,249
317,000,000
224,000,000
96,267,352
*96,000,000
*86,693,000
73,620,138
60,864,732
35,518,941
$2,955,224,840
400,805,589
328,539,177
208,218,172
115,505,374
a
102,200,04)0
120,407,544
60,829,731
67,886,524
37,575,041
-6.0
-28.0
+21.0
10.3
-5.5
Eleven cities, 5 days
Other cities, 5 days
$4,648,036,412
802,423,905
$4,403,192,592
821,096,795
+5.6
-2.3
Total all cities, 5 days
All cities, 1 day
$5,450,460,317
1,090,092,063
$5,224,289,387
1,044,859,877
+4.3
+4.3
+10.4
-2.5
3.5
+7.6
-16.7
Total all cities for week
36,540,552,380 $6,269,149,264
+4.3
The full details of the week covered by the above ail be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be In
all cases estimated, as we go to press Friday night. *Estimated.
Detailed figures for the week ending March 25 show:
Week
Clearings at1922.
1021,
nding March 25.
Inc. or
Dec.
1920.
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
Yakima
Pasadena
Reno
Long Beach
Santa Barbara
-16.5
+6.3
+1.4
-10.9
+17.0
-39.7
788,264,183
+0.9 402,618,8831 276,945,381)
+18.2 8,515,207,267,6,049,362,148
+3.1 3,535,565,20012,614,612,907
, )
1338
THE CHRONICLE
[Vot. 114.
The operators wish to return to the wage scale of
THE FINANCIAL SITUATION.
1920, about 17% below the one now expired. Upon
A complete strike and tie-up in all the coal fields the practical question who can stand suffering the
of the country was set for midnight of yesterday, longer, the time has passed when public sympathy
per order of the United Mine Workers of America, was with strikers without inquiry. Five months
to the half-million union miners and to about one- ago, when the great strike to tie up all rail transporhalf as many non-unionized workers who with their tation was to be ordered from Chicago but was not,
assent were "requested" to join the revolt. Admit- the men discovered that circumstances had changed
ting the "God-given" right (as Mr. Gompers solemn- and their bluff was "called." The public had grown
ly reiterates) of every human being to butt a stone sick and tired, and almost welcomed the threatened
wall if he imagines the wall will mind it more than clinch; as some put it, it was time to "get this thing
he does, and that, as a part of free agency, any man out of our system." When Kansas was to be left to
may quit work when the whim takes him, it is a fact freeze, Kansans determined to have coal and they
of record that in very few instances at the most went after it and got it. When the rail lines to this
have union workers been satisfied to trust their own city were halted, on an occasion probably not yet
side of the wage dispute, in the last thirty years, quite forgotten, and some trains were even abanbut have proceeded to coerce the employer by fight- doned en route, the "White Collar" element put on
ing him and to coerce him further by putting the jumpers, and the trains ran. An overstrained patience exhausts, and an exhausted patience becomes
public to the utmost possible distress.
To say of anybody that he can read and write, a sternness of resolution which does not readily
and that he keeps his word when he has given it, is yield. Unionized workers have long made the public
negative praise; one is not applauded for not being the trodden worm in their fights with employers;
illiterate and untruthful, but when a labor union but the worm will turn, and it will be very unwormlets a contract run to fulfillment the fact should be like when the turning really begins.
Nobody will treat a fuel shortage as a trivial matnoted as against the custom. So we must admit that
ter, for fuel is a necessity of transportation, and (as
a two years' wage scale is just expiring.
After having had tremendous advances in wages, President Harding reminded us) "everything hinges
the miners now refuse to consent to a reduction, in on transportation." Railway strikers would be
line with the general deflation in prices. They even among the first to be hit by their own revolt, and
demand an increase, though that is probably part of likewise striking coal workers would need food and
the usual game of asking much in excess of what they fuel, like the rest of us. They want rail workers to
would be satisfied with, they hoping in this instance refuse to carry any coal, and longshoremen to reto get the mine owners to agree to the continuance fuse to handle any foreign coal, all out of "sympa• of the present extravagant scale, which has added thy." The longshoremen have not promised, nor
• several dollars a ton to the price of coal. They de- have the railway men; ships to bring coal will probmand an advance of about 20%, which they claim ably not be lacking, and machinery to handle it
would be only a "living" or (as they call it) a "sav- makes human labor the less essential; the indicaing" wage; they want a minimum of $1,800 a year tions are that the supply on hand is enough for sevfor unskilled labor, as the least on which a family eral weeks at least; the non-union men, who have
of five can live. They would perhaps be willing to been mining increasing amounts of coal in recent
adopt the foolish statement made to the Railway 'periods, may not follow the leaders to the jumpingLabor Board by the head of the shoperafts union off place; as for household needs, the winter is
that a worker's family must have $2,637 97 a year; about past and other resources can eke out the coal
the three cents can be spared, but the dollars are a in bins. Perhaps, therefore, this is not a bad time
necessity. He reaches his conclusion largely by for trying the issue whether a fraction is or is not
reckoning up the total number of "calories" in the more than the whole.
breakfasts which he says are possible under the
wage demanded and under the wage conceded by the - Naturally there was unusual interest in the anroads. The showing may be apparently good, but it nouncements that Premier Lloyd George might make
omits to consider how many less calories have been upon his return to London from a vacation in the
received during a number of years past by many Welsh hills. The London correspondent of the New
thousands of workers who have been unable to in- York "Tribune" cabled Sunday night that "when
crease incomes while prices rose against them and Premier Lloyd George goes into the House of Comhave borne their share of war burdens without howl- mons a week from to-morrow to demand the country's support for the Government's policy at the
ing over it.
agreefour-years'
a
Economic Conference, •e will sound what his
operators,
Genoa
the
say
contra,
Per
• ment was entered into in 1916; nevertheless, in the friends say will be the keynote of a great program
very next year two wage increases were made volun- for the reconstruction of Europe. He and his coltarily, and when the armistice came the war scale leagues are convinced that the bottom of the postwent on until March of 1920, when the Wilson Com- war depression has been reached, and they are lookmittee awarded a 17% further advance, making ing forward to the vigorous upbuilding of the Conti• 65% in six years. The men allege that living costs nent's economic life." The correspondent added
in the mine fields have risen 83%; the operators cite that "he would like to cancel all the international
in reply the figures of the National Industrial Con- debts among the Allies growing out of the war and
ference Board that in the last two years the mini- reduce the indemnity demanded of Germany to about
mum living cost there has declined 20.7%, and they one-third of its present figure. His financial adviscite something of unmistakable significance if cor- ers have told him that most of the inter-Allied debts
rectly cited, that bank deposits in the anthracite re- are uncollectible anyway, and that Great Britain
might as well take the leadership among the nations
,•gion have risen 75 millions in the last two years.
APRIL 1 1922.]
•
THE CHRONICLE
by wiping out all the debts owed the London Treasury by France, Italy and the other Allies." Discussing the situation still further, the "Tribune" representative said: "Lloyd George realizes, of course,
that the Allied debts to the United States have to be
considered in this connection, and he has been considerably embarrassed by the refusal of the Washington Government to be represented at Genoa, by
the unexpected political revolt among his own
Unionist supporters and by the threat of civil war
in Ireland. But, despite these handicaps, it is reported from Wales that the Premier is keen to be
back in the whirl of domestic and international politics, and he believes that he can go ahead successfully with his Genoa plans. Just how the financial
side of the European reconstruction plans can be
worked out without American co-operation no financial authority here can see, but this fact does not
deter Lloyd George. He believes that there is strong
hope for an agreement at Genoa for the reduction of
land armaments, and as reports from Russia indicate that the Bolsheviki are ready to make concessions on this score, Lloyd George hopes to meet
largely the objection to the Soviets raised by Secretary of State Hughes in his note refusing American
participation in the Conference. If obstacles pointed out by Washington can be removed, financial aid
for Europe might not be unobtainable from America
after all."
The British Premier returned to London Monday.
Prompt announcement was made that he was "determined not to appear in the House of Commons,
but to leave for Chequers, his country estate, tomorrow" [Tuesday]. It was also said that he did
not intend to participate in the proposed conference
in London on the Irish situation. The London advices Tuesday morning stated that he asked,'How's
London,' and appeared greatly refreshed by his stay
in the Welsh hills, and lost no time in getting into
touch with his Cabinet colleagues, with whom he
discussed his Genoa policy among other matters."
A full Cabinet meeting was called for Wednesday,
at which it was understood that these questions
would be carefully considered. The New York "Herald" correspondent in London asserted as early as
Monday evening that Lloyd George's Genoa policy
with respect to Russia would be approved "overwhelmingly in the House of Commons next Monday" According to the Associated Press correspondent in the British capital, "Senator Carlo
Schanzer, the Italian Foreign Minister, who came
to London for a brief conversation with Prime Minister Lloyd George, said that the British Premier
manifested full agreement with the proposed solution of the Near East problem arrived at by the
Allied Foreign Ministers in Paris."
Dispatches from London Wednesday morning declared that "at a Cabinet Council held in Downing
Street this morning [Tuesday] a complete agreement was arrived at on the Government's policy at
the Genoa Conference, and the terms of the motion
to be moved in the House of Commons on Monday
were approved. It is understood that the motion is
in simple terms. It will ask the House of Commons
to support at the Genoa Conference the Government's policy as based on the Cannes resolutions.
The motion does not name the Prime Minister, but it
will be described and treated as a vote of confidence.
1339
Mr. Lloyd George deprecated a personal vote of confidence. He will himself move the resolution on
Monday, and will expound the Government's policy.
It is expected that the Independent Liberals will
move an amendment to the motion." It was added •
that "the Premier after the Cabinet Council lunched
at the Savoy Hotel with his Liberal colleagues in the Ministry. This was a social meeting of a private character, at Which, it is gathered, Government
policy and Monday's motion of confidence were discussed. At 4 o'clock Mr. Lloyd George had an audience with the King at Buckingham Palace, and soon
after left town for Chequers, where he will stay till
Monday."
In the House of Commons, on Wednesday, Austen
Chamberlain announced the text of the resolution,
"which will be moved by Premier Lloyd George next.
Monday." It read as follows: "This House approves the resolution passed by the Supreme Council
at Cannes, as the basis of the Genoa Conference, and
will support His Majesty's Government in endeavoring to give effect to it." ,
There is no end to the trouble that is being made
by political opponents the world over. The FourPower Treaty has been pretty generally regarded
with favor, both in this country and in Europe. Still,
it developed at a session of the French Chamber of
Deputies a week ago yesterday that certain factions
in that body had decided to attack the French delegates to the Washington Conference on the Limitation of Armaments, and what they did and did not
accomplish there. Deputies Margaine and Grandmaison led the attack and "protested against
France's loss of prestige and the fact that the French
were excluded from private conferences between
United States and British delegates!' One correspondent observed that "as Parliament will take a
six week's vacation beginning April 9, it is not likely
that any effort to ratify the treaty will be made be-'
fore the end of May." Deputy Margaine asserted
that, "America being confronted in her effort to
capture the Chinese market, by Japanese exportations to China, thought of war with Japan and then
decided to come to an understanding with her competitors. It was thus the Washington Conference
was born. Its goal was to put all the Powers on an
equal basis in the Far East, but that goal we have failed to attain." The accounts stated also that
"the debate was finally adjourned until next Friday [yesterday]. News of the American Senate's
ratification of the Four-Power Treaty did not reach
Parliament until the session ended. Premier Poincare will be present when the debate is resumed, and
M. Briand will set forth his side of the case in what
is expected to be a tumultuous session of the Chamber, during which long pent-up feelings of discontent will be aired."
Former Premier Briand, in an interview with a
representative of the New York "Evening Post,"
discussed the Four-Power Treaty at considerable
length, and was quoted as saying that "I welcome
the American ratification of the Pacific treaty because I think it extraordinarily valuable to France
to have her signature at the bottom of any document guaranteeing peace in any part of the world,
and particularly valuable when the signatures beside hers are of nations like Great Britain, the,
United States and Japan." He was report rd to have
1340
THE CHRONICLE
added that "France will assuredly ratify, nor will
her reservations be any more serious than those imposed by the American Senate."
In a cablegram to his paper Tuesday morning the
Paris correspondent of the New York "Times" said
that "Premier Poincare intends, when he submits
the Pacific treaty to the French Parliament, to accompany it with a reservation analogous to that
adopted by the United States Senate. He regards
it as fair that one party to a treaty should not assume obligations, implied or otherwise, which another signatory does not assume." He added that
the following reservations to the naval treaty might
be offered: "First, an amendment changing the
French capital ship ratio from 1.75 to 2.5. Second,
'a reservation declaring that France deems that the
treaty does not bar her from protecting her independence on land or sea. Third, a reservation stating either that France retains the full right to decide what is a merchant ship, which under the Root
plan must not be attacked by a submarine, or stating that France does not regard any vessel carrying
guns as immune as a merchant ship."
[Vol,. 114.
In reply to the foregoing contentions, the Paris
correspondent of the New York "Times" cabled the
following Thursday morning as representing the attitude of France: "This year every man, woman and
child in France contributes the equivalent of $35
gold for repair of the deva-tation the Germans
wrought'in France. This year every man, woman
and child in Germany is asked by the Reparations
Commission to contribute the equivalent of $3 gold
in cash and $6 gold in material. And the German
Chancellor replies that Germany cannot. Since the
end of the war every man, woman and child in
France has paid the equivalent of $200 gold for reconstruction. The total of all the German reparations payments to all the Allies is equivalent to $40
gold for every man, woman and child in Germany.
There you have the key to the European political
situation to-day. These facts explain why the French,
in view of past experiences, will not consent to a
general discussion of reparations at Genoa, where
they feel they would be in a minority. These facts
explain the strength of the Nationalist faction in
the French Parliament and of the Nationalist leader, Poincare. It is because your Frenchman believes
that his country stands alone in what he regards as
a just cause that he turns a deaf ear to appeals to
cut France's claims against Germany. Arguments
of economists mean nothing to him when he regards
those figures. It is because the Frenchman feels he
is getting a raw deal that he is so distrustful of the
advice of other nations, however much they may proclaim their good intentions."
Word came from Berlin yesterday morning that
the Reichstag, the day before, had given Chancellor
Wirth a vote of confidence-248 to 81—on his reparations stand, and that the same support would be
given to the German delegation to the Genoa Conference.
Speaking for nearly two hours in the Reichstag
on Tuesday, Chancellor Wirth characterized the
Allied Reparations Commission's demands that Germany pass new tax laws yielding an additional 60,000,000,000 marks by May 31 as "an utterly impossible and presumptuous condition." Other striking
points made by the Chancellor were: "The so-called
tax compromise,consisting of fourteen new tax laws,
which the Reichstag for the past week has been deliberating, form an integral part of our foreign policy whereby it was hoped gradually to bring the existing difficulties in the relations between the German and foreign Governments gradually to a sensible compromise agreement. Obviously the Government's earnest endeavors have not been given credit
by the Reparations Commission in any form. In
Another peace agreement between North and
particular there appears lacking an understanding South Ireland has been signed by representatives of
of the significance of tax reform now in process. the two sections. Formal announcement of the event
The most painful surprise for us is caused by two was made in the House of Commons on Thursday
points in the conditions, namely, that we immedi- by Winston Spencer Churchill, Secretary for the
ately prepare a plan for increasing taxes by at least Colonies. The first two provisions of the document,
60,000,000,000 paper marks for the current year and which are general, and apparently the most imporpass and enforce these new 60,000,000,000 taxes by tant, follow: "First—Peace is to-day declared.
May 31. There is probably nobody here who seri- Second—From to-day the two Governments underously believes it is possible to raise an additional take to co-operate in every way in their power with
sixty billions taxes. Our direct and indirect taxes a view to the restoration of peaceful conditions in
have'been increased to the limit, though we gladly the unsettled areas."
are prepared to enter into a serious discussion reThe British Government, evidently believing that
garding the German peoples' comparative tax bur- more could be accomplished by negotiation than by
dens with other countries. The Reparations Com- further resort to arms in settling the troublesome
mission, by granting a moratorium would have con- Irish situation, telegraphed, a week ago yesterday,
tributed to the stabilization of our currency and the "a formal request to Michael Collins and Sir James
creation of healthy basic conditions for our finan- Craig to come to London with any colleagues they
cial policy. The Reparations Commission's notes may wish to bring in order that His Majesty's Govhave actually achieved the diametrical opposite. ernment may examine with them every aspect of
The Reparations Commission's note, by causing an the situation." Word was received by the Colonial
increase in the gold mark's price, has caused our Office in London on the following day that "Arthur
budget deficit to increase by 28,000,000,000, to 224,- Griffith, President of the Dail Eireann, and Eamon
000,000,000 marks—a striking proof that a policy J. Duggan, Minister of Home Affairs, would arrive
of might cannot foster the reparations problem. I in London on Monday, in compliance with the remust protest in the sharpest possible way against quest of the British Government for a conference on
the principle of outside interference in the sovereign the critical Irish situation." At that time there was
rights and law-making powers of the German na- doubt as to whether the Ulster Government would
tion."
accept the invitation. Premier Craig telegraphed
that the invitation would receive the earnest consid-
APRIL 1 1922.]
THE CHRONICLE
eration of the Northern Government, and that a further reply would be sent shortly. If it did a conference was being planned for last Tuesday. Later the
Ulster Premier definitely decided to attend, and the
conference resulted as above.
1341
Advices received in Riga from Moscow last Sunday stated that the Soviet delegation to the Genoa
Conference, headed by George Tchitcherin, Foreign
Minister, had left forRiga." It was understood that
"the Soviet delegation will remain at Riga until the
Italian Government guarantees their personal safeThe widely heralded convention of members of the ty and the inviolability of their baggage." The deleIrish Republican Army was held in the Mansion gates arrived in Riga Wednesday morning and left
House last Sunday, notwithstanding the prohibition the next day for Berlin.
issued by the Dail Eireann authorities against it.
The convention was said to have been "in session for
In a Berlin cablegram Tuesday morning the Asmore than twelve hours." The Associated Press sociated Press correspondent introduced another
correspondent reported that "a resolution was phase in the already extremely uncertain Russian
passed unanimously reaffirming allegiance to the situation. He said in part: "With Karl Radek,
Irish Republic. The resolution also declared that head of the publicity department of the Russian
the Republican Army should be under the supreme Soviet Government, and Christian Rokovsky, Presicontrol of an executive committee, which shall draft dent of the Ukrainian Republic, negotiating in Bera constitution for submission at a subsequent con- lin with various Entente and Little Entente reprevention." He added that "among other matters on sentatives, and with the Bolsheviki preparing at
which the convention took decisions and concerning Riga for a pre-Genoa Conference of all the Baltic
which the executive committee will later issue a full States, including Poland, the opinion is expressed
statement was to boycott Belfast and to extend the here that a Baltic Entente, with Russia as its mainboycott to the six northern counties of Ireland." stay, may face the Allied representatives at Genoa
According to an official statement issued after ad- and give some unexpected twists to the efforts to
journment, "the delegates present numbered 220; rehabilitate Europe."
they represented forty-nine brigades, as well as four
members of general headquarters and officer from
Among the more important questions considered
eight divisional staffs and from three or four inde- by the Allied Foreign Ministers at their recent sespendent brigade staffs."
sions in Paris were the establishment of peace in
Turkey and safety for the Armenians. Before adThe Irish Free State Bill passed its third and final journment at 11:30 o'clock last Sunday night the
reading in the House of Lords on Monday. Yester- Allied Foreign Ministers "signed the provisional
day the measure became law when King George gave terms on which they are mutually agreed to rehis assent to it. According to an Associated Press write the Treaty of Sevres." The Paris corresponddispatch from London last evening, "the House of ent of the New York "Times" explained that "the
Lords decided not to insist upon amendments it had whole proposal is predicated on acceptance by the
adopted, and an adjustment was reached between Turks in the same spirit as the Greeks have already
the two Houses of Parliament."
accepted the proposal for an armistice, and with
these tentative proposals before them, it is considSpeaking in the House of Commons Monday eve- ered that even the Angora Government will not rening, Winston Spencer Churchill, Secretary for the fuse." He cabled the following synopsis of the proColonies, "declared the situation in Belfast was fai posals: "The Allies in their statement definitely set
worse than all the rest of Ireland, and that the Gov- forth as their intention the re-establishment of
ernment was prepared to consider martial law with Turkish nationality and Turkish authority in such
the military authorities." He added that "action condition as will enable the Turks to reassume their
could only be taken in agreement with the Ulster national independent existence, with ConstantiGovernment, of whose strong effort to compose mat- nople as their capital. They also assure Mussulters in the city he was aware."
mans of their desire to maintain the secular and religious authority of the Sultan. On the Greek side
While representatives of the South and North of they
promise compensation for the sacrifices which
Ireland were conferring with representatives of the
the Greeks made in the Allied cause during the war,
British Government in London on plans for the setand in doing this they require that the Turks shall
tlement of their differences, political disorders in
largely diminish their European territory while reboth sections of Ireland continued. According to a taining
all Asia Minor. Smyrna will be under a special
dispatch from Dublin Thursday morning, "a large
regime, but except for that provision the whole of
party of armed men early this morning held up the
Asia Minor, from the frontiers of Persia to the
staff of the 'Freeman's Journal,' smashed the pressAegean Sea, will be Turkish. In Europe, Constanties, threw gasoline on the floors and stairs and set nople and a large part of Eastern
Thrace will remain
fire to the building. The firemen were able quickly under the full sovereignty of the
Sultan. The territo put out the flames, which did only slight dam- tory immediately adjoining
the Straits will be demilage." It was explained that "the assault upon the itarized and Allied military inspectors will
endeavor
staff of the 'Freeman's Journal' and the attempt to to insure the maintenance of this demilitarization.
destroy the plant are in line with the attitude as- The Greco-Turkish frontier will be traced in
such a
sumed by certain members of the Dail Eireann and way as to leave the Greeks in possession
of the GalIrish Army extremists ever since the paper came out lipoli Peninsula and of Adrianople,
but just as spein favor of the London treaty. De Valera support- cial regime may
be made for Smyrna, it may also be
ers tried to have it barred from the debates in the made for Adrianople. The Armenians,
while they
Dail Eireann, following which in an editorial the will profit from the strict protection
of the minorpaper gave a chronological list of its sufferings for ity clauses proposed in the new treaty,
will become
a free Ireland."
the special charge of the Council of the League of
1342
Nations. The financial independence of Turkey is
to be respected, and the administration of the Ottoman debt will be maintained and confirmed under
reserve. A time limit of three weeks is given for
acceptance by both Greeks and Turks of these conditions as a basis for the negotiation of a peace
treaty, which will be drafted in some place not yet
decided, but probably Constantinople itself."
In a Paris cablegram last evening it was asserted
that "the Armenian delegation in Paris plans to
protest to-morrow to the Allied Governments over
the decision of the Allied Foreign Ministers to place
the Armenians under the protection of the League
of Nations. At the same time they will appeal to
Washington for intervention by the United States."
523,836 in 1920, while note circulation is £122,718,000
as contrasted with £129,904,745 and £105,271,020
one and two years ago, respectively. Although
rumors were quite generally circulated that a further
reduction in the, Bank's official discount rate was
1 %
impending, this did not materialize and the 44
through
Clearings
figure was continued, unchanged.
the London banks for the week totaled £701,866,000,
against £726,509,000 a week ago and £454,490,000
last year. We append a tabular statement of comparisons of the principal items of the Bank of England's returns:
The French trade statement for January furnishes
further evidence that improvement is taking place
in the ratio of exports to imports, the excess of exports for that month having been 151,089,000 francs,
against an excess of imports of 483,072,000 francs in
January 1921. A summary of the figures, compared
with 1921, follows:
Food
Raw materials
Manufactured goods
Total
Food
Raw materials
Manufactured goods
Parcel poet
IMPORTS.
Changes
1921.
1922.
Francs.
Francs.
Francs.
403,186,000 Dec. 50,614,000
352,572,000
887,253,000 1,381,183,000 Dec.493,930,000
389,964,000 Dec. 342,137,000
247,827,000
1.487,652,000 2,374,333,000 Dec.886,681,000
EXPORTS.
Francs.
Francs.
Francs.
192,477,000 Dec. 70,951,000
121,526,000
445,804,000 Inc. 12,656,000
458,460,000
994,852,000 1,134,395,000 Dec. 139,543,000
118,585,000 Dec. 54,682,000
63,903,000
1,638,741,000 1,891,261,000 Dec. 252,520,000
Total
Excess of expla(+)or Impls(—) +151,089,000 —483,072,000 Inc. 634,161,000
No change has been reported in official discounts
at leading European centres from 5% in Berlin,
Belgium, France and Sweden; 532% in Denmark;
6% in Rome, Norway and Madrid; 43/2% in London
and Holland and 33/2% in Switzerland. In London
the open market rate was easier and receded to 3@
33/% for both short and long bills. This compares
2% for three
with 332% for short bills and 3 7-16@3/
months' bills a week ago. Money on call was likewise in freer supply and the quotation was lowered to
3%, as against 33i% last week. The open market
discount rate in Paris continues at 432% and in
Switzerland at 23/2%, the same as last week.
The Bank of England's weekly statement, issued
Thursday, showed a nominal loss in gold holdings,
namely £8,562, accompanied by a reduction in total
reserve of £1,023,000. This latter was the result of
an expansion in note circulation of £1,014,000.
Moreover, there was a further gain in deposits, so
that the proportion of reserve to liabilities declined
to 16.27%, as against 17.95% last week and 18.98%
the week preceding. In the corresponding week of
1921 the reserve ration stood at 12.27%, but a year
earlier it was as high as 183/2%. Public deposits
were expanded £8,178,000 and other deposits £174,000. Temporary loans to the Government were
curtailed £2,147,000, although loans on other securities registered an expansion of £11,534,000. Gold
stocks on hand now total £128,771,211. A year ago
the amount held was £128,348,374, and in 1920
£112,172,475. Total reserve aggregates £24,501,000,
as against £16,803,629 in 1921 and £25,351,455 a
year earlier. Loans amount to £97,930,000, in
comparison with £112,909,287 last year and £109,
[VOL. 114.
THE CHRONICLE
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1919.
1920.
1921.
1922.
April 3.
April 2.
March 29. March 30. March 31.
122,718,000
Circulation
30,037,000
Public deposits
Other deposits .._120,504,000
Govt. securities_ _ _ _ 46,318,000
Other securities__ _ 97,930,000
Reserve notes dr coin 24,501,000
Coln and bullion ..128,771,211
Proportion of reserve
16.27%
to liabilities _
Bank rate
4s%
129,904,745 105,271,020 75,163.600 47,998,435
23,046,991 36,248,159 32,790,089 36,288,080
114,633,954 100,922,097 123,302,333 150.272.776
26,004,162 20,412,430 67,114,144 59,308,032
112,909,287 109,523,830 78,870,215 113,486,817
16,803,629 25,351,455 28,214,582 31,880,757
128,348,374 112,172,475 84,928,182 61,429,192
12.27%
7%
18.50%
6%
18.87%
5%
17.10%
5%
The Bank of France continues to report small
gains in its gold item, the increase this week being
205,000 francs. The Bank's gold holdings, therefore, now amount to 5,526,054,925 francs, comparing
with 5,504,213,289 francs at this time last year and
with 5,584,884,176 francs the year before; of these
amounts 1,948,367,056 francs were held abroad in
both 1922 and 1921 and 1,978,278,416 francs in 1920.
During the week, silver gained 172,000 francs, while
bills discounted were augmented to the extent of
98,795,000 francs. Advances, on the other hand,
were reduced 35,515,000 francs. Treasury deposits
were diminished 29,870,000 francs and general deposits fell off 100,767,000 francs. Note circulation
registered an expansion of 246,215,000 francs, bringing the total outstanding up to 35,528,005,000 francs.
This contrasts with 38,435,078,340 francs on the
corresponding date last year and with 37,334,353,935
francs in 1920. Just prior to the outbreak of war
in 1914, the amount was but 6,683,184,785 francs.
Comparisons of the various items in this week's return with the statement of last week and corresponding dates in both 1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
March 30 1922. March 311921. April 1 1920.
. for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
205,000 3,577,687,869 3,555,846,233 3,606,605,759
Inc.
In France
1,948,367,056 1,948,367,056 1,978,278,416
No change
Abroad
205,000
Inc.
Total
172,000
Inc.
Silver
98,795,000
Inc.
Bills discounted
Dec. 35,515,000
Advances
Note circulation_ _Inc. 246,215,000
Treasury deposits Dec. 29,870,000
General deposits. Dec. 100,767,000
5,526,054,925 5,504,213,289
267,319,662
281,921,495
2,914,198,000 3,051,904,375
2,311,479,000 2.189,912,012
35,528,005,000 38,435,078,340
37,073,993
26,298,000
2,209,777,000 3,066,121,762
5,584,884,176
245,409,010
2,258,286,835
1,774,078,713
37,334,353,935
530,004,426
3,336,650,714
In its statement as of March 23 the Imperial Bank
of Germany shows the following changes: An increase
in gold of 499,000 marks and in total coin and bullion
of 1,784,000 marks. Treasury certificates declined
136,731,000 marks and bills of exchange 633,425,000
marks. There were huge decreases in bills discounted
and deposits, the former declining 6,681,507,000
marks and the latter 6,520,457,000 marks. Notes of
other banks gained 2,722,000 marks; other assets
1,556,726,000 marks, while notes in circulation expanded 783,167,000 marks. Investments were lower,
8,001,000 marks, and advances fell off 81,575,000
marks. In other liabilities also there was a reduction of 242,727,000. The Bank's stock of gold on
hand is reported as 996,877,000 marks. This corn-
APRIL 1 1922.]
THE CHRONICLE
pares with 1,091,523,000 marks last year and 1,091,340,000 marks in 1920. Note circulation, which in
recent weeks has increased alarmingly, now stands at
another new high record. It has reached 123,457,294,000 marks. For the corresponding week of 1921
total circulation was 62,612,851,000, in 1920 43,347,120,000, while for the week of July 25 1915 it stood at
only 1,890,893,000 marks.
1343
rates stiffened to 5% on Wednesday, time money
was easily obtainable at 43%. It was even stated
on good authority that a loan for $500,000 had been
negotiated at 4%, without severe stipulations as to
collateral. Those who are predicting low quotations
on both call and time loans for some time to come
assert that the business of the country will continue
to recover slowly and that the paying off of "frozen
credits" will be on a larger scale relatively than the
demand for funds with which to finance new business
and new enterprises. It cannot be denied that business is improving in various directions, but it must
be admitted that the change is still gradual. Encouraging reports have come from Kansas. It is
stated that the higher prices for farm products
recently have enabled the farmers to increase their
deposits and the banks to cut-down their borrowings
from the Federal Reserve institutions. The New
York Federal Reserve Bank-says that the department
stores of this city show a specially satisfactory increase
in their retail distribution of dry goods. New financing continues on a large scale, many millions of new
securities, mostly bonds, being issued daily. In
face of the new offerings, domestic and foreign
Government bonds have not only held previous gains,
but made new high recordrat frequent intervals.
The demand for domestic, corporation and municipal
issues already listed on the Stock Exchange has
shown no sign of real slackening. The requirements
for the speculative stock market have not been large
as amounts are counted these days. Yesterday, the
last day of the month, call'money'rose to 532%.
From the Federal Reserve Bank statement, issued
late on Thursday afternoon, it will be seen that there
has been a small loss in gold, while rediscounting
operations have again been extended. The reduction
in gold reserves totaled approximately $1,300,000,
while rediscounts of Government paper and of "all
other" were increased by $20,000,000. Bill purchases
in the open market increased $15,600,000. The net
result was an expansion in bill holdings of $35,000,000.
Total earning assets were only $33,000,000 larger.
Deposits increased $30,000,000. Federal Reserve
notes in actual circulation, however, fell off $1,500,000. The New York Bank in its operations with
other member banks gained no less than $36,000,000
in gold. The Bank extended its discounts of
Government paper $13,000,000, but reported a
contraction in "all other" of $7,900,000. Bills
bought, however, increased $12,000,000, so that total
bill holdings expanded $17,000,000. Earning assets
increased not quite $4,000,000, but deposits over
$39,000,000. The volume of Federal Reserve notes
in actual circulation remained without essential
change. Despite the expansion of deposits, the ratio
of reserve for the whole system was reduced only
.6%, to 77.8%, while for the local institution there
As to money rates in detail, call loans covered a
was no change at all, the ratio remaining at 86.7%, range during the week of 4@532%, which compares
the same as last week.
with 332@5% a week ago. Monday the high
was 432%, the low 4%, with renewals at the maxiProbably the most noteworthy feature of last mum figure. On Tuesday there was a slight recession,
Saturday's statement of New York Clearing House so that loans renewed at 4317
0, the high for the
banks and trust companies was a decline of no less day, while the low was still 4%. Renewals were
than $87,789,000 in net demand deposits, which, again negotiated at 43% on Wednesday, but this
however, simply reflected the normal shifting of was the lowest rate, while just before the close the
funds after tax payments. This left the deposit call rate advanced to 5%. Thursday a flat rate of
total $3,831,466,000, which is exclusive of $72,227,- 432% was recorded, this being the high, low and
000 in Government deposits, a falling off in the latter ruling rate for the day. Increased firmness developed
item of $21,022,000 for the week. As against this a for a time on Friday, with a maximum of 5
gain of $2,096,000 was shown in net time deposits although the low was still 432% and renewals were
to $270,831,000. Loans were reduced $10,978,000 put through at the same figure. The figures here
and cash in own vaults of members of the Federal given apply to both mixed collateral and all-industrial
Reserve Bank increased $781,000 to $61,345,000 (not loans alike. The stiffening in the call market was
counted as reserve); reserves of State banks and trust attributed to heavy Government withdrawals of
companies in own vault likewise increased slightly, funds from the banks. Por fixed-date maturities
viz., $163,000; but reserves of these same institutions very little change was noted. Business is as quiet as
kept in other depositories declined $542,000. Member ever and the volume of transactions small, with
bank reserves with the Federal Reserve Bank were quotations practically the same as a week ago.
curtailed $12,565,000, and this in some measure Sixty and ninety days and four months money is
served to counteract the falling off in deposits, so now 432%, with five and six months 432@4%%, as
that surplus was brought down $1,589,000 to $47,- against 432% for sixty days and 432@49i% for all
571,320. Figures here given for surplus are on the other periods last week.
basis of 13% reserves above legal requirements for
Mercantile paper rates continue to be quoted at
member banks of the Federal Reserve System, but 4M@4%% for sixty and ninety days' endorsed bills
do not include cash in vault amounting to $61,345,- receivable and six months' names of choice character,
000, held by these banks last Saturday.
the same as last week, with names less well known at
4%@5%. A moderate degree of activity was noted
The advance in call money this week is attributed but offerings were scarce, so that the volume of
largely to temporary conditions, such as Government transactions was not large.
withdrawals from local institutions. At midweek
Banks' and bankers' acceptances were quiet and
they amounted to $18,000,000 in a single day. featureless and the aggregate of transactions showed
Preparation for April 1 disbursements was un- a slight falling off. This was mainly due to the
doubtedly another factor. Although call money stiffening in the call market. Out of town institu
THE CHRONICLE
1344
tions furnished most of the business that was passing.
For call loans against bankers' acceptances the
posted rate of the American Acceptance Council was
4%, the same as a week ago. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchases by the Federal
asked for bills
Reserve Bank 3%% bid and 3
running for 120 days; 3%@332% for ninety days,
3%@3%% for sixty days and 3 8@3% for thirty
days.
The rediscount rate on all classes of paper was
reduced by the Federal Reserve Bank of Chicago
from 5 to 432%, effective March 25. The following
is the schedule of rates now in effect for the various
classes of paper at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT MARCH 31 1922.
Federal Reserve
Bank of—
•
Discounted bills maturing
within 90 days (incl. memAgriculber banks' 15-day collateral Bankers'
accepTrade tural and
notes) secured by—
lances
accep- live stock
paper
Otherdiseted
lances
Treasury Liberty
wise
maturing maturing
notes and bonds
for
secured member within 91 to 180
certificate
and
and
banks
90 days
days
of indebt- Victory
edness
notes unsecured
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
434
434
434
434
5
434
432
5
5
6
5
434
•
434
434
434
434
5
434
434
5
5
5
5
434
434
434
434
434
5
434
434
5
5
5
5
434
434
434
434
434
5
434
434
5
5
5
5
434
434
434
4;4
434
5
434
434
5
5
5
5
434
434
434
434
434
5
432
434
5
5
5
5
434
The market far sterling exchange has been in neglect during the greater 'part of the week, and the
volume of business passing was smaller than for quite
some time. In keeping with this, price changes were
narrower, the quotation for demand ranging between
4 383
/
8 and 4 35N. While the undertone was fairly
steady practically throughout, movements were
somewhat uneven and the action of the market very
clearly indicated the general unwillingness of dealers
to make future commitments on any considerable
scale until at least some of the problems now pressing
for solution in the European political situation have
been disposed of. Although the position of sterling
is regarded as better now than at any time since the
close of the war, and the belief is becoming more and
more general that values may be expected to work
toward still higher levels, it is freely conceded that
there are numerous unsettling elements to be reckoned
with. The threatened political crisis in India is one
of these, as also the continuous unrest and rioting in
Ireland; added to which are the outbreak of fresh
labor difficulties in England and the failure satisfactorily to adjust political affairs at that centre.
London sent lower quotations, and this, coupled
with larger commercial offerings and a greatly lessened demand, all tended to depress prices, although
closing rates showed some improvement.
Notwithstanding these unfavorable influences,
however, an undertone of confidence still persists,
and the feeling seems to be that the disturbances
just enumerated are likely to be of a temporary
character, and once out of the way, the radical improvement in the British trade balance should make
for still higher sterling rates. Bankers are beginning
to look forward to the Genoa Conference with a
considerable show of interest.
Referring to quotations in greater detail, sterling
exchange on Saturday of last week was easier, and
there was a fractional decline to 4 377
4@4 38% for
demand, 4 38%@4 38% for cable transfers and
[VoL. 114.
4 35%@4 363 for sixty days; trading, however, was
very dull. On Monday London sent lower quotations and weakness set in which caused a further
recession of nearly a cent in demand, to 4 353@
4 373/, cable transfers dropping to 4 35%@4 377
4
3
Trading was still
and sixty days to 4 33114@4 35%.
inactive on Tuesday and prices were again fractionally lower, declining to 4 353/s@4 373/i for demand,
4 35M@4 3732 for cable transfers, and 4 33@4 35
for sixty days. On Wednesday movements were
somewhat irregular, but the trend was upward, so
that demand bills covered a range of 4 363@4 37%,
%@4 3814, and sixty days
cable transfers 4 363
4 343@4 35%; no increase in business was noted.
Dulness continued the chief characteristic of business
on Thursday, and there was little disposition either
to sell or to buy; rates showed a sagging tendency
and ruled at 4 36%@4 373/i for demand, 4 37 1-16
-@4 373/ for cable transfers and 4 34%@4 35 for
sixty days. Friday's market was quiet but firm,
4,
with an advance in demand to 4 373'@4 377
37%@4
383',
and
sixty
to
4
days
transfers
cable
to 4 35%@4 3538. Closing quotations were 4 35%
3s for demand and 4 37% for
for sixty days, 4 37/
cable transfers. Commercial sight bills finished at
4 30%, sixty days at 4 243/g, ninety days at 4 233',
documents for payment (sixty days) at 4 24%, and
8. Cotton and grain for
seven-day grain bills at 4 303/
payment closed at 4 30%. The gold movement this
week was almost nil, being restricted to a consignment
of$1,150,000in Swedish bar gold'on the Stavangerfjord
from Sweden and about $100,000 in gold and platinum
on the United Fruitliner from Colombia.
Aside from continued demoralization in German
marks, the Continental exchanges were dull and
featureless, with the currencies of the various European countries strong and weak by turns, without
definite trend and fluctuations confined to a few
points in either direction. Here, as in the case of
sterling, most operators were out of the market, and
even the speculative element was less in evidence;
the market seemed to have settled down to await the
outcome of events now pending. As to individual
movements, heavy selling of recihsmarks persisted,
so that the quotation broke repeatedly under pressure and at length touched 0.28%, another new low
point, this being a fraction under the low record
of last week. Subsequently there was a rally, which
carried the quotation to 0.34%; but the general outlook was not considered favorable to mark exchange.
Austrian kronen remained at or near the low levels
recently prevailing. Credits which several of the
more prosperous European nations have granted
Austria, as well as numeruos efforts at stabilization,
have thus far had little or not effect in raising the
level of quotations. French and Belgian exchange
%
fluctuated between 8.933'2 and 9.04 and 8.293
and 8.43, respectively. In France it is understood
that there is much discussion regarding the possibility of a further rise in the franc. This would be
far from welcome, as French experts say that any
additional advance would tend to restrict exports.
French trade figures for January show a decided improvement, the export balance being about 151,000,000 francs as compared with 483,000,000 francs last
year. Italian lire were well maintained, due partly
to better reports of conditions in that country, also
the steady inquiry emanating,from the constant
stream of travelers' checks and tourist remittances
APRIL 1 1922.]
THE CHRONICLE
1345
incidental to this season of the year. Greek exchange of the Treasury the buying rate for cable transfers
after a weak opening improved on rumors of a more on the different countries of the world. We give
satisfactory state of political affairs in that country. below the record for the week just past.
CABLE BUYING RATES FINED BY FEDERAL RESERVE BANK.
The Central European exchanges remained quiescent,
MARCH 24 1922 TO mArtcir 31 1922, INCLUSIVE.
all except Czecho-Slovakian exchange, which adNoon Buying Role for Cable Transfers in New York.
Country and
vanced sharply on new that negotiations for a new
Value in United States Money.
Monetary Unit.
, at. 24. far. 25. ar. 27 Mar. 28. War. 29.Mar. 30. at, 31.
loan in London had been completed. .
EUROPE5
5
5
5
The official London check rate in Paris finished at Austria,
$
$
$
krone ____ .000137 .000136 .000138 .000138 .000134 .000135 .000139
Belgium,
____ .0844
.0842
.0837
.0835
.0840
.0841
.0839
48.55, compared with 48.53 last week. Sight bills Bulgaria,franc
ley
.006883 .0069
.006908 .006887 .006883 .006883 .006883
on the French centre closed at 9.013, against 9.03%; Czechoslovakia,
krone
.017931 .017688 .017825 .017989 .0182
.018506 .018978
krone_ .2122
.2119
.2106
.2096
.2110
.2110
.2109
cable transfers at 9.023, against 9.04%; commercial Denmark,
England,£ sterling
.3844
- 4.3878
.3728
.3653
.3738 4.3727
.3781
Finland, markka
.020943 .020871 .0207
.020244 .020263 .019763 .019881
sight bills at 8.963, against 9.019, and commercial France,franc
.0907
.0904
.0899
.0899
.0901
.0900
.0903
Germany, reichsrrek .003024 .003084 .002945 .003016 .003076 .003105 .003475
sixty days at 8.903., against 8.959.j a week ago. Final Greece, drachma .0433 .0431 .0427 .0422 .0438 .0440 .0439
florin or
figures for Antwerp francs were 8.373 for checks and Holland,
guilder
.3780
.3781
.3774
.3770
.3773
.3773
.3779
Hungary, krone
.001088 .001103 .001082 .001119 .001115 .001132 .001181
8.383 for cable remittances. Last week the close was Italy, lira
.0512
.0514
.0508
.0507
.0508
.0510
.0515
Jugoslavia, krone
.003053 .003053 .003053 .003051 .003075 .003057 .003103
at 8.3934 and 8.4034. Reichsmarks finished at Norway, krone_ _ _ _ .1780 .1786 .1769 .1773 .1777 .1772 .1773
Poland,Polish mark .000241 .000243 .000243 .000245 .000249 .000244 .000247
escuda
.0844
.0849
0.33 for checks and 0.3334 for cable transfers, as Portugal,
.0857
.0862
.0843
.0814
.0814
Rumania,lets
007425 .0073
.007216 .007186 .007194 .007181 .007159
Serbia, dinar
.01232 .012225 .012257 .012293 .012343 .012257 .012414
against 0.294 and 0.3094 the week preceding. Aus- Spain,
peseta
.1858
.1557
.1553
.1548
.1551
.1549
.1551
krona
.2617
.2615
.2609
.2608
.2608
trian kronen closed at 0.0140 for checks and 0.0145 Sweden,
.2601
.2801
Switzerland, franc .1946
.1945
.1942
.1939
.1942
.1943
.1942
ASIAfor cable transfers, against 0.0135 and 0.0140 the ChinaChefoo tact
.7533
.7500
.7587
.7533
.7567
.7592
.7617
week before. Lire finished the week at 5.14 for Hankow
tael_ __ _ .7533
.7500
.7567
.7633
.7587
.7592
.7617
Shanghai
tae1
.7196
.7188
.7219
.7211
.7225
.7263
.7296
bankers' sight bills and 5.15 for cable transfers. Tientsin tact
.7575
.7575
.7608
.7575
.7608
.7642
.7658
dollar .5398
.5371
.5386
.5386
.5393
.5405
.5441
This compares with 5.1134 and 5.1234 last week. Hongkong
Mexican dollar
.5253
.5228
.5250
.5260
.5283
.5298
.5335
or PeiExchange on Czecho-Slovakia closed at 1.9134, Tientsin
yang dollar_ _ _ _ .5400
.5383
.5425
.5400
.5454
.5483
.5492
Yuan dollar
.5400
.5358
.5392
.5433
.5438
.5433
.5475
against 1.793; on Bucharest at 0.72, against 0.7434; India,
rupee
.2790
.2788
.2781
.2764
.2774
.2778
.2766
Japan, yen
.4740
.4743
.4733
.4739
.4742
.4743
.4741
on Poland at 0.0260 against 0.0250, and on Finland Singapore
(S. S.)
dollar
.4975
.4933
.4983
.4958
.4950
.4950
.5000
at 1.96 against 2.05 the week previous. Greek NORTH AMERICACanada, dollar
.973125 .9725
.970521 .969758 .972361 .971979 .971897
drachma finished at 4.35 for checks and 4.40 for cable Cuba, peso
.99875 .99875 .998875 .998750 .998500 .998375 .998250
Mexico, peso
.49685 .49625 .495875 .590875 .4920
.4925
.492625
remittances. This compares with 4.12 and 4.17 last Newfound'd, dollar. .970417
.969167 .968438 .9675
.969844 .970156 .969219
SOUTH A MERICAArgentina, peso
week.
(gold)
Brazil, milreis
Uruguay. peso
.8299
.1358
.8060
.8245
.1358
.8041
.8171
.1359
.8002
.8103
.1344
.7987
.8140
.1348
.7952
.8132
.1353
.7972
.8137
.1388
.7926
In the former neutral exchanges there is very little
of moment to report. Trading was of restricted
The New York Clearing House banks, in their
proportions and featureless, with rates maintained operations with interior banking institutions, have
at very close to the levels prevailing a week ago. gained $4,426,388 net in cash as a result of the curBusiness was at times practically at a standstill and rency movements for the week ending March 30.
quotations did not vary a great many points in either Their receipts from the inferior have aggregated
direction in any of the currencies in this group. This $5,581,688, while the shipments have reached $1,155,300, as per the following table:
also was due largely to the more or less general with- CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
drawal of operators from the market for the time being.
Week ending March 30.
Into
Out of
Gain or Loss
Banks.
Banks.
to Banks.
Bankers' sight on Amsterdam finished at 37.77,
Banks'interior movement
$1,155,300 Gain $1,426,388
$5,581,688
against 37.80; cable transfers at 37.82, against 37.85;
As the Sub-Treasury was taken over by the Fedcommercial sight at 37.72, against 37.75, and comeral
Reserve Bank on Dec. 6 1920, it is no longer
mercial sixty days at 37.36, against 37.39 on Friday possible to show the effect
of Government operaof last week. Copenhagen checks closed at 21.03 tions on the Clearing House institutions. The Fedand cable transfers at 21.08, against 21.20 and 21.25. eral Reserve Bank of New York was creditor at the
Checks on Sweden finished at 25.97 and cable trans- Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
fers at 26.02, against 26.10 and 26.15, while checks DAILY CREDIT BALANCES
AT CLEARING HOUSE.
on Norway closed at 17.70 and cable transfers at
Monday, Tuesday, Wednesd'y, Thursday, 50,500,0001
Friday,
Aggregate
17.75, against 17.75 and 17.80 a week earlier. Clos- Saturday,
Mar. 25. Mar. 27. Mar. 28. Mar. 29. Mar. 30. Mar. 31.
for Week.
ing quotations for Spanish pesetas were 15.47 for
$
$
checks and 15.52 for cable transfers, as compared with 38,300,000 58,800,000
40,300,000 37,900,000 42,400.000
Cr. 268,200,000
Note.
-The
credits
foregoing
heavy
mass of checks which come
reflect
huge
the
15.52 and 15.57 the preceding week.
to the New York Reserve Bank from all parts of the country, in the operation of
Federal Reserve System's par collection scheme. These large credit balances,
South American exchange ruled steady, at very tho
however, show nothing as to the results of the Reserve Bank's operations with the
close to the levels prevailing a week ago. The check Clearing House Institutions.
They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
rate for Argentina closed at 36 and cable transfers go
through the Clearing House.
7 . For Brazil checks
at 363/8, against 3634 and 364
The following table indicates the amount of bulfinished at 1394 and cable transfers at 134
3 ,against
7 last week. Chilean exchange was lion in the principal European banks:
13% and 134
easier and finished at 11, against 11%, while Peru
March 30 1922.
March 31 1921.
continues to be quoted at 3 34.
Banks of
Biker.
Gold.
Total.
Gold.
Silver.
Far Eastern rates were as follows: Hong Kong,
L Total.
£
against
54@543'; Shanghai 73%@74, England _ 128,771,201
5434@549,
128,771,2011128,348,374
128,348,374
a_ _ 143,107,515 11,240,
164,347,5151142,233,8
10.680,0001152.913,850
against 733@7334; Yokohama, 4734@479, against France
Germany 49,843,830
872,00 50,715,830 54,578,05
454,750 55,030,800
2,369,00 13,313,
4734@479; Manila, 49@493, against 49@493; Aus.-Hun 10,944,000 25,338,
10,944,
2,369.000 13,313,000
Spain _ 100,786,000
126,124,0
99,037,006 23,293,
122,330,000
Singapore 5034@50%, against 509@51; Bombay, Italy
34,308,000 2,998,0
32,768,000 3,003,000 35,771,000
37,306,0
596,00 51,092,00 63,010.000 1,486,000 54,496,000
Netherl'ds. 50,496,000
281
/
4@28,against 2834@289., and Calcutta, 2834 Nat. Belg_ 10,663,00 1,612,000 12,275,000 10,661,000 1,353,000 12,014,000
4,320,0
Switeland. 21,842,00
26,162,00 21,736,000 7,847,000 29,583,000
, @28%, against 283
%(029.
15,242,000
Sweden _
15,242,000 15,652,000
15,652,000
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
Denmark
Norway
12,685,000
8,183,00
233,0
12,918,
12,643,000
8,183,000 8,115,000
148,000 12,791,000
8,115,000
Total week 586,871,546 49,578,I I I .36,449,546, 89,724.274 50,633,756 40,358,024
Prey. week 586,589,328 49,400,800635,990,1281589,687,308 50.189.900639.877,298
a Gold holdings of the Bank of France this year are exclusive of £77,914,682
held abroad.
1346
THE CHRONICLE
[VOL. 114.
conditions, the economic cost is not thereby alleviSTANDARDIZATION OF GOVERNMENT
ated; nor, and we think in most cases, is the particuEXPENDITURES.
lar financial loss ever recompensed. For this reaWord has come from Washington that at last the son—a wage obtained by coercion cannot, in the naGovernment is about to adopt a uniform standard ture of things, stand against the slow but sure reguclassification for all expenditures. It will be re- lation of the economic equilibrium. There is a
called that the Chairmen of the Appropriations limit in compensation, an intermediate region, above
Committee for years have complained that it was which and below which no industry may permaimpossible to compare the expenditures of one or- nently go. Therefore, the advantage obtained by
ganization unit with those of another because each the coercion of the strike, and always at heavy cost,
used a different terminology. As a result of the in- because it is temporary in character, must succumb
dividualistic method of Government administration to the general trend of influences which operate to
prior to the adoption of the budget system each bu- prevent one industry from becoming the golden opreau has its own system of bookkeeping upon the portunity for all men.
basis of which financial reports are made to ConBut these observations merely lead us to note
gress, estimates of appropriations are prepared, and that there is competition between coal and other
the final audit is made.
kinds of fuel; there is competition between hard and
One bureau may include in the designation "office soft coals, and therefore, in the long run, it is imsupplies" some articles which another might cover possible to permanently declare a scale of wages
under "stationery," and so on with such items as that will be independent of conditions and of other
fuel, equipment, transportation, etc. Again it is industries. And just here the enormous cost of
customary to use such loose terms as "general ex- strikes must be weighed against any increases that
penses," "miscellaneous expenses," and "contingent may be temporarily secured, even where the strike
expenses." It is impossible to tell exactly what the is said to be successful. We do not believe this coal
Government is spending the money for, under such strike will be successful, even in the limited sense,
methods.
for many reasons. In the first place, it occurs in a
It is well recognized that accounting in general time when every incentive exists for continuous
has for its purpose two principal objectives: First, work, increased production, and a renewal of the
to furnish an open record of information of expendi- natural momentum of the industrial life. This is
tures upon the basis of which administrative offi- manifest, and we need not particularize. Despite
cers may study past transactions, formulate future all, there is a growing feeling that the "worst is
plans and give administrative directions. Second, over."
to furnish a record of the faithfulness of the disbursIt thus becomes a strike against not only the hope
ing officer upon the basis of which a proper audit but the belief of the business world, and must concan be made. These two principles hold good for tend with a lack of sympathy. We have all come to
any system of accounting, but how much more the conclusion that it is better to work and bear
• strongly do they apply to the Government which those ills we have than not to work and fly to others
spends the people's money.
we know not of. The belief is well grounded in the
Congress, in recognition of the need of a better minds of the people that "labor" cannot remain at
system of Government accounts, provided in the war prices. This is a general proposition, of course;
Budget Act for a reorganization of the whole sys- special cases may exist wherein unfair discriminatem; that is to say legal authority was given to tion may be shown—but this puts the burden on the
• Work out and promulgate a new system. This duty employees in any basic industry to show that they
was imposed upon the Comptroller-General of the are oppressed. When, then, employers strive to reUnited States, who is primarily concerned with the duce costs of coal, a very large part of which is lamatter of financial control through the audit, and to bor, knowing the demand for lower prices is insisthe Bureau of the Budget, which is interested from tent by the people, any strike for higher wages by
the standpoint of administrative information.
miners, or even for the maintenance of the existing
It is understood such progress has been made that scale, after the tremendous advance in it during the
it seems probable that the new plan will be in effect last few years, must meet at the outset a cold and
July 1. It will divide all Government expenditures critical suspicion upon the part of the people that it
into about twenty main classes, with a sufficient is unwarranted. The strike already in progress in
number of subdivisions to cover all possible details. certain anthracite regions, with all its miseries, has
Every disbursing officer of the Government will keep not aroused marked protest in favor of one side or
• his accounts on this plan. It will be possible then the other throughout the country.
to compare accurately any expenditure of one buAnother premonitory cause of failure is real, but
reau with a similar expenditure of another. All fi- difficult to express. It is not that the people have
nancial reports will be made upon a uniform basis come to know their rights, though this is an element,
and the estimates will come into the Bureau of the it is not that there is growth in the industrial court
Budget with a uniformity in designation of objects idea, though this is a fact—it is not that we have any
for which public money is proposed to be spent.
different Federal Government than that we have
This reform will give to Congress and to the pub- had for half a decade past—but rather that its attil• ic a budget which can easily be understood ad con- tude in administration is different; it has lost the
trolled.
character of self-constituted adjuster, and friend of
"labor," and has risen to its proper representative
THE COAL STRIKE.
character—that of impartial justice in behalf of all
A strike is deplorable under any circum- citizens, the favorite of, and favoring, no class, the
stances. It is very much like war—a heavy loss, win rigid guardian of law and open champion of its enor lose. If the effort wins in wages and in working forcement, taking no sides, and inviting no confi
APRIL 1 1922.]
THE CHRONICLE
dences from either. Therefore, what has occurred
heretofore in what may be termed specious arbitration will not now occur, and the strikers will have
to meet law and justice, and nothing else. And the
citizenry are conscious of this. They are convinced
the day of temporizing and favoritism is past. They
expect the Government to do its duty.
Here, then, are two elements of environment, of
"atmosphere," in which the struggle is to be staged.
Failure is not necessarily foreordained, but it is
nevertheless forecasted. It is a mighty burden to
lift—and can only be lifted by proving a good cause.
To this other stern facts ally themselves. The strike
will involve all union labor, both in the bituminous
and the hard coal fields. If the trouble in the anthracite regions seems to be indurated, it is not reasonable to believe that an extension to include bituminous fields can compel a yielding to the demands
of a wholesale strike, because bituminous coal is
found nearly everywhere in the United States outside of New England, and much bituminous coal is
now being mined with non-union labor, and the production of the latter can easily be very greatly extended. In view of all this, the strikers will do well
to reconsider and yield to the logic of the situation
and the need of the times.
1347
there are fewer than 4,000,000 persons engaged in.
agriculture there, out of 47,000,000 popillation. He
claims that there should be a policy of co-operation
between Canada and Britain to train younger folks
in agricultural work in Britain preliminary to
bringing them to Canada. From Central Europe,
this authority contends, many desirable farmers can
be secured. Present regulations, however, are too
severe to make any large movement possible. Colonel Dennis calls attention also to the fact that the
development of lands in Canada is not the country's
sole concern, but that mines and forests offer a market for skilled labor from other lands. There is no
question at all that the quality of Canadian labor
engaged in mining and forestry work has deteriorated markedly in recent years, and that an influx of
a more industrious and better trained class of men
would be heartily welcomed.
CLEARINGS AND SPECULATION IN 1921.
The action of the Clearing House Section of the
American Bankers' Association, at the annual Convention of the Association in October 1921, in adopting a resolution providing for the discontinuance of
returns of Bank Clearings, has delayed until a later
date than usual the completion and verification of
our clearings tabulations for the calendar year 1921,
CANADA'S IMMIGRATION POLICY.
in comparison with the figures for the calendar year
Ottawa, Can., March 30 1922.
preceding. The resolution of the Clearing House
The problem of immigration has captured the cenSection
fixed Jan. 1 1922 as the date from which
tre of the stage in Canadian politics. With a pubclearings figures were to be discontinued, and debrailway
lic-owned
system loading the country with
its against individual account substituted therefor,
'debt and falling short of its fixed charges by from
except
where a Clearing House might choose to make
50 to 75 million dollars yearly; with one stretch of
earlier
change, and we are glad to be able to say,
that railway between Moncton and Winnipeg, 1,500
therefore
, that the action referred to of the Clearing
miles, having not more than 50,000 persons contigHouse
Section
has had little effect in impairing the
uous thereto; with the Western provinces dragging
clearings
records
for 1921, though it has involved
public
debts through years of agricultural detheir
pression, it is not surprising that the most plausi- considerable extra correspondence on our part to
hold in line a number of places which have found the
ble remedy in sight is increased population.
resolutio
n of the Clearing House Section a conveOn the methods whereby immigrants should be
nient
pretext
for the withholding of clearings resought, two respected authorities, Sir Clifford Sifturns,
weekly
and monthly, since the opening of
ton, former Minister of the Interior, and Col. John
1922.
according
It
ly happens that study of the 1921
S. Dennis, the immigration executive of the Canaditotals
clearings
of
may
be conducted along the same
an Pacific Railway, differ materially. Sir Clifford,
lines
in
as
previous
years,
the missing returns being
who originated and carried through the greatest imcomparat
ively
unimport
though present indicaant,
migrant trek that Canada ever knew, several years
tions
outlined
(as
in
the
extended
article on the sub1911,
prior to
demands that Canada give over the
costly and ineffective scheme of "piling 'em in," ject printed in our issue of March 11) are that when
from which the development of the land and other we come to deal with the totals of clearings for the
natural resources gained but little, and the army of calendar year 1922 there will be a different story to
urban unemployed was heavily swelled. Sir Clifford tell.
What the general character of the clearings exhibclaims, on the basis of immigration statistics, that
it
for
1921 would be has long been plain. The year
been
hauling
we have
hundreds of thousands of peowas one of extreme business prostration—in many
ple from Europe only to see them pass into the
respects the worst experienced in American trade
United States. He holds to the theory that by a
history. The shrinkage in the volume of business
common sense campaign in the United States, the
done was, it is safe to say, of unparalleled extent.
cheap lands of Canada, with their equal fertility,
In many different branches of industry the collapse
will attract all the population, not more than a few
was utter and complete. Production fell to a low
hundred thousand annually, that we can assimilate.
ebb, and yet it proved more than adequate for curHe would also invite selected immigrants from the
rent needs, consumptive demand on any extensive
British Isles, leaving other parts of the Eastern
scale being entirely lacking. And this state of
hemisphere severely alone.
things continued throughout the entire twelye
On the other hand, the C. P. R. authority, Colonel
months, with never the faintest symptom of trade
Dennis, advances the belief that ten million immirevival or even recovery. The year was also one of
grants can be secured for Canada in ten years.
steadily declining commodity values, though with
(This contention, Sir Clifford Sifton characterized
a few upward reactions here and there during the
as "madness.") Agricultural immigrants, said Collater months. With the volume of business so maonel Dennis, could not be found in Britain, because
terially reduced and conducted at steadily declining
1348
TH I
CHRONICLE
[Von. 114.
prices, the effect in cutting down the amounts of between the ratio of falling off at New York and
are treated
bank exchanges, or clearings, was certain to be that at the outside cities when the latter
, the fact is worth recordNevertheless
collectively.
comparison
also,
Then,
striking and pronounced.
ing, and it derives additional significance by reason
is with totals of unexampled dimensions in 1920, of the circumstances cited. The number of outside
.further intensifying the contrast. The depression cities comprised in our compilations is not less than
in trade, and decline in prices, or "deflation" in the 197, and the percentages of change in the compariparlance of the day, originated in 1923, but pro- son with the preceding year vary widely at the difnounced evidence of the movement did not appear ferent cities, but that the total for the 197 cities
until the closing months of that year-many mills combined should register a percentage of falling off
•and factories being kept employed on unfilled or- differing only in minor degree from that at New
ders long after the war boom had begun to wane- York in one of the most unfortunate years in the
and such losses in clearings as occurred the latter mercantile and industrial annals of the country is
part of the year were not of sufficient extent to wipe a circumstance not to be passed over lightly. In
out the continued large gains made in the early the years preceding, the percentages of change at
months, leaving 1920 as a whole distinguished for New York and outside of New York have varied
having established new high record totals. An idea widely, the outside cities moving forward in slower
of the situation in that respect in the year referred fashion, but uninterruptedly, in a sort of measured
to will be gained when we say that outside of New tread, while the progress at New York was subject
York the clearings for 1920 recorded further expan- to some sharp fluctuations. The net effect, neverthesion to the extent of 14.3% on top of the very large less, was that in 1920, with depression already ungains made in the years preceding. At New York der way as the year moved to its close, both sets of
liquidation and deflation had already begun to ex- totals stood at the very highest figures ever recordert influence in the later months, so that the further ed. It is from these high record totals that the ratio
increase in 1920 (for the twelve months collectively) of loss is found to be so closely alike for New York,
was only 3.1%, cutting the increase for the whole as compared with the rest of the country. In the
country down to 8%, which latter, however, fol- following table we bring together the totals, both at
lowed successive gains for the five years preceding, New York and outside of New York, with the ratios
of change from the year preceding, for each year
the most of them of large extent.
Altogether, everything pointed to a heavily re- from 1905 to 1921 inclusive.
duced volume of bank exchanges in 1921, and that is
Inc.
Inc.
Clearings
Inc.
Or
Total
or
Outside
or
New York
what the figures embodied in our compilations which
Year.
Dec.
Clearings.
Dec.
New York.
Dec.
Clearings.
we present below disclose. At New York the aggre3
%
3
%
%
$
gate of the bank exchanges in 1921 was $194,331,- 1921
104,331,219,663 -20.0 162,102,893,531 -22.5 356,434,113,194 -21.3
+14.3 451,103,066,629 +8.0
207,968,053,265
+3.1
243,135,013,364
out1920
and
1920,
in
364
$243,135,013,
against
as
219,663,
235,802,634,887 +32.0 181,982,219,804 +18.3 417,784,854,691 +25.7
1919
178,533,248,782 +0.6 153,820,777,681 +18.7 332,354,026,463 +8.3
side of New York the aggregate was $162,102,- 1918
177.404,965,589 +11.5 129,539,760,728 +26.7 306,944,726,317 +17.2
1917
are
These
265.
$207,968,053,
1.50,580,648,590 +44.4 102,275,125,073 +32.4 201,855,773,663 +30.4
against
1916
893,531,
110,564,392,634 +33.2 77,253,171,911 +7.0 187,817,564,545 +20.9
1915
in
and
83,018,580,016 -12.3 72,226,538,218 -3.9 155,245,118,234 -8.6
such gigantic figures as to be beyond grasp,
1914
04,634,281,984 -6.1 75,181,418,616 +2.7 169,815,700,600 -2.4
1913
order to put the changes between the two years in 1912
100,743,967.262 +9.1 73.208,947,640 +7.9 173,052,914,911 +8.6
92,372,812,735 -5.0 67,856,900,931 +1.6 160.229,773,666 -2.4
1911
intelligible form, it is necessary to reduce them to 1910
97,274,500,093 -6.1 66,820,729,906 +7.3 164,095,229,999 -1.0
+30.7 62,249,403.009 +17.2 165,838,141,330 +25.2
103,588,738,321
1909
is
it
enough,
curiously
Here,
basis.
a percentage
79,275,880,256 -9.1 53,132,968,880 -8.4 132,408,849,136 -8.8
1908
57,843.565,112 +4.8 145,025,733,493 -9.3
-16.7
out87,182,168,381
1907
found that the ratio of decline at New York and
159,905,717,633 +11.0
104,675,828,656 +11.8 55,229,888,077 +10.1
1906
02 299 nan ono _Lin 9 Rrt An 2AA 920 .L12 0 1,12 Q97 AAA ddl -L97 .7
At
ionic
greatly.
very
differ
not
do
York
New
of
side
New York the decrease is exactly 20%. Outside of
When the cities are arranged in geographical
New York it is 22.5%, while for the two combined
of
it is 21.3%. This result is worth noting. It is groups according to their location, the presence
clearings
reduce
to
work
at
influences
different
the
all
country
the
of
sections
known that the interior
suffered intense depression-the West and the is more clearly revealed, and here we find evidence
Northwest by reason of the drop in the market price to show that in the remoter interior sections of the
of grain dnd other agricultural products, and the country the influence of agricultural depression
South and the Southwest by reason of the collapse really did leave strong evidence of its presence,so the
in the price of cotton, the money staple in those ratio of falling off consequently is heavier than in
parts. Because of this depression, it might ,have other parts of the country. For the New England
been supposed that the falling off in bank clearings group of cities the falling off is 23%, and for the
outside the financial centre would be relatively Middle States group, including New York, it is
larger than at this point. • Yet such a conclusion, no more than 19.8%. For the Middle West, inhowever plausible it might appear, would rest on a cluding such places as Chicago, Cincinnati, Cleve• merely partial and not a complete view of the eco- land, Detroit, Milwaukee, Toledo and Indianapolis,
nomic situation of the United States during the the decrease is 22.5%. For the "other," or Far Westtwelve months. As it happens, agricultural depres- ern, group, including Kansas City, Indianapolis, St.
sion, though bad enough, did not stand alone. There Paul, Omaha, and a host of other cities within dissupervened manufacturing depression of a highly tinctive agricultural communities, the ratio of fallaggravated type. Mining, too, suffered badly, as is ing off is much the heaviest anywhere, being 30.2%,
evident from the enormous reduction in the output and at individual cities within the group the ratios
of coal in 1921 as compared with 1920. There neces- of decline run very much higher. For the Southern
sarily followed a great shrinkage in bank clearings and South-Western group also, the decrease is
in the manufacturing and mining districts. And as heavy, as would be expected, reaching 27.0%; St.
far as New York is concerned, the financial centre Louis, within this group, shows 24.9% falling off;
is dependent upon the rest of the country and New Orleans, 33.4%; Richmond, 31.4%; Atlanta,
everything that affects adversely, or the contrary, 35.3%; Savannah, 51.2%; Augusta, 50.7%, and the
the manufacturing, the mining, or the agricultural general average for the group would be heavier excommunities, finds full reflection here. In the last cept for the excellent showing made by the City of
analysis, and particularly as regards financial Oklahoma, which shows no decrease at all in cleartransactions, New York is the clearing house of the ings, but actually an increase of 17.1%.
The best comparison of all, however, comes from
whole country. The remark is of even wider application, for the financial centre is obliged to finance the Pacific Coast, where the decrease is no more
the country's foreign trade, as well as its domestic than 13.8%. The Pacific Northwest, including Seattle and Portland, suffered as severely as other
transactions.
Bearing all this in mind, it is not at all singular parts of the country, but on the other hand Southern
that there should be such a close correspondence California is experiencing no little prosperity, and
1278
APRIL 1 1922.1
THE CHRONICLE
1349
Los Angeles,Pasadena, Long Beach, Berkeley, Santa show the monthly totals for the last two years, both
Barbara and Modesto all report larger totals of for the whole country and outside of New York:
MONTHLY CLEARINGS.
clearings than in 1920. Out of the 197 cities from
which we have clearings returns throughout the
Clearings, Total AU.
Clearings Outside New York.
whole country, only 12 cities register gains over 'CS
1921.
1921.
1920.
%
1920.
%
1920, and 6 of these are found in the Pacific group.
3
$
6
$
It is worth noting that, when we go outside the Jan _ 33.593,227,206 41,678,793.871-19.4 15,020,182,381 18,469,073,765-18.7
26,632.472,624 33,301.985.300-20.0 12,103.857.551 15.157,912,9671-20.2
United States, into the Dominion of Canada, we find Feb_
Mar 31,009,596,613 41,326.857.691 25.1 14,327,608,350 18,993,594,830-24.6
a smaller ratio of decrease than in the case of any lstq 91,235,298,443 116,307,616,952-21.6 41,451,648,782 52,620,581.562-212
group comparisons for this country, the falling off Apr_ 28.899,888,782 39,668,543.4761-27.1 13,364.073,631 17,868.099,381-25.2
May 28,587,983,121 36,833.951.354-22.4 12,740,678.413 17,092,427,351-25.4
for the Canadian cities being only 14.5%. In the Jun
30,076,659,040 38,443,203,678-21.8 13.227,280,627 17,934.468,297-28.2
following table we show the totals for the different
2d q 87.564,530,943114,945.698,614-22.8 39.332,032,671 52,894,995,O35-25.8
groups in the United States, as well as the grand
total for the whole country, and in a separate line Omos 178,799,827,386 231,253.315.5621-22.7 80,783,681.453 105.615,578,597H23.4
July 28,148,463,737 37,667,265,762-25.1 12,793,234,247 17,834,964,5561-27.9
add the Canadian figures:
Aug 27,356.518,675 34,442,310,244-20.6 12,800,577,717 16.555,004,136-22.7
SUMMARY BY GROUPS.
1921.
1920.
Inc. or
Dec.
New England States Group
Middle States Group
Middle Western
Other Western
Southern and Southwestern
Pacific Group
S
5
%
16.631,743,764 21,597,646,989 -23.0
232,177.823,261 289,371,005,391 -19.8
44,639.961,578 57,618,832,812 -22.5
19,623,974.557 28.133.442,573 -30.2
25,539,270,400 34,990,134,396 -27.0
17,821,339,634 20,656,304,838 -13.8
Whole country
nnntullftn
356.434.113,194 452,357,366,999 -21.3
17.319.022,519 20,256,382,854 -14.5
We add also a table showing the clearings at certain of the larger cities for the last four years, and as
contrasted with 1914, with similar comparisons for
December, the closing month. The year 1914 was, of
course, one of very small business activity, with the
clearings of the same small size, and as compared
with the diminutive figures of that year, the clearings of 1921, even after the great shrinkage which
occurred, show totals from two to three times the
dimensions of those then recorded. What is more
significant, however, is that at nearly all points the
1921 clearings, while below those for 1920 and 1919,
are much larger than those for 1918.
BANK CLEARINGS AT LEADING CITIES.
------December---- ------Jan. 1 to Dec. 31-----(000,000s 1921. 1920. 1919. 1914. 1921.
1920. 1919.
1918.
1914.
$
mined.)
New York.18,476 20,981 23,980 6,530 194,331 243,135 235,803 178,533 83,019
Chicago-- 2,225 2,601 2,820 1,313 25.975 32.669 29,686 25,930 15,693
579 14,328 18,817 17,903 15,630
Boston __ 1,342 1,542 1,928
7,517
662 20,445 25,09.5 22,095 19,717
Philadera. 1,904 2,166 2,202
7,916
762
651
344 6,235 8,294 8,202
586
St.Louis__
7,839
3,889
202
730
843
Pittsburgh 694
7,507 8,962
7,277
5,762 2,626
774
220 6,629 8.122
664
Bon Fran_ 614
5,629
7,286
2,516
417
411
156
3,745
Baltimore_ 309
4,896
1,874
3,356
4,343
mein/jam 246
105 2,801
308
297
3.597
3,131
2,848
1,293
323
748 1,012
7,537 11,615 11,223
KM. City. 562
3,016
9,941
576
574
96
4,667 6.907 5,482
Cleveland. 360
4,340
1,238
367
85 2,210
249
New Orl'ns 195
3,315
3,170
2,660
904
143 3,356
236
357
minssap'8. 285
4,012 2,267
1,374
1,949
80
119
63
112
1,199
Louisville_
1,290
929
1,160
688
480
455
98 4.647 6,104
Detroit... 414
4,503
1,350
3,.81
135
135
73
1,445
Milwaukee 121
1,736
1,528
1,477
848
266
380
84 4,301
LosAnge1e,s 408
3.994
2,339
1,145
1,547
75
55
32
46
534
Providence
697
602
594
401
242
78
180
°mots ___
146
1,920 3,094
2,820
3,058
883
188
188
47
1,811
Buffalo... 159
2,293
1,655
1,140
591
101
202
57 1,663
143
St. Paul__
1,870
966
585
807
72
36
77
785
75
Indlanap's
942
810
415
776
161
42
80
165
1,215
Denver--.
1,980
1,203
1,630
460
350
232
42 2.092
Richmond. 209
3,046
3,091
2,404
422
148
33
.83
86
819
Memphis
1,191
1,128
738
363
184
146
51
142
1,512
Seattle__
2,073 2,021
1,860
631
41
47
20
42
455
Hartford__
531
452
413
261
96
88
32
70
662
Salt LakoC
315
698
837
892
Total__ -30,050 34,831 38.809 11.536 324.826 411,169 383.407 304,959 142,215
Other cities 2,731 3,092 3,575 1,108 31.608 39,934 34,378 27,395 13,030
Total all__32,781 37,723 43.384 12,644 356.434 451,103 417,785 332,354 155,245
Outside
New York14,305 16,742 18,404 6,114 162,103 207,988 181,982 153,821
72,226
We have thus far been dealing with the figures for
the twelve months as a whole. When we come to
study the figures for the separate months, we find
that while there were losses in all the months, both
at New York and outside the city, and particularly
heavy losses during the first.nine months, the character of the comparisons improved considerably
during the last three months, the decrease at the outside cities in Dec. dropping to 13.2%, while with New
York included the decrease was 12.7%, as against
25% or over in some of the other months. It cannot
be said, however, that any significance attached to
this relatively better showing for these months, it
being due to the fact that in the closing months of
1920 business depression had already begun to make
its influence felt on clearings, and that hence comparison for these months of 1921 is with diminished
totals in 1920, whereas, for nearly all of the first
nine months, the comparison was with heavily increased clearings in 1920. In the following we
Sept 28,287,035,0
36 082 318 886'-21.8 13,208,119,195
789
24 5
06I-2-"1
17.480. '
787E__-..
83,792,017,418108,191.894,888,-22.6 38,801,931,159 51,870,758,478-25.2
3d q
Omoa 262,591,844,804139.445.210.454-22.6 119,685,612,612 157,386.335,075-24.0
I
l"-Oct 30,213,919,480 38.856.282,9731-22.1 14,137,020.164 18,195,194,498-21.3
Nov. 30,462,138,989 36,089,846,179-15 6 13,639,040.373 16.655,730.742-12.2
Dec_ 33,166,209,921 37,966,027,3971-12.7 14,640,620,382 16,985,093.320-18.2
4th q 93,842,268,390112,912,156,5491-16.9 42,417,280,919 51,838,018.560-18.2
Year 3513.434.113.194452.357.366.999-21.3 162.102.893.531209.222,353,635-22.5
We introduce still another table, showing the
clearings for each of the different groups for each
quarter of the last six years. A point'of some interest in this tabulation is that in the case of the
Southern group of places an actual increase is shown
in the fourth quarter of 1921, and it should be borne
in mind that this is coincident with the great recovery that occurred in the price of cotton the latter
part of 1921.
Clearings Reported.
(000s omitted.)
First
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
S
$
$
$
Total
Year.
$ ,A
New York
11921._ 49,783,648 48,232.499 44,990.056 51,325,017 194.331,2`.:
11920- 63.687,037 62,050,704 56,321,136 81,076,188 U3.135,0:I
A 1919- 48,541,869 55,969,797 61,011,597 70,279,372 235.802,8 12
11918- 40,818,705 44,510,862 44,023,500 49,180,182 178,633,2n
11917_ 42,150,580 46,334,757 43.748,519 45,171,110 177,404,988
.
(1916-- 35.981,414 36.737,056 37,562,001 49,300,178 159,580.6w
Total Other
Middle
11921- 9.645,234
11920... 10,909,234
(1919__ 8,790,975
11918_ 6,635,488
11917__ 6,599,780
(1916_ 5,126,533
9,259,179 9,007,244 9,949.246
11,576,563 11,470,080 11,670,389
9.242,278 10.083,333 11,076.086
8.479,114 8.852,752 9,489,289
7,045.318 8,585,522 7,408.001
5,415,689 5,300,877 6,381,103
37,846,62
45,626.2.7
n
39.192,13I:
33,456,8n
27,636.621
22,224,202
4,074,451
5.657,361
4.764,623
4,754,243
3.651,623
3,199,286
4,565,268
5.268,688
6,048.703
5,031,098
4,186,320
3.710,618
16,631,7'11
21,595.8w_
20,295,10._
17,907,71.
6
14,909,2i i
12,888,021
11921._ 11,533,997 11.058.410 10,828,893 11,218,662
11920__ 14,622,924 14,400.032 14,553,193 14,042.685
Total
1919_ 11.010,736 11,795,947 13,157,496 14,051,809
Middle West_ 1918_ 9,718,035 10,551,919 10,912,797 11,283.108
1917._ 9,345,751 10,009,325 9.592,325 10,160,025
11918_ 7,105,971 7,485,785 7,865,935 9,281,484
44.639.962
57,618,81
50,015,488
42,465,859
39,107,366
31,739,155
11921__
11920._
(1919Total PacIfic1191811917(1916--
1921__ 4,135.126
1920__ 5,493.073
Total
1919-- 4.369,882
New England_ 1918_ 3,745,789
1917__ 3,460,870
1916- 3.097.363
3,856,8E9
5,176,747
5,111.948
4,375.723
3,610,464
2,878,754
1
4,386,309
5,015.615
3,476,503
2,781,496
2,373,378
1,722,313
4.209,822
5.070.333
3,757,331
3,093,555
2.600,677
1.867,393
4,251.786
5075.746
4,432.618
3,366,660
2,647,224
1,979,610
4,973.423
5.241,939
5,114,898
3.808,008
3,146,445
2,461,025
17.821.340
20,403.633
16,781,350
13,048,719
10,767,724
8,030,341
1921_ 5,031.967
1920__ 6,969.885
rotal
1919._ 5,224,857
Other West... 1918._ 5,039.588
1917._ 3,585,485
1916_ 2,680,945
4,756,615
7.237,234
5,515,371
4,761,431
3,838.015
2,662,326
5,010.920
8,935,134
6,454,434
5.376,537
3,968,283
2,983,773
4,824.472
6,648,878
6,740,594
5.814,970
5,142,140
3,741,079
19,623,974
27,790,931
23,935,056
20,992,626
16.531,923
12,088,123
8,005.609
8,707,122
7.006.424
5,917,988
4.583,392
3.382,150
5.845.294 9,603.261
8,299,794 8,547,134
7,588,093 10,253.347
6,270,953 7,615,818
4,637,071 6.819,836
3,524,410 4,959,626
25,539,275
34,932,521
31,762,497
25,949,277
20,586,849
15,327,283
Total Southern
Total all
11921__
1920._
1919._
1918._
11917_
11918_
1921__
1920_ _
1919._
1918__
1917_
1916_
6.729.082
9,378,471
6,914,633
6,144,520
4,548.550
3,481,097
91,205,363 87,596,585 83,791,092 93,841,073 356.434,113
116078 239 114699349 107831830 112495649 451,103,067
88,329,255 98,051,771 107839 519 123564 309 417,784,854
74,883,621 82,069,110 83,177,922 92,223,373 332,354,026
72,062,394 78,063,107 74.786,348 32,031,877 306,944,726
59,175,636 60,749,665 62,095,360 78,835,113 281,855,774
1921_ 41.461,715 39,384,085 38,801,038 42.476,055 162.102.393
1920_ 52,389,202 52,648,645 51.510,694 51.419,513 207,968,064
)utside
1919._ 39,787,386 42,081.974 46.827.922 53,284,837 181,982,218
New York__ 1918__ 34,064,916 37,558,248 39,154,422 43,043,191 153,820,777
1917_ 29,911,814 31,728,350 31,038,829 36.860,787 129,539,780
11918_ 13.194.222 24.012.609 24.533.389 30.534.935 102.275.121
As far as speculation in the security markets may
have had any effect upon the volume of clearings, it
remains to be said that nothing happened during
1921 to stimulate speculation, and hence security
dealings dropped to a still lower basis, so that this
factor also, whatever its importance, served to reduce the volume of clearings. On the New York
Stock Exchange the share sales aggregated only
172,712,716 shares, as against 226,640,400 shares in
1920, and 316,787,725 shares in 1919. Dealings in
bonds also were on a smaller scale. The transae-
tions in railroad and industrial issues were larger,
reaching $1,042,962,400 during the twelve months of
1921, against $827,151,500 for the twelve months of
1920, and $621,858,500 for the twelve months of 1919,
and the dealings in foreign and municipal bonds also
increased, amounting to $324,163,700 in 1921,
against $288,500,700 in 1920, and $286,231,000 in
1919. But, on the other hand, the sales of U. S. Government bonds reached only $1,957,238,150 in 1921,
against $2,860,954,500 in 1920, and $2,900,913,150 in
1919.
In the following we furnish a complete record of
the business done on the New York Stock Exchange,
covering stocks, bonds, U.S.securities,foreign issues,
Sm., for each of the last three calendar years:
112 Mos., 1921. 12 Mos., 1920. 12 Mos., 1919.
Par Value.
Par Value.
Par Value.
Description.
I
316,787,725
226,640,395
172,712,716
StockiNumber of shares
312,816,841,571 919,753,754,925 $26,816,667,260
'Far Willie
621,858,500
827,151,500
Railroad and miscellaneous bonds 1,042,962,400
1,957,238,150 2,860,954,500 2,900,913,151:
13.5. Government bonds
286,231,000
288,500,700
324,163,700
State, foreign, &c., bonds
18,200
22,400
Bank etocxs
$16,171,205,821 $23,730,384,025 $32,625,718,110
Total par value
In the table we now subjoin we carry the record
of the yearly stock sales back to 1880:
NUMBER OF SHARES SOLD AT NEW YORK STOCK EXCHANGE BY
CALENDAR YEARS.
Cal.
Year.
Stocks,
Shares.
1921... 172,712,716
1920 226,640,400
1919 _ _ 316,787,725
1918... 144,118,469
1917 _ _ 185,628,948
1916_ 233,311.993
1915.._ 173,145,203
1914... 47,900,588
83,47C,693
1913
1912... 131,128,425
[Volt,. 114,
THE CHRONICLE
1350
Cal.
Year.
Stocks,
Shares.
1911_ 127,208,258
1910... 164,051,061
1909.._ 214,632,194
1908 _ 197,206,346
1907 _ _ 196,438,824
1906 _ _ 284,298,010
1905 _ _ 263,081,156
187,312,065
1904
1903.... 161.102,101
1902 _ _ 188,503,403
1901_ _ 265,944.659
Cal.
Year.
Stocks,
Shares.
1900_. 138,380,184
1899... 176,421,135
1898 112,699,957
1897.. 77,324,172
1896 __ 54,654,096
1895... 66,583,232
1894.. 49,075,032
1893 80,977,839
1892... 85,675,092
1891_ 69,031,689
1890.... 71,282,885
Cal.
Year.
Stocks,
Shares.
1889 _- 72,014,000
1888 _- 65,179,106
1887 _.. 84,914,616
1886 100,802,050
1885.._ 92,538,947
1884.. 96.154.971
1883.. 97,049,909
1882 116,307,271
1881.. 114,511,248
1880 — 97,919,099
In the first place, the volume of trading in Detroit has
had a sensational increase in the last year or two. Whether
this is coincident merely with the remarkable development
of Detroit as an investment centre, or with the practical
reorganization of the Detroit Stock Exchange a little more
than two years ago, does not matter. Suffice it to say that
the business, I am sure, will hereafter continue to show remarkable increases. The Stock Exchange has now reached
Its limited membership of fifty, and there has been at the
same time a marked increase in the number of brokerage
and investment houses in Detroit outside of the Exchange.
What accounts more than anything else, however, for the
tremendous increase in our figures for 1921, is this fact:
When I assumed executive management of the Exchange in
Sept., 1919, the records of the organization were in very
unsatisfactory condition. Methods of operation were also
out of date, and not at all abreast of the times. Shortly
thereafter we moved into our present spacious, well-appointed quarters, and the Exchange began to grow remarkably
in prestige, in membership and in business.
Up to that time the only sales tabulated by the Et.
change were the transactions in the regular listed securities.
Notwithstanding that there was a very large volume of
business on the floor in the unlisted department, these
transactions were not recorded, and consequently the Detroit Stock Exchange lost a distinct advantage when comparison was made with the business of other Exchanges.
You will note that Chicago and other organizations announce daily the sales of all transactions on their floors.
Up until February of 1921 the Detroit Stock Exchange was
Issuing figures only on sales of listed securities. In that
month we inaugurated our present system of reporting and
tabulating all sales made on the floor of the Exchange, with
the result that for 1921 we show a total of more than 8,000,000 shares actually sold right on tile floor. Had we
used the same system, that is, had we reported all sales on
the floor in 1920, our total would have been far in excess
of the 2,494,789 shares in that year. The same would have
been true also in the previous year, your record of which is
correct.
So you see, the Detroit Stock Exchange not only has been
at a disadvantage in comparison with other Exchanges, but
until 1921 it was doing itself an injustice.
Respectfully yours,
JACOB NATHAN, Secretary.
The record of the stock sales on the New York
Stock Exchange for each month of the calendar years
On the Boston Stock Exchange the sales totaled
1921 and 1920 is indicated in the following:
4,145,000 shares in 1921, against 6,696,423 shares in
1920, 9,235,751 shares in 1919, and 3,727,008 shares
1920.
1921.
in 1918. On the Philadelphia Stock Exchange, the
No. Shares. Par Values. No. Shares. Par Values.
dealings aggregated only 1,558,109 shares, as
16,144,876 $1,327,513,750 19,880.168 31,781.060,200
Month of January
2,365,518 shares in 1920, 3,230,740 shares in
1.929,409.800
against
21.865,303
795,420,453
10,189.671
February
16.321,131 1,178.823,470 29,008,749 2,585,053,328
March
1919, and 1,827,978 shares in 1918. On the PittsTotal first quarter..... 42,635,678 $33,301,757,673 70,754,218 $6,295,523,325
burgh Stock Exchange the sales were 2,630,704
15,529,709 $1.044,593,548 28,447,239 82,534,782.100 shares, against 4,153,769 shares in 1920, 5,579,055
Month of April
1,434,029,950
16,642,242
17,236,995 1,218,686.698
May
815,179.150 shares in 1919, and 6,072,300 shares in 1918. Cleve18,264.671 1,369.519,461 9,354,267
June
51,031,375 $3,632,799,707 54,443,748 84,785,991,200 land dealt in 863,644 shares, including bonds ($1,000
Total second quarter_
of 10 shares
93,667,053 36,934.557.380 125,197,968 311.081,514,525 in bonds being taken as the equivalent
Six months
725,970
1920,
in
shares
943,257
against
s,tock),
$1,103,006,150
of
12,641,922
$731,205,604
9,288,054
July
Month of
877,306,068 13,728,598 1,172,753,800 shares in 1919, and 176,463 shares in 1918. On
11,117.035
August
September__ _ _ 12,924,080 1,003,466,032 15,296,356 1,321,942,900
the Chicago Stock Exchange the dealings comprised
Total third quarter.._ 33.329.169 32.611,977,704 41,566,876 33,597,702.850
shares, against 7,382,145 shares in 1920,
5,092,569
126,996,222 $9,546,535,084 166,764,842 $14.679,217,376
Nine months
shares in 1919.
7,408,915
and
$932,571,717 13,667,289 $1,183,064,100
13,129,731
Month of October
already referred to the clearings at the
have
We
November_ .._ _ 15.438,686 1,115.338,400 22,069,391 1,882,017,500
17,148,077 1,252,396,370 24,138,873 2,009,355,950
December
Canadian cities and to the falling off of 14.5% from
Total fourth quarter__ 45,716,494 3,300,306,487 59,875,553 3,065,081,600 1920. In the following we give the record of the
172,712,716 812,846,841,571 226,640,395 $19,753,754,925 Canadian clearings for each quarter of the last six
Twelve months
Stock ExIn stock speculation outside of New York the one years. Stock dealings on the Canadian
same as on
the
scale,
diminished
a
on
were
changes
the
in
increase
great
the
was
conspicuous feature
the United States. On the
business on the Detroit,Stock Exchange. The total the Stock Exchanges in
share sales for the 12
the
Exchange
Montreal
Detroit
the
of
floor
the
on
number of shares sold
shares, against 4,208,2,107,426
were
1921
of
months
Stock Exchange during 1921 was 8,149,837 shares.
of
1920, and 4,060,344
months
12
the
in
shares
975
no
1920,
in
shares
This compares with only 2,494,789
aggregate $66,however,
sales,
bond
The
1919.
more than 1,099,713 shares in 1919, and but 430,022 in
and $71,550,1920,
in
$27,278,125
against
323,675
expansion,
of
shares in 1918. This striking record
the
Exchange
Stock
Toronto
the
On
1919.
at a time of contraction in the dealings at the other 911 in'
670,064
against
shares,
548,017
totaled
sales
share
the
into
inquire
Stock Exchanges, prompted us to
shares in 1919, and the
accuracy of the figures, and to seek the reason for shares in 1920, and 779,148
$27,835,500 in 1920,
against
$58,993,100
sales
bond
reply
In
the exceptional growth in this instance.
1919.
in
we received from the Secretary of the Detroit Stock and $60,468,450
Total
Fourth
Third
Second
First
Exchange the following interesting and illuminating
Clearings Reported.
Year.
Quarter. Quarter.
Quarter. Quarter.
(000s omitted.)
explanation, which accordingly we print here in full:
$
DETROIT STOCK EXCHANGE
Editor, Commercial e Financial Chronicle:
Dear Sir—I am not surprised that you raise the question
relative to sales through the Detroit Stock Exchange. There
is apparently so great a discrepancy between the figures of
recent years that your query is justified. I am very glad,
however, of an opportunity to explain.
Canada
1921_
1920._
1919._
1918._
1917_
1916_
$
4,127,525
4,638,357
3,329,475
2,818,417
2,057.205
2,102,216
$
4,447,088
4,924,428
3,970,883
3,387,131
3,363,807
2,618,482
S
3,983,965
4,819,816
4,127,287
3,212,600
2,923,735
2,489,518
$
17,319,023
4,760,455
5,873,781 20,256,382
16,702,925
5,275,350
4,300,425
13.718.873
556,718
3.611,971 12
3.236,383 10,506.599
In the•following we give the complete statement
of the clearings at the different cities for the last
APRIL 1 1922.]
THE CHRONICLE
three years, and also the ratios of decrease or increase as between 1921 and 1920:
Clearings alBoston _
Providence
Hartford
Now Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
.
Holyoke
Bangor
Waterbury
Stamford
1921.
14,328.413,721
533,785,800
455,975,029
274,849,674
213,452,607
140,608,792
180,617,348
79,470,642
74,033,903
56,819,398
44,090,446
45,313,791
81,388,500
122,924,113
Inc. or
Dec.
-23.9
-23.4
-14.2
-15.8
-20.7
-13.0
-23.1
-33.4
-27.1
-18.5
-18.8
-8.6
-20.6
+73.2
1920.
1919._
$
18,816,778,696 17,902,682,762
696,799,000
602,302,500
531,038,823
452,052,179
326,577,296
298,467,597
285,430,059
226,986,371
161,489,197
135,941,952
234,986,546
202,184,014
119,427,181
122,450,901
101,461,094
96,774,769
68,003,343
56,269,136
53,732,053
41.835,543
48,538.088
38,224,690
102,427,100
92,803,200
70.958,513
26,179,912
Total New England__ _ 16,631,743,764 -23.0 21,597,64
6,989 20,295,155,586
194,331,219.663 -20.0 243.135,013,364 235,802,6
20,445,000.000 -18.5 25,094,696,854 22,094,5834,887
8,655
7,507,302,491 -16.5 8,982.887,399 7,276,699
,489
3,745,337,258 -23.5 4,896,046,381
4,343,446,572
1,811,487,116 -21.0 2,293.015,699 1,655,366,659
218.783,279 -12.3
249,344,568
257,279,058
876,405.706 -2.3
897,109,844
814,462,041
453,315,968 -23.7
594,398,278
491,927.132
241,511,825 -9.9
267,995,988
226,014,110
201.131,513 -21.0
254,623,897
212,712,353
126,960.765 -17.8
154,410,276
134,657,224
124,571,891 -28.8
174,803,3
195,098,4
72
58
136,894,949 -8.1
148,981,702
133,507,745
223,827,317 -20.6
281.992,700
246,393,962
197.118,683 -4.3
205,922.436
172,617,546
183,446,701 -10.7
205,416,418
158,415,815
66.859,863 -16.9
80,472.88
70,556,795
6
109,205,971 -21.7
139,453,902
111,043,496
61,938,971 -17.6
75,101,591
57,170,611
48,076,221 -24.1
63,379,800
50,376,700
53,191,492 -32.5
78,788,384
73,549,624
49,960,458 -9.4
55,124,0:37
47,747.454
17,392,760 -59.1
42,483,761
33,382,005
23,852,647 -25.9
32,179,180
30,613,501
32,690,780 -23.7
42,854,22
35,318,56
1
2
131.125,175 -16.0
156,086,031
133,959,319
34,188,435 -21.2
43 405,190
40,130,490
23,507,938 -19.1
29,071,239
22,261,513
44,421,238 -5.9
47,181,878
39,353,260
32,264,783 -17.4
39,066,276
34,021,824
156.343,832 +42.2
109,985,297
86,058,151 +13.5
75,797,582
30,983,622 -23.1
40.241,372
253,466,659 -14.2
295,042,097
48,296,471 +38.2
34,925,038
49,682,693 -6.5
53,116,873
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Harrisburg
Trenton.
York
Erie
Greensburg
Binghamton
Chester
Altoona
Franklin
Frederick
Beaver County, Pa
Lancaster
Norristown
Montclair
Oranges
Hagerstown
Bethlehem
Huntington
Lebanon
Camden
Jamestown
Niagara Falls
Total Middle
Clearings alSan Francisco
Los Angeles
Seattle
Spokane
Salt Lake City
Portland
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Fresno
Stockton
Boise
San Jose
Yakima
Reno
Ogden
Long Beach
Bakersfield
Berkeley
Riverside
Eugene
Santa Barbara
Modesto
Bellingham
Santa Rosa
Total Pacific
St. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Fort Worth
Savannah
Nashville
Norfolk
Birmingham
Augusta
Little Rock
Jacksonville
Chattanooga
Charleston
Mobile
Knoxville
Oklahoma
Macon
Columbia
Austin
Beaumont
Vicksburg
Wilmington, N. C
Columbus, Ga
El Paso
Jackson
Tulsa
Muskogee
Dallas
Texarkana
Newport News
Tampa
Montgomery
Raleigh
Shreveport
Waco
Port Arthur
Wichita Falls
Lawton
McAlester
Meridian
1351
1921.
Inc. Or
Dec.
6,629,000.000 -18.4
4,301,189,000 +7.7
1,511.603,283 -27.1
518,506,601 -21.5
661,686.197 -25.9
1,518,415,904 -20.4
161,438.400 -38.2
543,092,161 -1.8
284,417,588 -12.4
138,665,092 -10.5
161.705,122 +23.7
228,657,279 -18.3
249,179,300 -15.2
53,846,498 -42.7
92,064,797 -21.4
68.653,714 -22.2
39,015.000 -13.4
90,830,528 -32.0
181,639,876 +11.0
59,579,974 -11.2
164,335,336 +8.8
25,538,866 -26.3
14,393,898 -18.1
42,452,548 +57.7
35,911,895 +49.9
26.762,952 --4.9
20,757,825 --4.3
1920.
8,122,064.917
3,994,274,000
2.072,639,437
659,860.797
892,346,395
1,906,796,902
261,081,872
552,613.822
324,345,255
154,929,338
130,724,824
277,206,368
293,913,000
93,898,882
116,995,085
88,214,198
45,022,028
133,604,030
163,595,436
67,098,150
150,987,832
34,637,801
17,567,447
26,921,441
25,126,381
28,149,719
21,689,481
1919.
7.286,339,237
2,339,401,113
2,021,004,338
553,899,282
828,715,906
1,652,950,820
238,796,353
459,583,335
270,562.450
113,429,338
75,300,686
203,237,518
150,343,700
92,245,930
93,689,820
71,847,641
40,690,575
118,839,816
86,765,730
49,626,810
101,253,866
.23,001,842
12,907,982
17,821,339,634 --13.8 20,656,304,838
16,781,350,158
6,235,129,198 -24.9 8,294,027,136
2.210,181,869 -33.4 3,315,319,238 8,201,532,298
1,199,298,221 -7.1 1,290,498,398 3,170,247,164
928,955,863
1.200,770,791 -20.2 1,504,251,520
1,117,571,425
383,317,396 -6.5
409.843,066
397,359,563
2,091,674,217 -31.4 3,045,520,224
3,090,679,615
2,108,957,592 -35.3 3,256,765,739 3
,290,186.378
819,009,454 -31.2 1,191,104,425 1,128,410
,298
612,142.408 -38.3
992,888,032
900,098.820
235,092,849 -51.2
481,114,604
487,813,232
847,509,813 -28.3 1,179,501,244
883,911,696
359,033,009 -31.8
526,234,163
551,250,645
899.327,311 -9.3
990,982,579
716,090,927
101,318,802 -50.7
205,420,013
230,462,786
461,115,045 -23.6
602,978,065
433,360,832
487,697,669 -22.1
625,635,097
450,587,497
269,036,529 -34.4
410,316,650
321,417,767
126,609,428 -44.4
227,842,426
210,282,131
83.758.004 -35.0
128,871,991
101,283,177
149,837,427 -13.8
173,725,822
148,051,164
1,214,401,011 +17.1 1,037,717,950
640,673,439
212,709.094 -41.1
360,907,756
238,754,919
101,534.210 -40.3
170,171,760
145,715,490
73,463,055 -13.0
84,349,049
213,728,049
54,036,801 -28.7
75,779,546
70,361,813
16,506,413 -21.4
20,982,231
22,187,370
*46,645,000 -17.0
56,198,135
50,177,712
39,359,040 -30.2
56,406,088
53,151,142
258,141,661 -25.4
346,074,091
308,861,839
36,609,342 +1.4
36,107,456
31,824,220
365,322.422 -45.4
669,690,614
525,925,738
161,534,792 -33.1
241,241,938
174,476,654
1,289,069,708 -31.0 1,868.685,312
1,631,376,165
25.120,943 -34.5
38,363,379
47,285,198
25,894.804 -45.6
47,425,492
61,250,198
114.145,750 -8.9
125,269,623
97,439,849
68,205,702 -31.0
98,833,667
92,193,748
66,167.879 -17.3
80,041,899
65,277,258
196,551.688 -21.7
251,133,509
175,859,1
43
127,827,120 -22.5
164,918,143
148,213,082
20,035,622 -4.3
20,927.985
16,894,903
106,760,153 -31.8
228,479,587
211,316.745
15,039,138 -22.8
19,464,954
23,372,130 -38.7
38,143,800
33,752,697 Not Inc luded in totals
232,177,823,261 -19.8
289,371,005,391 274,995,306,860
25,974,692,057 -20.5
2,800.971,276 -22.1 32.689,233,535 29,685,973,091
4,666.948,127 -32.5 3,596.794,020 3,130,811.303
4,647,183,287 -23.9 8.907,387,037 5,481,998,825
1,445,267,585 -16.8 6,104.323,103 4,503,622,605
,807
785,352.000 -16.6 1,738,327,000 1.528,336
810,109,000
941,938,000
660,408,100 -12.1
678,145,800
751,010,400
591,363,867 -25.0
679,005,751
788.589,665
190,650,996 -32.3
260,439,835
281,528,229
291,362,242 -17.4
289,481,
352,898,6
440
73
210,625,250 -15.6
249.491,1
226,397,0
07
83
216.797.580 -17.2
229,011,966
261,887,296
124,002,050 -15.5
148,814,9
123,490,8
49
76
92,206,238 -15.1
108,622,114
83,058,836
188,351,262 -22.7
243,665,233
239,892,113
327,072.000 -44.1
584,917.0
467,690,
000
00
71,722,888 -35.4
Total Southern
25,539,270,400 -27.0 34,990,134,398 31,762,49
111,124.547
106,836,834
7,950
95,201,095 -30.6
138,846,998
110,617.514
179,263,461 -33.0
Total all
356,434,113,194 -21.3 452.357,366,999
287,397,1
193.740.8
40
01
417,784,854,691
68,788,960 -29.3
97,224,374
88,387,094,
86,866,496 -31.1
Outside New York_ _ _ _ 162,102.893,531 -22.5 209,222,353,635
97,022,708
83,542,973
181,982,219,804
71,737,517 -21.3
91,059,084
79,610,807
58,129.169 -27.6
80,324,319
68,737,499
113,132,938 +13.7
Canada
99,495,626
74,183,623
62.388.440 -26.9
5,720,258,173 -19.5 7,109,189,038
85.320,244
75,245,687 Montreal
64,202.584 -28.0
5,104,893,766 -5.7 5,410,214,802 6,251,781.893
89,161,095
69,148,320 Toronto
4,251,644
41,975,533 -12.5
Winnipeg
2,682.441
,103 -11.0 3,015,704,299 2,316,724 ,303
47,943,01
40,796,2
3
09 Vancouver
,063
97,796,544 -1.3
708.205,932 -18.4
867,901,614
99.072.122
73,283,104 Ottawa
654,913,208
43,203,849 -17.0
404,237,674 -21.5
515,006,228
55,233,635
56,159.962 Quebec
472,691,921
17.653.059 -46.3
302,491,4
88
-17.0
364,651.3
32,838.76
34,119,68
62
5
5 Halifax
290,983,483
30,119,761 -5.8
181,802.598 -28.9
255,678,403
31,947,723
22,775,223 Hamilton
241,300,194
22,992,455 -34.5
297,932,727 -21.8
380,733,960
35.091,193
49,642,749 Calgary
306,370,966
75.382,831 -42.4
335,465,2
-23.4
02
438,073.277
130,818,577
115,745,928 St. John
355,011,5
89
58,313,241 -21.4
143.301,189 -18.9
74.124,264
176,671,887
55,566,591 London
153,135,027
18,416,560 -27.8
161.956.960 -15.7
192,157,969
22,770,026
21,546,265 Victoria
164,126.856
10,293,247 -27.4
122,416.2
44
-16.0
14,170,314
145,707,146
6,310,837 Edmonto
123,351,345
6,006,535 -25.1
230,735,015 -21.8
294,863,362
8,010,561
8,643,842 Regina n
233,086,785
78,343.754 -20.7
203,659,640 -11.0
98,831,124
231,070,269
92,171,560 Brandon
210,898,990
29,668,627 -21.4
39,282,71
3 -5.1
41,398,339
37,762,194
30.952,837 Lethbridg
36,922,771
45,108,117 -9.5
35.350,739 -25.4
47,397,555
49,815,825
40,277,810 Saskatoo e
38,179.538
n
100,523,291 -12.9
115,403,076
105,886,5
84
Total Middle West_ _ _ _ 44,339,961,578 -22.5
Moose
Jaw
74,739,761 -21.0
57,618,832,812 50,015,487,985
94,584,910
86,447,626
Brantford
62,310.478 -18.1
76,113,94
9
57.825,305
7,537.180,590 -35.1
Kansas City
Fort
William
43,619,98
1
-9.3
48,072,027
41,757,192
Minneapolis
3,355.654,989 -18.4 11,615,142,427 11,222,743,324 New Westminster
30,735,015 -15.6
36,435,337
29,023,983
1,919,670,918 -38.0 4,012,206,419 2,266,965.728 Medicine Hat
Omaha
21,297.687 -23.4
27,808,580
24,317,450
1,662,501,655 -11 8 3,004.338.415 3,058,419.886 Peterborough
St. Paul
44,295,51
-12.5
8
50,639,788
965,536,252 Sherbroo
41,376.004
1,215.169,525 -38.6 1,870,424,350
Denver
ke
53,641.710 -16.2
64,046.861
49,576.864
524,602,629 -36.8 1,980,644,477 1,630,064,749 Kitchener
St. Joseph
51,159,58
-16.9
3
830,318,
61,600,50
768
894,581,
0
738 Windsor
48,245,096
4.59,177,931 -28.3
Des Moines
162,268.354 -6,3
641,749,310
171,282,078
557,733,520 Prince
95,791,923
Sioux City
284,871,895 -43.4
Albert
503,551,309
23,976,238
544,707,671 Moncton
21,574,166
Wichita
556,080,029 -22.8
56,232,33
Not
3
710,765,0
Inc
luded
24
in totals.
647,286,089
Duluth
334,987.342 -28.5
33,872,694 Not Inc luded in totals.
468,056,391
378,961,698 Kingston
Lincoln
174,144,955 -39.2
286,469,930
274,509,348
Topeka
143,935,182 -17.4
Total Canada
17,319,022.519 -14.5 20,256,382,854 16,702,92
174,180,439
179,348,328
5,123
105,697,473 -30.0
Cedar Rapids
150,794,214
130,286,763
102.431,095 -31.3
Fargo
149,040,0
28
160,146,5
34
115.737,739 -35.3
Sioux Falls.
178,970,141
179,380,637
163,848.371 -83.3
Helena 98,340.186
112,714.922
50.096,138 -19.7
Colorado Springs
62,382,894
50,740,767
41,480.801 -20.3
Pueblo
52.079,069
38,962,011
69,770,097 -34.7
Waterloo
106,868,816
94,743.745 CHANCELLOR
63.285.364 -31.6
Aberdeen
WIRTH OF GERMANY, REJECTS
92,483,83
2
85,277,844
llliilngs
38,271,750 -44.8
68.875,652
68,995,327
60,000,000,000 TAX LEVY UNDER ALLIES'
24.870,877 -37.4
Fremont
.
39,746,04
8
41,234,0
74
Hastings
29,004,354 -33.9
43,868,560
REPARATIONS TERMS.
34,205,327
Joplin
53,860,850 -37.3
93,265,048
82,595,699
63.889.262 -25.2
Grand Forks
85,425,00
Dr. Wirth, the German Chancellor, rejected on March
0
80,435,000
30.186,611 -18.9
Iowa City
36,315.220
28,138,854
Lawrence
16.903,103 -26.7
23,046,515
22,128.609 28, the demand that Germany raise 60,000,000,000 marks
Lewiston
23,916,657 -23.9
31,432,258
34.944,404 paper, through additional
Kansas City, Kan
211,917,113 -12.5
taxes as called for under the
242,701,314
37,876,79
8
Oshkosh
33,792,796 -12.6
38,662,133
31,390,506 now proposals of the Allied Reparations
Minot
14,632,537 -25.2
Commission, for
19,558,718
Rochester
18,230,081 -46.1
the reparations payments in 1922. The new demands,
33,837,110
Great Falls
55,806,849 -41.7
95,746,05
7
35,169,148 detaile
Pittsburg, Kan
29,339,211 -15.3
d in our issue of Saturday last, page 1236, were
34,699,653
Springfield, Mo
71,727,580 -35.2
110,720,754
discussed by the Chancellor before the Reichstag Tuesday,
Mason City
27,320,208 -42.7
47.649,398
when he declared it both a financial and technical impossiTotal Other Western__ 19,623,974,557 -30.2 28,133.44
2,573 23.935,050,152
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill
Fort Wayne
Youngstown
Akron
Lexington
Rockford
Canton
Bloomington
Quincy
Springfield, Ohio
Decatur
South Bend
Jackson
Mansfield
Danville
Lansing
Lima
Jacksonville, Ill
Ann Arbor
Owensboro
--Flint
Gary
Lorain
Adrian _
New Albany
Paducah
Hamilton
Aurora
current pleuts Ina piStiZaSi.011S
bility to meet the demand for the raising of 60,000,000,000
1352
THE CHRONICLE
to have declared
marks in taxes. The Chancellor is said
nts from Berlin
accou
Press
that (to quote the Associated
decision, accompanied
tions
repara
"the
that
28)
March
was couched in a needby a letter which the Chancellor said
national indignation,
lessly severe tone, not only had aroused
00 marks to the
,000,0
28,000
added
had
but incidentally
cedented slump
unpre
the
of
e
quenc
German budget in conse
tically with the note's
automa
in
set
which
mark
the
. of
arrival."
:
The Associated Press advices also stated
[VOL. 114.
in the con"The most painful surprise for us is caused by two points
a plan for increasing taxes
ditions, namely, that we immediately prepare
year and pass and
by at least 60,000,000,000 paper marks for the current
May 31. After thorough
enforce these new 60,000,000,000 taxes by
ion
that this is an
the
conclus
deliberation the Government has reached
on."
utterly impossible and presumptuous conditi
Willing to Discuss Tax Burdens.
it is possible to
"There is probably nobody here who seriously believes
lor continued. "Our
raise an additional sixty billions taxes," the Chancel
the
limit,
we gladly
to
though
ed
increas
direct and indirect taxes have been
ion regarding the German
are prepared to enter into a serious discuss
es.
peoples comparative tax burdens with other countri
a
"The Reparations Commission, by granting moratorium, would have
y
and
the creation of healthy
currenc
contributed to the stabilization of our
basic conditions for our financial policy. The Reparations Commission's
e. The Reparations
notes have actually achieved the diametrical opposit
e in the gold mark's price, has
Commission's note by causing an increas
, to 224,000,000,000
000,000
caused our budget deficit to increase by 28,000,
m.
a striking proof that a policy of might cannot foster the reparation proble
"The parties representing an overwhelming majority of the German
people have agreed on a tax program which reaches the limits of taxable
ic
power at the present moment. But even assuming that Germany's econom
strength was sufficient to bear the additional 60,000,000,000 tax burden,
I must still point out with all emphasis that these demands are utterly
al
l
impossible if only from purely parliamentary, politica and technic
reasons.
"I must protest in the sharpest possible way against the principle of
of the
outside Interference in the sovereign rights and law-making powers
as irreconcilable with selfGerman nation. I consider such interference
We have had
determination of a people and the honor of a great nation.
us
so many sorry experiences with control commissions that nobody among
wholly unproductive
could agree to the continuance of this tricky, costly,
in
e
soldiers
Entent
simple
of
system. We have to-day a large number
as the maximum incomes
Germany whose incomes are three times as high
able if control
of the highest German state officials. It would be insuffer
to control. The extension
commissions controlled where there is nothing
attempt
every
make
illusory
of control of the German tax system would
of our former enemies
at economic reconstruction. The own self interest
should induce them to desist.
as regards control
"The contents of the reparation notes, particularly
our taking a critical
measures and the new sixty billion taxes, has occasioned
is, however, in
ons
other
conditi
of
row
A
negative attitude thereto.
are conscious of the
thorough accord with out interior interests. We
k to
a
fact that on our answer depends whether there is to be throw-bac
of negotiations."
the method of dictates or a continuation of the way
a shining star or a will o' the wisp,
The Genoa conference will either be
to-day at the conclusion of an hour's
Chancellor Wirth told the Riechstag
Reparations Commission.
discussion of the decisions of the
will o' the wisp instead of a shining
"If the Genoa conference proves areconstruction," he added, "then the
to
path
the
n
brighte
will
that
star
ar,
in general and Germany in particul
problem of rehabilitating Europe
arbitrary dictation."
will continue to be treated in a spirit of
comcontrol
the
and
ng armies
He stated that the cost of the occupyi
,
, where there was nothing to control
missions, which would exercise control Germany, and any extension of the
on
was an exceedingly heavy burden
ruction
reconst
all idea of economic
control system would render illusory
foreign obligations.
ions
and the discharge of Germany's
various points in the reparat
In the course of his analysis of the
ment
demand that the German Govern
was
decision, Dr. Wirth rejected the
it
that
ground
marks on the
levy an additional tax of 60,000,000,000
ility.
impossib
al
technic
and
al
financi
through
both a
Germany twenty-eight billions
The Allied note, he said, had cost
hoped
the resultant fall in the mark.
Wirth
Dr.
international loan
With regard to the question of an
start active negotiations, but he
to
able
be
would
soon
ment
the Govern
capital" in the Versailles Treaty
al
feared the barriers reared by "world
Germany's ability to obtain financi
would effectively militate against
moratorium, he said, would
A
ons.
conditi
e
tolerabl
relief abroad under
exchange.
to
have definitely stabilized German
ng spell," he continued, "in order
"We are badly in need of a breathi financial and economical measures
co-ordinate our affairs and put the
adopted into active practice."
reservations
ent in principle, with the
The Chancellor was in agreem
become
but pointed out this could only
,
capital
of
export
the
ng
regardi
co-operation.
effective with international
by the
d
require
German statistics, as
Resumption of the publication of
restoration of full independence to the
the
and
sion,
Commis
Reparations
Dr. Wirth, cause no difficulties.
Reichsbank would, in the opinion of
ment
declaration that the German Govern
Liberal applause greeted the
and economic guardianship.
al
financi
of
ion
suggest
the
must politely decline
incompatible with the dignity of the
"This," declared the Chancellor, "isdemocracy which we founded at the
of
n
nation and is opposed to the spirit
of a sovereign State is also in violatio
Entente's behest. Such an invasion
We already have had our fill of
tion.
termina
self-de
of
e
of the principl
commissions of all sorts, and must
unsatisfactory experience with control Reparation's Commission be given
the
summarily reject the proposal that
conceded it in connection with
a still wider latitude than already has been
ns."
functio
sory
ions
its supervi
previous assurances that the Reparat
He reminded the Allies of their
prerogatives.
Commission was not entitled to such ment was wasteful in the conduct of
Denying that the German Govern
e
speaker pointed out that two Entent
its administrative organism, the than President Ebert and the entire
ed
Generals are receiving more pay
comput
two-thirds of the budget as now
s
Cabinet. He estimated that
s, leaving one-third for the nation'
was reserved for the Entente's demand
needs.
internal
was unusually frank in his criticism
Throughout his speech the Chancellor
the
reparations problem,, charging that
of the Allies' treatment of the
ay logic or had persistently
everyd
to
able
unamen
was
Commission either
economic
the actual status of Germany's
neglected to acquaint itself with
Governsituation.
the
Reparations Commission by
The only comfort afforded the
that Germany would proceed
promise
the
in
ed
convey
was
ment's statement
departments.
economy in all Governmental
to inaugurate the most stringent
the various
the maximum revenue from
She would endeavor to extract
execution.
the laws about to be put into
tax sources to be opened through
endations
recomm
ion's
Commiss
the
subject
also
The Government would
basis.
or to arrive at a mutual working
to a further scrutiny in an endeav
taxation compromise which'had been
Alluding early in his speech to the
g parties in the Reichstag, Dr.
reached by the good will of the opposin
of Germany's foreign policy,
part
l
integra
an
form
would
it
Wirth said
d and disturbed by the Reparations
which, however, would become involvedirect taxation, he declared, was
Commission's demands. Germany's
the world.
developing on a scale unparalleled in
exhaustion following the war, to which
The Chancellor emphasized the
on the nation through the exfalling
s
must be added the unseen burden
proof that "a policy of violence cannot
change conditions. As striking
that the effect of the,Reparations
further reparations." he pointed out upset the whole plan of our budget,
Commission's demands had been "to
"
mark, to augment the budget deficit.
and, through depreciation of the
frequently was applauded,
lor
Chancel
the
and
d
crowde
The Reichstag was
with all except the Communist Party.
his speech apparently winning favor
On March 24, in stating that "much confusion prevails
on all sides regarding some of the most essential stipulations
in the decision," the Associated Press, in Berlin cablegrams
March 24, added:
for
The mooted points will be referreetorthe!Reparations Commission
tax levy of
elucidation, especially the proviso stipulating a supplementary
60,000,000,000 paper marks.
the most objectionable
Even the Majority Socialists pronounce this'one of
it infeasible.
conditions laid down in the Allies' new program and declare
ive investigation of
Reichstag leaders who have just completed an' exhaust
the
of
Ministry of Finance
the nation's capacity for taxation and officials
fom which such a sum could
profess to be unable to indicate new sources
be obtained from the German people.
Regarding a Cabinet discussion of the new reparation
terms, the Associated Press in a cablegram from Berlin
March 22, said:
Several members of the Cabinet and the heads of the Ministriesrof
lly with PresiFinance and Economics discussed the official note informa
the
dent Ebert last evening. At the Foreign Office It was stated that
ce
Commission's decision would be given careful perusal with special referen
the demand forran
to the schedule of payments prescribed, as well as to
.
(paper)
marks
added tax assessment of 60,000,000,000
its prograeof
ed
For the moment the Government is more concern over
a vote upon which is
taxatiop, now being debated in the Reichstag, and
e, the
likely next Saturday. If no parliamentary obstructions interfer
n major
on
Government will be able to put into immediate operati fourtee
gold' marks.
tax laws and a measure providing for a loan of 1,000,000,000
than the
The fate of these laws occupies the Cabinet to a greater extent
reparations communication.
in the
n
leaders
the
by
ed
coalitio
Talk of a Cabinet crisis was dismiss
in the Ministry:would
Reichstag, who expressed the belief that no change
They
occur unless the Entente Powers' claims were' arbitrarily enforced.B
said that if the new conditions were to be compliedwith,new.sources of
.
of
finding
ity
tho
possibil
see
not
did
they
taxation would be needed, which
The Liberal and Socialist leaders declared the Allied program intolerhope
ed the
able and impossible of being complied with. They express
ation.
that the Genoa economic conference might afford a means of modific
a further
the
with
country
ng
burdeni
of
ty
difficul
the
Moderates pointed to
through'I on1y1 with
vast scheme of taxation when the last was pushed
to repro.
patience and compromise. The time limits seemed to Moderates
ls
nization."
proposa
ee
"Ottoma
sent a fresh ultimatum, and the guarant
New York "Times" CHANCELLOR WIRTH'S MEMORANDUM ON ABILITY
According to copyright advices to the
the turning point in
mark
may
OF GERMANY TO MEET REPARATION
ch
"spee
the
,
Berlin
from
nGover
the
both
,
policy
PAYMENTS.
n
foreig
's
the Wirth Government
solidly united on the
date of March 12, the following from Berlin,March
Under
ment and the Reichstag majority being
sive' conditions of the 11, copyrighted by The Chicago Tribune Co., was published
proposition to turn down the 'offen
also take from the by the New York "Times":
We
note."
's
Reparation Commission
ere considered at
ing:
follow
the
One of the most carefully guarded documents whichrw
source
SAMO
made by Wirth in the course of his the Cannes Conferences was a memorandum by Chancellor Wirth on
Some of the more importantrpointe
of the victorious allies.
Intow
Germany's ability to meet the reparations demand
long argument were as follows:
consisting of fourteen new tax laws, which
The so-called tax compromise,
been deliberating, form an integral part
has
week
last
the
for
ag
the Reichst
was hoped gradually to bring the existing
of our foreign policy whereby it
German and foreign Governments
difficulties in the relations between the
agreement.
gradually to a sensible compromise
been disturbed by the Reparations
"The Government's foreign policy has we must view the actual and new
Commission's notes of March 21 wherein
has caused the utmost excitement
worsening of our situation which rightlyment's earnest endeavors have not
Govern
in all Germany. Obviously the
ions Commission in any form. In parbeen given credit by the Reparat
understanding of the significance of tax
ticular there appears lacking an
reform now in process.
to the delegates, and even
Copies of the document were distributed only
made public.k I have!now
the substance of the paper was not allowed to be
secured the substance of this document.
It deals with
The first part of the memorandum is a matter of history, for
s
the German payments made since January and February andthe demand
that Germany reform its finances.
ts
paymen
ion
reparat
the
deals
with
The second part of the memorandum
since the revenue of
for the rest of this year. Dr. Wirth points out that
sly
the German Republic consists of paper money which has been enormou y
German
depreciated, Germany cannot pay in gold marks. He dentesithat
:
and
on
declares
has purposely brought about this situati
APRIL 1 1922.]
THE CHRONICLE
1:153
"Beyond coal Germany possesses very few raw materials. Her capacity
"I extend my cordial welcome to the new American Antbas•tador (Alanson
for production, especially of agricultural products, has considerably de- 13. Houghton) and trust
that his mission to Germany will prove a happy
creased. The value of exports decreased from 10,000,000 gold marks and productive one for
both countries," said the Foreign Minister. "Never
($2,500,000,000) in 1913 to 4,000,000.000,000 gold marks ($1,000,000,000 did a nation hold the
fate of the Continent in the hollow of her hand so into-day. • Taking into consideration the general raise of prices in the world disputably as does the United
States at this moment.
markets this means a diminution of exports to a little more than a quarter
"Such a position implies a grave measure of responsibility. We
of the pre-war amount.
fore are entitled to expect that the United States will not decline thereto par"In these circumstances, every considerable payment in foreign currency ticipate in the discussion
which concerns the definite adjustment of Gerbrings in its train a downward fluctUation in the rate of exchange of the many's financial obligations.
"
mark, which at the same time depreciates all internal incomes and weakens
Referring to the Inter-Allied Reparation • Commission's decision,
Dr. RathGermany's capacity to make reparation payments. If one considers the enau said it
was a most bitter disappointment for Germany.
reparations problem on economic lines, one must come to the conclusion
"We intend to tell the Commission," he declared, "that
under the presthat it is absolutely necessary for Germany to dispense with all reparation ent conditions
of depreciated money we expected a different plan of
paypayments, if possible, for a long period of time, or at least for the whole ment."
year 1922. The German Government, however, is aware that in its cirDr. Rathenau repudiated the idea that the ruin of Germany's
exchange
cumstances, and in spite of the most grave disadvantage to Germany, its was attributable
only to the excessive issue of bankno,tes, lie declared
it
economic position and finances must be subordinated to political neces- was due to
Germany's passive trade balance. He added that the
notion
sities."
that Germany's industries were flourishing was false.
Chancellor Wirth then takes up the fact that the Cannes Conference
set the reparations payments for 1922 at 720,000,000 gold marks ($180,000,000) in cash and deliveries in kind of 1.450,000,000 gold marks
GERMANY'S SURTAX ON CUSTOMS DUTIES TO
($362,500,000).
BRING
"The German Government is obliged to point out that the means of
THEM TO GOLD PARITY.
meeting such heavy payments can in the main only be procured by inOn March 27, the New York "Times" printed the followcreasing the debt even after the execution of internal and financial reforms.
The Gorman Government, therefore, is forced to request that the cash ing from Berlin:
payments be fixed at a lower sum."
Beginning April 1, a surtax on customs duties, to bring them to
Dr. Wirth suggests that the cash payments be equally distributed over
a gold
the months of 1922, that the expenses of the armies of occupation be in- parity, will be collected. The tax rate will be computed on the basis that
59
paper
marks
are
equivalent
to
the
value
of a gold mark.
cluded in the total year payment and so far as possible the payment in
paper marks be reduced. The remaining obligations would be payable in
foreign currency. The liabilities under the clearing house system for debts
abroad must be reduced to a tolerable figure by special agreements, says'
PRESIDENT OF REPARATIONS COMMISSION SAYS
the Chancellor.
FRANCE IS POWERFUL ENOUGH TO ENFORCE
Then follows a remarkable passage about Germany's willingness to cooperate in restoring the devastated areas of Franco.
REPARATIONS PAYMENTS.
With regard to deliveries in kind, Germany once again expresses her
A Paris (Associated Press) dispatea March 30 stn ted
readiness to co-operate with all the means and forces at her disposal for the
:
reconstruction of the devastated territories. With this object in view the
"France is powerful enough to act alone to enforce execution of
the VerWeisbaden agreement was concluded with France. The German Govern- sailles Treaty, with cannon and bayonet if need be," Louis
Dubois, Presiment is ready to conclude agreement for deliveries in kind with the other dent of the Reparations Commission, declared to-day at a
luncheon of the
Allied Governments in a like manner. In fixing the amount of deliveries Union of Commerce and Industry.
in kind it must be taken into consideration that they also necessitate gold
"The mission of the Commission is merely to figure the amount
of reparapayments in so far as foreign materials are required. The German Govern- tions due by Germany, to fix the capacity for payment
of that country,
ment, therefore, requests that deliveries in kind be fixed separately for each and to refer its findings to the Allied Governments, but
If France cannot
country and that they be demanded only so far as they are actually re- obtain the firm support of its allies, it needs no
assistance to obtain. repaquired for the year 1922."
ration."
Dr. Wirth then states his views of the solution of the reparations problem, which are as follows:
"The Gorman Government is of the opinion that the settlement of the
reparations payments for 1922 is the first stop only toward a solution of the NEW NOTE OF UNITED STATES ON RHINE ARMY
reparations problem. The program for 1922 rests on a system which experiCLAIMS—POSTPONEMENT OF DEBIT TO FRANCE
ence has shown considerably weakens the German capacity for reparations.
ACCOUNT OF SAARE MINES.
Monthly or quarterly recurring payments in foreign currency prevent
A second note bearing on the claims of the United States
Germany from putting her finances in order. Thus it appears necessary
in the interest of all the countries concerned to make a provision for German on account of the cost
of maintaining its Army of Occupareparation payments on a different basis and over a longer space of time.
This should be effected without delay, as the uncertainty as to the manner tion on the Rhine, was forwarded by Secretary of State
in which the German reparations are to be rendered after 1022 has a paralyz- Hughes on March 25 to the American diplomati
c ofricials
ing influence on the economic and financial situation not only of Germany, abroad for delivery
to the representatives of Great Britain,
but also of the Allied countries.
France,
Italy, Japan and Belgium. The new note, which
"Germany will be able to render reparations only when her credit at home
and abroad can be enlisted for financial operations on a large scale. At supplements the one printed in these columns
last week
present, however,the solvency of Germany is recognized neither by the home (page
1237), bears particularly on the question of payment
or foreign investor. There is a general lack of confidence that Germany
to
France,
and is designed to correct the earlier impression
will be able to recover. To re-establish the confidence of the world in
Germany's solvency the preliminary condition is for a satisfactory solution that France had been paid in full.
The State Department
of the problem. For this reason the German Government requests that
at Washington made known on March 25 the text of its
the Reparation Commission devote its special attention to the above connew
note, as follows:
siderations so that a way may be found to re-establish Germany's
credit at
"After
home and abroad, through making a largo reparations loan, possibly by
the dispatch of the instructions to the American diplomatic
repreinternational co-operation."
sentatives for delivery of the identic note on army costs, t he
Depart meat
of State was informed that it had been proposed to post pone
the debit. 10
France, as against its army costs, of the value of the Satire
mit,ett to the
HOPE OF DR. RATHENAU THAT U. S. WOULD ASSIST year 1922. The postponement of this debit would affect the Nita
nee of
account
as of May 1 1921. Accordingly, the Department of State the
IN ADJUSTING GERMANY'S FINANCIAL
sent
• instructions on Wednesday, March 22, to the American
diplomatic repreOBLIGATIONS.
sentatives to deliver an identic supplementary note to the
Governments of
The intention of Germany to tell the Allied Reparations Belgium, Great Britain, France, Italy and Japan."
The text of the supplementary note is as follows:
Commission "that under the present conditions of depre"In its note of March 22 1922 the Government of the
United States
ciated money we expected a different plan of payment," stated that according to the information and accounts in the possession
of
the Allied Governments, it appeared that the amount due
to France for
was indicated in a speech in the Reichstag by Dr. Walter its army costs to
May 1 1921 had been paid in full,chiefly through deliveries
Rathenau, German Minister of Foreign Affairs, on March of.property.
The Government of the United Stators is now informed that It Is:proposed
29. Dr. Rathenau, who commented generally on America's
to postpone the debit to France for the value of the Saare mines as t
bough
relations to European affairs, is also said to have expressed delivery
were made in kind during the year 1922. This (to vent/tient
does
an earnest hope that the United States would take a hand not deem it to be necessary at this time to enter into quest ions
ret:. tog to
In adjusting Germany's financial obligations. The Associ- debits or credits in the account or to consider the effect of t he post is otement
of the debt for the value of
Saare mines,and all questions or this ilistracated Press (Berlin advices), from which this is learned, ter are fully reserved. It the
is deemed to be sufficient to say that it is
the
view of the Government of the United States that the question
also reports him as saying:
not there would be a deficit in the French account for army whether or
"it is a fallacy to set all one's hopes on any one country, be It ever so May
costs as of
1 1921 upon a final agreed statement of that account. Is a
strong or idealistic. It is the habit of desperate debtors to stake everything
matter which
does not affect the position of this Government with respect
to its right to
on a single issue but they invariably are doomed to disappointment.
receive the payment of the actual cost of its army of
understand
America's
well
quite
occupation
"I
aversion to becoming entangled
upon an
in equal footing with the Allied Powers."
European economics and in the light of her experiences I cannot blame
her
if she now is inclined to avert her eyes from Europe."
The Foreign Minister expressed the belief that the impression that the
foreign trade of the United States with Germany was only 5% of the total FRANCE RECOGNIZES U. S. RHINE ARMY
CLAIM
was erroneous, and that the figure was nearer 25%, a factor which
he
According to Associated Press advices from Paris, March
thought America, in the long run, would be unwilling to dispense with.
29, M. de Lasteyrie, Minister of Finance, discussing in
Even allowing that the sentiment in the United States was
opposed to
the
rendering aid to a continent which still was spending money on armament, Senate to-day the agreemen
t reached by the conference of
Dr. Rathenau observed that the United States, in the course of time,
would
Allied
Finance Ministers, March 11, said:
realize that it was not practical to dictate conditions to a drowning
man,
We have never contested America's right to be reimbursed for
and not feasible to until the spirit of peace had wholly permeated
the costs
the Oon- of maintaining her Army
of Occupation. It is for he United States
tinent before coming to the relief of Europe.
a matter of absolute right, which we formally recognize.
Referring to the new Ambassadors, appointed by Germany to
the United
The only question is to whom the United States should make
States, and by the United States to Germany, Dr. Rathenau
the request
referred to for settlement—to the Allies
or to Germany. That is the reliant) why the
Herr Wiedfeldt, the German representative in Washington, as
"one of the matter was referred back
to the Allied Governments. The agreement of
strongest leaders in German economic life," and said he believed
the Am- March 11 must be ratified by
the French Parliament before It can come .
bassador would be well received in America.
into force.
1354
T1TFI CHRONICLE
[VOL. 114.
HOUSE PASSES RESOLUTION FOR EXTENSION OF
DEBT DUE FOR AUSTRIAN RELIEF.
By a vote of 142 to 50 the House on March 29 passed the
joint resolution (passed by the Senate March 15) authorizing
the extension for a period not to exceed twenty-five years
of the time for the payment of the principal and interest of
the debt incurred by Austria for the purchase of flour from
the United States Grain Corporation. The bill was passed
by the House after the defeat of a motion (by a vote of 115
yeas to 188 nays) to recommit the resolution to the
Committee on Ways and Means. Those in favor of the
motion thought action should be deferred pending the completion of the work of the Allied Debt Commission. Representative Longworth, Republican, in presenting the resolution, stated that it released Austrian assets pledged for
payment to the United States, if substantially all of the
other creditor nations waived similar liens upon Austrian
assets. The loan, he said, rested upon an entirely different
basis from the Allied loans and no interest had been paid,
because Austria lacked income sufficient to meet her own
Government expenses. Reference to the Senate action on
the bill was made in these columns March 18, page 1123.
SIR CHARLES ADDIS WOULD HAVE CHINESE CONSORTIUM NEGOTIATE FOR CONSTRUCTION OF
RAILWAYS—T. TV. LAMONT COMMENTS
ON CONSORTIUM.
Sir Charles Addis, K.C.M.G., Chairman of the Hongkong
& Shanghai Banking Corporation, Director of the Bank of
England, and head of the British group of the Chinese Consortium, was the guest of honor at a luncheon given by
Thomas W. Lamont of J. P. Morgan & Co., at the Downtown
Association, this city, on Tuesday of this week, March 28.
Sir Charles, for whom the luncheon had been arranged as
a means of affording him an opportunity to meet the leading bankers of New York and members of the American
group of the Chinese Consortium, was introduced by Mr.
Lamont, who reminded the guests of the fact that Sir
Charles, representing the British group, was very active in
the organization and management of the old Consortium,
from which the American group withdrew in 1913; and that
he had taken a leading share in the organization of the new
Consortium, having headed the British delegation at the
final organization of the new Consortium made in New
York on October 15 1920. Mr. Lamont also said:
AUSTRIAN ASSEMBLY PASSES BILL FOR FINANCIAL
REFORMS INCIDENTAL TO BRITISH AND
FRENCH CREDITS.
Vienna press advices March 24 stated that the National
Assembly passed that day the bill providing for the administrative and financial reforms which France and Great
Britain stipulated were necessary before credits could be
extended to Austria. It is stated that the Pan-Germans
supported the measure, but announced they had not changed
in their opposition to the Government. It is also said that
although in favor of the bill, the Socialists abstained from
voting as a protest against the Government's opposition
to the rental tax and its failure to adopt other measures
desired by the Socialists.
um
harilly have to remind you here that the organization of the Consorti
service; that
for the assistance of China has been in the nature of a public
ion
It was made in response to a growing public opinion that helpful co-operat
on;that our
should be substituted for aggressive international competiti
Governown Department of State secured the cordial acquiescence of the
this principle,
ments of Great Britain, France and Japan in enunciating
countries
and that thereupon banking groups representative of those several
ion of the
undertook the responsibility requested of them in the organizat
Consortium.
profit,
Inasmuch as the Consortium was organized not primarily for
can
but for the purpose of benefiting China, the International Group
people
Chinese
the
when
time
the
await with patience and philosophy
means
shall have finally determined whether, in the development of their
or desire the
of transportation and other great public utilities, they require
assistance of their Western friends.
With the passage of time, too, the likelihood of reconcilement between
hopeful;
the political factions of North and South China becomes more
problems.
while the machinery for the handling of Chinese and Far Eastern
on
Washingt
as provided for in the treaties emanating from the recent
of the
Conference, well may tend towards increased activity on the part
Consortium.
RED TROOPS DEMAND PAYMENT IN GOLD.
Sir Charles, who recently revisited China, recounted some
A special copyright cablegram to the New York "Times"
the many changes which had taken place in China in the
of
said:
25
March
Paris
from
in charge of the
the Red Army in
A message from Riga states that the commander of
military formaUkrainia has telegraphed to Moscow in the name of all the
paid in gold, in view
tions a unanimous demand that the troops in future be
of the complete depreciation of paper money.
perturbed by this
The Government and High Army Council are greatly
military inspection, has
request. Trotzky, who at present is on a tour of
Official circles fear
received an order to return to Moscow immediately.
n with the question
grave disorders may take place in the army in connectio
of payment.
NAL
CALLING OF BELGIAN GOVERNMENT EXTER
GOLD BONDS.
anJ. P. Morgan & Co. and the Guaranty Trust Co.
m 25nounced this week the calling of Kingdom of Belgiu
able
Year External Gold Loan 7M% Sinking Fund Redeem
the
bonds at 115 on June 1 next. For the $1,000 pieces
pieces
numbers range from 24 to 46,726, and for the $500
ion
from 40 to 6,431. The, bonds thus drawn for redempt
J. P.
will be paid on and after June 1, 1922, at the office of
aMorgan & Co. or the Guaranty Trust Co., upon present
suband
1922
1
Dec.
the
with
bonds
the
of
er
tion and surrend
such
sequent coupons attached. Interest will cease on all
of
drawn bonds on and after June 1 1922. The amount
been
has
which
000,
$2,300,
is
drawing
the
cash involved in
bonds,
paid into the sinking fund for redemption of these
The
t.
contrac
loan
the
of
ns
provisio
the
with
nce
accorda
in
,000„
$50,000
of
amount
the
to
issued
offering of the bonds
was noted in these columns June 5 1920, page 2340.
ROTTERDAM BANK SHARES ADMITTED TO THE
CURB MARKET.
Rotterdamsche Bankvereeniging were
the
of
shares
The
on
admitted to trading on the New York Curb Market
March 28. The shares are of 200 guilders ($80 40) and they
were traded in on the initial day at $84 per share.
in
The Rotterdamsche Bankvereeniging was established
ions
institut
other
of
number
a
with
mated
amalga
and
1863
in 1911. It has affiliations with the Bank Voor Indie, with
numerous branches in the Dutch East Indies and the British
for
East Indies. It has other affiliations—the Holland Bank
cities
nt
importa
most
the
in
s
South America, with branche
for
of Argentina, Brazil and Chili, and the Holland Bank
Conand
Spain
Italy,
in
s
branche
with
ranean,
the Mediter
stantinople. The bank has paid dividends during the last
eleven years ranging from 8 to 12%, i. e., $6 40 to $9 50
per share.
twenty years since his residence there
Hongkong & Shanghai Banking Corporation, and stated
that he has returned "from China more profoundly impressed than ever before with the infinite possibilities for
good or evil, for war or peace, which lie in the proper
handling of the Far Eastern problem by the Powers concouncerned." He declared that "the future destiny of the
the
try rests with the young"—that "in Young China lies
Young
"the
that
too,
stated,
He
China."
only hope of Old
ged,
China Party have been encouraged, moderately encoura
ton,"
Washing
at
nce
Confere
recent
the
of
s
decision
by the
nce
and he noted incidentally that "the Washington Confere
of
has set the seal of international approval on the policy
based."
is
it
which
on
e
principl
the
the Consortium and
"Our view has long been," said Sir Charles, "that the centre of international politics was shifting from the West to
the East, and that the solution of the Far Eastern problem
cowas to be sought in the substitution of international
affairs.
in
tion
Chinese
competi
tional
interna
operation for
d
That view has now been definitely adopted and endorse
work
"must
ed,
contend
he
China,
Power."
great
every
by
"Is to
out her own salvation." "All we can do," he added,
Conference
stand by, and in the words of the Washington
resolution, provide China with the freest and most unemning for
barrassed opportunity of developing and maintai
Sir Charles reent."
Governm
Central
e
effectiv
an
herself
there is no
peated what he said eighteen months ago, "that
the bond of
better foreign bond on the market to-day than
ium ought to
China." As to tile policy which the Consort
atory faccompens
dictory
"contra
pursue in the face of the
said:
Charles
Sir
tors,"
or support one political party
Clearly we cannot take sides in this matter,
that they are in the way of comagainst the other, until we are assured
will to unite. I do not think the same
posing their differences and have the
nsive funding loan for the concomprehe
a
against
Ile
would
objection
that would inure to the benefit of all
version of the floating debt, since
um is for the present at any
parties, but with that exception the Consortiloans for administrative purGovernment
rate debarred from undertaking'
the time has come for the
poses in China. . . . In my judgment
negotiating independently with
Consortium to consider the practicability ofprovinces, for the construction
an autonomous, or group of autonomous
. .
their respective borders.
of specific railway undertakings within
of the Consortium, and fearful of
n
reputatio
the
for
jealous
am
I
confess
I
might prejudice its usefulness
any premature or unconsidered step which
preservation of international amity
in the future, as an instrument for the
and peace.
APRIL 1 1922.]
TUE CHRONICLE
1355
south being perhaps more doctrinaire in their application of the demoThe following is Sir Charles's speech:
I wish I could recapture for you some of the fleeting impressions which cratic principle to the machinery of government, but these differences lie
I gained on revisiting scenes in China, where I passed the best years of my in degree rather than in kind and could readily be adjusted if the two
life, and which still seem strangely familiar after an absence of nearly Governments were free, as they say they desire to be, to combine in creating
twenty years. I can hardly hope to succeed without betraying some of the a strong central government.
I may remind you, in general confirmation of what I have been saying,
confusion which still lurks in my own mind. For China is the land of
contradictions, a country of which it is scarcely possible to make one that even now the Government of the north is largely recruited from the
south. The present Premier, Liang Shih Yi, comes from Canton. The
general statement without immediately qualifying it by another.
In Peking where we used to plough our way in a springless cart axle-deep Minister for Foreign Affairs, Dr. Yen, hails from Shanghai. The Minister
of
Communications, Yeh Kung Chao, with whom the Consortium is more
running
in dust or mud,according to the season, a thousand automobiles are
their smooth course. In Shanghai there are over four thousand of them. immediately concerned, comes from Canton.
Well, then, if it is not the people, or the Governments, who is it bars
In Canton, that swarming ant-hill of humanity, narrow alley-ways, where
formerly a couple of sedan chairs could with difficulty pass, have been the path to a reuinted China?
The
answer is that it is the Tu Chuns, and none other. Who are the
with
a
transformed into spacious boulevards traversed by motor buses
They are the military Governors of Provinces, who have
promise of tramways to come. Last year, I was told, four and twenty Tu Chuns
miles of new roads had been opened. In the whole city of Peking, when I assumed the roll of the robber barons of the sixteenth century in England.
was a resident, there was only one two-storied building, and now lofty They have gathered around them bodies of mercenary troops. They have
houses and public buildings had sprung up like mushrooms in the night defied the authority of the Governments, both north and south. They
of my absence. I rubbed my eyes. What did it all mean? Clearly when have intercepted the public revenues and oppressed the people by forced
you come to estimate the value of human progress, it is not the material levies of taxation or blackmail. Their power is supreme and has reduced
things, but the things unseen which really matter. It is no use digging the mandates of Government, which formerly ran from one end of China
up new roads unless you are digging up new ideas along with them. If to the other, to nullity. In the north the Government is powerless to collect
your fine houses, your splendid public buildings are merely that and any provincial revenue whatever, and is become dependent upon what it
nothing more, if they are not,the symbols of a finer, a fuller private life, a receives from the maritime customs and the salt gabelle, both of which are
nobler civic virtue, then are they but a sham and an illusion, the baseless under foreign control.
Tu Chuns are, of course, not all bad. It is not for me to appraise the
fabric of a vision ready to dissolve.
Were there then signs perceptible of mental and spiritual pregress to motives of any of them. It is.not always those who are actuated by the
correspond with this material advance? Certainly, schools had multiplied. best motives who are the least powerful for evil. Nor shall I attempt to
National schools of Western learning, such as were not dreamed of in my differentiate between the varying degrees of malignity and turpitude of
day, had sprung into being, and nothing I saw in China gave me greater those whose influence is believed to be wholly inimical to the formation of
pleasure than to observe the contrast of the modern schoolboy at play, a central government. If I refer to three of them by name it is not with
the traditional scholar's stoop and solemn splay-footed step discarded, the intention of expressing any opinion of their repective merits or demerits.
freely indulging in the rough-and-tumble dear to the heart of the universal but merely to illustrate the more potent of the disruptive elements at work
boy whenever he is left to his own devices. Then there is the wide dis- in China to-day,the more powerful, either for good or evil, of those in whose
semination of news by an active and virile vernacular press, conducted upon hands appears to lie the more immediate destiny of their country. They
the whole with an ability and a sense of patriotism which need not fear to are Chang Tso Lin in the north; Wu Pei Fu in Mid-China, and Chen Chiung
Min and Sun Yat Sen in the south. These are the men, the three military
challenge comparison with the press of other countries.
And what of the people? Well in the ports at any rate and in the great satraps, who are paralyzing all attempts to reconstruct a central governtowns, the pigtail has vanished and foreign or semi-foreign dress has become ment. They represent no one but themselves. They are fighting, like
general. A pair of heels no doubt imparts a loftier gait—people no longer Wayland Smith, for their own hand. They have attracted around them
shuffle. But there was something more than that—a more alert and a body of mercenaries, who flock to one standard as readily as to another
independent air, an unmistakable look of intelligence and self-reliance which if the pay is better. It is not a national movement. The forces engaged
seemed to bespeak a nascent sense of race-consciousness, as of a people are not the forces of China. They are the followers of Chang and Wu
and Sun. They are fighting—not in their country's cause—but for the
trying to realize their own nationality.
That was in the Treaty ports. How far had these changes permeated Personal aggrandizement of their leaders.
into the interior? Not very deep apparently. When I crossed the Yangtse
Separation is no new thing in China. In many periods of her long
and took my way northward through Honan I found the wearing of the history, notably during the T-ang Dynasty, at the end of the ninth and
pigtail almost universal; mule-carts and ox-wagons were still ploughing beginning of the tenth centuries, China has been divided into separate
the sands which had once, in time immemorial, been roads; small-feeted kingdoms, but invariably the integrating forces have reasserted themselves
women were everywhere seen hobbling through the fields, or returning laden and I have no doubt will do so again. It is becoming increasingly difficult
from market riding on the primitive wheelbarrow of a thousand years ago; for the rebel leaders to maintain their forces in the field, and the growing
a railway train runs up to the Great Wall, but still the long train of camels severity of the military exactions, to which they have recourse, are oppresfrom the Mongolian plains file their way into Peking.
sing the people and making them restive. The Chinese have frequently
Once more it is, I kept reminding mySelf, the things which are not seeh demonstrated their power of combination in resisting the levy of illegal
that count. Reform may not have penetrated very deep, but undoubtedly taxation. It is to the growth of this public spirit, this crystallization of
the spirit of reform is at work. Will it go on until it leavens the whole one province with another in resisting these military exactions. In establishlump, or will China once more demonstrate her uncanny power of resisting ing a fiscal boycott of the Tu Chuns, coupled with a weakening of the
change and arresting the march of modern civilization?
rebels' power by a war of attrition among themselves, that I am disposed
It is only what is called Young China that can supply the answer to to look for a solution of the problem of reconstruction.
dismiss
do
to
them
not
will
as
It
a
question.
mere handful of raw,
that
The process may be slow and tedious and I can understand the imhalf-educated youths. All reforms have been the work of a minority. patience of those who would like to accelerate it by placing China under
Great is the power of an ideal and Young China is fired by the ideal of an the tutelage of the foreign Powers. I can understand that policy, but I
independent China. We may not like the form of Government they am convinced it is a chimera. In the last resort, foreign intervention
propose, but whether we like it or not, for good or evil, the future destiny implies the sanction of force, and the employment of international force
of the country rests with the young. In Young China lies the only hope in order to coerce China is not a practical policy. China must work out
of Old China. They will blunder, they will make mistakes, of course. The her own salvation. All we can do is to stand by and, in the words of the
more need have they of Western sympathy and support. They have indeed Washington Conference Resolution, provide China with the freest and
assumed a heavy responsibility, but they have set before them a noble most unembarrassed opportunity of developing and maintaining for herself
ideal, and every well-wisher of China will earnestly hope that they may so an effective Central Government.
I am conscious as I speak of the difficulty of depicting with any degree
bear themselves as to prove not unworthy of the task to which they are
of accuracy the underlying realities of an unstable situation in which,
called.
been
have
encouraged—
China
party
moderately encouraged— however, there will be found many compensating balances., It is an exThe Young
, aggeration to say there is no government in China. •The political changes
by the decisions of the recent Conference at Washington. I say model
ately, because I suppose no one yet emerged from a conference, not even a of which the newspaper correspondents make so much are merely cabinet
consortium conference, with all the expectations with which he entered it changes. Whether it is Liang or Yen that is in or out to-day or to-morrow
fulfilled. No doubt its final results must await the verdict of history. makes little difference to the Government, which continues to function
But I should judge from the conversations I had with returned delegates through the various departments very much as before. Such is the instinct
In China and Japan, and from the variety of opinions expressed, that it for law and order, the capacity for self-government of this extraordinary
is considered that, upon the whole, honors have been pretty evenly divided. people, that 1920, the last year for which figures are available, marked a
If that is so, then I think the delegates may be congratulated on having new record in their foreign trade. Last year's customs revenue was larger
achieved the highest result of which such a conference is capable. I than ever before. In spite of the depredations of the Tu Chuns, there
hope I may be allowed to offer my humble tribute of respect and admiration was a surplus on the salt revenue, after paying all the foreign charges secured
for the American statesmen who, relying on the free and generous impulse on it of $51,000,000; railways showed an estimated free surplus of $24,of the American people, had the faith and courage, the heart to conceive 000,000. Default, I hope only a temporary default, there has been, owing
and the brain to carry out, this high enterprise in the cause of international to the force majeure of the Tu Chuns, in the case of one or two foreign
peace. The Conference has been criticized for the paucity of its tangible debts, but the word "repudiation.
' has never been mentioned in China.
results. Well, formal agreements have their uses, but we have learned by We have no anxiety about any of our secured loans and I repeat what I
experience that it is the letter which killeth and the spirit which maketh said here eighteen months ago, that there is no better foreign bond on
alive. It is the spirit evoked, the atmosphere generated, the peace ingemi- the market to-day than the bond of China.
nated by the discussions at Washington, which I believe will stand in times
In the face of all these contradictory compensatory factors what policy
to come the best and most enduring results of that remarkable historic ought the Consortium to pursue? Clearly we cannot take sides in this
gathering.
matter, or support one. political party against the other, until we are
Incidentally, the Washington Conference has set the seal of international assured that they are in the way of composing their differences and have
approval on the policy of the Consortium and the principle on which it is the will to unite. I do not think the same objection would lie against a
based. Our view has long been that the centre of international politics comprehensive funding loan for the conversion of the floating debt, since
was shifting from the West to the East. and that the solution of the Far that would enure to the benefit of all parties, but with that exception the
Eastern problem was to be sought in the substitution of international co- Consortium is for the present at any rate debarred from undertaking Govoperation for international competition in Chinese affairs. That view has ernment loans for administrative purposes in China.
now been definitely adopted and endorsed by every great Power. It may
Loans for constructive purposes are in a different category. Railways
be questioned if present political conditions in China left them any alter- are for the benefit of all and in the interest of a United China, it is highly
native.
desirable that the uncompleted contracts into which we have entered should
I am returning from China more profoundly impressed than over before ho fulfilled as soon as possible. I know of no step more likely to be effective
with the infinite possibilities for good or evil, for war or peace, which lie in bringing the governments of the North and South together than the.
In the proper handling of the Far Eastern problem by the Powers concerned. Riming up of the Canton-Hankow and Peking-Hankow railways.
What is that problem? It is the unification of China by the establishment
Indeed, I will go further, and say that it seems to me unreasonable
of a strong and independent central Government. Upon that we all agree
to hold up the development of communications in China while the Governt
way
What then stands in the
ment is engaged, it may be for a gen(ration, in evolcing a new political
Not the people of China. It is to misconceive the situation altogether system. In my judgment the time has come for the Consortium to con,
to regard the present political situation as a sort of civil war between the sider the practicability of negotiating independently with an autonomous
north and south of China. There is no such geographical division. The or group of autonomous provinces, for the construction of specific railway
people of the south have no quarrel with the people of the north, or any undertakings within their respective borders. It has been suggested that
disinclination to unite with them. They would welcome reunion.
the diplomatic recognition of a de jure Government in the North need not
It is not the Governments who stand in the way. It is true that the necessarily exclude the recognition of a de facto Government in the South
Governments of north and south have their differences of opinion, the on the assumption that the recognition would be given only for good catr-e
1356
THE CHRONICLE
and on conditions, such as acceptance of China's foreign liabilities, an
undertaking to maintain intact the national revenue and to bear a proportionate share of the service of foreign loans. It is argued that joint
recognition of this kind might act as an incentive to draw the two Governments closer together.
This ma v sound a tame, even a timorous policy. It certainly demands
patience Ir ,m its votaries. but I confess I am jealous for the reputation
of the Consortium, and fearful of any premature or unconsidered step
which might prejudice its usefulness in the future, as an instrument for the
preservation of International amity and peace.
Mean's bile, do not let us underrate what has already been accomplished.
We have been challenged for failing to obtain the recognition of the Chinese
Government. Well,if that is a failure it is easily rectified. You can obtain
recognition to-morrow from either the north or the south by the simple
exaedient of waiving the conditions which you have stated must be satisfied before a loan is contemplated. Is there anyone who knows anything
about the subject who will seriously advocate such a change in our policy?
I declare there is not a Government in China to-day whose recognition would
be of value to you, not one whose signature to a loan agreement you could
accept with any reliance upon its ability—and in saying so I am not impugning either its sincerity or its good-will—to fulfill the conditions to which
it subscribed. We must wait.
Consider what the Consortium has done, is doing, for the people of China.
It has succeeded in establishing an effective check upon the senseless and
corrupt Government expenditure which was rapidly plunging the country
into bankrup.cy. I believe I am justified in saying that the profligate
borrowings of foreign moneys, which were menacing the integrity of China
by a sys,em of Insidious financial penetration, has practically ceased since
the fo“mation of the new Consortium.
Furthermore, acting on the principle that Heaven helps those who help
themselves, the Consortium has encouraged and developed the formation
of a syndicate of native bankers for the purpose of co-operating in the issue
of internal silver loans. Apart from its economic justification, in encouraging thrift and utilizing the national savings for national purposes
before s'eking assistance from abroad, I attach the greatest importance to
this movement as a means of giving men with a stake in the country an
interest in goo-I government and a strong incentive to work for its rehabilitation . It is the bane of Chinese politics, an inheritance from the old
regime, that they have been left too much in the hands of the literati.
Until we can get the business men, the men with a stake in the country,
to join hands with the educated classes, we shall naver secure the formation of that sane and sound public opinion, upon which, in the last resort,
governments must depend for their power and foreigners for their security.
So much for China. What has the Consortium done for Europe and
America?
There is no more urgent task, none more fraught with consequence of
good or ev'l for the peace of the world, I might even say for the future of
civilization, as we understand it, than to discover and disclose the essential
unity undtwlyin;the diversity of national interests, and to unite them in a
common al n, a common policy for the Far East. I claim that in this, its
primary and most important objective, the Consortium has achieved complete stieces:s. The Consortium has its drawbacks. I know that. But
consider the alternative. Drop the Consortium and to-morrow you will
be thrown bac% upon the policy of "spheres of interest." That is no arbitrary personal opinion. It Is in the nature of things. Reverse the process
by which co-operation has been substituted for competition and the creditor
nations will be forced in self-defense to safeguard the area of their securities.
There is nothing except the Consortium which stands between China and
the resumption of "spheres of interest." and no one who recalls the international rivalries and jealousies which marked the period, known as the
Battle of Concessions, with all its aftermath of territorial aggression and
international wrongdoing, will consider almost any sacrifice too great to
avert the renewal of such a calamity to China, such a menace to the peace
of the world. The consortium has justified itself and will continue to
Justify itself so long as we stand firm and stand together. Never were its
claims to your consideration and support more insistent, more clamant
than they are to-day.
[VoL. 114.
OFFERING OF BONDS OF MISSISSIPPI AND ARKANSAS JOINT STOCK LAND BANK BONDS.
A new issue of 5% farm loan bonds of the Mississippi
Joint Stock Land Bank and the Arkansas Joint Stock Land
Bank was announced on Wednesday of this week (March
29) by Brooke, Stokes & Co., of Philadelphia, Washington
and Baltimore. The bonds were offered at 1011/2 and interest, yielding 4.80% to the callable date and 5% thereafter. They are in denominations of $1,000, are dated Nov.
1 1921, are due Nov. 1 1951, and are callable at par on Nov.
1 1931, or any interest date thereafter. Interest is payable
May 1 and Nov. 1 at the Equitable Trust Company, New
York City. The official announcement says in part:
The bonds are secured by first mortgages on improved farm lands at not
exceeding 50% of the appraised value of the farm land and 20% of the
appraised permanent insured improvements thereon. The loans are all
made on farms in Mississippi, Tennessee and Arkansas.
The per cent earned per annum on the average capital stock of these
banks since date of organization has been greater than the average earnings
of all the Joint Stock Land banks. The present net earnings on the capital
stock of the Mississippi Bank are 9.00%. The present earnings of the Arkansas 13ank are 9.30%. They have never paid any dividends, preferring to
leave their earnings in the undivided profit account, thereby strengthening
the banks. These banks have no mortgages in process of foreclosure, nor
have they ever been forced to foreclose on one of their loans.
The stock of the above banks Is owned by the Bank of Commerce & Trust
Company of Memphis, Tenn., which is one of the largest financial institutions in the South and is the second largest bank in Memphis. The majority of the directors of these banks are also directors in the Bank of Commerce & Trust Company. This insures wise and experienced management
of the banks. In addition the financial ability of the stockholders of the
banks (i.e. Bank of Commerce & Trust Company) to pay any necessary
assessment is assured.
The bonds are exempt from Federal, State and local taxation, and under the decision of the Supreme Court of the
United States, handed down Feb. 28 1921, the eonstitutionality of the Federal Farm Loan Act and the tax exemption
features of the farm loan bonds were fully sustained. Previous references to bond offerings of the Mississippi and
Arkansas Joint Stock Land Banks appeared in our issues
of Dec. 3 1921, page 2358, and Jan. 28 1922, page 360.
OFFERING OF CENTRAL IOWA JOINT STOCK LAND
•
BANK BONDS.
On Monday of this week (March 27) Watkins & Co. of
this city and Boston offered $1,000,000 Central Iowa Joint
Stock Land Bank (Des Moines) 5% farm loan bonds at
102 and accrued interest, to yield about 4.75% to the optional date and 5% thereafter. The bonds, which are issued under the Federal Farm Loan Act, and are exempt
from all Federal, State and local income taxation, are dated
Nov. 1 1921, are due Nov. 1 1951, and are redeemable at par
and interest on Nov. 1 1931, or any interest date thereafter.
Those present at the luncheon besides Sir Charles and They are in coupon form, in denominations of $1,000, fully
registerable, coupon and registerable bonds being interMr. Lamont were:
J^hn I Y Abbott, Vice-President Continental & Commercial Trust & changeable. Principal and semi-annual interest (May and
Savings Bank, Chicago.
November 1) are payable at the Equitable Trust Company,
James 8. Alexander, President National Bank of Commerce.
New York, or the First Trust & Savings Bank, Chicago. The •
Frederic W Allen, Lee Higginson & Co.
A. M. Anderson, with J. P. Morgan & Co.
Central Iowa Joint Stock Land Bank is located at Des
Howard F. Beebe, Harris, Forbes & Co.
Moines, the capital of the State of Iowa. It is stated that
William L. Benedict, Kidder, Peabody & Co.
while the bank is allowed to loan in both Iowa and MinneR. M. Byrnes, Vice-President National City Co.
Lewis L Clarke, President American Exchange National Bank.
sota, over 90% of its loans are in Iowa, one of the richest of
Thomas Cochran, J. P. Morgan & Co.
agricultural States, only a few loans having been made over
George W Davidson. President Central Union Trust Co.
M a•eau Delano, Brown Bros. & Co.
two years ago in Minnesota. In our issue of Jan. 7, page 18,
Nion I.) Egan. with J. P. Morgan & Co.
we referred to an offering of $890,000 Central Iowa Joint
T. S. Green, Manager International Banking Corporation, New York,
Stock Land Bank bonds, and on Feb. 4, page 464, we reOluvles Hayden. Hayden, Stone & Co.
N. Dean Jay, Morgan, Hades & Co., Paris.
ported a $1,000,000 offering of bonds of the same bank.
J. A. Jeffrey, New York Agent. Hongkong & Shanghai Banking Corp.
Otto II. Kahn, Kuhn, Loeb & Co.
• Kashiwagi, New York Agent. Yokohama Specie Bank, Ltd.
Alvin W. Krech, President Equitable Trust Co.
Gates W. McOarrah, President Mechanics & Metals National Bank.
William C Potter, President Guaranty Trust Co. of New York.
Seward Prosser, President Bankers Trust Co.
Arthur Reynolds, President Continental & Commercial Trust & Savings
Bank. Chicago.
Jackson E. Reynolds, President Frist National Bank.
Waiter T. Rosen, Ladenburg. Thalmann & Co.
Albert Strauss, J. & W. Seligman & Co.
Benjamin Strong, Governor Federal Reserve Bank of New York.
Elisha Walker, President. Blair & Co.. Inc.
'OFFERING OF SAN ANTONIO (TEXAS) JOINT STOCK
LAND BANK BONDS.
At 101Y, and interest, to yield about 4.80% to 1931 and
5% thereafter, Kelley, Drayton & Co. and Redmond & Co. of
this city offered on Monday last (March 27) a $1,000,000
issue of the San Antonio (Texas) Joint Stock Land Bank
5% Farm Loan Bonds. The bonds are dated Jan. 1 1921,
and are due Nov. 1 1951. They are issued under the Federal
Farm Loan Act, and are redeemable at par and accrued interest on ally interest date after ten years from date of
They are coupon bonds, fully registerable and interissue.
MEETING OF AMERICAN MEMBERS OF CHINESE
changeable, and are in denominations of $1,000. Principal
CONSORTIUM.
and interest (May 1 and Nov. 1, are payable at the National
The American members of the Chinese Consortium held
Bank of Commerce, New York City, and the bank of issue.
a meeting in this city on Thursday of this week, but no
The official announcement says:
plans, it is understood, wore decided upon. It is expected
These bonds are direct obligations of the San Antonio, Texas, Joint Stock
that a meeting of the International Executive Council will Land Bank and secured by deposit, with the Registrar of the Farm Loan
be held in London or Paris this month (April) and that at Bureau of the United States Treasury Department, of United States Government bonds, or first mortgages upon improved farms, not exceeding 60%
that time the development of a program for the Consortium of the appraised value of the farm lands, value of improvements not being
will be undertaken.
included in appraisals.
APRIL 11922.]
THE CHRONICLE
All mortgages are approved by the Federal Farm Loan Board based upon
the appraisals of their own agents operating in their respective territories.
In addition to government inspection of the properties, the bank has had
independent appraisals made by their own experts.
All bonds of the bank are protected not only by an equity represented by
at least 100% of additional land value, but also by the paid-in capital stock
of the bank carrying double liability, and the accumulated surplus and re-
1357
*During the week ending March 25 1922 the War Finance
Corporation approved a total of 223 advances, aggregating
$6,171,000, for agricultural and livestock purposes.
On March 30 the Corporation announced that from
March 27 to March 29 1922 inclusive it approved 76 advances, aggregating $2,200,000, for agricultural and livestock purposes, as follows:
serves.
The San Antonio, Texas, Joint Stock Land Bank was chartered in September, 1919, whereby it was "granted authority and power to loan money, $22,000 in Alabama
$139.000 in Minnesota
issue its bonds, and to do all things provided for, and in accordance with 26,000 in Colorado
66,000 in Missouri
the provisions in the Act of Congress, approved July 17 1916, known as 195,000 in Colorado on livestock in
5,000 in Montana
the 'Federal Farm Loan Act' and to do all other things implied and inci25,000 in Nebraska
Utah
The
Oklahoma."
of
State
the
and
Texas
within
of
the
thereto
State
dental
108.000 in Colorado on livestock in 350,000 in North Carolina
management is in the hands of successful and capable men, all the officers
rOklahoma, Utah and Colo- 132,000 in North Dakota
and directors having had wide experience in placing mortgage loans.
123,000 in Oklahoma
By Act of Congress these bonds, prepared and engraved by the Treasury 20,000 in Georgia
87,000 in Oregon
Government,
States
United
the
of
instrumentalities
Department, are declared
265,000 in Sou'h Carolina
4,000 in Idaho
legal investments for all fiduciary and trust funds under the jurisdiction of 50,000 in India')
25,000 in Sow's Dakota
the Federal Government, and acceptable at par as security for Postal Say- 28,000 in 'Iowa
wee
45.000*.n
ings and all other deposits of Government funds.
285,000 :n Tev.s
liars::,4
in
35,009
Bank
(as
Land
offiStock
Joint
Texas,
Statement of the .San Antonio,
115,009 in W4.m.:a.tsin
50,000 in Nt.co:tan
cially reported Jan. 31 1922):
73,479.67
Acres of real estate'security
$1,012,440 00
Total amount loaned
2,241,060 71 MEETING OF MEMBERS OF N. Y. STOCK EXCHANGE
Appraised value of real estate security (land only)
80 50
Appraised value per acre
APRIL 7 TO DISCUSS CHANGED INVESTMENT
13 78 •
Amount loaned per acre
CONDITIONS.
45 18
Percentage of loans to appraised value of land
Above appraisal of real estate value does not include value of buildings
For the purpose of informing members of the New York
and improvements.
all Federal, State, municipal Stock Exchange of the steps which are being taken to meet
The bonds ac: exemp•
the problems incident to the changed investment conditions,
and local taxation, axcept • beritrt- ;:c taxes.
a meeting of members and partners will be held in the
OFFERING OF $500,000 BONDS OF BANKERS' JOINT Governing Committee Room .on Friday next-April 7.
Announcement of the meeting and the program arranged
STOCK LAND BANK OF MILWAUKEE.
was made as follows by R. T. H. Halsey, Chairman of the
A syndicate, with the First Wisconsin Co., Milwaukee,
Exchange, under date of
acting as managers and with the following Milwaukee in- ::lommittee on Library of the
March
27.
C.
Henry
members,
Quarles
as
&
Co.,
houses
vestment
To Members of the Exchange:
A meeting of members and partners will be held in the Governing Committee room of the Exchange on Friday, April 7th.
The last several months have witnessed developments in the stock
methods
brokerage field which have caused a searching examination into the
Recent years have
of the handling of the public's investment funds.
distribuwide
brought about a change in investment conditions caused by
result of
tion of securities among a great number of small investors as a
the popular interest in investments stimulated by the war loans.
with a
The officers of the Exchange have been studying these changes
that the paraview to adapting its machinery and regulations to them so
free and open
mount interest of the small investor in the integrity of a
security market shall at all times be served.
informing our
The present meeting is being held for the purpose of
Stock Exchange to
members of the steps being taken by the New York
conditions.
meet the problems incident to the changed investment
The speaking program will be as follows:
the New York Stock
11 A. M.-Mr. Seymour L. Cromwell, President of
Relations." To be folExchange, "The Stock Exchange in its Public
Handling Odd-Lots."
lowed by Mr. George P. Mellick, "The Problem of
National Association of
2 P. M.-Mr. James A. Emery, Counsel of the
These bonds are direct obligations of the Bankers' Joint Stock Land
Exchange to
Manufacturers, "The Relations of the New York Stock
Bank of Milwaukee, Wis., organized under the Federal Farm Loan Act
Mr. Herbert S. Houston, President of
by
followed
be
To
Industry."
a
capital
of
having
capital
of
a
with
$312,000. The lia$250,000 and now
General Counsel
the Houston Publishing Co., and Mr. Jerome Simmons,
bility of the stockholders is double the amount of their stock. Over one
recently Assistant
of the Associated Advertising Clubs of the World, and
hundred Wisconsin bankers are stockholders in this bank, while the officers
Maintain Public ConDistrict Attorney of New York City, "How to
and directors are also Wisconsin bankers.
fidence."
R. T. H. HALSEY,
The bank leengaged in making loans to the farmer:, of Wisconsin and
Chairman, Committee on Library.
Minnesota. Up to the present time the loans have been confinld to
the
great dairy belt of the
partners to the Board Room
southern Wisconsin and southern Minnesota,
Note.-Cards may be obtained admitting
Middle West. Up to March 27 1922 first mortgage loans in an aggregate Floor during the week beginning April 4, between the hours of 11:30 and
amount of $4,526,000 were made. The following is the acreage and the 1:30, on written request to the Committee on Library.
appraised value of lands covered by loans:
Total amount loaned
$4,526,000 00
Acres of real estate security
120,202 FOREIGN GOVERNMENT SECURITIES ADDED TO
Appraised value of real estate security
-$11.936,729 35
STOCK CLEARING CORPORATION'S LIST.
Appraised vAlue per acre
$99 35
Amount loaned per acre
$39 00
The addition of some dozen and a half of foreign GovernPercentage loan to appraised land value
39%
from which it can be noted that the Percentage of loans to appraised value ment bond issues to the Stock Clearing Corporation's List
is only 39%, while the amount authorized by the Federal Farm Loan Act
of Cleared Securities was made known as follows by Secretary
is 50%.
A:I oc those farms are appraised by inspectors appointed by the United E. V. D. Cox, Secretary of the New York Stock Exchange
states officials, and each loan is accompanied by a certificate from an on March 29.
aLtorney approved by the Government that the mortgage Is a first lien
STOCK CLEARING CORPORATION.
on the Premises.
8 Broad Street, New York
A block of $500,000 of bonds of the Bankers' Joint Stock
larch 29 191z
Land Bank of Milwaukee offered earlier this year was reBond Clearing.
directs
that
these
in
the
465.
to
following bonds be
ferred
columns Feb. 4, page
The Stock Clearing Corporation
added to the List of Cleared Securities beginning with contracts.due
Friday, March 31 1922:
ADVANCES APPROVED BY WAR FINANCE
Government of the Argentine Nation 5-Year 7% Gold Bonds,
ARC). 7s
due Feb. 1 1927
CORPORATION.
Belgium External Loan 20-Year 8% Sinidng
The War Finance Corporation announced on March 27 Kingdom of Bonds.
BEL. RCTS.
due Feb. 1 1941
Fund Gold
1
that from March 23 to March 25 1922 inclusive it approved Kingdom of Belgium External Loan 25-Year 7,%
Sinking
due
Bonds,
BEL. 7/
2s
1
June
aggregating
1,
Gold
1945
advances,
Redeemable
Fund
$3,324,000, for agricultural and
121
Dutch East Indies 25-Year External Loan 6% Gold Bonds,
livestock purposes, as follows:
DEL
(is
1947
RCTS.
due Jan. 1.
$50,000 in Arizona
Government of the French Repuouc 20-Year External Loan
$242,000 in North Dakota
FR. 7;is
288,000 in Colorado
76,000 in Ohio
73i% Gold Loan Bonds, due June 1 1941
Government of the French Republic 25-Year External Loan
113,000 in Georgia
182,000 in Oklahoma
FE.
124,000 in Illinois
8% Gold Bonds, due Sept. 15 1945
84,000 in Oregon
28,000 in Oregon on livestock in Imperial Japanese Government Series 1,.0i% Sterling Loan
20,000 in Indiana
JP. 1
Bonds, due Feb. 15 1925
Idaho and Oregon
63,000 in Iowa
464,000 in South Carolina
Imperial Japanese Government Series 2,4%% Sterling Loan
80,000 in Kansas
JP. 2
173,000 in South Dakota
Bonds, due July 10 1925
15,000 in Michigan
10,000 in Tennessee
Imperial Japanese Government Series 2, 4% Sterling Loan
86,000 in Minnesota
JP, 4s
368,000 in Texas
Bonds, due Jan. 1 1931
131,000 in Missouri on livestock in
69,000 in Utah on livestock In Ida- City of Lyons 15-Year Municipal Exterior Loan 6% Gold
Texas
LY.6s
ho, Nevada and Utah
Bonds, due Nov. 1 1934
220,000 in Montana
197,000
in Wisconsin
in
30,000
Nebraska
City of Marseilles 15-Year Municipal Exterior Loan 6% Gold
104,000 in Wyoming
MSS. 68
91:1,000 in New Mexico
Bonds, duo Nov. 1 1934
SiWrris F. Fox & Co., Marshall & Ilsley Bank, Edgar Ricker
& Co. and Bankers' Finance Corporation, is offering a block
of $500,000 Bankers' Joint Stock Land Bank of Milwaukee
5% farm loan bonds at 102 and interest, yielding 4.75%
to the optional date and 5% thereafter. The bonds are
dated May 1 1922 and are due May 1 1952. They are
redeemable at the option of the obligor at par and accrued
interest on May 1 1932 or any interest date thereafter.
Principal and semi-annual interest are payable May 1 and
Nov. 1. The bonds are in denominations of $1,000 and
$500. They are exempt from all Federal, State, municipal
and local taxes, except inheritance taxes. This includes
Federal and State income taxes, making these bonds as
fully tax-exempt as the Liberty3V2s. From the official
prospectus we take the following:
1358
THE CHRONICLE
[VOL. 114,
Department of the Seine (France) 20-Year External Loan 7%
"Regulation A, Series of 1922, superseding Regulation A, Series of 1920'
Gold Bonds, due Jan. 1 1942
will be available for distribution probably March 29. That part of new
SE. 7s
United Kingdom of Great Britain and Ireland 3-Year 534%
regulation which relates to eligibility of bankers' acceptances in export and
Convertible Gold Notes, due Nov. 1 1922
import transactions will read as follows:
UK. 1922
United Kingdom of Great Britain and Ireland 10-Year 53i%
FederaiReserveBank may rediscount anysuch bill bearing the indorseConvertible Gold Bonds, due Aug. 1 1929
ment of a member bank and having a maturity at time of discount of not
UK. 1929
United Kingdom of Great Britain and Ireland 20-Year 55 %
more than three months,exclusive of days of grace, which has been drawn
Gold Bonds,,due Feb. 1 1937
under a credit opened for the purpose of conducting or settling accounts
UK. 1937
United States of Mexico Gold Debt ef 1904-1954.4% Bonds,
resulting from a transaction or transactions involving any one of the foldue Dec. 1 1954
MEX.4s
lowing:
United States of Mexico Consolidated External Gold Loan of
(1) The shipment of goods between the United States and any foreign
1899, 5% Bonds, due Jan. 1 1945
country, or between the United States and any of its dependencies or
5s
MEX.
The above securities and Liberty bonds must be entered on one bond sheet, insular possessions, or between foreign countries."
for which purpose the present Liberty bond stationery forms, including
(2) Unchanged.
sheets, exchange tickets and security balance orders may be used until the
(3) Unchanged.
supply on hand is exhausted; after which time new forms may bc obtained
According to a letter addressed by the Board to the Federal
at the Night Clearing Branch.
In designating kind of bonds on sheets and tickets, use New York Stock Reserve Banks. "It is believed that the general advanceExchange abbreviations as above.
ment of foreign trade, with the resulting benefit to agriculE. V. D. COX,
ture and commercial interests which are largely dependent
Secretary.
It was subsequently announced that the following would upon foreign markets, can be furthered most effectively at
be included in the list:
the present time by the substitution of this simpler regulaCity of Bordeaux
BDX 6s
tion applicable to acceptances in export and import transaction."
The Board states that its action in issuing the new reguCLARENCE H. THAYER SUSPENDED FOR FIVE
ation "does not imply any change of view as to the meaning
YEARS FROM CHICAGO BOARD OF TRADE.
or proper construction of the law, or as to the broader
According to a press dispatch from Chicago dated Mar.29,
principles which should govern the exercise of acceptance
appearing in the New York "Evening Post" of the same day,
'privilege," but that its action "is intended merely to allow
Clarence H. Thayer was on that day suspended from the
greater latitude to Federal Reserve Banks for the exercise,
Chicago Board of Trade for five years. Mr. Thayer, it is each in its
own way, of their discretion and judment, observsaid, was charged with trading while insolvent.
ing always, of course, the express and implied limitation
of the law."
CHICAGO STOCK EXCHANGE SUSPENDS A. R. WEBB
In its telegram to the Federal Reserve Banks on March 27,
FOR ONE YEAR.
advising them of the new regulation the Reserve Board said:
Without authorization from Board certain press notices have appeared
According to a press dispatch from Chicago on Mar.24, regarding
new regulation as to eligibility of bankers' acceptances in export
and printed in "Financial America" of the same date, Archie and import transactions. Board
is to-day releasing the following informaR. Webb,found guilty of charges and specifications preferred tion:
[Then followed the regulation as given above.]
under Article 21 of the by-laws of the Chicago Stock ExThe press notices referred to as having appeared "without
change, covering an act detrimental to the interests and welfare of the Exchange, also having been found guilty of charges authorization from the Board," were apparently those
and specifications preferred under Article 1 of the constitu- coming from Washington March 23, stating, among other
tion of the Exchange, has been suspended from membership things, that the Federal Reserve Board removed restrictions to-day upon the dealing in bills of acceptance by banks
for one year by action of the Governing Committee.
to enable them to accept bills in an amount up to 10% of
their capital stock without presentation of the documentary
RECEIVERS APPOINTED FOR ISAAC BRANDON
evidence of the transaction. Aside from the Board's comBROS. AND AFFILIATED COMPANIES.
ment on newspaper dispatches we learn that the press
According to the New York "Times" of March 25, Martin accounts were garbled. It seems proper to state that the
Conboy was appointed receiver in equity on March 24 by regulation displaced had required as a pre requisite to °legiJudge Knox, in the Federal District Court, of the firm of bility "that shipping documents or a documentary export
Isaac Brandon & Bros., general exporters, of 17 Battery draft be attached at the time the draft is presented for
Place, this city; the Panama Banking Co. (doing business acceptance, &c." We are quoting, herewith, the regulation
In Panama) and the merchandising firm of Isaac Brandon of 1920, which is now superseded by the new regulation:
(1) The shipment of goods between the United States and any foreign.
& Bros., Inc. Mr. Conboy, it is said, was made sole receiver
country, or between the United States and any of its dependencies or
for the firm of Isaac Brandon & Bros., but for the two insular possessions,
or between foreign countries. While it is not nocestary
latter firms he was appointed joint receiver with Nathaniel that shipping documents covering goods in the process of shipment be
attached to drafts drawn for the purpose of financing the exportation or
Brandon. The assets of the firms, it is understood, are es- importation
of goods, and while it is not essential, therefore, that each
timated at $2,500,000, with liabilities placed at $1,000,000. such draft cover specific goods actually in existence at the time of acceptance
Failure to obtain ready money, it is said, was cited as the nevertheless it is essential as a prerequisite to eligibility either (a) that
documents or a documentary export draft be attached at the
cause of the petition in equity. One bill was presented on shipping
time the draft is presented for acceptance, or (b) if the goods covered by
behalf of the Panama Banking Co., according to the the credit have not been actually shipped,that there be in existence a specific
"Times," which alleged that Isaac Brandon & Bros. owed it and bona fit!e contract providlig for the exportation or importation of such
goods at or within a specified and reasonable time and that the customer
$8,000. Judge Knox included in his order the following agree that the accepting bank will ha furnished in due course with shipping
documents covering such goods or with exchange arising out of the transparagraph, as printed in the "Times":
"Decreed that the receiver appointed herein is authorized and directed to
take into his possession the shares of the capital stock of the defendants in
the Panama Banking Company, and in the event the defendants are owners
of all of such capital stock, the receiver is authorized to take into his possession, custody and control all of the assets of said Panama Banking Company, whether located in New York or elsewhere, and to administer the
affairs of said Panama Banking Company, according to the sound discretion of said receiver."
Counsel for Isaac Brandon & Bros., in a statement also
printed in the "Times," in part, said:
"The combined assets of the three institutions aggregate about $2,500,000,
as against partnership liabilities of approximately $1,000,000, many of
which are secured.
"As a result of the proceedings taken, all of these assets, including the
entire Brandon family fortune, will be turned over to the receivers, who,
without forcing them for sale, will realize upon them in the ordinary course
of business. We may, therefore, say with absolute confidence that after
the creditors have been paid in full a substantial equity will be returned
to the partners."
FEDERAL RESERVE BOARD'S NEW REGULATION
GOVERNING DEALINGS IN ACCEPTANCES—
EXPECTED TO FURTHER FOREIGN TRADE.
A change in the regulations of the Federal Reserve Board
governing the eligibility of bankers acceptances growing
out of the importation and exportation of goods was made
known by the Board on March 27. The new regulation,
which permits the freer use of acceptances between the
borrower and the bank, follows:
action being financed by the credit. A contract between principal and agent
will not be corsidered a bona fide contract of the kind required above,
nor is it enough that there be a contract providing merely that the proceeds
of the acceptance will be used only to finance the purchase or shipment
of goods to be exported or imported.
The following is the Federal Reserve Board's letter of
transmittal accompanying the new regulation:
The Federal Reserve Board transmits herewith Regulation A, Series
of 1922, superseding Regulation A, Series of 1920.
No change has been made in the regulation except in that part which
deals with bankers' acceptances growing out of the importation or exportation of goods, and that part has been simplified by the elimination of
certain matter which appeared in the former regulation. It should be
understood, however, that the Board's action in issping the new regulation
with this matter eliminated does not imply any change of view as to the
meaning or proper construction of the law, or as to the broad principles
which should govern the exercise of the acceptance privilege. The Board
is not reversing or in any way modifying any of its former rulings as to
bankers'acceptances growing out of the importation or exportation of goods
in so far as these rulings have been interpretative of the law, or have laid
down broad general principles, the observance of which is, as a result of
long experience in the field of international banking, recognized as essential
in the proper conduct of the acceptance business. The Board's action
is intended merely to allow greater latitude to Federal Reserve Banks
for the exercise, each in its own way, of their discretion and judgment.
observing always,of course, the express and implied limitation of the law.
Conditions affecting foreign trade at the present time aro essentially
different from those which led to the development of the former regulations. Prior to the enactment of the Federal Reserve Act, national banks
were without authority to issue bankers' acceptances, and although some
State banks had that power very few of them exercised it. During the
war, however, there was a rapid growth of the acceptance business stimulated by the abnormal demand for goods and credits, and due to this
APRIL 1 1922.]
THE CHRONICLE
rapid growth it became necessary for the Federal Reserve Board to make
frequent rulings and periodically to issue regulations for the guidance of
accepting banks and Federal Reserve Banks in this new field. Regulation
A, Series of 1920, constituted the last definite step in the development
of bankers' acceptance regulations designed primarily to meet the exigencies of the unusual conditions that existed during and for some time after
the war, that regulation containing the substance of all the more impoitant rulings previously issued by the Board.
Those American banking institutions which have large demands for
acceptance credits in foreign transactions have by this time had considerable
experience in this field, and the former detailed regulations are no longer
thought necessary. Moreover, it is believed that the general advancement
of foreign trade, with the resulting benefit to the agricultural and commercial interests which are largely dependent upon foreign markets, can be
furthered most effectually at the present time by the substitution of this
simpler regulation applicable to acceptances in export and import transactions.
The reponsibility for passing upon the eligibility of bankers' acceptance
offered to the Federal Reserve Banks for rediscount or purchase rests upon
the Federal Reserve Banks themselves, and each bank should satisfy
itself, in whatever way it deems appropriate, that the acceptances conform to the requirement of the law and the Board's regulation. The
Federal Reserve Board will watch carefully the development of the acceptance business under this new regulation with a view of making any later
modification that may seem necessary or advisable. The Board will call
the attention of the Federal Reserve Banks to any apparent failure to comply with the law or abuse of the acceptance privilege and the Federal Reserve Banks will in turn be expected to keep the Board closely advised in
regard to acceptance practices in their districts.
W. P. G. HARDING, Governor.
FEDERAL RESERVE BANK OF CHICAGO REDUCES
2%.
REDISCOUNT RATE TO 41/
The Federal Reserve Bank of Chicago reduced its redis1
2%, effeccount rate on all classes of paper from 5% to 4/
tive March 25.
1359
be sent any more to foreign customers and banks and that Federal Reserve
banks are able from now on to deal with individual abuses without the
necessity of thereby restricting business wholesale. On the other hand,
the Board retains its power to supervise and generally to direct the Federal
Reserve banks in the application of the principles laid down and in the
compliance with the limitations of the law. It is to be assumed that
the Board will insist that each Federal Reserve bank be properly equipped
for the proper exercise of the larger discretionary power to be exercised by
them and that the necessary steps be taken in order to establish uniformity
of procdure in the several districts. In formulating its new policy the
Board has shown a broad and progressive spirit. The revised regulation
will tend to facilitate materially the financing of our foreign trade; it will
aid Uncle Sam in maintaining his position as a world banker and will secure for the dollar bill an even chance in competing with the Sterling seceptance. In order to break the deadlock of world trade, we are seeking
for sound means by which America might place at the disposal of other
countries some share of the vast gold hoard which, by force of circumstances, she has accumulated. The most natural and most effective avenue
to our resources is not through the loan of actual gold—which would immediately flow back to us as long as dollar exchange commands its substantial premium in world markets—but through the loan of our purchasing power, such as is conveyed through the liberal grant of American bankers' acceptance credits financing the world's trade.
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The following institutions were admitted to the Federal
Reserve System during the three weeks ending March 24 1922:
District No.6—
Bank of Hoschton, Hoschton, Georgia
Peoples' Bank & Trust Co., Selma, Ala
Citizens' Bank, Barnesville, Georgia
District No.8—
The Bank of Greenfield, Greenfield, Tenn
District No. 9—
State Bank of Anoka, Anoka, Minn
Security State Bank, Wanamingo, Minn
District No. 11—
The Farmers' Guaranty State Bank, Stephenville, Texas
Total
Capital. Surplus.Resources.
$30,000 $15,000 $66.175
100,000 30,000 737,627
50,000 35,000 242,383
30,000
25,000 218,359
50,000
25,000 923,118
PAUL M. TVARBURG ON FEDERAL RESERVE BOARD'S
40,000
8.000 208.836
NEW ACCEPTANCE REGULATION.
Paul M. Warburg, Chairman of the International Accept100.000
543,097
ance Bank, Inc., and Vice-President of the Federal Advisory
Council, in a statement issued on March 28, commenting on INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
the new regulation of the Federal Reserve Board, governThe Federal Reserve Board has granted permission to the
ing dealings in acceptances growing out of import and export transactions, declared that the action of the Board following institutions to exercise trust powers:
The Commercial National Bank, Raleigh, No. Car.
In revising its regulations "will mark an epoch in the his- The
Palmer National Bank, Danville, Ill.
tory of the evolution of American acceptance bgnking." The First National Bank, Mascoutah, Ill.
The
National City Bank, Evansville, Ind.
Mr. Warburg added:
When the Aldrich Act and the Federal Reserve Act were written, American bankers' acceptances were practically unknown in the United States.
The science of acceptance banking on sound lines had to be taught from
the most elementary beginning, and in these circumstances it would have
been hazardous to grant acceptance powers to 80,000 banks without the
safeguard of restrictions by law and regulations.
Acceptance banking had found its classic development in England, and
it became the task of Congress when writing the law, and of the Federal
Reserve Board, when later on formulating its regulations, to codify the
best English banking practices and traditions in a manner that would enable the free development of the American bankers' acceptance and at the
same time would prevent the dangers of abuse.
Reviewing the record of the first eight years of the Federal Reserve System's operations, it must be readily admitted that this difficult task was
achieved with extraordinary success. The Board proceeded with great caution; it began by circumscribing fairly closely the acceptance powers to be
exercised by member banks but gradually, and consistently, it proceeded
to widen the scope of these powers when actual operation had subjected the
regulations to a practical test and had convinced the Board that the time
was ripe for a further step in advance. Where the strait-jacket of the law
proved too narrow for the growing body, amendments conferring wider acceptance powers were from time to time sought and obtained from Congress. But, while it showed itself wholly practicable, to have the Government regulate the domestic acceptance business, it proved more difficult to
devise for the financing of our import and export trade regulations that
would not, in the end, prove a severe handicap, or even a fatal obstruction, for American banks when meeting with British competition in foreign
lands. A foreign user of credit is bound to become perplexed and frightened
when asked to study elaborate pamphlets containing the rules and restrictions, under which American bankers' acceptance credits may be availed of
and—no matter how much he may be tempted by the favorable exchange
of the dollar—he frequently will prefer a Sterling credit, which is granted
without any Governmental restrictions by the simple terms of a plain banker's letter. Moreover, in order to meet individual abuses, regulations had
at times to be written which resulted in hitting the just with the unjust
and which, as a consequence, outlawed highly desirable and entirely legitimate business. It was to be feared, when England would once more return
to the gold standard and with that to her old position as a world banker,
that the handicap, under which American banking had thus been placed,
might prove fatal.
The Federal Reserve Board in rewriting its acceptance regulations has
boldly taken the bull by the horns for acceptances involving importations
and exportations. It has reduced its regulations to the simplest possible
form and has placed upon the Federal Reserve banks the duty and responsibility of exercising a supervision over this branch of the acceptance business in the same manner as is done by the Bank of England. In adopting
this new policy the Board makes it clear that it does not go back on the
principles it has been instrumental in establishing during these eight
years; on the contrary the Board relies upon it that these principles and
ethics of sound acceptance banking are now so fully understood by the
Federal Reserve banks and the accepting banks, that the experiment may
safely be made to let them operate without specific regulations covering
the most intricate details. In the future, the final test of the standing of
an acceptance will be with us, as it is in England, the fact of whether or
not the central bank will buy or refuse the paper. No acceptor can risk
wilfully to. expose himself to a discrimination against his acceptance on the
part of the Federal Reserve banks. The Federal Reserve banks retain,
therefore, the fullest control over the practices of American acceptors, but
the great advantage gained will be that cumbersome regulations need not
The American Exchange National Bank, Virginia, Minn.
The First National Bank, Longview. Texas.
The First National Bank of Spring Valley, N. Y.
The Farmers' National Bank of Butler, Penna.
The First National Bank of Martinsville, Ind.
The First National Bank of Whiting, Ind.
The Citizens' National Bank of Hampton, Iowa.
The Quincy National Bank, Quincy, Ill.
The Fruit Growers' National Bank of Smyrna, Dela.
The Market Street National Bank of Philadelphia, Penna.
The Rittenhouse National Bank of Philadelphia, Penna.
The First National Bank of Elloree. So. Caro.
AMERICAN ACCEPTANCE COUNCIL ON FEDERAL
RESERVE BOARD'S NEW ACCEPTANCE
REGULATION.
Commenting editorially on,the new acceptance regulation
of the Federal Reserve Board, the American Acceptance
Council says:
The American Acceptance Council observes with great satisfaction the
action taken by the Federal Reserve Board in promulgating its new regulation with respect to the eligibility for rediscount and open market purchase
of bankers' acceptances made under credits granted by bankers in overseas
trade.
By the removal of limitations super-imposed upon the limitations contained and implied in the statute which permits member banks to grant
credits and accept under them as the practices and necessities of foreign
trade properly require, the Board has again strikingly demonstrated its
consistent purpose and desire to encourage by every proper means the development of American facilities for financing trade between the United
'States and foreign countries, and between foreign countries, and by so doing, encourage and assist our importers, exporters, manufacturers and producers of farm products, the foreign markets for which are so essential to
the prosperity of our agricultural and manufacturing interests.
In granting freer scope for the exercise of individual banking judgment
in the extension of acceptance credits, the Board retains full power to prevent any abuse and banks and bankers will be well advised if in granting
credits they extend them only along lines consistent with the essentially
sound, practical and safe principles which have heretofore been laid down
by the Board and expounded by the Acceptance Council.
It must be recognized, and kept constantly in mind, that the mere absence of specific regulations as to the form of contracts, documents, et
cetera, in no wise constitutes a license to extend credits either in channels or in extent inconsistent with sound and prudent banking, and acceptors may be assured that the discount market and Federal Reserve banks
will continue to scrutinize the character and quality of bills offered for
sale or discount, and that undoubtedly any acceptor who violates either the
sound principle or the ethics of the profession will promptly find that his
bills are unsaleable on any terms that would permit his credit to be attractive to his clients. It may be assumed with certainty that the Federal
Reserve banks will keep themselves closely informed as to the character and
extent of the business done by accepting houses and banks, and that they
will have to be at all times entirely satisfied with the business conduct of
acceptors.
The London market has for generations successfully operated without
written rules or controlling statute. There is no valid reason why ow
American market should not also successfully eandnet itself In a =nal"
1360
THE CHRONICLE
liberal fashion for the benefit of itself and American commerce. The
Council is confident that it can and will do so and will watch with great
interest the progress and advancement of dollar credit, the means for
which are now more completely placed in the hands of American banks
and bankers by the Federal Reserve Board.
The Council congratulates the Board and all elements of American
business which are interested in our overseas trade upon the liberal wisdom of the step now taken which, in the opinion of the Council, is distinctly a forward step which it will be its duty and pleasure to assist.
RATIFICATION BY SENATE OF TREATIES GROWING
OUT OF CONFERENCE ON LIMITATION OF
ARMAMENT.
With the ratification by the Senate on March 30, of the
Treaty between the nine Powers relating to Chinese customs
tariffs, and the Treaty between the nine Powers relating
to the principles and policies to be followed in matters conconcerning China, the Senate within a week completed
ratification of the seven Treaties growing out of the Washington Conference on Limitation of Armament which had
been submitted to it for approval by President Harding on
Feb. 9. The Four-Power Treaty relating to insular possessions in the Pacific was ratified by the Senate on March 24;
on March 27, the declaration accompanying the FourPower Treaty reserving American rights in mandated territory, and the agreement supplementary to the FourPower Treaty defining the application of the term "insular
possessions and insular dominions" as relating to Japan,
were joined together and ratified as one by the Senate;
while on March 29, the Senate ratified both the Treaty
for the Limitation of Naval Armament between the United
States, the British Empire, France, Italy and Japan and the
Treaty between the same Powers in relation to the submarines and noxious gases in warfare. The Senate action
in each of these cases is referred to in separate items in this
issue. Yesterday it was announced that the United States
through the State Department at Washington, was forwarding to the eight Nations, which participated in the Washington Conference, notes advising them of the readiness of
this Country to exchange ratifications of the Treaties.
The press dispatches from Washington in stating this also
said:
[vol...
114.
side Power and giving outside Powers the right to sit in conferences affecting their interest.
The vote on this amendment was 33 to 59. The only Republicans supporting it were Senators Borah, France, Johnson and LaFollette, and
the only Democrats opposing it were Senators Pomerene, Ransdell, Underwood and Williams.
An amendment by Senator Hitchcock, Democrat, Nebraska, to make
the conference provisions of Article II. apply only to "unprovoked" aggression also was rejected.
The Hitchcock amendment was supported by 29 Senators and apposed by
63. The same four Republican irreconcliables voted for it, and Senators
Broussard, Louisiana; Kenrick, Wyoming; Myers, Montana; Owen, Oklahoma; Pomerene, Ohio; Ransdell, Louisiana; Underwood, Alabama, and
Williams, Mississippi, Democrats, voted against it.
The Senate then voted down an amendment by Senator Shields, Democrat, Tennessee, stipulating that the United States enter the four-Power
arrangement "foe the sole purpose of aiding, by its friendly officies and
efforts, in removing friction and controversy," and with no intention of
departing from its traditional policies.
On the Shields amendment the vote was 13 to 73, with the four Republican irreconcilables again standing alone in supporting it on their side of
the chamber. Democrats who opposed it were Senators Broussard, Louisiana; Culberson, Texas; Fletcher, Florida; Glass, Virginia; Harris, Georgia;
Hitchcock, Nebraska; Kenrick, Wyoming; Myers, Montana; Owen, Oklahoma; Pomerene, Ohio; Ransdell, Louisiana; Swanson, Virginia; Underwood, Alabama; Heflin, Alabama; McKellar, Tennessee; Sheppard, Texas;
Walsh, Montana, and WiHams, Mississippi.
Another amendment by Senator Reed, Democrat, Missouri, providing
that the signatories would in "no respect be bound" by decisions reached
after consultation under Article H. was rejected. (This Amendment was
defeated by a vote of 29 to 64.—Ed.1
The Senate then rejected, 27 to 65, an amendment by Senator Reed.
providing that no nation should be "in any manner obligated to do any
act of war" because of decisions reached under the Treaty.
__The Senate voted down, 26 to 65, an amendment by Senator Johnson,
Republican, California, providing that only "pacific measures" could be
considered by the four Powers when they meet in conference as a result
of outside oppression. Senator Poindexter, Republican, Washington.
Joined the four Republican irreconcilables in supporting the amendment.
Ten Democrats voted against it.
On the question of agreeing in Committee of the Whole to Article II. on
which opponents of the Treaty have centered their fight, 66 Senators voted
in the affirmative and 28 in the negative.
Eleven Democrats voted in favor of the article and four Republicans—
Senators Borah, France. Johnson and La Follette—voted against it.
Article III. Amendments Rejected.
Senator Reed made an unsuccessful effort to amend Article III. so that
the treaty would be terminated automatically at the end of 10 years or
could be terminated sooner upon 12 months' notice by any signatory.
The amendment was defeated, 29 to 64, four Republicans supporting and
ten Democrats opposing it.
Senator Reed then offered and the Senate rejected an amendment which
would incorporate in the treaty the language of the League of Nations
Covenant, permitting any signatory to withdraw on two years' notice.
This time the Senate divided 28 to 63, with four Republicans voting in
the affirmative and nine Democrats in the negative.
Article III., which contains only the stipulations as to the life and termination of the treaty, then was approved in committee of the whole, 67 to
26, the four Republican irreconcilables and 22 Democrats voting against it.
The notes will be delivered by American diplomatic officials in Great
Britain, France, Italy, Belgium, Japan, China, Portugal and the Netherland to the foreign offices of those countries.
The United States being the first of the signatory nations to ratify the
treaties, it is considered here that some time will elapse before the various
nations indicate their readiness to exchange ratifications, which will take
Article IV. Adopted.
place in Washington as provided by the treaties.
State Department officials said the reservation to the Four-Power Treaty
The fourth and final article, containing the usual perfunctory previsions
would not require anything more than tacit agreement by the other Powers, for exchange of ratification, was agreed to, 73 to 8.
and that the consent of these Powers to an exchange of ratifications would
Action on Proposed Reservations.
be sufficient acquiescence in the reservation.
That ended the opportunity for offering amendments, and the Senate
began consideration of proposed reservations. Thirteen roll calls had
RATIFICATION BY SENATE OF FOUR-POWER TREATY. been taken in the two hours since the Senate met, and it was indicated that
more might be in prospect before the ratification vote was reached
As we indicated last week (page 1242) the United States a score
The first reservation to come before the Senate proposed to admit outthe
Four27
to
67
of
vote
a
by
ratified
24,
March
Senate on
side Powers to conferences affecting their interests. It was offered by Senand promptly was voted down.
Power Treaty between the United States, the British Em- ator Walsh, Democrat, Montana,the
vote was 36 to 55, representing the
On Senator Walsh's reservation
pire, France and Japan, relating to their insular possessions largest vote that yet had been chst to qualify the ratification.
France, Johnson, La Follette and
Ocean.
Borah,
the
Pacific
Five Republicans, Senators
and insular dominions in
for the reservation, while only three Democrats,
The 67 votes in favor of the resolution of ratification Norris of Nebraska, voted
Senators Underwood, Myers and Williams, stood against it.
were cast by 55 Republicans and 12 Democrats, while 23
A similar reservation by Senator Robinson, Democrat, Arkansas, pledgopposition.
in
Democrats and 4 Republicans cast the votes
ing against aggression against outside powers and giving outside powers
was voted down,
The modified Brandegee "no alliance" reservation, which the right to sit in any conference affecting their interests
36 to 56. The same five Republicans voted for the reservation, and it
was
which
and
ratification,
of
resolution
the
part
forms
of
was opposed only by Senators Underwood, Williams and Ransdell on the
proposed by the Senate Foreign Relations Committee (and Democratic side of the chamber.
In still another form the proposal to invite outside Powers into conwas finally, it is stated, accepted by President Harding,
involving their interests was re-introduced as a reservation by
who had at first stood out against any reservations, what- ferences
Senator Pittman, Democrat, Nevada, and was defeated, 31 to 60. Sennegative
two
2,—the
soever,) was adopted by a vote of 90 to
ators Borah, France, Johnson, La Follette and Norris again were the only
Senators Dial, Kendrick, Myers,
votes being those of Senators Spencer and Williams. As Republicans voting in the affirmative.
Ransdell, Underwood and Williams, Democrats, were recorded in oppoadopted, the resolution of ratification follows:
sition.
Resolved (two-thirds of the Senators present concurring therein), That
A reservation by Senator La Follette, Republican, Wisconsin, providing
the Senate advise and consent to the ratification of the Executive N, Sixty- that the Anglo-Japanese alliance shall not be renewed during the life of the
seventh Congress, second session, a Treaty between the United States, Four-Power Treaty was rejected, 30 to 62.
the British Empire, France and Japan relating to their insular possessions
Senator Norris again joined the four Republican irreconcilables in
and insular dominions in the Pacific Ocean, concluded at Washington, voting for the reservation. Eight Democrats opposed it.
Dec. 13 1921, subject to the following reservation and understanding,
Senator La Follette then presented and the Senate voted down, 27 to 59,
which is hereby made a part and condition of this resolution of ratification: a reservation stipulating that the signatories shall not enter into outside
preamthe
in
statement
the
under
that
"The United States understands
agreements prejudicial to the purposes of the Treaty. There were f ve
ble or under the terms of this trety there is no commitment to armed force, affirmative votes from the Republican side and seven negative votes from
no alliance, no obligation to join in any defense."
the Democratic side.
Separate votes were taken on each of the Articles of the
Treaty before the adoption of the resolution of ratification;
numerous amendments to the Articles were proposed when
the Treaty was taken up for final disposition on the 24th,
but all were rejected. Article I. was agreed to by a vote
to 15. As to the amendments to the Articles voted
oF
„ox,
March 24, we quote from the Washington press
s follows:
acco
Article II Amendments Defeated.
Robison offered and the Senate rejected an amendment to
Sena
Article .. pledging the signatories against aggression, against any out-
Two other amendments were proposed by Senator La
Follette and defeated, one providing for "the full and
complete independence of the Philippine Islands"; this was
rejected by a vote of 60 to 27.
Regarding action on further reservation proposals, the
Now York "Times" said:
The original Brandegee reservation, which was disapproved by the
Administration and which relieved the United States of any "moral or legal
obligations" to use force, was proposed by Senator Johnson of California
The vote by which the reservation was rejected was 64 to 28.
When Senator Johnson offered the original Brandegeo reservation,
Senator Harrison addressed a "parliamentary inquiry" to him. The pro-
APRIL 1 1922.]
THE CHRONICLE
cedure had been planned in advance. The anti-Treaty orces wanted to
get into the record the fact that this particular reservation was the first one
proposed by the Senator from Connecticut.
"I should like to inquire of the Senator from California," said Mr. Harlson," "if this reservation is what is known as the original Brandegee
eservat.on 7"
Senator Lodge was on his feet at once, shouting that the question was
not permissible.
"It Is," announced Mr. Johnson in a loud voice, and Mr. Lodge, who
appeared to be very angry, had to let the fact go on record.
Senator Pittman of Nevada was the author of a reservation that was
worded to make the United States the sole judge of what constitutes a
"domestic" question under the terms of the supplementary ,agreement to
the Four-Power Treaty. By this agreement, entered into by Japan and
the United States, immigration and other issues of a domestic nature
arising between those two Governments are exempted from the provisions
of the Four-Power compact. The Pittman proposal was rejected, 65 to 28.
A substitute for the Brandegee reservation, proposed by Senator Pomerene of Ohio, which eliminated the "no alliance" feature of the Brandegee
draft, was rejected, 78 to 10, and this was immediately followed by the
adoption of the reservation itself as approved by the Committee on Foreign
Relations.
The following is the text of the Treaty as ratified, under
the resolution of ratification, with the Brandegee reservation
given above:
Article I.
The high contracting parties agree as between themselves to respect
possessions and insular dominions
relation
insular
rights
to their
in
their
in the regions of the Pacific Ocean.
If there should develop between any of the high contracting parties a
controversy arising out of any Pacific question and involving their said
rights which is not satisfactorily settled by diplomacy and is likely to affect
the harmonious accord now happily subsisting between them, they shall
Invite the other high contracting parties to a joint conference to which the
whole subject will be referred for consideration and adjustment.
Article II.
If the said rights are threatened by the aggressive action of any other
Power the high contracting parties shall communicate with one another
and frankly in order to arrive at an understanding as to the most efficient
measures to be taken, jointly and separately, to meet the exigencies of the
particular situation.
Article III.
This treaty shall remain in force for ten years from the time it shal
take effect, and after the expiration of said period it shall continue to be
In force subject to the right of any of the high contracting parties to terminate it upon twelve months' notice.
1361
approval to the supplements because they interpreted the
two agreements as limiting and curtailing the operation of
the principal treaty. Regarding the ratification of the
supplementary agreements the press dispatches from Washington (Associated Press), March 27, said:
The plan of combining action on the two Four-Power treaty supplements
was proposed by Senator Lodge after he had decided it was unnecessary
to present two separate ratification resolutions. The treaty opponents,
holding that the domestic questions supplement really was a part of the
Four-Power pact, protested that the method finally settled upon by the
Republican leader was but a "weak and unsatisfactory" way to solve the
parliamentary problem confronting the Senate, but Mr. Lodge and other
Republicans insisted it would be entirely effective.
Senator Hitchcock of Nebraska, senior Democratic member of the
Foreign Relations Committee, declared that the Senate's action in giving
belated approval to the supplement "is an admission to Japan that the
supplement's provisions are not a part of the Four-Power Treaty." Other
Democrats also argued that the only proper procedure was to reconsider
the vote ratifying the Four-Power pact so as to include the supplement In
that ratification. Adoption of the domestic questions supplement as a
"reservation" to the geographical supplement, however, was by a viva
voce vote.
Two attempts were made to attach other reservations, Senator Pittman,
Democrat, Nevada, presenting the Lodge League of Nations reservation
on domestic questions, and Senator Robinson, Democrat, Arkansas. Introducing again his proposal that outside Powers be invited to join in Pacific
conferences affecting their interests. The Pittman reservation was beaten,
21 to 49, and the Robinson reservation was rejected without a roll call.
Senator Robinson also sought without success to amend the supplementary
treaty so that the island of Sakhalin also would be excluded from the
operation of the Four-Power plan. Ile argued that trouble on that island
would be almost certain if Russia should attack Japan, but his amendment
was voted down,20 to 53. Senator Underwood of Alabama,the Dem( cra tic
leader, led the fight against it, saying that It might lead to rejection of the
whole Four-Power arrangement by Japan.
A suggestion by Senator Underwood that Russia probably would refrain
from aggression against Japan if she knew that she would find herself
involved with "three other powers" led to a long colloquay between the
Democratic leader and Senator Johnson of California, one of the Republican
irroconcilables.
Senator Johnson asked in what way the "three other Powers" would be
involved, and when Mr. Underwood replied that entirely aside from the
element of force nations must have money and supplies to make war, the
California Senator insisted that the statement constituted an admission
that the Four-Power pact really bound the United States to "boycott"
nations making war on any one of the four treaty signatories.
The resolution of ratification reads:
Article IV.
Resolved (two-thirds of the Senators present concurring theren), that
This treaty shall be ratified as soon as possible in accordance with the the Senate advise and consent to the rat fication of executIN e 0, Sixtyconstitutional methods of the high contracting parties and shall take seventh Congress, second se&sion, an agreement between the United States,
effect on the deposit of ratifications, which shall take place at Washington, the British Empire, France and Japan, supplementary to the Treaty
and thereupon the agreement between Great Britain and Japan, which between the same four Powers, relating to their insular possessions and
was concluded at London on July 13 1911, shall terminate.
Insular dominions, and defining the application of the term "insular pesSesSi0118 and insular dominions" as relating to Japan, signed at Washington
Reservation.
Feb. 6 1922, subject to the following reservation and understanding, which
The United States understands that under the statement in the preamble Is
hereby made a part of and condition of this resolution of ratification,
or under the terms of this Treaty there is no commitment to armed force,
and which repeats the declaration of intent and understanding made by
no alliance, no obligation to join in any defense.
the representatives of the Powers, signatories of the Four-Power Treaty
relating to their insular possessions and insular dominions in the Padfle
Ocean:
SENATE RATIFIES THE FIVE-POWER NAVAL
1. That the Four-Power Treaty, relating to Pacific possessions, shall
apply to the mandated islands in the Pacific Ocean; provided, however,
TREATY.
that the making of this Treaty shall not be deemed to be an assent on the
By a vote of 74 to 1 the Senate ratified on March 29 the part of the United States of America to the mandates and shall no preclude
Treaty between the United States, the British Empire, agreements between the United States of America and the mandatory
France, Italy and Japan agreeing to a limitation of naval Powers respectively in relating to the mandates islands.
That the controversies to which the second paragraph of Article I. of
armament. The votes in support of the Treaty, which the2.Four-Power
Treaty relating to Pacific possessions refers sh .11 not be
declares a naval building holiday and fixes a ratio of capital taken to embrace questions which according to principles of international
ship strength for the countries joining in it, were those of law lie exclusively within the domestic jurisdiction of the respective Powers.
48 Republicans and 26 Democrats. Senator France, who
alone was registered against the Treaty, offered an explanation of his vote, in which he said: "I shall stand in the
minority here in the Senate, but, standing in the minority
here, I believe I shall stand with the overwhelming majority
of the American people. . . . Loathing war as I do,
looking forward as I fondly do to the time when there shall
be set up international tribunals for the establishment of
international justice, I shall vote against the Treaty. I
shall vote against it because that time has not come.
. . I believe that we should build our navy. I believe
that we should go on to complete our 1916 program." The
following is the resolution of ratification adopted:
Resolved (Two-thirds of the Senators present concurring therein), That the
Senate advise and consent to the ratification of Executive L,67th Congress,
second session, a Treaty between the United States, the British Empire,
Franco, Italy and Japan, agreeing to a limitation of naval armament, concluded at Washington Feb. 6 1922.
RATIFICATION BY SENATE OF SUPPLEMENTARY
DECLARATIONS TO FOUR-POWER TRAETY.
On March 27 the Senate joined together the declaration
accompanying the Four-Power Treaty (between the United
States, the British Empire, France and Japan, relating to
their insular dominions in the Pacific), reserving American
rights in mandated territory, and the agreement supplementary to the Four-Power Treaty defining the application
of the term "insular possessions and insular dominions" as
relating to Japan. After thus being combined, one resolution of ratification served to effect Senate approval, and the
resolution was adopted by a vote of 73 to 0. The opponents
of the Four-Power Treaty, it is stated, united in giving
SENATE RATIFIES TREATY RELATING TO USE OF
SUBMARINES AND NOXIOUS GASES IN WARFARE.
The treaty between the United States, the British Empire,
France, Italy and Japan relating to the use of submarines
and noxious gases in warfare was ratified by the U. S. Senate
on March 29 by a vote of 72 to 0. No amendments were
proposed to this or to the Five-Power Naval Treaty ratified
by the Senate on the same day. The resolution of ratification in the case of the treaty designed to prevent submarine
operations against merchantmen and to outlaw chemical
warfare is as follows:
Resolved, (two-thirds of the Senators present concurring therein) That the
Senate advise and consent to the ratification of Executive M.Sixty-t- event h
Congress, sec•nd session, a treaty between the United States. he British
Empire, Prance, Italy and Japan, relating to the use of submarines and
noxious in warfare, concluded at Washington February 6 1922.
TREATY MAINTAINING -"OPEN DOOR" POLICY IN
CHINA RATIFIED BY SENATE.
The Treaty between the United States, Belgium, the
British Empire, China, France, Italy, Japan. the Netherlands and Portugal relating to the principles and policies
to be followed in the matters concerning China, was ratified
by the Senate on March 30, by a vote of 66 to 0. It is
stated that virtually no difference of opinion developed
over the Far Eastern Treaty, which was concluded at Washington, Feb. 6 1922, although Senator Borah, (Republican)
expressed a fear that it and the other Far Eastern settlements of the Conference on Limitation of Armament might
be interpreted in years to come as giving "moral assent"
to all the acts of aggression that have been committed in
1362
THE CHRONICLE
[Vox.. 114.
The letter of Secretary Hughes to Senator Underwood
the past in the Orient. He was among those, however,
referred to above was given in our issue of March 18 page
who voted for ratification.
1134.
In his allegations before the Senate on March 20 SenSENATE RATIFIES TREATY RELATING TO CHINESE
ator Borah said in part:
CUSTOMS TARIFF.
not going to enter into an extended discussion of the pending treaty,
The treaty between the nine Powers relating to Chinese butI am
there has come to my acknowledge and into my possession a statecustoms tariffs was ratified by the United States Senate on ment in regard to the Four-Power Pact and in the regard to the work of the
March 30 by a vote of 58 to 1. Senator King cast the one recently held Limitation of Armament Conference in connection with the
Four-Power Pact which I think is of sufficient moment to have considervote in opposition, while Senator Hitchcock left the Chamber ation.
The statement to which I refer was made a few days ago in the
and did not vote. Regarding the Senate consideration of the discussion of the Pact at a meeting of some club or gathering in Now York
something in tho nature of a debate upon the subject was in
where
City
from
advices
Press
treaty on the 30th inst, the Associated
progress. The statement is made by Mr. Paul D. Cravath, whom everyWashington said in part:
one recognizes as one of the leaders of the American Bar.
The terms of lhe tariff treaty, which provides for revision of the Chinese
customs system by an international commission, were explained to the
Senate by Senator Underwood, who was Chairman of the Arms Conference
Committee that drafted the pact. He declared it would greatly increase
Chinese revenues and thus aid toward rehabilitation of the Chinese Republic.
In response to a suggestion by Senator King that China should be left
to adjust her own tariff schedules without the interference of the Powers,
Senator Underwood said the present pact only ameliorates existing treaties
on the same subject and represented as great an advance as was possible
under present circumstances. One of these treaties, he said, had been
ratified by the Senate as late as May 26 1921.
"I recognize," continued the Democratic leader, "that the right to control customs revenues is a part of the sovereign power of a nation. But the
fact that nations have sovereign powers does not mean that they do not at
times yield a part of that sovereignty for their own good.
"China had made contracts with 10 nations, yielding a part of her
sovereignty by agreeing that she could not levy any import duty in excess
of 5%. China was not the only nation who had made such contracts.
We ourselves have made certain reciprocity treaties by which we agreed
that we would charge only certain tariff rates."
Senator Hitchcock, Democrat, Nebraska, interrupted to suggest that
there was a great difference between a reciprocity treaty and a treaty
"forced on China and for which she gets nothing in return."
"If the Senator means that this Treaty was forced on China," replied
Senator Underwood, "that is far from the facts. There was not one
syllable of this Treaty written until China first had consented and had
asked that it be done."
Mr. Underwood added that he had stated repeatedly in the conference he
hoped the day would come when complete tariff autonomy would be given
to China, but that under present circumstances it seemed impracticable.
Senator Hitchcock declared it would be outrageous to adopt a Far Eastern
Treaty pledging respect for China's administrative integrity and immediately afterward to give approval to another "by which the great Powers
dictate her tariff rates."
"The two taken together," the Nebraska Senator said, "seemed to him
hypocrisy written into treaty form."
To this Senator Lodge of Massachusetts, the Republican leader, replied
that he, too, favored tariff autonomy for China, but realized that if the
present treaty were rejected the old contracts, which were much worse,
would remain in force.
Senator Underwood said that Senators criticizing the treaty overlooked
the fact that China could renounce the treaty at any time, but did not desire
to do so. China desires, he said, to keep the present tariff administrative
system because of disturbed internal conditions.
"All this idea that some wrong is being done by this treaty is merely
imaginary," said Underwood. "It doesn't exist. China wants to keep
these (customs) treaties. She wants more money. This treaty leads to
complete autonomy for China to control her tariff rates. I'd be glad to
give China complete autonomy to-morrow. I want to see China as independent and sovereign a nation as possible. I did my utmost to aid China.
If you defeat this treaty you would not help China."
SENATOR BORAH'S ALLEGATIONS OF SECRET AGREEMENT BETWEEN U. S. AND GREAT BRITAIN ON
. FOUR-POWER TREATY—DENIALS BY PAUL
D. CRAVATH, PRESIDENT HARDING AND
' SECRETARY HUGHES.
Allegations of a secret agreement between the United
States and Great Britain relative to the Four-Power Pacific
treaty drafted at the recent Conference on Limitation of
Armament figured in the Senate debate on the Treaty
on Monday, March 20, when Senator Borah pre
sented a statement purporting to have been made by
Paul D. Cravath of New York tending to show such an
understanding or agreement. Senator Borah's allegations
were followed by denials on March 21 at the White
House and by the Secretary of State Hughes that any such
agreement existed, Mr. Cravath at the same time declaring to be unfounded the charge that he had stated that there
was a secret understanding in the matter.
At the. White House officials said flatly that no secret
agreements of the character suggested existed, while Secretary Hughes, in a letter read in the Senate, characterized
the suggestion as "absolutely false." Secretary Hughes'
letter was addressed to Senator Lodge and was as follows:
THE SECRETARY OF STATE.
Washington, March 211022.
Hon. Henry Cabot Lodge, United States Senate, Washington, D. C.
k My Dear Senator: I notice that the latest charge in the course of debate
over the Four-Power Treaty is that there is a secret agreement or understanding between this Government and Great Britain with respect to Pacific matters. Any such statement is absolutely false. We have no secret
understandings or agreements with Great Britain in relation to the FourPower treaty or any other matter.
In my letter to Senator Underwood on March 11 in relation to the FourPower Treaty, I said: "There are no secret notes or understandings."
Permit me to express the hope that the American delegates will be saved
farther aspersions upon their veracity and honor. Faithfully yours.
CHARLESIE. HUGHES.
The statement would be exceedingly interesting and important if it were
made by one less calculated to know whereof he spoke, but being made by
a man of Mr. Cravath's experience and standing and connections, it seems
to me worthy of consideration in this discussion. It throws light upon
the matter from a different angle. I read what I understand to have been
Mr. Cravath's statement.
Now to my mind a very important part of the achievement of the
Washington Conference is not recorded at all in black and white in that
Treaty, or in any of the other treaties that were negotiated. And that is
the bringing about of what seems to be a sympathetic understanding between the United States and Great Britain regarding the Far East and
Pacific questions generally. I quite agree that under the program produced
by those treaties we have practically surrendered our naval position in the
Pacific. I assume that without further fortifications in the Pacific and
that with the fleets and fortifications as agreed upon, we could not successfully compete with Japan in the Pacific alone, and certainly we could not
compete with an Anglo-Japanese fleet in that region. On the other hand,
and to my mind this is the much more encouraging statement, based on the
same facts, an Anglo-American fleet in the Pacific would dominate Japan,
and it seems to me that we have substituted in place of the necessity for
creating the greatest fleet the world has ever seen with all the expense and
temptations that involves, an understanding and basis for co-operation
with Great Britain which gives those two Powers the control of a combined
fleet in the Pacific which will be large enough to dominate Japan and
make her live up to the obligations she has assumed.
At that point the following interrogation was submitted to Mr. Cravath
by Mr. Davis:
Mr. Davis. I want to know if you are making that statement as a fact,
or is it just your own opinion of what would happen?
Mr. Cravath. I have been told by every member of the American
delegation, and while I haven't been told by every member of the British
delegation, I know definitely that the view is held by Mr. Balfour and, I
think, by every other member of the British delegation, that the result of
the Washington Conference has been not a formal agreement, by any
means, but an understanding, and such a degree of understanding and such
a basis of sympathy has been created between Great Britain and the
United States that both sides assume that in all future emergencies they
can both count on having the very closest co-operation.
The party who made the interrogation then said:
No, that isn't what I mean. What I mean is as to the agreements on
fortifications and the agreement as to the naval ratio. Do you mean to
say that both fleets would dominate the Japanese fleet?
Mr. Cravath. Of course. I have no independent knowledge of that, I
am not a naval expert, and have no independent opinion on that point,
but I am informed that our technical advisers are satisfied that if the
United States and Great Britain are on one side, and Japan on the other,
the Anglo-American fleet and the entire Anglo-American naval position
would dominate that of Japan in Japanese waters.
As I say. I have no independent opinion of my own, on that I am
simply repeating what I have been told in Washington. But, in all events,
we are very much better off, if I am right in assuming that underlying
sympathy with Great Britain. than we would have been with as large a
fleet as the one we have had in contemplation and on our building program,
being opposed with the largest fleet that Japan would find herself physically
able to build, and Great Britain being bound, as a matter of course, to
keep pace with both. So, assuming that our theory of Anglo-American
co-operation is well grounded, it does seem to me that our naval position,
as against Japan, has been improved rather than weakened, and we have
the great advantage in the reduction of our naval program and all that
that means financially and otherwise.
This statement if analyzed discloses that in addition to the Four-Power
agreement there has been an understanding and such a degree of understanding between Great Britain and the United States with reference to
the Far Eastern questions and Pacific questions that they will co-operate
against Japan if it is necessary to do so. It is precisely the same situation
and the same condition of affairs which took place for instance at Morocco,
where two or three or four nations came together and made their agreement and then when two other nations got together and declared that
they should co-operate for a different purpose and to control the other
parties in the same agreement.
The statement made by Mr. Cravath indicates an alliance. Whatever discussion or debate there might be as to whether or not the FourPower Treaty is an alliance there can be no doubt that the understanding
arrived at between Great Britain and the United States that their respective navies were to co-operate against Japan in case of emergency
constitutes in every sense an alliance.
As I said a moment ago, I would not call attention to this statement,
perhaps, if it were not made by one who professes to know from those who
have given the information direct that such an understanding has been
arrived at, and who is in a position to know, perhaps,as well as any other
man in the United States outside of the members of the Conference itself.
Furthermore, similar information reached me a month ago in a communication from across the water. but coming,as it did,from one whom I
did not know,I did not feel at liberty to attach to it any particular importance or to give it any particular consideration. Having received it, however
from another source, I think it raises an exceedingly important question. It
simply discloses that once we enter upon the program of making political
understandings or political combines or political compacts, there is no
place where we can stop making them, even as against those who have a
signed a treaty with us, if we deem it to our interest to make them to the
contrary.
Mr. Cravath's telegraphic advices to Senator Lodge,
declaring Senator Borah's charges unfounded, were as
follows:
New York, March 211922.
Hon. Henry Cabot Lodge, Senate Chamber, Washington, D. C.:
My attention has been called to a charge by Senator Borah in the Senate
to the effect that( had stated that there was a secret understanding between
the United States and Great Britain regarding Far Eastern and Pacific
questions and that members of the Washington conference were my authority
for this statement. I hope I need not assure you that this charge is unfounded. I never made such a statement nor have I over talked with
any member of the Washington conference on the subject of the alleged
statement, or on any subject remotely resembling it. What I have said
in substance, on more than one occasion, is that to my mind the successful
and sympathetkic on-operation between the American and British delegations
APRIL 1 1922.]
THE CHRONICLE
at the Washington conference, which is a matter of public knowledge,
augurs well for future co-operation between those nations in dealing intelligently and effectively with the problems of the Pacific. My attention has
just been called to what purports to be the stenographer's minutes of an
informal discussion at a recent meeting of an organization known as the
Council on Foreign Relations, in which I took part. I infer that the
language attributed to me by Senator Borah must be based on a paragraph
from those minutes which attributes to me language which, to the best of
my recollection, I did not use, but which if used was the language of informal
discussion that did not accurately convey my meaning. When those
minutes were submitted to me, I corrected them so as to convey my true
meaning and in their corrected form they were printed and circulated by
the Council on Foreign Relations. I did not remotely have in mind any
secret agreement or understanding between the American and British
Governments, but simply that sympathy and understanding which is
engendered by successful co-operation and mutual confidence.
PAUL D. CRAVATH.
rY Senator Borah further continued
March 21, saying in part:
his
allegations on
Mr. Borah. Mr. President, it is not my purpose to take advantage
of my position in the Senate to say anything concerning Mr. Cravath
that I would not say in a personal interview with him or in a personal discussion with him. I do want, however, to examine his statement in the
light of the fact, He has sent a telegram to the Senator from Massachusetts [Mr. Lodge), in which he says:
"My attention has been called to a charge by Senator Borah in the
Senate—"
I do not know what ho means by "a charge." I made no charge at all.
He made a charge, a most grave and serious one, and I read it. I read his
statement and permitted it to speak for itself. The whole matter, therefore, turns upon the question of whether or not I was misled in quoting him.
Further, he says:
"I infer that the language attributed to me by Senator Borah must be
based on a paragraph from those minutes which attribute to me language
which, to the best of my recollection, I did not use; but which, if used, was
the language of informal discussion that did not accurately convey my
meaning."
Of course, if that kind of a plea were made in court, the Court would
pronounce a judgment of guilty upon the man making it.
Mr. Robinson. That is not a great international lawyer making that
kind of a statement?
Mr. Borah. Now, this is the part to which I call attention:
"When those minutes were submitted to me I corrected them so as to
convey my true meaning, and in their corrected form they were printed
and circulated by the Council on Foreign Relations."
Mr. President, I have the document which was printed and circulated
by this body of which he is Vice-President, and I am going to read from
this authorized and corrected statement, and I ask the Senate to follow me
by reading what I read yesterday, and it will be found there is not a change
of a word, not oven of punctuation. If this represents Mr. Cravath's
view, I take it; I accept it.
I read from a document which boars upon its cover:
"No. 29.
"proceedings of the Council on Foreign Relations, Inc.
"Comments upon the Conference on the Limitation of Armaments and
Far Eastern Questions."
On the inside page I read:
"Conference of the Council on Foreign Relations, Inc.
"Hotel Astor, New York City.
"February 17 1922.
"Subject:
"Comments Upon the Conference on the Limitation of Armaments and
Far Eastern Questions.
"Presiding: Hon. John W. Davis, former Ambassador to England.
"Speaker: Hon. Norman H. Davis, formerly Under Secretary of State.
"Discussion led by Mr.Paul D. Cravath.
"Officers and directors:
"President, John W. Davis.
"Vice-President, Paul D. Cravath.
"Secretary and Treasurer, Edwin F. Gay.
"[Directorsa Isaiah Bowman, A. C. Coolidge, Norman II. Davis, Stephen P. Duggan,John H. Finley, David F. Houston, Otto H. Kahn,
Frank L. Polk, W. R. Shepherd, Paul M. Warburg, George W. Wickersham.
"William O. Grace, General Manager;25 West Forty-third Street, New
York City."
I did not purloin this document. It was given to me by a gentleman
who is a member of the corporation who was present that night when the
discussion took place, and who says that this is the discussion which did
take place, and Mr. Cravath says it is not only the discussion but the corrected and printed and circulated discussion. I read:
"Now, to my mind—"
Says Mr. Cravath—
"a very important part of the achievement of the Washington conference
is not recorded at all in black and white in that treaty or in any of the other
treaties that were negotiated. And that is the bringing about of what
seems to be a sympathetic understanding between the United States and
Greet Britain regarding the Far East and Pacific
questions generally. I
quite agree that under the program produced by those treaties we have
practically surrendered our naval position in the Pacific. I assume that
fortifications
in the Pacific and that with the fortifications
without further
and fleets as agreed upon we could not successfully compete with Japan in
Pacific alone, and certainly we could not compete with an Anglothe
Japanese
fleet in that region. On the other hand,
and to my mind this is
the much more encouraging statement based on the same facts, an AngloAmerican fleet in the Pacific would dominate Japan, and it seems to me
that we have substituted in place of the necessity for creating the greatest
fleet the world has over seen, with all the expense and temptations that involves, an understanding and basis for co-operation with Great Britain
those two Powers the control of a combined fleet in the Pacific
whichgives
which
will be large enough to dominate Japan
and make her live up to the
obligations she has assumed."
This is the correct statement, Mr. President.
"Mr. Davis—"
Now, mind you, Mr. Davis asks for specific information. They were
engaged in a joint debate.
"Mr. Davis. I want to know if you are making that statement as a
fact or is it just your own opinion of what would happen?
"Mr. Cravath. I have been told by every member of the American
delegation—"
Corrected copy!—
"and while I haven't been told by every member of the British delegation—"
Notice the distinction—
"I know definitely that the view is held by Mr. Balfour and I think by
every other member of the British delegation, that the result of the Washington conference has been not a formal agreement by any means but an
understanding, and such a degree of understanding, and such a basis of
sympathy has been created between Great Britain and the United States,
that both sides assume that in all future emergencies they can both count
on having the very closest co-operation.
"Mr. Davis. No; that isn't what I mean. What I moan is as to the
agreements on fortifications and the agreement as to the naval ratio—
do you mean to say that both fleets would dominate the Japanese fleet? ,
1363
"Mr. Cravath. Of course, I have no independent knowledge of that.
I am not a naval expert, and have no
opinion on that point,
but I am informed that our technicalindependent
advsiers are
that if the
United States and Great Britain are on one side and satisfied
Japan on the other.
that the Anglo-American fleet and the entire Anglo-American
naval position would dominate that of Japan in Japanese
waters.
"As I say—"
Continuing *Mr. Cravath's revised version—
"I have no independent opinion of my own on
I am simply repeating what I have been told in Washington, butthat.
in all events, we are very
much better off if I am right in assuming that underlying
with
Great Britain than we would have been with as large a fleetsympathy
as the one that
we have had in contemplation and on
building program, being opposed
with the largest fleet that Japan wouldour
find herself physically able to build,
and Great Britain being bound as a
of course to keep pace with both.
So assuming that our theory ofmatter
Anglo-American co-operation is well
grounded, it does seem to me that our
naval position, as against Japan. as
been improved rather than weakened,and we have the
great advantage in
the reduction of our naval program and all that
that means financially and
otherwise."
Mr. President, if diem is a change of a letter, a change
of a word,a change
of punctuation, I ask some Senator here viho may
have followed me to
correct me when I say there was none.
Now I am going to bring forth another proof that that
actually happened
there, because Mr. Davis replied to it. On page 37 of this
printed edition
—this edition made after due reflection, after the great international
lawyer
had considered his words and the import of his words—I find this.
Davis
says:
'Really, this whole business now strikes me as being worse after hearing
your explanation than I thought it was in the beginning, because you say
in substance that we really couldn't tackle Japan.
We couldn't whip her
alone. So we just decided that as Japan was wanting all
things out
there and as she was preparing for war against us ,the onlythese
way to stop her
was to surrender any claim or right that we might have there.
Of course,
you can stop any war that way. Give the party
it wants and it will
quit fighting you. That is easy. No country iswhat
fool
enough
to
fighting if you will iet her have what she wants without fightingkeep on
for it.
You go ahead to say 'What have we done?' We
done a marvelous
thing. We want to deal fairly with Japan, and allhave
but
that,
at
the
time we have gone ahead and formed a combination whereby we can same
crush
her to pieces if she should refuse to do what
is
we think is right.
"We have got so much force now that we can right—what
force her position. Now, that
is not getting very near to the League of Nations."
"As much as I favor Anglo-American friendship—and I do most heartily
—the very moment that England and America get together
to bulldoze the
rest of the world, they will destroy all their usefulness.
must respect
the rights of the small nations just as much as anyoneThey
else.
You don't
seem to think that this is an alliance?"
And then they went off on a discussion of the alliance.
Mr. President, whatever injustice I did Mr. Cravath, I did not misquote
him. I permitted him to make his own case. I leave him to his
own reflections,
ALLIED POWERS TO REWRITE THB TREATY OF
SET'RES AND LET TURKEY RETA12V
CONSTANTINOPLE.
The Treaty of Sevres, entered into by the Allied Powers
and Turkey after the Great War, and a part of the settlement thereof, which has been the source of so much political friction in France and England in recent months, will
be rewritten, according to a decision reached by the Foreign
Ministers of these countries and Italy on March 26, at Paris,
after a five-day session devoted to consideration of the Near
Eastern situation. The Allied Ministers, at their meeting
in Paris, signed the provisional agreement for rewriting the
treaty, following the dispatch of telegrams on March 22 to
the Governments at Constantinople, Angora and Athens, requesting an armistice between the Greeks and Turkish Nationalists in Asia Minor in an endeavor to bring about
peace. The revision of the Treaty of Sevres was predicated
on the acceptance of this request by the Governments of the
Near East. Turkey will retain Constantinople and a large
part of Thrace, according to the terms adopted by the Foreign Ministers on March 26. There is to be demilitarization
of the territories adjoining the Straits of the Dardanelles,
whether allotted to Turkey or Greece, and provision for an
international commission to attend to the upkeep of the
Straits.
The first of the three Governments to give any indication
of acceptance of the armistice terms was Greece. It became known on March 26 that the Greek Government had
replied to the proposal in the affirmative, making certain
technical reservations, however, on the military conditiona
The Turkish Government at Constantinople, likewise subsequently accepted in principle the armistice proposal, also
making reservations with respect to Thrace. The Government at Angora, while at first reported in favor of the
Allied terms, later appeared to be opposed to them, the main
objection of the Nationalists being, it was said, the award
of Adrianople and the Gallipoli Peninsula. The decision
of the Allied Ministers to place Armenia under protection
of the League of Nations did not satisfy that country, evidently, for it was stated yesterday (March 31) in Associated Press dispatches from Paris, that the Armenian delegation at the French capital would protest against this proposal and would appeal to Washington for intervention by
the United States.
The five-day meeting of the Allied Ministers at
Paris was attended by M. Poincare, Premier and Foreign
Minister of France; Lord Curzmi, British Secretary for
Foreign Affairs, and Signor Schanzer, Italian Foreign Minister. The terms adopted by the conference in connection
1361
TYTE CHRONICLE
with the proposed revision of the Treaty of Sevres were outlined in dispatches of the 26th from Paris to the New York
"Times" as follows:
The Allies in their statement definitely set forth as their intention the
re-e,tablishinent of Turkish nationality and Turkish authority in such condition as will enable the Turks to reassume their national independent existence with Constantinople as their capital. They also assure Musselmans of their desire to maintain the secular and religious authority of the
Sultan.
On the Greek side they promise compensation for the sacrifices which the
Greeks made in the Allied cause during the war, and in doing this they
require that the Turks shall largely diminish their European territory while
retaining all Asia Minor. Smyrna will be under a special regime, but except for that provision the whole of Asia Minor from the frontiers of Persia
to the Aegean Sea will be Turkish.
In Europe, Constantinople and a large part of Eastern Thrace will remain under the full sovereignty of the Sultan. The territory immediately
adjoining the Straits will be demilitarized and Allied military inspectors
will endeavor to insure the maintenance of this demilitarization.
The Greco-Turkish frontier will be traced in such a way as to leave the
Greeks in possession of the Gallipoli Peninsula and of Adrianople, but just
as special regime may be made later for Smyrna it may also be made for
Adria conic.
The Armenians, while they will profit from the strict protection of the
minority clauses proposed in the new treaty, will become the special charge
of the Council of the League of Nations.
The financial independence of Turkey is to be respected and the administration of the Ottoman debt will be maintained and confirmed under reserve.
A time limit of three weeks is given for acceptance by both Greeks and
Turks of these conditions as a basis for the negotiation of a peace treaty,
which will be drafted in some place not yet decided, but probably Constantinople itself.
[VOL. 114.
He said that it was also anticipated to invite Turkey to join the League
of Nations when peace between Turkey and Greece had been ratified.
He announced that the conditions arranged at Paris for the evacuation of
Anatolia by Greece would be published as soon as the armistice had been
accepted by both sides.
Lord Curzon said Constantinople would be evacuated as soon as possible
after peace had been concluded, and that the Sultan would be allowed to
maintain a limited force there, sufficient for a seat of government.
He said it was considered unjust and impracticable to ask Greece to
evacuate the whole of Eastern Thrace in addition to Anatolia. Moreover,
if the Greeks were asked to retire from Thrace "we should be confronted
with a direct refusal." And, he added, he was unaware of any force in
existence which would successfully expel them.
CONFERENCE ON CHANGES IN WHEAT GRADES.
To determine whether any change will be made in the
wheat grades for the current year, a conference of the grain
specialists of the Department of Agriculture was begun in
Washington on last March 25. The grain inspectors from Chicago, Minneapolis and other points, were called in, and
these, together with the specialists in Washington, have
been considering carefully the result of the investigations
made last summer and fall by a special committee headed
by Dr. John Lee Coulter,President of the North Dakota
Agricultural College, and Professor L. A. Fitz of the Kansas
Agricultural College. These men were asked to conduct
a thorough investigation following the open hearing held
last spring by Secretary Wallace in response to the demands
from the Northwest, especially Minnesota and North
The dispatches of the same date from Paris to the Asso- Dakota, that changes in the grades should be made. Secreciated Press, in commenting on the significance of the cretary Wallace announced at the close of the hearing last
above. said:
spring that sufficient had not been offered to justify him
The conclusions of Premier Poincare, Marquis Curzon, the British For- in making any changes, but that he would cause a thorough
eign Secretary, and Signor Schanzer, the Italian Foreign Minister, are beto be made in the field, and if the results of
lieved to mark a step toward a settlement of a question which has been one investigation
this investigation warranted changes in the grades, he would
of the roots of unrest in the Old World.
The amicable offer of mediation between Turkey and Greece removes the announce them this spring in time to apply to the 1922 crop.
dilemma facing the French of either taking a hostile attitude toward TurDr. Coulter and Professor Fitz spent some months in
key or breaking with the Allies, and also removes the cloud created over
the study of the present Federal grades. They traveled
Anglo-French relations by the Angora accord.
Should the Turkish Nationalist leaders find that the proposed modifica- throughout the wheat producing country of Minnesota
tions of the Sevres treaty do not go far enough, it is pointed out that nothtalked with large numbers of
ing has been done at Paris which would stand in the way of continuing the and North Dakota. They
negotiations. The authorities at Constantinople have already accepted the farmers, studied the wheat marketing at country elevatarmistice proposal, made several days ago, and the Angora representatives, ors, spent some time at terminal elevator points, and visited
when told of the Foreign Ministers' decisions to-night, did not hide their
a large number of mills. They gave attention also to the
feeling of satisfaction.
In connection with their proposal that the Straits territories be demili- system of price reporting on the present grades. They
tarized, the Ministers suggested that Allied forces on the Gallipoli Penin- had all of the special assistance they asked for and made
sula and Allied military inspectors be charged with the task of enforcing
whole grading
the measures. The proposals are to be submitted to the interested parties, an exceptionally thorough study of the
who will be invited to send representatives to a city, to be chosen later, problem. The report of this special committee was made
within three weeks. These representatives will be assisted by the British,
to the Secretary the past winter, and it is this report which
Italian and French high commissioners in Constantinople.
The task of finding a means of satisfying the desires of tire Armenians is now being considered in the conference at the departwas confided to the League of Nations.
ment. The substance of the report was sent to farm organAfter two meetings to-day the Ministers were still at variance on certain
millers, and wheat buyers and dealers generally,
izations,
issues. With the desire of reaching a settlement before Signor Schanzer
left for London to see Premier Lloyd George, a third session was called. It with the suggestion that they file in writing any comments
was midnight before announcement was made that decisions had been they desired to make. As a result, a very large number of
reached on all points.
telegrams have been received by the departThe decisions of the Ministers are comprised in a long document, the letters and
full text of which will only be given out to-morrow. From a summary of ment. Speaking generally, the trade does not favor any
the general terms it appears the Ministers emphasize that if the armistice substantial changes in the grades. The demand for changes
is effected as proposed, the legitimate desires of all parties should be satisfarmers' organizations in Minnefied—Turkey to be enabled to resume her independent national existence has come largely from a few
and the secular and religious authority of the Sultan maintained, while, on sota and North Dakota, and from the state officials who
the other hand, Greece to be compensated for her sacrifices in the cause of have to do with grading in Minnesota. Inasmuch as the
the Allies.
shall be given of any
It is recognized by the Ministers that the financial independence of Tur- law requires that 90 days' notice
key must, in large measure, be respected, and that, if compelled to bear change in the grades, it is expected that final action as to
the burden entailed by her entry into the war beside the Central Powers, whether changes will be made or not and, if so, what changes,
Turkey's financial capacity demands that a fixed indemnity only be imposed. The Ministers decided that the Ottoman Public Debt Administration will be announced not later than April 15.
be maintained, and that except for certain measures for the protection of
Allied economic interests, no financial control be placed over Turkey.
Measures to modify the situation that exists by reason of the treaties,
called capitulations, without compromising the rights and interests of foreigners in Turkey were also studied by the Ministers. Under these capitulations the subjects of Western Powers resident in Turkey enjoy ex-territorial privileges.
The armistice requested by bhe Allied Ministers between
the Governments of the Near East as preliminary to revision of the treaty was proposed, according to the Associated
Press, under the following conditions:
1. Hostilities would cease between the Greeks and Turkish Nationalists
on a date to be determined.
2. The troops would retain their present general lines, the advance elements being withdrawn so as to leave ten kilometers between the two fronts.
3. The duration of the armistice would be three months, and would be
automatically renewable until the signing of a preliminary peace treaty.
Each side would be privileged, however, to abrogate the armistice by notification fifteen days in advance of its expiration.
In a statement explaining the decisions and plans of the
-Near East Conference of Foreign Ministers in Paris Marquis
'Curzon, Secretary for Foreign Affairs, said in the House
.of Lords on March 30 that the International Straits Commission would remain intact. The Foreign Secretary added
that all the great Powers, including America if she cared to
join, would be represented on the Commission, as well as
Russia if she fulfilled the required conditions. Other points
brought out in his statement were summarized by the Assoa3iated Press as follows:
SENATE RESOLUTION CALLING FOR INQUIRY BY
FEDERAL TRADE COMMISSION INTO
DEPRESSED PRICE OF COTTON.
A resolution requesting the Federal Trade Commission
to investigate the cause of the present depressed price of
cotton in the United States was adopted by the United States
Senate on March 29. The resolution, which was introduced
by Senator Dial of South Carolina, asks an investigation
especially "with reference to Cotton Exchange operations,
to ascertain their methods and plans of operation . . .
and whether . . . the present laws operate equitably
to the grower of cotton," etc. The Commission is also
directed to "ascertain the size of the cotton crop in the
United States for the years 1919, 1920 and 1921 and the
number of contracts said to have been sold on each of such
exchanges during each of said years . . . together
with the amount of cotton delivered on contract." Senator
Dial, it is stated, was prompted to call for the inquiry
by reason of the disclosures in the John Doe investigation
in New York of the American Cotton Exchange. As to
the views in New York on the inquiry proposed by Senator
Dial, the "Journal of Commerce" in its issue of March 30,
said:
APRIL 1 1922.]
THE CHRONICLE
Members of the New York Cotton Exchange said yesterday that in view
of developments here they would welcome an investigation into trading
methods. The recent John Doe inquiry into floor trading at the American
Cotton Exchange and attempts to prosecute certain members for alleged
illegal deals has given the whole cotton brokerage business considerable
unfavorable publicity. As one member of the New York Cotton Exchange
expressed it yesterday, "it is difficult for the general public to discri mate
between legitimate and illegitimate trading."
A. R. Marsh, a member off the Board of Managers and an Ex-President
of the New York Cotton Exchange, when he learned that a Federal Trade
Commission investigation was probable, said:
"I personally would welcome a thorough investigation into all methods
and practices of the New York Cotton Exchange and other exchanges by
the Federal Trade Commission. I believe other members of the Board
of Managers of the New York Cotton Exchange also would be glad to see
such steps taken. Every unbiased investigation of the practices of a
legitimate exchange is a help."
1365
Acting Chairman in the absence of the Chairman; S. A.
Jones, Secretary of the Board; George K. Holmes; W. F.
Callender; and one or more agricultural statisticians called
in from the field. Charles E. Gage and Fred J. Blair will
act as alternates in case of the absence of regular members.
CENSUS REPORT ON COTTON CONSUMED AND ON
HAND, ACTIVE SPINDLES AND EXPORTS
AND IMPORTS.
Under date of March 14 1922 the Census Bureau issued its
regular preliminary report showing cotton consumed, cotton
on hand,active cotton spindles, and imports and exports of
cotton for the month of February 1921 and 1922, with statisThe following is the resolution passed by the Senate on tics of cotton consumed, imported, and exported,
for the
March 29:
seven months ending Feb. 28. The statistics of cotton in
Resolved, That the Federal Trade Commission is hereby requested to this report are given in running
bales, counting round as half
investigate the cause, or causes, of the present depressed price of cotton
in the United States, and especially with reference to cotton exchanges' bales, except foreign cotton, which is in equivalent 500-pound
operations; to ascertain their methods and plans of operation and to secure bales.
any and all data that may be available in connection therewith; whether COTTON CONSUMED AND ON HAND IN
SPINNING MILLS AND IN
trading carried on by such exchanges is done in a fair, just and legal way,
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
and whether, in its opinion, the present laws operate equitably to the grower
(Linters Not Included.)
of cotton, or whether they are in any way prejudicial; and that it consider
in connection with said investigation stocks of raw cotton now on hand
Cotton Consumed
Cotton on Hand
Cotton
in the United States and elsewhere, yearly :world consumption for 1919,
During (Bales)Feb. 28 (Bales)SpinrRes
Active
1920, and estimates for 1921, and the imports and exports of raw cotton
Locality.
Year
Seven
/n
In Public During
into and from the United States; that It ascertain the quantity of linters,
February Months Consuming Storage and February
untenderablo and unspinnable cotton in the United States;that it ascertain
ending
Establish- at Com- (Number)
Feb. 28.
menu. x presses. x
the size of the cotton crop in the United States for the years 1919, 1920,
and 1921, and the number of contracts said to have been sold on each of
United States
1922 *473,073 *3,484,530 *1,596,582 *4,221,830 33,797,329
such exchanges during each of said years herein mentioned, together with
1921 395,115 2,732,434 1,327,155 5,503,139 32,496,856
amount of cotton delivered on contract; that in the event It finds remedial
798,445 3,840,168 15,673,771
legislation necessary, either in the manner of making or executing contracts Cotton-growing States_ 1922 303,156 2,125,584
1921 246,925 1,699,340
634,253 5,041,934 15,007,198
or otherwise incident to such trading, that it so inform the Senate con- All other States
1922 169,917 1,358,946
798,137
381,662 18,123,558
cerning such facts, with such recommendation as it may believe feasible
1921 148,190 1,033,094
692,902
461,205 17,489,658
to make.
x Stated in bales.
RESOLUTION PROPOSING COMPILATION OF STATIS*Includes 25,361 foreign, 3,812 Am.-Eg. and 688 Sea Island consumed, 87,917
foreign,
18,325 Am.-Eg. and 4,496 Sea Island in consuming establishments, and
TICS ON COTTON REMAINING TO BE GINNED.
78,643 foreign, 74,312-Am.-Eg. and 5,498 Sea Island in public storage. Seven
months consumption, 181,526 foreign, 20,444 Am.-Eg. and 6,292 Sea Island.
resolution
introduced
in
a
the
Under
Senate on March 30, Linters not included above were 38,509 bales consumed during February in 1922.
37,565 bales in 1921; 177,472 bales on hand in consuming establishments on
the Bureau of the Census at Washington is called upon to and
Feb. 28 1922, and 206,243 bales in 1921; and 122,645 bales in public storage and at
gather, compile and publish estimates from the various compresses in 1922, and 322,863 bales in 1921. Linters consumed during seven
ginners of cotton of the amount of cotton remaining to be months ending Feb. 28 amounted to 342,775 bales in 1922 and 275,122 bales 1111921.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
the current season at
the same time the statistics
ginned for
are gathered and published on the amount of cotton actually
ginned. Special advices from Washington to the "Journal
of Commerce" state:
The author of the resolution, who was Director of the Census at one time,
stated that the estimates of the Bureau of Crop estimates during the past
season showed differences of several hundred thousand bales as compared
with the Census Bureau's reports on amount of cotton actually ginned, and
he believed that the best available information on the estimates of cotton
to be ginned would come from the ginners who furnish statistics for the
regular reports of the Census Bureau.
Senator Harris pointed out that one estimate on the cotton crop during
the past year was more than a million bales in excess of the actual crop
ginned and that these figures were made the basis of speculation on the
cotton exchanges with the invariable result that the price of cotton was
greatly depressed.
DATES FOR PUBLICATION OF CROP REPORTS.
During the remainder of the year 1922 the Bureau of
Markets and Crop Estimates will publish, by order of the
Secretary of Agriculture, on the dates specified below, unless
other dates within the particular months are prescribed by
amendment, reports concerning the acreage, condition,
yield, farm reserve, and quality of products grown within
the United States. The dates established are as follows:
Friday, April 7, 2:15 p. m.-Winter wheat and rye.
Tuesday, May 9, 2:15 p. m.-Winter wheat, rye, hay, pasture, plowing
and planting.
Friday, June 2, 11 a. m.-Cotton.
Thursday, June 8, 2:15 p. m.-Winter wheat, spring wheat, oats, barley,
rye, apples, peaches, hay, and pasture.
Monday, July 3, 12:30 p. m.-Cotton.
Monday, July 10. 2:15 p. m.-Corn, wheat on farms, winter wheat,
spring wheat, oats, barley, rye, potatoes, sweet potatoes, tobacco, flax,
rice, apples, peaches, sugar beets, and hay.
Tuesday, Aug. 1, 11 a. m.-Cotton.
Tuesday, Aug. 8, 2:15 p. m.-Corn, winter wheat, spring wheat, oats,
barley, rye, buckwheat, potatoes, sweet potatoes, tobacco, flax, rice,
apples, peaches, sugar beets, and hay.
Friday, Sept. 1, 11 a. m.-Cotton.
Friday, Sept. 8, 2:15 p. m.-Corn, spring wheat, oats, barley, buckwheat, potatoes, sweet potatoes, tobacco, flax, rice, apples, peaches, sugar
beets, kafirs, and hay.
Tuesday, Oct. 3, 11 a. m.-Cotton.
Monday, Oct. 9, 2:15 p. m.-Corn, spring wheat, oats, barley, buckwheat, potatoes, sweet potatoes, tobacco, flax, rice, apples, pears, kafirs,
beans, and sugar beets.
Wednesday, Nov. 8, 2:15 P. m.-Corn, buckwheat, potatoes, sweet
potatotes, tobacco, flaxseed, apples, pears, cranberries, kafirs, peanuts,
clover seed, sorghum sirup, onions, cabbage, and sugar beets.
Tuesday, Dec. 12, 2 p. m.-Cotton.
Friday, Dec. 15,4 p. m.-Corn, winter wheat,spring wheat,oats, barley,
rye, buckwheat, flaxseed, rice, potatoes, sweet potatoes, hay, clover seed,
tobacco, apples, peaches, pears, oranges, cranberries, sorghum,sugar beets,
beans, kafirs, broom corn, onions, cabbage, peanuts, cowpeas, toy beans,
and hope.
Monday, Dec. 18, 2:15 p. m.-Winter wheat and rye.
Imports of Foreign Cotton During (500-1b.bales)
Country of Production.
February.
1922.
Egypt
Peru
China
Mexico
All Other Countries
Total
7 Months end. Feb. 28.
1921.
1922.
1921.
36,243
6,129
4,563
7,246
580
7,908
2,064
1,417
18,819
47
157,618
29,616
6,293
50,215
8,818
41,367
16,525
12,151
74,845
11,341
54,761
28,055
252,560
156,229
Exports of Domestic Cotton and Linters During
(Running Bales)Country to Which Exported.
February.
1922.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other countries
63,972
39,443
27,163
84,869
50,627
53,345
19,021
1921.
7 Mos.ending Feb. 28.
1922.
1921.
116,285 1,008,861 1,192,955
25,570 470,784
432,713
93,587
354,531
272,630
117,135
698,948
868,662
46,766
447,660
469,252
86,349 650,642
208,460
27,734
205,471
172,310
Total
*338,440 *493,426 *3,922,710 *3,529.189
•Figures include 12,694 bales of linters exported during February in 1922 and
9,713 bales in 1921 and 77,749 bales for the seven months ending Feb. 28 in 1922
and 25,502 bales in 1921. The distribution for February 1922 follows: United
Kingdom, 250; France, 342; Germany, 9,867; Canada, 2,227; Cuba, 8.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in 1920,
as compiled from published reports, documents and correspondence, was approximately 18,810,000 bales of 500 pounds net, while the consumption of cotton (exclusive
of linters in the United States) for the year ending July 31 1921 was approximately
16,170,000 bales of 500 pounds net. The total number of spinning cotton spindles,
both active and Idle, Is about 153,000,000.
TEXTILE STRIKE EXTENDS TO LAWRENCE, MASS.
COURT PERMITS MASSED PICKETING IN
RHODE ISLAND.
.The 20% reduction in wages which became effective on
Monday at a number of the textile mills in Lawrence, Mass.,
caused many of the employees of those mills to absent themselves from work on that day. Subsequently, due to the
activities of the Textile Workers of America, the number
of absentees was so increased that on March 31 it was estimated that possibly 18,000 or more workers were idle, including 7,000 who are out of work owing to the closing of
the Arlington Mills.
The Lawrence mills affected by strikes include the following: Pacific Mills, Everett Mills, Acadia Mills, Monomae
Mills, Pemberton Mills, Katama Mills and Methuen Co.
On March 31 all these mills were reported as closed or practically so, except the Pacific Mills, and they were operating
with only 2,500 out of 8,000 employees at work and were
The personnel of the Crop Reporting Board for the year proposing to shut down if the number of workers falls
is as follows: Leon M.Estal-roo' ,Chairman; Nat C. Murray , below 30^% The latter mills had recently been running
1366
THE CHRONICLE
[VOL. 114.
Mills Remaining Closed.
on a 3 to 4 day schedule, but this week were to run full time.
Pontiack, Natick, Royal and Valley Queen (River Point), Arctic and
The woolen mills, including those of the American Woolen
Centreville mills of B. B. & R. Knight, Inc.; Apponaug Co. and NarraganCo., which took no part in the wage reduction announcement, sett
Cotton Mills, Apponaug; Interlaken Mills, Arkwright and Harris,
are stated to be the only mills operating to any large extent. Hope, Ann, and No. 4 Mills in Lonsdale and Ashton Mill in Ashton of
Four hundred employees of the Acadia Mills met March 27 Lonsdale Co.; Berkeley Co., Berkeley-Crompton Co., Crompton; Hope
Phenix; Lincoln bleachery, Lonsdale; Dexter Yarn Co., Pawtucket;
and organized the Cotton Workers' Union. Their leaders Co.,
Glenlyon Yarn Dye Works, Phillipsdale.
said they would apply for a charter in the United Textile
Of these mills the Pontiac and Natick Mills of B. B. & R. Kinght, Inc.,
have been closed indefinitely. There are about 15,000 persons still on strike.
Workers.
Judge Felix Hebert of the Fourth District Court at
Thomas F. McMahon, President of the United Textile
Workers of America, at Boston on March 26, citing the case Providence on March 30 declined to issue warrants for the
arrest of men "for violating the picket law," on ground that
of the Pacific Mills, said in brief:
The strike against the Pacific Mills would never have been called if the there was no picket law and no statute under which any
company had treated its workers with a degree of justice which would stand one could be arraigned for picketing. All restrictions on
comparison with the company's generosity to its stockholders. In 1921,
a year of depression, the Pacific Mills paid to its stockholders enough to picketing have therefore been withdrawn.
have given every one of its 10,000 employees a 25% wage increase, instead
With reference to a statement placed in circulation on
of the 20% wage cut they are trying to force upon us.
March 22 by the Amalgamated Textile Workers of America,
This company paid out $2,400,000 in dividends in 1921 and continued the
same rate of dividends in the first quarter of 1922. They are paying 12% purporting to embody an "examination of the financial
a year on their capitalization, in spite of the fact that the capitalization was affairs" of the Consolidated Textile Corporation, Frederick
increased in 1919 by $5,000,000 in stock dividends—a 33 1-3% increase.
They have a surplus of over $14,000,000—enough to pay the entire wages K. Rupprecht, President of the Consolidated, under date
of their operatives for a year without a penny of other income, and at the of March 28, made this reply:
end of the year they would have a surplus remaining equal to more than 25%
The charge is specifically made in this statement that the reason the
of their capitalization.
Consolidated mills cannot pay higher wages is that they are over-capitalized.
In 1921 the Pacific Mills made a profit of over eight cents on every dollar
The fact is that the capitalization of this company, high or low, has absoof their sales, not much below their average profit for the war years.
lutely nothing to do with the issues involved in the strike.
The trouble with the textile industry of New England is that it has capA high-grade print cloth made by B. B.& R. Knight,Inc.(a Consolidated
italized its huge war profits by stock dividends. Now,with sales slack, the
subsidiary) sells at 42 cents a pound. The manufacturing costs of this
mills determine to increase the margin of profit of their products so that diviproduct
in one of the most modern and economical cotton mills in the
dends as big as in the war years can be paid.
country is more than 42 cents,taking into account only labor,cotton, power.
The figures which I have given were secured for the United Textile Workinsurance and taxes.
ers in the course of an investigation of the industry which we are having
It will be noted that these items of cost include nothing for depreciation,
made for us by the Labor Bureau, Inc., of New York and Boston.
administration, selling, interest on bonds or dividends.
In reply the Pacific Mills issued a statement, saying in
Therefore, if the capitalization and bonded indebtedness of the Consolidated Textile Corporation were many times what it is,it would make no
substance:
We have tried to be fair to our workers and have promised full time to difference in its manufacturing costs.
It is unfortunate that the striking employees of cotton mills in Rhode
those who work under reduced wages. They are receiving more than they
Island should be deluded into a belief that they are being denied the wages
received under the old rate with curtailed hours.
The present market is poor, especially in the West and South, and the and working conditions they seek because of alleged excessive capitalization
daily sales are less than one-half of normal. In the last five months there of the mills that employ them.
Wage reductions were sought in Rhode Island and elsewhere for the
have not been three weeks when the Pacific Mills have sold all the goods
manufactured in any week. It is anybody's guess whether within a month reason that the public would not buy cotton goods at a price which the
higher wage scale made necessary.
conditions will be the best in the history of the mills, or continue poor.
We will not arbitrate the wage issue. Our minds are made up on that
point,and if we cannot run on our present reduced basis we cannot run at all.
A stock dividend was not declared in 1919. New stock was issued, sold and COAL STRIKE BEGUN—UNION MINERS IN BOTH
the money paid into the treasury. Fifty thousand additional shares were
ANTHRACITE AND BITUMINOUS COAL FIELDS
Issued at a par value of $50. The money was used for operating expenses.
SUSPEND WORK—STATISTICAL POSITION
Operating profits amounted to $3,000,000 in 1921 because the mills
had on hand a large amount of cotton and wool bought at low prices.
STRONGLY FAVORS PUBLIC.
Present figures show that the mills are now borrowing money constantly
and that the company owes $11,000,000.
The strike order which was printed in this column last
There is some truth in the statement that Southern competition is playing week (p. 1243) went into effect at 12:01 a. m. last night and
some part in the reduction. Goods bought in the South at 10c. a yard
will no doubt be obeyed for a time at least, by a great
cost 12c. or 13c. a yard to manufacture in Lawrence.
The beginning of the present trouble was in the poor cotton crop of last majority, if not by practically all, of the 600,000 union
year, which resulted in a scarcity of high grade cotton. The New England miners in the anthractie and bituminous coal fields of the
mills were forced to pay higher prices for raw cotton and to maintain wages
country, other than those left to guard the mines in which
at the same level.
Employees of the Park Hill Manufacturing Co., affiliated
with the Amalgamated Textile Workers of America, voted
unanimously March 24 to strike March 27 as a protest
against the 20% wage reduction which has been in effect
at the mills for more than a month. No attempt was
made to open the mills on Monday. About 800 employees,
It is said, are normally employed.
In Rhode Island the Andrews Mill of North Smithfield
was shut down on March 30 following walkout of employees,
bringing the total number of plants closed up to 22. About
200 workers are employed normally. The Lonsdale Co. of
Pawtucket, because of attacks on second hands, announced
March 30 that until further notice only overseers and the
office force would report for duty. The Lincoln bleachery
at Lonsdale on March 30 offered a settlement of the strike
at its plant on a basis of a 48-hour week and wages 15%
below previous rates. All of the 200 weavers of the Solway
Dyeing & Bleaching Co., Pawtucket, went out March 28
and the weave shop of the plant was closed.
A special dispatch from Providence to the "Journal of
Commerce" on March 27 said:
The cotton mill strike in Rhode Island entered its tenth week to-day with
almost half the mills still closed that were compelled by walkouts to stop
operations wholly or partially during this period.
Of the plants that were entirely closed down, twelve are now running
from 25% of capacity to full. Five mills that were partially closed are now
running full. The Jenckes Spinning Co. in Pawtuxet, which was cut
down to less than 25% of its capacity, has recovered until it is now running
fully 60% of its machinery.
Mills Once Entirely Closed Now Operating at the Percentages of Capacity Noted.
Falls Yarn Mill, Woonsocket, 100%; Nottingham Mill in Providence
of B. B. & R. Knight, Inc., 100%; Grant Mill in Providence 01 B. B. &
R. Knight, Inc., 100%; United States Finishing Co., Pawtucket, 80%;
Slatterly Yarn Co., Pawtucket, 25%; Royal Weaving Co., Pawtucket,
50%; Hope Mill of Goddard Bros., 50%; Crompton finishing plant of
Crompton Co., 25%; Home Bleach & Dye Works, Central Falls, 25%;
Crown Mfg. Co., Central Falls, 30%; Imperial Printing & Finishing Co.,
80%; Arkwr1ght Print Works of Interlaken Co., 25%.
Mills Closed in Part by Strikes now Running Full Time.
Sayles finishing plants, Saylesville; Glenlyon Print Works, Phillipsdale;
Queen Dyeing Co. in Providence and Providence branch of United States
Finishing Co.. Ninigret Mills, Pawtucket.
no attempt is made at non-union operation.
This is the first time that there has been one strike including
both the anthracite and the bituminous coal fields of the
United States, and, coming at this time of deflation, the
labor interests, represented by the American Federation of
Labor and the various railroad unions, are evincing a lively
sympathy with the effort to maintain and further increase
the high wage schedules that have persisted and even been
advanced in the coal fields since the end of the World War.
It does not appear, however, in what practical form, if any,
this sympathy will be shown.
The large amount of coal in stock or storage, estimated
by the United States Geological Survey at 10,000,000 tons
of anthracite and coke and 65,000,000 tons of bituminous
coal—nearly two months' supply for the country's needs—
together with the large non-union output, equaling, it is
claimed, at least 50% of the normal requirements of the
United States, removes any immediate danger of a lack of
coal, as stated by Secretary Davis in the statement quoted
below.
Moreover, the strikers individually are understood to
have little cash ahead and the United States Government is
taking the stand that men who wish to work must not be
molested and that the country must have its needs supplied.
It is felt, therefore, that in districts which are not tied up
like Illinois and to some extent Pennsylvania, by laws
which preclude the use of wholly new men, there should
presently be a sizable output from mines now closed. A
press dispatch to the New York "Sun" from Washington
on March 23 stated the position of Attorney-General
Daugherty as follows:
"The people of the country are entitled to fuel just the same as they
are entitled to transportation."
"We do not intend to wait until the people are frozen to death or industry
ceases. The public should not be apprehensive over the effects of a strike
if it goes into effect," said Mr. Daugherty.
"The resources of the country are for the use of the country," Mr.
Daugherty went on to say, "and while the Government will make no
attempt in any way to interfere with a strike so long as it is orderly, it will
APRIL 1 1922.]
THE CHRONICLE
Insist upon a reasonable supply of fuel for the use of the consumers and
Industries."
Furthermore, shipping rates are low and Great Britain is
mining a large surplus amount of coal which she would be
only too glad to send to the United States. Officials of the
International Longshoremen's Association and the International Seamen's Union announced that they are prepared
to take any necessary steps to prevent importation of British
coal to break the walkout; but little fear is felt that this
opposition will prove effective.
The New York "Herald" on March 29 said:
1367
5.250; Colorado, 4.675; Montana, 4.625; Washington, 4,620; Michigan,
2.125; Canada, 20.600.
(2) Growth of United Mine Workers—Total Paid-Up Membership.
1890.
1897.
1915.
1900.
1910.
1920.
1921.
20.912
3.973
115.321
231.392
311.786
376,447
442.057
The Kansas Court of Industrial Relations on March 30
issued an order extending the present wage agreement between the miners and operators in the Kansas coal fields
for a period of thirty days after April 1, the date set for the
coal strike to start. Union officials on March 25 claimed
the Kansas miners would strike despite the plan of the Court
of Industrial Relations, which at that time was said to
The plan of the longshoremen's and seamen's unions to co-operate with contemplate the operation of the mines by
the State.
the miners by refusing to handle imported coal would have little effect on
Respecting the probable production of non-union coal.
the situation, steamship men said. E. J. McCormack, of Moore & McCormack, said coal-carrying ships can be unloaded of coal almost entirely the "Black Diamond" says: "Some estimates of probable
by machinery, and less than 500 tons on an ordinary freighter have to be production run from 6,000,000 to
7,000,000 tons per week,
moved by hand.
The statement corning from the seamen's union that virtually all the and these estimates are not made at random, but are given
ships of the United States Shipping Board were manned by union crews by coal men who have made a careful study of the changed
was denied at the Shipping Board offices. The open shop prevails on conditions of the various coal
regions." A survey by the
all the Board's ships, it was said. The belief was general that in the
event of a serious tie-up a large number of British vessels will load at once authority named affords the following estimate of the
with coal for the United States, and that American vessels will not he average output per week to be expected from non-union
needed.
mines in the
William Green, Secretary-Treasurer of the United Mine Pennsylvania East and Southeast States during the strike:
1.600.000 Kentucky
450.006
Workers, at Indianapolis on March 23 announced that the Maryland
75.000 Tennessee
300.000
strike vote cast by soft coal miners this month showed 95% West Virginia
1,250,000 Alabama
500.000
Virginia
,000
I
200
of the miners in favor of the walk-out Aptil 1; approxiTotal weekly average In East and Southeastern States
4,375,000
mately 300,000 miners, it is understood, participated in
This, the "Diamond" notes, would give a weekly output
the referendum. Every soft coal field, it is stated, favored of nearly 5,000,000 tons in the Eastern and
Southeastern
the strike. In his statement Green further said:
territory alone, making no allowance for production in the
The Attorney-General of the United States, Mr. Daugherty, Is certainly
closed union districts of both Pennsylvania and Kentucky,
premature in issuing a warning to the miners against violence. There is
no disorder in sight among the coal miners nor any violence threatened. where it is considered probable that some mines will work,
The suspension will not take place for almost ten days.
strike or no strike, as was the case in 1919.
If the Attorney-General wants to put down violence, why does h( not
The Labor Committee of the House of Representatives
proceed against the coal operators who publicly admit violation of the agreement? They constitute the only group which thus far has committed began on March 30 an investigation of the cause of the
violence.
strike in the hope of finding some method of averting it.
This imputation, widely advertised by the miners, that In his testimony before the Committee, John Moore, of
the bituminous coal operators were guilty of a breach of Columbus, Ohio, legislative agent of the United Mine
faith in failing to negotiate with their men as to wages in Workers of America, said in response to queries:
accordance with the agreement of 1920 is met by the stateIf the President were to send a wire to-night asking the miners to come
ment made in one of the last letters of the operators to here or go anywhere else and meet the operators, the first train out would
them aboard. We have always been anxious to meet them.
Secretary Davis, in which they declare the miners broke find
As I see it, there is little likelihood of an invitation going out. We do
this agreement themselves before it had been in effect six not want Government interference until we have exhausted all our efforts
months by forcing another increase of $1 50 a day in the to settle the trouble. If the American people get all the coal they want in
April they will be satisfied, and If the Government estimate of 5,000.000
wages of day men. This was settled by allowing "each tons
above ground Is correct, there will be no suffering during the next
district to settle the matter as it saw fit," and thus "the month. But we prefer to work out our own salvation.
four State machinery for Illinois, Indiana, Ohio and westMr. Moore predicted that all non-union miners, who
ern Pennsylvania broke down. "The agreement of March 31 produce 30% of the coal output, would quit work with the
1920 was broken by the miners and passed out of existence; union men "if gunmen are not used in the non-union fields."
State settlements replaced it," the operators state.
The negotiations of the anthracite operators with their
The general policy committee of the United Mine Workers men are still in progress, with apparently little likelihood
of America at Cleveland on March 24 unanimously endorsed of p, successful issue, but in the meantime the men stop
the action of its international officials in prohibiting separate work. The anthracite miners demand a "saving wage,"
district wage contracts (even Illinois falling into lino) and and therefore ask an increase of 20% for contract workers
voted to urge participation in the strike by the more than and $1 a day for day workers, on the ground that most of
200,000 non-union miners in West Virginia, Alabama, them earn less than $6 a day; also adoption of the check-off
Tennessee, Kentucky and other smaller non-union fields. system. Chairman Warriner of the anthracite operators
The union miners of Nova Scotia were exempted in the gen- stated on Wednesday that a decrease of at least 17% in
eral strike call, but it is thought possible they will join the wages appeared necessary.
walk-out, he asserted. The following resolution was then
The demands of the bituminous miners include a continuadopted asking the support of the non-union miners:
ation of the present wage of $7 59 a day, maintenance of the
The officers of all districts are hereby instructed by this policy committee check-off system and institution of the six-hour day and
to immediately issue a call to all adjacent non-union fields, asking them to
five-day week. The bituminous operators refused to meet
Join the union miners in the international strike April 1 1922; and, further.
all power and influence of the international and district unions shall be the miners, and posted notices of a 35% cut in wages in
strike
in
the
non-union coal fields of America.
exerted to bring about a
Western Pennsylvania.
Every one knows of the great but unsuccessful effort that
Central Pennsylvania bituminous coal operators met in
has been made to unionize the coal fields of West Virginia. Philadelphia March 24 and adopted a wage scale which
produced
16,700,000
State
tons of coal; in the is substantially the same as already in effect in the PittsIn 1898 that
lean year 1921 the amount was 70,000,000 tons, or 17% burgh district and a reduction from the prevailing union
of all soft coal mined in the United States. A writer in the rate in central Pennsylvania of about 35%. Under the
current issue of the "Outlook" explains that, while the new scale for central Pennsylvania wages for inside labor
wages at the non-union mines in West Virginia are lower will be $4 a day and for outside labor $3 25, the same as in
than wage scales in other States, the employment in those Pittsburgh district. Pick mining rate will be 77 cents a
mines is so much steadier that the men can earn materially net ton for Clearfield region; in Pittsburgh district the
more, and are therefore deaf to union appeals.
rate is 68 cents. Many operators at the meeting expressed
John L. Lewis, International President of the United the opinion that their mines could work under the new scale.
Mine Workers, on March 28, however, said: "My reports
A wage scale which the operators declared is approxiindicate the organized mine workers and a great number of mately the same as that of November 1917 was adopted
unorganized miners will cease work on April 1."
by the Kanawha Coal Operators' Association at CharlesThe following figures were given out March 26 by union ton, W. Va., on March 29 and will be posted at all the
officials, showing: (1) the approximate number of miners in mines in its territory, to be effective April 1.
bituminous coal-producing States who are expected to reThe notice declares "there will be no check-off for union
spond to the strike call; (2) the growth of the total "paid dues, but there shall be no discrimination against any one
up membership of the United Mine Workers of America." belonging to a union or against any one for not belonging
(1) Lpected to Strike.—Pennaylvania, 154,825; Illinois, 98.000; Ohio, to a union." The scale as adopted affects 221 mines repre49,000; West Virginia, 48,400; Indiana, 31,000: Kentucky, 14,900; Arkansas, Oklahoma and Texas, 14,800; Iowa, 13,100; Alabama, 12,200; Tennes- sented by members of the Association. The United Mine
nee, 11,500; Kansas, 9,700; Missouri, 8,350; Wyoming, 7,650; Maryland, Workers, the operators assert, declined to meet the Asso
1368
THE CHRONICLE
[vol.,.
114.
Advances in Price of Coal Unjustified, and Will Be.
ciation to negotiate a contract. According to D. C. KenOn the strength of these facts there will be no excuse for advance in coal
nedy, Secretary of the Kanawha Associatidn, the new scale
prices. If the price is boosted in any locality the fact should be reported to
ranges from 30 to 35% below the wages in effect under the Washington at once for action by the Attorney-General. The public should
not be penalized to pay any enhanced price for coal when there is no justificacontract with the union which expired yesterday.
Commissioner of Labor Davis announces that a rise in tion for any increase.
Asked if there was danger of a shortage of coal, J. D. A.
price of coal as the result of the strike will not be counteVice-President of the National Coal Association,
Morrow,
Government.
the
nanced by
said
in
substance:
Secretary of Labor Davis on Thursday made the following
No one can give any definite assurance that there will not be, but it seems
statement:
unlikely. With the non-union mines producing approximately 6,000,000
tons of soft coal a week there would be a weekly deficit of some 2,500,000
Statement by Secretary of Labor Davis, March 30.
All of the Government's efforts in the proffer of mediation, conciliation tons, but this will be supplied from the large stock accumulated before
April 1.
strike
the
national
and compromise have failed to save the country from
At present it seems perfectly safe to say that a sixty-day strike would
test of economic strength between employer and employee in the coal inentail no particular hardship on any one and would not exhaust stocks to
dustry.
In this dispute in the coal industry, President Harding and other Govern- to the point where any immediate increase in price would occur.
Another favorable fact is the likelihood that in some of the union districts
ment agencies, chiefly the Department of Labor, have for weeks counseled
before long
this conference provided for in the last joint agreement between the operators the men will return to work as the result of local agreements
by
and the miners. In this effort the President and myself have had neither and that, accordingly, the non-union production will be supplemented
therefore,
these
circumstances,
Under
coal.
of
legal right nor personal desire to dictate any program. Our one desire considerable tonnages union
of
degree
fair
a
look
with
may
stock
of
coal
some
who
has
the
consumer
miners
the
and
operators
the
has been to induce, by persuasion and urgency,
to discharge the obligations they assumed themselves, to confer again for equanimity upon the approach of the struggle.
the shaping of a new agreement.
These efforts began in February after the refusal of some of the central
competitive States operators (Illinois, Indiana, Ohio and Western Penn- STEEL PLANT OPERATIONS SHOW MARKED INsylvania) to meet in accordance with the resolution adopted in March 1920,
CREASE—ANNOUNCEMENT BY JUDGE GARY.
providing for a preliminary conference to meet prior to April 1 to arrange
a time and place for a meeting to negotiate a new agreement.
following was given March 24 to representatives of
The
I have always believed, and every citizen is with me in the belief, that emby Judge Elbert H. Gary, in response
ployers and employees who have signed a wage agreement or contract should New York newspapers
observe it in spirit and to the letter. If the two parties to a trade dispute to questions:
get together, it is always possible to work out a satisfactory settlement and
From the information that I have gathered this morning I believe the
maintain peace.
manufacturers of steel products generally have made increases in their sellprices within the last few days. This is not surprising because, as you
ing
Numerous Bituminous Operators Decline to Negotiate Except as Separate
all understand, the selling prices have been so low for some months that
Districts.
many, if not most, of the manufacturers have been losing substantial sums
In fairness, it must be said that the miners' officials were willing and ready as a result of their operations. So far as I have been advised, and judging
to go into the conference agreed upon, but some of the operators declined to by my knowledge of costs and prices, I do not think the prices which have
meet, alleging that competitive factors and Federal Grand Jury indictments been established, or are being established at the present time, are high
prevented any such favorable outcome as to the continuation of the existing enough to permit many of the companies securing any profits whatever.
agreements, and hence the "preliminary meeting" would prove unsucHowever that may be, at your request I am willing to state what our
cessful.
attitude is.
central
all
that
unless
but
confer,
to
willing
were
they
that
said
Others
As you know, since the prices of steel products generally have been less
competitive States operators would attend, such a meeting would be barren than the cost of production, it has been the practice of the Steel Corporation
of results and futile.
to make reductions only after others have made them. We have been folAlso several outlying districts, with a combined tonnage output much lowers, and not leaders, in making low prices that were unfair and unreasonof
right
the
protest
States,
competitive
central
the
of
that
larger than
able from the standpoint of the manufacturer; and in increasing our prices
central competitive States to fix the basic wage for the bituminous coal it is our present intention to follow others rather than to lead. If we find,
industry, not only because of their minority production, but because com- as now seems probable, that other producers are adhering to their announced
petition of non-union coal affects the said outlying districts more than the intention, as published in the newspapers and widely circulated, we shall unsaid central competitive States.
doubtedly follow suit, although we will not enter into any arrangement with
The competitive States arrangement Is not of Governmental making, nor anyone for doing so. We can always be depended upon to do the fair thing
is it a new experiment. It has been in operation since 1898, and the by our customers, our competitors and the general public; and whatever
records disclose the fact that in past years the operators as well as the we do will be done openly. It will be our principal and policy to follow inminers' officials have looked upon it as a fixed and basic agency in the creases in the selling prices of others up to the point which we believe to be
bituminous coal industry.
fair and reasonable and just to the purchasers, and not any further.
I have been surprised by the long continued disposition of some of our
Operators Should at Least Have Complied with Agreement to Negotiate.
There may be ioom for argument on some of these contentions, but they competitors to maintain prices so low that they were losing money even to
do not efface the main fact that the operators and miners were bound to a the extent of millions per annum, as applied to some of them. They have
conference; that this conference might have led to a new agreement, and not secured more business as a total net result and they have weakened their
the country might not have been confronted with a stoppage of coal pro- financial positions.
I believe the tendency of business is upward as to volume, and the posiduction. A suspension avoided, ample supplies of coal and a general retion latelk taken by our competitors should have a good effect in securing
duction in prices would have resulted.
disappointadjustments necessary to a proper return to a normal basis although it is
'I cannot let the opportunity pass without expressing keen
are too high and
ment at the failure of certain operators to fulfill the terms of their obligation still a fact that the prices of many retailers and middlemen
which they are
to meet in conference with a view to peace in the coal industry for two must be reduced before they will obtain the patronage to
entitled, and that the wages demanded by some of the trades are out of line
years more.
This is
construction.
the
only
to
not
necessary
bare,
and
and a great hindrance to enterprise
They have turned their backs on a chance to lay
miners but to the public, their reasons, at least, for declining a new wage hindering building operations in a large measure.
However, in spite of some abnormal and unreasonable aspects concerning
agreement. The public Is entitled to their reasons, and the press would
have fairly supplied them. Even though the operators were convinced business matters, there is at present, apparently, a marked improvement.
have
I believe our subsidiary companies are booking up to about 65% of normal
that it would come to nothing, their entrance into conference would
capacity and, on account of our old orders on hand, are operating at at
removed any stigma of a breach of faith.
There may be faults on both sides of this bituminous dispute, but the side least, 70% of our normal capacity.
The business men of this country have the opportunity to bring about
that openly repudiates its written and signed obllgation.s has crippled its
honest,reasonable and fair business prosperity; and the action of the United
case before the bar of public opinion.
its
operators
for
contrast
pleasing
States Senate in ratifying the work of the Washington conference, which
The anthracite industry presents a
there we are now expecting, will have a decided influence in accelerating and esand miners are now meeting directly. There may be a suspension, but
what tablishing a satisfactory basis.
is a negotiation and a genuine desire to agree. This clearly illustrates
As I have said before, if the public authorities will maintain the observthe Government has sought all along in the bituminous field. There is not
force
to
Washington
in
disposition
ance of the laws and thus secure to every individual the right to work in
any
been,
now, and there never has
accordance with his opportunities and desires, and the people of this country
conditions upon employers or employees.
will be industrious, economic and courageous, we need have no fear in reProduction Conditions Abnormal.
gard to our business future.
overis
it
that
is
One unfortunate fact in the bituminous coal industry
developed by fully 30%,largely as a result of high prices during the war and
the abnormal boom of 1920. Coal production for 1921, on account of the RAILROAD EQUIPMENT REPAIRS IN OUTSIDE SHOPS
general depression in the steel and allied industries, dropped to the 1911
CLAIMED TO HAVE COST EXCESSIVE SUMS,
basis, or only 407,000,000 tons, as compared with 563,000,000 tons produced
COMMERCE COMMISSION FINDS.
•
in 1920. This explains to a large extent the present problem confronting
the employers and employees of the coal industry.
Commerce Commission yesterday made
Inter-State
The
At best bituminous miners do not work on an average of more than 200
days during the year under normal conditions. When that average is public its decision that repair work done for the Pennreduced by 25 to 40%, as was the case in most of the union districts last sylvania RR. and New York Central RR. by outside shops
year, it can be appreciated that an abnormal and irregular condition of
in 1920, cost those companies excessive sums. A press
employment is created.
From the union mine point of view the situation is further complicated by report says:
readjustment of wages in non-union mines before the expiration of union
The award by the Pennsylvania on March 10 1920, on resumption of
agreements, which has enabled the non-union mines to secure more than corporate control, of • a contract to the Baldwin Locomotive Works
their relative share of coal orders.
for the repair of 200 locomotives while maintaining shops on its own line
As the strike in the bituminous industry is inevitable, the industry is for such work, was held by the Commission to be not necessary.
economic
an
simply
is
it
stage
this
At
public.
squarely on trial before the
On investigation, the Commission found "that the cost to respondent
dispute in which the chief sufferers will be the operators and miners them- was over $3,000,000 in access of the cost at which the work might have
selves. During the strike the Administration will watch developments and been done in its own shops and included work paid for twice in some inbe ready to safeguard the public welfare whenever it is menaced.
stances. That the respondent could have done the work in its own shops
appropriate co-ordination of efforts and
Nearly Two Months Supply on Hand—Importance of Non-Union Coal. within a reasonable time by an
reasonable added exertion.
or
in
be
stock
will
there
1
April
on
that
indicates
survey
A Government
The Commission declared, however, it could not support the imputastorage about 10,000,000 tons of anthracite and coke and 65,000,000 tons
Id
tion to the carrier of"an ulterior or dishonest motive."
of bituminous coal. This means that the railroads, public utilities, manuReferring to the contract of the New York Central RR., negotiated early
facturing industries and retail coal dealers will have on hand nearly two
195
which
by
companies,
construction
and
locomotive
in 1920 with certain
months' supply of coal. The operators state that the production from
locomotives of that line were sent to contract shops for classified repairs,
non-union mines will meet at least:50%!of the normal needs of the country.
APRIL 1 1922.]
THE CHRONICLE
1369
the Commission held "the cost to respondent was in the neighborhood of
(1) Competition must be preserved as fully as possible;(2) existing routes,
$3,000,000 in excess of the cost of similar work in its own shops; that re- and channels of trade and commerce must be maintained (3) subject;to
spondent could have repaired at least the greater number of the locomotives (1) and (2) the several systems must be so arranged that the cost of transIn its own shops within the time in which the contract work was done."
portation as between competitive systems and.as related to the values of
Contracts negotiated by the Atlantic Coast Line Rail- the properties through which the service is rendered shall be the same, so
far as practicable, so that these systems can employ uniform rates in the
road in 1920 for the repair of 30 of its locomotives by the movement of
competitive traffic and under efficient management earn,
Baldwin Locomotive Works, the commission held, although substantially the same rate of return upon the value of their respective,
railway
properties.
based on excessive costs, were not found to have been unwarAttention is also directed to Paragraph 6 of the same section, which reads
ranted in the circumstances disclosed by the investigation.
as follows:
"(6) It shall be lawful for two or more carriers by railroad, subject to this
RAILROAD CONSOLIDATIONS—HEARINGS BY COM- Act, to consolidate their properties or any part thereof,into one corporation
for the ownership, management and operation of the properties theretofore
MISSION ON MERGER OF LEADING ROADS IN
in separate ownership, management and operation under the following .
SOUTHEASTERN REGION.
conditions:
"(a) The proposed consolidation must be in harmony with and,In furThe Inter-State Commerce Commission will begin on
therance of the complete plan of consolidation mentioned in Paragraph (5)
April 24 a series of hearings on the consolidation of the lead- and must be approved
by the Commission.
"(b) The bonds at par of the corporation which is to become the onwer
ing railroads of the country into a limited number of systems,
of the consolidated properties, together with the outstanding capital stock
as contemplated by the Transportation Act of 1920. The at par of such
corporation, shall not exceed the value of the consolidated
first hearing before Commissioner Hall will be confined to Properties as determined by the Commission. The value of the properties
the mergers in the Southeastern region, suggested in the sought to be consolidated shall be ascertained by the Commission under
Section 19 of the Act, and it shall be the duty of the Commission to proceed
tentative plan of the Commission (based on the report of immediately,
to the ascertainment of such value for the properties involved
Prof. W. Z. Ripley) which was cited in the "Chronicle" of in a proposed consolidation upon the filing of the application for such conOct. 1 1921, p. 1429 to 1431, and at still greater length in solidation."
be seen that stress is laid throughout upon the value of the properthe "Railway Age" and "Railway Review" of the same date. tiesIttowill
be consolidated, but that value will not be a controlling factor until
The procedure for the first hearing, as laid down Mar. 22 application is made for the consolidation of two or more railway properties
by the Commission for the guidance of those interested in after the complete plan shall have been adopted. It would seem, therethat evidence as to value will not be helpful, if indeed material, at thethis hearing, is reported by the special correspondent of the fore,
present stage of the inquiry, and certainly not evidence as to the financial
"Railway Review" in part as follows:
structure of the respective carriers. This has particular reference to the
1. The evidence received at the hearing to be confined to railway proper- contention that the credit of the so-called "strong" roads will be impaired •
ties in the Southeastern region as that region is described and referred to by consolidation with so-called "weak" roads, "weak" in many instances
In Chapter IV. of the Appendix to the tentative plan of the Commission, in the sense that they have not had the benefit of conservative financial
policies.
63 1. C. C., 455, adopted Aug. 3 1921.
We there found for the purposes of this tentative plan that the railway
5.—The statute contemplates consolidation "into one corporation for
properties in that region may be consolidated under the statute into the the ownership, management and operation of the properties theretofore in
following systems:
separate ownership, management and operation." This would seem to
• exclude from consideration general projects or proposals based in whole
Tentative Makeup of Proposed Systems.
System No. 10.—Southern; Alabama Groat Southern; Georgia Southern or in substantial part on contemplated running rights, trackage agreements
& Florida; Mobile & Ohio; Southern Railway in Mississippi; Northern Ala- and the like, or on new construction.
6.—As stated in 63, I. C. C., 455, the tentative plan was put forward
bama; Cincinnati New Orleans & Texas Pacific; New Orleans Great Northin order to elicit a full record upon which the plan to be ultimately adopted
ern; Alabama & Vicksburg.
Note.—Prof. Ripley recommends Inclusion of the Georgia Southern & can rest, and without prejudgment of any matter which may be presented
upon that record. This announcement should not be construed as indicatFlorida branch from Valdosta, Ga., to Palatka. Fla.,in Seaboard System.
System No. 11.—Atlantic Coast Line-Louisville & Nashville; Atlantic ing in detail what evidence should be adduced. The purpose is to again
Coast Lint; Atlanta & West Point; Charleston & Western Carolina; Louis- call attention to the broad general grounds of the statute on which the comville St Nashville; Nashville Chattanooga & St. Louis; Louisville Henderson plete plan must rest. It is understood, of course, that alternative modified,
& St. Louis; Western Railway of Alabama; Richmond Fredericksburg & plans may be submitted in lieu of any system proposed in the tentative plan.,
Potomac; Norfolk Southern; Altanta Birmingham & Atlantic; WinstonSalem South Bound; Roanoke to Winston-Salem branch of Norfolk &
Western; Florida East Coast; Carolina Clinchfield & Ohio; Georgia & Flor- INDICATIONS OF MORE NEARLY NORMAL VOLUME
OF RETAIL DRY GOODS SALES IN NEW YORK
ida; Gulf Mobile & Northern; Mississippi Central.
Note.—Prof. Ripley recommends that the Richmond Fredericksburg &
FEDERAL RESERVE DISTRICT.
Potomac and Florida East Coast retain their present status without incluSales by representative department and apparel stores
sion in any system. The Carolina Clinchfield & Ohio may be included in
system No. 12, Illinois Central-Seaboard. Prof. Ripley recommends in- in this district continue to indicate a more nearly normal
clusion in system No. 10, Southern. The Gulf Mobile & Northern and
Mississippi Central are not specifically included in any system under Prof. volume of transactions than do the indices of production
or trade in other fields, according to an item on retail trade,
Ripley's report.
System No. 12.—Itlinois Central-Seaboard. Illinois Central; Yazoo & in the April 1 issue of the Monthly Review of
Credit and
Mississippi Valley; Central of Georgia; Seaboard Air Line; Lynchburg,
Va., to Durham, N. C., branch of Norfolk & Western; Gulf & Ship Island; Business Conditions by the Rederal Reserve Agent at
Tennessee Central: Carolina Clinchfield & Ohio.
New York. The Review says:
Note.—Prof. Ripley recommends that a separate system be built around
The dollar amount of sales by such stores in February was only 4%
the Seaboard Air Line. The Gulf & Ship Island is not included in any sys- less than in February 1921. February sales of sixty-four stores were
tem by Prof. Ripley. The Carolina Cline'afield & Ohio may be included $23,650,000 as compared with $24,726,500 in February 1921. The comIn System No. 11, Atlantic Coast Line-Louisville & Nashville.
parison with the corresponding month a year ago is.more favorable than
2. In so far as practicable, evidence should be presented in respect of it was in January, when sales were 8% less than in January 1921. The
these railway properties in the order in whict they are listed In each system, number of individual transactions was 6% larger than in February 1921.
and all evidence with respect to one system, e. g., System No. 10—South- and the average amount of the individual sale was $2 52, compared with
ern, should be completed before passing to the next system.
$2 77 in February 1921, a decline of 9%, which appears to reflect rather
closely the difference in price levels between the two periods.
Special Pronsions of Transportation Ad as to Consolidation.
The use of more advertising space and the holding of a larger number
3. Attention is directed to what is said in 63 I. C. C., 455, at 464: "The
of
special sales by large stores is to some extent responsible for heavy
in
included
this tentative plan comprise most of the Class I. steam
carriers
railroads but very few of those in Class II. and Class III. Those not so February sales. New York City newspapers have recently received more
included, whether industrial common carriers, terminal carriers, interurban advertising material than they had space to publish. Sales of apparel
electric railways operated as a part of general steam railroad systems of were particularly good and sales of house furnishings were larger than
transportation or engaged in the general transportation of freight, 'short last fall, reflecting the completion of large numbers of new dwellings
linos,' or others, will be considered at the hearings to be hereafter assigned throughout the district.
Buying of spring goods from wholesalers was somewhat retarded by the
so that in the Plan to be ultimately adopted provision can be made for their
lateness of Easter and stocks of goods held were increased during February
inclusion in the system.
somewhat
less than is normal for that month. The amount of outstanding
not
specifically
have
"We
mentioned water carriers. Where these carriers are now controlled by carriers by rail they will be considered as being orders on March 1 was 7% of the total purchases during the previous
included tentatively in the systems in which the controlling rail carrier has calendar year, about the same percentage as on March 1 1921. The value
of stocks on hand in terms of selling price continued to be slightly larger
been included."
Evidence as to the carriers "not so included" should be presented in con- than the amount on hand a year ago. The detailed figures are shown in
nection with that as to the sustem in which it is believed that they should the following table.
Net Sales—
Stock on Hand
be included.
(Selling Price)
V.—In order that the evidence may be confined to relevant matters, atFeb. Feb, Feb. Feb. Mar.1 Mara Mar.1 Mara
tention is also directed to Paragraph 4 of Section 5 of the Inter-State Com1919 1920 1921 1922 1919 1920 1921 1922
merce Act, which reads as follows:
98
100
96
79
"The Commission shall as soon as practicable prepare and adopt a plan All Department Stores.. 76
120
100 102
New
York
railway
the
78
102
100
97
80 120 100 102
for the consolidation of
properties of the Continental United
Buffalo
74
88
100
83
79
States into a limited number of systems. In the division of such railways
117
100
94
Newark
73
96
100
94
80 132
into such systems, under such plan, competition shall be preserved as fully
100 105
Rochester
63
86
100
99
68 110 100
as possible, and wherever practicable the existing routes and channels of
78
Syracuse
72
98
100
89
trade and commerce shall be maintained. Subject to the foregoing re83 119 100
88
Bridgeport
77
100
100
90
78 124 100 107
quirements, the several systems shall be so arranged that the cost of transElsewhere in 2d Dis__ 79
91
100
102
portation as between competitive systems and as related to the values of
90 115 100 118
92
100
76
98
the properties through which the service is rendered shall be the same as Apparel Stores
68 118
100 113
190
100
93
far as practicable so that these systems can employ uniform rates in the Mail Order Houses_ _ 1 11
Sales
of
mail
doing
order
a
houses
traffic
and
nation-wide
under
competitive
business
failed
movement of
to reflect
efficient management earn
substantially the same rate of return upon the value of their respective any substantial increase in buying on the part of the rural population which
such houses serve. For several months sales have been sustained, however,
railway properties."
at a substantially even level, about 50% lower than the point reached
Summary of the Requirements to Be Observed in All Merger Plans.
by the exceptionally heavy sales of early 1920.
Summarized, the requirements with which the Commission must comSales by chain store systems during February compared more favorably
ply in preparing a plan for consolidating the railway properties into a limited with those of February 1921 than did
the sales of either department stores
number of systems are:
or mail order houses. This difference is due, in some extent, to the increase
1370
THE CHRONICLE
in the number of stores. The following table gives comparative figures of
monthly sales and shows the changes since last year In the number of stores
reporting:
-Monthly Sales
-Stores Reporting-Feb.
Feb.
Feb.
Feb.
P. C. Feb.
Feb.
Type of Store1921.
1922.
Inc. 1919. 1920. 1921. 1922.
113
Grocery
5.933
6.651
100
12.0
79
114
108
Ten Cent
4.2
78
89
100
1,598
1,665
104
Drugs
101
100
250
254
1.6
82
91
Cigars
91
100
2.196
2.230
1.5
66
92
Goods
100
Dry
350
358
2.3
50
61
- 107
Total
10,327
75
98
11,158
8.0
When price declines of from 5 to 15% are considered, It Is probable that
a larger volume of merchandise is being distributed by all types of chain
stores. Several large grocery organizations report that their tonnage
figures show increases ranging from 20 to 30%.
100
As to the wholesale trade, the Review says:
This bank's weighted index of wholesale trade was slightly lower in
February due largely to the fact that merchants delayed many spring
purchases from February until March because of the lateness of Easter.
Dry goods and clothing sales in February wore particularly small. Last
year with an early Easter, February buying was heavy. The effect of
this difference is seen in the fact that February 1922 sales compares lees
favorably with those of February 1921 than did January 1922 sales with
those of January 1921. The figures are shown in the following table:
Monthly Sales
Jan.
Feb.
Feb.
Feb.
Feb.
1922.
Commodity1921.
1922.
1919.
1920.
121
110t
112
128
100
Drugs
90t
183
229
100
97
Jewelry
100t
100
96
367
298
Diamonds
Pit
04
100
111
125
Groceries
93
140t
66
145
100
Dry Goods
75t
91
94
109
100
Stationery
106t
80
236
100
125
Shoes
72t
80
137
100
122
Hardware
77t
103
135
100
66
Clothing
31t
34
216
245
100
Machine tools
94t
138
102
86
100
Weighted average
t Expressed in percentage of sales of January 1921.
INCREASE IN WHOLESALE PRICES IN FEBRUARY.
A distinct upward trend of wholesale prices in February,
as compared with the previous month, is announced by the
United States Department of Labor through the Bureau of
Labor Statistics. The increase, which, it is stated, was
most pronounced among farm products and foodstuffs,
brought the Bureau's weighted index number up to 151 for
February, a gain of 2% over the level of the month before.
The Department's statement made public March 18 also
says:
[VOL. 114.
were used in this index, but from January 1921, 43 articles aro included In
the index number.
Changes in One Month.
During the month from Jan. 15 1922 to Feb. 15 1922.21 of the 44 articles
on which monthly prices are secured decreased in price as follows: Evaporated milk, 6%; cornflakes, 4%; fresh milk, oleomargarine, strictly fresh
eggs and rolled oats. 3%; nut margarine, bread and cream of wheat, 2%;
round steak, rib roast, chuck roast, canned salmon, storage eggs, baked
beans, canned corn, and raisins, 1%. The price of madaroni, tea, sirloin
steak, and coffee decreased lees than 5-10ths of 1%.
Sixteen articles Increased In price during the month from Jan. 15 to
Feb. 15 1922, as follows: Onions, 20%; ham and oranges, 5%; lamb and
flour, 4%; lard and granulated sugar, 3%; cabbage and canned tomatoes.
2%; pork chops, bacon, butter, navy beans, canned peas, and bananas, 1%.
The price of crisco increased less than 5-10ths of 1%•
Prices remained unchanged for plate beef, hens, cheese, corn meal, rift,,
potatoes, and prunes.
Changes in One Year.
For the year period. Feb. 15 1921 to Feb. 15 1922,the percentage decrease
in all articles of food combined was 11%. Thirty.seven articles decreased
In price as follows: Granulated sugar, 28%: cornflakes, 26%; lard, 23%;
flour, corn meal and raisins, 22%; evaporated milk. 21%; oleomargarine.
20%; butter and bread, 19%; plate beef. 18%; crisco and prunes, 16%;
bacon and nut margarine. 15%; chuck roast, hens, fresh milk, cheese, and
rolled eats. 14%; canned salmon, cream of wheat, and baked beans, 13%;
round steak and storage eggs. 12%; rice. 11%; rib roast, pork chops and
bananas, 10%; sirloin steak, 8%; canned corn, 7%; macaroni, tea and
coffee. 5%; ham. 4%; navy beans, 3%; and canned peas. 2%. The prices
of the other seven articles increased as follows: Onions, 179%; cabbage,
58%; potatots. 27%: canned tomatoes, 10%; oranges, 7%;lamb, 4%; and
strictly fresh eggs, 1%.
Changes Since February 1913.
For the nine-year period, Feb. 15 1913 to Feb. 15 1922. the increase in
all articles of food, combined, was 46%. The articles named showed increases as follows: Potatoes. 120%; lamb. 91%; ham, 83%; hens, 78%;
storage eggs, 66%; pork chops and flour. 55%; strictly fresh eggs and
bread. 54%; bacon. fresh milk, and cheese, 48%; sirloin steak and round
steak, 47%; rib roast 41%; corn meal, 34%; chuck roast. 27%; tea, 25%;
coffee. 19%; granulated sugar. 16%; plate beef, 13%; butter, 11%; rlee.
8%: lard. 3%.
The index numbers based on 1913 as 100. were 142 in January and
February 1922,
142 Is
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No sales of bank or trust company stocks have occurred
at the Stock Exchange or at auction this week.
Two New York Stock Exchange membership were reported posted for transfer this week, the consideration
being stated as $88,000 in each case. The last previous
transaction was at $89,000.
George F. Baker, Chairman of the Executive Committee
of the First National Bank of New York, celebrated his
Farm products, owing to rapid advances In cotton, wheat, corn, oats,
eighty-second birthday on March 27. Mr. Baker spent the
rye, flaeseeel. cattle. hoes, and shelf), roe from a weighted average of 116
In January to 126 in February. an Increase of over 8%%. Food products. day at his desk, giving his attention to matters which had
following those of the farm, advanced 3% over the January level. In the accumulated during a brief vacation in Florida. It is stated
group of miscellaneous commodities, Including among others suchImportant
articles as brat: and millfeed middlings, cottonseed mem and oil, tit seed that Mr. Baker has the record of having worked on seventy
of his eighty-two birthdays. Commenting on his activity,
meat, and slaughterhouse tankage. the Increase was 2%
In the four groups of cloths and clothipg, fu 1 and lighting, building the "Journal of Commerce" had the following to say in its
materials. ard chemicals and drugs, no chanpe in tbe general price level
was reported. Metals, on the other hand, decreased approximately i3%, editorial columns on March 29:
George F. Baker, dean of the banking community In this city, who conand house furnishing goods A of 1%, in the two months.
Of the 327 commodities, or price series, for which comparablc data for tinues at the age of eighty-two years his active business life, represents in
January and February were obtained, increases were found to have occurred a striking way many of the older virtues of American finance. The achievefor 1(,1 commodities and decreases for 102 commodities. In the case of 124 ments of the post-Civil War banking system have been too largely obscured
in the discussion of its defects. That its remarkable results should have been
commodities no change in average prices was reported.
attained despite the manifold difficulties placed in the way of financial
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF operations by our Federal legislation is the highest tribute to the institution
COMMODITIES (1913 EQUALS 100)•
Mr. Baker represents and to others which rank beside it In ago and reputaFeb. 1921. Jan. 1922. Feb. 1022.
tion.
126
116
129
Farm products
It is an unusual personal achievement to be as active at the age of eighty138
134
150
Food,&c
two as are many a quarter century earlier and to be able on an eighty-second
183
183
198
Cloths and clothing
birth day to "clean up a desk" burdened with work. From time to Urns
183
183
218
Fuel and lighting
an example like that of Mr. Baker is furnished to controvert the fables as
115
117
146
Metals and metal products
to the evil effects of a laborious life in the financial district. There, as
202
202
221
Building materials
elsewhere, it is the individual point of view and the system of effort rather
159
159
178
Chemicals and drugs
than the kind of work that furnishes the truest test of what a man can do
213
214
277
House furnishing goods
year after year.
150
146
180
Miscellaneous
Has American life become so stereotyped and opportunity so limited that
151
148
167
All commodities
chances of advancement are unduly reduced? Mr. Baker's history and
Comparing prices in February with those of a year ago, as measured by that of many others who have climbed from the lower rungs of the ladder
changes in the index numbers, It is seen that the general level has declined still testifies to the vitality and possibilities of our economic civilization.
•
approximately 94%. The greatest decrease is shown for house furnishing
goods, in which prices have fallen over 23%. Metals have declined 21%,
meetings
on
March
30 the stockholders of the
special
At
fuel and miscellaneous commodities 16%, chemicals and drugs 10% %,and
building materials 8% in average price. Food has declined 8% and Seaboard National Bank and the Mercantile National Bank
cloths and clothing 7 4% In average price in the same time. The smallest of this city ratified the plans for merging the two institudecrease of all is noted for the group of farm products, in which prices tions under the name of the Seaboard National Bank. The
have declined only 2 1-3%.
DECREASE IN RETAIL PRICES OF FOOD IN FEBRUARY.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics, shows
that there was a decrease of 0.3% in the retail cost of food
to the average family in February as compared with January.
The changes during February are made known as follows by
the Department on March 18:
Prices of 43 food articles are reported to the Bureau of Labor Statistics
each month by retail dealers in 51 Important cities. In addition prices on
From these
storage eggs are secured only for five months of the year.
prices average prices are made for each article. The average prices of the
month
are
then
secured
each
"weighted"
prices
are
43 articles on which
according to the quantity of each article consumed In the average workingman's family. From January 1913 to December 1920, 22 articles of food
consolidated bank will begin business to-day (Saturday,
April 1). The proposed consolidation was referred to in
these columns, Jan. 28, page 377. The following were
definitely selected by the stockholders this week to serve
as directors of the merged bank:
Chellis A. Austin, Elliott Averett, Edward J. Barber, S. G. Bayne,
Chairman; Howard Bayne, Henry S. Bowers, Harry Bronner, H. D. Campbell, J. S. Coffin, Delos W.Cooke,Edward J. Cornish, Louis N.DeVausney,
Charles G. DuBois, Frederick F. Fitzpatrick, Henry C. Folger, Bennett
L. Gill, Edward H. R. Green, A. R. Herr, Herbert P. Howell, Elgood 0.
Lufkin, Charles D. Makepeace, Peter McDonnell, John McHugh, Theodore F. Merseles, Albert G. Milbank, Samuel H. Miller, William E. Paine,
John J. Raskob, Charles S. Sargent Jr., Joseph Seep, Joseph B. Terbell,
C. C. Thompson, J. Spencer Weed and Henry Whiton.
The directors of the new bank held their first meeting
yesterday (Friday) and elected the following officers:
APRIL 1 1922.]
THE CHRONICLE
Cheflis A. Austin, President
B. G.Bayne,Chairman of the board
Louis N. DeVausney, Vice-President Charles D.Makepeace, Vice-Presid't
William K. Cleverley, Vice-Preskirt
11. D.Campbell, Vice-President
0.Howard Marneld, V.-P.& Cashier Peter S. Duryee, Vice-President
John C. Traphagen, Vice-President
Percy J. Ebbott, Vice-President
Egbert V. Nelson, Asst. Trust Offic'r
John A. Burns, Trust Officer
Cornelius J. Murray. Asst. Cashier
Charles C. Fisher, Asst. Cashier
James M. Wade, Asst. Cashier
Joseph D. Smith, Asst. Cashier
F. Rogers Parkin, Asst. Trust Offic'r
Bertram I. Dadson, Asst. Cashier
John J. Teal. Asst. Cashier
William A. B. Ditto, Asst. Cashier
0. M.Jefferds, Asst. Cashier
Hermann G. Place, Asst. Cashier
Alexander A. McKenna, Asst. Cashier
The Seaboard will have a branch at 115 Broadway, to
be known as the Mercantile Branch, and another at 20 East
45th Street, the Uptown Branch. The Seaboard National
Bank Was founded in 1882 by S. G. Bayne, the Chairman
of the board of directors. The Mercantile National was
only recently formed, having been a conversion to the
national system of the Mercantile Trust Co., the nationalization of the latter having been one of the preliminary steps
in the consolidation. As we indicated in our issue of Jan. 28,
the Mercantile Trust Co. was organized in 1917 by Chellis
A. Austin and a group of young bankers,and business men.
It had a capital, surplus and profits of over $2,000,000.
The capital, surplus and undivided profits of the consolidated bank will be in excess of $10,000,000, while the combined resources will amount to approximately $80,000,000.
1371
A. Lewis, President of the _Real Estate Title Insurance &
Trust Co. of Philadelphia was elected a director.
—4—
At a meeting of the directors of the Phoenix National
Bank of Hartford, on March 21, Samuel M.Stone, President
of the Colt's Patent Fire Arms Manufacturing Co., was
elected a director.
At a recent meeting of the Board of Directors of The
Peoples Banking & Trust Company of Marietta, Ohio,
John II. McCoy, heretofore Secretary and Treasurer, was
elected President of the Company to succeed D. A. Bartlett,
who was made Chairman of the Board. A. C. String,
formerly Assistant Treasurer, was made Secretary and
Treasurer, and G. W. Lansley, Trust Officer. Mr. McCoy
has been connected with the Bank for 18 years.
The First National Bank Building, recently completed,
and housing the First National Bank, the First National
Company of Detroit and the Central Savings Bank, three of
the city's strong financial institutions with a common ownership and combined resources of over a hundred million
dollars, was formally opened March 17, and we are favored
with the following official account of the building and the
Harry E. Ward, President of the Irving National Bank history of the institution:
The new
of white Bedford stone, 24 stories high, and located
of Now York, will sail on the Olympic to-day, April 1, for at the cornerstructure,
of Woodward Avenue and Cadillac Square, in the very centre
a trip of several months abroad. During his absence he of Detroit's business district, combines office building and banking facilities.
the allied banking corporations occupying about one-third of the 1034 acres
will visit banking centres in England, France and countries of
floor space. The banking equipment is on the lower eight floors. In the
Europe.
In Central
basement and sub-basement. The vaults, of which there are eight, are
The Annual Dinner and Dance of the Columbia Trust
Club was held last Saturday evening in the Grand Ballroom
of the Commodore. The attendance exceeded seven hundred
and the entertainment feature included several unique acts.
William S. Irish, Vice-President and Director of the First
National Bank of Brooklyn, N. Y., was elected a Trustee
of the Prudential Savings Bank of Brooklyn, N. Y., on
March 13, to succeed the late James Sweeney.
Russell P. Clayton, National Bank Examiner; has been
elected cashier of The State of New York National Bank,
Kingston, N. Y., effective March 27 1922, to fill the vacancy
caused by the death of the late J. M.Schaeffer.
The Comptroller of the Currency on March 29, gave
his consent to the reopening of the Citizens National Bank
of Hammond, N. Y., according to a press dispatch from
Washington on March 29, printed in "Financial America"
of this City. The Directors of the Institution, it is underhave decided to make good the defalcations which caused
the closing of the bank. The Citizens National Bank was
closed on Feb. 9, when its Cashier, Robert R. Conroy,
was arrested for the alleged misappropriation of approximately $75,000 of the bank's funds, as reported in these
columns in our issue of February 25.
A special dispatch from Augusta, Me., on March 29, to
to the Boston "Herald" stated that upon the application
of Bank Commissioner Fred F. Lawrence, and the Trustees
of the Belfast Savings Bank (Belfast, Me.) an order was
Issued on that day (Mar. 29) by Chief Justice Cornish of
the Supreme Court enjoining the institution from transacting business until further order of the Court. The
dispatch further states that a hearing on the request of
the petitioners that the affairs of the bank be liquidated
was ordered by the Court to be held on April 14, at the Court
House in Augusta. The following statement with reference
to the closing of the institution as printed in the Boston
"Herald" was made by Commissioner Lawrence:
"The conditions which led to the closing of the Belfast Savings Bank are
peculiar to that institution, no other bank being in any way affected thereby.
On account of &taut in interest payments and passing of dividends by certain corporations, whose securities were held by the bank in relatively large
blocks, its current earnings are not sufficient to warrent its continuing in
business.
"It was unanimous opinion of the trustees expressed at a conference with
the Commissioner Tuesday evening that application should be made to the
Court for liquidation of the affairs of the bank. With a continuance of the
favorable market for securities which now exists, there is reason for the
belief that the ultimate loss to the depositors will be small."
the first to be bu:it, except in the East, according to the latest findings of
the Federal Reserve Board. The safe deposit vault, lined with armor plate
steel, has a capacity of 20.000 boxes. A special service feature of great
practical value, is that the deposit vault is open evenings until midnight.
For the convenience of bank customers, there are in the basement rooms
for making up payrolls and capable of accommodating 176 persons at any
given time.
Equipment for expediting the work of the staff and for the convenience
of employees include sound deadened ceilings and floors, automatic interdepartmental telephones, telautograptm tele-calls. book lifts and pneumatic
tubes. The transit department, handling and routing items drawn on all
Points in the United States and Canada, excepting Detroit, has entirely
new equipment designed on the unit system for sorting and listing. The
territory is divided into nineteen sections, and the department handles an
average Of 20,000 items per day, checks drawn on any point in the United
States being handled without cost.
The present First National organization represents a confluence of two
streams of financial activity in Detroit dating back to 1863, in which year
both the First National Bank and the Old Detroit National, then known
as the Second National Bank, were organized. Continuous growth and a
series of mergers followed, and in 1914 the two major organizations united,
and the Central Savings Bank became affiliated in 1920. The list of officers
and directors of the two institutions has included not only the names of
local financiers but the names of nationally known figures as well. The
roster included Don M. Dickinson, once Postmaster-General of the United
'States; George N. Lothrop, one time Minister to Russia, and a prominent
member.of the Michigan bar; William B. Wesson, President at the time of
Wayne County Savings Bank; and James McMillan, at that period President of the Michigan Car Co., afterward President of the Detroit & Cleveland Navigation Co. and the Detroit Dry Dock Co., and later in his (street
United States Senator.
The history of the Old Detroit National reveals such nationally knows
figures as James F. Joy, then President of the Michigan Central RR.;
Henry F. Baldwin, who during his presidency of 24 years also served as
United States Senator and Governor of the State of Michigan; and Charles
B. Warren, prominent in local and international law and one time associate
of Don M. Dickinson. He was also United States counsel at the Hague
Tribunal in 1910 and is now United States Ambassador to Japan.
Emory W. Clark, President of the First National Bank to-day, comes of
a line of bankers and business leaders; ho is a son of Lorenzo Clark. who was
President of the State Bank, and director, Vice-President and then President of the First National Bank from its organization until the close of his
business career; his grandfather was Myron H. Clark, one-time Governor
of New York, and one of the owners of the State Bank of Michigan.
William J. Gray, Vice-President, who had a large legal practice among
corporations, and individuals, clients of the bank, came to the institution in
1912.
With a historical background of sixty years of honored and successful
financial activity, the new banking headquarters is a monument to the
accompl!shments of the past and testimony to the courage and progressiveness of the present directors. Combining unedr one roof and one ownership the commercial, savings and investment branches of banking, with
an equipment conceded to be second to none in the country, the affiliated
institutions have a seldom equaled opportunity for rendering financial
service in Detroit.
Upon the occasion of the o-ening of the new building, the
bank has gotten out a booklet descriptive thereof, with a
brief history of the bank and the site on which its building is
located.
The City National Bank of Grand Rapids, Mich.,forme ly
the City Trust & Savings Bank, has been merged with the
Grand Rapids National City Bank under the title of the
Grand Rapids National Bank. The consolidation became
The bank was founded in 1868.
effective March 14. The enlarged institution has a capital
of $1,000,000 and surplus and undivided profits of $450,000.
At a meeting of the board of directors of the Corn Exchange The officers are: President, Dudley E. Waters; Vice-PresiNational Bank of Philadelphia, Pa., on March 16, Francis dents, Charles H. Bender and A. J. Maynard; Cashier,
1372
FoL. 114.
THE CHRONICLE
A. D. Crimmins; Assistant Cashiers, R. M. Bremer, M. A. Italy, "he has been the bank's counsel in the East. His
Smith, Jay D. Farr and B. M. VanderMeulen.
recent decision to move to California permanently has given
us an opportunity to make him out general counsel." Mr.
According to a press dispatch from Chicago under,date of McAdoo resumed his practice of the law in New York City
yesterday (March 31)and printed in the New York "Evening in 1919, but has made several trips to the Coast during the
Post" of the same day, W. T. Fenton, Vice-President and last few years. A short time ago he decided to make his
Manager of the National Bank of the Republic, Chicago, home in California and take up his residence here. He has
committed suicide on that day by jumping into the Chicago opened an office in Los Angeles. The Bank of Italy, in
River. A press dispatch from Chicago of the same date, selecting Mr. McAdoo as its general counsel, will place the
printed in "Financial America" of this city yesterday, general direction of its legal affairs throughout the State
gave the following statement, as issued by the National directly under his supervision.
Bank of the Republic, in connection with Mr. Fenton's
death:
It was announced this week that the Anglo Lon'don Paris
Mr. Fenton bad been officially identified with the bank since 1891.
Co.
has been organized and will conduct in the future the
Mr. Fenton is not indebted or liable to the bank directly or indirectly,
investment banking business formerly conducted by the
and his death was due entirely to his nervous and physical condition.
The National Bank of the Republic is in a stronger financial condition bond department of the Anglo & London Paris National
than it has been at any time since its organization, and the last report made
by the bank to the Comptroller showed a surplus and undivided profits Bank of San Francisco.
of $3,715,084.
Willard V. Mathews, the former President of the defunct
Pioneer State Bank of Omaha, on March 6 began the serving
of an intermediate sentence of from one to ten years in
the Nebraska State Penitentiary at Lincoln, according to
a special press dispatch from that place to the Omaha "Bee"
on that date. On Feb. 20, Mathews pleaded "guilty"
to an indictment charging him with the embezzlement of
$200,000 of the funds of the Pioneer State Bank before
District Judge Leslie at Omaha, according to the Omaha
"Bee" of Feb. 21. We reported the failure of the Pioneer
State Bank in these columns in our issue of June 11 1921.
Frederick C. Harding, Now York agent of the Anglo
South American Bank, Ltd., on March 30 received the following cable dispatch from the head office of the bank in
London:
"The Board of Directors of the Anglo-South American Bank, Ltd., have
declared an interim dividend of 6 shillings per share, less tax. payable
April 22 1922. This is the equivalent of a distribution at the rate of 6%.
or 12% per annum,on the paid up capital of the bank."
We are advised that the Standard Bank of Canada,(head
office Toronto) has declared a dividend for the current
quarter, ending the 30th of April, 1922, at 33'%, being at
the rate of 14% per annum upon the paid-up capital stook
of the bank, and which is to be payable on and after the 1st
According to a special dispatch from Arkansas City, Kan.,
on March 26, printed in the Topeka "Capital" of March 27, of May, 1922, to shareholders of record as of the 17th of
Victor E. Creighton, former President of the Traders' State April, 1922. •
Bank of Arkansas City (the closing of which, by the State
Chicago Stock Exchange.—Record of transactions at
Banking Department on March 15 was reported in these
columns in our issue of March 18), was arrested on Saturday Chicago Stock Exchange Mar. 25 to Mar.31, both inclusive,
night (March 25) for the alleged making of a false statement compiled from official sales lists.
Friday
Sates
to the State Bank Commissioner during the month of
Range since Jan. 1.
Last Week's Range for
Sale.
of Prices.
Week.
February "regarding assets of the bank which he knew at
Par. Price. Low. High. Sharcs.
Low.
Stocks—
High.
the time were not good." Mr. Creighton, the dispatch
25 87% 87% 87%
50 83
Jan 90
Mar
American Radiator
further states, was released under a bond of $7,500 pending American Shipbuilding _100
95
50 87
Jan 96
95
Mar
96%
580 91
Jan 98% Mar
Armour & Co, pref_ .. _ _100 96% 96
his preliminary hearing to-day (April 1).
15 12% 12% 12%
365 12
Feb
12% Feb
Armour Leather
At a meeting of the stockholders of the Continental Trust
Co. of Norfolk, Va., on March 20, the proposal of the
board of directors to conVert that bank into a national
institution was ratified. The application to convert the
trust company into a national institution was approved by
the Comptroller of the Currency a few weeks ago. The
Continental Trust has a capital of $350,000. The new
Institution, to be known as the Continental National Bank
of Norfolk, will have a capital of a like amount.
A charter has been issued by the Comptroller of the
Currency to the Texas National Bank of Beaumont, Tex.
The institution represents a conversion to the National
system of the Texas Bank & Trust Co. of Beaumont. The
change went into effect March 18. The Texas National
has a capital of $250,000.
A special meeting of the stockholders of the American
Exchange National Bank of Dallas, Texas, will be held on
April 11 to vote upon the proposal of the directors to declare
a stock dividend of $500,000 to be paid out of the bank's
undivided profits. This will increase the capital of the
institution from 81,500,000 to $2,000,000.
ligThe First Savings Bank of Oakland, Cal., with resources
of $11,000,000, has asked permission to change its name to
the American Bank. This institution was established in
1908, and has two active branches, and will start two new
branches in the near future. It is one of the group of banks
controlled by Philip E. Bowles, who is Chairman of the
board of:directors of the American National Bank of San
Francisco, President of the First National Bank of Oakland,
President of the First Savings Bank of Oakland and also
the StanislausiCounty Bank of Modesto, which he recently
established in conjunction,with a group of San Francisco
and Oakland bankers.
W. G. McAdoo has become associated with the Bank of
Italy, San Francisco, and will serve as its general counsel.
'Since Mr. MoAdoo's:Aresignation as Secretary of the
Treasury," said P. C. Hale, Vice-President of the Bank of
100
Preferred
Beaver Board
*
Booth Fisheries, new
100
Preferred
Case (J I)
100
2d preferred
Chic C&C Ry pt sh com *
Preferred
*
Chicago Elev Ry, com_100
100
Preferred
Commonwealth Edison-100
Consumers Co, corn...100
- 100
Preferred
10
Continental Motors
Crane Co, pref
Cudahy Pack Co, com-100
*
Earl Motors
100
Deere & Co, pref
100
Diamond Match
Godschaux Sugar, coin...*
Great Lakes D & D_ _ _ _100
Hartman Corporation...100
art,Schaf&Marx,com_100
10
Hupp Motor
25
Inland Steel
Libby, McNeill& Libby_10
10
Lindsay Light
Mid West Utilities,com100
100
Preferred
Prior preferred
*
Mitchell Motor Co
10
National Leather
Old
New
1
Orpheum Circuit, Inc_
Pick (Albert) dr Co__ -(5)
pig Wig Stores Inc "A"(*)
Pub Ser of Nor III, com_100
100
Preferred
100
Quaker Oars Co
100
Preferred
10
Reo Motor
Standard Gas& Elec_ _ - -50
50
Preferred
Stew War Speed, corn_ _100
100
Swift & Company
15
Swift International
Temtor Prod C & F"A"(5)
Thompson,JR,com_ __ _25
Union Carbide & Carb_(*)
United Iron Works vtc 50
United Light & Ry
Preferred
United Paper B'd,com_100
Vesta Battery
Wahl Co
(*)
Ward, Mont'& Co, pf_100
20
When issued
Western Knitting Mills (*)
100
Western Stone
Wilson dc Co, corn
(5)
Wrigley Jr. common____25
Yellow Mfg
10
Yellow Taxi
Bonds—
Armour & Co 4%s_ _ _ _1939
Chicago City Ry 5s_ _ -1927
Chicago Rys 5s, Ser A-1927
Chicago Telephone 5s..1923
rommonw V7dIgnn 5s_ _1943
34
7%
6%
127%
6135
7%
3%
116%
96
16%
4%
5%
38
70
96%
1034
25%
40
94
175
21
16%
44
3734
104
2034
2%
44
57%
55%
76%
66
17
6%
100
170
77
66
961A
•No par value. x Ex-dividend.
84
84
834
8
6% 7%
34
35
4% 5
9
10
1% 1%
8
7
2% 2%
6% 7
127% 128
6
6
61% 613-6
7
7%
105% 105%
'66
06%
3% 4
71% 71%
116% 118
15%
15
95% 09
06
96
77
77
16%
15
48)4 49%
5%
4
3% 6
38%
37
71%
70
96% 97
6
6
2% 2%
234 234
10%
10
17% 19
23% 25%
23% 4134
100 101
93
95
175 175
04
94
2034 21
15
16%
43% 44
3634 3834
101 104%
21%
20
2% 2%
42% 4434
54% 5934
734 734
4434 56
77
75
13% 15
33
32
66'
65
90
90
17%
17
83.1 6%
1% 134
39% 3934
97 101%
170 185
82%
74
88
50
66
99
96
40 83
420
4
225
5'
300 34
175
3
215
9
480
%
325
4%
100
2%
1,365
1%
845 114%
5
100
150 59%
5
8,550
25 85
210 55
4,915
2%
35 00
375 105
200 10
450 81%
50 81
100 73
5,215 10%
200 48%
59,500
4
2,515
3%
805 27
845 53
525 82
50
3%
35
1%
200
2%
1,953
8%
180 1234
2,733 19
12,206 23%
300 8034
402 82%
80 143
124 9314
300 1334
580 13
390 42
21,925 24
1,380 9134
9,800 20
2
370
3,094 40
29,228 43
0
155
2,300 29
750 70
1,285 13%
50 27
3,960 50
40 76
1,170 12%
1,800
5
50
1
100 28
5,235 97
1,960 x125
27,710 57%
$8,000
88
50% 12,000
86% 8,000
99% 5,000
96/4 6.000
87%
50
49%
98%
9314
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
84
12
7%
36%
6
10
2%
9%
2%
7%
128%
6
61%
7%
106
68
6
72
118
18.
106
103
85
16%
54
7%
6
39
71%
97
6%
2%
2%
1134
19
28
4134
101
95
175
95%
21
1834
44
38%
108%
23%
5%
45
59%
9%
56
77
15
33
69%
90
17%
8%
1%
3934
110%
246
82%
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Feb
Mar
Feb
Feb
Feb
Mar
Mar
Fob
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Feb
Jan
Jan
88
80%
69%
99%
96%
Jan
Mar
Mar
Mar
Mar
APRIL 1 1922.]
PUBLIC DEBT STATEMENTS OF UNITED STATES
JANUARY 311922.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued Jan. 31
1922. delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with. the same date in 1921:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan. 31 1922. Jan. 31 1921.
$397,081,272 $345,111,086
Balance end month by daily statement, dm
Add or Deduct-Excess or deficiency of receipts over
-9,130,760
-12,156,023
or under disbursements on belated items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
1373
THE CHRONICLE
$384,925,249
$335,980,326
$3,383,626
63,510,903
108,511,459
118,387,545
$3,435,552
77,840,759
93,585,065
91,402,741
$293,793,533
$266,264,117
+591,131,716 +569,716,209
Balance, deficit(-) or surplus (+)
INTEREST-BEARING DEBT OUTSTANDING.
' Interest Jan. 311922. Jan. 31 1921.
Payable.
Title of Loan599,724,050
Q.-J, 599,724,050
2s, Consols of 1930
118,489,000
Q.-F, 118,489,900
4s, Loan of 1925
Interest Jan. 31 1922.
Payable.
$
Title of LoanPanama Canal Loan:
48,954,180
Q.-F.
2s of 1916-36 _
Q.-F.
25,947,400
2s of 1018.38.
Q.-M, 50,000,000
3s of 1961
28,894,500
Q.-J.
3s, Conversion bonds of 1946-47
J.-J. 2,081,205,500
Certificates of indebtedness
Certificates of indebtedness under Pittman Act_ J.-J. 113,009,000
1.4. 1,410,074,050
3;s,First Liberty Loan, 1932-47
J.-D.
14,167,900
4s, First Liberty Loan, converted
J.-D. 524,346,550
43(s, First Liberty Loan,converted
3,492,150
44s, First Liberty Loan, second converted_ __ _J.-D.
M.-N.
62,076,850
4s, Second Liberty Loan, 1927-42
3,250,531,850
434s, Second Liberty Loan, converted
M.-S. 3,591,665,300
445, Third Liberty Loan of 1928
A.-0. 6,348,561,950
434s, Fourth Liberty Loan of 1933-38
J.-D. 389,237,650
334s, Victory Liberty Loan of 1922-23
J.-D. 3,124,469,900
1922-23
of
Loan
Liberty
Victory
434s,
Mat. 653,687,521
4s, War Savings and Thrift Stamps
J.-J.
11,830,440
234s, Postal Savings bonds
J.-D. 701,897,700
5s to 5348, Treasury notes
Jan. 31 1921.
$
48,954,180
25,947,400
50,000,000
28,894,500
2,351,159,500
8292,229,450
1,410,074,350
27,825,000
510,954,350
3,492,150
115,600,400
3,207,125,200
3,646,576,600
6,362,604,550
711,204,200
a3,489,669,450
743,278,553
11,718,240
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
23,152,255,341 23,755,522,023
226,840,632
230,276,736
6,278,890
6,241,300
Total debt
Deduct Treasury surplus or add Treasury deficit
23,388,773,377 23,988,641,545
+91,131,716 +69,716,209
23,297,641,661 23,918,925,336
Net debt
a Does not include partial payments received amounting to $14,455.
b Of these totals $32,854,450 bear various rates of interest.
NOTE.-Issues of Soldiers' A Sailors' Civic Relief bonds not included in the above:
total issue to Jan. 31 1922 was $195,500, of which $144,400 has been retired.
r's
Condition of National Banks Dec. 31.-The statement of conditions of the national banks under the Comptrolle
for previous calls
call of Dec. 31 1921 has been issued and is summarized below. For purpose of comparison, like details
in the
back to and including Dec. 29 1920 are included. A feature of the period since deflation in prices became a factor
deposits,
business situation has been a moderate contraction in the volume of loans and a concurrent shrinkage in the total of
more particularly those of individuals subject to check.
NATIONAL BANKS IN THE UNITED STATES ON DEC. 29 1920 AND FEB. 21,
ABSTRACT OP REPORTS OF CONDITIONS OF
APRIL 28, JUNE 30, SEPT. 6 AND DEC. 31 1921 (In thousands of dollarsl.
Dec. 291920. Feb. 211921. Apr.28 1921. June301921. Sept. 6 1921. Dec.31 1921.
8,130 banks. 8,143 banks. 8,152 banks. 8,154 banks. 8,155 banks. 8,169 banks.
Resources-Loans and discounts_a
Overdrafts _________________________
_________________________Customers'
United States Government securities owned_b
Stocks, other than Federal Reserve bank stock
Stock of Federal Reserve banks
itc
Other bonds, stocks, securities,
______________________________
Banking house _
Furniture and fixtures
Banking house, furnitund fixtures
Other real estate owned
_____
Lawful reserve with Feder-al
Items with Federal Reserve banks in process of collection
Cash In vault__________________________ __
Amount due fro national
Amount due from other banks, bankers and trust companies
house
Exchanges for clearing
place
Checks on other banks In the same
Outside checks and other cash items
S. Treasurer
U.
from
due
and
Redemption fund
not collect
Interest earned
Other assets...
. . . Total
11,125,099
9,970
238,287
2,019,497
10,977,614
12,355
202,354
1,861,977
10,981,783
9,949
200,663
1,975,898
1,990,970
2,005,584
1,973,749
2,081,442
399,038
52,398
1,077,155
313,385
402.223
c752,934
c218,997
390.465
37,101
39,789
35,600
410,392
51,742
1,040,205
328,002
374,349
756,861
259,656
656,093
60,478
61,238
36,290
421,027
52,939
1,029.978
305,469
357,798
808,619
231,044
467,845
54,973
55,242
35,845
429,929
54,368
1,143,259
349,911
341,811
863,508
228,802
437,750
69,236
62,209
36,697
11,680,837
12,360
330,023
2,047,234
57,438
68,508
1,854,879
338,458
52,302
46,966
1,184,736
422,602
494.400
c942,174
c255,399
620,945
53,752
56,877
38,376
51,252
224,093
47,651
1,128,517
334,722
397,773
c901.201
c216,957
473,208
46,016
46,066
37,101
46,114
190,286
198.711
. 204,703
165,274
152,921
21,367,799
20,307,651
19,570,699
19,638,446
19,014.102
19,420.136
1,273.205
1,029,406
431,204
69,020
44,225
16,091
684,366
14,713
c887,018
c1.501,563
122,386
166,202
8,960,593
3,712,430
113,449
15,478,354
121,895
3,639
21
1,271,383
1,024,761
521,164
1,273.880
1,026,256
496,155
1,276,177
1,027,373
538,784
1,282,432
1,033,406
464,782
704,668
704,1'47
16,068
18,678
757,985
699,705
1,432,628 . 1,343,245
124,870
147.003
175,243
189,647
8,352,756
8,709,825
3,680,704
3,695,806
109,981
249.039
15,142,331 14,560,852
84,847
100,324
717,473
18.882
779,783
1,467,221
56,061
208,795
8,606,943
3,749.328
188,089
15,075,102
66,923
Liabilities1,272,291
Capital stock paid In
1,019,928
- 7
---------,
Surplus fundand taxes paid
495,722
Undivided profits; less expensesbut
not earned
73,075
Interest and discount collected
accrued
46,516
taxes
for
reserved
Amount
21,950
Amount reserved for all interest accrued
693,919
National bank notes outstanding
17,900
Due to Federal Reserve banks
c938,053
Amount due to national banks
trust
and
bankers
companies
banks,
c1,589,767
other
to
due
Amount
178,584
Certified checks outstanding
204,318
Cashier's checks on own bank outstanding
9,505,175
Demand deposits
3,631,837
Time deposits212,123
United States deposits16,277,757
Toal deposits140,551
td Statos o
Unite
4,399
Other bonds borrowed
5
States or other bonds) borrowed
Securities (other than Unitedthan
United
States)
borrowed
(other
securities
and
Bonds
Reserve
banks
Federal
151,775
with
Bills payable, other than Reserve banks
759,247
Bills payable with Federal
Advances received from War Finance Corporation
58
State bank circulation outstanding
5,565
Letters of credit and travelers' checks outstanding
375,416
Acceptances :
-and 1;3-hit
ash'dollar WA-a-rile;
Acceptances executed -for customers
less those purchased or discounted
•
banks
other
Acceptances executed by
103
Time drafts outstanding-- ---------------29,522
Liabilities other than those-staled-above
Total
Liabilities for rediscounts, including those with Federal Reserve banks
11,367,074
10,770
282,478
2,001,811
12,095,295
16,996
354,184
2,131,573
57,191
68,505
1,864,758
336,901
50,824
679,577
16,511
c751,749
cl ,337.072
108,338
162.735
8,601,787
3,698,518
175,149
14,851,859
130,785
123,169
658,283
4,086
136,923
585,023
2,830
140,195
452,368
3,230
133,836
417,859
5,740
103.059
381,889
11,375
59
5,726
345,644
5,317
6,188
4.976
3,951
287,177
17,054
239,682
11.243
206.507
11.673
202,378
16,558
507
22,837
55,590
42,847
43.320
55,068
19,014,102
19,420,136
705,078
523,606
21.367,799
20,307.651
19,570.699
19,638.446
1,431,641
1,144,077
989,556
d879.416
Details of Cash In Vault36,749
40,152
44,134
21,433
21,745
20,686
Gold coin and certificates--36,949
36,790
64.625
43,735
43,880
47,991
--Silver and minor coin and certificates
9
55
72
20
10
.
3,813
House
Clearing
certificates---------------------268,104
280,801
265,518
337,035
332,138
421,91.0
----------------------------------------------Paper currency-- Details of Demand Deposits8,069,775
7,849,408
8,036.561
8,042,173
8,366,522
8,919,566
Individual subject to check-- ---------274,538
281,083
290.414
305,707
344,976
377,423
- -Certificates due In less than 30da
115,712
110,335
118,493
122,310
119,954
100,840
State and municipal- _ _
----------------------43.655
46.564
52,746
•
47,602
48,353
notice
days'
48,393
Deposits subject to less than---38,747
1,676
32,281
1,444
1,520
3,984
--------Dividends unpaid
--- _
deposits----64,516
63,390
179,330
82,551
79.268
54,969
-demand
Other
------------------------------------------------Details of Time Deposits991,564
980,604
980,918
991,574
1,016,939
1,006,621
Certificates due on or about 30 days
16,791
27,316
21,998
17,828
16,926
15,550
State and municipal--------------------------------------------30,839
34,210
36,384
40,474
43,567
42,369
Postal savings-2,710,134
2,638,574
2,660,678
2,644,472
2,634,998
2,567,297
Other time deposits-----------------------------------------------------------Percentages of Reserves-.
14.28%
13.15%
12.02
12.91%
13.03
13.1270
Central Reserve cities---------------10.577
9.83%
10.277'
10.22
10.33
10.2370
----------------cities
Reserve
------------Other
------------12.45
11.45%
11.11
11.55'
---11.62
-----------11.63%
-------------------------All Reserve cities
------------7.62
------7.31%
7.52l
7.541
7.47
7.69%
Country banks
------------------------------------------10.284
9.53%
9.464
9.69%
9.70%
9.83%
---Total United States -----------------------------------notes, United States certificates of indebtedness
• a Includes customers' liability under letters of credit. b Includes Liberty Loan bonds. Victory
"Net amounts." d Erroneously reported
and all other issues of United states Government securities. c Prior to June 30 1921 this item called for
in June 30 1921 abstract at $878,344,000.
1374
THE CHRONICLE
The price of silver in New York on the same days has been:
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 9 1922:
Sliver In N. Y., per oz. (cts.):
Domestic
9934
Foreign
644,
j
GOLD. /
The Bank of England gold reserve against its note issue is £126,932,465
as compared with £126,932,135 last week.
A small amount of gold has been on offer and has been absorbed mainly
for India.
No arrivals of' gold are reported in New York.
The Indian Labor Gazette of January last makes the following remarks
about conditions in India touching the precious metals: ". . . in India
in addition to gold for currency purposes there is a vast outside bullion
market and this works irrespective of the trade balances, and the level of
bullion prices is the main factor in regulating the import and exnort of
bullion, particularly of gold. If the price of gold and silver falls low,
inquiries spring up from almost all parts of the country, and conversely
if the prices are high, large quantities of the precious metals come for
sale from all Indian bullion centres to Bombay. In recent months gold
to the value of 3.35 crores of rupees has been imported from Mesopotamia
(from April to December 1921) and 3.23 crores of this amount were in the
form of Turkish gold coins. Gold from Mesopotamia was received in
payment of exported merchandise-the only way that Persia and Mesopotamia can balance their trade now that exports via Moscow and London
are no longer possible for these countries."
The newspaper "Rul" under date of March 7 last stated that "a few
weeks ago 250 cases of gold arrived in Stockholm. They were followed by
another consignment of 515 cases. On February 18 a further consignment
of 529 cases of gold was landed from Reval."
CURRENCY.
The amount of gold coin minted by the Banque de France in 1921 was
valued at 4.239.560 francs, comprising 1.281 five-louis pieces, 202,259
one-louls pieces, and 6.428 pieces of ten francs, according to the report
of the Commission of Control of Monetary Circulation. These coins were
minted from a quantity of gold bars received by the Banque de France
in 1914 and not previously dealt with owing to the outbreak of the war.
No new French silver pieces were made during 1921. Demonetized
coins bearing the effigy of Napoleon III, which were called in from circulation In 1918, 1919, and 1920, were melted down and minted anew.
The total value of coins thus called in was 72,000,000 francs, but owing to
depreciation in weight, only 67.500.000 francs in new silver coins was
minted from them. The cost of transforming those coins. including the
cost of the copper added to complete the alloy, amounted to 11,850,000
francs.
The amount of aluminum bronze coins issued in 1921 was 77,626,642
coins of a nominal value of 87.643,464 francs. The mint, up to Jan. 6 of
this year, had put into circulation more than 56,000.000 francs worth of
these coins and in exchange had withdrawn paper notes for that amount.
The number of metal coins of smaller values issued in 1921 totaled 96,244,721 of an estimated value of 10,751.668 francs.
SILVER.
Although the tone can hardly be said to be good, prices have somewhat
improved. Owing to a considerable demand for cash silver on the 3d inst.
upon a market poorly supplied with silver, the quotation for cash silver
rose Ud. to 32%d., and that for 2 months' delivery id. to 32%d. Fluctuations have taken place since, but on the whole the improvement has been
fairly well maintained. Amongst the contributory causes have been the
necessity for bears to cover their gash commitments, buying orders from
the Indian Bazaars, and the weakness of exchange with the United States
of America-though sales have been made from that quarter from day to
day. China has not been so free a seller as last week, nor have there been
any important Continental offerings.
The continuance of inquiry from India doubtless arises from the native
agitation in that country, a disquiet which inclines the people to hoard
precious metal.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Feb. 13 Feb. 22 Feb. 28
Notes in circulation
17295
17357
17387
Silver coin and bullion in India
7535
7598
7627
Silver coin and bullion out of India
-_---Gold coin and bullion in India
2432
2432
2432
Gold coin and bullion out of India
Securities (Indian Government)
6743
6743
6743
Securities (British Government)
585
584
585
The silver coinage during the week ending 28th ult. amounted to 1 lac
of rupees.
The stock in Shanghai on the 4th inst. consisted of about 40.200.000
ounces in sycee. 29.500.000 dollars, and 1.980 silver bars, as compared
with about 39.200.000 ounces in sycee, 28,000,000 dollars, and 1.310
silver bars on the 25th ultimo.
The Shanghai exchange is quoted at 3s. 1%cl. the tael.
-Bar Silver per Oz. Std.Bar Gold per
QuotationsCash.
2 Mos.
Oz. Fine.
March 3
32%d.
32%d.
938. 6d.
March 4
33d.
32%d.
March 6
32%d.
32%ci.
948. 6d.
March 7
33d.
323(d
948. 6d.
March 8
32 id.
32%d.
95s. Od.
March 9
334d.
33d.
958. Od.
Average
32.958d.
32.645d
94s. 6d.
The silver quotations to-day for cash and forward delivery are respectively
I%d. and 1%d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows the past week:
London,
Sal.
Mon.
Tues.
Wed. Thurs.
Fri.
Week ending Mar. 31.
Mar.25. Mar.27. Mar.28. Mar.29. Mar.30. Mar.31.
Silver, per oz
d. 33)4
33%
3334
3334
3334
343.
Gold, per line ounce
94s.10d. 95s.3d. 968.
958.3d. 95s.3d.
Consols, 234 per cents
56
55%
6634
5634
6634
sag
British, 5 per cents
98%
osg 9834 osg 9934
9834
British, 434 per cents
9344
9334
9334
9334
9334
0334
French Rentes (In Paris)_ Jr. 57.45
56.75
56.80
66.70
66.90
67.10
French War Loantin Parisnr. 78.95
78.95
78.96
78.96
78.96
78.96
Fol.,. 114.
9934
6434
9934
65
9934
6534
9934
6534
9934
6634
5.ammerciai anaMisceilantons4tuls
Breadstuffs figures brought from page 1448.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
815.1981bs.bush.60 Ms bush. 56 tbs.bush. 32 ibs.,Ibush.48 Osbush.56 lbs
Chicago
251,000
247.000 1,500,000 1,083.000' 244,000 227.000
Minneapolis
1,289.000
234,0001
398,000 182,000
74,000
Duluth
914,000
426.0001
18,000
91,000 628,000
Milwaukee..
24,000
13,000
514,000 210,00
338,0001
22,000
Toledo
34,000
35.000
20,000
5,000
Detroit
35,000
43,000
22,000
St. Joseph_
144,0
145.000
10,000
St. Louis_ _ _ _
87,000
546,000
367,000
392,000
13,000
1,000
Peoria
66,000
29.000
292,000
242.000
6,00
Kansas City.
746,000
270,000
73.000
Omaha
241,000
733,000
170.000
Indianapolis_
41,000
206,000
178,000
Total wk. '22
Same wk. '21
Same wk. '20
428,000
402,000
308.000
4,279.0001 4,589,000
3.805.0001 5,639.000
3,120.000
2,789,000
3,904,000
746,0001 1,057,000
507,0001 181,000
709,000 619,000
4'°79'°°°L°69'°°°
Since Aug.11921-22... _ 14.864,000267.722,000 293.748,000 152,295.00021.555.000 16,208.000
20,108.000258,506,000 161,419,000 141,151,00020,764.000 13,067,000
15,475,000163.937,000 143.354,000157.958,00024.406,00026,225,000
Total receipts of flour and grain at the seaboard ports for
for the week ended Saturday, March 25 1922, follow:
Receipts atNew York__.
Portland, Me.
Philadelphia .
Balt imore_ ....
Newport News
Norfolk
Mobile
New Orleans a
Galveston
Montreal ____
St. John
Boston
Flour.
1Vheat.
Corn.
Barrels. I Bushels.
721,000
230,0001
579,000
82,0001
47.0001
687,000
27,0001
180,000
Oats.
Bushels.
802.000
64,000
402,000
1,144,000
Barley.
Rye.
Bushels.
Bushels. Bushels.
586,000
134.0001 118,000
133,000
110,0001
43,000
60,000
21,000
I
47,000
31,0001
74,000
2,000
73,0001
133,000
129,000
95.000
220,000
2,000
'8.0001
54,0001
21.0001
249,0
19,000
1.000
263.00
140,000
54.000
28,000
53,000
29,00
1,000
Tot. wk. 1922 542.
2,746.0f/0 3.065,000
980.000
304.000 257,000
Since Jan.1'22 5,910.0001 43,454,000 56,430,0
9,062,000 2,109,000 2,976,000
Week 1921
469.0001 2,455,000 3,048,000
369,000
103,000
195,000
Since Jan.1'21 5,343.0001 47.604,000 22,186,000 5,306,000 3,109,000 6,979,000
a Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, March 25 1922, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
1,027,527 727,821 145.323 958,299 64,296 133.394
579,000
64.000 82,000 133,000 43,000 110,000
56,000
60.000 1,000
31,000
1,044,000 133,000 51,000
208,000 1,755,000
20,000 86,000 117,000
2,000
New York
Portland, Me
Boston.
Philadelphia
Baltimore
Norfolk
Newport News....
Pensacola
Mobile.
120,000
New Orleans
332,000 906.000 45,000
12,000
Galveston
368,000
86,000
Montreal.
St. John, N IL
220,000 263,000 54,000
28,000
Total week
3,834,527 4,114,821 380,323 1,182,299 103,296 360,394
Week 1921
3.173.600 3.542.880 293.182
51.000 443.900 67.000
The destination of these exports for the week and since
July 1 1921 is as below:
Flour.
Exports for Week.
and Since
Week
Since
July 1 toAfar .24 July 1
Wheat.
1Veek
Mar. 24
Since
July 1
Corn.
1Veek
Mar. 24
Since
July 1
Barrels. Barrels.
Bushels.
Bushels,
Bushels. Bushels.
233.152 4,514,768 1,707,711 68,246,040 1,142,928 29,261,918
112,862 4,302,841 2,090,816 154,303,774 2,956,893 76,744.031
2,000
469,835
36,000 2,810,637
2,000 2,058,416
14,000
721.042
5,000
13,000
858,410
6,100
18,309
490,378
1,575,500
19,508
---Total
380,323 10,504,964 3,834,527 226,896.951 4.114,821 108942289
Total 1920-21.... 293.182 10.311.783 3.173,600269,206,432 3,542.860 25.205.869
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit. No. Am.Col
Other Countries__
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, March 24, and since July 1 1921 and 1920,
are shown in the following:
Wheal.
Exports.
1921-1922.
Week
Mar. 24.
Since
July 1.
Corn.
1920-1021.
Since
July 1.
1921-1922.
Week I
Mar. 24.
Since
July 1.
1920-1921.
Since
July 1.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer_ 6,074,000327.438.000329,327.000 4,403,000 111.493,000 27,771,000
Danube ____
112,000 3.408,000
160.000 390,000 11,669,000 6,134,000
Argentina__ _ 6,071,000 64,729.000 43,735,000 698,0001 94,270,000 88,817.000
Australia __ 1,496,000 79,520,000 41,106,000
India
712,000 8,924.000
0th. counte
230,000
216,000, 6.081,00
2,879,000
Total
13,753.000 475,807,
433.012,
5.666,000223.453.00 124,801,000
Price.
Shares. Stocks.
$3 lot
0 Samoset 011, common
100 Parkside Mills, pref., 110 ea.WOO
80 Parkside Mills, corn., 310 ea.f lot
152 No. 121 Madison A venue_S5 lot
12,000 Imperial Production Co.,
$10 lot
$1 each
14,338 Union Oil & Ref., il each_ _S8 lot
10 Tex La-Homa Oil
34 lot
850 Burk, Diamond Oil, il ea_ _24 lot
2,380 Manhattan Texas Petro$36 lot
lentil. $1 each
4,672 Imperial Production, $1 ea.$6 lot
35 Newport Casino
$250 lot
By Messrs. R. L. Day & Co., Boston:
$ per sh.
!Mans. Stocks.
93%
5 Ipswich Mills, preferred
77
25 American Mfg., preferred
114
10 West Point Mfg
974
6 Great Falls Mfg
94-10
50 U.S. Worsted, 1st pref
983
5 Esmond Mills, preferred
220%
4 Naumkeag Steam Cotton
914
4 Bigelow Hartford Carpet
103 4
10 Towle Mfg., ex-dividend
17 Boston Beit'g Corp.. pf.. $50 ea. 30
54 Waltham Bleachery& Dye Wks.. 5654
8554
6 Workingmen. Loan Assn
10 Rights Hartford Fire Maur_...226l(
93%
2 W. L. Douglas Shoe. pref
1 Central Maine Power,7% pref_ 91%
12 American Plano. preferred__ 79
604
$ American Piano, common
Shares. Stocks.
$ per sh.
1204
13 Waiter Baker & Co., Ltd
25 Charlestown Gas & El., $50 ea_108
33 Atlantic Coast
16X-165i
Bonds.
Per cent.
$1,500 Eastern Mass St. Ry. 6s,
1925, ext. to 1948, Series D._7851-784
100 Eastern Mass. St. Ry. Ref. 6s,
1929
924
500 Eastern Mass. St. Ry.Os, 1928,
Ser. S. C
93
400 Eastern Mass. St. Ry.6s, 1929,
92%
Ser. S. C
500 Eastern Mass. St. Ry. Ref. 58,
Jan. 1948, fier. B
87
$60 Eastern Mass. St. Ry. scrip for
17% lot
adj. stock
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sit.
Mares. Stocks.
272%
1 Merchants' Nat. Bank__
1 Commonwealth Trust Co.__ 180
10
200 U. S. Worsted
10 U. S. Worsted, lit pref._ __ 10
$20 E. Mass. St. Ry. adj. ilk. scrip 534
59
5 Maine Central RR., pref
90
10 Converse Rubber Shoe.
59%.59%
20 Wickwire Spenser it% pfpref.-
$ per sit.
Shares. Stocks.
50 United Elec. Securities, pref__ 95
14 American Mfg., pref.._
50 W. M. Lowney. pref ------25
10() Melones G. Mining Co__ - -40s.
Bonds.
' Percent.
$25 E. Mass. St. Ry. 58, 1048.... 18
• Ex-dividend.
By Messrs. Barnes & Lofland, Philadelphia:
$ per sit
Shares. Stocks.
275 lot
300 Arvon Slate Co
2734
100 Phila. Rapid Transit
290
44 Fourth Street Nat. Bank
6 Girard National flank...3763 377
175
3 Northern National Bank
39 Rights to subscribe to Bank of
North America, 0 3200____ 0(134
10 Real Estate Title Ina. & Trust_361
400
4 Provident Trust
Commonw'th Tills, Ins. & Tr_218
10 Continental Eqult. Title & Tr _1044
$50 each.
2 Montgomery Trust, Norris227
town, Ps
15 Liberty Starters Corp.. prat ..S1 lot
15 Liberty Starters Corp., no par.$1 lot
5 American Pipe & Construe. Co_ 15
100 Camden Fire Ins. Ann., $5 ea. 1154
10
25 Paramount Rubber Cons
6434
5 Elmira & Williamsport RR
634
10 Philadelphia liourse
$ per sit.
Shares. Stocks.
10
10 Philadelphia Life Ins
16
100 Tacony Steel, pref
Percent.
Bonds.
$8,000 Arkansas River Oil & Gas 7s,
39
1929
$2,000 Empire Gas & Fuel Os, 1024. 0534
$100 U. S. 4th Lib. L'n 434s, 1938_ 984
$8,000 Huntingdon Development &
Gas 6s, 1036
75
$5.000 Tennessee By., Light & Pow.
9231
88. 1922
$2,000 Indiana Service Corp. 3-5a,
2020
47
$3,000 Yosemite Lumber (is, 1927_ 855(
$3.000 Tennessee Power 55. 1962._ 78
$4.500 York Haven Water & Power
5s, 1951
004-904
52,000 J. Eavenson & Sons, Inc.,
Os, 1939 (reg.)
95
$4,000 Bartlesville Gas & Elec. 8s,
1947
87
National Banks.-The fo lowing information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Mar. 20-The Farmers National Bank of Cotton Plant, Ark
$25,000
Correspondent, J. W. Hill;Cotton Plant, Ark.
Mar. 21-St. Louis National Bank, St. Louis, Mo
200,000
Succeeds the Union Station Trust Co., St. Louis, Mo.
Correspondent, Thos. N. Karraker, 5799 McPherson
Ave., St. Louis, Mo.
25,000
Mar. 22-The Walling National Bank of Wallins Creek, Ky
Correspondent, Dr. W.K.Howard, Wallins Creek, Ky.
50,000
The First National Bank of Cranford, N. J
Staples,
C.
Clinton
Cranford,
N. J.
Correspondent,
25,000
The New Market National Bank. New Market, N. J_
Correspondent, Joseph E. Kelly, P. 0. Box 111, Now
Market, N. .1.
APPLICATION TO ORGANIZE APPROVED.
$25,000
Mar. 21-The First National Bank of Tribune. Nan
Succeeds the First State Bank of Tribune, ICan.
Correspondent, Ward Lobdell, Tribune, Kan.
APPLICATION TO CONVERT RECEIVED.
Mar. 20-The First National Bank of Victoria, Va
$25,000
Conversion of the Virginian Bank of Commerce,
Victoria. Va.
Correspondent, L. D. Hatch, Cashier Virginian Bank
of Commerce, Victoria, Va.
CHARTERS ISSUED.
$200.000
Mar. 20-12140 Duluth National Bank, Duluth, Minn
Conversion of Duluth State Bank, Duluth, Minn.
President. J. J. Eklund; Cashier, F. G. Beamsley.
Mar. 21-12141 The First National Bank of Fletcher, Okla
25,000
Succeeds the Fletcher State Bank, Fletcher, Okla.
President, E. W. Dilling: Cashier, J. M. Weaver.
12142 First National Bank in Granite. Okla
25,000
Conversion of State Guaranty Bank of Granite, Okla.
President. A. L. Thurmond; Cashier. DeWitt Holden.
Bank,
National
Enumclaw,
22.-12143
Mar.
The Enumclaw
Wash. 50,000
Conversion of Peoples State Bank of Enumclaw, Wash.
President, B. R. Kibler; Cashier, J. W. Davis.
12144 The Security National Bank of Ada, Okla
100,000
Conversion of the Security State Bank of Ada, Okla.
President, H. W. Wells; Cashier, Leslie Prince.
Newfield,
of
N.
J
25,000
Mar. 24-12145 The First National Bank
President, Richard W.Dyer:Cashier, Alfred Chalmers.
Mar. 25-12146 The Carolina Nat. Bank of Spartanburg,So. Caro. 200,000
Succeeds the Bank of Spartanburg, So. Caro.
President, Win, S. Glenn; Cashier. J. Wirron Willson.
12147 The First National Bank of Carter. Okla
25,000
Conversion of First State Bank of Carter, Okla.
President, E. K.Thurmond;Cashier,3.0. MacKenzie.
12148 The First National Bank of Coyle, Okla
25,000
Conversion of Peoples State Bank, Coyle, Okla.
President, M. E. Fruin; Cashier, Nona M. Pruitt.
CORPORATE EXISTENCE EXTENDED.
Until Close of Business
Mar. 20 1942
8193 The Sheffield National Bank, Sheffield Pa
6182 The Clarion County National Bank of Edenburg (P. 0.
---,- - Knox), Pa- -.. --- ,
Mar. 21 1942
Mar. 21 1942
6199 The First National Blank of llills, Minn
Mar. 21 1942
6225 The First National Bank of Drayton, No. Dak
Mar. 21 1942
6232 The First National Bank of Ralston, Okla
Mar. 24 1042
6230 The American National Bank of McAlester, Okla
i186 The Manufacturers& Traders Nat.Bank of Buffalo,N.Y.,Mar. 25 1942
Mar. 25 1942
197 The First National Bank of Carthage, Texas
Mar. 25 1942
207 The First National Bank of Louisville, Ga
Mar. 26 1942
250 The First National Bank of Hooversville, Pa
CORPORATE EXISTENCE RE-EXTENDED.
Mar. 23 1942
2705 The First National Bank of Georgetown, Ohio
2669 The National Bank of West Grove, Pa
Mar. 24 1942
2663 The State National Bank of Maysville, Ky
Mar. 26 1942
CHANGE OF TITLE.
Mar.21-7125 The Moffet Brothers' National Bank of Lamed, Kan.. to
"First National Bank in Lamed."
VOLUNTARY LIQUIDATIONS.
Mar.25-The National State Bank of Mt. Pleasant, Iowa, No. 922,
capital $100.000. Effective Mar. 10 1922. Liquidating
agents, First National Bank of Mt. Pleasant. Iowa. Absorbed
by the First National Bank of Mt. Pleasant, No. 299. Liability for circulation, however, has not been assumed under
Section 5223. U. S. R. S.
The First National Bank of Rosedale, Miss., No. 10745, capital
$125,000. Effective Mar. 6 1922. Liquidating agent, L. 0.
Brown. Rosedale, Miss. Succeeded by the Rosedale National
Bank, Rosedale, Miss., No. 12073. Liability for circulation
assumed under Section 5223, U. S. R. S.
Canadian Bank Clearings.-The clearings for the week
ending March 23 at Canadian cities, in comparison with the
same week in 1921,show a decrease in the aggregate of 7.0%.
Week ending March 23.
Clearings at
1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William__ _
New Westminster
Medicine Hat
Peterborough_ --Sherbrooke
Kitchener
Windsor
Prince Albert..-Moncton
Kingston
Total Canada_
w-
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian II. Muller & Sons, New York:
Price.
Kkares. Stocks.
840 lot
50 Greist Mfg., 2d pref
$6
233 Dodge Processes, Inc
$5 lot
50 Chicago Utilities, pref
20 Compania Metalurgica Mex.(
}$20
icana, corn
22 Comp.Metaltirgica Mex.,pf.t lot
100 Indiana Flooring, 2d p1.51,200 lot
3,000 Mines Holding & Operating
$8 lot
Corp., $1 each
200 Rolls-Royce of Am., pf _217 p. sh.
20 Rolls-Royce of Am., cornmon, v. t. c
14 per sh.
25 lot
8 Samoset 011, prof
1375
THE CHRONICLE
Arial, 1 1922.1
250 2117 303
Inc. or
Dec.
1921.
1920.
$
$
%
100,802,152 -12.4 121,556.498
94,309.284 -4.0
96.115.240
36,674,955 +5.8
42.274.150
12.621.492 +6.7
18.401.955
6.621.687 -12.1
8,170.429
5,927.410 -15.5
5.864,998
3.839.681
3.885.241 -5.6
6.630.091
5.486,086 -13.3
3,173.298
2,687.790 -7.1
3.423.271
2,809,283 -13.6
8,380,117
6.121.426 -23.9
2,308.980
2.697,380 -25.3
6,184.947
4.294,657 -9.4
3,994.017
3,316,556 -18.9
648,457 -26.6
682.032
526,186 -11.6
751.190
1.816,925 -20.4
2.044.231
1,136.456 -16.7
1,251.376
1,284.878 -18.3
1,610.519
864.980 -28.4
869,797
484,598 +1.3
886.358
439.091
380.987 -0.5
821.970 -23.2
903.91$
1,001,365
1,035.454 -29.8
928,553 +10.8
1,175,370
2.996,785
2,735.048 +14.2
481.505
306.087 -6.2
1,178.264 -15.5
Not Included in total 11
am 304.242
-70
345.0l.201
1919.
$
100.572.938
68,497.640
28,685,050
10.634.748
6,227,892
4.077.274
3,490,685
4.948.833
2,239.584
2,250.948
5.342.012
1,046,321
3.203,035
2,709.038
588,580
471.323
1,573.060
816.501
1,237,064
504.165
446,145
367,581
872,791
943.710
672.566
1,003,460
336.9911
254.460.7211
DIVIDENDS.
Dividends are now grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam)
Bangor & Aroostook, common
Preferred
Del. Lackawanna & Western (quar.)_
Georgia RR.& Banking (guar.)
Meadville. Conneaut & Linesville
New London Northern (guar.)
N. Y. Chic.& St. Louis, 1st pref.(quar.)
BIrst preferred (quar.)
First preferred (guar.)
First preferred (guar.)
Second preferred (quar.)
Pittsburgh & West Va., pref. (quar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Apr. 1 Holders of rec. Apr. 24.
2
334 Apr. 1 Holders of rec. Apr. 24a
Apr. 20 Holders of rec. Apr. 8
Apr. 15 Apr. 1 to Apr. 14
3
Apr. 1 Holders of rec. Mar. 151
2
24 Apr. 1 Mar. 16 to Mar. 31
.13,
1 Apr. 20 "Holders of rec. Apr. 8
.1g June 30 "Holders of rec. June 19
g Sept.30 'Holders of rec. Sept. 19
•14 Dec. 30 'Holders of rec. Dec. 19
•14 Apr. 20 *Holders of rec. Apr. 8
el% May 31 *Holders of rec. May
Street and Electric Railways.
Cin. Newp.& Coy. L.& Tr.,corn.(qu.). 134 Apr. 15 Apr. 1 to Apr. 14
14 Apr. 15 Apr. 1 to Apr. 14
Preferred (quar.)
34 Mar.31 Mar. 16 to Mar.31
City Ry.(Dayton,O.),common (quar.)154 Mar.31 Mar. 16 to Mar.31
Preferred (quar.)
Columbia(S.C.) Ry.,Gas& El., pf.(qu.) 154 Apr. 1 Mar. 28 to Mar.31
134 Mar. 31 Mar. 22 to Mar.31
Conestoga Traction, pref. (guar.)
Georgia Light, Power & Rys. pref. (qu.) 134 Apr. 1 Holders of rec. Mar. 240
Green AL CoatesSts.Pass.Ry.;Phila.(qu.) *21.30 Apr. 7 *Holders of rec. Mar. 23
154 Apr. 1 Mar. 16 to Mar.81
Illinois Traction. preferred (quar.)
134 Mar. 31 Holders of rec. Mar.201
Iowa Ry. & Light, pref. (guar.)
Kansas City Pow.& L.. 1st p1.(m'thly) 66 2-3c Apr. 1 Holders of rec. Mar.20
Kansas City Power Securities. pref.(q.1.) $1.25 Apr.. 1 Holders of rec. Mar.205
85c. Mar. 31 Holders of rec. Mar. 23a
Lancaster Co. Ry. at Lt., common
14 Mar. 31 Holders of rec. Mar. 23a
Preferred (quar.)
Mar. 31 Holders of rec. Mar.25a
Manhattan Bridge 3-Cent Line (quar.)..
May 1 Holders of rec. Apr. 20a
Milwaukee Elec. Ry.& L.6% p1. (qu.).
(qu.)
pf
Apr. 1 Holders of rec. Mar. 21a
&E.,
G.
Ry.,
Newp. N.& Hamp.
pref.(quar.)
Northern Ohio Tr.&
134 Apr. 1 Holders of rec. Mar. 151
Lt.*St. Ry., pref_ _
151 Apr. 1 Mar. 19 to Mar.31
Omaha & Council Bluffs
Mar. 31 Holders of rec. Mar. 154
Springfield & Xenia Ry., pref.(quar.)_
Apr. 1 Holders of rec. Mar. 20a
Stark Electric Ry. (quar.)
Apr. 29 Holders of rec. Apr. 19a
York Railways, pref. (quar.)
Mar. 31 Holders of rec. Mar. 15a
Youngstown St Ohio River RR., pf.(qu.)
134
134
134
134
13.1
itm
Banks.
First National of Brook1111 (quar.)
New Netherland (quar.)
3
2
Trust Companies.
Corporation (quar.)
234 Mar. 31 Holders of rec. Mar.31a
Miscellaneous.
Acadia Mills(quar.)
Acme Road Machinery, corn.(quar.)
Preferred (quar.)
Alliance Realty (quar.)
Allied Chemical & Dye Corp.,corn.(qu.)
American Coal (quar.)
Amer. Fork & Hoe, 1st pref
American Glue, pref. (quar.)
American Hardware Corp. (quar.)
American Hawaiian S. S.(guar.)
American Ice, common (quar.)
Preferred (quar.)
American Lace Mfg.. common (quar.)..
Amer. laundry Mach'y, pref. (quar.)..
(q ti
)
1, coin. (quar.)
Mari1.
Amer. Rolling
Preferred
American Royalties Corp., pref. (qu.)...
Arkansas Light & Power, pref.
Apr. 1 Holders of rec. Mar.24
Apr. 1 Mar. 26 to Mar.31
$2 Apr. 1 Holders of rec. Mar. 21
2
Apr. 1 Mar. 26 to Apr. 1
1
Apr. 1 mar. 28 to Apr. 1
2
Apr. 17 Holders of rec. Apr. 8
$1 May 1 Holders of rec. Apr. 14
.31 May 1 "Holders of rec. Apr. 10
35.4 Apr. 15 Holders of roe. Apr. 54
May 1 *Holders of rec. Apr. 22
.2
Apr. 1 Mar. 22 to Apr. 1
2
371ic. Apr. 1 Holders of rec. Mar. 224
134 Apr. 25 Holders of rec. Apr. 74
Apr. 25 Holders of rec. Apr. 74
Apr. 1 Holders of rec. Mar.20
2
134 Apr. 15 Apr. 6 to Apr. 16
50c. Apr. 15 Holders of rec. Mar. 318
1% Apr. 15 Holders of roe. Mar. 31.
Apr. 1 Holders of rec. Mar. 284
2
1% Apr. 1 Mar. 16 to Mar. 19
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Amer. Shipbuilding, common (quar.)_ _ _ *13 Apr. 24 *Holden; of rec. Apr. 10
Apr. 24 *Holders of rec. Apr. 10
Common (extra)
*20
*14 Apr. 24 *Holders of rec. Apr. 10
Preferred (guar.)
*14 Aug. 1 *Holders of rec. June 30
Preferred (quar.)
Art Metal Construction, corn. (quar.)_ _ 25e. Apr. 29 Holders of rec. Apr. 14a
75c. Apr. 1 Holders of rec. Mar. 27a
Arundel Corn. (quar.)
Asbestos Corp. of Canada,corn.(guar.)- 134 Apr. 15 Holders of rec. Apr. 1
13( Apr. 15 Holders of rec. Apr. 1
Preferred (quar.)
May 1 *Holders of rec. Apr. 15
Associated Dry Goods, corn. (quar.)_ _ _ 51$1
*134 June 1 *Holders of rec. May 13
First preferred (quar.)
June 1 *Holders of rec. May 13
Second preferred (quar.)
Apr. 15 Holders of rec. Apr. 14a
Associated Industrials Corp., 1st pf.(qu.) 2
Associated Simmons Hardware, pf.(qu.)- 13( Apr. 1 Mar. 22 to Mar. 31
Apr. 15 Holders of rec. Mar. 31
Atlas Brick, Ltd., pref.(No. 1)
1% Apr. 1 Holders of rec. Mar. 17a
Ault & Wiborg Co., pref.(quar.)
Apr. 1 Holders of rec. Mar. 20a
2
Babcock & Wilcox Co.(quar.)
Mar. 30 Holders of rec. Mar. 29a
2
Bell Telephone of Pa. (quar.)
May 15 Holders of rec. May 8
Bond & Mortgage Guarantee (guar.)_ _ _ _ 4
1% Apr. 1 Holders of rec. Mar. 20a
Boston Sand & Gravel, pref. (quar.)_ _
Apr. 1 Holders of rec. Mar. 15a
Cadet Knitting, 1st pt.& pf.(quar.)_
2
California Elec. Generating, pref. WO - 134 Apr. 1 Holders of rec. Mar. 18a
Apr. 20 Apr. 15 to Apr. 20
Canada Tea, Ltd., pref.(quar.)
2
Canadian Consol. Rubber, pref. (quar.)
1% Mar. 31 Holders of rec. Mar. 27a
Canadian Explosives, common (quar.)_ _
134 Apr. 30 Holder's of rec. Mar. 31a
Preferred (quar.)
14 Apr. 15 Holders of rec. Mar. 31a
Apr. 1 Holders of rec. Mar. 20a
Canadian Westinghouse, Ltd. (quar.)... 2
Canfield Oil,common (quar.)
Mar. 31 Mar. 21 to Apr. 4
Preferred (quar.)
Mar. 31 Mar. 21 to Apr. 4
'Cartier. Incorporated, pref. (quar.)
13( Apr. 29 Apr. 16 to Apr. 30
Cincinnati Abattoir, 1st & 2d pt. (qtr.)._
IX Apr. 1 Mar. 22 to Mar. 31
Cement Securities ((Mar.)
2
Mar. 31 Holders of rec. Mar. 15a
Central Coal & Coke, corn. (guar.)
134 Apr. 15 Holders of rec. Mar. 31a
Preferred (quar.)
14 Apr. 15 Holders of rec. Mar. 31a
Central Illinois Pub. Service, pf.
134 Apr. 15 Holders of rec. Mar. 31a
_
Central Maine Power, 1st pf. (guar.)._ _
134 Apr. 1 Holders of rec. Mar. 10a
Second preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 10a
Chalmers Oil & Gas, Inc., pref. (qu.)_ _ _ 2
Apr. 1 Mar. 28 to Mar. 31
Chicago Morris Plan (guar.)
1
Apr. 1 Holders of rec. Mar. 31a
Chicago Pneumatic Tool (quar.)
1
Apr. 25 Holders of rec. Apr. 15a
Citizens G.& F., Terre H., corn. (qu.)_ _ 2
Mar. 30 Holders of rec. Mar. 28a
Preferred (quar.)'
14 Apr. 1 Holders of rec. Mar. 28a
Cleveland Automatic Mach., pref.(qu.)
13( Apr. 1 Holders Of rec. Mar. 22a
Cleveland Stone
2
Apr. 1 Holders of rec. Mar. 20
Cleveland Union Stock Yards (guar.)._ _ 2
Apr. 1 Mar. 21 to Mar. 31
Colt's Patent Fire Arms Mfg.(quar.)__ - 50c. Apr. 1 Holders of rec. Mar. 13a
Commonwealth-Edison Co.(quar.) _ _ _ _ *2
May 1 *Holders of rec. Apr. 15
Congoleum Co.,common (guar.)
El Apr. 15 Holders of rec. Apr. 5a
Consumers El. Lt. & P.(New Orl.)(qu.) 1
Mar. 30 Holders of rec. Mar. 20a
Cornell Mills (quar.)
2
Apr. 1 Holders of rec. Mar. 21a
Corn Products Refg., corn. (quar.)
1
Apr. 20 Holders of rec. Apr. 3a
Common (extra)
35 Apr. 20 Holders of rec. Apr. 30
Preferred (quar.)
13( Apr. 15 Holders of rec. Apr. 3a
Craddock-Terry Co., corn. (quar.)
3
Mar. 31
Cresson Cons. Gold Min.& Mill. (qu.)_ _
100 Apr. 10 Holders of rec. Mar. 31a
Davol Cotton Mills (quar.)
135 Apr. 1 Holders of rec. Mar. 25a
Del. Lack. & Western Coal (quar.)
$1.25 Apr. 15 Holders of rec Apr. la
Dixie Terminal, pref. (quar.)
14 Apr. 1 Holders of rec. Mar. 15a
Dome Mines(quar.)
25c. Apr. 20 Holders of rec. Mar. 31a
Eagle-Picher Lead, pref. (quar.)
1 X Apr. 15 Holders of rec. Apr. 6a
Edison Elec. Co.. Lancaster (quar.)_ _
3
Mar. 31 Mar. 22 to Mar. 31
Edwards(Wm.) Co.,6% pref. (quar.). _
134 Apr. 1 Holders of rec. Mar. 20
Electric Controller & Mfg., pref. (qu.).... 14 Apr. 15 Holders of rec. Mar. 18a
Elgin National Watch (quar.)
*2
May 1 *Holders of rec. Apr. 20
Emerson Elec. Mfg., pref.(quar.)
13( Apr. 1 Holders of rec. Mar. 20
Erie Lighting, pref.(quar.)
50c. Apr. 1 Holders of rec. Mar. 15a
Eureka Pipe Line (quar.)
2
May 1 Holders of rec. Apr. 15
Fall River Electric Co.(quar.)
2
Apr. 1 Holders of rec. Mar. 20a
Federal Oil, pref.(quar.)
2
Apr. 1 Holders of rec. Mar. 20
Federal Sugar Refg., corn.(guar.)
14 May 1 Holders of rec Apr. 21
134 May 1 Holders of rec. Apr. 21
Preferred (guar.)
Fiske & Co., pref. (quar.)
2
Apr. 1 Mar. 23 to Mar. 26
Foulds Milling, pref.(quar.)
2
Apr. 10 Holders of rec. Apr. la
French Bros. Bauer, pref. (quar.)
134 Apr. 1 Mar. 22 to Mar. 31
General Motors,6% pref.((Mar.)
135 May 1 Holders of rec. Apr. 7
Six per cent debenture stock (quar.)_ _
J35 May 1 Holders of rec. Apr. 7
Seven per cent debenture stock (quar.) 14 May 1 Holders of rec. Apr. 7
Gibson Art Co., pref. (quar.)
14 Mar. 31 Holders of rec. Mar. 20a
Globe-Wernicke Co., pref. (quar.)
*134 Apr. 15 *Holders of rec. Mar. 31
Godschaux Sugars,Inc., 1st pf.(quar.)_
194 Apr. 1 Mar. 10 to Apr. 2
Grant-Leas Gear Co., pref. (quar.) 134 Apr. 1 Holders of rec. Mar. 15
Gray & Dudley Co.(quar.)
135 Apr. 1 Mar. 28 to Mar. 31
Great Western Sugar, pref. (quar.)
134 Apr. 3 Holders of rec. Mar. 15a
__
Gruen Watch, pref. (quar.)
14 May 1 Holders of rec. Apr. 20
Herring-Hail-Marvin Safe, corn. (quar.) 234 Apr. 1 Holders of rec. Mar. 27a
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 27a
Hibernia Securities, Inc., pref. (quar.)_ _
14 Apr. 1 Holders of rec. Mar. 27a
Holmes (D. H.) Co., Ltd. (guar.)
335 Apr. 1 Mar.28 to Mar. 31
Houston Gas & Fuel, corn. (quar.)
134 Mar.30
Hurley Machine, corn. (quar.)
500. Apr. 6 Holders of rec. Mar. 29a
Preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 29a
Hamilton-Brown Shoe, corn
*134 Apr. 1 *Holders of rec. Mar. 25
Independent Warehouses, Inc. (guar.).- 2
Apr. 1 Holders of rec. Mar.24a
International Paper, pref. (quar.)
134 Apr. 15 Holders of rec. Apr. 7a
Interprovincial Brick of Canada, pt.(qu.) 14 Mar. 31 Holders of rec. Mar.25a
Interprov. Clay Prod. of Can. pt. (4111.) 2
Mar. 31 Holders of rec. Mar. 25a
Kaynee Co., pref. (quar.)
194 Apr. 1 Holders of rec. Mar. 200
Kelley Island Lime & Transp. (Plan)- - 2
Apr. 1 Mar. 21 to Apr. 1
Lancaster Gas Light & Fuel (quar.). - - 3
Mar.31 Mar.22 to Mar. 31
Lima Locomotive, preferred (111ar.)-- - 14 May 1 Holders of rec. Apr. 15
Maple Leaf Milling, corn. (guar.)
3
Apr. 18 Holders of rec. Apr .3
Preferred (guar.)
14 Apr. 18 Holders of rec. Apr. 3
McIntyre Porcupine Mines, Ltd
5
May 1 Holders of rec. Apr. 1
Mexican Investment, pref
4
Apr. 1 Holders of rec. Mar.28
Michigan Limestone ee Chem., pf. (qu.)
14 Apr. 15 Holders of rec. Mar. 31a
Midway Gas, corn. (guar.)
50c. Apr. 15 Holders of rec. Mar. 31a
Preferred (quar.)
$1.40 Apr. 15 Holders of rec. Mar. 31a
Midwest Oil, corn. Sr pref. (quar.)
4
Apr. 15 Holders of rec. Mar. 31a
Monomae Spinning (quar.)
Apr. 1 Holders of rec. Mar. 21
$1.
Moon Motor Car, pref. (quar.)
15( Apr. 1
Mountain States Power, pref. (quar.)... 14 Apr. 20 Holders of rec. Mar. 31 New Jersey Zinc (quar.)
*2
May 10 *Holders of rec. Apr. 29
Northern States Power, common (quar.) 2
May 1 Holders of rec. Mar. 31
Northern States Power, prof. (quar.)._
134 Apr. 20 Holders of rec. Mar. 31
Northwestern Elec., orig.6% pt. (qu.)_ _
135 Apr. 1 Mar. 21 to Mar. 31
Seven per cent 1st pref. (quar.)
194 Apr. 1 War. 21 to
Mar. 31
Pennsylvania Rubber, common (quar.)
135 Mar. 31 Polders of rec. Mar.20a
Preferred (quar.)
194 Mar. 31 Holders of rec. Mar. 20a
Phillips-Jones Corp., preferred (quar.)
*14 May 1 *Holders of rec. Apr. 20
Philmont Worsted, pref. (quar.)
131 Apr. 1 Holders of rec. Mar. 24
Pick (Albert) & Co., pref. (guar.)
134 Apr. 1 Mar. 24 to Mar. 31
Pilgrim Mills, pref. (quar.)
*134 Mar. 31 *Holders of rec. Mar. 28
Pittsb. Term. Warehouse & Trans. (qM.) 411 Apr. 8 *Holders of rec. Apr. 1
Pittsfield Lime & Stone, pref. (quar.)
Apr. 1 Holders of reo. Mar. 31
2
St. Mary's Mineral Land
412 Apr. 27 Holders of rec. Mar. 28
San Diego Cons. Gas dr El., pref. (quar.) 134 Apr. 15 Holders of rec. Mar. 31
Shaffer Oil & Refg., prof. (quar.)____
14 Apr. 25 Holders of rec. Mar. 31
Southern Now England Telep. (guar.)-- 2
Apr. 15
Spicer Mfg., pref. (quar.) '
*2
Apr. 1 *Holders of rec. Mar. 28
Transue & Williams Steel Forg. (quar.)
500. Apr. 15 Holders of rec. Apr. 5a
Truman Oil (monthly)
1
Apr. 20 Holders of rec. Mar. 20
Truscon Steel, common (quar.)
411 Apr. 15 *Holders of rec. Apr. 5
Union Twist Drill, pref. (quar.)
134 Mar.31 ,Holders of rec. Mar. 27a
United Gas & Elec. Engineering
35
Mar.31 Holders of rec. Mar. 23a
U. S. Finishing, common (guar.).- - *194 Apr. 15 *Holders of rec. Mar. 23
Preferred (quar.)
*14 Apr. 1 *Holders of rec. Mar. 23
U.S. Smelt., Refg. & Min., pref. (qu.)-- 14 Apr. 15 Holders of rec. Apr. 6
Veil° Motors Corp., 1st pref. (quar.)_ _ _ _
194 Apr. 1 Mar. 16 to Mar. 31
Ventura Cons. Oil Fields (guar.).- ---- 50c. May 1 Holders of rec. Apr. 15
Warner (Chas.) Co.,common
25e. Apr. 17 Holders of rec. Mar. 31
First and second preferred (quar.) _ _ _
194 Apr. 27 Holders of rec. Mar. 31
Western Grocers, Ltd., pref. (quar.). _ _ _
14 Apr. 16 Apr. 1 to Apr. 5
[Vora. 114.
THE CHRONICLE
1376
Name of Company.
Whets
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Western Power Corp., pref. (quar.) _ _ _ _
134 Apr. 15 Holders of rec. Mar.31
Western States Gas & Elec., pref. (quar.) 1% Apr. 15 Holders of rec. Mar. 31
White Eagle Oil & Ref.(quar.)............ 50c. Apr. 10 Holders of rec. Mar. 31a
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Railroads (Steam.)
Beech Creek (quar.)
Canadian Pacific, common (quar.)
Preferred
Cleve. Clue. Chic.& St. L., pref.(qtr.)
Kansas City Southern, pref. (quar.)_ _ _ _
Joliet & Chicago (quar.)
Lackawanna RR.of N.J.(guar.)
Lehigh Valley, corn. (quar.)
Preferred (guar.)
M.St.P.& S.S. M.,com.& pref.(qu.) _
Minn. St. Paul & S. S. M.leased lines
Newark & Bloomfield
New York Central RR.(quar.)
N. Y. Lackawanna & Western (quar.)
Norfolk & Western, ad/. pref. (quar.)__ _
Nortnern Pacific (quar.)
Nfirthern Railroad of N.H.(guar.)
Old Colony (quar.)
Philadelphia & Trenton (quar.)
Pittsburgh Bessemer & Lake Erie, corn..
Pitts., Ft. Wayne & Chic., corn.(quar.).
Preferred (quar.)
Reading Co.,common (quar.)
Reading Company, 2d pref.
Southern Pacific (quar.)
Southern Ry., M.dr 0.stk. tr. ctfs
Union Pacific, common (quar.)
Preferred
United N. J. RR.& Canal Cos.(quar.).
Warren RR
Western Pacific RR.Corp., pref.(guar.)
Per • When
Cent. Payable.
Books Closed.
Days Inclusive.
50o. Apr% 1 Holders of roe. Mar. iSis
234 Apr. 1 Holders of roe. Mar. la
Apr. 1 Holders of roe. Mar. 1
2
134 Apr. 20 IIolders of rec. Mar.310
Apr. 15 Holders of rec. Mar. 31s
1
14 Apr. 3 Holders of roe. Mar. 200
Apr. 1 *Holders of rec. Mar. 8
*1
8735c Apr. 1 Holders of roe. Mar. lla
$1.25 Apr. 1 Holders of rec. Mar. 110
Apr. 15 Holders of rec. Mar. 22a
2
Apr. 1 Holders of rec. Mar.20a
2
*3
Apr. 1 *Holders of roe. Mar. 24
h May 1 Holders of roe. Mar.31a
14 Apr. 1 Holders of reo. Mar. 140
1
May 19 Holders of roc. Apr. 29a
134 May I Holders of rec. Apr. 12a
134 Apr. 1 Holders of rec. Mar. 13
1% Apr. 1 Holders of roe. Mar. 11
234 Apr. 10 Apr. 1 to Apr. 11
75e. Apr. 1 Holders of rec. Mar. 15
1% Apr. 1 Holders of rec. Mar. 10a
134 Apr. 4 Holders of rec. Mar. 101
May 11 Holders of roc. Apr. 180
$1
000 Apr.,13 Holders of ree. Mar. 270
134 Apr. 1 /folders of rec. Feb. 28a
Apr. 1 Holders of rec. Mar. 150
h Apr. 1 Holders of rec. Mar. be
Apr. 1 Holders of reo. Mar. 10
Apr. 1 Mar. 21 to Mar.31
5334
Apr. 15 *Holders of rec. Apr. 5
154 Apr. 1 Holders of rec. Mar.20a
Ih
Street and Electric Railways.
Asheville Power & Light, pref. (guar.)... 134 Apr. 1 Holders of rec. Mar. 17
Bangor Ry. de Elec., common
34 May 1 Holders of roe. Apr. 20 • •
14 Apr. 1 Holders of roe. Mar. 20
Preferred (quar.)
Boston Elevated Ry., corn.(quar.)
$1.3734 Apr. 1 Holders of rec. Mar. 17
Brazilian Trac., Lt. & Pow., pref. (qu.) 1% Apr. 1 Holders of reo. Mar. 15
Capital Trac., Wash., D. C. (quar.)... 134 Apr. 1 Mar. 15 to Mar. 31
Carolina Power & Light, pref.(guar.).
134 Apr. 1 Holders of rec. Mar. 17
Apr. 1 Mar. 21 to Mar. 31
Gino. & Ham. Trac., common (quar.) _
1
14 Apr. 1 Mar. 21 to Mar. 31
Preferred (quar.)
134 Apr. 1 Mar. 17 to Mar.31
Cincinnati Street Railway (quar.)
Cleveland Railway (quar.)
135 Apr. 1 Mar. 14 to Mar.31
134 May 1 Holders of roe. Apr. 1
Duquesne Light, pref. (quar.)
Apr. 1 Holders of rec. Mar. 15a
Eastern Texas Elec. Co., corn. (quar.)_ _ 2
Franktord & Southwark Pass. Ry.(qu-) $4.50 Apr. 1 Holders of rec. Mar. la
Illinois Traction, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
134 Apr. 15 Holders of rec. Mar. 31a
Kentucky Securities, pref. ((mar.)
Apr. 15 Holders of rec. Apr. la
Manchester Trac., Light & Pow.(quar.) 2
Manila Electric Corp.. corn. (quar.)_
135 Apr. 1 Holders of roe. Mar.20a
Market St.Ry.(San Fran.),prior pf.(011.)
134 Apr. 1 lloiders of reo. Mar. 15
Mississippi River Power, pref. (quar.)_. 134 Apr. 1 Holders of roe. Mar. 170 •
.1% Apr. 1 *Holders of rec. Mar.24
Mohawk Valley Co. (quar.)
Monongahela Power dr Ry., pref.(qu.)_ _ 3734c Apr. 7 Holders of roe. Mar.31a
Apr. 1 Holders of rec. Mar. 15
Ottawa Traction (quar.)
1
75c. Apr. 29 Holders of reo. Apr. la
Philadelphia Co.,common (quar.)
Six per cent preferred
$1.50 May 1 Holders of rec. Apr. la
Apr. 1 Holders of rec. Mar. 10a
Philadelphia Traction
$2
1% Apr. 15 Holders of rec. Mar.31a
Philadelphia & Western Ry., pref. (qu.)
Plne Bluff Co., pref. (quar.)
134 Apr. 1 Holders of roc. Mar. 15a
Portland Ry., Light & Pow.. 1st pf.(qu.) 134 Apr. 1 Holders of roe. Mar. 22a
Porto Rico Rya., pref. (guar.)
194 Apr. 1 Holders of roe. Mar. 15
Apr. 1 Mar. 16 to Apr. 2
Ridge Ave. Pass.
Phila. (quar.).... $3
13( Apr. 1 Mar. 16 to Mar. 31
Rutland Ry., Light
Ry.'
& Pow., pf. (qu.)_ _ _
Tr -City Ry.& Light, pref. (quar.)
• 134 Apr. 1 Holders of rim. Mar. 20,
Apr. 1 Holders of rec. Mar. la
Second dr Third Streets Pass. Ry.(quar.) 3
Springfield Ry. & Lt., pref. (quar.)_
194 Apr. 1 Holders of rec. Mar. 15a
Twin City Rap. Tran., Minn.. pf. (qtr.) 134 Apr. 1 Holders of roe. Mar. 16a
United Light & Rys., 1st pref. (quar.)- 135 Apr. 1 Holders of roe. Mar. 15a
134 Apr. 1 Holders of rec. Mar. 16
Utah Power dr Light, pref.(quar.)
Wash.Balt.& Annap.El. RR.,com.(1u) 50c. Apr. 1 Holders of rec. Mar. 18a
750. Apr, 1 Holders of rec, Mar. 18a
Preferred (guar.)
Wash. Water Power,Spokane (quar.)__ - 134 Apr. 15 Holders of rec. Mar.24
West End Street Ry., Boston, common.. $1.75 Apr. 1 Mar. 19 to Apr. 2
West India Elec. Co. (guar.)
134 Apr. 1 Mar. 24 to Apr. 1
West Penn Power Co., pref. (quar.)_ _
g May 1 Holders of reo. Apr. 16
Winnipeg Electric Ry., pref.(guar.).g Apr. 1 Holders of roe. Mar. 17
Apr. 1
Worcester Consolidated St. Ry., prof...Yadkin River Power, pref. ((Mar.)
13,
1 Apr. 1 Holders of rec. Mar. 17
Banks.
America, Bank of (quar.)
a
Amer. Exchange Secur. Corp., CI. A(qU.) 2
234
Atlantic National (quar.)
Extra
94
2
Butchers' dr Drovers' Nat.(quar.)
4
Chase National (quar.)
Chase Securities Corporation
$1
Chatham & Phenix National (quar.)....... 4
3
Coal dr Iron National (quar.)
3
Colonial (quar.)
3
Commerce, Nat. Bank of (quar.)
Fifth Avenue (guar.)
d234
Fifth National (quar.)
10
First National (guar.)
3
Gotham National (quar.)
Greenwich (quar.)
3
8
Hanover National (quar.)
Importers' & Traders' Nat.(quar.)
3
Irving National (guar.)
Manhattan Co., Bank of the (quer.)--- 6
5
Mechanics' & Metals Nat. (guar.)
2
Mechanics (Brooklyn) (quar.)
5
Mutual (quar.)
3
Nassau National (Brooklyn), (quar.).
4
National City (quar.)
2
National City Co. (quar.)
Extra
2
New York, Bank of, N.B. A.(quar.)... 5
Park, National (guar.)
4
State(
(
Mar.)
United States, Bank of (guar.)
234
6
6
Trust Companies.
American (quar.)
Bankers (quar.)
Brooklyn (quar.)
Central Union ((mar.)
Lawyers Title & Trust Co. (quar.)
Manufacturers (Brooklyn) (quar.)
U.S. Mortgage & Trust (quar.)
Fire Insurance.
Hanover Fire (quar.)
Miscellaneous.
Abitibi Pow.& Paper, Ltd.. pf.(qu.).
Advance-Rumely, preferred guar.).-
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
134 Apr. 1
Apr. 1
Apr. 1
534 Apr. 1
lh Apr. 1
a Apr. 1
4
Apr. 1
Holders of rec. Mar. 210
Holders of rec. Mar. 18
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of roc. Mar. 30a
Holders of roe. Mar. 230
Holders of reo. Mar. 23a
Mar. 21
to Apr. 2
Holders of rec. Mar. Sc
Holders of roe. Mar. 20a
Holders of roe. Mar. 170
Holders of res. Mar.310
Mar. 28 to Mar.31
Holders of roe. Mar. 310
Mar. 28d to Mar. 31
Holders of rec. Mar.210
Mar. 23 to Mar. 31
Holders of reo. Mar. 22a
Holders of roe. Mar. 24
Holders of roe. Mar.23a
Holders of rec. Mar. 180
Holders of rec. Mar. 18a
Holders of rec. Mar. 250
Holders of rec. Mar. 30a
Holders of rec. Mar. 18a
Holders of rec. Mar. 18a
Holders of roe. Mar. 180
Holders of roe. Mar. 21a
Holders of rec. Mar. 240
Holders of rec. Mar. 15a
Holders of rec. Mar. 29
Holders of roe. Mar. 22
Holders of rec. Mar.23a
Holders of rec. Mar. 26
Holders of rec. Mar. 22a
Mar. 16 to Apr. 2
fielders of rec. Mar.200
Holders of rec. Mar.280
*234 Apr. 1 *Mar. 19
to
Apr. 1
194 Apr. 1 Holders of rec. Mar. 20
750. Apr. 1 Mar. 16 to Apr. 10
APRIL 1 1922.]
Name of Company.
1377
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payablc.
Books Closed.
Days Inclustre.
Miscellaneous (ContinuedMiscellaneous (Concluded)
Apr. 2
Continental Motors, preferred (quar.)__ •14 Apr. 15 *Apr. 8 to Apr. 15
1S Apr. 1 Mar. 22 to
Adirondack Power & Lt., 7% pf.(qua _ _
Apr. 2
2
Apr. I Mar. 15 to Apr. 2
Corona Typewriter, 1st pref. (quar.).___
Apr. 1 mar. 22 to
2
Eight per cent preferred (quar.)
1 ff Apr. 1 Mar. 15 to Apr. 2
Second preferred (guar.)
Apr. 15 Holders of rec. Mar. 31a
$I
Air Reduction (guar.)
6235c May 1 Holders of rec. Apr. 3a
Cosrien & Co.. common (quar.)
l'% Apr. 1 Holders of rec. Mar. 31
Alabama Power. pref.(quar.)
50c. Apr. 10 Apr. 1 to
Apr. 10
All America Cables (quar.)
14 Apr. 14 Holders of rec. Mar. 31a Creamery Package Mfg., corn. (quara_ _
14 Apr. 10 Apr. 1 to
Preferred (quar.)
Apr. 10
1% Apr. 1 Holders of roe. Mar. 15
Allied Chemical dr Dye Corp.. PIL (qua 55e. Apr. 10 *Holders of rec. Mar.31
Cresson
Era Cons. Gold Min. de Mill.(quar.)
1% Apr. 15 Holders of rec. Mar. 24o
Allis-Chalmers Mfg., pref. (quar.)
*5e. Apr. 10 *Holders of rec. Mar. 31
575e. Apr. 15 *Holders of rec. Mar. 20
Amalgamated 011 (quer.)
Cuban-American Sugar. pref.(quara
131 Apr. 1 Holders of rec. Mar. 100
Apr. 28 Holders of roe. Apr. 20
2
Amer. Acceptance Corp., corn. (spec.) _ _
20
Apr.
ar Apr. I Mar. 22 to Mar. 31
1
Dalton
(quar.)..
Adding
rec.
pref.
Machine,
of
Holders
28
Apr.
2
(quar.)
Preferred
Dayton Power & Light, pref. (quar.)___
14 Apr. 1 Holders of rec. Mar.20a
14 Apr. 15
Amer. Art Works, corn. dr pref. ((Mara 2
Apr. 1 Holders of rec. Mar. 154
Detroit & Cleveland Navigation (quar.)_
75c. Apr. 1 Holders of rec. mar. 130
American Bank Note, pref. (quer.)._
30c. Apr. 1 Mar. 22 to Apr. 2
Detroit Creamery (quar.)
14 Apr. 1 Holders of rec. Mar. lie
Amer. Beet Sugar. pref. (quar.)
Apr. 15 Holders of rec. Mar. 31a
2
Detroit Edison (quar.)
1% Apr. I Holders of roe. Mar 15n
American Can, pref. (quar.)
June 15 *Holders of rec. May 31
a2
Diamond Match (quar.)
Apr. 1 Holders of rec. Mar. 15
3
Amer. Car & Fdry., corn. (quar.)
131 Apr. 1 Mar. 26 to Mar. 31
Dolge Manufacturing, pref. (quar.)_._
1% Apr. 1 Holders of ma. Mar it
Preferred ((ivar.)
Dome Mines (capital distribution)
API*. 20 Holders of rec. Mar. 31a
$1
135 Apr. 1 Holders of rec. Mar. Ito
American Cigar, pref. (guar.)
1,1 Apr. 1 Holders of rec. Mar. 18
Dominion Canners', pref. (quar.)
Apr. 1 Holders of rec. Mar 10a
American Express (quar.)
$2
135 Apr. 1 Holders of rec. Mar. 15
Dominion Glass, common (quar.)
235 Apr. 1 Holders of rec. Mar. 18
Amer. Gas & Elec., corn. (quar.)
114 ter. 1 Holders of rec. Mar. 15
Preferred (quar.)
135 May 1 Holders of rec. Apr. 13
Preferred (quar.)
1a1 Apr. 1 Holders of rec, Mar. 15
Dominion Iron dr Steel, pref. (quar.)
2.5c May 15 Holders of rec. May la
Am. LaFrance Fire Eng.,Inc.,cons.(qu.)
300. Apr. 1 Holders of rec. Mar. 10
Dominion Oil (quar.)
131 Apr. I Holders of rec. Mar. 21
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 15
3
Dominion Textile, common (quar.)
Apr. 1 Holders of rec. Mar. 1
American Machine & Foundry (yearly). 6
IM Apr. 15 Holders of ree. Mar.31
Preferred (quar.)
131 July 1 June 17 to JrilY I
American Mfg., pref. (guar.)
Dow Drug, preferred (quar.)
1.3.1 Apr. I Mar. 24 to Apr. 4
I% Oct. 1 Sept. 17 to Oct. I
Preferred (quar.)
Apr. 1 Holders of ree. Mar. 4
3
laraper Corporation (quar.)
134 Dec. 31 Dec. 17 to Dec. 30
Preferred (quar.)
1'4 Apr. I Mar. 22 to Mar. 31
Driver-Harrls Co., preferred (quer a_
American Alultigraph, preferred (quar.). 1% Apr. I Mar. 23 to Apr. 2
Apr. 2
135 Apr. 1 Holders of rec. Mar. 21
Duluth Edison Electric, pref. (quar.)
135 Apr. 1 Mar. 23 to
American Piano. common (quar.)
Apr. 2
Dunham (James H.)& Co.. cons.(quar.) •135 Apr. 1 *Holders of rec. Mar. 18
1M Apr. 1 Mar. 23 to
Preferred (quar.)
Apr. 1 *Holders of rec. Mar. 18
First preferred (quar.)
135 Apr. 1 Holders of rec. Mar. 18
Amer. Power & Light, pref. (guar _
.131 Apr. 1 'Holders of rec. Mar. 18
Second preferred (quar.)
1 m Apr. 1 Holders of rec. Mar.
American Public Service, pref. (quar.)._
1% Apr. 1 Holders of rec. Mar. 24a du Pont (E. I.) de Nemours & Co.
American Screw (quar.)
135 Apr. 25 Holders of ree. Apr. 10a
Debenture stock (quar.)
13. Apr. 15 Holdere of rec. Mar. 31a
Amer. Seeding Machine, corn. (quar.).
135 Apr. 15 Holders of rec. Mar. 31, 1uPont(E.I.)de Nem.Powd., corn. (qu.) 135 May 1 Holders of rec. Apr. 20a
Preferred (quar.)
22n
Mar.
to
14
Mar.
1
May 1 Holders of rec. Apr. 20a
Apr.
IM
14
(quar.)
Preferred
Amer. Smelt. Securities, pref. A (quar.).
.,lastman Kodak, common (quar.)
1m Apr. 1 Mar. 14 to
Mar. 22
24 Apr. 1 Holders of rec. Feb. 28a
Preferred B (quar.)
14
Mar.
rec.
of
3
Holders
1
Apr.
Apr. 1 Holders of rec. Feb. 28a
7;5
Common
(extra)
(quar.)
American Snuff, corn.
135 Apr. 1 Holders of rec. Feb. 28a
135 Apr. I Holders of rec. Mar. 14,,
Preferred (quar.)
Preferred (guar.)
131 Apr. 1 Mar. 21 to Mar. 31
Edmunds & Jones Corp., pref. (quar.)
Amer. Steel Foundries. corn. (quar.)__- 75e. Apr. 15 Holders of rec. Apr. is
Eiseraohr(Om)ta Bros., pref. (quar.)
1). Apr. 1 Holders of rec. Mar. 20
API% 3 Holders of rec. Mar 210
$1
American Storm, common (quar.)
•aleetrie Storage Battery, com.drpf.(qua
Apr. 1 Holders of rec. Mar. 13a
3
l'4 Apr. 3 Holders of rec. Mar 2In
First and second preferred ((Fiera-1M Apr. 3 Holders of rec. Mar 10
$1.25 Apr. 1 Holders of rec. Mar. 17a
Endicottafohnson Co.. corn. (quar.)
Amer. Sugar Rota.. pref. (quar.)
15
Apr.
Mar.
to
2
18
28
Mar.
: 1 Holders of rec. Mar. 17a
Apr
Preferred
131
(quar.)
American Teter). & Teleg. (quar.)
Apr. 1 Mar 11
1
Mar. 31
A
Apr
to
Falcon Steel (quar.)
Apr. 1 Afar. 21 to
1
American Tobacco, preferred ((iiiar.)-- Holders
15
Apr.
of
1
10a
Apr.
rec.
1 Mar. 21 to Mar. 31 .
Apr.
131
Preferred
(quar.)
.)
(quer
coin.
Founders,
Amer. Type
Apr. 1 Holders of rec. Mar. 150
?amour; Players-Lasky Corp.,corn.(qua $2
18.1 Apr. 15 Holders of rec Apr. 10a
Preferred (quar.)
May 1 Holders of rec. Apr. 150
Famous Players-Lasky Corp., pref. (qu.) 2
American Wholesale Corp.. pref. (quar.) 1% Apr. 1 tiolders of rec. Mar. 15n
Apr. 1 Holders of rec. Mar 19
Farr Alpaca (quar.)
Mar.31 Holders of rec.Mar.d18a
2
Amer. Window Glass Mach., corn. (qua
Federal Sugar Iteflning, corn. (quar.).... 1% May 1 Holders of rec. Apr. 21a
114 Apr. 1 Holders of reo. Mar. 14
Preferred (quar.)
Mar. 30
Preferred (pier.)
114 May 1 Holders of rec. Apr. 21a
American Woolen,corn. and prof.(quar.) 114 Apr. 15 Mar. 16 to
2
Apr. 1 Holders of rec. Mar. 21a
Finance & Trading Corp., pref. (quar.). _ '114 Apr. 1 'Holders of rec. Aiar. 29
Arlington Alllis (quar.)
131 Apr. 1 Mar. 16 to
Mar. 31
14 Apr. 15 Holders of rec. Apr. la
Firestone Tire & Rubber,6% pf. (qu.)
Armour & Co., pref. (quar.)
Apr. 25 Holders of roe. Mar. 20,
Seven per cent preferred (quar.)
•134 May 15 *Holders of roc. May 1
Associated 011 (quar.)
Apr. 1 Holders of roe. Mar. 20
51
Apr. 1 Holders of rec. Mar. 25v
Fisher Body Ohio Corp., pref. (quar.)„ 2
Auburn Automobile, corn. (quar.)
Foster (W. C.) Co., common (quar.)
134 Apr. 1 Holders of rec. mar 20
75e. Apr 1 Holders of rec. Mar. 21
Preferred (quar.)
I
Apr.
!folders
of
30a
Mar.
rec.
Apr. 1 Holders of rec. Mar. 21
134
Preferred
1%
(quar.)
(quar.)
pref.
Barnet Leather,
M Apr. 1 Holders of rec. Mar. 21
Preferred (participating dividend)._
Barnhart Bros. & Spindler-1
May.
_
_
(quar.)
of
Holders
2 Holders of rec. Mar.25a
Apr.d2Ori
Apr.
ree.
2
General
pf.(qu)
Mfg.,
Brass
Aluminum
&
preferred
second
and
First
Apr.d15 Holders of roc. mar. 311
General American Tank Car, pref. (qu.) *I.M Apr. 1 "Holders of rec. Mar. 15
Bayuk Bros., Inc., let de 2d pref. (quar.) 2
Apr. 15 Holders of rec. Mar. 31
2
Apr, 1 Holders of rec. Mar. 25
General Baking, corn, and pref. (quar.). 2
Beach Royalties Corp. (monthly)
Apr. 1 Mar. 21 to
4
Apr. 1
leneral Cigar, Debenture stock (quar.)
13( Apr. 1 Holders of rec. Mar. 25a
Beatrice Creamery, common (quar)_ _ _ _
131 Apr. 1 Mar. 21 to
Apr. 1
Apr. 15 Holders of rec. Mar. 8a
2
loneral Electric (quar.)
Preferred (quar.)
131 Apr. 15 holders of rec. Apr. lo
Apr. 1 Mar.d21 to Mar.31
1
General Fireproofing, cons. (quar.)
Beech-Nut Packing, pref. B. (quar.)
Apr. 15 Holders of rec. Mar. 31
2
Alan 31
131 Apr. 1 Mar.d21 to
Preferred (quar.)
Bell Telephone of Canada (guar.)
135 Apr. 1 Holders of rec. Mar. 20
134 Apr. 1 Holders of rec. Mar. 14(
General Railway Signal, pref. (guar.)._ _
Bethlehem Steel, corn. (quar.)
20a
131
1
Mar.
Apr.
rec.
Apr.
of
Holders
1
131
_
_
140
Mar.
(quar.)
rec.
of
General
Holders
Tire
&
pref.
Rubber,
(quar.)
II
Common
Apr, 1 Holders of rec Mar.14,235r
2e
Mar. 31 Holders of rec. Mar. 20a
14(
Gibson Art Co., common (quar.)
8% cum. cony. pref. (quar.)
1'4v Apr. 1 Holders of ree Mar.
Apr. 15 Holders of rec. Apr. la
iurn
mm
Co
c
n on.
a(lien In commonstock). f 25
rab
(epxaty
7% non-cum. pref. (guar.)
Apr. 1 Holders of rec. Mar. 22a
2
May 15 Holders of rec. May la
10
Billings & Spencer Co., pref. (quar.) _ _ _
•e234 June 1 *Holders of roe. May 1
Mar. 31
111letto Safety Razor Stock dividend
Binghamton Lt., lit. & Pr.7% p1. (qu.). 1% Apr. 1 Mar. 16 to
134 Apr. 1 Mar. 1(3 to Mar. 31
Apr. 1 Holders of rec. Mar. 31a
Gold & Stock Teleg. (quar.)
Six per cent preferred (guar.)
.550. Apr. 1 *Holders of rec. Mar. 20
131 Apr. 1 Holders of ree. Mar. 220
loodrich (B. F.) Co., pref. (quar.)
Bliss (E. W.) Co., common (quar.)
Apr. 1 "Holders of rec. Mar. 20
1% Apr. 1 Holders of rec. Mar. 20
'$1
Goodwins, Ltd., pref.(quar.)
First preferred (quar.)
•15c. Apr. 1 *Holders of rec. Mar. 20
14 Apr. 1 Holders of rec. Mar. 20a
Gould Mfg., common (quar.)
Second preferred (guar.)
Apr. 1 Holders of rec. Mar. 23a
131 Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
Borden (Richard) Manufacturing (quar.) 2
Apr. 15 'Mar. 19 to
•15
Apr. 1
"2
Great Lakes Steamship (quar.)
Apr. 19
Bourne,Scrymser & Co.(extra)
•135 May 1 *Holders of rec. Apr. 1
1 a1 Apr. 1 Mar. 16 to Apr. 2
Great Lakes Towing, pref. (quar.)
Brandram-Henderson, Ltd., common
Dec.
*14
1 Holders of rec. Mar. 25a
1
Apr.
51.25
'Holders
Nov.
rec.
of
common
1
Transit,
(quar.)
Great
Utica;
Common
134 Apr. 1 Holders of rec. Mar. 25a
134 Apr. 1 Holders of rec. Mar. la
Preferred (quar.)
Preferred (quar.)
Apr.
1
1-34
1 Holders of rec. Mar. 15
Apr.
2
Mar.
(qu.)
(quar.)
21
pref.
to
Die
2
Apr.
Corp..
&
Tap
pref.
Greenfield
Steel,
Brier Hill
50c Apr. I Holders of rec. Mar. 2S
$1.09 Apr. 1 Holders of rec. Mar. 20s
luantanamo Sugar, preferred
British American Oil, Ltd. (quar.)
-a Apr. 1 Mar d22 to Mar. 31
1t
1% Apr. 1 Holders of rec. Mar 15
Brunswick-Balke-Collender, pref. (qua lull States Steel, 1st pref. (quar.)
Juno 15 Holders of rec. Apr. 21
$2
181 Apr. 30 Apr. 25 to Apr. 30
Hallea3ros., lot & 2d pref. (quar.)
Buckeye Pipe Line (quar.)
131 Apr. 1 Holders of rec. Mar. 200
114 Apr. 1 Holders of rec. Mar. 20
lanes(P. II.) Knitting, pref. (quar.)
Bucyrus Company, pref. (quar.)
1
Apr.
134
Apr. 20 Holders of rear- AV. .10.
14
(quar.)_
pref.
Holders
rec.
of
Refuse.,
24
Mar.
iarbison-Walker
pref.
2d
(liar.)
Bros.,
Burns
1
Aar.
•
/24
of
(quar.)
Holders
rec. Mar. 15
134 May 1 'Holders of rec. Apr. 10
-lards Bros., pref.
Burt, F. N corn. (quar.)
il M Apr. 1 Holden of rec. Mar. 15
$ 1.124 Apr, 1 Holders of rec. Mar. 240
laverhill Gas Light (quar.)
Preferred (quar,)
Mar. 31
131 Apr. 1 Afar. 28 to
134 Apr. 1 Holders of rec. Mar. 20,
Heath (D. C.) & Co., pref. (quar.)
Bush Terminal 111(Igs.. prof. (quar.)__ 234 Apr. 1 Holders of rec. Mar. 15
114 Apr. 1 Holders of rec. Mar. 200
-feline (George W.) Co., corn. (quar.)
California Petroleum Corp., pref. (qu.)_
2
Apr. 1 Holders of rec. Mar. 150
1% Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
Cambria Iron
181 Apr. 1 Holders of rec. Mar la
131 Apr, 1 Holders of rec. Mar.20a
Hendee Mfg. Co.. Preferred (quar.)
Canada Bread, Ltd., preferred (quar.)..
135 Apr. 15 holders of rec. Mar. 31
135 Apr. 15 Holders of rec. Mar. 31a
-Iillerest Collieries, corn. (quar.)
Canada Cement, Ltd. (guar.)
2
ec Mar.310
Apr.
1
151 Apr. 15 Holders of r.
Holders
of
(quer.)
Mar.
rec.
21Preferred
(quar.)
Salt
Canada
Apr. 4 Holders of rec. Mar. 21a
1)1 Apr. 25 Apr. 16 to Apr. 25
Hillman Coal & Coke, 5% pref. (quar.)_
Canadian Cottons, Ltd., corn. (quar.).... 2
135 Apr. 4 Holders of rec. Mar. 24a
Apr. 25
131 Apr. 25 Apr. 16 to
Seven per cent preferred (quar.)
Preferred (quar.)
Apr. 1 Holders of rec. Mar.
Apr. 1 Holders of rec. Mar. 29a
1131
Iolt-Renfrew Co., prat.(quar.)
Canadian General Elec., corn. (quar.).. 2
1M Apr. 1 Mar. 22 to Apr. 1
334 Apr. 1 Holders of rec. Mar. 15
Hoovers. Owens, Rentschler Co., pf.(qua
Preferred
2
Afar. 31
Apr. 1 Holders of rec. Mar. 20
18.1 Apr. 1 Mar. 24 to
Hovey (C. ir.) Co., pref. (quar.)
Canadian Locomotive, corn. (quar.)..... _
134 Apr. 1 Holders of rec. Mar. 20
14 Apr. 1 Mar. 19 to Apr. 4
Howe Scale, preferred (quar.)
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 2Ra
11-5 Apr. 1 Holders of rec. Afar. 20
Huntington Devel. & Gas, pref. (qu.)
Canadian Woollens, Ltd.. pref. (quar.)_
14 Apr, 1 Mar. 21
1( Apr. 1 Holders of rec. Afar. 20
to
Apr. 2
.1upp Motor Car Corp., pref. ((iuer.) __ _
Carey (Philip) Mtg., pref. (quar.)
134 Apr. 1
Apr. 1 Holders of rec. Mar. 10
3
Imperial Oil, corn.(quar.)
Case (J. 1..) Thresh. Mach., pref. (quar.) 24 May 15 Holders of rec. Mar. 13
Apr. 1 Holders of rec. Mar. 10
2
Holders of roc. May I
Preferred (guar.)
Casey-Hedges Co., cons. (quar.)
Apr.
14
1
Apr.
'2
_
1 'Holders of rec. Mar. 20
(guar.)._
Pneumatic
Tool
Holders
apendent
of rec. Mar • 25
n
l'referred (quar.)
$1.50 Apr. 1 Holders of rec. Mfr. 21
May 15 Holders of rec. Apr. 24
2
indiums l'ipe Line (quar.)
Central Aguirre Sugar (quar.)
235 Apr. 1 Holders of rec. Mar. 24a
Holders of rec. Apr. 24
15
May
2
preferred
Extra
Petroleum,
Central
Mar. 31
154 Apr, 1 Mar. 19 to
‘ndlanapolis Water, pref. (quar.)
Central States Electric Corp.. pref. (qu.) 134 Apr. 1 Holders of rec. Mar. 10
Mar. 31
34 Apr. 1 Mar. 19 to
,ndianapolis Water Works Scour., pref
Certain-teed Products Corp.Apr, 1 Holders of rec. Mar. 211;
18a
Mar.
rec.
134
1
Apr.
(quara_
of
Holders
2
(quar.)
Steamship
Interlake
preferred
second
First and
135 Apr. 1 Holders, of rec. Mar. 23a
Apr. 1 Holders of rec. Mar. 180
1
Extra
Chace Mills (guar.)
14 Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 15
.nternat. Buttonhole Sew. Mach.(quar.) 1
Champion Coated Paper, pref. Omura
$1.50 Apr. 1 Holders of rec. Mar. 201
51.25 Apr. 15 Holders of rec. Mar. 25a
nternat. Harvester, corn. (guar.)
Chandler Motor (quar.)
Apr. 1 lIolders of rec. Mar. 15
int. Motor Truck, let & 2d pref. (quar.) lair Apr. 1 Holders of rec. Mar. 210
Chle. June. Mrs. & M.Stk.Yda.,em.(qu) 234 Apr.
1 Holders of rec. Mar. 15
134
14 Apr. 1 Holders of rec. Mar. 15a
uternational Salt (quar.)
Preferred (quar.)
"I% Apr. 1 'Holders of rec. Mar. 23
to Feb. 28
194 Apr. 1 Feb. 21
.nternational Silver, preferred (quar.)
Chicago Miii & Lumber, pref. (guar.)._
Ayr. 1 hollers of rec. Mar. 22
135 Apr. 15 Holders of rec. Mar. 31
51
nternat. l'ensp. & Teleg.(gar.)
Clue. & Subur. Bell Telco. (quar.)
131 Apr. 1 Mar. 15 to Mar. 31
$14 Apr. 1 Holders of rec. Mar.'24
Island Creek Coal, pref. (quar.)
Cincinnati Gas & Electric (quar.)
Apr. 1 Holders of rec. Mar. 240
52
eland Creek Coal, common (quara
Cities Service..g 35 Apr. 1 "Holders of rec. Mar. 15
Apr. 1 Holders of roc. Mar. 240
$5
i lommon (extra)
Common (monthly payable in scrip)
Apr.
*al%
1
Apr, 1 Holders of rec. Mar. 31a
2
scrip)
(quar.)
Co.
Paint
F.)
"Holders
(R.
stk
of
Johnston
rec.
corn.
15
Mar.
in
(payable
Common
Apr.
Apr. 1 Holders of rec. Mar. 22a
19-4
1
scrip).
(quar.)
.04
"Holders of fee. Mar 15
iones Bros. Tea, preferred
Prof. & pref. B (mthly. pay. in
;orders Motor Car, preferred (quar.).._ *134 Apr. 22 *Holders of rec. Mar. 10
Common (monthly, payable in scrip) _ 3g35 May 1 *Holders of rec. Apr. 15
May
M
sal
1
Apr. 1 Holders of rue. Mar. 200
(quar.)
Store.
Dept.
scrip).
pref.
134
!Holders
of
Saufmann
stk.
15
Apr.
rec.
corn.
In
(payable
Common
Apr. 1 Feb. 25 to Mar. 23
2
{ayrier (Julius) & Co., corn. (quar.)
Pre! & pref. 13 (fifthly., pay. in scrip)- *04 May 1 'Holders of rec. Apr. 15
13.5 Apr. 1 Holders of ree. Mar. 200
Kelly-Springfield Tire, pref. (quar.)
Cities fiery. Bkrs. shares (In cash seriph •g5e. Apr. 1 *Holders of ree. Mar. 15
1
cApr.
*91535
14
Apr. 1 Holders of rec. Mar. 200
common
"Holders
of rec. Mar. 15
(quar.)
{elsey Wheel,
Payable in common stock scrip
124c. Apr. 15 Holders of rec. Apr. la
sirs. (In cash scrip).- - '05e. May 1 "Holders of rec. Apr. 15
(err Lake Mines (quar.)
Cities Serv.
• 012;5o May 1 *Holders of rec. Apr. 15
14 Apr. 1 Holders of rec. Mar. 20a
King Plinio Mills (quer.)
Payable in corn. stock scrip
Kirschbaum (A. B.) Co., pref. (guar.).. lai Apr. 1 Holders of rec. Mar. 20a
City Dairy (Toronto). corn. ((Irma.-- - 24 Alar • 1 Holders of rec. Saar. 20
1 al Apr. 1 Holders of rec. Mar. 25
131 Apr. 1 Holders of rec. Mar. 20
twits Hickory, preferred (quar.)
Preferred (quar.)
1
Apr.
1 M Apr. 1 Holders of rec. Mar. 17a
(quar.).__
Holders
134
of
preferred
Co.,
rec.
28
Mar.
Investing
City
Kraig° (S. S.) Co., preferred (quar.)
194 Apr. 1 Holders of rec. Mar. 21a
19-4 Apr. I Holders of rec. Mar. 20a
Kresa (S. II.) & Co., pref. (qua".)
Cluett, Peabody ez Co., Inc., pref.(qua _
Apr. 1 Holders of roe Mar. 13a Kroger Grocery & Baking, let pf.(qua $1
135 Apr. 1 Holders of rec. Mar. 15
Coca Cola Co., corn
Apr. 1 Holders at rec. Slur. 20
1
131 Apr. 1 Holders of rec. Mar. 15
Second preferred (quar.)
Columbia Petroleum (monthly)
Apr. 10 Holders of rec. Mar. 24a
1% Apr. 1 Holders of rec. Mar. 15
New preferred ((mar.)
Computing-Tabulating-Recording (quar) 1
I
Apr.
25e.
(guar.)._
Apr. 20 Afar. 25 to Apr. 17
10
Holders
corn.
of
Co.,
Ltd
nes.
ali
rec.
20
T.
Mar.
Rose
La
(John
Connor
Apr. 1 Holders of rec. Mar. 15a
2
14 Apr. 1 Holders of rec. Mar. 23a
Laurentide Comma*,((luar.)
00119. Gas, El. & P., COM.& p1. (quar.).
24 Apr. 1 Holders of rec Mar. 15
131 Apr. lr Holders of- roe. Mar. 31a
laturentide Power ((suer.)
Consumers' Gas, Toronto (quar.)
14 Apr. 1 Holders of rec. Mar. 15a
2;5 Apr. 1 Holders of rec. Afar. 22a
Lawyers' Mortgage Co. (guar.)
Consumers Power 6% pref. (guru.)
Apr. 1 Holders of reo. Mar. 16
$2
181 Apr. 1 Holders of ree. Mar. 15a
Gehigh Valley Coal Sales (quar.)
Seven per cent pref. (quar.)
1 Holders of re- xi., aa,•,Liberty Steel, pref. (quar.)
Mar. 31
181 Apr
131 Apr. 1 Mar. 21 to
Continental Can, pref. ((mar.)
it,
•14
4
14
14
134
134
1378
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Library Bureau, common (guar.)
131 Apr. 1 Holders of roe. Mar.21
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 21
2
Uggett & Myers Tobacco, pref. (guar.). 131 Apr. 1 Holders of rec. Mar. 15
Long Island Lighting, pref.(guar.)
'131 Apr. I *Holders of rec. Mar. 21
Loose-Wiles Biscuit, let pref. (quar.)..... 131 kyr. 1 Holders of rec. Mar. 204
Second preferred (guar.)
131 May 1 Holders of rec. Apr. 18a
Lorillard (P.).com.(guar.)
Apr. 1 Holders of reo Mar. 18a
3
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar. 18a
Louisville Gas & El. of Ky., pref. (quar.) 134 Apr. 15 Holders of rec.dApr. la
MacAndrews & Forbes, coin. (guar-)--- 231 Apr. 15 Holders of rec. Mar.31a
Preferred (guar.)
154 Apr. 15 Holders of rm. Mar.31a
Mackay Companies. common (quar.)
134 Apr. 1 Holders of rec. Mar. 80
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 8a
1
Magnolia Petroleum (guar.)
131 Apr. 5 Holders of rec. Mar.250
MaHinson (H.R.)& Co.,Inc., pref.(qu.) 131 Apr. 1 Holders of rec. Mar. 24a
Monett Sugar, pref. (guar.)
131 Apr. 1 Holders of rec. Mar. 15
Manchester Cotton Mills (guar.)
3
Apr. 1 Mar. 18 to Mar. 31
Manhattan Electrical Supply (quar.)
Apr. 1 Holders of rec. Mar. 21a
$1
ManhattanShirt, preferred (quar.)--- 131 Apr. 1 Holders of rec. Mar. 20a
Manufacturers' Light & Heat (guar.) ___
Apr. 15 Holders of rec. Mar. 31a
2
Marine 011 (quar.)
2
May 1 Holders fo rec. May la
Mason Tire de Rubber, pref. (quar.).._
let Apr. 1 Holders of rec. Mar. 10a
Massachusetts Ltg. Cos..8% pf.(qu.)- $1.50 Apr. 15 Holders of rec. Mar. 25a
. Fleet per cent preferred (guar.)
32 Apr. 15 Holders of rec. Mar. 25a
Maverick Mills, preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 22a
May pepartnamt Stores; pref. (guar.)... 131 Apr. 1 Holders of rec. Mar. I5n
McCrory Storm Corp., pref.(guar.)--- 131 Apr. 1 Holders of rec. Mar. 20a
Metropolitan Edison, pref. (guar.)
let Apr. 1 Mar. 16 to Mar. 31
Mexican Petroleum, coin. (guar.)
Apr. 10 Holders of rec. Mar. 15a
3
Preferred (guar.)
Apr. 1 Holders of rm. Mar. 15a
2
Michigan Drop Forge Co.,corn.(mthly.) 25e. Apr. 1 Holders of rec. Mar. 25
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar. 25d
Michigan State Telephone, pref.(guar.)- *35 Apr. 15 *Holders of rec. Apr. 1
Middle States 011 (guar.)
3
Apr. 1 Holders of roe. Mar. 10
Montana Power, common (guar.)
et Apr. 1 Holders of rec. Mar. 14a
Preferred (guar.)
131 Apr. I Holders of rec. Mar .14a
Montreal Telegraph (guar.)
2
Apr. 15 Holders of rec. Mar.31a
Mountain Prodeoers (guar.)
200 Apr. 1 Holders of rec. Mar. 16a
Narragansett Electra. Lighting (quar.)__ $1
Apr. 1 Holders of rec. Mar. 15a
Nashua Mfr., pref.(guar.)
let Apr. 1 Holders of rec. Mar. 24a
Nat. Automatic Fire Alarm of Cin. (qu.) 231 Apr. 1 Holders of rec. Mar. 31
National Biscuit,common (quar.)
let Apr. 15 Holders of roo. Mar. 314
National Breweries, cont. (guar.)
$1
Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar. 15
Nat. Enameling & Stpg., pref. (quar.).. 131 June 30 Holders of rec. June 10a
Preferred (guar.)
131 Sept. 30 Holders of rec. Sept. 9a
Preferred (guar.)
154 Dec. 30 Holders of roe. Dee. 9a
National Paper & Type,com.& pf. (qu.) 2
Apr. 15 Holders of rec. Mar. 31a
National Refining, preferred (quar.)..._ 2
Apr. 1 Holders of rec. Mar. I5a
National Seger Refining (guar.)
134 Apr. 3 Holders of roe. Mar. 11
National Surety (quar.)
Apr. 1 Holders of roc Mar. 21a
3
New Jersey Power & Light, pref. (guar.) 131 Apr. 1 Mar. 16 to Mar. 31
New York Title & Mortgage (guar.)---- 2
Apr. 1 Holders of rec. Mar. 224
New York Transit (quar.)
Apr. 15 Holders of roc Mar. 23
$4
New York Transportation (guar.)
•500 Apr. 15 *Holders of rec. Apr. 1
Niagara Falls Power. preferred (guar.)._
131 Apr. 15 Holders of rec. Mar. 31a
Nipissing Mines, Ltd.(quay.)
3
Apr. 20 Apr. 1 to Apr. 17
North Americas CO.. WM.(guar.)
no. Apr. 1 Holders of rec. May. 16
Common (extra payable In pref. stk.) r500. Apr. 1 Holders of rec. Mar. 16
Preferred (attar.)
75e. Apr. 1 Holders of rec. Mar. 16
Norton Co.. preferred (guar.)
131 Apr. 1 Mar. 23 to Apr. 2
Ogilvie Flour Mills (guar.)
Apr. 1 Holders of rec. Mar. 23
3
Ohio Bell Telephone, preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 210
OhioBrass, common (quar.)
Apr. 15 Holders of roe. Mar. 31a
6
Preferred (quar.)
131 Apr. 15 Holders of reo Mar.3in
Ohio Fuel Supply (guar.)
231 Apr. 15 Holders of rec. Mar. 3Ia
Extra (pay. In
% Vie. L. Bonds). 12
Apr. 15 Holders of rec. Mar.31a
OntarioSteel Products, preferred (guar.) 134 May 15 Holders of rec. Apr. wen
Orpbeum Circuit, preferred (quar.)..._. 2
Apr. 1 Holders of roe. Mar. 15.
Osborn Mills (quar.)
131 Apr, 1 Holders of rec Mar. 20a
Otis Elevator, eommon (guar.)
Apr. 15 Holders of rec. Mar. 31a
2
Preferred (guar.)
131 Apr. 15 Holders of rec. Mar. 31a
Ottawa Car Manufacturing (guar.)
Apr. 1 Holders of rec. Mar. le
Ottawa Light, Heat & Power (quar.)_.. 131 Apr. 1 Holders of rec. Mar. 22
Overseas Securities Carp., commonApr. 1 Holders of rec. Mar. 20
3
Owens Bottle, common (quar.)
500 Apr. 1 Holders of me Mar. 160
Preferred (guar.)
let Apr. 1 Holders Of rec. Mar. lee
Pacific-Burt, Ltd., pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Pacific Gas & Electrio, oom.(quar.).... 134 Apr. 15 Apr. 1 to Apr. 11
Pacific Telco. & Teleg., pref. (guar.).- 131 Apr. 15 Holders of rec. Mar. 3Ia
Palge-Detrolt Motor, pref. (guar.)
let Apr. 1 Holders of rec. Mar. 15a
Panama Power & Light, prof. (quar.).... I% Apr. 1 Holders of rec. Mar. 18
Pan-Am.Pet.&'Fran., com.&com.B(gu) $1.50 Apr. 10 Holders of roe. Mar. 16o
Panhandle Produc.& Refg.. pref.(quar.) 2
Apr. 1 Holders of rec. Mar. 20
Patchogue & Plymouth Mills, corn
Apr. 1 Holders of rec. Mar. 27
$1
Peerless Truck & Motor (guar.)
75c Juno 30 Holders of rec. June la
Peerless Truck & Motor (guar.)
700 Sept. 30 Holders of reo. Sept. la
Peerless Truck & Motor (guar.)
75e Dee. 31 Holders of rec. Dec. la
Penmans, Ltd., common (guar.)
May 16 Holders of rec. May 6
2
Preferred (quar.)
154 May 1 Holders of rec. Apr. 21
Penn Central Lt. & Pow., pref. (quay.).. $1
Apr. 1 Holders of rm. Mar. 10o
Pennsylvania Edison, pref. (guar.)
$2.00 Apr. 1 Mar. 16 to Mar. 31
Pennsylvania Power & Light, pref. (qu.) 131 Apr. 1 Holders of roe. Mar. 15
Pennsylvania Salt Mfg. (guar.)
254 Apr. 15 Holders of rec. Mar. 31a
Pennsylvania Water & Power (guar.)._ 1% Apr. 1 Holders of rec. Mar. 17e
People's Gas Light At Coke (guar.)
134 Apr. 17 Holders of rm. Apr. 3a
Phelps. Dodge & Co. (guar.)
1
Apr. 3 Holders of rec. Mar.22a
Pittsburgh Coal, common (guar.)
134 Apr. 25 Holders of roc. Apr. 7a
Preferred (guar.)
131 Apr. 25 Holders of rec. Apr. 7a
Pittsburgh Plate Glass. common (guar.) 2
Apr. 1 Holders of rm. Mar. lta
Common (special)
Apr. 1 Holders of rec. Mar. Ile
5
Pittsburgh Rolls Corp., pref. (guar.).-- let Apr. 1 Holders of rec. Mar. 21a
Pittsfield Lime & Stone, preferred (quar) 2
Apr. 1 Holders of rec. Mar. 31
Pond Creek Coal (guar.)
3734c. Apr. 1 Holders of rec. Mar. 240
Port Arthur Shipbuilding. prof. (quar.)_
let Apr. 1 Holders of roe. Mar.20a
Prairie Oil& Gas (guar.)
Apr. 29 Holders of rec. Mar. 31a
3
Extra
3
Apr. 29 Holders of rec. Mar. 31a
Prairie Pipe Line (quar.)
Apr. 29 Holders of rec. Mar. ala
3
Price Brothers (quar.)
54 Apr. 1 Holders of rec. Mar. 2Ia
Procter,& Gamble,8% prof.(quar.)__ 2
Apr. 15 Holders of rec. Mar. 25a
Providence Gas (quer.)
$1
Apr. 1 Holders of roe. Mar. 15a
Provincial Paper Mills, common (guar.) 134 Apr. 1 Holders of roc. Mar. 15
Preferred (guar.)
let Apr. 1 Holders of rec. Mar. 15
Pub.Serv. Corp. of Nor. III., com.(qu.)- *let May 1 *Holders of rec. Apr. 15
Preferred (guar.)
*154 May 1 *Holders of rec. Apr. 15
Public Service Co. of Quebec (quar.)---- 134 Apr. 15 Holders of rec. Mar. 31a
Public Utilities Corp.. pref. (quar.)____
let Apr. 1 Mar. 16 to Mar. 31
Pure 011, 8% pref. (guar.)
2
Apr. 1 Holders of roe. Mar. 16
Six per cent pref. (guar.)
13.4 Apr. 1 Holders of rm. Mar. 15
Five and one-quarter per cent pf. (q11.) 154 Apr. 1 Holders of roe. Mar. 18
Quaker Oats, preferred (guar.)
"154 May 31 "Holders of rec. May 1
Ranger Texas Oil (guar.)
3
Apr. 1 Holders of reo. Mar. 10
Reece Button Hole Machine (quar.).... 3
Apr. 1 Holders of rec. Mar. 18
Reece Folding Machine (quar.)
1
Apr. 1 Holders of reo. Mar. 15
Renfrew Manufacturing, pref. (quar.)_
let tor. 1 Mar. 21 to Apr. 1
Reo Motor Car (guar.)
20e Apr. 1 Holders of rec. Mar. Ito
Reynolds (R. J.)'Tobacco-Common,clam A & B (quar.)
75c. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
lei Apr. 1 Holders of rec. Mar. 15
Richman Bros. (guar.)
411
Apr. 1 *Holders of rec. Mar. 25
Rich-SamplIner, pref.(quar.)
ln Apr. 1 Holders of rec. Mar. 20
Richardson Co., pref.(guar.)
131 Apr. 1 Mar. 16 to Mar. 31
Robinson (Dwight P.) Co.. me.,let pref.
(guar.)
134 Apr. 1 Holders of rec. Mar. 25
Rogers (Wm. A.), prof. (guar.)
Lat apr. 1 Holders of rec. Mar. 15a
Safety Car Heating & Lighting (quara_ - I% Apr. 1 Holden, of reo. Mar. 16.
Sandusky Gas & Electric, pref.(quar.)
134 Apr. 1 Mar. 18 to Mar. 31
Savannah Elec. & Power, pref.(No. 1)._ 3
Apr. 1 Holders of rec. Mar. 24a
Sayers & Scovill Co., corn. & pf.(qua_
131 Apr. 1 Holders of rec. Mar. 20
Sayre Electric Co., pref. (guar.)
154 Apr. 1 Mar. 16 to Mar. 31
Soovill Manufacturing (guar.)
Apr. 1 Holders of rec. Mar. 24a
5
114.
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Docks Closed.
Days iatitaire.
Miscellaneous (Concluded)
Sears, Roebuck & Co., preferred (guar.) let Apr. I Holders of rec. May,150
Shawinigan Water & Power (quar.)__
151 Apr. 10 Holders of reo. Mar. 241
ihredded Wheat Co., cons. (guar.)
Apr. 1 Holders of rec. Mar.21
2
Preferred (guar.)
154 Apr. 1 Holders of roe. Mar. 21
Singer Manufacturing (guar.)
,0134 Apr. 1 "Holders of rec. Mar. 15
imith (Howard) Paper Mills, com.(qu.) 154 Apr. 20 Holders of rec. Apr. 104
Preferred (quar.)
2
Apr. 20 Holders of rec. Apr. 10a
Soden (G. A.) & Co., 1st pref. (quar.).. 194 Apr. 1 Holders of rec. Mar. 17
Second preferred (attar.)
Apr. 1 Holders of rec. Mar. 17
2
South Porto Rico Sugar, pref. (guar.).- 2
Apr. 1 Holders of rm. Mar. 10
Southern Canada Power. pref. (quay.).. 134 Apr. 15 Holders of rec. Mar. 31a
Southwest Pa. Pipe Lines (quar.)
Apr. 1 Holders of rec. Mar. 18
$1
Southweetern Cities Elec., pref. (quar.)_
131 Apr. 1 Holders of rm. Mar.20a
Standard 011 (Kentucky)(guar.)
Apr, 1 Mar. 16 to Apr. 2
3
•s3
Standard 011, Ohio, common (quar.)
Apr. 1 "Holders of rec. Feb. 24
Common(extra)
Apr. 1 "Holders of roe. Feb. 24
411
Standard Screw, common
Apr. 1 Holders of rec. Mar. 244
5
Standard Textile Products, pf. A&B.(qu) 154 Apr. dl Holders of reo. Mar.27
Stearns (F. B.) Co., common (quar.).._.
500 Apr. 20 Holders of rec. Apr. 105
Steel Co. of Canada, cont.(guar.)
134 May 1 Holders of rec. Apr. 8a
Preferred (guar.)
let May 1 Holders of rec. Apr. 84
Steel & Tube Co., preferred (guar.)
134 Apr. 1 Holders of rec. Mar.230
Sterling 011 & Development
10o Apr. 5 Holden of reo. Mar.314
Stover Mfg. & Engine, corn.(guar.).--- 50e Apr, 1 Holders of reo. Mar. 21
Sullivan Machinery (guar.)
750 Apr. 15 Apr. 1 to Apr. 15
Swift & Co., (quar.)
2
Apr. 1 Holders of rec. Mar. 10
'Tecumseh Cotton Mills (guar.)
154 Am'. 1 Holders of roe. Mar. 20a
Texas Chief 011 (guar.)
3
Apr. 1 Holders of rec. Mar. 10
Textile Banking (guar.)
Apr, 1 Holders of roe. Mar. 27a
2
Thayer & Foss Co., prof. (guar.)
let Apr. 1 Holders of rec. Mar. 20a
Thompson (John R.) Co.. coin. (guar.) 2
Apr. 1 Holders of roe. Mar. 25e
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 25a
Thompson-Starrett Co.. pref
4
Apr. 1 Holders of reo. Mar. 20
Tobacco Products Corp., pref. (guar.).- let Apr. 1 Holders of rec. Mar. 18
Tonopah-Belmont Development (guar.) 5
Apr. 1 Mar. 16 to May. 21
Tonopah Extension Mining (guar.)
•5
Apr. 1 *Holders of reo. Mar. 11
Tonopah Mining
Sc. Apr. 21 Apr. 1 to Apr. 9
Extra
254e. Apr. 15 Apr. 1 to Apr. 9
Torrington Co.. common (quar.)
5
Apr. 1 Holders of roe. Mar.225
Traylor Engineering & Mfg., pref.(qu.). 2
Apr. 1 Holders of rec. Mar. 25e
TrinidadElec. Co., Ltd. (quar.)
I
Apr. 10 Apr. 1 to Apr. 10
Trumbull Steel, common (guar.)
150. Apr. 1 Mar. 21 to Mar. 31
Preferred (guar.)
134 Apr. 1 Mar. 21 to Mar. 31
Tuekett Tobacco, Ltd., com.(guar.)... 1
Apr. 15 Holdall of res. Mar. 31e
Preferred (quar.)
134 Apr. 15 Holders of reo. Mar. 31a
Underwood Typewriter. com.(guar.)... 234 Apr. 1 Holders of rec. Mar. 40
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. Si
Union Carbide & Carbon (mar.)
Apr. 1 Holders of reo. Mar. 4a
$1
Union Natural Gas Corporation (guar.). 231 Apr. 15 Holders of reo. Mar. 31s
United Drug, 1st pref. (guar.)
"8754c May 1 'Holders of rec. Apr. 15
United Dyewood, common (guar.)
13.4 Apr. 1 Holders of reo. May. 154
Preferred (quar.)
let Apr. 1 Holders of reo. Mar. 150
Preferred (guar.)
let July 1 Holders of rec. June lie
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept. lils
United Fruit (guar.)
2
Apr. 15 Holders of rec. Mar. 280
United Gas Improvement, com.(guar.).
500 Apr. 15 Holders of roe. Mar. 31
Preferred (quar.)
8754c June 13 Holders of rec. May 310
United Profit Sharing (guar.)
3etc. Apr. 1 Holders of rec. Mar. 94
United Pratt Sharing, (guar.)
Ilate. July 1 Holders of reo. June 71
United Royalties (monthly)
3
Apr. 25 Holders of rec. Mar. 5
Extra
1
Apr. 25 Holders of rec. Mar. 5
United Shoe Machinery. com. (quar.).
50e. Apr. 6 Holders of roe. Mar. 14
Preferred (quar.)
3754c Apr. 5 Holders of reo. Mar. 14
U. S. Industrial Alcohol. pref. (guar.)._
134 Apr, 15 Holders of reo. Mar.314
U. R. Playing Card (guar.)
5
Apr. 1 Holders of rec. Mar. 21.
U.S. Ptg. & Lithographing, let pf.(qu.) 134 Apr. 1 Holders of rec. Mar. 21s
United Utilities, preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 21s
United Verde Extension Mining (guar.).
25e. May 1 Holders of rec. Apr. 3s
Universal Leaf Tobacco, com.(No. 1)_. 3
Apr. 1 Holders of rm. Mar. 22
Prelerred (quar.)
Apr. 1 Holders of reo. Mar. 22
2
Van Dorn Iron Works, pref.(guar.).- let Apr. 1 Holders of rec. Mar.224
Vermont Hydro-Elec. Corp., pf. (qua - 134 Apr. 1 Mar. 16 to Mar. 31
Victor-Monaghan Co., pref. (quar.)___. 131 Apr. 1 Holders of rec. Mar. 20
Victor Talking Machine, cons. (quar.).. 10
Apr. 15 Apr. 1 to Apr. II
Preferred (guar.)
to Apr. 5
134 Apr. 15 Apr. 1
Wabaseo Cotton Co.(guar.)
$1
Apr. 3 Holders of reo. May. 15
Wahl Co.. com. (guar.)
$1.50 Apr. 1 Holders of reo. Mar.23
Common (montkly)
50o. May 1 Holders of rm. Apr. 22
Common (monthly)
50o. June 1 Holders of roe. May 22
Common (monthly)
50e. July 1 Holders of roe. June 22
Preferred (quar.)
let Apr. 1 Holders of rec. Mar. 23
Preferred (guar.)
134 July 1 Holders of rec. Juno 22
Waldorf System, common (guar.)
50c. Apr. 1 Holders of rec. Mar. 20a
First preferred and preferred (quar.)
20o. Apr. 1 Holders of reo. Mar.20a
Warren Bros.. first preferred
Apr. 1 Holders of rec. Jan. le
hf'
Second preferred
Apr. 1 Holders of rec. Jan 18
Warren Bros., 1st pref. (quar.)
tile. Apr. 1 Holders of rm. Mar. 25
Second preferred (guar.)
8731c. Apr. 1 Holders of rec. Mar. 25
West Coast 011 (guar.)
$1.50 Apr. 5 Holders of roe. Mar. 204
West Kootenay Pow. & Lt., corn. WO - 2
Apr. 1 Holders of rec. Mar. 27a
Preferred (guar.)
let Apr. 1 Holders of rec. Mar. 27.
Western Union Telegraph (guar.)
131 Apr. 15 Mar. 26 to Apr. 14
Westinghouse Mr Brake (guar.)
Apr. 29 Apr. 1 to Apr. 11
$1
Westinghouse El. & Mfg:, corn. (guar.). St
Apr. 29 holders of roe. Mar.31
Preferred (guar.)
Apr. 15 Holders of rec. May.31
Si
Westmoreland Coal (guar.)
231 Apr. 1 Mar. 22 to Apr. 2
Weyman-Bruton Co., com. (guar.)
3
Apr. 1 Holders of rec. Mar. 13
Preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 13
Whitman (William) Co., Inc.. pf. (qu.). let Apr. 1 Holders of rec. Mar. 20
Will & Baumer Candle, pref. (guar.)._
2
Apr. 1 Holders of roe. Mar. 204
Williams Tool Corp., pref. (guar.)
2
Apr. 1 Holders of reo. Mar. 2041
Wilson & Co., preferred (guar.)
154 Apr. 1 Holders of reo. Mar. 204
Wilson (C. R.) Body, pref. (guar.)
134 Apr. 1 Mar. 22 to Mar. 31
Winnsboro Mills, common (guar.)
2
Apr. 1 Holders of rec. Mar. 27a
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 27a
Woods Mfg., pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 280
Woolworth (F. W.) Co., pref. (quar.).. 134 Apr. 1 Holders of reo. Mar. 104
Worthington P.& Mach., pf. Cl. A.(g11.) 154 Apr, 1 Holders of rec. Mar. be
Preferred Class B (quar.)
I% Apr. 1 Holders of reo. Mar.10.
Wrigley (William) Jr., & Co.
Common (payable in common stock). •110 Apr. 3'Holders of reo. Mar. 25
WurlItser (Rudolph) Co., 7% pt. (qu.).. let Apr. 1 Mar. 25 to Mar. 31
Eight per cent pref. (quar.)
2
Apr. 1 Mar. 25 to
Mar. 31
Yale & Towne Mfg. (guar.)
5
Apr. 1 Holders of reo. Mar. 21
Yellow Cab Mfg.(monthly)
.80o. Apr. 1 *Holders of roc. Mar. 23
Yellow Cab Co. (monthly)
.33 1-3 Apr. 1 *Holders of roe. Mar. 31
Young (J. S.) Co., corn. (quar.)
Apr. 1 Holders of reo. Mar. 244
2
Preferred (guar.)
1% A pr. 1 Holders of rec. Mar. 24.
Youngstown Sheet & Tube,com.(qu.)._ 50o. Apr. 1 Mar. 21 to Mar. 31
Preferred (guar.)
13,
1 Apr. 1 Mar. 21 to Mar.31
• From unofficial sources. t The New York eitook Exohange has ruled that nook
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. 6 Lem British income tax. d Correction.
e Payable in stock. f Payable in common stock. g Payable in scrip. h On
account of accumulated dividends.
Payable in Liberty or Victory Loan bonds.
Payable in Now York funds. k Payable In Canadian funds.
All transfers received In order In London on or before March 10 will be In time
to be passed for payment of dividends to transferees.
n Declared monthly dividends of 50o. each, payable March I, April 1, May 1
June 1, July 1 and Aug. 1 to holders of record Feb. 25, March 25, April 25, May 251
June 25 and July 25, respectively.
o Payable in 7% prior preference preferred stook at par.
r Declared 10%, payable In quarterly Installments.
o Declared annual dividends on both 7% and 8% pref. stock, payable in quarterly
Installments of 134% and 2%, respectively, on April 1, July 1, Oct. 2 and Jan.
1923 to holders of record on March 14. June 15, Sept. 15 and Doe. 15, reapecti vele.
New York City Banks and Trust Coznpani3s.
All prices dollars per share.
Banks-N.Y.
America•
Amer Bob _
Atlantic
Battery Park _
Bowery*
Broadway Oen
Beonx Rom
Bronx Nat._
Bryant Parke
Butch & Drov
Cent Mercian_
Chase _
Chat & Phon.
Ohelssa Etch.
_
Chemical
Coal & Iron.
Colonial'.
Columbia•_
Courneroe _ _ _
Coenwealtia•
Continental_ _
Corn Exch
Cosinorrtan•
East River.._
Fifth Avenue.
Fifth.
First
Garfield
Gotham
Greenwich'.
Hanover
Harriman ._
Imp & Tract._
Industrial._ _
0(4
182
250
210
130
430
130
110
150
155
130
190
288
224
80
500
'200
270
160
251
215
130
310
90
170
925
150
930
220
130
210
830
390
500
15.5
flanks
Ast
147 Irving Nat o
NY
255
220 Manhattan •
140 \leen & Met
450 Mutual*
Nat American
National City
1-0-6 New NIth•
170 New York
140 Pacific •
200 Park
203 Public
223 Seaboard . _ _ .
90 Standard •__ _
515 State.
210 Tradeamen'a •
23d Ward.....
Union Exch._
7 Unttellitates•
25.
225 WItah'n II ts •
145 Yorkville
3,15
100
Brooklyn
_
Coney Island'
154) First
940 Greenpoint _
230 Homestead..
186 lisehanies'•
210 Montauk •__ _
040 Nassau.
409 North tilde._ _
515 People's
185
Bid
183
234
343
500
150
313
115
470
300
393
210
290
210
285
2,10
250
215
16.5
325
420
150
250
175
80
95
125
220
200
155
Trust Co.'s BO
New York
.
American_ _
Bankers ['rust 32-4 -.
Central Union 376
Columbia._ 299
Comtneralal_ 105
Etnoire...._ 295
Equitable Tr_ 257
Farm L & Tr. 445
Fidelity Inter 205
31)8 Fulton
210
213 Guaranty Tr_ 20)
295 Etulaon__ _ 170
230 Law Tit & Tr 140
Lincoln Trust 155
Mercantile Tr 290
3-7-0 Metropolitan 260
230 Mutual (West
cts-fter.. _
110
175
N Y Life Ins
& Trust
(100
N Y Trust_ ._ 310
Title (lu & Tr 317
U S Nita & Tr 275
160 United States 960
260
185
Brooklyn
10() Brooklyn Tr, 410
102 Kings County 700
Manufacturer 220
305
People's
210
165
Ask
192
240
347
_ .150
318
130
480
Ast
125
314
290
420
ifs'
AU prices dollars per share.
Ask Realty AM-90
15)
(Brooklyn).
102 U 9 C usual ty
215 i US Title Guar
West & Bronx
155
Title & M 0
Bid
117
155
95
March 18
Ma•ch 11
1922.
I
1922
1
3
1
S
2,133.000 2,141,000
Circulation
Loans,(1181'0 & Investments. 716,223,000 Inc.193,327.000 519,899.000 522,574.000
Individual deposits, In.:11. U.S. 553,107,000 Inc.179,659,009 383,443.000 381,178.000
428,000 93.335.000 97,073.000
Due to banks
97,953,000 Dec.
46,313,000 Inc. 19,239,000 27.079.000 25.868,000
Time depositi.
15,453.000 Inc.
992.000 14,466.000 13.919.000
United States depotsits
Exchanges for Clearing House 18,630.000 Inc. 2,282,000 16,393.000 15,044.000
51,355,000 Inc. 13,578,000 56,187,000 50.123.000
Due from other banks
Reserve in Fed. Roe. Bank.... 64,034,000 Inc. 21,252,000 42,782.000 42.806.000
Cash in bank and F. R. Bank 9,657,000 Inc. 4,785,000 4,872,000, 4,861,000
Reserve emcees In bank and
722,000
i 2,732,009 Inc. 2,187,000
545,000
Federal Reserve Bank
March 29
1022.
ChartOes from
previous week.
Statam3nt of Now York City Clearing House Bank
and Trust Companies.-The following detailed statement
shows the condition of the Now York City Clearing House
members for the week ending M trch 25. The figures for the
separate banks are the average of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000; omitted.)
New York City Realty and Surety Companies.
Ast
80 Lawyers litge 162
70 1Nift.ge Bond _ 94
238 'Nat Sarety
210
-_
N Y TItte
Mortgage__ 150
100
Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series 0" weeks:
BOSTON CLEARING HOUSE MEMBERS.
323 330
305
135
305
282
455
210
280
205
ISO
141
165
205
260
•Banks marked with (I) are State banks. t New stock. t Ex-dividend. y Et-rights
Bld
Alliance R'itv 70
Amer Surety. 65
Bond lc M G. 233
City Investing
Preferred
1379
THE CHRONICLE
APRIL 1 1922.]
A tk
124
1115
105
Reserve
Loans,
Net
CLEARING
Time Rnnot
Net
with
Capital. Profits. Discount, Cash
,
TIOUS,,
D. CircaLegal Demand
In
Inv.stMEMBERS.
(000 omitted.) Nat'l, Mar.10 ?IV WS, Vault. Deposi Deposits. posits. la.
tion.
tortes.
&V.
Week ending State, Mar.10
March 24 1922. Tr.cos, Mar.10
AV6rage Average Average Av,rage 4 verage Aria.
Members of
S
$ I
Fed. Rea. Bank
900 1,947
27.325
609 3,689
36,914
Bk of NY. NBA 2.000 7,665
97,479 13.129 _ 6_5
Ilk of Menhat'a 5.000 17.396 116,810 1,877 13,789
9
139,013 3.501
Meet dr Met Nat 10.000 17.401 143,899 7,205 18,458
150
160
52,920 1,172
54.936 1,230 6.915
Bank of America 5.500 5,755
.513,714 39.504 1,807
Nat City flank 40.000 62.318 468.680 7,378 56.31
345
101,409 2,544
Nat.. 4.500 15.903 113,732 1,16f 13,553
Now York City Non-lVlembar Ba.nks and Trust Com- Chemical
238
37' 2,000
14.924
633
16.073
Atlantic Nat.. _ 1,000, 1,133
89
559
298
3.899
43
yanies.-Following is the report made to the Clearing House Nat Butch dr Dr 500, 248 5.585
95:, 11,255
82.752 2.271 4,918
92.90"'
Amer Etch Nat 5.000; 7.816
clearing non-member institutions
1,001
34,752
307,029
266,042
4.883
35.824
25.000
Nat Bk of Comm
23,212
244
in the "Clearing House Returns" in the next column:
22,405 1,03' 3,267
1,0001 1,745
Pacific Bank
4'.
106.858 16,988 4,909
Coat dr Phen Na' 10.500i 9.878 132,436 5,75 14.842
NON-MEMBER
47r 13,172
09,539
lea
INSTITUTIONS
OF
OF
NEW
YORK CLEARING
RETURNFl tnover Nat.. 3,000, 21,655 113,404
HOUSE.
158.583 17-,58
8,250 10.339 170,424 6,002 21,558
Corn Exchange
49
25
3,392
25.65
615
33.240
of
dollars-that
8.680
thousands
1.500
Is,
Nat
three
Tract
Imp At
ciphers [000I omitted.)
(Stated in
131,298 2.426 5.457
871 17,131
National Park.. 10.000 23,101 159.763
1,527
50
11,93
290 1,384
13.489
1,000
791
East
Nat
River
I Net
Loans,
177,962 17.487 7.421
610 23,662
First National.. 10,000 42.993 247.755
Capital, Profits. Dis185,878 3.922 2.523
CLEARING
Nat'l
Net
Reserve
Net
National 12.500 11.221 183,062 4,254 25.601
Irving
count.,, Cash
NON-MEMBERS
6,116
50 _ _120 1.003
Bank
with Demand Time
6,824
825
1,000
Continental__
N'atbks.Mar. 0 Inv 'atin
301.923 15,720 1,090
CircuLegal
DeD3Chase National 20,000 21,678 325.834 6,04' 39,108
tate bksM far 10 meats, Vault, Deposi- posits. posits. latton.
20.411
Week ending
670 2,658
20.872
500 2,425
Fifth
Avenue
taries.
March 21 1422. Trees. Mar.1()
8,734
460 1,178
8.344
400
859
Comm usw.altb
- 397
51
15,106
----495 2,41'
15,461
1,000 1,584
Average Average Average Average Average Average o trfield Nat.. _
Members of
248
449
13.230
268 1.844
15.183
1,200
886
National
Flfth
$
$
8
65
776
50.609
47,196
Fell Res, Bank.
$
980 6.355
$
$
1
$
I
. 3.000 5,133
Nat
Seaboard
149 1,289
413
532
247
12.171
197 Coal it Iron Nat 1,500 1,353
Battery Park Nat. 1,500, 1,497 10,2951
7,710
544 1.574
14,640
813
200
11,177
253 1,576 11,133;
601
389
342
Mutual Bank
16.487
15,599
603 2.207
Etch Nat 1.000 1,484
Union
500 1,1951 5.288
22
1,023 2,836
309
30.104 3,738
859 4,077
33,851
W.It. Grace& Co_
Bklyn Trust Co 1.500 2.971
848 18 38411
200
425 1,567
Yorkville Bank. _
9,236 9,853
859 29,943 .241.354 15,195
'
Bankers Tr Co 20.000 22.413 258.866
-----------52.439
566 6.712
49.274 1.733 -3.000 4,458
Tr
&
Mtge
S
U
2,400 4,354 45,144
819 4,741 29,110 13,537
Total
- 197 Guaranty Tr Co 25.000 17,400 344.257 1.360 39.695 .397,24.5 17.34
State Banks.
701
18.267
352 2.395
19,191
1,500 1.804
Fidelity-It Tr
4.15
72,793
Not Af snsaers of the
9.503
78,019
868
7,809
5.000
Trust
Columbia
Federal(1 !sere! Rant
36.894 1.296
38,361 1,167 3,717
Peoples Trust , 1.500 2.307
290
351 3,987
472
122.603 2.216
232
Bank of Wash.lIts.
30
443 16,968
3,823
New York-Trust 10.000 16.930 132,950
800 1,647 17,355 2,192 1,385 18,328
800
Colonial Bank
20,604
2,931
425
21,704
1.300
2.000
Lincoln Trust
_
28,233 1.219
472 3,704
31,637
Metropolitan 1' 2.0001 3,711
1,000 1,998 21,343 2,684 1,617 22,151
12,650
Total
317
50
365 1.278
15,292
30
1,542
1,000J
Bk
Nat,
118939U
.93.700 18,687
Trust Companies
421 12.761
5.000 14,184 121.394
Farmers In & T
24.989
931
Not Mem)ers of th,
23,931
532 3.296
2.003 1,773
Bank
Columbia
Federal Thseros Bank
Equitable Trust 12.0001 15.851 146,757 1,502 19,876 .176.968 6,159
200
530 8,963
Mech.Tr.,Bayonne
352
160
3,317 5,615
Average Mar.25 277.3504.52,653 1.229,730 62.217 500,586 c3,749.024 221,59433,706
200
580 8.903
'rotal
352
166,
3,317, 5,615
a ctual co adition Mar.25 1.221.025 61.345 539,283c3.733,162 221.635 33.768
Totals,
Grand aggregate._ 3,600 6,933 75,450 3,865 6,524 a54,578 19,182
197 Totals, actual co adition liar. 15 1.232.497 60.564 551.848 c3.821.281 219.73733.780
Comparison previo us week
+538 --tor
--1 Totals, actual co ndltion Mar.11 1,169,780 63,565 523,184 c3,748,030 214,433 33,800
-52
+87, +686
State Banks
Gr'd aggr. Mar. 18 3,300 6,907 74,912 3,970 6,576 a54,491 18,496
198 Not Men0ers of
Gr'd aggr. Mar. 11 3,300 6,907 74,250 3,992 6,529 a54,460 17,602
197 Feel. Reserve BanA
Gr'd agar. Mar. 4 3,300 6,907 73.670 3,865 6,302 a54,02:3 17,385
17,900
5
197 Greenwich Bank 1,000 2,033
17,737 1,597 1,762
(led aggr. Feb. 25 3,300 6,907 73,530 3,9.58 6,262 a53,941 17,335
307
5,112
628
5,433
197 Bowery Bank..
844
250
28,293 47-.824
70,093 3,245 1.901
State flank.... 2.500 4,585
a U. S. depolits leducted, 3560,000.
Bills payable, railseounts, acceptances and other liabilities, $423,000.
51,305 47.874
Average Mar.25 3.750 7,465 102,263 5,470 4,0110
Exceas reserve, $148,870 decrease.
-47.926
3,832
61,199
5,530
102,203
ndition
co
actual
Totals,
51398! 47.805
edition liar. 18 102,219 5.353 4.380
actual
Philadelphia Banks.-The Philadelphia Clearing House Totals,
51,672 47,70
Total . actual on edition Max,11 102,318 5,526 4,289
statement for the week ending March 25 with comparative
Trust Co's
ifembers of
figures for the two weeks preceding is as follows. Reserve Not
Fed. Reserve Bank
requirements for members of the Federal Reserve System Title Guar dr Ti 7.500 13,234 47.339 1,271 3,370 30.662 9
16.030
375
827 1,056
24,667
4,000 6,163
are 10% on depaand deposits and 3% on time deposits, all Lawyere T1 & Te----to be kept with the Federal Reserve Bank. "Cash in Average Mar.25 11.500 10.391 72,006 2,098 5.026 46,692 1.275
--vaults" is not a part of legal reserve. For trust companies
72,407 2,112 5.056
47.105 1,270 _Totals, actual condition Mar.25
not members of the Federal Reserve System' the reserve Totals, actual co nditiou liar. 18 71.897 2.126 5.050 46.576 1,193
45.380 1.223 ..-„
deposits and includes "Reserve Totals,actual co odition Mari 1 71,671 2.218 4.974i
required is 10% on demand
-----with legal deposztarzes and "Cash in vaults."
Ord agar. avge_ 292,600 479,517 1.403.909 69.785 509,672 3.847.021 270.74333.706
Comparison, prrous w eek_ _ _ _ +28.412 +118-29.965 -31.362 +4.965LT54
--I-Week ending March 25 1022.
Gr'd aggr.. act'l,cond'n Mar.25 1.395.635 68.987548.171 3.831,466270,831 33,788
-------- March 18 March 11
+9441-13,107-87,781:L2.006i
-10.978
-12
_
week
previous
Comparison,
Trust
1022.
1922.
Too Ciphers (00) omitted. Mernhersof
1-F.R.System Companies1 Total.
(3rd aggr., act'l cond'n Mar. IS 1.401.613 68.0 13561,278 3,919,255 268.735 33,780
-------71.309532.449 3.845,132 265.36833.408
33,475.04,500,0 37.975,0 $37,075,0 $37,975.0 (3rd agar., actTcond'n Marl 4,343.769
Capital
13,567.0 107,431,0 107,4:10.0 108,005,0 Gr'd sagr., acri cond'n Mar. 1.366,454 69.1451487.105 3,821.827,262.209 33,831
-- 93,834.0
Surplus and profits
1,352,573
25
73,612:542.122 3,811,8761265096 33.1327
Feb.
cond'n
ace!
aggr.,
Gr'd
596,856,0
34,898,0 631,764,0 (134,632.0 635.693,0
Loans, disete & Investus'td
458,0 23,128.0 25.431,0 22,338,0
Exchaages for Clear.tIouse 22,670.0
net
from
demand deposits in the general totabs
deducted
deposits
83,912.0
S.
-U.
Nov.
14.0
83,925,0 90,343.0 82,773,0
one from banks
109,259,0
312.0 109,571,0 113,379,0 111,31:3,0 above were as follows: Average for week Mar. 25, 582,442,060; actual totals Mar. 25,
Bank deposits
460.629.0 20.650,0 481,279.0 491,2840 485,353,0 $72,227.000; Mar. 18. $142.399.000: Mar. 11, 585,243.000: Mar, 4. 385,120.000:
Individual deposits
14.802.0
434,0, 15,236,0
15,442,0 Feb. 25, 584,696,000. Bills payable, rediscounts, acceptances and other liabilities
15,134,0
Thne depo atm
554,690,0 21,396,0, 600,0813.0 619.797,0 612,108,0 average for the week Mar. 25, $311,327,000; actual totals Mar. 25, 5:014,309,000'.
Total deposits
14,563.0 Mar. 18. $320,298,000; Mar. 11, $303,997,000; Mar. 4, 5297,475,000; Feb. 26I11,381.0 14.579,0
S deposits (not incl.)4
04
2,940,01
3,453,0 3355,205.00C.
2,940,0
3,760,0
Res've with legal dePosIt's
• Includes deposits in foreign branches not Included in total footing as follows:
48.777,0
48,777.0 49,950.0 49,647,0
Reserve with F. R. Bask
Guaranty Trust
$105,737.000:
Bankers
Trust
$13.219,000:
Co.,
Bank,
City
8,945,0
National
873.0
9,813,0
9.818,0
0,900.0
Cash In vault.
3,813.0 61,535,0 63,610,0 62,943.0 Co., 3100,329.000: Farmers' Loan & Trust Co.. $167.000; Equitable Trust Co.,
Total reserve and cash held 57,722,0
3,094,0 51.146,0 52.036,0 52,252,0 323.978.000. Balances carried In banks in foreign countries as reserve for such
43.052.0
Reserve required.
Co., $885.090
9.670,0
719.0
10.339,0
11.544
10.691,0 deposits were: National City Bank, $29,616.000: Bankers Trust
Excess tee. & cash in vault
Guaranty Trust Co.. $16,266.000; Farmers' Loan & Trust Co., $167,000; Eaultala*
Trust Co., $1,865,000. c Depoaits in foreign branshes not included.
•Cash in vaults not counted as reserve ter Federal Reserve usembera.
g
which are not included
1380
THE CHRONICLE
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
[Vol,. 114.
COMBINED RESULTS OF BANKS AND TRuST COMPANIES IN
GREATER NEW YORK.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks _
State banks.
Trust companies_ _ _ _
Total
Total
Total
Total
Mar. 25____
Mar. 18____
Mar.11_
Mar. 4.._ _ _
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
$
500,588,000 500,586,000 494,020,940
5,470,000 4,060,000 9,530,000 9,234,900
2,098,000 5,026,000 7,124,000 7,003,800
6,568,060
295.100
120,200
7,568,000 509,672,000 517,240,000 510,259,840 6,980,360
7,405,000 539,837.000 547,042,000 514,192,270 32,849,730
7,642,000 514,364,000 522,006,000 506,987.870 15,018,930
7,503,000 512.816,000 520,319,000 508,227,910 12,091,090
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks..
State banks.
Trust companies____
ar Total Mar. 25..___
Total Mar.
Total Mar. 11_ -_
Total Mar. 4_
5,530,000
2,112,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
539,283,000 539,283,000 491,960,110 47,322,890
3,832,000 9,362,000 9,215,820
146,180
5,056,000 7.188,000 7,065,750
102,250
7,642,000 548,171.0001555,813,000 508,241,680 47,571,320
7.479,000 561,278,0001568.757,000 519,596,680 49.160.320
7,744,000 532.449,000540.193,000 509,791,350 30,401,650
7.616.000 487,105,000 494,721,000 506,775,030 df12054,030
Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Mar. 25, 26,647,820; Mar. 18, 25,854,290: Mar. 11, 28,428,760: Mar. 4, $6,184,650.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Mar. 25. 26,649,050; Mar. 18, 26,249,480: Mar. 11, $6,432,990; Mar. 4, 28,402,570.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
March 25.
previous week.
Loans and investments
$617,060,300 Dec. $4,386,800
Gold
5.717,600 Dec.
15.300
Currency and bank notes
15,236,700 Inc.
208,300
Deposits with Federal Reserve Bank of New York
49,804,800 Dec. 3,032,200
Total deposits
639,494,400 Dec. 11,915,800
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City exchanges and U.S.deposits.. 598,118,800 Dec. 5,725,500
Reserve on deposits
99,582,400 Dec. 6,404,300
Percentage of reserve, 20.3%.
RESERVE.
----State Banks—
—Trust Companies—
Cash In vault
.225,927,900 15.82%
$44,831,200 13.76%
Deposits in banks and trust
8,404,300 05.13%
20,419,000 08.26%
Total
$34,332,200 20.95%
$65,250,200 20.02%
• Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on March 25 were $49,804,800.
Banks and Trust Companies in New York city.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Week ended—
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Map CC
Loans and
Investments.
Demand
Deposits.
.Total Cash
in Vaults.
Reserve in
Depositaries.
$
5,096.705,600
5.038,302,500
5,073,132,000
5.084,673,400
5.050,803,700
4,993.954,100
4,984,481,600
4,956,963,700
4,997.034.100
$
4,525,120,000
4,467,360,600
4,463.981,500
4,415,936,800
4.437,139,800
4,422,144,400
4,425,726,900
4,416,490,700
4.482,227.300
$
95,694,700
93,598,200
91,150,400
93,782,400
93,134.900
93.603,400
92.174,900
92,371,000
90,428,300
A AAK 1.2n win
$
591,642,500
592,588.600
592,291,600
590,816.500
599,000.500
586,490,900
598,610,500
596,530.400
624,862,400
nnygnonn
coo onn Inn
KnO1
nmn
IAA
* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes. z Corrected figures.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Mob. 29 1922, in
comparison with the previous week and the corresponding
date last year:
Resources—.
Goldand gold certificates
Gold settlement fund—F. R. Board_
Total gold held by bank
Gold with Federal Weave Agent
Gold redemption fund
Mar.29 1922. Mar.221922. April 1 1921.
$
221,493,468 221,980,634 214,187,000
117,442,471
81,402,144 131,932,000
338,935,937
770,377,778
10,000,000
303,382,779
770,489,178
10,000.000
346,119,000
300,115,000
36,000,090
1,119,313,715 1,083,871,957
31,834,253
33,077.951
682,234,000
151,207,000
Total reserves
1,151,147,988 1,116,949,008
Bills discounted: Secured by U.S. Government obligations—for members.-- 47,527,927
34,003,064
All other—For members
28,917,714
34,828,465
Bills bought In open market
45,553,430
33,127,595
833,441,000
Total bills on hand
U.S. bonds and notes
U.S. certificates of indebtedness—
One-year certificates (Pittman Act),
All other
Total gold reserves
Legal tender notes. silver, &o
335,628,000
288,430,000
42,185,000
119,999,072
55,952,750
102,019,124
68,267,850
666,243,011
1,255,000
27,400,000
48,162,000
28,900,000
48,509,000
56,276,090
1,424,000
Total earning assets
249,513,822
Beak premises
7,630,456
5% redemp. fund agst. F. R. bank noted
1,181,060
Gold abroad in custody or in transit..
Uncollected items
99,807,136
All other resources
2,919,668
245.895,774
7,578,393
1,256,080
725,198,009
4,708,000
1,916,000
108,459,488
2,363,588
115,590,000
3,062.000
Total resources
1,512,200,112 1,482,303,213 1,683,915,000
Capital paid In
27,057,400
Surplus
60,197,127
Reserved for Government Franchise Tax
448,399
Deposits:
Government
7,282,005
Member banks—Reserve secount
684,950,607
All other
10,231,233
27.056,250
60,197,127
421,704
26,488,000
56,414,000
17,435,422
634,980,116
10,453,132
10,096.011
659,620.000
15,776,000
Total deposits
702,463,846
F. R. notes In actual circulation
625.773,779
(Amen—net
notes
liability 16,982,000
in
F. R. bank
75.699,649
Deferred availability items
3,577,911
All other liabilities
662,868,671
625,843,738
15,823.700
86.519,614
3,572,407
685,492,100
783,461,000
26,544,000
87,750,000
17,766,000
Total liabilities
1,512,200,112 1,482,303,213 1,683,915,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
86.7%
88.7%
56.7%
9,899,375
10,489,306
12,116,711
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on March 30.
The figures for the system as a whole are given in the following table, and in addition we present the results for seven preceding weeks,together with those of corresponding weeks of last year. The second table shows the resources and liabilities separately 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. In commenting upon the returnfor the latest week the Federal Reserve Board says:
Combined increases of about $35,700,000 In discounted and purchased
bills, as against a reduction of $2,300,000 in Government securities, accompanied by an increase of $30,500,000 in deposit liabilities and a reduction
of $1,500,000 in Federal Reserve note circulation, are indicated in the
Federal Reserve Board's weekly consolidated bank statement, issued as
at close of business on March 29 1922. Total earning assets show an increase for the week of $33,400,000. Gold reserves declined by $1,300,000
and total cash reserves by $1,200,000. As a consequence of the above
changes, the reserve ratio shows a decline for the week from 78.4 to 77.8%.
Government paper on hand shows an increase from $227,100,000 to
$242,800,000. Of the total held $195,500,000, or 80.57
0, was secured by
Liberty and other U. S. bonds, $13,800.000, or 5.7%. by Victory notes
$15,700.000, or 6.4%, by Treasury notes and $17,900,000, or 7.4%, by
Treasury certificates, compared with $195,200.000, $15,700,000, 314,000,000 and $8,500,000 reported the week before.
'Changes In the distribution of gold reserves affect primarily the New
'York and Chicago banks, the former reporting an increase of $35,400,000
in its gold reserves and the latter a decrease of $30,400,000.
—.IA summary of changes in the principal asset and liability items of the
Reserve banks, as compared with a week and a year ago, follows:
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RISOURCBS.
Gold and gold certificates
Gold settlement, F. It. Board
Total gold held by banks
old with Federal Reserve agents
Gold redemption fund
Te..11 ern15 rnaarntn
Increase(+)or Decrease(—)Since
March 22 1922. April 1 1921.
=31.200,000 +3642,100,000
—1,300.000
+728,900.000
+33,400,000 —1,433,600,000
+20,000,000 —1,578,600,000
+15,700,000
—707,900.000
+4,300,000
—870,700,000
+15,700,000
—19,800,000
—2,300.000
+164,800,001)
—8,600,000
+174,600,000
—1,500,000
—158,400,000
+7,800,000
+148,600,000
+30,500,000
+15,900,000
+40,900.000
+36,400,000
—10,300,000
—26,100,000
—100,000
+5,600,000
—1,500,000 —726,300,000
+1,500,000
—89,400,000
Total reserves
Gold reserves
Total earning assets
Discounted bills, total
Secured by U.S. Government obligations_
All other
Purchased bills
United States securities, total
Bonds and notes
Pittman certificates
Other Treasury certificates
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
F. R. bank notes in circulation, net Habil_
RESERVE
BANKS AT THE CLOSE OF BUSINESS MARCH 29 1922.
Mar.29 1922. Mar.22 1922. Mar. 15 1922. Mar. 8 1922. Mar. 1 1922. eb. 21 1922. Feb. 15 1922, Feb. 8 1922. April 1 1921.
$
322,429,000
497,322,000
$
321,499,000
514,282,000
$
321,283,000
484,180.000
$
380,823,000
491,294,000
$
380,406,000
521,273,000
$
381,673,000
520,713.000
$
382,260.000
531,354,000
$
382,418,000
514,110,000
$
299,485,090
497,790,000
819,751,000 835,761,000 805,463.000 872,117,000 901,679,000 902,388.000 913,614,000 896,528,000 797,275,000
2,085,992,000 2,061,361,000 2,090,124.000 2,030,161,000 1,982,061.000 1,977.602,000 1,940,665,000 1,942,725,000 1,300,345,000
89,612,000
79,581,000
63,595,000
66,847.000
87.694.000
80,435,000
81,775,000
82,099,000 148,819,000
2 A75 RAS
non 2S175 702.000 2.075.022.000 2.058.573.000 2.951.434.000 2.946.835.000 2.936.054.000 2.921.352.000 2.246.439.000
1381
THE CHRONICLE
APRIL 1 1922.]
8 1922. April 1 1921.
Mar.29 1922. Mar.22 1922. Mar.15 1922. Mar. 8 1922. Mar. 1 1922. Feb. 21 1922. Feb. 15 1922. Feb.
$
128,024.000
Legal tender notes, silver, dre
$
127,907,000
$
125,375,000
$
128,087,000
$
129.359.000
$
134.006,000
$
139,866.000
$
141,277.000
3
214,792,000
3,062,629,000 2,461,231,000
3,103,379,000 3,104,610,000 3,101,397,000 3.093,960,000 3.080.793,000 3.080.841,000 3.075,940,000
Total reserves
Bills discounted:
229,068,000 238.497.000 285,347,000 281.994.000 327,641,000 361.906.000 950,688,000
227,138,000
242,797,000
obligations.-Govt.
S.
U.
by
Secured
481.553,000 1,263,907,000
393.155,000 388,769,000 362,662,000 392.544.000 422,200.000 439,289.000 457.979,000
All other
94,255.000 122,491,000
95.730,000
78,287,000
82.564,000
87,311,000 101,931,000
87,045,000
102,691,000
Bills bought in open market
917,714,000 2,337,086,000
863,907,000
803,847.000
803,277.000
679,041,000
732,972.000
702,952,000
738,643,000
Total bills on hand
25,739,000
109.919.000
200,325,000 208,968,000 215,093,000 188,773,000 163.322,000 124,299.000 125.633,000
U. S. bonds and notes
U. S. certificates of indebtedness:
98,466,000 247,375,000
95,466,000
98,466,000
96.966,000
93,966,000
92,000,000
90,500,000
89,000,000
One-year certificates (Pittman Act)._
133,723,000
2,983,080
151,535,000 143,696,000 291,274,000 161,102,000 154,250,000 133,743,000 160,499,000
.
All other
193,000
193,000
191.000
102,000
102,000
102,000
102,000
102,000
Municipal warrants
2,613,183,000
1,260.015,000
1,179,605,000 1,146,218,000 1,277,510,000 1,176,915,000 1,216,417,000 1,159,046,000 1,248,698,000
Total earning assets
20,651.008
36.496,000
36.930,000
36.908,000
37,232,000
37,394,000
38,005.000
38,237,000
38,339,000
Bank premises
11,856,000
8.029.000
7,930.000
9,339.000
8.362.000
8.005,000
8.173,000
7,806,000
7,757,000
5% redemp. fund agst. F. R. bank notes
Gold abroad in custody or in transit_
554,315,000
470,449,000 521,650,000 607,795,000 486,190,000 505,782,000 488.018.000 555.990.000 450.841,000
Uncollected items
11,200,000
14,769,000
14.813,000
15,583,000
15,310,000
16,216,000
15.759.000
15,306,000
16,322,000
All other resources
5,672,436,000
4.832.779,000
4.941,049,000
5,048,022,000
4,788,987,000
4.818,848,000
4,864.345,000
4,815,851,000 4,833,827,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits-Government
Member banks-reserve account_ _
All other
103,993,000 103,961,000 103,948,000 103,802,000 103,736,000 103,685,000 103,325,000 103,233.000 101,137,000
215,398,000 215,398,000 215,398.000 215,398,000 215.398.000 215,398.000 215,398,000 215.398.000 202,036,000
1.548.000
1.504.000
1,530,000
1.317,000
1,570.000
1,349,000
1,829,000
1,982,000
82,099,000
79,316,000 112,717,000
63,910,000
60,770.000
24,207.000
16,789,000
66,359,000
56,031,000
1,672,402,000
1.714.668.000
1.744.430,000
1.845,493,000
1,667,842,000
1.719,910.000
1.725.065,000
1,677,011.000
1,708,782,000
34,732,000
31,111.000
33,728.000
31,260,000
35,938.000
51.181.000
32.607,000
40,382,000
40,323,000
1,805,136,000 1.774,583,008 1,913,463,000 1,780,055,000 1.818,442.000 1.772,181.000 1,857,474.000 1.858,496.000 1,789,233,000
Total
2,181,843,000 2,183.374,000 2,188,590,000 2,197,434,000 2,196.983,000 2,173,514,000 2.169,953,000 2.166.179,000 2,908,153.000
F. R. notes in actual circulation
83.507.000 169.722,000
82.988,000
78.029,000
81.165,000
78,863,000
79,633.000
80,353,000
80.095.000
F.R.bank notes in circulation-net lia . 409,333,000
458,377,000 529.912.000 424.418,000 432,241.000 425.437.000 494.568,000 388,650.000 451,270.000
Deterred availability items
50,885.000
15,768.000
15,839,000
16,290.000
16,578.000
16.101.000
17,442,000
17,109.000
17,813,000
All other liabilities
5,672,436,000
4.832,779.000
4,941,049.000
4,788.987,000
4,815,851,000 4,833,827,000 5,048,022,000 4.818,848,000 4.864,345,000
Total liabilities
Ratio of gold reserves to deposit and
47.8%
72.6%
72.9%
74.7%
73.5%
74.6%
75.2%
72.5%
74.6%
F. R. note liabilities combined
Ratio of total reserves to deposit and
52.4%
76.1%
78.1%
76.7%
76.4%
78.4%
77.8%
77.8%
75.6%
combined
F. R. note liabilities
Distribution by Maturities1-15 days bills bought lit open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
Municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
Municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
Municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
Municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _
Municipal warrants
Federal Reserve NotesOutstanding
Held by banks
$
46,858,000
350,506,000
17,595,000
i
32,227,000
337,022,000
17,117,000
S
27,723,000
317,482,000
167,362,000
$
43,171,000
345,054,000
44,998,000
$
45.348.000
413,818,000
44.086.000
15,877,000
70,013,000
1,700,000
102,000
23,892.000
105,603,000
2,000,000
17,096,000
73,540,000
13,033,000
18,707,000
73,175.000
14,783,000
14.427.000
76.492,000
13.909,000
15,855,000
15.111,000
2,125.000
23,813,000
97,705,000
3,703,000
102,000
12,101,000
67,223,000
500,000
23,186.000
102.340,000
10,587,000
14,201,000
74,299,000
31,785,000
23,004,000
100,551,000
2,700,000
102,000
12.187,000
69,048,000
20,064,000
16,991,000
106.621,000
15,458,000
102,000
16.795,000
69,538.000
1.000,000
1,865,000
35,530,000
187,455,000
2,531,000
35,746,000
181,282,000
4.967,000
36,145,000
196,949,000
16.640,000
89.709,000
500,000
102.000
4,507.000
37,446,000
185,074,000
741,000
42.459.000
187,147,000
$
29,473.000
428,670,000
1.884.000
140,000
22.050.000
74,039.000
39.302,000
$
28,665,000
485,495,000
23.768,000
142,000
19,161.000
75,271,000
85,999.000
15,289,000
100.593,000
15,449,000
15,137.000
104,904,000
9,671,000
$
i
42,852,000
49.096.000
509,208.000 1,287,221,000
6,959,000
35,019,000
2.000 •
32,125,000
16,768.000
81.307.000 224,009.000
4,000,000
2,000.000
140,000
34,510,000
16,743,000
113,179.000 393,659,000
5,108,000
9.294,000
15.633.000
67,644,000
2.700.000
51,000
119.000
41,337,000
171.373,000
15,011,000
77,396.000
2,700,000
51,000
313,000
42.549,000
186,827,000
11,431,000
82.558,000
38.165,000
51,000
217,000
46,207,000
147,711.000
13,004,000
269,649,600
7,722,000
40,057,000
226,569,000
2,518,516,000 2,523,374,000 2,527,772,000 2,540.443,000 2,526,660,000 2,510,576.000 2,507,229,000 2.525,009,000 3,263,111,000
336,673,000 340,000,000 339,179,000 343.009.000 329.677.000 337.062.000 337.276,000 358,830,000 354,958.000
2,181,843,000 2,183,374,000 2,188,593,000 2,197,434,000 2,196,983,000 2.173,514,000 2,169,953,000 2,166,179,000 2,908,153,000
In actual circulation
3,458,017.000 3,467.995,000 3.496,610,000 4,084,302,000
Amount chargeable to Fed. Res. Agent 3,372,447,000 3,397,570,000 3,407,483,000 3,423,544,00 3,444,451,000
853,931,000 874,196,000 879,711,000 883,101,000 917,791.000 947.441.000 960,766,000 971,601,000 821,271,000
In hands of Federal Reserve Agent
2,518,516,000 2.523,374,000 2,527,772,000 2.540,443,000 2.526.660,000 2,510.576,000 2,507,229,000 2,525,009.000 3,263,111,000
Issued to Federal Reserve banks
How SecuredBy geld and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
403,713,000 403,712,000 403,713,000 344,012,0 0 344,013,000 344.012.000 344,012.000 344,013,000 233,853,000
452,524,000 462,013,000 437,648,000 510,282,000 544,599,000 532,974,000 566.564.000 582,284,000 1,962,766,000
126,217,000 123,271,000 118,317,000 121,616,000 114,401,000 123.729.000 123,374,000 134,397,000 106.157,000
1,536,062,000 1.534.378,000 1.568,094,000 1.564,533,000 1,523.647.000 1,509.861.000 1.473,279,000 1.464.315.000 960,335,000
2,518,516,000 2,523,374,000 2,527,772,000 2,540,443,000 2,528.660.000 2,510,576,000 2,507,229,000 2,525,009,000 3,263,111.000
Total
Ritcrible paper delivered to F. R. Agent_
710,266,000
676,630,000
650,085,000
706.998.000
766,738.000
767,269.000
827.554,000 8.886.807.000 2,278,462,010
RESERVE BANKS AT CLOSE OF BUSINESS MAR. 29 1922
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
Two ciphers (00) omitted.
Boston. New York. Phila, Cleveland Richmond
Federal Reserve Bank of-$
$
$
s
RESOURCES.
$
10,633,0 221,493.0 2,171,0 12,578,0 2,902,0
Gold and gold certificates
Gold settlement fund-F. R. B'd 20,442,0 117,442,0 67,999,0 49,841,0 29,509,0
31.075,0 338,935,0 70,170,0 62,419,0 32,411.0
Total gold held by banks
120.142.0 770,378,0 141,206,0 190,676,0 37,405.0
Gold with F. R. agents
10,000,0 7,153,01 5,797,0 3,536,0
21,679,0
Gold redemption fund
Total gold reserves
Legal tender notes, silver, dm
172,896.0 1,119,313,0 218,529,0 258,892,0
31,834,0 5,875,0 7,444,0
22,884,0
195,780,0 1,151,147,0 224.404,0 266,336,0
Total reserves
Bills discounted: Secured by
17.788,0
U. S. Govt. obligations
25,969,0
All other
11.543,0
131115 bought in open market
47,528,0 45,884,0 24,023,0
28,918,0 17,931,0 30.978,0
45,553,0 18,185,0 3,135,0
119.999,0 82,000,0 58,136.0
55,953,0 14,754,0 19,840,0
Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. San Fran.
$
S
$
$
$
I
$
$
5,273,0 23,166,0 4,567.0 8,294,0 2,718.0 9,127.0 19,507.0
25,637,0 55,964,0 17,450,0 29,380,0 29,727,0 10,616,0 43,315,0
Total.
8
322,429,0
497,322,0
30,910,0 79,130.0 22,017,0 37.674,0 32,445.0 19,743.0 62,822.01 819,751,0
83 200,0 340,653,0 75,300,0 30,802,0 42,908,0 18,510,0 214.814,0 2,065.992,0
89,612,0
1,906,01 26,301.0 1.727,0 1,489,0 2,281,0 2.356.0 5,387,0
'--73,352,0 116,016,0 446,084,0 99,044,0 69.965,0 77,632,0 40,609,0 283.023.0r2.975.355,0
723,0 4,804,0 5,765,0 6.437.0 128,024.0
6,930,0 4,902.0, 12,249,0 18,177,0
1
80.282,0 120,918,01458,333,0 117,221,0 70,688,0 82,436.0 46,374.0,289,460.0 3,103.379,0
i
30,997,0 10,876.01 27,730.0 8,225,0 2,585,0 6,078.0 3,247.0 17,836,0 242,797.0
43,512,0 36,442,01 67,324,0 19,343.0 25,115,0 26,679.0 31,837,0 41,107,0 393,155,0
6,483.0 102,691.0
15,0'
29,0
1,174,0
1,911,0 1.894,0, 12.769,0
1
i
76.420,0 49,212,0 107,823,0 28.742.0 27,700.0 32,786.0 35,099,0 65,426,0 738,643,0
114,0 33,667,0 7,600,0 2.708,0 31.464,0 2,816.0 25,399.0 200,325,0
1,233,0
55.300.0
Total bills on hand
4,977.0
U. S. bonds and notes
U. S. certificates of indebtedness
89,000,0
Act).
8,450,0
27.400,0 8,000.0 6,000,0 3,560,0 7,199.0 8.667,0 3,571,0 4,350,0 4,321,0 1,900.0 5,582,0 151,535,0
One-year Ws. Pittman
250.0
209.0
31,0 45.616,0 9,109,0 3,752,0 3,698,0
26,0 18,222,0
24,460,0
48,182.0
Allother
102.0
warrants
102,0
Municipal
--93,187,0 249,514,0 104,882.0 101,998,0 81,213,0 56,556,0 195,773,0 49,022,0 38,510,0 72.269,0 40,065,0 96,616.0 1,179,605,0
Total earning assets
38,339,0
852,0
914.0 4,810.0 2,164.0
651,0
5,032,0
600,0 4,774,0 2,571,0 1,151,0 7,190.0
7,630,0
Bank premises
6% redemption fund against Fed279,0
7.757,0
136.0
240,0
916,0
2,023.0
665,0
468,0
188,0
notes
539,0
422,0
706,0
1,181,0
bank
Reserve
eral
44,105,0
99,807,0 39,108,0 44,619,0 41,096,0 19,961,0 59,216,0 25,889.0 11,451,0 32.039,0 20.9870, 32,196.0 470,449,0
Uncollected items
9
9
478.0 1,259,0
720,0, . , . .
115,0 1,332,0
395,0
752,0
574,0
305,0
2,921,0
All other resources
1
.-..'.111,757,0
424,838,0
4,815,851,0
195,264,0
123,062,0
193,190.0
722,509,0
199,189,0
339,100.0 1,512,200,0 369,999,0 419.018,0 205,745,0
Total resources
I
LIABILITIES.
7,969.0
27,057,0 8,856,0 11,480,0 5,521.0 4,233,0 14,483,0 4,623,0 3,574,0 4,609.0 4.204.0 7.384,0, 103,993,0
Capital paid in
16,483,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9.388,0 7.468,0 9,646,0 7.394.0i 15,199,0 215,398,0
Surplus
1,987.0
217.0
146.0
79.0
305,0
193.0
413.0
448,0
181,0
Reserved for Govt. franchise tax_
4,841,0
7,282.0 1,035,0 3,855,0 4,078,0 6,436,0 8,358,0 4,484.0 1,697,0 2,932,0 3,426.01 7,607.01 56,031,0
Deposits: Government
66,217.0 42,357.0 71,523,0 44.254.0 116,894.0 1,708,782,0
Member bank-reserve acc't. 109.624,0 684,951,0 102,379,0 138,180,0 53,324,0 48,825,0 234,254.0
261,0 21,454,0, 40,323,0
950,0
442,0
870,0
305,0 2,488,0
819,0
483.0
10,231,0
896,0 1.144.0
All other
1
--115,284.0 702.464,0 104,310,0 141,179,0 57.885.0 53,566,0 245,080.0 71,651,0 44,496,0 75,325,0 47.941,0 145.955,01 1,805,136,0
Total deposits
221,560.0,2,181,843,0
61,690.0
27,219.0
79,572,0
51.691,0
372,752,0
109,865,0
91,314,0
153,692,0
625,774,0
circulation_
197,788,0
188,926,0
F. R. notes in actual
F. U. bank notes In circulation
3,439,0 3.918,0 9,349,0 2,874.01 4,480.01 80,353,0
8,546.0
5,761,0
2,878,0
16,982,0
8,342,0
5,806,0
7,978,0
not liability
75,700.0 41,040.0 39,046,0 36,014,0 15,509,0 48.267.0 25.848.0 10.765,0 31,682.0 20,408,0 28.861.01 409.333,0
38,193.0
Deterred availability items
743,0 1,717,0 1,399,0, 17,813,0
933.0
664.0
708,0 4.356.0
798,0
944.0
3,578,0
763.0 1,210,0
All other liabilities
--1--•..----1
--g--.
II
lit .71t, n wnw 0.10 n A OIC OKI,
enn as tem .1.1 A 100 AO. /I In.,trvIn
IAA il I RIO WI /I *aim rt.... ok A40, es•n A, nnw ../G n Inn "inn,n •rnn
°off
,
,„
.
• ,
.
.
„
, .
,
,
,
.• ,
-Total liabilities
1382
THE CHRONICLE
MA BILITIES (Concluded)pi, Two ciphers (00) omitted.
Boston.
Memoranda.
Ratio of total reserves to flePosit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign correspondls
New York.
Phila.
[VoL. 114.
Cleveland Richmond Atlanta. Chicago. St. Louis
$
$
inneap. Kan. City
Dallas. San Pratt.
$
Total.
$
72.8
88.7
76.5
78.6
53.8
74.0
74.2
77.5
73.5
60.2
61.7
78.8
77.8
1,069.0
9,899.0
2,157,0
2,211,0
1,321,0
971,0
3,200.0
1.267.0
728.0
1.294.0
701,0
1,240.0
26.967,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAR. 29 1922.
Federal Reserve A gent at-
Boston. New York Phila.
Resources(In Thousands of Dollars)
3
Federal Reserve notes on hand
126,050
Federal Reserve notes outstanding
159,779
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
5,300
Gold redemption fund
14,842
Gold fund-Federal Reserve Board
100,000
Eligible papertAmount required
39,637
JE]tca3s amount held
15,663
Cleve. Richned Atlanta Chicago.
St. L. Minn. K .City. Dallas. San Fr.
Total.
3
s
3
$
$
321,330 46,560 31,400 29,745 69,886
803,096 204,513 214,114 98,099 116,234
$
$
$
3
3
$
.5
108,460 26,250 12,980 17,850 20.920 42,500 853.931
406,088 93,895 54,433 70,593 30.494 267,178 2,518,516
356,025
32,453 12.817
381,000 128,389
32,718 63,307
75,912 6.045
13,375
2,400
12,301 4.110 3,300
165,000 33,295 77.500
23,438 60.694 33,034
33,865 13,443 15,052
5,960 13,052
__.- 6,701
___ 403.711
15.009 4,040 2.550 3,546 1,809 19:440 126.217
325.644 65,300 15.200 39.360 10.000 195,374 1,536,062
65.485 18.595 23,631 27,687 11.984 52.364 452,524
42.133 10,147 3,449 5,078 23,115 12,940 257,742
Total
461,271 2.003,434 461,631 493,493 239,386 318,306
Liabilitiesgat amount of Federal Reserve notes received from
Comptroller of the Currency
285,829 1,124.426 251,073 245,514 127,844 186,120
Collateral received from1Gold
120,142 770,378 141,206 190,676 37,405 83.200
Federal Reserve Bankf Eligible paper
55,300 108,630 69,352 57.303 74.137 48,988
962.769 224,187 125,295 164,114 105,023 589,796 6,148,703
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
514,548 120,145 67,413 88,443 51.414 309,678 3,372,447
340,653 75,300 30,802 42.906 18,510 214,814 2,065.092
107.568 28,742 27,080 32,765 35,099 65,304 710,266
461,271 2,003,434 461,631 493,493 239,386 318,306
962.769 224,187 125,295 184.114 105,023 589.796 0,148,703
159,779
6,087
803,096 204,513 214,114 98,099 110.234
177,322 15,587 16,326 6.785 6.369
406.088 93,805 54.433 70,503 30.494 267,178 2.518,516
33,336 14,323 2,742 8,903 3.275 45,618 336.673
153.692
625.774 188.026 197.788 91.314 109.865
372.752 79.572 51.601 61.690 27.219 221.560 2.181.848
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN
FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS MARCH 22
1922
Aggregate liquIlation of $32.000,000 of loans and Investments, as against
Increase(4-) or Decrease(-)Since
reductions of $260,000.000 In net demand deposits and of $166,000,000 in
March 15 1022. March 25 1921.
reserves, is In ticated in the Federal Reserve Board's weekly consoll fated Loans and discounts, total
statement of coniltion on March 22 of 805 member banks in leading cities. Secured by U. S. Government obligations_ -216.000.000 41,698.000,000
-12.000.000 -362.000,000
During the week a large amount of income tax checks was cleared an 1 Secured by stocks and bonds
-4,000.000
+10-1,000,000
corresponding charges were made to depositors' accounts. Net clearing All other
-1,440,000.000
balances in favor of the Reserve banks were charged to member bank Investments, total
-16.000,000
+320,000,000
account on the books of the Federal Reserve banks, and In addition there United States bonds
+9.000.000
+143,000,000
was a large shifting of funds, mainly from New York and other central Victory notes
-11.000.000 -130.000,000
reserve cities. The effect is seen in the substantial decrease of reserve United States Treasury notes
+19,000,000
+383,000,000
balances above shown.
Treasury certificates
-45,000,000 --106.000,000
The reporting institutions show a reduction of $45,000,000 In their Other stocks and bonds
+12.000.000
+30.000.000
holdings of Treasury certificates and of $11,000,000 in Victory notes, as Reserve balances with Fed. Res. banks
-166.000.000
-3,000,000
against further increa.ses of $19,000,000 in Treasury notes an 1 of 59,000.000 Cash In vault
--1,000.000
--44.000,000
In U. S. bonds. Their borrowin.rs from the reserve banks increased during Government deposits
-17.000.000 -105.000.000
the week from $226,000,000 to $252,000,000. or from 1.5 to 1.7% of their
Net demand deposits
-260.000.000
+152.000.000
total loans and investments.
Time deposits
+19,000.000
+201.000,000
Following Is a statement of changes in the principal items, as compared Total accommodation at Fed. Res. banks_
+26,000.000 -1,512,000,000
with figures of a week and a year ago:
I. Data for all reporting member banks in each Federal Reserve District at close of business Mar. 22 1922. Three ciphers (000)
omitted.
Federal Reserve District.
Boston. INew York Philadel. Cleveland. Richm'd. Atlanta.' Chicago. St. Louis.Minneap.Kan. City
Number of reporting banks108
58
85
82
43
I )9
37
3
79
Loans and discounts, Including bills
rediseounted with F. R. Bank:
5 41
$
I
$
$
$
1
1$
$
3I
Loans sec. by U. S. Govt. obligations.
23.293 135,646
39,47
42.450
16,300
11.241
89.437
14.28:
9.249
13.661
Loans secured by stocks and bonds__ 203,9571,411,102 195.795 324.317 106.178 53.366 433,8511 120.733
31.113
84,742
All other loans and discounts
567.7722,465,800 332.818 628,153 312,91
290,547 1.047,91
289,55. 198.410 346.467
Total loans and diecounte
797.0224,012.638 568.091 994.92
438.47
355.154 1,551.20' 424.576 238.772 424.870
U. S. bonds
40,241 413.100 48,170 126,652
57,696
25.033 83,880
24.745
18,301
37,813
U. S. Victory notes
2,2711 21.535
5.495
4.727
1.39
3.831
1.1011
7.678
879
2.070
U. S. Treasury notes
13,855 232,319
18,078
25,676
5,426
1,347 40,505
7.563
5,821
7,360
V. 6. certificates of Indebtedness
8.505, 70,426
7.447
9.743
4,305
4.778
16.240
6.00.
8.605
4,747
Other bonds, stocks and securities
141.895, 718,389 164,716 274.060 49.487
33.665, 383,048
70.333
22.108
48.169
Total loans, ditec'ts dr Investments, Inel
I
I
I
bills rediscounted with F. R. Bank- 1,012.7895.474,407 811.997 1.435.77
553.79
421.078 2.082.553 537.05
294.486 525,029
Reserve balance with F. R. Bank
74.535, 579.8371 62,668
88.432
32.682
30.949 186.394
43,907
20.85
39.126
Cash in vault
17.435
87.068
14.79
27.04
13,55
9,136
48,196
6,864
6.124
11.519
Net demand deposits
730.0364,682.057 625.053 790,881 299.522 234.763 1,327,827 311,64
180,879 390.708
ime deposits
193,786 536.283
48,517 473.726 135,002 142,123 662,103 158,19:
75.591 104.44
Tovernment deposits
19,550, 89,679
15.36:
20,15
6,411
5.211
27,709
7,14'
7,372
5,602
(ills payable with Federal Reserve Bank
1
BISecured by U. S. Govt. obligations
3,5881 15,844
17,210
15,009
5,280
1,021
2,827
2,396
1,149
1,417
All other
26
1..
ils rediscounted with P. R. Bank:
I
131Secured by U. 8. Govt. obligations_.
1.183
357
2,961
487
71
519
425
156
15
316
All other
18.889
27.457
13.591
25.036
20.787
9.812
15.781
9.987
1.932
7.13.
Dallas. San Fran.'
6
Total.
681
805
.
$
$
I
1
5.41
17.218
397.770
40.826 143,188 3.131.258
188.638 694,660 7,363.644
234.883 855,066 10.892.672
34,903
98,143 1,017,677
937
11.172
63.093
4.399
20.271
382.620
5.306
16,962
169,072
8,468 165,267 2.079.605
I
288.896 1,166.881 14,604,739
21.836
75,523 1,256.746
9.271
20.249
271.248
201.80
582.400 10,337,664
62.635 540.508 3,132,921
4.872
15.036
224.114
985
14,026
241
81,670
267
3.651
306
8.006
7,579
162.068
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted.
New York City.
City of Chicago. All F. R. Bank Cities.Y. R. Branch Cities.IAllOtherReport.Bks.
Total.
Mar. 22. Mar. 15. Mar. 22. Mar. 15. Mar. 22. Mar. 15. Mar. 22. Mar. 15.1Mar. 22. Mar. 15. Mar.22'22 Mar. 15'22 Afar.25'21
Number ot reporting banks
67
67
50
50
275
275
212
212
318
318
805
805
823
Loans and discounts, Incl. bills rediscounted with F. R. Bank:
$
$
1
s
5
$
$
$
s
$
$
$
$
Loans see. by U. S. Govt. obilg'ns 120,092 127.117
57.554
56,670
279,139
288,154
63,243 65,238
85.388
58,581
397.770
409,973
759.917
Loans secured by stocks .1t bonds_ 1.239.066 1,221.474 312.032 328.738 2,245.466 2.252,578 456.866 456.021 428.926 426.241 3,131.258
3,134.840 3,026.912
All other loans and discounts
2,178.040 2.181.888 669.400 678,955 4.677,912 4.696,252 1,387,522 1.380.408 1.298,210 1,287.569 7,363.644 7.364,229 8,803,752
-Total loans and discounts
3.537.7983,530.479 1,038.986 1,064.363 7,202.517 7,234,984 1.907.631 1,901,667 1,782.524 1.772.39110.892.672 10.909,042--12,500.581
U. S. bonds
361.642 353,546
28,417
29,127
554.333 548.987 232.8741 228,669 230.470 231.388 1,017.0771 1,009.042 874.843
U. S. Victoly notes
16,082
14,022
3.539
8.804
32.389
40.308
18.089118.075
13.715
15.886
63.093
74.269
192.730
U. S. Treasury notes
221,931 208,679
24,037
25.985
295,016
283.164
51.920 46.881
35,684
33,875
382.6201 363,920
U. S. certificates of indebtedness__ _
70.498 77,042
7.379
37.868
115.694
154.783
32,684
35,051
20.694
24,039
274.846
160.0721 213.873
Other bonds, stocks and securities_
535,419 522,258 174.701 180.961 1,123.04' 1,115.772, 586,369 .583.872 370.194 367,402 2.079,605
*2.067.040 2,049,600
Total loans & dIsc'ts & invese
.ts:
incl. bills redisc'ted with F. R. Ilk. 4,743,370 4,706,026 1,277.059 1,347.198 9,322,991 9,377.99812.828.467 '28142152,453.281 2344.979 14.604,739 *14637192
15.082.600
Reserve balance with F. R. Bank
534,737 653.827 132.549 138.420 913.065 1.048,0341 193.697 212.949 149.984 162.366
1.258,7461 1,423,369 1.259,573
Cash In vault
75.617
74.062
27.026
27.400
148.639
152,206
52.871
'272,519
314,704
51.818 69,738
68.435
271.24
Net demand deposits
4.182.5164,310,069 009.631 945,722 7.204.081 7.412,824 1.633.705 1.666.183 1.498.078 1,519.187 10,337,664 10,598.194 10.185.727
Time deposits
344,688 337.062 316,783 316.505 1,465,996 1,453.107 959.079 956.929 707.846 703.045 3,132,921 3,113,981 2,932,472
Government deposits
83.183
96,461
19,580 24.604
165,780
187,69
37,126
29,174
21.208
24,177
241,049
224,114
328.613
Rills payable with F. R. Bank:
0
Seed by U. S. Govt. obligations
3,770
6,107
1,035
580
39,669
38,156
20,506
21,406
21,495
22,504
82,126
81,670
573,124
All other
241
34
123
26
468
267
3,993
Bilis rediscounted with F. R. Bank:
Sec'd by U.S. Govt. obligations__
274
628
$00
5,20 I
5.630
925
94
1,454
1,49
8,073
7.579
198.649
All other
16,202
5,53
6,937
4,02.
88,322
67,788
31,20
27,276
42,540
40,362
162,00
135,424
984,420
Ratio of bills payable et rediscounts
with F. R. Bank to total loans
andInvestments, per cent
.4
.3
.6
.8
1.4
1.2
1.
1.8
2.7
1.7
2.0
1.5
11.0
•Revised figures.
.-
APRIL 1 1922.]
THE CHRONICLE
1383
Vaulters' Oazette.
Foreign bonds made new records and it is reported from
London that British War Loans have this week sold there at
the highest prices ever recorded for them.
TVall Street, Friday Night, March 31 1922.
Railroad and Miscellaneous Stocks.-The stock market
United States Bonds.-Sales of Government bonds at
has been notably less active than for some time past. Only the Board are limited to the various Liberty Loans.
about 625,000 shares were traded in on Tuesday and the
daily average has been but little, if any, more than 725,000. Daily Record of Liberty Loan Prices. Afar.251Mar.27i Mar.28I Mar.29 dfar.301Mar.31
Prices of all active stocks declined on Monday, but a reaction First Liberty Loan
High 97.96 98.18 98.28 98.26 98.36 98.40
sot in on Tuesday which has continued up to the close
3A% bonds of 1932-47._ Low. 97.78 97.96 98.12 98.12 98.12
98.22
Close
(First
97.94 98.18 98.18 98.20 98.16 98.30
3545)
to-day. New York Central led the latter movement and
Total sales in $1.000 stilts_ _.
634 1,619
409
797
542
202
in addition to selling to-day ex-dividend, closes 3 points
Converted 4% bonds of ig!)
____ 99.10
1932-47 (First 4s) _ Low.
98..2
20 9988.45°0
higher than it sold on Monday. This is followed by Balti____ 98.88
Close ---- -_-- 98.26 98.40_
___ 98.90
more & Ohio, which shows a net gain of 4 points and by
Total sales in $1,000 wills...
4
2
193
Reading, 3 points higher. Several industrial stocks have, Converted 434% bonderigh 98.309-8:56 98.60 98.60 9-£3:a 98.80
Low_
4s)
(First
g
1932-47
of
98.20
98.16
98.20
98.50
98.44
98.50
as usual, covered a' wider range, of which Studebaker is
Close 98.20 98.26 98.46 98.60 98.58 98.74
most conspicuous with an upward swing of 10 points. At
Total sales in 91,000 teats _
76
144
328
201
140
185
4%nigh
Second
Converted
4
98.50
the same time Mex. Pet. has moved up 6 points and Bald.
bonds of 1932-47 First Low.
98.50
Locomotive over 5.
Second 434*)........(Close ---- __ ---- --- --- 98.50
Total sales in 31.000 u ills._ _
---The following are sales made at the Stock Exchange this Second
igh ---- 9166 9-8:i(-3 91.3i ilia 98.7:
Liberty Loan
week of shares not represented in our detailed list on the
4% bonds of 1927-42_ _ .(Low. -_-- 97.90 98.16 98.20 98.20 98.24
(Second 4s)Close
98.00 98.16 98.20 98.20 98.74
pages which follow:
Total sales in $1,000 WSW _ _ _
13
7
2
1
3
Converted
434% bondsrigh 9-8-.10 98.22 98.32 98.36 98.32 98.80
STOCKS.
Range since Jan. 1.
Range for Week.
Sales
Low. 97.96 98.02 98.20 98.28 98.24 98.28
011927-42 (Second
Week ending Mar. 31. for
(Close 98.02 98.20 98.28 98.30 98.28 98.58
434*)
Highest.
Highest.
Lowest.
Lowest.
Week
663
Total sales in $1,000 u aits _
730
630 1,312
985 1.520
-(High
Liberty
Third
Loan
99.40 99.42 99.56 99.60 99.54 99.60
share.
per
;
per
share. $ per share.
Par. Shar, II per share. $
Low.
1928
bonds
99.28 99.32 99.38 99.52 99.40 99.42
of
434%
All America Cables_100 230 110 Mar 28 110 Mar 28 107 Jan 112 Feb
Close 99.30 99.40 99.50 99.54 99.50 99.56
(Third 454*)
American Chicle, pref100 75 3334 Mar 28 35 Mar 31 25 Mar 35 Mar
397 2.314 2.036 2.737 3.354 1,541
Total sales in 81.000 usits...
Amer Malt& Grain stpd1
(High
Loan
Fourth
Liberty
98.40 98.42 98.58 98.70 98.60 99.30
2d preferred
•I 200 13 Mar 28 13 Mar 28 12)4 Mar 13 Mar
4g% bonds of 1933-38 (Low. 98.26 98.28 98.44 98.52 98A8 98.60
Amer Tel & Cab1e...100 1,836 60 Mar 25 65 Mar 31 54 Feb 70 Mar
Close 98.32 98.42 98.50 98.54 98.60 98.88
(Fourth 434*)
Assets Realisation._ _ _10 200 134 Mar 28 114 Mar 28 H Jan 234 Mar
Total sales it $1,000 u sits.-613 1.425 2.053 1.553 1,753 3.561
Atlas Tack
• 3,300 1934 Mar 27 2134 Mar 31 13g Feb 2134 Mar Victory Liberty
Loan {High 100.80 100.80 100.84 100.90 100.86 100.84
Mar 31 90 Feb 91g Mar
Brown Shoe, __100 200 91 Mar 31 9134pref
434% notes 01 1922-23 Low. 100.76 100.74 100 80 100.83 100.82 100.82
Buff & Suers RR
100 100 85 Mar 27 85 Mar 27 73 Feb 85 Mar
Close 100.76 100.80 100.821 100.86 100.82 100.82
(Victory 454s)
Burns Bros. pref._ _100 100 98 Mar 25 96 Mar 25 94 Feb 99H Mar
575
832
662
915
Total sales in 31.000 a sits_
385
319
C St P P M & 0,pref 100 600 84 Mar 25 84 Mar 27 83 Feb 9034 Mar
{High
1922-23
100.04 100.04 100.06 100.02 100.06
notes
33.4%
of
Detroit United Rys_ _100 1.200 6434 Mar so 6634 Mar 29 5736 Mar 66% Mar
_. 100.02 100.00 100.02 100.02 100.02
Low.
3;45)
(Victory
Durham Hosiery,cl 13_50 100 20 Mar 25 20 Mar 25 20 Mar 20 Mar
Close
100.02 100.00, 100.04 100.02 100.02
Elkhorn Coal, pref...60 100 3634 Mar 27 3634 Mar 27 34 Mar 3634 Mar
_
21
381
Total sales its $1,000 UTUS...
402
31
37
General Cigar, pref_100 100 10114 Mar 25 10134 Mar 25 wog Mar 10134 Mar
Gilliland Oil, pref...101 100 75 Mar 27 75 Mar 27 45 Jan 75 Feb
includes
table
above
-The
only
sales
Note.
of
coupon
95
Mar
200
100
29 95 Mar 29 90 Mar 95 Mar
Gulf States St'l let pf
Inter Comb Engine...'8,300 2554 Mar 27 2634 Mar 30 224 Mar 2734 Mar bonds. Transactions in registered bonds were:
Kelsey Wheel. pref _100 600 100 Mar 25 106 Mar 31 9034 'Jan 106 Mar 16 1st
97.90 to 98.06 122 2d 4145
97.82 to 98.24
334*
Kresge (55). pref.. _ 101 100 10614 Mar 28 10034 Mar 28 106 Jan 11034 Jan
97.80
85 3d 414s
2 1st 4s
99.12 to 99.80
Liggett & Myers Cl B 101 800 155 Mar 3C 16034 Mar 30
Jan 170 Mar 22
414s
244
4th
98.60
98.00
to
181
08.14
to 98.72
4345
Maw'Sugar, pref. _101 600 75 Mar 31 7834 Mar 28 100
75 Mar 80 Mar 5 2d 4s
97.78 to 98.00 482 Victory 41is
100.00 to 100.78
Manhattan El Supply. 7,300 98 Mar 27 68 Mar 31 41
58 Mar
13,100 15 Mar 2f1 26H Mar 27 534 Mar
Marlin Rockwell
Mat
g
Mar
Maxwell Motors CI A 10( 3,100 55 Mar 27 58H Mar 31 48 Mar 5834 Mar Quotations for U. S. Treas. Ctfs. of Indebtedness. Eta.
50 140 Mar 29 140 Mar 29 120 Feo 140 Mar
Michigan Central_ ..101
Int.
Int.
M K & T, 1st anal Paid 900 154 Mar 27 164 Mar 30 1034 Jan 16% Mar
Maturity.
Maturity.
Rate. Bid. Asked
Rate. I Bid. Asked.
Mullins Body, pref. _1C1 100 96k Mar 30 96k Mar 30 9534 Mar 064 Mar
Nat Rys rf Mexico15 1922.... 5W7.1 10034 100)4 Sept. 15 1924____ 514% 10'1! 103
101 3,400 8H Mar 29 ilk Mar 31 7 Mar 1134 Mar June
1st preferred
Aug. 1922.--- 514% 10054 1001ilDee. 15 1922-- 414% 1003 1005!
Niagara Falls Pow, p1101 400 102g Mar 25 102g Mar 25 10034
J1111 1C2g Mar Sept. 151 1922.534% 100% 100% June 15 1922._ 414% 1005 100!
25 11111 49 Mar 28 49 Mar 28 47 Jan
Ohio Fuel Supply
4934 Mar Sept. 15 1922-- 45470 1 i00% 1004 Mar. 15 1925_ 414% ioiZ 101!
100130C 11334 Mar 26 65 Mar 31 4234 Jan 55
Otis Steel, Pref
Mar
10354 103141Mar. 15 1926._ 434% 10int, low
534%
1924.15
June
Owens Bottle, pref100i 100 99g Mar 29 9974 Mar 29
Feb 10034 Mar
Mar. 15 1923_
434% 10094 100i!
Prod & Refiners. pref.501 100 3714 Afar 30 3734 Mar 30 98
Feb
30
Jan
39
pref__100
1,100
99 Mar 28 99H Mar 31 99 Mar 102 Mar
Pure Oil, 8%
-Sterling
Exchange.
exchange
Foreign
cont'nued dull.
79,400 11,4 Afar 27 is Mar 3(
Pure 011 rights
Mar 134 Mar
Reynolds Tobac CI i.L2153 9.500 43 Mar 27 44g Mar '29 431 Mar
To-day's (Friday's) actual rates for sterling exchange were 4 353481
45% Mar
112g Aiar 27 1124 Mar 27 11234 Mar 11334
7% preferred
1001 300112k
43574 for sixty days. 4 373404 3734 for checks and 4 373404 3834 for
Mar
Rutland RR, pref_.1C0 400 24 Mar 27 26g Mar
4 30%04 3034; sixty days. 4 240
1734 Feb 2634 Mar cables. Commercial on banks, sight.and
Standard Milling, p1.1001100 87 Mar 31 87 Mar 31
documents for payment (sixty
31 8334 Jan 88 Feb 4 2434; ninety days. 4 2304 2334.
America.101 7,200 334 Mar 29 43‘ Mar 25
Sweets CoolTypewriter
days), 4 24%04 25A. Cotton for payment, 4 30%04 30%. and grain
Mar
334 Feb
Underwood
for paymnt, 4 303@4 3074.
10 200 115g Mar 30 115g Mar 30 10734 Jan 130 Jan
Co. pref
To-day's (Fridays) actual rates for Paris bankers' francs were 8.89%0
• 100 46 Mar 27 46 Mar 27 46 Mat 46 Mar 8.92
U S Tobacco Co
for long and 8.9534 08.98 for short. German bankers' marks are not
100 1011110 Mar
Preferred
27
quoted for long and short bills. Amsterdam bankers' guilders were
110
yet
Mar
27
Mar
110
110
Mar
Va Iron, C & C, pref_100 300 68 Mar 31 6934 Mar 28 66 Mar
37.34037.38 for long and 37.70037.74 for short.
Feb
70
3,800 .01 Mar 27 1-64 Mae 27 .01 Mar 34 Mar
White 011 rights
Exchange at Paris on London. 48.55 fr.: week's range. 48.71 high and
48.55 low.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
follows:
8
The range for foreign exchange for
DAILY, WEEKLY AND YEARLY.
Sixty Days.
Checks.
4lix
Sterling ActualCa
zbes.
Week ending
Mar. 311022.
Stocks.
Shares. I Par Value,
Railroad, State, Man.
&c.,
and Foreign
Bonds. I Bonds.
U: S.
Bonds.
421,805 340,029.400 $3,804,000 $1,627,500 33,017,650
752,7361 58,131,000 41312,000 2,959.000 7,584,400
624.891 53,107,570
839,000 2,199,000 6,649,000
745.520, 54,207,900 55,631,000
1,683,000 7,474,500
961,3701 89,055.000 6 314,500 1,811,000
7,464,150
1,109,700, 93,653.000 4 264,000 2,171,000 7,740,000
1
4,616,022 3388.183,870 3.30 664,500 $12,451,000 $39,929,700
Week e.,ding Mar. 31.
Sales at
Jan. 1 to Mar. 31.
New York Stock
1922.
Exchange.
1921.
1922.
1921.
Stocks-No. shares... 4,616,022 3,721,361
55.467,646
44,219,898
$388,183,870 $203,973,900 84,947.942,745 $3,343,020,273
Par value
Bank shares, Dar
Bonds.
Government bonds- - - $39,929,700 $30,778,000
$573,879,350
State, mun.& torn bds_ *12,451.000 4,899,500 $531.887,150
159,1411,000
63,490,500
RR.and misc. bonds.. 30,684,500 14,595,500 • 457,285,350
225,025,500
$83,045,200 $50,273,000 $1,148,318,500 3702,396,350
Total bonds
•Includes $65.000 State and mun cipal bonds.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday.
Friday
Total
Week ending
Mar. 31 1922.
I
Boston,
Philadelphia.
I
Baltimore.
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
14,056 $30,400 7,789 $74,550 *IIOLI DAY
Saturday
17,625 60,650 7,114 98,350
Monday
1,339 $58,800
23,096 86,100 17,224 273,400
Tuesday.
1,348
79,600
29,650 60,950 17,013 122,650 2,424
Wednesday
51,000
52,450
21.551
17,205
Thursday.
65,850
2,966
93,500
20.354 61.000 28,0921 61,800 4,214
Friday
55,000
94,437 $696,6001 12,291 3337,900
126,332 $351,550
Total
* Maryland Day-Holiday in this State only.
State and Railroad Bonds.-Sales of State bonds at
the Board include only $2,000 New York 4%s 1963 at 1093/b
and $1,000 N. Y. Canal 43's 1964 at 1093/8.
The general bond market has been less active than of
late, the transactions at the Exchange averaging somewhat
less than $15,000,000 par value per day, while prices have
shown a decided tendency to advance. Liberty Loans have
again been in favor and steadily advanced in price.
4.38%
High for the week
4.3834
4.d834
4.35A
4.33
Low for the week
4.3534
Parts Bankers' Francs9.04A
High for the week
9.0534
8.81
8.89
Low for the week
8.90
Germany Bankers' Marks1110 for the week
0.3434
0.35
I.ow for the week
0.2834
0.29
Amsterdam Bankers' Guilders37.79
37.38
High for the week
87.84
37..57
Low for the week
37.16
37.62
Domestic Exchange.-ChIcago. par. St. Louis. 15©25c. per $1.000
discount. Boston, par. San Francisco, par. Montreal. $29 75 per
$1,000 premium. Cincinnati, par.
The Curb Market.-While price movements in the Curb
Market this week were attended by the usual irregularity,
still a firm undertone was in evidence and a number of high
records were established. Trading was in only moderate
volume. The industrial list broadened somewhat. Cleveland
Automobile advanced from 29 to 303.4 and ends the week at
30. Continental Motors improved from 7 to 73/i and closed
5
Durant Motors sold up from 273/i to 30 and
to-day at 7%.
Durant Motors of Ind. from 123/i to 14%, the former
finishing to-day at 29% and the latter at 14. Electric
Storage Battery gained two points to 40 and sold finally at
393
4. Glen Alden Coal after loss of a point to 42 moved
up to 443v and ends the week at 44%. Goldwyn Pictures
was heavily traded in up from 63/i to 73
4 and at 6% finally.
Postum Cereal corn. dropped from 65 to 58 with the final
transaction at 60. Shares of the Rotterdam Bank (Rotterdamsche Bankvereeniging), one of the important Holland
banks, were traded in for the first time down from 84 to
823' and back finally to 84. Van Raalte Co. was active
and advanced from 52 to 61, reacting finally to 57. Oils
were comparatively quiet and price changes small. Standard
Oil (Indiana) after early loss of a point to 86 moved up to
88%, the final figure to-day being 87%. Standard Oil
(Kentucky) new stock declined from 793-i to 763/i and
recovered to 78%, the close being at 78%. Maracaibo
Oil was off from 25 to 233/, the final transaction to-day
being at 23%. In bonds N. Y. N. H. & Hartford 4s were
firm. advancing from 793.. to 83%. Western Electric 7s
gained almost three points to 109Yihand sold:finally at 1083-i.
1384
New York Stock Exchange-Stock Record,Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Bales
for
the
Week.
STOCKS
NEW YORE STOCK
EXCHANGE
PER SHARE
PER SHARE
Range for waft's'
Ranoe since Jan. 1 1922.
year 1921
On baits of 100-share lots
--------- ------ Highest
Lowest
Highest
Lowest
Friday.
Wednesday. Thursday.
Tuesday.
Monday.
Saturday.
March 25. March 27. March 28. March 29. March 30. March 31.
•
Shares
Railroads
Par
g per share 3 per share $ per share 3 per share $ per shareS
per share
100
700 Ann Arbor
*16
18
*17
18
*1612 18
17
17
18
1712 1812 18
Preferred
100
6,108
4812 48
1
4 48
495
4613 4814 4713 48/
4812 4912 4613 48
9712 9714 9734 8,200 Atch Topeka & Santa Fe 100
9612 9613 9634 96/
1
4 9714 97
9612 9634 96
Do pref
_100
883s 1,900
8738 8712 8713 88 884 88
8714 8714 87
1377s 88
2
214 *214 212
2
214 2.000 Atlanta Birm & Atiantic__100
24 218
24 214
212 212
4,700 Atlantic Coast Line RE....100
95
1
4 94
911
/
4 9134 94/
91
91
9012 9012 *89
91
91
100
37/
1
4 3818 3712 3734 3714 3814 384 3934 3934 4038 4014 42 65,900 Baltimore & Ohio
Do pref
100
564 5713 5618 5718 5714 5778 3,400
5514 5514 5514 56
•55% 56
Buffalo
Roch
&
Pitts
100
60
*50
60
60
*50
*50
*50
60
60
'
550
*50 60
1718 1818 60,100 Brooklyn Rapid Transit 100
1
4 18/
1
4 1718 18
1734 1878 17/
1
4 19
1818 1918 17/
Certificates of deposit
17/
1
4 1638 1712 1634 1712 22,100
1734 17
1714 1812 1714 1814 17
100
136 13614 13518 13512 135 13512 136 13814 13714 13778 13634 13758 9,400 Canadian Pacific
100
300 Central RR of N J
184 184
4180 185 *182 185 *180 185 *180 185 *180 185
100
62
6278 6238 6318 7,400 Chesapeake & Ohio
1
4 6012 62
1
4 60/
60
607s 60/
6012 81
100
618 638 19.000 Chicago & Alton
5/
1
4 638
512 534
512 512
6
5
1
4
5/
1
4 5/
12/
1
4 6,100
Preferred
100
111
/
4 1112 1112 1134 12
94 1012 10
11
11/
1
4 1173
2334 2414 10,400 Chic & East Ill RR (new)__
21
22/
1
4 2212 2414 2334 24
2214 2212 2134 22
Do pref
42
42
4334 4313 4313 4312 4312 2,500
1
4 4134 4134 41
42
42/
712 712
732 g
838 3,600 Chicago Great Western...100
8
814 814
734 77s *712 g
Do pref,
100
1914 1934 7,800
1812 1812 1912 1914 20
1814 1812 18
18/
1
4 19
224 2112 2214 2213 2314 23
2352 8,800 Chicago Milw & St Paul,,.100
23/
1
4 23
2212 2212 22
Do pref.
100
1
4 22.200
1
4 3712 3712 38/
375s 36/
367s 3558 3658 37
3612 3634 36
6934 7114 7034 72
71
7134 14,300 Chicago & North Western_100
6934 7012 6912 6934 6934 70
Do pref.
100
300
111 11112 *111 11434 *110 115 *111 115 *111 119
111 111
100
35,700 Chic Rock Isi & Pao
1
4 41
1
4 377s 3934 4038 4014 4078 40/
3934 404 38% 3912 38/
9312 2,500
7% preferred
100
93
9214 92% 9112 9212 9114 9112 9112 9214 9212 93
6% preferred
100
1,400
1
4 80
47812 7912 78% 7812 784 784 7812 7934 7958 7978 79/
200 Chic St P Minn & Onim.100
6212 '6112 6212
6212 *60
60
62
60
63
.60 62 •60
300 Clev Cin Chic & St Louis...100
1
4 64/
64
*6318 6478 64/
1
4 6434 6518
64
*63
'634 6414 *61
100
Do pref_ _______
300
*8712 8734" 8734 89 *8334 88
*8534 88
*81312 88
*8612 88
100
1,000 Colorado & Southern
47
47
4612 45
47
45
45
46
46
4612 47
*46
.6012 61
Do 1st pref
100
100
*6012 6112
604 604 601* *6014 61
6012 *60
•60
Do 2d pref.
100
*54
57
56
57
*54
56
*54
57 •54
*54
*54
56
11714 11812 1,000 Delaware & Hudson
100
116 11734 *116 118
4114 118 *11512 118 *114 116
1141
/
4 11434 11413 11412 11412 11634 11578 11634 11534 11534 5,400 Delaware Lack & Western_ 50
11414 115
312 312
438 1,100 Duluth S S & A tlantic
100
4
*3
4
1
4
*314 4
*3
3/
1
4 *314 3/
100
Do pref
700
*5
7
7
*6
7
*6
712 *5
7
8
*6
7
100
/
4 1134 1134 1178 111
/
4 1178 9,700 Erie
113s 1078 1112 111
1138 1112 11
Do lst pref
100
18
1818 1858 1858 1918 1814 1914 13,000
1718 17
1758 17/
1
4 17
100
Do 2d pref
1
4 1,400
*1112 1212 124 1212 1234 12/
12
1
4 1212 12/
•12
1212 *1112 72
100
72/
1
4 7234 8,200 Great Northern pre:
73
7118 7112, 7114 7238 72
7214 7234 7112
Iron Ore propertles_No par
36
37
3512 3534 3512 3614 36
365s 3612 3612 7,300
351236
500 Gulf Mob & Nor tr aid__ _100
11
11
10
*10
11
*9
10
10
10
10
*912 10
Do pref
100
400
2778
2714 26
2778 *26
27/
1
4 *26
2512 2512 2512 2512 *26
100
4,700 Illinois Central
10234 103
/
4 102 103
410112 10134 101 10113 10154 10114 10118 1011
,,No
pa
Cons
6.300
Interboro
Corp.
2
/
1
4
3
2
/
1
4
2
/
1
4
234 3
3
3
234 3
234 3/
1
4
100
Do pref
7,500
8
8
8
8313
85s
734 8
8
714 8
1
4 812
7/
100
1
4 2518 2458 2434 24/
1
4 2518 2514 2578 2558 26% 9,400 Kansas City Southern
2538 25/
1
4 24/
100
924
Do pref
56
5514 5534 *5534 57
5618 *5612 5678 *5413 5612
*15512 57
1613 *15
100
1613
400 Lake Erie & Western
1
4 '1538 1613 1613 1612 1638 1612 *16
1658 16/
100
Do pref
200
*3213 33
33
*33
3312 3313 3312 33
*3212 3312 *3212 33
so
5958 59
5852 5853 59
6078 5078 607s 17,300 Lehigh Valley
1
4 *5813 59
5878 58/
100
11412 11412 11334 11334 11414 11414 11412 115
116 116
11518 11614 1,800 Louisville & Nashville
100
/
4 40
4118 40
41
4012 4213 14,400 Manhattan Ry guar
3813 39
3912 411
3834 39
100
1,000 Market Street By
813 812 '7
8
8
7
7% 8
812
7
7
7
100
Preferred
31
*31
3112 1,100
42812 304 2812 29% 27
3012 '31
3312 31
Prior preferred
100
1
4 5738 1,500
5814 57/
5512 5612 5358 5514 534 58
57/
1
4 5912 57
100
1,400
2d preferred
16
16/
1
4 17
16
17 '1512 16
1334 1334 1118 1118 14
94 978 10
1034 Ills 10,300 MInneap & St L (new)..,..100
1012 1013 11
2,2 912
934 934
200 Minn St P & ii S Marie__ _100
62
60% 604 *58
61
604 60% *61
63 .60
62
460
100
Do pref
_
90
*75
90
*75
513 -158 -8E8 W3-4
614 614 1,800 Missouri Kansas & Texas_100
--2-71-3
5/
1
4 614
534 534
100
Do pref_
*613 8
.634 8
•64 8
*612 8
*7/
1
4 8
*634 8
1
4 1234 13
13
1212 1234 1212 12/
1258 13
1338 1318 1312 16,100 Mo Han & Texas (new)
Preferred (new)
34/
1
4 5,500
3334 33
3312 3313 34
34
3478 34
3312 3434 33
1
4 10,300 Missouri Pacific trust etfs_100
2112 21
/
4 21
2112 2112 2218 22% 2212 2214 22/
2112 211
100
Do pref trust ctfe
1
4 54/
1
4 5434 11,100
52/
1
4 52% 5234 53
5418 5418 54/
5238 5338 52
433 412
412 478
4/
1
4 413
4/
1
4 534
5/
1
4 618 23,100 Nat Rys of Mel 2d pref__ _100
438 458
*61
63 .6112 6312 6114 6114 63
6312 6314 6514 3.700 New Orl Tex & Mex v t e_ _100
061
63
100
86
86
1
4 31,400 New York Central
85/
1
4 8614 85
8612 87
8734 8734 887s x8638 88/
64
1
4 1,600 N Y Chicago & St Louis-100
63
634 65
64
6312 63/
63
64
*64
65
63
First preferred
100
*75
80
*75
*75
80
80
*75
*75
*75
80
80
80
100
Second preferred
400
68
71
*68
68 68
*67
69
69
•68
70
68 '66
100
N 11 & Hartford
1834 1934 1834 21
19/
1
4 20
2034 2138 2034 2114 2034 2138 68,700 N
2412 24
2312 24
24/
1
4 23/
1
4 2438 5,800 N Y Ontario & W estern_ _ _100
2358 23/
1
4 231s 2312 23
100
1912 1912 1812 19
20/
1
4 2038 1.900 Norfolk Southern
20
20
20
20
185s 20
100
10034 10034 10014 10134 101 10318 1024 10312 103 1035s 10,000 Norfolk & Western
101 101
100
Preferred
200
75
7312 7312
*7212 75
*724 75
*7212 75
4.73
47212 75
100
1
4 7514 76
7558 7618 7552 7618 15,600 Northern Pacific
7514 7558 744 7511 7414 75/
50
1
4 3772 37/
1
4 3814 38/
3934 3912 40 64,600 Pennsylvania
1
4 39
39
1
4 37/
37/
1
4 37/
100
600 Peoria & Eastern
16
16% 1512 1512 •15
16
16 '15
1538 1538 16
16
100
18,000 Pere Marquette v t o
2934 294 30
2738 2712 2612 2714 2658 2712 2714 2812 29
Do prior prof v 8 o
1,100
100
71
*70
71
7014 7014 7012 71
7112 7012 7013 7012 71
Do pref v t c
100
2,250
61
614 6218 6238 63
6014 6014 8018 6018 61
41304 61
14,100 Pittsburgh & West Va_ _100
27
30
1
4 2672 2612 27
27
2713 28
27
2738 26/
27
100
Do pref
200
80
*77
78
*7813 80
7912 7912 80
80
80 •79
478
ao
76
75
7614 34,100 Reading
7314 734 7314 7338 7414 74
7338 7378 73
so
Do 1st pref
43
43% 43
4313 4312 43
43
43
4314 4314 *4334 4412 1,100
2d
pref
ao
Do
900
4613 *441s 46
*45
46
46
46
*4614 49
46
46
46
_ 100
27
2818 2918 2858 2938 28/
1
4 29/
2712 27% 28
2714 28
1
4 12,200 St Louis-San Fran tr
Preferred A trust etfs_...100
4812 4812 *48
49
4834 50
50
44812 50
5014 5014 5114 2,300
100
2712 2814 2714 2734 27
2712 2812 29
29
29% 2812 20% 5,100 St Lolls Southwestern
100
Do pref
4113 41
41
4112 4214 4234 4234 43
43
4112 42
4312 2,400
100
/
4 438 *4/
1
4 434
434 434 *41
5/
1
4 534 4,700 Seaboard Air Line
434 434
434 513
914 072
100
Do pref
9% 912
9/
1
4 1014
9/
1
4 10/
9/
1
4 10%
1
4 8,900
9/
1
4 914
100
8512 8514 8558 8512 8634 86/
-854 8578 85
1
4 86/
1
4 8614 8678 21,300 Southern Pacific Co
100
214 2114 2158 211
/
4 2258 2258 23
2258 2318 28,600 Southern Railway
2138 2134 21
100
Do prat
1
4 7,700
52/
1
4 5234 5234 5258 52/
524 5212 52
1
4 53
5312 5314 54/
100
33
3212 3314 12,700 Texas & Pacific
314 317s 3034 3138 314 3134 32
32/
1
4 32
100
2112 21
21
2012 2114 •20
203s 2034 20
2034 2012 2034 3,900 Third Avenue
Tol St L & West tr recta
Series B
27/
1
4 3,800
•2412 2512 2214 2214 234 235a 2334 283s 2812 2834 27
Preferred tr recta
Series B
"5:1- -14- ;551.2 -3-41i ;55i2 34 -5514 -4-0i .- 38 -41" 40 11-3-4 _ -8;i456
700 Twin City Rapid Transit_ _100
'4013 42 *3934 42 4034 4034 43 43 4312 4438 44 4418
100
13278 134
13213 13212 13134 13212 13212 133
13412 13434 134 13412 6,100 Union Pacific
100
Do pref
700
*7212 7312 7314 7312 *7212 7312
1
4 7318 73
73
*7212 7312 72/
11
11
1134 11
'11
12
1138 1138 *1114 1134 1,500 United Railways Invest_ _ _ 100
11
11
Do prof
100
301s 2914 3012 30
3034 3018 30% 3012 3078 3.300
1
4 3014 29
30/
100
8/
1
4 918
934 104 19,200 Wabash
878 94
834 9/
938 10
1
4
9/
1
4 912
100
Do prof A
1
4 27% 2834 2834 2958 2912 31
2712 2814 2634 27/
3012. 3158 84,600
100
Do pre: B
400
*18
19
*18
19
1912 '1713 19
19
2012 2012 2012 2078
10
912 978 10
10
1018 3,500 Western Maryland (new). 100
934 934
1018 10
9/
1
4 912
100
Do 2d pref
1712 1712 1734 1734 18
•16/
18
1
4 174 1634 1634 *17
1814 1,800
100
18
18
1914 2013 18
1834 1918 1915 1914 1912 1934 2012 5,600 Western Pacific
100
Do pref
1,600
*5013 54
54
5312 5312 54
54
54
57
54
54
54
9
.878 94
8/
1
4 918
914 9/
9
1
4
938 9% 4,300 Wheeling & Lake Erie Ry-100
9/
1
4 912
100
Do pre:
7,700
.18
1834 1934 1934 2034 2018 21
1812 .1814 1834 *1813 19
100
1
4 29
284 2812 2718 274 27/
*2913 3012 29
3014 3014 30% 1,100 Wiconsin Central
1
4 66
68/
1
4 6812 69
67/
1
4 6778
6534 6534 6573 65/
1
4 1458 *1478 16
14/
15
15
15/
1
4 1618 16
1614
44/
1
4 46
*4413 47
*4412 47
*46
47
*4613 47
53
53/
1
4 64
1
4 57
5614 5714
55/
1
4 5538 5714 55/
1618 1678 1633 1638 1614 17/
16/
1
4 17
1
4 17
1712
84
84
*12
52
*12
5:1
12
13
12
12
1
1
1
1
'51
118
*1
114 *118 114
65
6258 65
6258 6314 62
6314 64
63
6418
109 1091
/
4 *10612 10834 *10612 10834 *107 1087s
.109% 110
444 4434 46
1
4 4434 44
44/
1
4 454 43/
4614 47
92
92
/
4 92
*9112 92
•9112 93
911
*9114 9212
39/
1
4 3814 384 3814 39
3938 4078 39/
39
1
4 40/
1
4
6614 6658
1614 1614
'46
47
z55
5634
1758
17
/
1
4
58
1
1
63/
1
4 6414
10713 10712
4634 4714
*9178 9212
3834 3912
2,100
2.000
200
10,000
19,100
600
1,300
34,000
470
134,000
500
5,200
$ per share
10 Jan 3
28/
1
4 Jan 26
911
/
4 Jan 3
84% Jan 3
/
1
4 Jan 14
83 Jan 9
3311 Jan 27
5212 Jan 11
50 Jan 4
6 Jan 4
e1
/
4 Jan 11
119% Jan 6
184 Mar 31
64 Jan 10
11
/
4 Jan 24
318 Jan 25
12/
1
4 Jan 26
32 Jan 80
1
4 Jan 11
5/
1412 Jan 31
1714 Jan 9
29 Jan 10
59 Jan 9
100 Jan 9
3034 Jan 11
8314 Jan 10
7014 Jan 9
51 Jan 10
54 Jan 4
72% Jan 8
38 Jan 10
55 Jan 16
49 Jan 3
10634 Jan 4
108 Feb 14
258 Jan 27
3/
1
4 Jan 7
7 Jan 9
1118 Jan 9
718 Jan 10
70% Jan 10
31% Jan 6
8 Jan 4
16 Jan 5
9712 Jan 3
1 Jan 10
312 Jan 5
22% Jan 11
62/
1
4 Jan 3
10 Feb 2
264 Feb 8
2658 Jan 3
108 Jan 9
35 Jan 6
358 Jan 28
17 Jan 9
354 Jan 7
658 Jan 9
5 Jan 8
6018 Mar 27
8978 Jan 17
/
1
4 Jan 16
112 Jan 5
74 Jan 11
244 Jan 27
16 Jan 10
44 Jan 10
3 Jan 28
5478 Jan 10
72/
1
4 Jan 4
514 Jan 5
72 Jan 6
6134 Jan 5
1212 Jan 5
19/
1
4 Jan 9
834 Jan 3
9614 Jan 9
72 Jan 9
7454 Jan 10
3314 Jan 3
10/
1
4 Jan 14
19 Jan 10
63 Jan 17
50% Jan 6
23 Jan 27
76 Jan 13
71% Jan 3
43 Mar 27
45 Jan 27
2058 Jan 15
38 Feb 1
2038 Jan 3
32/
1
4 Jan 10
258 Jan 4
44 Jan 13
7818 Jan 10
1714 Jan 10
46 Jan 10
2458 Jan 6
14 Jan 5
13 Jan 20
14 Jan 24
23 Jan 18
2213 Jan 20
34 Jan 12
125 Jan 10
71% Jan 7
712 Jan 6
20% Jan 9
6 Jan 30
19 Jan 25
1234 Jan 25
8% Jan 30
13 Ian 17
14% Jan 30
515s Feb 1
8 Feb 2
9% Jan 4
28 Jan10
Industrial & Miscellaneous
100 48 Jan 12 69 Mar 29
Adams Express
100 10/
1
4 Jan 19 1812 Mar 13
Advance Rurnely
100 3158 Jan 12 49 Mar 13
Do pref.
Air Reduction, Inc.......No par 4513 Jan 3 5714 Mar 28
so 134 Jan 16 1758 Mar 29
Ajax Rubber Inc
34 Mar 15
10
14 Jan 13
Alaska Gold Mines
114 Mar 14
/
1
4 Jan 24
Alaska Juneau Gold Min'ig 10
Allied Chem de Dye_ __No par 5538 Jan 3 65 Mar 28
100 101 Jan 3 10914 Mar 24
Do pref
100 3734 Jan 4 4758 Mar 17
Allis-Chalmers Mfg
100 8612 Jan 5 9312 Mar 17
Do pref
1
4 Mar 10
Amer Agricultural Chem._100 2934 Jan 3 41/
•Bld and asked prime a sales on this day. g Ex-rights. I Leas than 100 snares. a Hz-dividend and rights. a Xs-dividend
are for share. to stook of Glen Alden Coal Co. at 85 per chars and ex-dividend 100% In stook (Aug 22)
$ per share $ per share $ per share
8 Mar 1234 Feb
2078Mar 6
20 Apr 321 Dee
214 Mar 24
77% June 94 Dec
100 Jan 16
8838Mar 31
754 Jan 88 Nov
1 Dec
712 Jan
34 Mar 16
77 Apr 91 Nov
95 Mar 31
42 Mar 29
3038 Mar 423* May
57/
1
4 Mar 31
1
4 Noe
47 Mar 56/
53 Jan 12
4913 Dec 7234 Mar
194 Mar 25
6 Dec 141g Jan
Jan
1812 Mar 25
34 Sept 10
14012 Feb 27 101 June 12378 Nov
Oct 209 Mar
192 Feb 17 186
634 Mar 31
48 June 6513 May
8/
1
4 Jan
4 Nov
7 Mar 22
618 Dec 12 Apt
1412 Mar 23
1312 Dec 1671 Nov
255sMar 21
8312 Dec 37 Nov
441
/
4 Mar 21
91 May
812 Mar 17
6% Dec
2038 Mar 22
14 June 2078 May
Jan
1714 Dec 81
24% Mar 15
38/
1
4 Feb 27
294 Dec 4612 Jan
601 Apr 71
7214 Mar 20
Jan
1114Mar 27
Jan
95 July 110
4238 Feb 24
223* Mar 35 Sept
94 Feb 25
683* Mar 893* Dee
8612 June 77 Dee
8014 Feb 27
50 June 63 Jan
63 Mar 10
6512 M ar 22
32 June 57% Dec
89 Mar 20 .60 Feb 78 Dec
4812 Mar 14
27 Jan 4678 Nov
49 Jan 89 Dec
66 Mar 23
55 Mar 11
42 Jan 5512 Nov
90 Apr 11012 Nov
11812Mar 31
Aug 249 May
11934 Jan 5 93
168 Mar
438M ar 31
41s Jan
8 Mar 31
258 NOV
73* Jan
10 Dec 1514 Map
12 Mar 22
1518 Dee 2234 Mat
1914 Mar 31
10 Dec 1538 Jan
1278 Mar 30
8038M ar 14
60 June 7914 Dec
37 Mar 20
283* June 3412 No*
1178 M ar 18
43* Dec Ills May
18 Dee 26 Feb
27/
1
4 Mar 31
103 Feb 16
855* Mar 1001s Nov
5/
1
4 Jan
18 Dec
34 Feb 3
Jan
934 Mar 20
314 Dec 16
1813 Feb 2878 May
27 Feb 27
5754 Mar 14
454 Jan 55 Not
10 Mar 141 Jan
18 M ar 15
1758 Aug 30 Dec
3458 Mar 15
474 June 6034 Dec
614 Feb 17
97 Apr 118 July
1161
/
4 Mar 31
494 Jan 23
32 Dec 5812 Jan
244 Dec
7 May
11 Mar 14
12 Aug 1812 May
4612 Mar 14
27 'Aug 454 May
67 Mar 14
25 Mar 13
4140Aug
833 May
51 Dec 1484 Mat
1118 Mar 31
63 Aug 741k Nov
7134 Feb 71
1
4 Nov
88 Aug 93/
90 Jan 17
1 Dec
34 Not
614 Mar 30
13% Jan
2 Dec
7 Mar 16
8 Dec
1312M ar 31
9/
1
4 Dee
2234 Dec 261* Dec
3434 Mar 25
16 Mar 231,Map
2312 Mar 1
3312 Mar 491 Nov
5534 Mar 14
234 Dec
658 Feb
618 Mar 31
46 Juno 7712 Feb
6514 Mar 31
644 June 76 Dee
8878 Mar 20
39 June 6138 Sept
, 66/
1
4 Feb 37
58 July 71 Dec
80 Feb 28
54 June 6812 Sept
724 Feb 28
12 Nov 2312 Jan
2138 Mar 29
16 Mar 2314 dept
244 Mar 29
814 Sept 1314 May
2038 Mar 24
88/
1
4 June 104/
103/
1
4 Mar 31
1
4 Feb
62 June 74/
1
4 Dec
75 Jan 26
61% June 88 Jan
8212 Mar 15
40 Mar 31
3214 June 411 Jan
12 Jan
8 Nov
1938 Mar 9
15/
1
4 Mar 23/
30 Mar 31
1
4 May
50 Apr 6613 Dee
71 Mar 27
35 Jan 668 Dee
63 Mar 31
30 Mar 31
Jan
23 Oct 32
70 Mar 80 Dec
80 Mar 10
60/
1
4 June 8914 Jan
7634 Feb 27
4814 Jan 18
3612 June 58 Feb
611
/
4 Jan 20
3818 Aug 573* Jan
3018 Feb 27
1918 Mar 253* Aug
514 Mar 14
27/
1
4 June 394 Nov
29/
1
4 Mar 15
194 June 804 May
50/
1
4Mar 3
Jan
28 June 41
21s Oct
7% May
534 Mar 21
3 Dec 121s May
10/
1
4 Mar 31
gmoune 101
8713 Mar 20
Jan
173* June 247s Jan
2318 Mar 31
42 Juno 60 Jan
5438 Feb 27
1618 Jan 2734 Dec
3414 Mar 14
1213 Aug 2038 Mar
23/
1
4 Feb 2
8 Apr 17 Nov
1812 Feb 3
3014 Feb 10
15 Aug 27's 145;
314 Feb 3
4134 Mar 31
44/
1
4 Mar 30
Dec -E1-2 Apr
13514 Mar 20 111 June 1311
/
4 Nov
7438 Feb 27
6214 July 7412 Deo
12% Mar 14
6 Aug 12% Mar
3334 Mar 14
17 Aug 26 Mar
oss Dec
1018 Mar 31
9 May
3158 Mar 31
18 Mar 244 May
1
4 Nov
1258 Mar 15/
20/
1
4 Mar 31
1
4 Dec 1112 May
8/
1012 Mar 15
1414 Dec 21 May
1838 Mar 22
15 Dec 30/
1
4 May
2012 Mar 31
5113 Dec 704 Jan
58 Mar 3
64 Dec 1118 May
934 Mar 15
1212 Dec 1912 May
21 Mar 31
23 Oct 3713 May
3314 Mar 13
S Ex-rights
2613 Jan 5384 Dec
1
4 Jan
1013 Dec 19/
3112 Dec 52% Feb
30 June 50 Dec
164 Dec 3912 Jan
14 Dec
113 Feb
11 Oct
134 Feb
34 Aug 5914 Dec
83 June 10334 Deo
1
4 Dec
2814 Aug 39/
674 Aug 90 Dee
2612 Aug 6512 Jan
June 15) to subscribe
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually inactive. see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Tuesday.
Saturday.
Wednesday. Thursday,
5foodoll.
March 25. March 27. March 28. March 29. March 30.
Friday,
March 31.
Sales
for
The
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
•
Range since Jan. 1 1922
On basis of 100-share lots
1385
PER SHARE
Range for previous
year 1921
Lowest
Highest
Lowest
Highest
g per share S per share g per share $ per share $ per share $ per share Shares Indus. & MIscell.(Con.) Par $ per share
5 per share $ per share $ per share
6512 6534 6518 8514 6414 65
66
2,000'Am Agricul Chem pref._..100 56 Jan 16 69 Mar 10
6638 6012 0012 8512 68
Aug 90
51
Jan
*68 6912 0012 70
*6614 6914 *8614 8912 *87
89
*6712 69
300 American Bank Note
50 5812 Jan 7 70 Mar 31
46% Jan 56% Dec
*5212 5312 *5212 533 •5112 53'2 *5112 53t2 *51
53
*5112 53
Preferred
50 52 Jan 12 54 Mar 3
43% Jan 5012 Dec
3912 40
3712 39
39% 397
4,100 American Beet Sugar
3812 3915 39
3978 40
395
100 31% Jan 3 4312 Mar 15
24% Oct 51 Feb
•66
*67
75
75 *67
75
Do prof
*66
72
*68 ---- *6712 72
100 61 Jan 11 72 Mar 10
5434 Dec 7478 Jan
43
44
4334 45
4214 43
44
4334 4434 7,200 Amer Bosch MagnetoNo par 3114 Jan 31 47 Mar 16
4234 4314 43
2918 Aug 6512 May
*58 59
58
58
58
5818 5718 5814 5738 58
58
5934 2,800 Am Brake Shoe & F___No par 51 Jan 4 8234 Jan 20
42
Jan 56% Dec
4103 10738 *103 10738 *1^3 108 *101 103
200
102 102 *102 104
Preferred
100 981
/
4 Jan 18 10612 Mar 17
8834 Jan 100 Dee
447 46.
455 457
45
48
4555 4614 46% 4818 4834 48 27,500 American Can
100 3214 Jan 5 4818 Mar 30
June
2312
354 Des
4101 102
10012 1004 10112 10134 10134 10134 10158 101% •10112 10212
700
Do pref
100 93/
1
4 Jan 3 104% Mar 7
7834 June 97 Dee
155 15538 152 15313 1533 15412 1547 15478 155 15512 15514 15634 4,800 American Car & Foundry.100 141 Jan 10 15678 Mar
8 11514 June 1511
/
4 Dee
*11714 119 *11414 11834 4'11712 119
11612 11834
500
Do pref
1174 11712 117 117
100 11512 Jan 6 12018 Feb 23 108 May 1164 Dee
1912 11% 11% 1138 4,000 American Chicle
1034 1138 1014 114 1034 11% 11
11
No par
7 Jan 27 124 Mar 3
612 NOV 29 Jan
2438 243s 2412 2412 24% 244 25
2534 2512 2534 2533 257s 2,000 American Cotton 011
100 19% Jan 10 2714 Mar 17
1578 June
24% Nov
5312 5312
54
400
50
54
527s 527
*53
Do pref
63
53
*53
55
100 41 Jan 11 56 Mar 9
354 July 67 Apr
55
57
55
57
2,300 Amer Druggists Syndicate_ 10
534 6
534 5%
534 534
534 534
44 Jan 13
612 Jan 23
4 June
834 Jan
13414 138
133 1334 13212 13213 13313 134
1,900 American Express
13414 13414 134 134
100 127% Feb 1 13918 Feb 21 114 July 137 Dec
1518 15
1518 15% 14% 14% 1438 15
1558 1,800 American Hide dr Leather..100 12 Jan 18 16 Mar 21
*1514 1512 15
8 Apr 16 Dec
6812 6512 6818 6814 684 6934 70% 7014 6934 7018 694 6912 3,200
Do pref
100 58 Jan 3 71% Mar 20
4013 Feb 6258 Dee
10618 107
107 10812 13,400 American Ice
107 10834 10311 107
105 10712 10312 106
100 78 Jan 12 11412 Mar 22
9338
12 M
42 Jan 53
Dec
80
80
8012 81
81
900
*80
81
80 80
807 808 *80
Do pref
100 72 Jan 13 8214 Feb 14
57 Jan 7314 Nov
4211 4314 42
42% 42% 4278 42% 4318 4278 4412 4312 444 14,400 Amer International Corp 100 3818 Jan 5 4512 Feb 23
21% Aug
1114 3,100 American La France F.E. 10
41118 1114 11
1113 11% 1133 114 114 114 1112 11
918 Jan 16 1112 Mar 30
77s Aug 11% Apr
33% 33% 7,100 American Linseed
331s 34% 33
33% 3312 344 33% 3418 333 34
100 2938 Jan 10 3538 Mar 22
174 Aug 6213 Jan
57
5714 *56
59
57
*57
*5634 5812 *57
300
59
59
*57
Do pref
100 5412 Mar 11 59% Jan 17
3978 Aug 93 Jan
/
4 11114 11012 11178 18,300 American Locomotive
1074 10812 1071 107% 107% 11014 10912 11014 1101
100 102 Jan 5 11158 Mar 31
73% June 110 Dec
11612 11612 11612 11612 4,000
118 116
4118 117 *116 117 *115 117
Do pref
100 112 Jan 12 118 Mar 13
9814 June 115 Dec
86 *8612 88
87
86
85
834 85 *85
87% 1,000 American Radiator
8712 85
25 82 Jan 30 904 Mar 17
6838 Jan 91 Nov
755
75
73
3
713
74
74
758
74
714
9,400
American Safety Razor__ 25
74 7
74
334 Jan 31
812 Mar 11
312 Aug 10 Jan
1412 1514 10,000 Am Ship & Comm
1358 1418 1333 1458 14
1412 1414 1458 1458 15
No par
54 Jan 3 1538 Mar 13
4% Aug 14 Jan
5258 5234 54
51
5134 51
12,200 Amer Smelting - Refining_100 43% Jan 8 54% Mar 18
51% 5078 5178 5114 517s 52
2958 Aug 47/
1
4 Dec
9612
95
96
*9514
96
9512
954
9514
7
95
2,100
9614
Do pref
9678
96
100 8618 Jan 4 9812 Mar 21
8314 Aug
Dec
91
00
90
91 .90
*90
*90
91
91
90
*90
100 Am Smelt Secur Prof ser A_100 87 Feb 8 90 Mar 17
489
63 Jan
124 129 *126 127 *126 129 *125 129
12412 12412 122% 125
1,650 American Snuff
109%
100
Jan 3 138 Feb 10
95
Jan 198
10
4
834 D
1
s
367
37
37%
3658
35
3614
:3812
37%
36% 367
3812
26,200 Am Steel Fdry tern ctfs_33 1-3 3034 Jan 28 37% Mar 30
35
18 Aug 35 Des
96
*95
9513 95% 954 *9534 96
96
95
95
*94
*94
400
Pref tern ctfs
100 91 Feb 8 96% Jan 9
78 Aug
Dec
72
8838 89
7112 72% 9,700 American Sugar Refining. 100 5418 Jan 4 74% Mar 7
68% 704 6958 7012 8934 7034 • 71
47% Oct
9814
9812
98%
984
98
983
93
4
98
*9718 99
98% 9814
800
Do pref
100 84 Jan. 3 100 Feb 28
6712 Oct 1130896857:4
32
32
324 3218 327g 4,200 Amer Sumatra Tobacco_ _100 23% Feb 14
32% 3114 31% 31% 3178 32
432
Jan
35%
9
2812 Dec 88 Mar
*80
65
*60 65
*60 65
65
*60
*60
*60 65
65
Preferred
100 52% Jan 27 71 Jan 18
64% Nov 91% Feb
11912 12012 119 1204 120 1204 12014 12038 120% 12114 121 1215s 23,900 Amer Telephone & Teleg_100 114% Jan 4 12412 Mar 14
95% Jan 11912 Nov
13514 13834 13512 13838 13553 13713 4,7001 American Tobacco
1364 137i4 135% 1305 1354 137
100 12918 Jan 5 14212 Feb 23 11118 June
410113 102 *101 10112 10138 10138 10114 10114 10114 10114 *101 10138
300
Do pref (new)
100 664 Jan 3 10214 Mar 1
86 Aug 9912 Dee
.13412 13212 13412 13258 1337 1331 13458 4,400
132% 132% *133 13334 1327
Do common Class B...100 126 Jan 8 13814 Feb 23 110 Jan 1314 Dee
•11
1118 1135 1178 1158 12
11
11
11
1114 *11
1114 1,000 Am Wat Wks & El v t c_ _ _100
6 Jan 7 1212 Mar 17
4 Sept
613 Oct
80
80
80
80 *78
79
79
*7514 80 *77
*78
82
200
1st pref(7%) v t c
100 67 Jan 4 80 Mar 22
48 Sept 6612 Dee
2812 2914 287s 2958 29
*28% 28% 284 28% 2813 29
2912
800
Partio pref (6%) v to.._100 174 Jan 4 31% Mar 17
812
Sept 20 Dec
*90
92
*90
92
92
92
O90
92
92
491
*92
200 Am Wholesale Corp, prat _100 89 Feb 21 95 Jan 21
0314
904 Jan 8
96
314 June
8658 8658 8634 8612 8734 8732 887s 11,400 Amer Woolen
86% 86% 85% 8673 80
100 7814 Jan 10 90% Mar 14
67 Feb
8Dec
106% 106% *108 10634 *108 107 *106 10634 106 10618
•*106 107
300
Do pref
100 1024 Jan 11 108/
1
4 Mar 8
93 Feb 10413 Dee
27
27
27 *26
27 *2612 28 •26
27
*25
2612 27
500 Amer Writing Paper pref.-100 2212 Jan 13 2912 Jan 25
2012 Aug 3912 Jan
1514 1514 1434 15
1418 144 1418 141s 14% 15
15
1513 1,500 Aner Zinc, Lead & Smelt. 25 1218 Jan 3 1012 Mar 16
8% Sept 1438 Dec
39
40% 39
39
3912 397 *39
43712 3912 *3712 39
40% 1,400
Do pref
25 36 Jan 18 40% Mar 18
22% Aug 4078 Dec
4958 5014 49% 504 50
50% 503 5114 5034 52 28,200 Anaconda Copper
5038 51
Mining. 60 47 Jan 31 52% Mar 18
31% Aug 50% Dec
5512 55
5534 554 5512 55
5312 5412 54
5512 5478 5512 0,400 Associated Dry Goods_ _..100 43 Jan 5 5712 Mar 17
24 Jan 6012 Dee
8012 82
81
81
80 80 *80
08012 82 *8012 82 .
82
330
Do let preferred
100 75 Jan 6 81 Mar 29
5534 Jan 76% Dec
95
*80
__
80
*8012 82 *8012 82 .80
80
*80 --300
Do 2d preferred
17
Jan
100
76
IT
Mar
80
45
Jan 78 Dee
108
105
*1033*
103
103
1051; 105 105 *10512 108
4102% 106
400 Associated 011
100 99 An 31 107% Mar 16
91 Sept 10712 Mar
312
334
334
37
334 371
334 3%
312 312
312 334 2,700
Fruit
No par
2/
1
4 Jan 3
41s Mar 16
1% Oct
9 Jan
2718 284 2812 28% 2812 2914 2912 3058 2912 3033 7,800 Atlantic
2712 28
Atl Gulf & W I SS Line__100 2312 Mar 2 31% Mar 13
18 June 76
Jan
*20
21
20
2012 2012 1978 20 •1912 21
21
2014 2114 1,100
Do pref
100 1812Mar 8 23 Jan 14
1534 June 4412 Jan
------ Atlantic Petroleum
25 21 Jan 10 23/
9
Feb
1
4
Aug
10
25%
Dec
'920 616- •
<oil)" 956" *iiio" 916- '910 950
916- 4,620" 016Atlantic
'
,
tanning
100 900 Mar 7 1020 Jan 4 a820 June al125 May
114 115 *114
115 115 .0114 11512 11412 11412 *114 115'
115
200
Preferred
100 113 Jan 9 117 Feb 28 103% July 1134 Nov
26% 28
2658 2714 2634 27
28% 27
26% 28
26
2634 25,700 Austin Nichols & Co__.No par
9/
1
4 Jan 5 28 Mar 25
84 June 1814 Jan
8212 83
8312 83% 83 83
83% 8334 *83
83 83
84
400
Preferred
100 68 Jan 9 85 Mar 16
5058 Aug 70 Jan
*5
*512 6
6
*512 6
*512 8
*5
6
558 558
100
Auto
Sales
34
Corp
Jan
ao
7
Mar
3
17
213
Sept
514 Dee
*14
15
15
15 •14
*1312 1412 *1412 19
15 •14
*14
Preferred
10 13 Feb 14 154 Mar 16
10 Apr 15
Jan
108 10758 1073s 10838 10838 111
105% 107
10834 108
110% 11214 94.500 Baldwin Locomotive Wks_100 9312 Jan 13 11214 Mar 31
624
June
100% Dee
*1063
*10658
1082
4 10812 10812 10812 *10634 108%
410634 1084 *10634 108%
100
Do
pref
104
Jan
100
109
13
Mar
9
95
June :105 Dec
*40
45
*40
45
45
*40
*40
45
45
*40
*40
45
Barnet
Leather
No par 40 Jan 19 474 Feb 8
29 Jan 41 Aug
*if
*89
96
98
98
*8714 96
96 •89
489
*8714 90
Preferred
100 8912 Jan 21 96 Mar 16
70 Jan 86 Dee
30
4012 36
30
*28
404 3612 39
30
*28
36% 38
18,700 Barnsdall Corp, Class A___25 1958 Jan 16 4012 Mar 28
20 Dee 27 May
25% 2558 284 2934 2834 2934 29
26
2934 294 3012 8,400
*25
Class B
25 1914 Jan 9 3114 Mar 15
1434 June
Jan
114 18
114 14
158 158
114 1%
114 1%
114 1% 5,000 Batopilas Mining
% Jan 14
20
14 Mar 23
12 Aug 351
Jan
8518 6534 6612 6734 6914 6814 70
65% 66% 63% 6434 65
9,000 Bethlehem Steel Corp_ ___100 51 Jan 10 70 Mar 31
3912 June 624
66
Ni
maj
y
69% 7034 7014 7112 714 724 7234 7458 7334 7534 81,300
7078 72
Do Class B Common_100 5512 Jan 3 7534 Mar 31
4112
June
9112
9112
9158
91
913
4
9158
92
91%
9134 9212 9212 9314 4,300
Do pref
100 9073 Mar 7 9114 Mar 31
87 June 9314 Jan
10914 113 *109 111 *11012 112 *11012 11112 112 112
4108 113
500
Do
cum
cony
pref
8%
4
_100
104
Jan
113 Mar 27
7
90 June 112 Sept
712
634 634 *634 714
634 712
74 712
4,000 Booth Fisheries
No par
434 Jan 10
932 Feb 10
3 Aug
7% Dec
*8t3 10
10
*812 10
*812 94 *812 91, *812 10
British Empire Steel
8% Jan 9
100
93* Feb 7
8/
1
4 Dec
9 Dec
*81
83
64
*61
82
82
62 62 .61
62
63 63
300
preferred
let
100 58 Mar 2 67 Jan 25
55 Dec 5858 Deo
*193 21
*1934 21
*1958 21
*1934 22
1934
1934
20
20
• 200
2d preferred
100 1918 Mar 17 2433 Jan 20
22 Dec 23% Dec
103 103 *102 105 *102 104 .102 105
4102 105 *102 105
100 Brooklyn Edison, Inc
100 100 Jan 3 108 Jan 31
88 Jan 101 Dec
92
92
94
91
9312 9312 93
*9012 92
93% 93 93% 1,300 Brooklyn Union Gas
100 70 Jan 31 97% Mar 17
51
Jan 7613 Nov
7
477
s
46
48
47
7
8
477
8
47
*46
48
445
4712 4658 4812 2,800 Brown Shoe Inc
100 42 Jan 18 51 Mar 201 33 Feb 4638 Nov
312 34 *312 4
*314 4
*312 4
*314 4
.
314
4
Brunswick
100
Term
&
Sec.100
Ry
218
Mar 3
41
/
4 Mar 16
24 Aug
51
/
4 Jan
126% 127% 1267s 12714 127 1274 12712 128
128% 128
127% 129
7,700 Burns Bros
100 1131
:Jan 10 130 Mar 20, 814 Jan 12212 Dee
41
41
4114 415s 4112 4212 4178
4012 4134 40% 41
13,400
4212
class
New
corn
B
2838
4212
Jan
Mar
19
21'
3118
3334
Dec
Dee
92
*90
92
91
91% 9112 9112 *90
490 9212 *90
9178
300 Bush Term Bldgs, prof....l00 87% Jan 3 9214 Mar 22 z873 Dec 90 Nov
61, 614
6
6
6
61, 614
618
6
6
6
614 2,000 Butte Conger &
Mar
54
Mar
812
1
17
314
Aug
Zinn
814
Dec
8
313
n3114
30%
3114
30
3
4
5
3112
431
3114 31'4 3114 *3013 3134
600 Butterick
100 28% Jan 18 34 Feb 3
1412 Jan 3334 Dec
2538 25% 28
20
26
26
26
26
26
283
20% 27% 5,000 Butte & Superior Mining_ 10 20% Jan 4 2812 Jan 24
1014 Juno 22 Dm
1134 1214 1214 1212 12% 1234
1118 12
1134 12
4 12
1212 3,300 Caddo Central Oil&Ref NO Par 101
7
16
31
Jan
1
8
4
M
m
/
4
11
ar
17
0
53
73
548 JAta
ug
y 19% Apr
7514
75
744
75
7514
75
7515
475
75
7534 75
7614 6,600 California Packing..._No par 68 Jan 11
74 Nov
52
5278 52% 5234 5212 54
50% 5034 49% 5314 5118 53
19,600 California Petroleum
4318 Jan 10 5458 Feb 27
100
25
Jan
50% Dec
911
/
4
904
9013
9112
9012
9114
9112
489
92
92
92
92
1,400
Do pref
100 83 Jan 3 92 Mar 30
614 63,
68% Jan
61, 838
Dec
814 658
812 6%
6,4 678
612
87s
20,450
Callahan
Zino-Lead
14
Feb
10
514
714Mar 161
3% Aug 88
58 80
*57
74 Ja13
58
459
60 •58 60 .
58
58
*57
59
100 Calumet Arizona Mining.._10 58 Jan 24 8012 Jail 25
4113
Jan
60
Dee
1512
15%
1512
15%
16
18
1638 *154 16% *1514 164 2,200 Carson Hill Gold
18
1 11 Jan 3 1638 Mar 29
11
Dec 15% Nov
*4% 5
*414 5
*434 5
*412 5
*412 5
*414 5
Case (J 1) Plow
3 Mar 8
No par
6 Mar 14
3 Nov
1014 Apr
774 7712 *75
7712 *75
7712 *75
78
475
7712 *75
77
.
Case
100
Thresh
(JI)
pf
M,
ctf
21
_100
Feb
68
7712
Mar
27
63
Dec
85% Feb
38
36
8
355
36
365
8
3878 37
3634
36
37% 37
37% 12.700 Central Leather
100 2938 Jan 10 3858 Mar 1 I 2218 Aug 4314 Jan
7012 71
71
71
7118 7014 71
71
*7112 72
7112
72
2,000
Do pref
100 6338 Jan 6 74 Mar 17
5718 Aug 98
Jan
3512 35
3412 3412 *35
43413 35
3514 354 3514 3514 36
2,700 Cerro de Pasco Copper_No par 3254 Jan 4 3678 Mar 17
23 Mar
4414 4414 4414 *40
4312 *40
4714 *42
45
43
4334 43%
800 Certain-Teed Prod....No par 34 Feb 14 4734 Mar 21
22 Aug 4
34
61' D
J::
88 95
*88
95
*88
95 .
95
*88
488
95
*88
95
it preferred
100 85 Jan 13 89% Feb 2
70 June 85 Dec
/
4 7153 7014 7112 7034 7178 72
7134 7234 701
7314 7334 76% 87,100 Chandler Motor Car_ -No par 47% Jan 5 7638 Mar 31
3814 Oct 86 Apr
*68 6812 6512 6912 69
69
*69
68 88
6912
*69
6912
Chicago
900
Pneumatic
Tool_
14
_100
Jan
60
6912
Mar 28
47 Aug 7014 Jan
1634 1718 17
1718 17
17
174 1634 17
1734 17% 1778 20,500 Chile Copper
25 1512 Jan 5 la% Mar 17
9 Mar 1678 Dee
2634 2714 2612 26% 2812 2718 2612 2634 28% 27% 2718 28
5,200 Chino Copper
251$ Feb 21 2938 Mar 17
1918 Mar 2912 Dec
5634
57
5712
57
57
574
453% 55
*53
58% *53
56
1,600
Cluett,
Peabody
&
Co
Jan
43
6012
11
100
Feb
3
/
4 June 624 Jan
361
*9212
*9212
49138 -- *913 ---- *9238
*9212 -- ......
Preferred
100 85 Jan 3 91 12 Jan 18
7913 Apr 89 Dee
44'- 48% 49
48
4858 49
504 48 5018 48% -'
4818 4914 39,100 Coca Cola
No
par
41
Jan
5
Mar
5014
25
Feb 4312 Dee
19
29
29
29
29% 29% 3012 30
29
42913 2934 29
3012 4,700 Colorado Fuel & Iron
100 24 Jan 10 3012 Mar 17
22 July 32% May
8212 8112 8278 8318 83% 834 8412 8312 8438 18,700 Columbia Gas & Electric_ _100 6434 Jan 4 8514
81% 82% 81
Mar 17
62 June
Dec
3/
1
4 3%
3
34
31, 3i,
3
34
312 4
3% 3% 33,500 Columbia Graphophone No par
114 Jan 26
4 Mar 16
12
235 Aug 8714
Jan
17
41318 1312 *13
1312 13% 134 15
16
17
14% 16
2,700
Do pref
Feb 9 1812 Mar 17
100
8% Dec 62/
1
4 Feb
691, 68% 693
67
8534 8578 654 65% *6612 68
8 6812 6934 6,700 Computing-Tab-Record No par 5514 Jan 3 7234 Mar 15
June
283
4
5878
Dee
2418
2418
244
*24
24
*24
2434 24
24% 24% 25
2512 2,500 Consolidated Cigar _...No par 18% Feb 10 3018 Jan 9
1312 Dec 5914 Jan
*52
53
52
452
55
*5212 55 •5212 55
52
52% 52%
Do pref
200
100 47 Feb 27 64 Jan 9
53 Dec 80 Feb
t2
34
34
12
34
3,
34
53
34
ti
8,300 Consol Distributors, IncNo Par
'1
%
Feb
14
17
2%
Mar
12 St18
10 Mu
109
110
110
10012
10734 108,4 108 107
1094 10914 10812 11012 13,400 Consolidated Gas (N Y)..100 8.558 Jan 30 11112 mar 17
7712 Jan 95 Nov
1214 12% 1212 1234 12% 13
1314 1312 1212 13
12% 1314 13,400 Consolidated Textile...No par 12 Feb 16
1454 Jan 13
128
217
8 Jan
Aug
613,
62
613
82
4
61
*5912
61
8112
6114 8234 *60
63
1,900 Continental Can, Inc
100 45% Jan 4 6312 Mar 18
3438 Aug 66
Jan
*10214
410214
-- .10214
14 --*10214 _ _ ......
-- *10214
Do prat
100 10012 Jan 14 104 Mar 18
8212 Aug 100% Dec
3 *102
8912 -691
6813 88% *8812 69
*6812 69
*88% 69
*8812 69
130 Continental Insurance
66 Jan 20 6912 Mar 29
25
585
8
Dec
73
Aug
104%
104%
104
10514
104 10434 10314 104
10514 106% 10612 10814 26.700 Corn Products Refining...100 914 Jan 4 1084 Mar 31
59 June 9914 Dec
4114 115
115 115 *114 115 •11414 115 *11414 115
115 115
200
Do pref
100 111 Jan 10 11612 Jan i3
96 JUDO 112
Dec
35% 3612 3614 3834 38
14 35% 3534 3512 36
35% 36
3612 22.800 Cosden & Co
par
313
No
8
Jan
10
Jan
8
2212
Aug 4314 Apr
363*
5614 574 5538 56
5534 5634 57 57% 56% 5734 57
58
19,300 Crucible Steel of America.100 6234 Feb 27 6714 Jan 3
49
k
10712 Jan
85
85
8413 85
85
483 85
85 85
85
85
85
900
Do prof
100 80 Jan 17 853 Mar 20
77 June 91
Jan
13 3 1414 13% 1514 15 15% 1414 15% 1434 161, 15 15% 32,100
Cuba Cane Sugar
No par
84 Jan 11
1934 Mar 15
5% Oct 26
Feb
3114 3234 3112 3312 33% 3414 33 3414 33 337, 3314 3418
21,000
Do ore!
100 1514 Jan 3 4034 Mar 15
684 Dec 131s Feb
* Bid and asked prime, 4x.d1vldend and rights. • Asseesment paid. •ils-rnbt4 s Ez dividend •Par value
$10 per NW&
1386
New York Stock Record-Continued-Page 3
Poe sale, during the vveek of stocks usually Inactive see third page preceding
1110ff AND LOW SALM PRICR-Plill SHARI& NOT PSR CIINT.
v..
Friday,
Tuesdao,
Wednesday, Thsersdav.
Monday.
astaritay.
arch 28. March 29. March 30. March 31.
Da ai c 1 21. M Ire 1 21.
-$ per share 4 P., share $ per 'hare $ Per share 3 per share 5 per share
2214
2134 224 2214 2234 22
2158 204 22
2114 2112 20
90 .88 894 .8334 894 .834 8914 .8812 8913
8914 .88
.88
54
5514 5518 5918 57% 5314
5534 5612 5234 5514 531 55
18
18
18
18
*1112 18 .1412 18
•1712 1912 .1712 18
10714 10714 *107 10734 z105 10-112
*106 10712 10713 1074 107 107
2718 278 2714 2734 274 2818 264 274 244 2738 z2512 26
4700 700 4715 715 .700 715 4710 710 .630 715 *690 715
15612 157
15178 15713 15114 157
14834 15214 15078 157
148 149
2012 2078 214 211z 2134 204 2134
2133 20
2014 2078 20
*818 9
.818
9
*84
9
.8
9
9
*8
9
*8
8212 844 8234 8334 83 8338 8314 83%
803 82
83
82
110 110 *109 110
109 109
*10812 10378 10312 10812 *109 110
78% 7814 80
8018 8112
7913 7713 7813 778 7878 78
79
9413 94
95
9312 934 *94
*93
94
94
.9338 9112 .93
11
.912 11
*9
10
10
11
.912 11
*9
11
*9
39
*39
394 *39
3938
3314 3814 39
40
39 .38
4438
10512 10318
1014 10118 101 101
1024 10278 102 103
102 101
94
92
9212 9258 93
93
9218 924 .92
9413 9434 93
1678 1614 1658 1612 174 1634 174 1634 1718
16
1638 17
17is 17ts 1658 17
1718 17
1738 17
1714 1718 1712
17
%
541
%
%
%
34
%
%
%
38
38
%
56
5778 5634 5634 5712 5712 574 5712
55
55
57
*55
6113
5812 5914 5734 5958 5813 5913 594 6058 6014 61.111 60
9212 9212 .9212 9712 .9211 97
92
92 .90
96 .90
.90
60
6912
88 68
6812 69 .6858 69
4.6634 8043 3664 69
*9914 100
9912 9912
9914 9914 .9812 100 .984 100
*9814 100
154 15612 15512 157
15612 15612
154 154
152 153
.153 154
1014 104 104 104 1034 1014 1034
1014 10
1018 1038 10
77
7714 774 7714 80
80
757 78 .7512 77
76
76
7614 7714 7812 7914
7434 7434 7434 754 70
*74
75
75
90
9114 9312
87
88
8814 89
8712 87
*87 8814 4487
3878 397
3934 3114 3)78 4018
3918 3834 39 .3834 39
39
8518 8434 8434 8318 8334
8134 8434 85
8434 8134 .8434 85
28
28
274 264 2634 .2612 2634 264 2612 2612 27
27
18
1713 1734 1734 19
18
1813
1712 18 .1611 17 .17
27
2614 3634 .264 2712
27
2714 2714 2714 274 .284 27
114 1112 1214 124 1278 1213 1238 1134 1234
1218 10
12
C.74 .7/ -Z-irs -fra; (1572 VI' "iti74 Ifiki "ii." Vii "iiii3 "ii"
212 238
218 278
2(3 231
234 3
24 234
234 234
Saes
/or
the
1Vee.t.
STOCKS
NEW YORK STOOK
EXCHANGE
PSR MASS
Range since Jan. 1 1922
On Oasis of 100-share lots
Lowest
Highest
PRA SHARI!
Range for previous
gear 1921
Lowest
Ilithesd
$ per share
Shares Indus. & %fiscal!.(Con.) Par 3 per share
Per share $ per ohm
37,103 Cuban-American Sugar-- 10 1413 Jan 3 2634 Mar 15
1072 Oct 3634 Feb
Preferred
88
Oct 95
100 7818 Jan 17 91 Mar 11
Feb
26,633 Davison Chemical v 1 e_no par 4834 Jan 10 624 Feb 4
23 Mar 59% Nov
203 De Beers Cons MInea_No par
1513 Jan 3 19 Feb 16
13% June 21
Jan
7435 Detroit Edison
100 10038 Jan 11 10378 Mar 21
9312 Nov 100
Oet
5,803 Dome Mines, Ltd
10 1813 Jan 4 2334 Mar 22
1018 Jan 2134 Apr
14 Eastman Kodak
100 600 Jan 9 740 Mar 22 a1596 Nov a690 Feb
9,803 Electric Stor Battery
104 125 Jan 18 15718 Mar 29 12414 Dee 124% Dee
10,600 Elk Horn Coal Corp
50 1414 Jan 25 2134 Mar 31
16
Jan 2634 May
Emerson-Brantinghan ____100
9 Mar 8
258 Jan 4
213 Dec
978 May
5,900 Endicott-Johnson
50 7614 Jan 10 8412 Mar 21
62 Jan 81
Dee
500
Do pref
100 104 Jan 5 110 Mar 29, 87 Jan 10612 Doe
32,100 Famous Players-Lasky_No pa
7518 Jan 10 8518 Mar 131 44% July 8212 Apr
509
Do preferred (8%)
100 9113 Jan 28 913 Jan 14' 74% July 97
Dec
518 Jens 1:334 Dee
200 Federal Mining de SmeltJng 100
9 Jan 3 12 Mar 16
200
Do pref
100 3713 Mar 14 41 Jan 25
21 Sept 4312 Dee
2,600 Fisher Body Corp __No Par 75 Jan 8 -10838 Mar 31
75 June 90
Jan
1,203 Fisher Body Ohio, pref
100 7618 Jan, 5 96 Mar 17
67 Sept 84 Dec
37,930 Flak Rubber
834 Aug 19% May
28 1138 Jan 10 1714 Mar 17
2,700 Freeport Texas Co____No par 124 Jan 24 1978 Mar 8
04 Aug 204 Jan
18 Jan 20
113 Mar 16
3,200 Gaston, W & W.Ino_No par
18 Oct
518 Jam
1,100 Gen Am Tank Car__No par 4534 Jan 14 597s Mar 2
3978 Oct 5918 Dee
20,403 General Asphalt-.
394 Aug 78% May
100 554 Jan 26 6534 Jan 3
100
Do pref
77 Aug 11713 Mal
100 90 Jan 10 103 Jan 3
600 General Cigar, Inn
100 65 Mar 3 7313 Jan 17
/54
Jan 70% Dee
200
Debenture pref
100 94 Jan 4 10214 Jan 18
8018 Apr 954 Dee
2,100 General Elie:trio
100 138 Jan 9 15712 Mar 7 1094 Aug 143% Deo
65.800 General Motors Corp_No par
934 Aug 164 Jan
814 Jan 5 1014 Mar 21
1,000
Do prat
100 69 Jan 24 80 Mar 31
83 June 75 Dee
6,70)
Do Deb dock (6%).-100 6734 Mar 6 7934 Mar 31
60 Aug 734 Dec
69 Aug 85 Dee
Do Deb stook (7%)_100 7914 Mar 8 9312 Mar 31
2,203
26% June 414 Jan
3,503 Goodrich Co B F)..__No pi
:
,
3412 Jan 4 4114 Mar 13
624 June 86 Doe
800
Do prat
100 8013 Jan 7 87 Jan 18
16 Aug 3413 Noe
1,900 Granby Cons M.Sm & Pow100 2613 Jan 5 3034 Jan 25
913 Jan 1644 Mar
4,990 Gray & Davis Ine-No par 12 Jan 3 19% Feb 7
19 July 3912 Deo
400 Greene Cananea Copper_100 2534 Feb 27 2838 Mar 17
7 Feb 16 1434 Mar 15
64 Dec 16% Jan
5.200 Guantanamo Sugar____No par
Rights
% Jan 26 ---- _18 Feb 10
IDee
21 June
13205 Gulf Stated Steel tr otts_.100 44% Jan 9 904 Ian 20
13 Nov 1358 Jan
5,300 Harbishaw Else Cab._No par
34 Jan 20
38 Mar 16
Haskell & Barker Car_ No par 7614 Jan 5 845 Jan 18
5013 June 82 Nov
13 June 254 AP/
" Hendee Manufacturing-100 15 Jan 12 via mar 8
r4773.
i..;:4 :1--/rs Iii- 7,;r72 Iti- "Iii" Tri- -iir4 lit; -iiis ili- -1-Aioo
We Mar 61 May
.611, 6312 62 62
6412 6512 6512 6712 6712 6813 6912 1,100 Homestake Mining
100 65 Jan 141 691z Mar 31
63
79,4
Fab
27
404
Aug 86 May
3,303
Houston
Oil
of
Texas
100
70
Jan
9
4
764
7513
76
7534
75
7512
753
74
7634
74
7434
74
104 June 1634 May
1534 1558 1534 15% 161 20,400 Hupp Motor Car Corp__ 10 1078 Jan 6 1678 Mar 31
1534 1534 16% 1534 1514 1534 15
713 712 2,309 Hydraulic Steel
934 Mar 17
6 Dec 20% Jan
312 Feb 9
No par
712 713
714 - 734
714 714
714 713
734 814
414 Feb 28
2 Jun
34 Jan 27
74 Jan
6
334 318
334 334
334 314
334 304 3,300 Indlahoma Refining
358 33
334 334
9 Feb 20
618 Dec 1514 Jan
613 612
612 612 .614 7
400 Indian Refining
10
5 Jan 20
612 612
*gas 613 .615 7
4034 40
4078 4,80) Inspiration Cons Copper- 20 3713 Feb 11 42 Mar 17
29% Mar 4214 Dec
4013 4018 4012 40
4018 3912 3958 ' 40
40
1334 Jan
6 Aug
738 Jan 6 1134 Mar 8
912 1012 1014 1014 *104 11.12 .1012 1113 *1012 1112 .1014 1112 1,100 Internet Agrioul Corp......100
81 Dec 57
Do prat
100 83 .Ian 16 43 Mar 15
Jan
40
3.900
3834 4038 4014 4013 4034 4078 40
3718 39
3812 39
331
26
Jan
Mar
21
June
International
par
23
3112
34
33
29
Nov
21
Cement__No
343
8
35
2,809
31
4
331
3214
33
33
3338 3338
67% Aug 10012 Feb
96(4 96
9712 5,40) Internat Harvester (sew)...100 7938 Jan 3 9712 Mar 31
9512 96
9213 9414 95
93
9212 92
.92
Jan
600
994 June 110
100 1054 Fob 14 ill)', In 18
109 11018
Do pref (new)
.11012 ____ *11018 115
*11012 -- *11018 -__ .110
718 Aug 1714 Jan
11,500 Int Mercantile Martne
100 1314 Jan 4 1734 Mar 16
1512 1512 1514 1512 1512 Iii; 1538 1618 1534 1714 1634 17
38 Aug 6734 Dee
704 71
7314 72
73% 21,703
Do prat
100 6214 Jan 4 725 Feb 20
7014 70
7018 6938 7014 69
70
254 Oct 42 May
3934 18,703 Internat Motor Truck_No par 2513 Jan 13 3934 Mar 31
3434 3538 3438 3458 3334 3414 3434 3514 3514 3712 37
Jan
6318 Oct 76
Do let pre!
7634 77
78% 79
80% 4,703
___l00 684 Feb 27 8018 Aar 31
76
76
7614 7613 7534 76 .75
Oct 6415 Apr
64
69
71
72
71
2,400
Do 26 pref
100 64 Jan 6 74 Mar :31
68 .67 68
6814 6814 67. 68 .66
Ills Aug 17 May
1614 16
1614 1618 1634 28,600 International Nickel (The) 25 1114 Jan 0 1612 Mar 2t
1578 1638 1534 1614 1534 1614 16
80 Dec 85 May
75
73
300
Preferred
100 60 Jan 4 85 Jan 20
75
*7214 75
74 .74
74
74
74
*7214 74
38% Aug 7354 May
7,200 International Paper
100 4313 Mar 8 82 Jan 3
4412 4538 4412 4413 4414 4534 454 4678 4638 4712 4618 47
4,600
Do stamped pref
87 Aug 7538 Nov
6614 67
67 68
100 50 Mar 9 71 Jan 5
6314 66
62 62
611z 62
62
62
54 Aug 26
Jan
1934 1834 1958 184 1912 57.600 Invincible Oil Corp
50 1278 Jan 5 1914 Mar 21
177 1914 19
1712 18
1734 18
2218 Sept 40 Jan
4,400 Iron Products Corp____No par 24 Jan 19 35 Feb 23
26
284 26
27
2914 294 26% 274 274 2814 274 28
3 ;an 25
1 Mar 21
2 Sept
434 Jan
118
1
14
1
118 8,400 Island 011 & Transp v t et_ 10
1
118
14 , 1
1
118
1
4 Jan
1243 Dec
19
1913 1912 20
4,000 Jewel Tea, Inc
100 10 Jan 4 21': Mar 13
1834 1834 184 1834 1934 2014 1978 20
811 Jan 4334 Nov
6512 6513 6514 66
500
Do prat
64 .63 67
100 384 Jan 4 70 Feb 28
64
6112 6112 .6214 64
144 Jan 8834 Dee
100 344 Feb 11 41 Mar 13
3738 3812 3878 394 3912 4014 3912 3913 3918 3918 3,100 Jones Bros Tea, Ina
•3812 39
713 Jan 3
478 Mar 21
9 Nov
413 Oct
10
5
478 5
478 5
8,200 Kansas & Gulf
5
478 5
434 5
434 6
68 Mar 85 Dec
96
100 81 Jan 17 98 Mar 1
93
96
300 Kayser (Julius) & Co
98
93
95 .94
95
97
97 .91
4491
4678 War 31
3212 Aug 64% May
4558 45
4538 454 4678 27,300 Kelly-Springfield Tire
25 3414 Jan
4378 4414 44
4338 444 4234 44
Jan
704 May 94
Temporary 8% prof---100 9012 Jan 4 9818 Mar 31
98 .97 98
9712 9818
203
*97
98
99 .97
*97
99
*97
7118 Jan 3 80 Feb 21
70 May 80 June
83
83 .75
83 .75
6% preferred
83 .75
83 .75
.7413 83 .75
107
Mar
31
Feb
9
83
Mar
61
89
Nov
Kelsey
100
.100
101
101
107
11,000
Wheel
Inc
102
1007
8
101
10212
8
07 1007
99 102
16 Mar 27% Dec
2912 287s 2934 2914 2934 2914 2934 2912 3014 27.500 Kennecott Copper___No par 2513 Jan 4 31 Mar 20
2914 2918 29
1778 May
814 Jan
1738 17% 174 1758 1738 1818 1734 1834 1738 184 1738 1814 13,000 Keystone Tire & Rubber_ 10 1513 Jan 3 1938 Mar 17
an 3 180 Jan 177 Doe
6,400 Kresge (S 8) Co
100 110 Jan 10 174
141 14113 1394 14034 1384 140
13934 142
136 13814 1384 143
32 June 5811 Jan
100 4412 Jan 4 5114 Mar 31
4934 514 10.300 Lackawanna Steel
4838 4838 4913 494 50
48
4814 49% 471s 48
40 Jan 5713 May
400 Laclede Gas (St Louis)._ _100 43 Jan 13 6412 Nar 21
6414 63 63
6312 6312 6334 6414 .63
.6041 32 .601/ 62
174 Jan 30 Dec
3318 334 33
3118 8,800 Lee Rubber & Tire_ _No par 2638 Jan 6 3518 Mar 16
34
3234 3238 3234 33
32
3214 33
160 16378 .160 16478 1,200 Liggett & Myers Tobacco_100 1534 Feb 18 165 Mar 8 18814 Jan 164 Dec
158 158 *15818 160
15978 16012 .157 160
116
Mar
7
10
973
8 Jan 110 Nov
Jan
pref
100
108
4
1147
8
1147
115
400
Do
1143
4
1143
8
.11213
115
11234 113 .11212
*11234 115
64 Aug 102 Dec
11012 11113 11014 112
100 91 Jan 3 112 Mar 29
12,800 Lima Locom Wks Inc
10718 11I4 11018 112
106 10634 106 107
11014 Mar 29
30
Jan
874
93
Aug 10014 Dec
112
34110
100
.110
112
2,200
Preferred
11014
8
11014
1097
106
106
106
.10518 107
1612 Mar 18
WA Jan 26
10 June 21 12 Mar
1538 1518 154 7,800 Loew's Incorporated_No par
1513 15
15
1478 15
141s 1514 14% 15
ik34 Jan
9 Jan 9 1318 Mar 22
7% Aug
13
13
1314 3,500 Loft Incorporated
No par
13
13
13
1318 1378 1278 1314 127s 13
Jan
30 Aug 42
3934 3,000 Loose-Wiles Biscuit It otts_100 36 Jan 7 4134 Jan 21
3934 4034 3973 4014 39
40
*3715 384 37
3712 38
99
Feb
41
Jan
3
Apr
97
934
Jan
preferred
100
98%
.99
103
.99
10212
1st
103
.99
.9712 103 .99 103 .99 103
100
Do 2d preferred
100 100 Feb 4 110 Mar 23' 9412 June 100 Mar
110 110 .1074 110 .10712 110 .108 110
*105 110 .105 110
100 14714 Jan 6 15338 Mar 8 136 Feb 1644 Feb
1,100 Lorillard (1')
14734 14734 148 149
148 148
14712 1474 .14712 158
148 148
100 109 Jan 13 115 Mar 161 100 Jan 111
100, 2d preferred
Dee
*113 ____ *113 ___ .110 __._ 113 113 .108 __._ *108_ - _ 100 72 Jan 5 8212 311u430
3001 Mackay Companies
5918 Jan 72 Des
82
8212 8212 8212
8478 348134 83
*81
85
8478 •81
.
81
67
Jan
13
6414
Mar
29
64
200
Do
pref
.60
100
55
June
.60
64
62
Dee
64
6414
644
.60
4
633
633
4
.60 64
800 Mallinson (11 R)& Co_No par 1513 Jan 16 2234 Mar 17
10 Jan 18 Sept
.2034 2114 2034 2034 204 2012 1934 2014 .1912 20
21
21
46
700 Manati Sugar
100 304 Jan 3 52 Mar 13
21
Oct 8913 Feb
43 .42
43
45
45 .41
4512 .43
40
46
*44
7 39,2 3812 3938 21,100 Manhattan Shirt
26
4218
Feb
6
32
Mar
6
18 June 3634 Dec
38
39
40%
394
•
3813
407
8
394
394
38
no par 2238 Jan 6 29 Feb 10
1218 Aug 307
.Nov
2532 254 2532 2512 254 2514 2512 2518 254 4.700 Marland 011
254 2512 25
No par 2014 Jan 4 34 Feb 7
13 Sept 22 Dee
267s 2834 2812 2934 10.100 Martin-Parry Corp
2632 2684 284 Ws 2812 2612 2678 27
Mar
22
31%
Mathleaon
Alkali
22
Jan
11
32
3212
Works-50
24
1112
3112
1,300
Nov
Aug
3112
32
323
4
324
.32
3318
33
.3212 34
Mot, class 13...No par 11 Feb 15 2014 Mar 31
8 June 1538 Dee
1838 1834 1814 1834 1834 1834 1834 1834 1834 1914 1878 2014 17,100 Maxwell
6613 Jan 114 Des
117 11734 11614 11744 12,200 May Department Stores_100 101 Jan 3 118 Mar 28
11612 118
11312 118
11234 11334 114 117
Do pref
95 Mar 109 Del
100 1074 Jan 3 11134 Mar 31
11134 11134
200
11014 11014 .111 112 .111 112
*105 112 .105 112
1048 Jan 10 21% Mar 23
37,200 McIntyre Pot Mines
1912 1858 1938 1834 194 x1814 19
1078 19
1912 2038 19
12838 Mar 13
Jan
10
1063
4
Mexican
118,200
Petroleum
100
1213
4
1203
11914
841* Aug l67'g Jan
8
1213
4
120
11812
11812
11614
4
1163
115
11812
11738
231
:
4 NI
Jaanr 13
5
Preferred
100 7914 Jan 12 85
87
*83
89
87 .83
87 .84
87 .83
87 .83
*83
16% Jan'
ill
'Dec
5 2534 Feb 15
2734 2734 2718 2712 274 2718 2714 2738 2712 2712 2712 2734 1,400 Miami Copper
1114 Mar 18
10 July 1613 Nov
10 11% Jan 11
1338 41,700 Middle Stated MCorp
1312 13
1312 13
1314 1318 1338 13
1338 13
13
22 June 834 Jan
337 3412 335s 3438 36,100 Midvale Steel & Ordnance_ 50 2613 Jan 6 35 Mar 21
3234 3414 33% 34
3338 3434 3258 337
43 Aug 6438 Dee
100 63 Jan 4 6512 Feb 2
203 Montana Power
6612 .6512 664 6614 6614 .654 6612
6613 .65
66 .65
66
Dee
100 10018 Jan 6 10512 War 21
924 Oct 101
Do pref
200
131034 ____ •1034 ____ 1034 10312 *---- 1034.___ 10312.10012 101
12
Feb
11
173
8
Mar
231
1238 Dec 38 May
17
22,400
MontWard&CoIllsCorpNoPar
1634
4
171z
16%
17
163
1718 1678 1758
1618 163s 16
Mar
31
No par 194 Jan 7 34
1734 July 2878 Jan
2834 34
14,600 Mullins Body
2814 2838 2838 2814 284 2814 29
28
2838 29
ao 1038 Jan 9 164 Mar 251 104 Dec 30 Jan
154 1512 1534 151z 1513 1512 1512 4,000 National Acme
15
1612 1478 18
14
100 1234 Jan 4 140 Mar 30 102 Jan 1284 Dee
1,400 National Biscuit
136 13718 1374 140 .136 139
34133 136 .132 136 .134 138
Jan
100 1134 Jan 4 121 Mar 7 106 Aug 120
Do pref
200
119 119 .119 120 *119 120
119 119 .119 120
*119 120
15 Sep
85% Jan
43 .41
4212 4134 4333 43
424 1,500 National Cloak & Sult___100 26 Jan 17 4412 Mar 1
4134 42
40
41
.39
44% Oct 794 May
100 69 Jan 5 88 Mar 20
Do prat
88
88 .85
90 .85
88 .85
90 .85
89 .85
.84
213 Mar 16
118 Jan 16
5 Jan
58 Sep
500 Nat Conduit & Cable__Ne par
178
178
.2
212
214 214
17
134
2
2
212
.2
4334 Feb 16
26 Aug 65 Feb
3512 344 3514 4,04)0 Nat Eminfg & Stampl..-100 8034 Jan 11
3334 3458 344 3512 3512 3512 35
3412 35
100 81 Mar 7 91 Jan 8
89 June 95 Mar
Do pref
100
88
85 .85
89 .85
85
85
85 .84
89 .84
.83
07114 July 87 Dee
100 85 Jan 12 944 Jan 17
4,600 National Lead
917
904 9114 9011 91
89
88
88
88
8818 8878 88
100 108 Jan 10 11314 Feb :3 100 June 108 May
Do prat
400
1104 1104 .110 11314
1104 112 .110 1134 113 113
.11012 113
9 Mar 16% reo
1434 15
1434 1434 1478 154 2,800 Navada Consol Copper__ 5 1314 Feb 16 1558 Mar 17
1434 144 1438 145s 1455 15
4712 Aug 89 Feb
100 88 Jan 3 68 Mar .51
1.900 New York Air Brake
6434 68
63
*6211 64
6334 64
63 .62
0214 6212 *62
20% Feb 39 May
100 28 Mar 10 3334 Jan 23
31
.3012 3034 1,200 New York Doak
30 .2914 3014 *2912 3014 2913 2978 30
30
46 Jan 5719 May
Do pref
100 534 Jan 17 5734 Feb 25
600
54
54
54 .527s 5412
5454 5434 6312 5412 5318 5318 54
13 Dee 33 Feb
No par 13 Jan 3 25 Feb 28
100 N Y Shipbuilding
23 .20
23
342012 22
22 .20
2212 2013 2012 .20
.20
so 444 Jan 4 804 Feb 23 824 Aug 46 Dec
564 5634 5534 6634 5(312 574 14,300 North American Co
5514 5512 5518 554 0512 567
7
434
Mar
817
8 Aug 4112 Nov
38
Jan
14
peel
60
Do
*42
44
42
1,600
42
413
4
424
2
42's
413
2
423e
417
4212
*42
Dec
318 Jan 13
834 Jan 23
Righia
4 Dec
678 714
900
67s 6713
613 673
204 Nov 39 Mar
24-7s
- 3423
24
26
2434 24
25
300 Nova Scotia Steel St Coal_100 2034 Feb 28 2878 Ian 20
2512 2512
0,
144
92
1 -21i-8
918
!Mar
6
par
1234
Mar
30
(The)___No
818
Mar
Humanity
Co.
127
8 Jan
103
8
101z
114
123
4
114
2,700
10
10
1012
1212
.10
1244
No par 11 Jan 10 14 Mar 18
714 Nev 1158 Dee
1213 12
1214 12
900 Ohio Body & Blow
.1214 13 .1214 1234 1238 1238 12
•BIG and sated prices: no Sala on thill day. tlitz-righte. I Leal than 100 shares. a Ex-dividend and rights.
Ex-dividend. SEx-riglita
New York Stock Record-Concluded-Page 4
1387
For sales during the week of etocks usually inactive. see fourth page Preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Vonday.
Saturday
March 25. March 27.
Tuesday
Wednesday. Thursday.
March 28. March 29. March 30.
Friday,
March 31.
Sales
for
the
Weak.
STOCKS
NEW YORK STOCK
EXCHANGE
PER sH ARE
Range since Jan. 1 1922
On bast. of 100-share lets
PER SHARE
&awe far previous
year 1921
Lowest
Highest
Lasest
$ pa share $ per share $ per share
Per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ Per share
$ per share $ per share
21y 211
24 24
23
212
238 21:
24 212
233 212 5.100 Oklahoma Prod & Ref of Am 5
114 may
214 Feb 24
3 Feb 28
84 9
9
938
8% 9
7% 8
84 83*
712 711 4,40 Ontario Silver Mining
938 Mar 25
415 Jan 6
100
312 Aug
1734 184 18
19
18
1814 '187* 20
1014 1978 1834 1914 16,500 Orpheum Circuit, Inc
1 12% Jan 6 20 Mar 29
14 Dec
1343 130
12514 136
136 13812 1374 14234 14213 14334 139 140
3,700 Otis Elevator
100 116 Jan 4 11334 Mar 30
87 Aug
*93 .95 ____ .95 - _ .95 _ _ _ _ *95 ---Preferred
100 93 Jan 7 9618 Mar 22
7954 June
117 117
11% 1178
- *93-- 8
117 1218 12
12
1113 12
12
12% --5;465 Otis Steel
9% Jan 7 1278 Jan 20
No Par
8 Nov
3114 3114 303* 31
3118 3134 3112 314 3113 32
32
3212 2,500 Owens Bottle
25 24% Jan 27 3434 Mar 10
2434 Nov
9% 978
934
9
938 934
4,000 Pacific Development
84 93*
918 918 •
64 Feb 21 10'8 Mar 18
4 Dec
6718 6814 6718 885
6778 683* 6834 6912 67
4 7,900 Pulite Gas & Electric
6938 x67312 617
100 60 Jan 30 69% Mar 30
4814 Jan
*1314 14 .
13
14
14
14
14
14
14
1418 13% 144 1,400 Pacific Mail SS
5 11 Jan 18 1534 Feb 20
8 Aug
4818 4938 49
48% 49
4938 494 504 491z 50
4912 49% 38,400 Pacific 011
44% Jan 10 504 Mar 17
271* Mar
.56
62
200 Pacific Tel & Tel
60
58
58 .56
60 .56
Mar
62
22
12
100 58 Jan
384 Jan
5.514
-a- -533-s 52
5214 -53
5312 5314
551z 564 5412 5534 26,400 Pan-Am Pet & Trans
3818 Aug
50 487s Jan 11 5812 Mar 13
4714 48
47
4718 465* 4712 484 494 4934 504 4912 50
7,900
Do Class B
3418 Aug
50 44 Jan 10 52% Mar 13
818
712 712
200 Panhandle Prod & Ref_ no pa.'
83* .718 8,
8 .74 83*
7% 7%
6 Aug
73s Mar 30 12% Jan 4
80
80
80 *-- 80
80
80
Preferred
68 Aug
100 69 Jan 17 73 Jan 10
900 Parish & Bingham
1414 144 144 1414 14
14
14
144 144 1434 1434
14
97a June
No Par 1118 Jan 3 1678 Mar 18
7% 818 10,300 Penn-Seaboard St'l vs o No par
778 818
818 833
778 8
7% 84
77s 8
83s Feb 27 1014 Jan 3
67e June
.8018 81
83 8318 8334 83% 3,000 People's (I L & 0 (Chic)....100 5954 Jan 4 84% Mar 17
8014 8038 8014 8138 82
83
335* Jan
374 37
38% 3834 33713 3734 3,600 Philadelphia Co (Pittsb)-- 50 31% Jan 4 391:Mar 20
8714 3714 37
373* 377 385
285* Aug
91
924 1,100 Phillip-Jones Corp
92
851s 8518 .
87
90
8434 87
87 .87
89
No par 83 Jan 28 10518 Jan 3
371k Apr
9314
800
•119
9012 901
: *8914 92 .8914 911s 9134 9314 .90
: 901
Preferred
100 884 Mar 15 9314 Mar 30
87 Mar
3834 37% 36
3714 7,300 Phillips Petroleum___ _No par 2814 Jan 11
3538 35,
s 3.53g 353* 354 3534 3534 365
18 June
37% Mar 30
174 17% 12,200 Pierce-Arrow M Car-No Dar 1318 Jan 5 1814 Feb 28
1834 1634 1615 1634 1618 1718 1613 17
934 Aug
32
1334
35
4 3637%
3514 .3414 38
4 3618 37% 6,800
3518 357
Do pref
v3514 36
Oct
21
100 277a Feb 8 38 Mar 8
834 9
8,800 Pierce Oil Corporation_ .._ _ 25
8% 9
84 834
8% 878
834 833
8% 8%
514 Aug
7 Feb 23 12 Jan 13
.5212
53
53
.52
400
*49
52 .50
53
52 .50
Do pref
51
51
304 Aug
100 39 Mar 2 71 Jan 3
8138 60 604 6034 62
3,200 Pittsburgh Coal of Pa
625* 62 62
61
614 6118 62
52 July
100 58% Jan 30 63% Jan 3
94
934 934 .93
700
93
95 .9318 95 .9312 95
93
93
Do prof
100 9018 Feb 3 95 Mar 27
8278 Jan
1734 19
18
6,100 Pond Creek Coal
18
18
184 18
1818 18
18
184 18
1218 Mar
10 1414 Feb 2 19 Mar 31
7114 72
75
.69
3,400 Pressed Steel Car
71
.70
8918 6934 704 704 71
71
48 Aug
Mar 31
75
63
12
100
Jan
9234 9234
92 .9118 93
*91
200
92 .9134 9318 92
93 .91
Do pref
83 June
100 91 Feb 16 93 Jan 16
27
284
27
267
8
27
29 .26
3126
1,400 Producers & Refiners
28
2618
*26
27
203* Oct
50 24% Jan 10 3034 Jan 17
84
84
8512 5,800 Public Service Corp ofCorp334 8518 844 8514 8314 844 834 843* 84
N J_100 66 Jan 7 8714 Mar 17
Jan
54
123 1237s 1234 12434 1224 12414 182,200 Pullman Company
1224 124
12134 123
12334 125
8918 Aug
100 10518 Jan 6 125 Mar 24
401
:
40%
4073
4134 3,300 Punta Alegre Sugar
3814 3814 38% 3914 3914 404 4014 4014
Jan
4318
31
4
50
Mar
Oct
18
4
243
31
3118 42,100 Pure 011 (The)
2934 30
2918 2978 2918 2934 294 3034 30% 32
2113 Avg
25 29% Mar 9 38% Jan 3
9634 97
MI: 9615 9612 9818 94313 987s 907s 9814 9814 9834 3,200 Railway Steel Spring
100 94 Jan 10 10018 Jan 18
67 July
0114 115 .103 115 .108 115 .108 114 .106 114 .100 114
Do pref
10814
Jan
11514
23
100
Apr
17
Mar
93
2314 2312
21 18 2118 .214 2254 .2214 23
600 Rand Mines Ltd
*2113 23 .2118 22
No par 194 Jan 26 234 Mar 31
19 Apr
141: 1434 1418 145g 14% 1434 1478 1514 5,700 Ray Consolidated Copper- 10 13% Feb 11 1538 Mar 18
14% 14% 1438 147
Mar
11
34
3412 1,500 Remington Typewriter v t 0100 24 Jan 6 42 Mar 14
354 354 *3412 35
36
3634 3818 364 3418 35
171s June
74
69
89
71
72 *____ 70 .67
*117
100
72 .87
1st preferred v t o
100 35 Jan 12 73 Mar 14
4714 Nov
62
64
07
62 'I.__ 62
*57
61
*17
243 preferred
100 5012 Feb 23 63 Mar 14
4734 Nov
32
32
32
32
3214 3034 317
3,600 Replogle Steel
31
31ss 3018 3018 31
par
No
33%
2518
Jan
Jan
25
3
18 June
5213 52
514 5118 52
5314 7,400 Republic Iron & Steel
534 52
504 51
5114 54
100 484 Feb 25 544 Feb 23
4118June
784
.78
78
78
78
.
77
784
7814
77
7814
1,500
76% 77
Do prat
24 875* Jan 23
Feb
74
100
Oct
7514
1
*
638 67s
6% 64
673 6
712 734 2,800 Republic Motor
7
714
614 7
818 Jan 3
412 Mar 2
Dec
5315 547
538
543g 6434 5334 541: 46,100 Royal Dutch Co Truck-No Par
52% 534 514 5154 52
4111 Oct
(N Y shared)- 474 Feb 1 54% Mar 29
13
1314
13
13
133*
132
1314
*133
2
13
1314 2,400 St Joseph Lead
134 134
1018 Aug
10 12% Jan 9 1414 Feb 9
412 514
484 514
3
514
5
514 10.900 San Cecilia Sugar•t 0-No
4% 41: 44 412
614 Mar 21
118 Jan 10
14 Oct
Par
1818 20
173* 175* 177j 18
22
24
1618 1613 1612 18
6,400 Savage Arms Corp
31
Mar
878 Oct
1118
Jan
24
4
100
27
gt8 31:
34 *3
314
34 *3
3
31: 2.003 Saxon Motor Car
3% *3
118 Feb 23
2% Oat
378 Mar 17
Par
7214 75% 7314 7514 73
7414 7318 7438 58,900 Sears, Roebuck &Corp-NO
73
714 69
TO
Co
5414 Dec
,
100 60
8 Jan 27 7534 Mar 29
1034 1034 .103 105 .103 104 .103 104
103 103 .103 105
200
Preferred
100 91 Jan 5 10312 Mar 28
85 Nov
1315 13% 1314 13% 133* 1313 13% 1313 134 14
6,900 Seneca Conner
135* 14
No par 10% Feb 20 2314 Jan 3
1234 Mar
858 834
84 812
84 818
.838 81: 84 818 .
834 834
500 Shattuck Arizona Copper_..,10
47 Jan
7% Feb 28
Jan 17
9
401
8
4114
3918
3918
33918
41
404
41
4018 4018 2,80) Shell Transp & Trading___ £2 353* Jan 30 43 Feb 27
*39% 404
30
78 Oct
23% 24% 234 2434 2418 2478 2414 247
24
24% 25
245* 74,100 Sinclair Cons 011 Corp_No par 1814 Jan 10 2518 Mar 20
1618 Aug
4034 41
40
41
4214 39% 40% 2934 414 .4012 41
4114 2,300 Sloss-Sheffield Steel & Iron 100 3418 Mar 7 44 Jan 20
3218June
72
.68
72
•
88
•65
72
72
72 .68
89
69
.68
103
Do pref
8814June
100 68 Mar 21 7534 Feb 24
50
50
51
4912 4918 50
50 .48
50
60
*50
81
403 So Porto Rico Sugar
26 Oct
100 43 Jan 9 5714 Mar 3
.120 125 •120 125 .120 125 *117 1224 .118 124 31118 1234
Standard Milling
24
Feb
1234
88 Aug
1104
Jan
26
100
954
9613 964 975* 9634 9718 4,400 Standard Oil of
9518 9834
954 9415 95
95
8734Junc
Cal
25 9134 Jan 10 9815 Jan 3
:17412 1,500 Standard 011 of N J
170 1704 17014 17118 172 17234 1724 173 I 17318 17334 1741
25 16914 Jan 5 183 Jan 16 1241sJune
1141: 1144 11412 1144 1144 1144 11414 1144 11418 11438 11438 11418 2,800
Do pref non voting.-100 113% Jan 7 11571 Feb 23 10118 Jan
81
.77
81
77
.77
81
77 .77
*77
79
81
200 Steel & Tube of Am pref _100 88 Mar 10 80% Mar 24
.79
66 Sept
97 100 .97 100 .97 100 *97 100 .
97 100
.97 100 .
Stern Broe pref (8%)
100 81 Jan 3 10014 Feb 14
Oct
81
374 38
38
3814 38 384 5.800 Stewart-Warn Sp Coro_No par 2418 Jan
8084 3634 3618 3714 3714 38
3814 Mar 31
5
21 June
46
4514
45
45
4613
4714
47
4878 11.900 Stromberg Carburetor_No par 3514 Jan 5 49 Mar 16
4538 4104 4412 454
Aug
2514
10814 107% 104% 10614 105% 10634 10618 107% 10718 11113 1105* 1143* 193,700 Studebaker Corp (The)_ _ _100 7918 Jan 5 11438 Mar 31
423* Jan
1081z 109
1064 10714 .105 108 .106 108
10634 10634 1,000 Do prof
*10618 107
100 100 Feb 17 109 Mar 15
83 Jan
47s 5
478 514
47s 4%
5
518
Sis
5'8 514 2,300 Submarine Boat
3 Oet
7 Mar 13
No par
318 Jan 31
54 512
514 518
514 512
514 514
5,4 538
51* 5,2 5,800 Superior 011
384 Aug
No par
5 Feb 20
6% Jan 3
29% 2978 33
28
2978 .
29% *28
29% *28
3234 344 2,900 Superior Steel
*28
June
31
26
Mar
Jan
3418
100
3
26
2% 234
2% 2% .234 3
234 278 .234 3
2% 2%
500 Temtor C & F P. ol A..No par
134 Feb 11
2 Dec
514 Feb 1
1118 11
Ills 11
11
114 1078 11 14 11
11
11
1114 5,500 Tenn Copp dc C tr otts_No par
838 Aug
934 Jan 13 11% Mar 18
4314
42%
43%
4314
4314
433
42
4
44
43
4314
4418 441: 35,600 Texas Company (The)____ 25 4214 Jan 10 4614 Feb 27 • 29 June
41
4012 41
41% 4114 42
4012 41
42
41% 42
4238 8,400 Tens Gulf Sulphur
10 384 Jan 4 x 4834 Mar 1 x3258 Dec
25% 2478 2514 2475 2618 25% 26% 2534 2614 2534 2614 18,500 Texas Pacific Coal & Oil__ 10 23 Jan 9 28% Feb 27
35
1534 Aug
11714
118
•116
1174
*115
118 .115 11734
118 118 •115 118
200 Tidewater 011
10914 Mar 17 134 Jan 3 119 Sept
100
0134 62
61
6134 015s 6218 3,300 Tobacco Products Corp_..-100 5714 Mar 2 654 Jan 20
81% 61% 6034 614 6138 62
45 Mar
92
92
.91
.90
.89Iz
9018
9134
90
.8912 9134
904 9018
300
Do pref
7615 June
100 88 Mar 2 95 Feb 10
9
834 914
94
9
038
9
914
9
93s
9
914 18,000 Transcontinental 011_ -No Par
6 Aug
718 Mar 3 11 Jan 3
404 404 40
4012 *3934 40% 3934 41
41 .3814 40
41
000 Transue & Williams St-No Par 33 Jan 16 4118 Mar 24
28 June
56
604
57
5614
56
60
60
55
57
•58 82
55
2,500 Union Bag & Paper Corp., 100 55 Mar 25 71% Jan 5
87
Sept
4 1718 17% 1714 1774 1718 18
17% 1734 1718 17,
1714 173* 9,700 Union 011
1518 Aug
No par 1714 Mar 4 2058 Jan 16
99 .
09
97 100 .97 100
97 102 .99 102
*97 102 .
100 Union Tank Car
874 Sept
100 96 Jan 13 102% Mar 14
10332 103% .103 10318 102% 102% 10218 10318 •10212 10318 10212 103
400
Preferred
92 Oct
100 102 Feb 9 105 Jan 18
3078 30% 304 3038 3038 3033 31
3034 3114 30
30% 31
2,900 United Alloy Steel_ _No par 25 Jan 11 3134 Mar 21
19 June
107 107 •10612 10718 *1064 107
:.108 108
*107 10718 .19618 1071
100 United Cigar Stores pr-ef-100 :10458 Feb 28 11018 Feb 20 100 July
6714
67
'8514
8714
68
68
.65 67 .654 67
69 • 0918
600
United
Jan
72%
17
3
8
Mar
46
1307
100
Sept
Drug
*441: 45
45 .4413 45
45
.441
: 45 .4413 45
45
45
300
1st preferred
50 41% Feb 18 4614 Jan 16
365* July
13738 13918 139 140
137 137
13518 137
13634 137
14018 14234 5,800 United Fruit
145
Feb
20
4
x9534
Jan
119
100
Juno
3
4
454
43%
4512
4512
44% 4514 4434 45
4418 4418 4314 444
8,400 United Retail Stores_ .No par 4318 Feb 28 56% Jan 20
487k Aug
34
33
3414 33
3314 334 354 37
'8318 354 3118 34
19,500 U S Cast Iron Pipe &Fdy_100
1818 Jan 13 3834 Mar 15
1112 Jan
0514 654 6538 6538 6518 6514 65
6518 6534 8614 1,200
*6514 07
Do
prof
15
11
Mar
Jan
70
80
38
100
Aug
.638 7
.6% 7
ems T
.638 7
.
6% 7 .
6% 7
U S Express
Feb 1
61:Mar 3
581 June
100
5%
5%
53
4
6
514
5%
5
5
8
5
,
5
534 573
678 6
4,100 U S Food Products Corp...100
Sept
Jan
1018
81*
3
2
8
1
4
Feb
4734
49
474
483
4
463
4 4814 4678 4712 21,300 U S Industrial Alcohol
46% 47% 4634 4734
100 37 Jan 6 • 494 Mar 10
3514 Nov
94
94
*9314 95
94
9234 93
94
*9334 95
391% 9138
500
Do prof
100 90 Jan 9 961: Mar 1
84 July
8014 6115 6212 62
59% 60
84
59% 5912 59
6278 64% 12,800 U S Realty dr Improvement100 56 Jan 3 64% Feb 7
41% Mar
6012
61%
60
81% 621: 6214 6334 21,100 United States Rubber
60%
6034 61% 5918 6034
4018 Aug
100 51% Jan 9 84% Mar 17
105 105 .10434 10518 105 105
1014 1044 .104 105
•103 105
600
Do 1st pref
100 99 Feb 7 105 Mar 29
74 Aug
37
.36
37
.3512
3613
3613
357
8
36
3512 351s
36% 3718 2,200 U S Smelting, Ref & M
Mar 17
33
26
38
50
Apr
Feb
27
.
454
47
45
.
45
4518 47
45
45
.4412 47
4838 4838
400
Do pref
50 4214 Feb 9 46% Mar 31
37 Aug
9418 9573 0318 9438 9418 94% 94% 9535 9518 96
954 964 120,400 United States Steel Corp...100 82 Jan 6 9618 Feb 23
701 June
1174
117
11718
116%
11712
117%
8
1177
11712 11778 11714
Do prof
11712 11718 3,400
100 11414 Jan 3 118 Jan 16 105 June
: 634 6214 634 62% 634 6314 63% 6318 6418 11,900 Utah Copper
634 63% 621
10 8038 Jan 5 6514 Mar 17
4118 Aug
14% 14% 14% 14% 1514 15% 14% 1514 .15
1414 15
154 1,400 Utah Securities v t o
9% Jan 18 18% Mar 13
7 Aug
100
3814
394
8
3815
393
38
39% 3814 39% 20,400 Vanadium Corp
: 38%
38
39% 371
No par 3014 Jan 10 39t: mar 18
2515 June
94 .
9018 93 .904 93 .9014 9318 9314 9314 .92
.90
94
100 Van Raalte 1st pref
924
100
Jan
Jan
17
92
17
Mar
72
3514 3478 34% 2,400 Virginia-Carolina
3514 35
3414 35
34
3214 33
3214 34
Chem_ _100 27% Jan 16 36% Mar 13
2054 July
75
*75
75
77
75
75 .72
734 7318 .72
754 7518
Do
300
pref
31
Jan
78
5
8
67
100
July
Mar
13
6754
45
50
45 .
441: 45% 45% *45
*44
43
43
46
45
600 Virginia Iron,0& C
100 43 Mar 27 9412 Jan 18
69 Aug
1014 10
974 1038 10
1014 1018 1012 5,600 Vivadou (V)
934 10
1018 1014
No par
5$8 Mar
64 Jan 6 114 Mar 22
1313 .
1318 1313 *1314 1313
134 .13
131: 131: *13
13
13
400 Weber & Hellbroner__ _No par 1014 Jan 16 14 Mar 21
81s Jan
80 .79
: 781: 7013 794 .79
80 .78
781
*78
80
80
300 Wells Fargo Express
49% Jan
100 6614 Jan 4 8578 Feb 15
984 96% 961: 96% 97
06
96% .
964 904 0612 9612 98
1,410 Western Union TeleffraDh_100 89 Feb 8 9813 Mar 23
76
Aug
86
8514 8514 864 8612 86% 864 .88 8834 z8512 8834 1,100 Westinghouse Air Brake_ _ 50 80 Mar 16 100 Feb 21
80
811* Sept
574 57% 56% 5712 5718 57% 5775 5814 57% 5814 35672 5734 11,500 Westinghouse Elm & Mfg_
. 50 4918 Jan 4 58% Mar 13
387* Aug
393
4
41
39%
39%
40 .3914 3918 3914 3914
40
40% 42% 7,700 White Motor
ao 354 Jan 6 4278 Mar 31 2914 June
934 9%
91
: 978
918 978
9% 9%
038 9%
914 915 mum White 011 Corporation.No par
7 July
74 Jan 30 1034 Mar 20
1334 144 1414 1414 •1318 14
1478 14
1434 14
14
14% 2,800 Wickwire Spencer Steel- 5 1338 Mar 22 18% Jan 20
81
,Nov
734 8
734 8
714 818
734 8
7% 8%
734 814 19,700 Willys-Overland (The)____ 25
458 Nov
412 Feb 17
22
Mar
914
38
38
39
3914 3914 36
8974 41
391s 37
384 39% 3,200
Do Preferred (new)--100 24 Feb 17 44% Mar 21
23 Aug
*39
39
41
39
$9 404 39
39
.39
39
394
41
400 Wilson & Co,Inc, v t o-No par 274 Jan 4 4118 Mar 13
271; Nov
80 .75
80
80 *75
.75
80 .75
80 .75
80
*75
Preferred
85 Oct
100 66 Jan 10 80 Mar 16
16434 18134 162 16278 3,400 Woolworth Co
16514 16734 164 104% •163 105
15618 167
100 137 Jan 8 16714 Mar 27 105 Aug
(F W)
.
117t:
118
118
118
118
•117 118
118 •117 118
.117 117
Do pref
400
100 117 Jan 31 119 Feb 9 105 June
5014 50% 5178 52
4915 4918 49
4978 501s 50
49
5214 2,200 Worthington P & M v t'3_100 43% Jan 4 53 Mar 18
3013 Aug
85 .83
85 .83 85 .83
85
83
.83
85 .
83 83
Do pref A
100
100 83 Mar 31 8818 Mar 2
701
,Aug
6914 6914 *71
69% 6978 68 8914 .67
70
70
•67
72
130 pref 13
800
•
100 6414 Jan 9 72 Mar 31
54 Aug
878 9
.818 834
814 814 .
84 9
8% 8%
9
9
6 Jan 27
800 Wright A eronautical_.No par
918 Mar 17
els June
*BM and *Wel prices; no sale on thla day. 3 UM Min 100 shares.
ft-dints e ft-dly.and rights. aft-dividend •Reduced to basin of 825 par.
Highest
Per 88474
4
Jan
8 May
3051 Apr
148 May
96 Nov
18
Jan
545s Jan
193 Jan
88 Dee
1714 Jan
503$ Dee
58 Nov
79% Feb
7114 Jan
134 Dec
784 Dec
1512 Apr
17
Jan
843s Dec
351 Jan
10518 Dec
901k Dee
3414 Dec
4214 May
88 Mar
1412 Nov
78 Jan
86 Dee
93 Des
164 May
96
Jan
Jan
104
344 Doe
7014 May
114% Nov
51% Jan
4035 Dec
9918 Dec
109 Mar
2634 Sept
16 May
3834 Mai
80 Jan
75 May
394 Jan
734 Jan
9614 Mar
2418 Jan
8978 May
1415 Des
512 Feb
2338 Jan
63 Apr
9834 Jan
104 June
254 Nov
93* Dec
49 May
283* May
Jan
56
75 Nov
Jan
103
119 Dee
981, Dee
19214 Dee
11415 Dee
8514 Dee
119 Aug
Jan
37
48 Apr
9314 Apr
10314 Dec
103* Jan
1314 Jab
48 Jab
2534 Jan
11 Dee
48 Dee
4218 Dec
3671 Jan
175 May
72 Sept
91
Jan
13 AO
44% Apr
75 Jan
2515 May
107 Mar
104 Nov
34
Jan
10812 Nov
106
Jan
47 Feb
207 Jan
8214 May
19 May
6712 Nov
7 Jan
2714 Jan
7413 May
102 Mar
634 Deo
7914 Apr
10378 Jan
3818 Dee
444 Jan
864 May
115 Deo
663* Dec
12% Mar
Jan
41
881s Dee
424 Jan
10254 Jan
95 Jan
914 May
1315 Oct
72
Jan
94 Apr
987g Jan
524 Dee
44 May
1738 Jan
1834 Dee
1012 May
42 May
47 Jan
897s Feb
1393* Dec
11354 Nov
5514 1,
4117
85 Dee
70 Nov
Pe Nov
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
1388
Jan. 1 1909 the Exchange method of gaoling bonds was changed and prices are now-"and interest"-exceptfor income and defauited bonds.
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 31
Price
Friday
R.a" Mar. 31
.
Week's
Range or
Last Sale
0'4'4
Range
Since
Jan. 1
Ask Low
High No. Low H1011
eta
U. S. Government.
VIM Liberty LoanJ D 98 30 Biqa 98.78 08.40 4203 94.84 08 40
334% of 1932-1947
.1 D 08 00 Safe 98.20 99.10 149 05.7099.10
Cony 4% of 1932-1947
.1 D --------98.18 98.80 1071 96.0498.80
Cony 43, % of 1932-1947
3 08.82 99.20
26 cony 4% of 1932-1947........ J D --------98.50 98 50
.
Second Liberty LoanM N 98.74 Sale 97.90 98.74 5840 95.76 98 74
4% of 1927-1942
M N 98.70 Sale 97.96 98.80 1.379 95.32 98 80
Cony 43i% of 1927-1942
Third Liberty LoanM S 99.56 Sale 94.28 99.60 10958 96.74 99 60
4%% of 1928
Fourth Liberty LoanA 0 98.90 Sale 98.20 99 30 3688 95.86 99.30
4J4% of 1933-1938
Victory Liberty Loanr D 100.89 Sale 100.74 100.90 529 100.02 101.00
4.3i% Notes of 1922-1923
3% Notes of 1922-1923-___. 1 D 100 02 Sale 100.00 100.60 424 99.96 100.30
Feb'22 ____ 10214 103%
.
-..
28 consol registered
61930 Q 1 --------10314
10314 Mar'22 ___ .. 10314 10314
Is consol coupon
61930 Q J
1925 Q F .15334- :___ 10513 Mar'22 ....- 105 105
Es registered
1925 Q F 1033 ---- 10512 Feb'22 __ 104. 10512
4s coupon
Panama Canal 10-30-yr 28_k1936 1.3 F ---- ----100 July'21 __
---- --1961 Q M 83 ---- 83 Dee'21
Panama Canal 3s g
__
- "iiii
---- 79 Feb'22ii
1961 Q M 83ed"i
Register
Foreign Government.
100 295 99 100
1927 F A 998 Sale 9912
Argentine (Govt) 75
87
24 77 84
Argentine Internal 5s of 1909_ _ M5 8312 Sale 8212
10914 226 1034 10914
Belgium 25-yr ext s f 730 a...1945 J D 10852 Sale 10814
Jan 1925 J J 103 Sale 102% 10312 194 9,112 1013
5-year 6% notes
1941 F A 10813 Sale 10778 1088 113 10412 10832
20-year s f 8s
110
lCi/e 108
85 105 11114
1945 M N 109 le
Bergen (Norway) s I 8s
11212 114
47 106 114
1945 M N 113
Berne (City of)3 88
8634 416 8012 8672
Bordeaux (City of) 15-yr 6s_1934 MN 8612 Sale 8633
1941 1 I) 10334 Sale 10134 10534 190 103 10534
Brasil, U S external 82
99
86 96 100
Canada (Dominion of) g 58_1926 A 0 99 4 Sale 98
10012 57 9434 10018
do 58.._1931 A 0 973 Sale 98
do
do
2 200 9533 10114
3 i
1114
l g0
03152
2 Ta, 19
1929 F A lit.10:4
10-year 530
127 10018 10434
1941 F A 113
Chile (Republic) ext s f Hs
10172 107 9812 10258
1926 A 0 10178 Sale 10138
External 5-year s f 8s
17,55 Icv 1,51.2
1946 M N 10334 Sale 10312 1037
25-year a f 88
54
53
Chinese (Hukuang Ry) 5e of 1911 .3 D t 5112 53
1945 A 0 109 10912 10914 11212 20 106 112'2
Christiania (City) a 1 8s
92
9012
173 8512 92
Copenhagen 25-year of 5%5_1944 J
9014
174 90
a0
90 89
J92
17
Cuba-External debt 5s of 1904._ M 5
_
Exter debt of 5s 1914 ser A_ 1949 F A 8612 ---- 8612 Mar'22
7010 34 76
7912
External loan 4 34,3 ______ _ _1949 F A 7912 Sale 78
11212 32 10
785
2 189
32
74:3
12
7:
12
Danish Con Municipal 8a"A"1946 F A 112 Sale 110%
67 105 112
1946 F A 112 11212 110% 112
Series B
112
142 10712 112
1945 A 0 11134 Sale 111
Denmark external s f 85
9773 589 9014 9834
1942 J J 97,k, Sale 97
20-year Cs
9012
6 85% 9g34
Dominican Rep Cons Adm of 58'58 F A 9012 Sala 90
9
8
43
Sele
9414
2 211 94
947
95%
Dutch East Indies ext 6s__ _1947 J J
478 Sale 9414
9478 134 9414 05
40-year Os
1902 M S
108
423 9914 10834
French Republic 25-yr eat 80_1945 M S 107 Sale 10614
29-year external loan 730_1941 J D 10234 Sale 10214 10314 669 94 10412
Great Brit & Ireland (U K of)707 96 100
20-year gold bond 530
1937 F A 100 Sale 9958 100
10-year cony 530
1929 F A 10514 sale 10412 1053 569 9834 106
3-year cony 5345
p1922 F A 10514 Sale 10438 10314 692 100 105%
9412 9334
9114 4'l 9212 9414
Italy (Kingdom of) Ser A 6301925 F A 94
90
94 8653 9012
Japanese Govt-£ loan 430-1925 F A 0 8934 Sale 89
101 8038 90
89%
4
3
75
88
4
1
883
le
g
S
J
.
t
.1
1925
Second series430
75
7412
197 7258 763s
Sterling loan 4s
1931 .3 J
8834 247 8012 87
Lyons (City 00,15-year es_ _ _1934 NI N 8658 Sale 80
867s 305 801, 8678
Marseilles (City of) 15-yr 6s_ 1934 NI N 8612 Sale 8613
6112 681 54
6112
Mexico-Exter loan 2 56 of 1899 Q J t 5978 sale 5612
5234 528 3934 5234
Gold debt 4s of 19041954 J D 5012 Sale 4612
9378 Sale 9352
9412
9412 851 94
Netherlands s f 85 (w I)
..,.
11112
112
67 10734 112
1940 A 0 11134 Sale
Norway externals 185
8:312 171 83 8312
8318 mile 83
Pans-Lyons-Men RR,6s
1958
10812 58, 105% 109
Queensland (State) ext a f 76_1941 -A-0 2083,28 Sale 108
10012
10012 234, 99 10012
1947 A 0
25-year es
10312 711 99 10312
) 10234 Sale 1018
0
1946 A (
Rio Grande Do Sul 813
10212 Sale 10214
103
98I 9918 103
Rio de Janeiro 25-year a f 88_ _194H
10334 213 101 10334
San Paulo (City) s f 88
1952 Pa 5 10314 Sale 10114
Sale
95.8
sale
10414
93 10018 10412
10458
J
le
J
San Paulo (State) ext a f Se_ A936
9434
9538 606 9012 J. 2
Seine(France) ext 75
1 D
0
i 10i
In;
2 Sale 10018
101
260 94 10112
1939'
Sweden 20-year Cs
12012 178 11212 12012
Swiss Confeder'n 20-yr s f 8s_1940 4 .1 118 Sale 11712
7612
18 67
72
M S 70' 7112 7034
Tokyo City 5s loan of 1912
107
38 10212 108
Uruguay Republic ext 8s___1946 F A 106 107 10573
Zurich (City of) s f 88
1945 A 0 11212 Sale 11212 11434 67i 106 11434
(These are prices on the basis of $5 to g)
State and City Securities.
100
41 98 10014
If Y City-40
3 Corp stock _ _1960 RI 5 9934 1003s 100
1 9713 10014
10012
10013 Sale 10018
4Xs Corporate stock
9912
10018 10078 9912 Mar'22 _ __ 99
111g r
430 Corrate
Corporate stock
'1 *105 10514 10514 Mar'22
10358 10412
4Xe Corporate stock
1971
105
32 10312 105
00 Corporate stock_July 1967 J--. 105 10514 105
065 0 D 105 10514 105 Mar'22
4.5s Corporate stock
105 ---5 4345
1963 as s 105 10014 105
12 182 ,.
Corporate stock
5 9312 9534
9612 9553
9558
4% Corporate stock1959 M N 96
9612 98
90
1 9334 9534
4% Corporate stock
1958 M N 96
4% Corporate stock1957 M N 08 9612 96 Mar'22 ___ 9313 9634
04
314 19
514
06
4% Corporate stock rag,,., 19.58 M N 9513 9612 95% Feb'22 ____ 19
051144 105
05 10
105
17 103% 105
3
1957 M N 10
New 40
10514
105
5
434% Corrate
1957 M N
Corporate stock
85_7_2
.
2.
.
47
.
.
1954 M N 8634 ---- 8572 Mar'22 __ ... ._ -. .8
334% Corporate stock
1961 as s --------90 Deo'20
N Y State-45
---___
Sept'20
--------89
J
1961 J
Canal Improvement 4s
Canal Improvement 48......_1900 J J ---- ---- 93 July'20 ::::
2 1,661-2 HoHighway Improv't 430_..1983 M S --- ---- 100'2 10912
Highway Improv't 430_1965 7•11 5 - • ------95 July'20 --_ _ _ -_ ::::
1991 J J 7213 ---- 7114 Oct'20 _. -Virginia funded debt 2 35
Railroad.
pow,Q j 708 745 67
71% 59 8
57
4 8
814
77
143
0
Ann Arbor 1st g 48
, Sale 87
73 85 90
Atch Top & S Fe-Gen g 45_1995 A 0 8734
'
22
109r A 0 ---- ---- 8714 Feb'22
Registered
7712
8114
8
8114 --k1995 Nov 8058 ---- 8114
Adjustment gold 4s
t.34 Sale 7y2 8134 10 7812 8134
Stamped
12 Novg
k119
3 76 804
8013
Cony gold 4s
9612 10018 97
9814 19 9114 98%
Cony 4s issue of
3 9114 9334
9334
j D 9314 ---- 9334
8 al8
East Okla Div 1st
g 48.......11920
191095
78
8134
4
2 Mar'22
4 Es E.314
10135 J J 811
Rocky Mtn Div 1st 4s
13
16 7634 8678
Trans-Con Short L 1st 4s_ _1958 J .1 83
9158 33 8612 91%
Cal-Arts 1st & ref 430"A" 1002 IN 13 9112 9212 90
8852 19 85 8914
AU Coast.Line 1st gold 4s__k1952 NI El 8758 Salo 8732
10-year secured 7s
1930 M N 10612 10634 10614 10634 49 10412 107
8714 23 83% 8834
1964 J D 8612 8714 8612
General unified 430
10 9834 99
99
Ala Mid 1st guar gold 5a_1928 M N 99 9934 99
Bruns & W lot gu fold 4s_ _1938 J J 88% ----I 8738 Feb'22 ____ 86 8753
80
8012'
78 8134
8014
8034
30
MN
&
L N coil gold 45
(31952
9212 97 8834 93
1925 J .1 9214 9212 913
Bait & Ohio prior 3346
91
91
Jan'22
Registered
k1925 Q J,° - 92 91
7914 76 7613 7912
k1948 A 0' 79 Sale 7814
Ist 50-year gold 4s
77
75
Jan'22
k1048 Q .1, .68
Registered
1933 ____I 8038 Sale 78
5 8
74
7012
5
8012 363 7
10-year cony 410
82
94 77
82
Refund & gen 56 Series A,_1995 J D 82 Sale 81
9812 239 9412 99
1929.2 .1 9812 Sale 98
Temporary 10-year 6s
15 87 90
90
P Juno & M Div ist g 330_1925 M N, 90 Sale 90
7814 53 7234 781.1
P L E & W Va Sys ref 4s_ 1941 NI N 7652 7634 76
8914 103 80 89%
Southw Div let gold 330_ _1925 J .3 8912 Sale 8834
f12
11 92
9558
9552
Clay Lor & W con ist g 58_1933 A 0 9712 98
Ohio River RR 1st g St.__ _1930 .1 11)1 96% .- - - 98 Mar'22 .......1 98 98
3 90
9133
9138
1937 A 0 9252 9512 9138
General gold 55
42 6273 67
67
Tol dt Cin div 1st ref 48 A 1959 J .1 6614 Sale 6512
9858 100
1937 M 5 99(4 10012 9814 Mar'22 _
Buffalo R & P gen g 5s
8934 13 8812 9012
1957 Ill N' 89 8934 89
Congo' 430
8212 8212
All & West 1st g 40 gu__ _ _1998 A 0 8358 ----1 82% Mar'22,
11012 901t
9012 Jan'22'
Clear & Mah 1st gu g 58_ _1943 J .1 9114 --4 100 1001,
10014
Roch & Pitts Con 1st a Os. 1922.2 I) 10014 101 10012
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 31
!Po
Price
Friday
Mar. 31
Week's
Range or
Last Sale
Ramos
Since
Jan. 1
High No. Low High
Ask Low
Bid
9614 60 93 964
Canada Sou cons gu A 5s____1962 A 0 9614 Sale 96
111
25 10812 111
Canadian North deb s 1 78-__1940 J D 11058 11034 110
-years f deb 630
25
1940 J J 10914 Sale 10834 10912 85 10712 11012
7732 Sale 7714
7734 210 7732 79
Canadian Pee Ry deb 45 stock_ _IJ J
3613
8612 23 83
8434
Car Clinch & Ohio 1st 30-yr 531938,.1 D 85 86
Central of Ga 1st gold 5s_..-D1945;F A 9818 9812 98 Mar'22 --,„'; 951 98
9614 29 8952 971.4
19451 M N 93 9573 00
Consol gold 5s
9934 189 04
9812 Sale 98
10-year temp secur(3s_June 1929
9914
77 ___ 7912 Mar'22 ---- 7012 7912
Chatt Div pur money g 4.2_1951
_ 9012 Mar'22 ---- 93 9613
9234
J
Mac & Nor Div 1st g 56_1946
1947.3 J 9212 --- 8334 Dee'211--Mid Ga & Atl Div 55
1946 J
Mobile Div 1st g 5s
9-12 ---_ 83 Apr 21,...:- ::::::::
5 118le 9112
9112
Cent RR & B of Ga coil g 5s_1937 M N 9012 9112 9112
6 10372 10'7
Central of N J gen gold 5s_ _1987 J J 106 107 10812 107 I
.111987 Q J 104 105 100 Dee'21 --__r____ _Registered
Am Dock & Impt gu 5s___ _1921 J J 10714 ____ 107 Mar'22 __-_' 107 107
M S 8533 __ _ 80 Aug'21,----11._ -_..,..
N Y & Long Br gen g
9478 Ii' 9013 g8
Ches & Ohio fund & impt 513_ _1929J J 947 Sale 9472
9938 10 9413 10152
1939 M N 9914 9938 99
1st consol gold 52
..1:4 8_10
,1_10.. 7832 June'20
1939 M N ......8:5_
Registered
8514 78 8238 "86""
8412
1992.1W S
General gold 434s
8658 Nov'21
1992 M 5
Registered
8534 135 8212 "86
1930 F A
8612 Sale 8512
20-year convertible 430
1946 A 0 8852 Sale 8712
884 255 8414 8834
30-year cony secured 5s
7
.
7.
.
6_13.
7834 ____ 77 Mar'22 --__ .7
Big Sandy 1st 4s
J D 7614 ____ 75 Dee'21 -15 j
44
9,
18
Coal River Ry 1st gu 4s-1
.89
___
80
Nov'21
5s
g
Craig Valley 1st
7314 Feb'22 -- 71
7314
7534 78
j.
46J
94
Potts Creek Branch 1st 42 88
82581 13 8214 827
8212 827 8258
1989 J
R & A Div Ist eon g 4s
I 7558 7912
70 I
1989 .1 .1 7813 80 79
20 consol gold 4s
69 Apr'21.-- -......Greenbrier Ry 1st gu g 4s 1940 74 N 7713
8634 ___ 8034 Dee'21 1 ___
1941 M
Warm Springs V 1st g 5s
8817
ifi-59
i 5713 58 57
O
49
950
19
Chic & Alton RR ref g 3s
4018 119 3713 461S
46 Sale 45%
1st lien 330
il
Raway
3 7714 8134
81 1
Chic Burl & Q-II1 Div 330_1949 J J 7914 8814 8012
3 8713 90
8812
1949 J .1 8833 8878 Ws
Illinois Division 4s
2 93 9612
95 I
1927 M N 9434 9534 05
Nebraska Extension 4s
Oet'19_
90%
_I
Registered
8714 34 -8618 89%
195
)1 N
7 ,N11
28
S 8612 Sale 1 8612
General 4s
96% 369 9638 9712 '
j 9034 Sale 9634
F A
_1198551j
TemporarY
-3414 Dee'21 _I
& imp 46 g_ _
537
Chic & E III ref
3313
. _ 33% Jan'22 --., 3318 105.
U S Mtge & Tr Co &fa of de98.4_
105 1
1 102
Nil; 10612 105
19
1st consol gold Os
104 Dee.21
1937 M N
General consol 1st 88
10334 Jan'22 ---- 103 1033
U S Mtge & Tr Co Ws of dep -8434
Jan'22 --I 81
84
Stamped
105
Feb'22 ---- 10434 10434
Guar Tr Co etfs of deposit__ _
7712 448 68 78
Hi; Sale 77
C E III RR (new co) gen 5s-1951 i' 1 "6112 08 59
6112
Chicago Great West 1st 4s___19.59 M S 8138 Sale 6012
107 1 10 101 107
Chic Ind & Loulsv-Ref 6s__1947 J J 107 109 107
93 11 8712 93
1947 J J 03 ____ 93
Refunding gold Is
8112
75 ---_ 7512 Jan'22'----1 75
1946 J
Refunding 4s Series C
Jan'22 ---- 75
7538
J 07% ____ 75
1956i_
/ 1st gu 40_
Ind & Louis,
84'4
8312
85
8414
J
171
8112
8414
J
Chic Ind & Sou 50-year 4s-1956
8513 ___ 7912 Nov'21 -.I
Chic L S & Eitel lot 430____1969 J D
ff'
99 713
77
Ch M & St P gen g 4s Ser A-01989 J .1 77 Sale 7112
10 64 60
66
6412 6812 05
General gold 3342 Ser B...81989 J
84
14 79
84
824
General 430 Series C__21989 J J 83 84
69
173 5412 5984
Gen & ref Series A 430-a2014 A 0 59 Sale 6812
0613 132 62
6614
Gen ref cony Ser B 56____a2014 F A 66 Sale 8512
64% 215 60 68%
D 65 Sale 64
1932
Convertible 430
144 69% 76
74
1925 J D 735 Sale 7312
Permanent 4s
18 54 6034.
60
00 Sale 5912
25-year debenture 4s
98
3 92
00
J 96 Sale 951s
J j
20 j.
83
49
Chic & Mo Riv Div 5s_ _1
43
1
r
7
ma
81
42
6
8
_7_1__
12
38
4
70
8
6312 71
C M & Puget Sd 1st gu 4s 1949 J J
'22-_ .. 8412 8412.
Milw & Nor 1st ext 430-1934 J D
,...r.
8414 Jan'21 ___ _
8414 _
Cons extended 430
114 -U44
D 95 ____ 9414 Mar'22 __- -9.
FA
94
2(3 j
3
Chic & N'west Ext 46 _ _1880-L
3 0314 9314
9314.
F .9132 9412 9314
A
m N
l
71 Q
26
88
-119
1886p
RegLstered
81
7418 7413 7411
9, 72
7415'
General gold 330
---- -_- 70 Dee.21'....1.„.. ---Registered
8.112 53 8214 85
8512 8412
84
.,_
General 4s
5 8112 84•4
8334
NI N 8313 8334 8334
987 M
19
Stamped 43
4 9978 105
10234
1987 74 N 10234 Sale 102
General 5s stamped
1 '102 103
101141
1870-1929 A 0 103 108 10114
Sinking fund Cs
1017s, 2 101 1017
1879-1929 A 0 10133 ____ 1017s
Registered
2L
a:::1
:
7:1.2.
Die
:
1 1‘,
3314
: _9
..8_ i .9
878 97
100
1879-1929 A 0 9714 ,
Sinking fund 56
---12 i_6_65;
i; 4
_ 9412 Ifel.'20,-1879-1920 A 0 i7
Registered
Sinking fund deb 56
95 Nov'21
1033 M N
Registered
8 iiii 1074
106341
10614
10-year secured 75 g
S 10712 10872 10712 1087s 18 100 10912
N
M I)
IN
6j
30
3
933
15-year secured 630 g___ A1190
---I__
Oet..19
10112
____
8
863
S
M
1947
1st
430
gu
Val
Des Plaines
- 1057i 10734
Frem Elk & Mo V 1st 6s_ _1933 A 0 10734 ___ 10734 Mar'22 70 Mar'21 ____ I__ -Man G 13 & N W 1s0 330_1941 J J
-_ 0612 Aug'21
1941 J .1 7153
Milw & S L 1st gu 330
2 0858 9852
9858
Milw L S & West imp g 50_1920 F A 9858 9934 9852
-.......1
Mar'21
99
____
10114
S
MI
_1925
_
Cs_
g
1st
Div
Ashland
10133 ___ 10114 Mar'22 ---110114 10114
1924 J
Mich Div 1st gold 6s
3
89 1 11' 8514 88
6111 Spar & N W lot gu 40 1947 181 5 8518 ____ 87
1 95 10234
9812
St L Peo & N W 1st gu 53_ _1948 J J 9873 9973 9812
8312
824 30 79
Chic 11. I & P-Railway gen 48.1988 J J 8234 Sale 82
1988 J J ---- 823 807 Mar'22 ..-1 78 80
•
Registered
7934
4
703
183
78
7512
793
4
Sale
1934 A 0
Refunding gold 40
778
80
64 9
70
2 9
15
87018, 5
9
7912 Sale 7911
R I Ark & Louis 1st 43'6_1934 M
96
97
Sale
0
..1934'A
5s..
1st
Burl C R & Nor
Feb0.11798!„...11
9178
CRIF&NWIstgai 5s 1921 A 0 9038 .......
-tisi- ifi
Chic Okla & Gulf cons 5s,1052 1W N
...._ 8243 6Itu-'21 ----1 72 83
Keok & Des Moines 1st 5s_1923 A 0 8118
7834' 48 76
7913
783 7834 7813
St Paul & K C SO L let 4301941 F A
100 1
2 10413 10714
Chic St P M & 0 cons 8s_ _ _1930 J I) 10558 106 , 106
9012
.._I 87
Cons 58 reduced to 330_1930 .1 D 8813 _ __I 87 Feb'22
961' 45 9114 9612
1930 M 5 9334 9434 tin
Debenture 5s
North Wisconsin 1st 8s___ _1930 .1 J 106 ___ _1118 Nov'101- -- ---9414 ....„1 05 Nlay'113:___
Superior Short L 1st 52g...31930 M
7932 81721 7953 Mar'22 __ -584
4 -81:13Chic T II & So East 1st 5s__ _1900 J
10412
Chic & West Ind gen g 68...._e1932 Q 61 10414 ____ 10432 Mar'22 ....-- 103
74 1 149 0812 7413
1952 J J 7314 Sale 1 7214
Consol 50-year 45
10113 10172 10114
10172' 20 997 102
,37 i
1035
16-year s f 730
8012
8812 90 8012 NIar'22 -- 85
Cm It & I) 2d gold 430
Mar'17'--C Find & Ft W 1st gu 4s 6_1923 M N
4 -66;
(
Mar'22.._ -66
Day & Mich 1st cons 430_1931 J .1 9014 _ __ 9014
0 7613 80%
7938
8034 793
Cleve Cin Ch & St L gen 4s_ _1993 J 0 80
90 1 15 85 90
1931 .3 J 89 90 1 80
20-year deb 430
8614 90
--__1
Mar'22
96
06
____'
J
1993
13
General 5s Series
9978' 98 95 100
9913 9912 99
Rai & impt Os Series A_1920
85 1 10 7954 8633
9113 8418
1939 J J 8412
Cairo Div 1st gold 4s
3 7934. 78 Mar.22,-_- 76
70
Cln W & M Div 1st g 4s__ 1091 J .1 77
1 7712 8012
80121
794 7912 8013
1900 M N
St L Div 1st coil tr g 4s
____ 77 June..211.._ ........ -......
1940 NI S
Spr & Col Div 1st g 4s
Neouvt:2
9 - - -...... ---..
11
82 85 78 s
1940.3
W W Val Div Ist g 4s
. ,_
r 851s ____ 8412 Mar'22
44 F
6 (/
30
93
k 10
1
C I St L & C 1st g 4s
-----------8214
Registered
9412 :::: 9412
1 "tii
0412
CinS&Cl cons Ist g 59_ _1928 J J -Jan.= -__ 104 104
10512 107 104
CC C& I gen eons g Os____19:34 J
--..
-;- . ... -.....
1940 A 0 8038 _-_.. 76 Nov'21
Ind 13 & W lot pref 45
8212 --__ _ _ - 0 Ind & W 1st port 5s___611938 Q J
7 4 -iii
i* 72
7614
767
2
7512
0
A
Peoria & East 1st cons 4s 1040
32% 16 2272 35
3152 32% 317
19110 Apr
Income 4s
20 90 941j
94
Cleve Short Line lot gu 430_1001 A 0 9312 94 9314
4 8414 93
9112
0138 92 9113
Colorado & South 1st g 4s_ _1929 F A
44 81 12 8872
88
8732 8752 8718
Refunding & eaten 430_103.5 M N
2 10118 10112
10112
11; -_-_-_-_ 18
.,
113
00
Ft W & Den C 1st g 5122 _.1t161 J D _8
65 , 77 82 4
82
74i a 50-year 56 6.-1952 J
iR1st
Cuba
4 rlet
10234 53 100 103 I
193, J D 10234 Sale 102
9 777 7812
77 7772 7758
78 I
, 2000 J D
D I.& W-61 & E 1st gu 330
100 --_ _ 9912 Mar'22 __I 0812 9914
N Y Lack & Western 5s._ _1023 F
9852
97
Fel,'22 __
9014 og
Terminal & imnrnee't 40 1023 iw • 98
sale
*No price Friday; latest bid and asked, aDue Jan dDua April. inue May. •Due June. bDue July. *Due Aug. oLue Oct. 'Due Nov. Due Dee. e C *Ion
New York Bond Record—Continued—Page 2
Price
Friday
Mar. 31
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 31
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 31
Bid
Ask Low
'Low High
High
Del Lack & Western (Concl.)—
2, 7114 7414
7414 Salo 7414
7414
Warren 1st ref gu g 3As___2000 F A
1
Delaware & Hudson—
9934 ____ 9934
3' 9753 9034
9934
let lien equip g 4y6s
8 8318 9034
89
8914
lat & ref 4s
1Z2
3 tbi 4 8918 90
88 8934 95
95
30-year cony 5s
1935 A 0 9414 9412 9314
10 107 109
108
10-year secured 7s
1930 j D 10758 109 10712
7658 7834
Alb & Susq cony 356s
1946 A 0 7814 79 '78 Mar'22
Renns & Saratoga 20-yr 68_1941 NI N 10718
7634 7714 7634
-7934
Den & R Cr—let cons g 4s1936 1 J
8012 11 7612 81
Consol gold 4s
1936 j j 8014 8134 8014
105 7412 81
81
7934
Improvement gold 5s
1928 J D 8014 81
4012 162 42
4712
let & refunding 5s
1955 F A 34514 Sale 45
4014 44
41 Mar'22
Trust Co certifs of deposit_
86
1 8012 86
Rio Cr Juno 1st gu 5s
1039 j-ij 8012 8312 86
6114 Apr'll
Rio Gr Sou let gold 4s
1940 J J
-16;
1 -1018
101s Feb'22
Guaranteed
1940 j j
9 7334 71)
77
79
7638 78
Rio Gr West let gold 4s_ _1939 J J
63 62% 68
68
Mtge.& coil trust 45 A_ _1949 A 0 6612 Sale 63
6212 Oct'21
Dot dr Mack—let lien g 48
1995 .1 D 6914 78
50 May'21
Gold 4s
1993 J D 6112
8312
85% 13 82
855s
Dot Illy Ter Tun 4;itt
1961 m N 8512 Sale 100 Mar'22
9538 100
98%
99
Dul Missabe dr Nor gen 5s
1941 J J
98
2 9514 98
981 98
Dul & Iron Range let fis
1937 A 0 97
16512 Mar'08
Registered
1937 A 0 8134 8314 8634 Jan'22
Dul Sou Shore & At! g 5s
1937 J J
1)5'2
_ 9714
3 95
9714
9714
Elgin Joliet dr East let g 58_ _1941 M N
10514 82 10058 107
Erie lot consol gold 7s ext .1930 N4 S 10334 101 10334
8033
8212
3 8038 82,2
N Y & Erie 1st ext g 4s__947 MN 80
9712
9712
Jan'22
9631 9712
3rd ext gold 4;is
1943 m S 9118
9012 Mar'22
9012 9012
ith ext gold 5s
1930 A 0 76'4
9434 Nov'15
_
6th ext gold 4s
1928 J D 1011
9812 Aug'10 -- N Y L E & W 1st 7o ext_1930 M S
6012
6112
62
Sale
81
5414
62
Erie let cons g 48 prior
1996 J J 5612_ 57 Mar'22
57
57
Registered
1996 .1 J 4618 dale 4414
4612
3914 4634
let consol gen lien g 4s 1996 J J
39
-Aug'21
_
_
_ _
Registered
1996 J J 871s_ 8414
87
14 79
87
Penn coil trust gold 4s 1951 F A 40
Sub
3853
41
130 3414 41
50-year cony 4s Ser A
1953 A 0 40 Sale 3814
41
116 32
41
do Series B
1953 A 0 43
42
41
71 3434 44
1953 A 0 86% Sale
Oen cony 45 Series D
8912
9012
9012
4
80
911
2
M
N
1982
Chic dr Erie let gold 5s_
9178
9038
9013 9053
Cleve (Ic Mahon Vail g 56.._1938 J J 8614 863 8314 Jan'22
4
87
20 7812 87
1055 J 1
Erie & Jersey let a f 6s_
85
80% 80
86
1 7953 8612
Genessee River lets 1(is_ 1957 1 J 10314
---- 97 June'21.
1935 A 0
Long Dock consol g 6s
103
Jan'18
1922 M N 99
Coal & RR let cur gu 6s
8312 Dec'21
1943 J J
Dock & Impt let ext 5s
88
8634
88
N Y & Green L gu g 5s__1946 M N 6214 863-4 6214 Feb'22 --_ 88
Sale
6214
1 34
6214
1937 J J
N Y Eiusq dr W lst ref 59
4318 50
50
50
1 4712 50
1937 F A
20 gold 440
4573 43 Mar'22
3812 45
1940 F A 42
General gold 55
83% ____ 8312 Feb'22 --__ 8312 8312
1943 M N
Terminal let gold 5s
8314 _
72 Nov'19
_
1940 A 0
Mid of N J 1st ext 5s
0213
15 53
6212
1942 J D 6214 ____ 6212
With & East let gu g 5s
10512
88
_--Apr'21
—
Evans & T II let gen g 5s1942 A 0 --_- _
69% Apr'21
___ —
1923 A 0
Mt Vernon 1st gold 6s _
6912 Apr'21
1930 A 0 86
Sul Co Branch let g 5s_
8618
-8612
8618
2 8012 86
19591.1 D
Florida E Coast let 43e
60
Apr'21
19411J J 7578
Fort St U D Co let g 4 s
7912 8434 80
12 78
85
8.1
Ft Worth & Rio Cr let g 4s 1928 J J 84
8712
8712
8712 11 83
88
1933 A 0
Galv lions & fend 1st 5s_
10912 sale 10914
11012 64 '10812 11034
Grand Trunk of Can deb 7s 1940 A 0 10158
10178 10112
102
81 '100 10312
1936 M S
15-year s f 6s
10734 278 10718 1U914
1936 J J 107% Sale 10718
Great Nor Gen 7e ser A
89
8914 33 88
8102
1961 J J 8814 89
let & ref 4 yls Series A
8214 Oct'21
1961 J J
Registered
3 (KW 9534
9658 278 0612 9718
1952 J J -£11;;
Temporary 5s
9212 91 Mar'22 ____1 9014 91
1933J 1 91
St Paul M & Man 40
1073
108
4
109
1051
Mar'22
108
1933 J J
1st consol g (is
99 Sept.'20
_1933 J J
Registered
Nlar'221 ___ 9314 9534
Reduced to gold 430...._1933 J J 9-134 -6E3; 9514
95
Mar'22 ____ 93
93
Registered
1933 J J 8912
-6f12 89 Mar'22 ---- 88
8914
1937 J D
Mont ext let gold 4s
80 Mar'211 __---1937 J D
Registered
---Mar'20
1940 J J
Pacific ext guar 4s
—
874 8912
Mar'22
88
8954
E Minn Nor Div 1st g 4s 1948 A 0 9934
: 13988693814
1922 J J
Minn Union 1st g as
---1083
4
109 10918 Jan'22 __
10918 10918
1937 J J
Mont C 1st gu g Os
1937 J .1 - - Registered
- Feto'22 ..._ 99
99
1937 J J 993____ 90
let guar gold 5s
99% Mar'22 1 ___ 99% 9958
Will dr S F lot gold 5s_ 1938 J D 10014
6018
70
35
Feb
- - - - -Green Bay & W Deb ctfs "A"____1
9
3
4
Salo
912
10
38 612 10
1 Feb'
Debenture ctfs"B"
761s --- 73 Mar'22 __ 72
76
Gulf & S I let ref & t g 5s__61.952 J J 84'4
7 114
2 june
8434 8
8,4118
41
8112 85
Flocking Val 1st cons g 454s_ _1999 J J
1999 J J
---- - Registered
Feb'22C_-_
78
78
1948 A 0 80 ____ 78
Col & H V let ext g 4s
7912 Mar'22____ 7813 7912
1955 F A 80 __
Col & Tot 1st ext 48
8934 Feb'22—
8934 804
Houston Belt & Term let 6s_1937,J J 8934 02
880312
89121 8318 89
Illinois Central let gold 4(4_1951 J J 8914 95
Sept'21
1951i J
Registered
80
7914
---7812 7914
Mar'22
195114
J
Yis
3
gold
1st
84 Nov'151--1951- i J
Registered
8 -81
72
Oet'21
1951 A 0 -;107Extended 1st gold 3)4s
1951 A 0 ---- 81 - - Registered
64
80 Jul-y'59
1951 M S
1st gold 3s sterling
8318 Mar'22 __-_-_ 80's 95
1952 M S 8158 95
Collateral trust gold 4s
953
8
Sept'III -1952 A 0
Registered
8612 E-3;;tV 8514
8612 16 8218 8612
1955 M N
let refunding 4s
7712 7814
1952 J J 7612 _ _ _ _ 78 Mar'22 -Purchased lines 3;45
79
8012
Sale
81
-1: 7818 81
L N O& Texas gold 4s_1953 M N
68 Dec'20
1953 M N
Registered
99 Sale 987
9912 45 9634 100
1934 J J
I5-year secured 534s
10814 28 9934 10934
1936 J 1 108 Sale 104
15-year secured 6)45 g
8134 Feb'22 —__ 8134 8134
1950 J D 8212
Cairo Bridge gold 4s
6712
1 63% 6712
Litchfield Div 1st gold 3s_1951 J J 6718 6812 67!2.
Louisv Div & Term g 3 ,03. 1953 j j 7312 76% 7434 Feb'22 ____ 7334 7434
_ 66
66
66
Feb'22
--Omaha Div 1st gold 3s_ _1951 F A 6534
3
Jan'22 --- 63% 63%
St Louis Div dr Term g 3s 1951 J J 6714 6912 63
7612 Mar'22 — _ _ 7612 77
1951 J 1 7618 77
Gold 3)45
1951 J J 7512 -___ 8053 Nov'Iti - --Springf Div let g 3)4s
8214 8512 82 Mar'22 ---- 82
1051 F A
82
Western Lines 1st g 4s
92 Nov'10 ---1951 F A
Registered
94 May'21 _-_D
J
1023
6s
Bellev dr Car 1st
88
90
73
Mar'19 ---Carb dr Shaw 1st gold 48._1932 M 9
100 _
10012 Mar'22 ---- -66 - 1661-2
Chic St L & N 0 gold 5s..-1951 J D
99 Aug'21 — 1951 J D
Registered
6534 Dec'21 ____
1951 J D 7378 77
Gold 3)4s
95
21) -66i; -6EJoint 1st ref 5s Series A..1963 J D 91% 9112 9118
_ _ 7834
1951 J D 7718
7834
4 7834 7834
Metnph Div let g 4s
65 Nov'17
1951 J D
Registered
80 Sept'21
St Louis Son 1st gu g 4s- 1931 M S 8412 89
851s
_ 8512 Mar'22 _ _ 85
86
ad Ill & Iowa 1st g 4s
9712 Mar'22 ____ 97
99
M
9j
98
22
Int &Great Nor 1st g ext 7s 195
8258
3 8012 85
James Frank & Clear 1st 4s_ _1959 J 13 8314 Sale 8213
67
67
87 63
Kansas City Sou let gold 3s 1950 A 0 17 Sale 6514
78
Oct'09
1050 A 0
Registered
8614 Sale 8534
8612 54 84
8753
Ref & impt 5s
Apr 1050 J J
t3112 Sale 81
8112 22 7938 82
1960 J J
Kansas City Tenn 1st 4s
9012
91
9012
Lake Erie& West let g 5s_
1937 J J 9012 91
3 85
7912
7912
7912
20 gold 5s
2 77
1941 J J 7912 80
68% Feb'22
68 68%
North Ohio let guar g 5s 1945 A 0 6858
9412
Leh Val N Y 1st gu g 4345....1940J 1 9212 Sale 9218
9112 9412
- - - - 80 July'21
Registered
7734 81
80 Sale 80
80
Lehigh Val (Pa) cons g 4s
j
,,
9,
)0
43
2
1(
9
89
9214
General cons 4Yis
9214
2003 M N
8 85
80
912 S
-!If- 100 Mar'22 ___ 98% 100
Leh V Term Ry lst gu g 5s.. 10411A 0 10
113 Mar'12
Registered
19411 A 0
10312 41 16.61-2 1001Leh Va RIt 10-yr coil (11_ _n1928 _--- i(3137.1 102 10134
2
--
----
----
----
----
4
4
• No price Friday; latest bid and asked thla week. C Due Jan. 0 Due Feb
1389
Price
Friday
Mar, 31
Week's
Range or
Lan Sale
11
lase.
Since
Jae. 1
Bid
High No. Low High
Ask Low
Leh Val Coal Co let gu g 5s__1933
9914 102
9858 Mar'22 ---- 9614 9872
Registered
1933 J J
105
Oct'13
-___ -let lot reduced to 4s
1933 J J 87%_ 8318 Qct'21
Leh & N Y 1st guar g 4s
841945 M S 81
70 July'21 ---Long Isld 1st cons gold 5s __h1931 Q J •
9513 -0S- 96
9714 96
Feb'22
let consol gold 43
. 82% June'21 -51931 Q J 88
General gold 4s
1938 J D 7812 Sale S014
9
-gs83
Ferry gold 4Yis
9934 Feb'22 ---- 9 4 9934
1922 MS
_ 9
Gold 45
75
914 NOlacrt.:0226
1932 J D 8218
Unified gold 4s
1949 MS 7512 78- 75
-114
1934 J D • 12 90 _ 90
Debenture gold 5s
90
4, 8
90
80 Sale 7812
213-year p m deb 55
1937 MN
7813 10 7534 7812
Guar refunding gold 4s
1949 MS 7534 7614
_ 8
75
7 July
7
'
7
21 ..
36
_ 72
NYBdeMBletcong6s_1935 A0 9078
77
_ 83
Apr'21
1927 M S 9312
N Y & R B 1st gold 5s
-8912 Jan'22
Nor Sh B let con g gu 5s_a1932 Q J 9078 __
8612 8834 Mar'22 _--- 78 90
Louisiana dr Ark 1st g 5s
1927
S 87
9912 Nov'20
Louisville & Nashv gen 6s
1930 J D
9,
78
Gold 5s
1937 MN 997 ____ 9978
9813 997
9112 9034
9138 40 8712 91%
Unified gold 4s
1940 J J 91
8814 ____ 81% Oct'21
1940 J J
Registered
Collateral trust gold 5s
1931 M N 9658 ____ 967 Mar'22
108-53
1
-g
1 11
21
10-year secured 7s
-91930 MN 10714 103 10714
0117-4
1027s 194 101 10312
1st ref 550
2003 A0 10212 Sale 10214
9334 Feb'22
L Cin & Lex gold (16s
1931 M N 9518 _
10334
93
43
14
4
92
3%
34 10
N 0 & M 1st gold 6s
0
- 10
1930• J 103 10412 1 334
Feb'20 -- -2d gold Os
1930 J J 9818 ____ 100
_ 81
Feb'22 -- 80
82
1946 FA 83% _
Paducah & Mem Div 4s
61
3 68
62
St Louis Div 2d gold 35_1980•S 603 6c12 81
9 7958 86
86
Atl Knoxv & Cin Div 4s.....1955 MN 86 Sale 857g
Atl Knox & Nor let g 5s
1946 J D 968 ____ 904 Nov'21:1931 MS 10112 ____ 100 Sept'21
Render Bdge lets f g 6s
83
844
85
843
Kentucky Central gold 48_1987 J
5
97
97
Lex & East 1st 50-yr Sc gu_1965 AO 961s 99
8414 Nov'21 ---Ldc N&M&M lstg 4M-1945 MS 8734
797812
79
14
L & N South M jaunt 4s
1952 44 78
95
Feb'05
51952 Q J
Registered
1937 FA 98% ---- 9112 Oct'21
N Fla & S let 811 g 5s
87 Nov'21
1945 j j 86% _ _
N & C Bdge gen gu 4;is
1 9711
9978 98
98
1936 FA 98
S dr N Ala cons gu g 5s
97 Mar22
9513 97
1963 A0 9534 97
Gen cons gu 50-yr 58
7812 12 77
7812 7914 7812
La dr Jef Bdge Co gu g 4s
79%
1945 M
Mex Internal 1st cons g 4s
1977 MS ---- 2953 77 Mar'10
75 Nov'10
1977 MS
Stamped guaranteed
99 July'20
Midland Term—let s If g 5s 1925 J O
3 initz 10153 Mar'22
10
59
175
:i7
1927 J D 1E;
Minn St Louis let 7s
06
1373
7434
76
22
7538 76
1934 MN
let consol gold 5s
43 31
42
4212
let & refunding gold 45
1949 MS 41 Sale 4012
3812
3934 42
Ref dr ext 50-yr 5s Ser A
1962 Q F 3912 40
43
45
24
43
Des M dr Ft D let gu 4s
1935 J J 44
77
34 3
70
6
4
7
10
5
7
Iowa Central 1st gold 55_1938 J D 76% Sale 75
45
28
1951 MS 41 Sale 39
Refunding gold 4s
47 8
88
32
5% 4
85
9
MStP&SSMcong4sintgu-'38J J 8734 88% 87%
2 9614 100
99 100 100
100
1st cons 5s
1938
101 Sale 101
67 100% 10284
102
1931
10-year coil tr 634s
_
83
Doo'21
let Chic Term s f 45
1941 NI N
-6.114 -6E58
9514 12 95% Mar'22
MSSM& A 1st g 48 Int gu-'26 J .1 87_ 8234 Feb'22
Mississippi Central 1st 5s_ 1949 J J 84%
7814 -143
Mo Kan & Tex—let gold 48_1990 J D 77 Sale 77
6 4
5814
878
323
%
4 5
788
8
23134
44
5834
20 gold 4s
g1990 F A
5824 34 4812 5912
5834 Sale 5812
Trust Co ctfs of deposit
49 Mar'22 25 3512 49
let ext gold 58
1944 MN
78 Mar'22
73
7834
let & refunding 4s
2004 NI S
7372 Feb'22
Trust Co certfs of deposit_
61 Mar'22
71
5
1
2,
14
3 6
7
552
Gen sinking fund 4;4s_ _1936
61 Mar'22
_ _
Trust Co certfs of deposit_
2912 Jan'22 67 58
7912
0
2712 2
St Louis Div let ref 4s
2001
70 Sale 69
70
1916
5% (secured notes "ext"
8278 ____ 84 Mar'28
8341:
884
77
8
770
1940
Dell & Waco let gu g 5s
75 ___
18
7112 Jan'22
71132
0:: 8
78
F A
Kan City dr Pao let g
83 Mar'22
1942A 0
Mo K & E 1st gu g 5s
811s Mar'22
M K dr Okla 1st guar 5s__ _1942 al N 8318
8412 Mar'22
114
MK&TofTlstgug5s 1942 MS -87
1518 __-__ 32 May'21
J D
Sher Sh & So let gu g
2812 Mar'22
7% 2812
Texas & Okla 1st gu g 59_1943 M S
2
222 7634 8212
89212 Sale 8134
8212 ---7
Mo K & T Ry—p 1 5s Ser A
6814 Sale 6814
9472 77 62
68%
687s
40 year 4s Series B
9414
263 89
947s
10-year es Series C
9
54
1112 Sal
51% 1319, 4384 5134
Eiale
e 5012
Cum adjust 5s Series A
Missouri Pacific (reorg Co)—
87
8614
8712
12 8412 8953
let & refunding 5s Ser A__1985 F A 861s
7
100
997s
76' 9712 100
let & refunding 5s Ser B_a1923 F A 99 100
9514
Sale
9314
1311
9553
90% 9714
F
A
1st & refunding 5s Ser C__1926
6234 2311 6934 6312
1975M S 6234 Sale 621s
General 4s
.41 ___ 769814 Mar'22Oct:2182
1945
Missouri Pac 40 years 4s
79
83
1938 14-P-1
3d 7s extended at 4%
78
74 Mar'22 ____ 74
74
1948 J D 73
Cent Br U P lot g 48
8412
86
86 Mar'22
8312 86
A
1938
F
1st
eat
g
4s
of
Mo
Pac R
9112 9712 9118 Feb'22 ____ 92
92
1938 J
2d extended gold 5s
97
19 941s 97,2
St L Ir M & S gen con g 53_1931 A 0
.
8 _9_7
._ 1098
2 July'14 ____1
Gen con stamp gu g 5.9_1931 A 0 _9_6_5.
8514 251 78% 8514
1929 J J 8512 Sale 8414
Unified & ref gold 4s
807s Oct'17 ___..l ____
1929 J J
Registered
8O3 Sale
80
120 7538 80
1933 MN
Riv&G Div 1st g 4s
1926,M S 931, ____ 93 Mar'22 --__ 907s 93
Verdi V I & W lst g 5s
19
0
7
2
%
7
8
f2
fi
12
1_0_42_4
10
0
0
8.i
14
12 1_0
76
2
l
:
i
2
N,
Dec'21alOr
2212
2
gold
(3s
1927
J
D
Mob dr Ohio new
51927 Q
let ext gold Os
1938 M S 7112 ____
General gold 4s
3612 Mar'22 _--- 8612 8812
8812 91
Montgomery Div let g 5s 1947 F A
Feb'22
1927 J D 89 ____ 88
8758 8914
St Louis Div 5s
8612 86
86
4 81
87
1931 J J 86
St LA Cairo guar g 4s
9834 Mar'22
97
99%
Nashv Chatt & St L let 5s
1928 A 0 9318 100
_
1923 J J 100 ____ 99 July'21
Jasper Branch let g 6s
28
2812
13 -21-18 -2813
Nat Rye of Mex pr lien 4;0_1957 J J
2912 Feb'22
2912 2912
1977 A 0 19-127
Guaranteed general 4s
2812 Sale 3153 Mar'22 ---- 28
32
Nat of Mex prior lien 4)4e ..1926 J J
2158 Mar'22 -___ 2112 213
1951 A 0
let consol 4s
8014
11 79
84
NO & NI?, 1st ref & Impt -1;is A'52 J J 7978 8014 797s
77
41 701! 77
75
77
76
1953 J J
New Orleans Term let 4s
99
24 9512 9911
N 0 Tex & Mexico 1st Os...1925 J D 99 Sale 9812
69
81 62
6914,
1935 A 01 6838 Sale 6734
Non-cum income 55 A
10214 238 98 10212
N Y Cent RR cony deb 6s__ A935 M NI 10173 Sale 10114
1930 M S1 10734 Sale 10518
10753 56 105 108
10-year coil tr 7s
8034 112 7872 807s
1098 F A 8012 Sale 80
Consol 4s Series A
8612
8, 8614 88
2013 A 0 8614 8612 8614
Ref & inapt 4)4e "A"
1
New York Cent dr Hud River—
761
77
33. 7412 78
Ms 77
1997 J J
0
Mortgage 35,
76 Mar'22 — __I 75
76
1997 J .1
Registered
8814 Sale 8714
8814
24 84, 8912
1934 M N
Debenture gold 48
6612 June'20
1934 M N
Registered
8512
3 83 8653
1942 J J 8512 8612 8512
30-year deb 4s
76
7153 7234 7253
2 6914 76
1998 F A
Lake Shore coll g 3;0
- _
1998 F A 6818 ____ 64 Nov'21
Registered
713 7258 72 Mar'22
7114 7212
Mich Cent coll gold 3)4s..1998 F A
70
7212 7412 Jan'221 ____ 7412 7412
1998 F A
Registered
6112 62 60 Mar'22 ____ 60
60
Battle Cr & Slur 1st gu 3S-1989 J
8812 88
88
1936 J J SS
1 8453 88
Beech Creek let gu g 4s
1936 J J ---- 8714 7612 July'21
Registered
10
59
4 j
M
ua
y
e:16
79
7;8
n2
1
1936 J J 64
20 guar gold 5s
Beech Cr Ext let g 35513-b1951 A 0
8314 8212 Mar'22
19814 D 82
Cart & Ad 1st gu g 4s
Gouv dr Oswe 1st gu g 5s 1942 J D 91 _--Ka A & C H let gu g 5s_ _1935 J J 95..53 _ _ _ _
15 -fci;
1997 .1 D 7714 7814 7714
1 7953
Lake Shore gold 334tt
7714
1997 J D 76 ___ 7314 Nov'21.........
Registered
93
93% 27 89% 94
1928 M S 9314 _
Debenture gold 4s
1931 M N 92 Sale 91
9238 80 8812 9212
25-year gold 4s
51 July'21
1931 M N
Registered
8212 8512
Moh & Mal 1st gu g 45
1991 M S 8314 8453 8212 Jan'22
161-
^
7858
5 Due June, 6:Due July. a Due Sept. • Due Oct. a Option sale
----
----
New York Bond Record-Continued-Page 3
1390
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 31
Y.szt
Pries
Prldap
Mar, 31
;
Week's
/taws or
Las/ Sale
Range
Sines
Jan. 1
•
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 31
5
Pries
Friday
Mar, 31
West':
Range or
Lass Sale
Range
Sines
Jan. 1
Bid
High No. Low) High
High No. Lot High
Ask Lots
Ash Lino
Bid
Y Cent & H R RR (Con)98
1940 A 0 9834 100 100 Mar'22 ---- I 9534 100
Pitts Sh & L E lug 5s
Mahon C'1 RR let Se__ 1934 .1 .1 9733 --- 96 Mar'22 ---- 98
...
_......
J
9513
9714
/
-__
21,
Dec'17
.
1943
June
9714
5s
90's
--_
let
gold
consol
IN
1931
Michigan Central 5e
8412 68 80 8511
9813 Norlf3
1997 J J 8334 Sale 8334
Reading Co gen gold 46
1931 Q M
Registered
- 73 Aug'21
8512 47 -El; -§S4
1940.1 J 85s 8712 8512
4e
2 814 854
4 8484
8434
-8587414 Sept'20
---- -entral cell g 43--1997 11 13
red
Reerg
J
sryteC
1940.1 J
Registered
__
8818
Atlantic City guar Is g_..1951 J J 7534 .,___
J L & 8 Let gold 33414...A951 M S 694 ___
1 7634 79
Miiiii ---- INE7; -Er
7838'
7833 Mar'20St Jos & Grand lel let g 4s_ _-1947 .1 J 71% --1942 IN N 78% 80
let gold 3125
I
5 /3833 901s St Louis & San Fran (reorg Co)9013
1929 A 0 90 9013 90
20-year debenture 44
71
71
237 68
7034 Apr'21 -1950 J J 7034 Bale 7014
Prior lien Ser A Is
N J June RR guar lit 4,6.-1936 F A 7513 ___
85
84
Sale
85
85
82
.1
83
777
88
Juno'21
8
-1950.3
B
Ser
56
Prior
lien
2000 M N
N Y dr Harlem g 3As
99
114 9434 99
1928.3 J 9813 Sale 9812
Prior lien Ser C 6s
N Y & Northern let g tts_ _1923 A 0 9812 ..-- 95 Deo'21
114
7912
7912 236 71
81955 A 0 79 Sale 78
Cum adjust Ser A 6e
N Y & Pu lst oons gu g 46_1993 A 0 807k _. 8114 Mar'22 --- '71
_ 113 May'15 -----------.
81960 Oct
Income Series A 6s
Pine Creek reg guar 6s_1932 J D 10418
B_a_i_e_ 12.31,
6 9912 9978 St Louis & San Fran gen 85-1931 .1 I
99341
W & Goon let ext 5s-__h1992 A 0 9934 100 9934
9734
83 Jan'22 --- 78 83
General gold Se1931 j j 9638 973 983 Mar'22 __ 95
Rutland let eon g 444e.__ _1941 J .1 77 78
66'2
66
Jan'22 ---- 66
Oet'20 -- ____ - _.
St L & 8 F RR cons g 444.-1998 J .1 6834 -__ 87
Og & L Chem let gu 4s 8_1948 J J 6814
90
Feb'22 ___ 90
Southw Div let g 5a____1947 A 0 8814 ---- 90
J 63 ____ 50 Feb'21 -Rut-Canada let gu g 44_1949
-1 101 10234
8712 ---. 8514 Dee'21
K 0 Ft S & M cone g 68.-1928 M N 10214 --_- 10234 10234
Eft Lawr & Adir Lit g 53
1996 J
- 7813 118 7234 7812
70
:.
8:
7_82! 7734
929 A 0 0
1936
isref
g r:1
Ryr
,B
8glie
O FtSIT
K cAm
1996 A 0 9813- 103 Nov.18
2d gold els
9912
9114
--8814
Jan'22
Jan'22
8814 8834
9912
--I
--.
9912
J
4a_
_1922
g
Riv
1111
Blk
tlea &
2 97 97
97
7734 30 7234 78
St LB W let g 4s bond otfs-1989 M N 77 Sale 7634
& L Erie 2d g 6e_ _a1928 A 0 97 90 97 $
2 8412 8833
8513
2d g Is income bond otfe_p1989 J J 8534 69 6513
Pitts MoK & Y 1st gu tle_1932 J .1 10514 __ 1301 Jan'09
7433 86 684 7412
9514 June'20 --•
1932 J D 74 Sale 7373
Consol gold 4s
1934.3 .1 103
2d guaranteed Os
19 7813 8212
81
80
8043
17 71
80
let terminal & unifying 53_1952 J .7 7834 Sale 78%
2361 .1 J 8012 81
West Shore let 4s guar
1 70/
4 7814
1
7712
Gray's Pt Ter let gu g 55_1947 J 0 75 ---- 9818 Jan'13
2361 .1 J 7813 7933 7713
Registered
7514
77
9913
Feb
7412
70
.19
-7412
6
.7
741
.1
1943
tot
&
Pass
A
g
A
8
gu 4s
N Y C Linea eq tr 543_ _ _1920-22 M N
6712 June'20
1950 A 0 5413 5613 83 Mar'22 ---- 50 83
Seaboard Air Line g Is
Equip trust 444e._ _ 1920-1925 J J
8733
2
53
8733
64
23 4812 544
1950 A 0 53 54
Gold Is stamped
1937 A 0
Y Chic & St L lst g 41
85
21 Sale 1813
2118 168 134 214
Nor'17
01949? A
-- -Adjustment Se
1937 A 0
Registered
85
80
17
85
384 103 3118 884
1959 A 0 38 Sale 3814
Refunding 4s
1931 M N 8434 8613 8413
Debenture 4s
1 8111 8714
5213
80
8834 86
5013 144 41
1945 M $ 5014 Sale 4914
let & cons tis Series A
N Y Connect lst gu 43,4e A 1953 F A 86
6312
1 5913 8312
At! .1s Birm 30-yr 1st g 4s_e1933181 8 634 6478 6313
NYNH& Hartford46 Feb'22 -- 45 4813
1949 J J 65 ..- 63 Feb'22 ---- 63 63
Caro Cent let con g 4s
1947 al S
Non-cony deben 44
48
4412 46
:::
t: r.
418
.
98
:
:
48 Feb'22 ---- 44
11
28
e8iiiil :
.1s.
.1 9
el.
iti
11
ii.
i6
...-.1.:, _9
..
J j
3j
,
2
93
exat:
s 19
38
6
PeAnntlsetxt
2rgr
td
an
teln
leC
Fia
1947 IN 13 44Non-conv deben 314s
7 384 45
4414
1954 A 0 42 444 44
Non-cony deben 344,4
3 4013 51
49
50 49
1943 J J
Consol gold 5s
1955 J .1 44
Non-cony deben 40
5113
24 41
72
4o
lreb'22 _. 71
Ga & Ala Ry let con 56_01945 J J 75 --- 71
1958 1W N 4758 50 48
Non-cony deben 44
4112 10 3738 45
854 Mar'22 __84 38
J 4412 Sale 43
Ga Car & No let gu g 5s.__1929 J J 84 88
1956
Cony debenture:As
1948.1 J 6013 Sale 07
Seaboard he Roan let 56-1926 J J 874 -- 8733 Jan'22 -- 8733 8734
Cony debenture tle
60 0ot
-_ _
177 937
9s
'
6
5
71
Southern Pacific. Co1930 F
Oons Ry non-cony 44
82
18 78
82
l
80
Gold Is (Cent Pao 8°10...J19491J D 82
1955.1 J 4034 48 - 60 Juty'18
Non-oonv delren 48
3812 3813
.... -73 NeY'21 41949 J D ---- --Registered
19561 J 4034 ___ 3812 Mar'22
Non-cony sleben 48
48
31
Sara
---4413
8912
90%
250
Mar'22
9013
la
90%
43
g1929
M
20-year cony 4s
1957 M N
4% debenterea
79
1 71
97%
9714
3 9813 374
76
1934 1 D 904 99
Ws 7712 76
20-year cony 58
Harlem 11,-Pt Ches let 49_1954 M N 66
65
814
59
$14
8313
1
._
744
78
65
844
864
65
A
F
4s-1949
let
g
rot
gu
Pac
A
F
Cent
& N Y Air Line 1st 48-1955
10 514 60
5912 694 59
60
.1949 F A ---- -- 8213 Sept'16 __ ____ Registered
Cent New Bog lit go 42_ 1961 J J 82
8%
8813
1 gg
86 13
80 Deo'21 --I
Mort guar gold 334e 31929.1 D 88 ___
Housatoeie Ry cons g 5e_ _1937 MN 8418
87 July'14 --Through St L let gu 4a_1954 A 0 8073 813; 801s Mar'22 __ 7814 5012
1954 m N
Naugatuck RR let 44
2 2414 98
83 Aug'I.3
9034
9034 98
-- Off&8AM&Plat56.-1931MN 96
1942 4 0 70 __
N Y Prov & Boston 4,s
33 49
277
49
92
4113
4812
Sale
1931 J J 92 ---- 92 Feb'22 ____ $2
.1
1
4t
.
2d eaten 56 guar
.00
I
See
1st
13
N Y Welles&
97
Jan'22 -- 97 97
GliaVG&NletgugEse_192481N
1941 I .1
New England sons 156
2 :::: ...... _ --_.
of.9
a: m
_
ns
:-..: s
19311 MN r34: . ". ..::
194t .1 J 8613
Hous E & W T 1st g 5s..
Consol 48
28
Jan'22
let guar 5/4 red
Providence Scour deb 44.-1957 1W N 4114
- -714 __ 88% Feb'18 Oct'21 -- - - - - ---3:8 ---- 90
ibil 7.1 90
7J
33
93
H & T C let g lls int go.- _19
Providence Term let 4e-1958 N
GO
8634 Feb'22 __ -ilia; -ilia;
1941 .1 J 8734
A & N W let gu g 56
194:4
J 3814 _ 80 Mar'22 ---- 60
W & Con Nast lst 4448
73
46
72
89
16114
5 96 1034
70
Sara
102
101
72
9918
0
4
1938
5s
g
guar
No of Cal
MI 8
0 & W ref let g
.
594 Nov'20! • 1927 7 J
S
Ore & Cal let guar g 56
Registered $5.04111 only.01992
91 10
9%
47
N101s
;
651
07's
61
883e
65%
.
ad
88
4
1937
g
(6
Cal-Cu
of
Pao
D
1955
J
General 4e
68 i 115 50 68
5 8812 924
92
1.61 F A 67 Sale 64
So Pao Coast let go 448_1937 1 J 92 ---- 92
Norfolk Sou let & ref A 5s
8314 jan'22'___ 7914 8334
12; 1 la itiva t :214 Jan'22 -- -- I 89 9014
9
11
Tex & N 0 con gold 5/3
_1941 11 N 8812 _
Norfolk & Son lot gold
108
83/
4
/
4 8613
1
---801
170
1063
108
Mar'22
s
187
4s
ref
lot
RR
Pao
So
1931 $1 N
Rod & West gen gold 6:
81 I 20 80 82
Jan'21'-_1934 F A 1074 108 106
Ban Fran Term! let 46.__1950 A 0 80 __ 8014
lniproyeraeizt & ext r
1413
;10514 Southern-let emu! g 51
9434 130 8713 95
105%---.
1994 3 J 9434 Sale I 9334
1932 A 0 1007s ._11)434 Mar'22
New River let gold
8753 15 8478 894
91) I
1 8814 90
1994 .1 J 90 ---- 90
1998 A 0 804 87 8012
Registered
N & W Ry let eon? g 4s
- _
74
6413 345 8114 04%
Oct'20 ---I
1996 A 0
Develop & gen 4s Ser A-1956 A 01 84 Sale , 6214
Registered
8312 86
95% 1042 944 9635
1966 A 0 9514 Sale I 9518
Temporary 8 As.
DWI let it & gen 544.1944.1J 13634 8014 85 Mar22 ---- 80
80
73 1
9 6614 73
1932.1 D 7938 ___ 80 Feb'22
Mob dr Ohto coil tr g 43-19313 MS 72 73 1 723
cony 46
_
9213 91
8 89 9118
9113
199e .1 J 91
1932 M S 89 ___ 9234 Apr'211---Mem Div 1st g 41-0-5e
10-20-7 ar cony 45
7712
2 9213 100
78
I
_,
93
102
Mar'24
7514
4
923
110
78I
75%
.1
J
1951
Is
S
g
M
let
city
Louis
St
440.-1938
cony
10-2.-- ear
$
1 944 9412
10773 235 10314 101%
9413
1929 M S 10114 Sale 10013
Ala Gt Sou 1st cons A 56-1943 J D 941 ---' 9413
/ 64
10 y .r we,
8.5
4 _--- 8873 Mar 22 __I 27 89
1
Mar'22 --I 84
Atl & Chart A L 1st A 43‘3.1944 J J 88/
Pooch 0 & 0 joint Is. 1941.1 D 8412 85 8412
98 I 96 Mar'22 ..- 91
9613
99 Dec'211.--1st 30-year 5s Ser B____1944 J J 90
0 C & T let guar gold 56_1922 J J 86
83'I 854
87I 8612 Feb'22
1948 J J 7512 7713 70 Mar'22 --- '72 'We
At! & Daily let g Is
%to V & N E let gn g 46-1989 M N
1948 J J 58 ....- 63 Deo'21 _._
49
2d
!Northern Pacific prior lien rail
8353 35 84 87
4 7534 Vol).22 L._
1
79/
1997 Q 1 8514 Sale 8473
AU & Yad let g guar 4.3_1949 A 0 76
way & land grant g 4e
34
8-1.i
06
.
34 -'i
;
Jan'221...--1 84 84
84
1930 J J 964 97 , 9834 Mar'22 ____ -91.3
1997 Q J
E T Va & Ga DIY g fos
RegIstered
9'713
8 93
.
6211 72 60 8234
61%
9021 1....
1 1333 na0
1 1
!
6
9.
.
1956 ref N 98 ..
42047 Q F
Cons let gold tki
General lien gold 314
6012
60
8013
----1
Feb'22
8
92
M
a2047 Q F
E Tenn reorg Hen g 158-1938
Registered
10834 38 10578 110
Sale 106
1946 A 0 614 82 80 Mar'22 -__ -lig-- -63-2047.1 J
Ga Midland let 3s
Ref & 1mpt 66 ser B
5, 80 9014
8733
4 9914
1
2047J J 8634 8713 8734
Knoxv & Ohio 1st g 65____1925 3 1 9933 --- 9914 Feb'22 --- 98/
Ref & Imp 444s Ser A
7914
794
---11
Mar'22
8413
7914
Mob & Blr prior lien g 5E4_1945 J .1 0013 -- 7534 Aug'21 .....
It Paul-Duluth Div g 45....1998 J
4 109
1
10572
Feb'22 ....., -.hi- - .7610014
10814 292 105/
1948 J 1 72 ---- 75
43
gold
Mortgage
N P-Gt Nor joint 61.4e_ _ _1936 J J 10013 dale 10012 10013
10 100'4 101
4 9313 Dee'21 -._
1
10034
Rich & Dan deb 58 stmpd_1927 A 0 9013 97/
1923 F A
St P & N P gen gold 6s
100 May'2 ---- I Apo
1
.
4
r'7238
_
1948 M N 6438 --_ 58
Rich & Meek let g 5e
"""•
Registered certtficates_1923 Q
1, 9913 9912
9913
9912
9312
9914
1st
Pi
Ga
Q
ext
_1931
9733
9614
NT
97
141
56_
let
5148-1929
Duluth
&
Paul
St
374
-9713
9713
9733
97
2
May'21
7514
97
-824
8
IN
1926
D
1988
Virginia Mid Ser E tie
let oonsol gold 4s
6 82 85
88 1
8414
86
9073 Dec'21
85
1026 hl 9 9511 98
1948 Q
Series F 5s
Wash Cent let gold 4,5
2 107 1084
103141
107
.
3
6g4
iili
,
9512
107%
--____I'
Mar'22
957s
N
10814
IN
1936
J
1933
53
General
fie
g
1st
Nor Pao Term Co
84
79% 414 77
90
1 80 90
2003 1 .1 90 ---.. 90
1981 1 .1 79.s Salo 7878
Va & So'w'n let gu 5s
Oregon-Wash lst & ref 4s
78
1 75
774
7712
85
84)
7812
18 74
80
78
1958 A 0 81
5s
50
-year
cons
1948 I D 77
let
Pacific Coast Co let g 58
.
4 90 90
1 .72: _iiia_ ..iiia
93 90
7:: M
arr:22
75
ma
_982_4 8
90 I
1 .
24
77
W 0 & W ist oy gu 48.--1924 P A 9
Paducah at Ills let s f 444s-1955 J 1 90
9034 99
94% 99
9833 Mar'22
1955 J 1
Spokane Internet let g 56
Pennsylvania 11.R.lert g 4B-1923 1W N 88
89
2 92 96
--874
9211
9212
88
'
--12
891
Jan'22
4
/
9
0
A
1939
g
St
qe
1st
4
of
L
Assn
Term
N
IN
1943
4e
gold
Consul
4
/
1 8534 903
4 951
1
9038
'1984-1944 F A 9458 ____ 90 Mar'22 --_- t 88/
lot cons gold 5s
1948 1W N titas 89's 9034
Congo' gold 4a
51
13 7613 8013
80
1 924 9613
9514
Gen refund s f g Is
1960? A 9514 9513 9 4
Consol 444s
4
1
/
93
2!
13
9
9
3
7
_7
9
.Mar'22
4
4
3
79
9
9313
I
3
881
8;
:
4
883
.1
0
4
94
Sale
A
j
4
853
89
3
0
5
93
50219
g
Ter
Bridge
M
L
an
St
D
1985.1
General 4 As
93
6 874 8100
93%
9712 282 9313 9734 Texas & Pao let gold 5s
2000 J D 9278 05
1968.1 CI 974 Sale 904
General Se
109'2
80
Feb'22
80
g2000 Mar 65 ---- 50
2d gold Income 5s
1930 A 0 10712 Sale 10034 108 I 66 10613
10-year secured 7e
107
4
1
/
7918 89
103
10614
_._
06
8513
4
85
/
---Mar'22
1061
.1
8
1003
1
4
1
/
100
1931
55
let
L
g
La Oty B
19313 F A
15-year secured 6 He
8734 Mar'22 ----1 88 8734
W Min W & N W 1st gu 56 1930 F A 77 -- 1084 Mar'22Nv'04 ....
1942 IN 8 31734
Alleg Val gen guar g 4s
. .7iii;
-:
;
83 Feb'20
To! & Ohio Cent let gu 56_1035 J I 9534 ....-- 94
D R RR & Sege 1st go 4s 8-1938 F A 8613
1938 A 0 91 ..- 90 Jan'22 ....... 90 90
Western Div let g Se
Pennsylvania Co7473
2 81% 88
8213
72 Nov'21
1935 J D 8313 --- - 8212
General gold 55
Guar 344e soil trust reg A_1937 M $ 7514
7214 72%
7512 78
7233 Jan'22
1990 A 0 834 8434 78
Jan'22 -Kan & al let gu g 4s
Guar 344s coil trust Ser 13_1941 F A
93l
5 754 My
7612
2d 20-year lis
1942 J D 7612 Sale 7613
Guar 34a trust Ws0
4
1
- -9
-1-- -94
.....
321 ---1
1142 Deo
'
9
1 1413 -9-4-1-4
1117
7I 1 1
70 Apr'21,
dr W 1st gold 4s
P
To!
1944.1 D 74/
Guar 3As trust ot/e D
8813
8814
91
91
4 84 91
8934 13 8434 -891i Tol St L & W pr lien g 334s-1925 J .1 8712 91
Guard 15-28-year gold 46_1931 A 0
82J8
8233
6014 23 68 014
8233
84
85
5 80
1
1950 A 0
50-year gold Is
40-year guar Is ctfe See E__1952 N N 132's
bOle
8113
91', Feb'22
1514 J3
1
1%4:2
18
--- 3138
..
1917 F A -------Coll trust 4s a Ser A
Cm Leb & Nor gu 45 g____1942 M N 8133
8812 Dec.2L
Trust co cite of deposit.....
01k Mar 1st gu g 4 As___1938 1W N 9013
4
1
91 Nuy'21
774 70/
774 Jan'22
7734 85
Tor Barn & Buff let g 4s_t1946
01&Pgengn44s8erA..1942J J 9318
4
1
89
89
9 89 89/
104 Dec'15
93
Ulster A Del let cons g 5s____1928 1 D 89
1942 A 0 93
• Series B
55
--Dee'21
_
85
3
773
9614
Oils
Feb'12
0
A
5
let refunding g 43
1942 A 0
Int reduced W 354e
OWe Deo'12
80
4
914
- ---1947 .1 J 91 Sale 9
1948 M N 7718
Union Pacific 1st g 4s
Series C 344e
b'1212,
135 88
86 92
Fe9
3 .....
89%
---- Jan'21
67
Registered
1950 F A 7734
Series D 344e
"1-e- 9234
5a
9334 138 89 9334
7033
85 Apr'20
---20-year cony Is
1940 J
B
Erie & Pitts gu g
8513 8514
8013 41 8112 874'
794 May'19
---let & refunding 4s
1940.1 J 7938
Series C
86 88
10312
5 102 10334
Jan'22
86
10-year perm secured 66_1928 J J 10212 10313 1033,8
Or R & I ex 1st gu 4444-1041 J I 8812
8878
2 834 874
80 Sept'20
Ore RR & Nay con g 4B-1946 1 D 8678 8713 8678
1943 M S 80'4
Ohio Connect let an 4s
9934 Mar'22 ...... I 98 1004
--93 Mar'10
Ore Short Line let g 6s____1922 F A 9978 ___ 977
Pitts Y& Ash let cons 56._1927 M N 9s78
9
9613 2103
0)14
3103
93
94
9818
84
J
1946.3
July'21
5e
g
consol
let
1931 J 1
Tol W V & 0 gu 4As A
139 97 100
4 Sale 9914 100
1
82 Deo'20
1946 1 J 99/
Temporary 5s
1933 J .3 92 94
Series B 4AB
4
1
/
913
9118
89
8
95
91
884 9134
D
4
21
.
783
Sout
J
77
1929
4s
refund
S
M
Guar
1942
46
Series C
8812 9234
921s Mar'22
4
1
1926 .1 J 9714 --- 98 Mar'22
Utah & Nor gold 15a
P 0 C & St L gu 4 As.4_1940 A 0 92/
64 Feb'22 ---- Mi
1 g4
89
s 8
9234
9234
1 gm. 9234
1933 J J ..gdyit Tr 8
let extended Is
1942 A 0 9234
Series B 444e guar
8018 89,8
89.8 Mar'22
1955 13 A
Vandal's, cons g Is Set A
1942 M N 01's
Series C 444s guar
99-5
_ -8
:4
3;186
.11
.
.
1
79
9
;
:1.
_4
521 -62
'
8
9112 Mar'22 -- 84'4 9112
1957 M N 8514 .- .- 7212 Jan
Consols 4s Series B
1945 M N 84'4
Series D 46 guar
32
i 26
32
32
88 Nov.21 --.
1934 J J 30 40
Vera Crus & P 1st gu 4Xe
Series E 3 yis guar gold_1949 F A 8113
84
7
4
9
9234
94
8414
84
9334
84
N
-Jan'22
1111
1962
Virginian let 55 series A
1953 J D
Seders F guar 45 gold
80 May'21
1039 IN N 9673 97 95
Wabash let gold 5s
1957 MN 84'4
Sorted G 4s guar
11 8111 8714
87
89'2 Feb'22 -- 8913 89
1939 F A 8013 8'114 86
2d gold Sc
Series I cons guar 434s_1963 F A 8484
15
90
37
05
9412
2
947
Sale
1939.3 1 ....-__ 90 Aug'18 -.. ---- ......
Debenture merles B 6e
19701 D
General 544 Series A
91 Mar'22 -- 99 99
let lien 50-yr a term 444_1954 J J 6713 ___ 62 Febli1932 A 0 99
0 St L & P ist eons g 5e
91
Jan'22 .....
91 Feb.22'-- 91
1941 J 1 9218 __- 91
Del & CS Est 1st g 66
Phil* Bait & W let g Is._1943 84 N 8712
9013
102
Jan'03 -.liset g 46.-1939 J J 7112 _... 5013 Aug'21 --giv3;,
ptiovintes
a
88D
%due Bay & Sou 1st g 5e_ _1924 J
874
021
'
7
60
Dec
4
1
/
69
80
0
A
8012
1941
June'21
Div
111
45_194-4
gen
Can
N J RR &
70
78
9- -lir
.
72
-8
17 8813 19,12
95
1941 M 8 75
Tol dc CA Div g 4s
Pere Marquette 1st See A 5a 1956 J J 94 Safe 93
75 Mar'22 ....is Z11
78 I Wash Terml let gu 344e
4 75
1945 F A 73 80
78
7714
78
1956.3 J 77
Ist.t3erlea B Is
u
____
85
Feb'22
_844
$5
A
F
414
1948
52
4
76
51
5014
51
Sale
Is...
guar
.1
J
sf48
1927
PhIllippine Ry let 30-yr
let 40-Yr
sale.
sOpthen
Deo.
Due
No price Friday;latest bid and asked. a Due Jan. 0 Due lei. y Due June, I Due July, 4 Due Aug. •Due Oct. V Due Nov.
43,1
"iiiii
in,
Mar'22,....1 1814 124
'WIG "8-£3.
id
143.4
1°So
13i: M. 8:? X'
-as- Sale
10813
----"ii" "ifs;
so car &
:Fa
____
ii" Ws;
5318
924 1LM 4 --1'
g20013
Om
If" "if'
..io. "'"" ----
New York Bond Record—Concluded—Page 4
BONDS
N. Y.STOCK EXIICNAGE
Week ending Mar. 31.
11
Price
Friday
Mar. 31
Week's
Range or
Last Sate
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 31
1391
lianci
ngs
l
i l, Is
Thi%V.egeek'
or
Last Sate
I
Jan. 1
_
Ask Low
BO
Mg* No. Low IltgA
Bid
Ask Low
High No. Low HOS
: 624
West Maryland let g 4a
2
3 526
708:
6
02
1)741 36
1952 A 0 (1234 Sale 6213
Granby Cons M S & P eon 88 A '28 al N
80 ____ 88 Mar'22 -_- -1 87
88
96
West N Y & Pa let g ISes
95
1937) J
90
Stamped
-__
1928
M
N
80
88
87
Feb'22
____ 1 87
87
Oen gold 4a
7212
74
7212
72131
1043 A 0
74
Cony deben 8s
1925 al N
90
93
91
9112
9 86
94
2012 ___ 36
Income 5s
p1943 Nov
Oct'171--,1 ---Great Falls Pow 1st 5 f 5s_
1940 M N
96
9733 9714
9714
1 944 9733
87
874, 51 8413 -8;8712 87
Western Pac let set A 158____1948 M
iI n
iiv
toirn .11
1,eierco
an
il s
N9
1arine s 1 65 1941 A 0 9533 Sale 95
954 129 89
9573
Wheeling & L
1st g 55
1926 A 0 9312 9013 9318 Feb'22 1--- 9212 9313
1931 M 5 97 sale 95
07 1 115 8434 97
III58 ____ 9114 Jan'22:_-__ 9114 91 14
Wheel Div let gold 5s
1928 J J
Mariand 011s
at 8s with war'ts 1931 A 0 98'4 9933 98
864
93
Exton & Impt gold 5s
903
4
Mar'171—__
_
A
F
1030
z.:
Mexican Petroleum s f 8s
-- 1936 NI N 103'2 Sale 10314
99
4 321 7
10
19
7 99 10
99
4'2
624i 40 52 -627
Refunding 454e series A
1960 M S 6273 Salo 5912
3
944 95
Montana Power 1st 53 A....1943 J J
9.12
95
26 93
9613
6712
RR let consol 411
6 62
1949 M $ 0612 6712 6714
70
Morris & Co let s f 4%5
.1
85 Sale ! 8434
J
1939
8513
854
78
17
784
____
78
Feb'22 ----, 77
Winston-Salem S B let 48_19110 J J
78
N Y Dock 50-yr 1st g 48
784 79 ' 784
1951 F A
7812 10 76
78,3
Wls Cent 50-yr let gen 48_ _ _ _1949 J J 7612 774' 7614
7758
7, 744 774
9714 _-_- 97,4
NiR
agearr&
a gFeanlIftisPower 1st 5s 1932 .1 J
9753
8 94
974
7714 79141 7712 Mar'221 ____1 7518 80
Sup & Dul div & term let 4.1'36 M N
102 Sale 10134
0
al932
A
102
, 28 10013 102,2
Street Railway
9418
__
Nies
__
Lock
N
9412
53_1954
M
& 0 Pow let
Mar'22 __-.1 95
95
2 31
1045 A 0 4318 46121 45
Brooklyn Rapid Tran g 55
45
45 I
Nor States Power 25-yr Sc A_1941 A 0 894 90
8734
90 I 19 8813 90
let refund cony gold 4s_ __ _2002 J J 4758 ___I 44 Mar'22 ----, 3513 44
Ontario Power N F 1st 51____1943 F A
93_ 014 91
9134
9, 90
9434
7678 Sale 75
7813' 90 58
8-yr 7% secured notee____k1921 J J
7813
8
8s
_i_o_e- 9
79
712 Jan
Ontario Transmission 55-1945 M N 973,4
9'22I
8 -3
-il R12 /1411
75
7734 117 5813 7734
7712 75
Certificates of deposit
P
pa
lenr-cA
em
oeur sPIAt8sT list 10-yr 78 1930 --- 7313 7334 7214
74 I 95 54
Cents of deposit stamped__
74
19
931 .J, D
ip 964 99
99
82
83
80
834' 31 75
Bklyn Un El 1st g 4-5s___ _1050 1-A
84
1014 Sale 10034
Prod & Refining s 1 8s
19
09
1 3'4
2 43
7 99
99
134
412 10
82
83
8134
8312' 13 754 8312
Stamped guar 4-5s
1956 F A
Pub Serv Corp of N J gen 55_1959 A 0 83'4 Sale 80
84
84 73
84
7013 75
Kings County E let g 45_ _1049 F A
68
Felf221 —.., 64
75
Sinclair Con 011 cony 7%5 ..1925 RI N 1034 Sale 103
1034 686
68
70
71 Mar'22 __ T.: 66
Stamped guar 4s
1949 F A
71
1927 as 8 9812 Sale 9812
9853 788 9
15-year 7s
98 19
98
434
3614 44
38 Mar'22 -Nassau Eke guar gold 4a_ _1951 .1 J
27
38
aun t F A! 10553 Sale 1054
106 , 78 0514 1074
Standard Oil of Cal 7s
7812 79
Chicago Rys let 5t3
784
80
1927 F A
37 67
81
95
9812 9873 Mar'22 ---.1 9212 99
Tennessee Cop let cony 88.....1025 M N
73
75
Conn Ry & L lst & ref g 4%s 1051) J
61 June'21
1024 75 100 1034
Tide Water 01111%5
1931 F A 10134 Sale 101
7212 ____ 7034 Jan'22 .___ -763
Stamped guar 410
1951 J J
;
Union Tank Car equip 75
10312
28 1014 106
1930 F A 103 Sale 1025s
7912 7958 77
Del United let cons g 4 3-is......1932 J J
7934 62 8313 _8_3_1
! Wash Wat
1039 j .31 9514 Sale 954
95,4
22 95
Powers f 58
9113
Ft Smith Lt & Tr lot g 5s
.
58
1936 NI S 80
Jan'20
'Wes
let
Mar'22
____
t
89
8912
s
P
e
Si
e
rn
ie.j
n
P
D
o7
w
_....1 89
s
er
89
ser
141
—1948
A
5s_
8014
Hud & Manhat 58 ser A
Sale 7834
222 -7
-5— 81
1957 F A
81
10212
10414
10313
A
19
06
33144 55
cl948 F
4 19
03,2 19
0c414
6012 Sale 60
Adjust Income 55
61
417 4712 61
1957
Wileon & Co let 25-yr s f 813_1941 A 0 95348310 95
NY&JerseylstSe
94
-__1932
2 92
9412
94,2
864 40 84
10-year cony a 1 (le
1928 J o 864 86,3 86
89
Interboro Metrop coil 4%3_1958 A 0 15 Sale 1334
15
131
934 194
9758 102 9413 0734
F Al 97 Sale 97
Temporary 71-is
13 Sale 1114
Certificates of deposit
206
734 17
13
1
1
I
Manufacturing and Industrial
Interboro Rap Tran 1st 5s___19613 .1 J 604 Salo 5912
041 64
65
61
Ajax Rubbrtr 88
101 1 101 9914 101
1936 J D ---- ____ 994
61
Manhat Ity (N Y) cons g 43...1990 A 0 6012 Sale 5912
50 574 6534
Am Agrie Chem let 0 55
9613
13 8112 9818
1928 A 0 96,3 974 9...34
Stamped tax exempt
1990 A 0 — - Sale
ist
101
ref
14
1014
F
A
---597g
s
f
1911
7%e
1013
g
4 100 100 102
5%
57
9
8
1
60
57
4
58
50
2d 4s
D
734
2 55'4
2013 J
67
Am Cot 011 debenture 5s._ 1931 M N
87 ..-- 88
88
1 6412 7113
7412
Manila Eke fly & Lt a f Is..1953 M S 75i2 ___ 7412
81173 122
11 86
113 89
873
891, Am Sm & R let 30-yr Sc set A 1947 A 0 894 Sale 884
8912 60 81
Market St fly 1st cone 5s
1924 M S 8314 $ale 8812
9852 268: 971, 99
American Sugar Refining 6s 1937 J J 9838 Sale 9812
5-year 0% notes
1924 A 0 93 0334 93 Mar'22 __ _1 9034 9434
1939 J J 8153 82
Am Writ Papers f 7-8s
8112
8212 21' 8074 8414
Metropolitan Street Ry—
1936 F A 103,3 101 10313
Atlas Powder cony 7%s g
104 1 19 102 1044
6214
Wway & 7th Av 1st g 58_1943 J D 0212 6.112 624
8 50
65
Baldw Loco Works let 5s
1940 NI N 10018 101 10014
101 ,
7 9913 101
17,3 Feb'22 ____ 1713 20
10
17
Col & 0th Av 1st gu g 58..1092 M S
1931 F A
78
Cent Foundry 1st a f (is
78 Mar'22 __ __ 76
78
40
Jan'22..,. 39
Lex Av & P 1st gu g 58_ _1993 151 S 384 43
40
9314 97
Cent Leather 20- years 5s___ _ 193
A O
N
25
1 M
9314 _ __ 7513 Sept'21 --__
Mllw Eke Ry & Lt cons g 68_1926 F A
9
97
1. 891
6 I 912 Jan
Corn Prod Refs s f g 53
9
'
722 —4
_2
_1 96
96
8512 8514 8434
85
8 -fit; -8
Refunding & exten 4%8_1031
.5. 9834
let 25-year s f 58
5 96 100
8612 20 83 864
Montreal Tram 1st & ref 5s_ _1041 J
94
8 Sale 8928
Cuba Cane Sugar cony 7s
1930
4 fJri N
J 8
84'2 94 60
87
58
1.
8
.f_ 580 Feb'21 --__ __ _
Now Orl fly & Lt gen 4%s....1935
J "
5712
..
8334
Cony
deben stamped 8%.- ____ ----1 83
_ 34
a '
544 8914
.
Doe'21 _.Ig Y Municip Ry 1st f 5s A _1966
J
08
4 14
2s
Sale 10
04
712
108
Cuban Am Sugar let coil 88..1931 MSi 10
112
4
35
334
3712 120 -iEti
NYRyslstRE&ref4s.__1942J J 34
Diamond Match a 1 deb 73.45.1938 ---112 1101
954
2
8
29
0 10
97
33
34
3134
3453 128 24
Certificates of deposit
3453
Sale
1
41
41.
41 , 17 I 33
Distill Sec Cor cony ist g 59_1927 A 0
50
812 Sale
713
812 272
80-year ad)Inc Is
513 912
a1042
E
D
I
J
_1938
Powder
du
41.4s.
Pont
_
_
63
7
4
7
7
31
Certificates of deposit
434 713
84
172 Sale-110
73
du Pont de Nemours & Co 7%s '31. 61 N 10
473
:869
10V4234
1'-lifilli fliils
- i0
-1i1
5
67
51 6113
N Y State Rye let cons 4%s_19621,
S
1L
- 67 . Sale 66,2
10 i
Flak Rubber lets f 8s.
116 9973 105
1941 M 9 105 Sale 10334
6718
86
13 81
Portland Ry let & ref 5e
86
1930 A`'..1"
,1
9912
Framer-1c
180 99
Ind
A
Dev
84
20.yr
712.3'42
1
J
-81';
8
4
1
99
Bale
9913
I
99
84
4 7812 86
Portland fly Lt & P let ref 5e 1942r A
96
_
...3
..
4
9
7
.
5
24
D
Feb
7
'2
5
2
J
801938
2
4 __1 1 9
Oeneral Baking bit 25-year
704
194fliM N 10312 104 10313
34 9
75
984
10313
3 102 104.14
let & refund 7%e Ser A
F A
Gen Electric deb g 3%s
8812 - -- 9034 Feb'17
Portland Gen Eke 1st 59_1035 J J
._ 106
994 12
38
3 10
93
5 10
06
)
Debenture 5s
11
Sale 64
1952 151 S
0512
18 5613 6512
Third Ave 1st ref 45
1980,-1 J 6412
10
7
9.
7
1
'3:44
4
8
10
'7'8
6e 109494
20-year deb lis
5314 524
Feb 1940
2
53
214 444 5714
a1960 A 0 53
Ad) Income Is
1144
dale
;114
11512
144
N
11014
11814
Goodyear
M
93
Tire
&
'41
Rub
let
96
s
f
85
92
02
1937 J J
Third Ave fly let g Is
10 88
02
31931 F A 994 Sale 1 0913
9934 285 974 100
10-year ts f deb g 88
1923 A 0 10058 Sale 98
Trl City fly & Lt 1st s f 15s
10034 103 96 10034
Int Agric Corp let 20-yr 5e_ _1932 IM N 754 764 7534
77
2.5 724 77
76 -_-- 73
1933,1 J
Undergr of London 43.s
Jan'22 ....-1 73
73
103
106
---Feb'22
D
6013
____1102 106
Cement
Internet
cony
83____1928
1
---60,8
1948 ---Income es
60131
1 60 6418
84 !
1 86
International Paper 5s
1947 1 j 834 Sale i 84
874
84
United Rye Inv 5s Pitts Issue 1026 M N 8312 84
84341 14 75
85
8412
1st & ref 5s 11
1917 J J 834 834 834
, ---- 604
1034 J J
United Rye St L 1st g 4s
0013'
5 5112 601 2
106,3 9
86
Kelly-Springfield Tire 83
7
82
14
73 10
2 10
83
1931 M N 105'2 Sale 105
1924 A 0 50,3 6834 56 Mar'22 ----1 50
St Louis Transit gu 15e
56
1113
3
11312 113
11412 16,112 1154
A O
1F
Liggett & Myers Tobac 7e
195
944
7534 74
Vs fly 1'ow 1st & ref 5e1934,J J 75
Feb'22 ----1, 72
754
9574
9534 97
98
14
A
2
9173
904
Gas and Electric Light
1
11312
Lo5
rsillard Co (P) 75
A t;) 1134 114 11312
1 112 116
1 JF
94
94
2264
129
04131 94
Bklyn Edison Inc gen 58 A_ _1949
J
9412
18 897s 9458
95 i 30 924 95
52
A
95
96 1 9414
100 10153 10014
General Os series 11
1930
1014 10 100 1024
D
941
4
943
4
9414
9812
Nat
Enam
&
Stamps
2
Sc..
let
924 9488
General is series C
1930 .1 J 105 Sale 105
10512 14 102 106
Feb'21 ____I ____ ---.
Nat Starch 20-year deb 56.-1930 J j 884 __ _ _, 88
10712 Sale 10713
1910 J
General 7. series D
10712 38 1004 10878
N 98
9853 99 Mar'22 ____1 9452 99
0234 93 I 93
National Tube let 58
Bklyn Un Gas let cons g Is. _1945 M
93
3 8712 93
9914
N Y Air Brake let cony 68_1
6 97 1004
9412 0414
19
95
28
2 M N 9812 9914 9834
Cfncin OM& Else let & ref Sc 1056 A 0 94
9113
5 92
95
O 103 Sale 102,3
103
Packard Motor Car 10-year 831193
9134 Sale 91
20 98 104
31
1927 J
Columbia 0 & E let 58
92
100 884 04,4
N 10018 103 100
101
Porto Rican Am Tob 8.
92 Sale 91
1 99 1034
1027 J
Stamped
02
43 88
1)2
9712 8
814
_ 75 Sept'21 __ .1
Sharon Steel Hoop 1st 85 ser A1941 NI 8 97 Sale 9434
49
4 94
312 ,
9
,
912
Columbus Gas 1st gold 58_1932.1
,7,- - - - South Porto Rico Sugar 7s-1941 J I) 97 Sale 964
974
1925Q f 10874 Sale 107
Consol Oes 5.yr cony 78
110
331 103 11034
97 i
961s 9933 91334 151ar22 ___, 93
8 96
Standard Milling let 5s
974
1930 M N 9612 Sale 9813
Detroit City Gas gold 58_ _1023 J
9634
j 9712 Sale 9634
974 38 97 100
Steel & Tube gen tie set C..1951
98'3 991 9818
Detroit Edison 1st coil tr 58_1933 J
9813
12 93 0813
9913 66 9734 100
94' Sale 1 9334
Tobacco Products f is
1931 J D 98,2 5,41e 9812
k1940 M
let & ref 58 ser A
9414
10 89,4 9414
j 1004 10112 10033
1004
3 8812 1004
Union
&
Paper
10214
let
Bag
1027
4
fis_
_1930
J
B
102
series
es
k1940
M
9
ref
&
let
103
35 9912 103 •
O
100
Sale
1054
10634
57 104 10714
United
Drug cony 83
1941
10178 qale 101 12
Duquesne Lt 1st & coil es____1949 J
102
78 100 10338
j 95 lisle 94,2
95 , 107 92
U Realty & I cony deb g 56-1924
96
1933 J J 10514 Sale 10134
Debenture 7:is
1054 27 10434 10514
O 10112 102 101,4
102 ! 31 10912 102
U S Rubber 5-year sec 7e..,.1923
1952 F A 8512 801 86
Havana Elee consol g be
86l3
3 774 87
8733 8ale 8653
8712 198
1st & ref Sc series A
J J
40
7F
193
87 ----1 87
1949 81 N
Hudson Co Gas 1st g 5e
Feb'22 ____ 854 87
10334 47 10
A 1054 Sale 10.5
84
6 106
10-year 7 kis
884
Han City (Mo) Gas 1st g58-1922 A 0 8434 ---- 9713 Sept'21 _08
97 Mar'24 ____a 9313 9811
1937A 0 9814
U S Smelt Ref & M cony Cs..1928 F A 04
_- 86
Kings Co El L & P g 5t3
Oce21
9772 91 93
1997 A 0 107 108 106 Mar'22 .___ --- -9774
Va-Caro Chem let 15-yr 5s_1923 J D 9753 9734 9/13
Purchase money 6s
O 9612 9812 97
Cony deb es
8614 94 92
984
10114 • --- 101
1925
Convertible deb (Is
101 ,
1 98 101
2
96,2 127 904 96,1
I2-year f 7)15
Ed El 111 Bkn 1st con g 48.1039 J JI 824--- 8212 Mar'22--_, 814 8313
j 19
00
534 S
th'
alle 99
95'
4
100
West Electric let 58____Dece11119
31 99 100
993
2
322
214 .7
5
MAI N
Lao Oas L of St L ref & ext 5e 1934 A 01 00 -01 1 8714
00 1 17 86
90
N 1044 Sale 106,3
1004 98 105 1074
Westinghouse & M 7s
90,4 91
91
1927
Milwaukee Gas L let 48
01 I 11 874 91
967s 33 97
Wickwire Spen Steel let 7e__1935 -- -- 9612 Sale 9612
99111
87
- - 10413 Apr'17 -1948 .
J
Newark Con Gas g 55
-- -- - - - - -Iron
and
Coal,
Steel
10
1
7
3
Sale
A_1941
10712
654s
at
ref
let
Edison
Y
N
108
202 10534 108
90 Sale I 9534
0
93
713 28
31 9
06 Sale I 96
85
94
Beth Steel let ext s f 55
12 9
14
1926
714
2
1948 J
NYGEL&Pg 5s
97
6
9253
97
1949 F A t 82 Sale 1 8034
let & ref 53 guar A
1942 M N 93 Sale 91
Purchase money g 4e
8312 63 76
8312
8912 Sale 89
90 1 70 85
90
20-yr p & imp s f 58
1936
J
98
Ed Elea 111 1st cons g W-1995
Feb'22 ____, 9714 98
814
___.
78
Aug'21
____.
____
___
Buff & Susq Iron s 55
1)
1932
Pacific 0 & E Co—Cal0 & E-1
__ 100
814 Apr'21 _ _ _ _ 1
94 Sale 94
Debenture 5s
01928 81
---.
1937
Corp unifying & ref 5.8
91
8 93
95
854 8712 85
1943 F A
85
Colo F
8812 8834 8713
2 82
I Co gen f 59
85 1
Pacific G & E gen & ref 15s._ _1942 t,
8912 46 87
8918
7.34 7374 73
Col Indus let coil 58 gu_ ...l934 F A
9018 0033 90
Pao Pow & Lt 1st & ref 20-yr 58'30'
L
901
15
874 904
Sale
Cons Coal of Md let & ref 58_1950 J D
86
91 105 July'17 --I
1049 11
Pat & Passaic 0 ee El 5e
984713
7-- -- 10
86
24 Feb
'
8773
:
22 _ .59
872
934
%
514 10
Elk Horn Coal cony es
64.110
872
103 ---- 10234 Mar'22 ____ ,
Poop Oas & C ist cons g 6e_ _1943 A
101,4 10388
90
00 1 3
92 I 34 8612 1/2
Illinois Steel deb 4145
86
88
Refunding gold 5s
87
994
100
Sale
10014
N
g
j
al
A
11
I
gfp,
10014
4
20
5
2
1
1
19
9
95
$
let
Indiana
58
91,
Steel
-___
LA
01
Coke 1st gu g 56_ 119
03
47
7
Ch
1511.8
e722 ___19
..1 89
5
9
88
1 12
911,2 23 9314 etas
Lackawanna Steel let g be. _1923 A 0 9314 991: 99,3
Con 0 Coot Ch 1st gu g 68_1936 1..1 87 ____ 8712 Dee'21 ---81
---- - - 84,3 20 82
86
let cons 5s series A
Mu Fuel Gas let gu g 6s.._1947 ly3 ^ 84 —
Jan'22 .--- 78,2 7413
90
Vls
8
J
Mar'22
J
M
__ _ _ 1 90
90
50
4
Navel
1
1
9..5
9
Lehigh
4148
C
A
&
_
994 100
Philadelphia Co cony g 58_.. _1922 M
9973
99'3
5 994 101)
87 , 102 83 874
Midvale Steel & 0 cony e f 5e 1936 M S 8812 Sale 8613
9312 9578 93,3 Mar'22
Stand Otie & El oonv s f 63_ _ _1928 3
.
--_,
02,
3
0613
99 1 46 9612 09
1941 k' A 99 Sale 97
Otis Steel 8s
Syracuse Lighting 1st g
31 864 --- 85 h1ar'22 __--1 86
86
Mar'22 __ _ _ 1 89
91
7918 ____ 79
Ponah Con Colliers lets f 58_1957
1 8
2,7
,3 9
n,
1. 91
Syracuse Light & Power 58..1954
Dec'21
- -- 934
9334
6 90
954
Repub I & S 10-30-Yr 53 a 1-1940 A 0
51 8313 - - • 73 June'21
1049
Trenton 0 & El 1st g es
---- — _ _
81 12
82,3
4 78
St I. Rock Mt & P 58 stmod_1955 J .3 821:
14,2
Union Eke Lt & P 1st g 58_1032 MS. 914 93
834 Sept'21
- - -- - -- Tenn Coal I & RR gen Es
Jan'22 __ ,1 97
99
94
1051 J
95
9814 -- 97
9412 Mar'22
United Fuel OM 1st 5 f 68_1936 J... J.
10134 Sale 10034
102
201 , 994 102
91 Sale 903,4 97
U S Steel Corplcoup
1944 r A
Utah Power & Lt 1st Se
100 Mar'22 ____ 1 99 100
5 f 10-60-yr 5eireg
d
el 196:31 M
88
NI N
96
1957 J
8434 Feb'22
"
Utica Gas & Eke ref 511
2 Si51 84
73'4
2 8
94113
4
00
90
1.87 91
Va Iron Coal & Coke let g 58.1949 M S 8918 90
77 May'21
1950,3 D 9112 95
Westchester Ltg gold 5s
---Telegraph and Telephone
1
Miscellaneous
004
3
89
89
3
4
897
122
1
1 884 9012
Mks
Am
coil
J
Telep
tr
43_1929
75
7518
75
1948 M 8
Adams Ex coil tr g 45
75
5 75
76
193a M 5 5334 8374 8313
84 I
0 8014 84
Convertible 48
10
1114 11
1925 1818
Alaska Gold M deb es A
11
6
9
11
al 9 1004 102
19
M
0
0
7
,31
183
0
1933
9714
9
95
14 ,
107
21
1
cony
20-year
912
11
41-4e
1928
B
Cony deb es series
912
912
1
6
104
1946 J I), '3 7 Sale 96
30-year tetnp coil tr 5s
744 74
•m Wat Wks & Elec 5s __ _ 1934 A 9, 74
7438 12 70
7438
115
103 108 11613
1925 F A, 11434 iale 113
7-year convertible es
884 Sale 8714
Armour & Co 1st real est 4;4;1939 J.
8814 48 864 89
108
43 A0758 112
1945 A 0: 10712 Sale 1074
Bell Teieph of Pa 8 f 7s A.
3512 Sale 3.5
Atlantic Fruit cony deb 78 A..1934 J
40
112 2313 40
99
98
Cent Dist Tel 1st 31)-year 58..1943 J 0' 98
104 10113 10334
114311 M
A
Atlantic Refg deb e
10412 38 10273 105
72
9
'
822 ____1, 9
73 I 7414 hie:
2397 Q
72
7'2 9
Commercial Cable 1st g 45
74
914
6712 Oct'21
1926'"" 52 —
Booth Fisheries deb s f 6s_
9218 93
93 Mar'22 _---' 884 93
Cumb T & T let & gen 5s_ __ _1937 J J
Braden Cop M coil tr a f 68..1911 F A 9618 9614 9534
9012
96s4
13 93
9714 9713 97
1952 et
9714
Web State Teleph let Sc. _ _1924 F A
4 9454 9734
78,2 85
82
Bush Terminal 1st 4s
Feb'22
80
8518
92 I 89 8814 y213
J 8514 86
N Y Telco let & gen f 4%3_1939 M N 10234 Sale 9113
87 Mar'22
1..
Consol 68
__, 8214 Si)
10412 35 10134 104(3
30-year deben f es. _ _Feb 1949 F A 10213 1024 103
884
Building fis guar tax ex__ 1081)A ° 8873 89
8912 30 86,4 8974
gold 85_1941 A 0 10214 10234 1024 • 1034 248 1014 10313
20-year
refunding
113 Sale 11213
10311;
Cerro de P118C0 Cop tia
11234 74 110 115
10712 146 107 10834
Northweern Bell T let is A.I041 F Al107 Sale 1064
82 Sale 9134
Ohio Un Sta'n let gu 4348 A..1003.1
9218
22 8713 93
1937 J J 1/4 Sale 94
95
Paelfie Tel & Tel let 5s
11312 Hale 11212
1903,4
let Ser C
(etre)
11434 21 11153115
9412 94
J
934
58.1941
J
9414
South
14
Bell
1 9172 9
f
Tel
h
T
1st
9551
:
10112
Sale
Chile Copper 10-yr cony 7s_19231 M P),
10113
10134 64 99 10312
9514
9.57
3
95
J
58..1938
90
Western
tr
cur
13 1)(114 90
Union
coil
8614 Sale 854
Coil tr & cony es ser A ._ _ .1932 A'
3
8634 164 84
8634
9234 93
9234
93
FU
IS ny(L,t
12 681
,rReit4
: 934
4,
1 esttate g 4%5_1950 1111 N
911, 93
Computing-Tab Bees._1941 J J 113
94
94
20 89
_ 10734 108 107,s
108
40 10012 1084
•No price Friday: late,s bid Lad Liked. eDue lea. dDue ApIll.
ODus Mat. Due May. oDue June. *Due July. *D1141 Aug. •Dus Oft. (Due Dee. *Option sale
5j
-4
Price
Artetay
Mar, 31
71i34
-iifi
i661-2 i061-2
r N_I
--7813
_82:f
1392
BOSTON STOCK EXCHANGE-Stock Record s..B.ZD:age
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Monday.
Saturday;
March 25, March 27.
Tuesday.
March1428.
Friday,
Wednesday, Thursday.
March 29. March 30. March 31.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
Lowest
Highest
Range for previous
year 1921
LOOM
Highest
Railroads
100 13014 Jan 4 145 Mar 18 119 Apr 133 Nov
, Boston dr Albany
t
'
Marle
143 144
142 142
142 144
142 142
142 142
617s Jan 79 Nov
100 73 Feb 20 80 Jan 18
355 Boston Elevated
77 -- 1i77
78
77
79
765s 77
79
7912 78
Jan 100 Doe
78
100 9414 Mar 1 98 Jan 16
pref
Do
___
99
98
9712
98
97
98 *____ 98
98
9712 9712
1314 Dec 2534 Feb
100 14 Jan 10 22 Mar 30
-2112 -2-1-7-8 1,134 Boston & Maine
2112 22
1912 2012 2034 21
1913 21
*1914
1612 Nov 30 Jan
100 20 Jan 9 2514 Mar 30
Do pref
30
_ *2414 ____ 2412 2413 2514 2514 ____
2412 2412 *2414
19 Aug 33 Jan
Do Series A let pref_100 22 Jan 5 3034 Mar 30
3014 3034 --------440
2912 30
29
29
28
2812 2812 28
27 Nov 47 Feb
Do Series B let pref 100 36 Jan 17 47 Mar 30
168
47
46
45
43
*__ __ 45
*42
45
30
Mar
Nov 40 Jan
41
24
9
Jan
30
C
Series
pref_100
Do
let
-------302
4012
41
40
3812
3812
*37
*38
3912 - 1
-ii36 Nov 58 Jan
Do Series D let pref_100 40 Jan 12 5512 Mar 30
5514 5512 ---------131
55
55
53
5512 ---- -- 53
*54
100 125 Jan 12 145 Mar 29 110 June 133 Jan
145 14550 Boston & Providence
142 145
•-___ 142 *____ 142 *____ 142
314 Jan
334 Feb
334 Jan 26 334 Jan 27
Bost & Wore Elea pref_No par
Last Sale 6--- -Mar'22
12
12 , *6
*0
12
*6
12
*6
3 Chic June Ry & U S Y__100 130 Jan 19 130 Jan 19 130 Feb 130 Feb
*130
*130 ____ *130
•130
130 130 *130
634 June 824 Dee
100 8013 Jan 9 86 Mar 20
Do pref
10
88 -86 - *86 ____ *86 ____ *86 ____ *88 ____ *88 ___
30 Dec 4312 Feb
100 271s Jan 30 37 Mar 30
75 Maine Central
37
36
____
*35
35
35
3312 34
*33 ____
12 Dec 2314 Jan
100 1914 Jan 3 2112Alar 31
1934 1934 1834 1912 1914 2078 2078 2114 2013 2118 -2078 -2-1-1-3 1,711 NY N H & Hartford
Apr 75 Feb
60
2
Feb
75
10
Jan
09
100
Hampshire
New
75
Northern
75
72
___
_
*7112
75
74
76
*71
74
•70
*7013 74
Nov 78 Jan
1
Mar
51
80
17
Jan
58
Norwich dc Worcester pref_100
Last Sale '73 Mar'22
*73 __ __ *7734
+73
*73
50 Oct 75 Jan
100 57 Jan 6 87 Afar 24
519 Old Colony
8634 85
86
8634
85
86
8513 8512 86
85
Jan
15 Apr 21
100 15 Jan 20 20 Mar 31
600 Rutland pref
25
25
-i8- -2-6-25
2312 2313 *22
*22
2334 2312 24
69 Nov 78 Dee
5 Vermont & Ma.ssachusetts_100 78 Jan 23 87 Feb 21
87
87
*8612 90
*8712 90
90
*8714 90 *87
*8712 90
Dee
40 Jan 5112
50 4812 Jan 5 52 Mar 16
450 West End Street
5014 5014 4912 5014
4938 50
4978 4978 4978 497s 4934 50
40 Jan 61 Dec
Do pref
50 57 Mar 1 60 Jan 20
75
5912
*5914 5912 59
60 60
58 5812 *58 60
60
•58
Miscellaneous
3 Jan
.04 Aug
.05 Jan 25
.02 Feb 8
10
Amer Oil Engineering
Last Sale .10 Mar'22
•.05 .25 *.0.5 .25 ..05 .25 *.05 .25
534 Deo
2 Jan
414 Jan 27
234 Feb 4
25
*312 4
820 Amer Pneumatic Service
312 372
312 312 *314 4
312 4
*312 4
813 Jan 1538 Nov
50 13 Feb 20 17 Jan 16
Do pref
35
1412 1412
14
14
14
14
1512 1434 1434 *1314 14
•14
9618 Jan 11912 Nov
121 12134 3,213 Amer Telephone & Teleg100 11458 Jan 3 12434Mar 14
11912 12034 119 12018 120 12014 120 12012 12058 121
74 Jan 109 Dec
No par 104 Jan 10 117 Jan 24
484 Amoskeag Mfg
106 106
106 107
106 10612 106 106
106 107
10612 108
73 Feb 8414 Dee
No par 28013 Jan 17 85 Jan 16
83 8375 Do pref
83
83
83 *8234 83
•83 ---- 83
12 Jan 16 Sept
'-2-2
:
Art Metal Construe Inc_ 10 1411 Feb 20 18 Mar 16
Last Sale li- --D/61
1713
*1512 17 •1512 1712 *1513 1712 *15
31
Mar
1234 Dec 20 Apr
21
7
Jan
13
par
No
Corporation
Atlas
526
Tack
21
4
203
2018 20713
20
20
1934 20
20
20
.1914 20
4 Jan
.15 Dec
10 .25 Jan 20 .75 Feb 21
Last Sale 30 Mar'22
Beacon Chocolate
1
..35
1
+.35
3.35 1
'
•.35 1
.95 Jan
.15 July
400 Boston MexPetTrusteeeNopar .17 Jan 18 .25 Mar 4
.20 .20
.20 .20
.20 .20 '3.20 .25
•.20 .25 +.20 .25
118 Jan
Oat
24
Feb
.084
.07
20
Jan
.05
10
Inc_
Amer
of
Steel
Century
.07
Last Sale
Mar'22
+.05 .10 *.05 .10 +.05 .10 *.05 .10
94 July 1772 Dec
10 1534 Jan 4 2312 Mar 3
2214 1,125 Connor (John T)
2218 22
22
215g 2178 2134 22
217s 22
2112 22
44 Feb
3 Oct
413 Mar 25
3 Jan 4
10
425 East Boston Land
312 4
*312 4
4
4
4
4
438 412 *334 4
912 Oct 23 Jan
914 Jan 19 1414 Feb 10
5
915 Eastern Manufacturing
1134 1238 1112 12
1112 1113 *1114 1112 1112 12
12
12
Jan 42 Dee
18
25 3812 Jan 4 65 Mar 16
1,260 Eastern SS Lines Inc
6238 63
6134 6212 6334 6212 64
02
61
6034 6134 61
Nov 45 Dee
42
23
Feb
47
7
Jan
42
Do
15
50
pref
47
47
46
*___
46
*____
•____ 40 *__ 46 *____ 46
100 156 Mar 2 171 Mar 15 14214 Oct 16512 Dec
304 Edison Electric Illum
169 17012
169 170
168 169
16712 168
168 168
168 168
Jan
17
7 Mar 23
3 Nov
3 Mar 14
514 6
*534 612
534 534
655 Elder Corporation,___..No par
6
513 512 *512 6
6
952 Sept 234 Apr
No par 10 Jan 12 1513 Feb 27
3,175 Gardner Motor
1414 15
14
1418 14
137g 1413 1414 1414 14
14
14
Jan
8
1 Dec
1 Jan 19
50 .30 Mar 21
Gorton-Pew Fisheries
Last Sale .50 Mar'22
.50
.50 *..__
1914 Dec 29 Nov
25 19 Jan 28 2714 Feb 27
2414 2412 2438 2458 1,155 Greenfield Tap & Die
2458 2458 25
2534 2414 2434 24
25
19 July 2872 Dec
1990 Internat Cement Corp_No par 20 Jan 20 36 Mar 21
341 347
35
34
3212 3312 3334 34
3212 33
33
33
32 Dec 4112 Feb
50 28 Mar 25 32 Jan 27
. -----284 Internat Cotton Mills
3012 *30
3114 *30
3012 -----------3012 30
28
74 Dec 86 Mu
_100 6934 Afar 28 781s Jan 6
Do pref
35
6434 6434 65- 65 0--- 70 •--- _ 6914 6914 6912•_ _- 67
2 Seat 13 Jan
612 Mar 25
314 Jan 9
No par
6
+5
355 Internat Products
6
512 *5
5
5
5
612 612 *413 6
5 Nov 32 Jan
7 Jan 5 1514 Mar 30
100
Do met
125
15
1514 1514 15
*1212 20
15
15
*1413 20
•1434 20
472 Mu
2 Sept
24
Jan
3
21
Mar
1
10
Corp_
Transp
&
011
Island
1,575
1
1
1
1
1
4
1
/
1
1
118
1
512 Dee 13 Jan
738Mar 2
418 Mar 28
112
3 -1- 5,247 Libby, McNeill & Libb_ 10
:ii418 438
418 118-418 412
438 412
412 518
o814 Dec 18 Juno
812 Jan 3 13 Jan 16
25
99 Loew's Theatres
1038 1012
10
1012 1013 1013 1012 1012 1034 *1014 1012 10
73 June 924 Feb
McElwain (W H) let pref-100 81 Jan 24 88 Mar 22
Last Sale 8712 Mar'22
+88 ____
. *88
.88 ____
6354 Sept 85 Jan
285 Massachusetts Gas Cos__100 63 Jan 3 731M,. 2
7214 7112 72
72
72
--72 -7272
-7113 7113
7212 *8872
584 Oct 64 May
100 62 Jan 3 8814 Feb 4
Do Ind
112
66
66
6512 66
6512 6512 6512 6512 6512 6512 6512 66
Sept 136 Nov
117
28
Feb
150
3
Jan
130
100
Linotype
Mergenthaler
65
146
146
146 147 *146 149
146 146
•148 14912 *146 148
181$ Sept 354 Apr
2112 2078 2112 2,125 Mexican Investment Inc_ 10 20 Mar 27 23 Jan 20
2012 2172 21
20
2012 20
2013 2012 20
Sept 144 Mar
11
18
Feb
2212
6
Jan
13
River
.100
Power..
Mississippi
665
8
203
20
8
203
*2018
2013
20
2012
20
8
3
20
2014 2014 20
60 June 84 Apr
100 7212 Jan 9 80 Feb 21
Do stamped pref
180
7914 7914 7834 7934 7914 7914 *7812 7912 *7813 7912 *7812 7912
94 Jan
24 Dee
8 Jan 4 1152 Jan 21
10
283 National Leather
1014
1018 10
1038 10
1014 10
1014 10
1014 1012 10
6 Aug
4 Aug
5 Jan 28
234 Al ar 15
840 New England Oil Corp
412 *4
4,2
418 413 *4
412
4
4111 414
.334 414
9512 Jan 11254 Dee
257 New England Telephone_100 109 Jan 4 117 Mar 14
115 115
11412 115
11313 114
*115 11612 11412 11518 11312 114
7 July 1154 Des
Ohio Body & Blower__ _No par 1114 Jan 11 14 Mar 16
Last Sale 14 Mar'22
13
13
*12
*12
*1313 15
•1312 15
.412 Dec 3014 Ape
1 13 Jan 10 1978 Mar 29
1934 1834 1918 2,495 Orpheum Circuit Inc
18
18
1878 1978 19
1814 1814 175/1 18
166 Jan 8 17412 Mar 11 146 Jan 171 Dee
97 Pacific Mills
170 170 I --_- ---170 170
170 170
168 170
109 170
7814 Nov 87 Feb
100 78 Feb 21 80 Jan 4
' --------30 Plant (Thos G) pref
Jan
124 Apr 14
10 13 Jan 5 1412 Feb 21
Reece Button Hole
Last Sale 13 Mar'22
14
1334 *13
1312 *13
•13
1313 *13
914 May
21
3 Dec
Jan
514
20
Feb
3
5
Magneto
Simms
412
100
438
438 *4
418
*4
*312 432 *312 432 *4
438
8812 July 10534 Jan
100 9214 Jan 3 1087s Feb 23
10234 10434 1,089 Swift & Co
10112 102
102 103
10312 10414 102 10314 101 102
47 June 61 Feb
25 60 Jan 3 6513 Jan 24
30 Torrington
*6112 63
6312 *6112 63
6114 6114 +62
•62 63 .62 63
10 Dec 22 Jan
8 Mar 29 1414 Feb 3
5
345 Union Twist Drill
9
87/3 *812 9 • 9
8
9
9
8
9
*8
33 Sept 3914 Jan
25 34 Mar 3 45 Mar 24
4314 3,728 United Shoe Mach Corp
437 45
4334 43
'4213 4378 4214 4312 . 4212 4312 43
Apr 254 Dee
2214
21
Jan
27
3
Jan
25
25
pref
Do
277
2614
2614
2612
2613
2612
2612
27
26
26
26
26
26
1614 July 2412 Dee
2334 2418 8,315 Ventura Consol Oil Fields_ 5 2172 Jan 27 2414 Jan 3
2334 24
2234 2378 2334 24
2234 22% 2258 23
1872 Jan 2972 Dec
10 2612 Jan 4 31 Jan 25
999 Waldorf System Inc
2918
29
29
2914 2834 29
*2834 2911 2834 29
2834 29
6 Dec 17 Jan
7 Jan 3 11 Afar 31
100
3,775 Waltham Watch
934 11
958 978
934
9
813 9
81s 838
•814 838
Sept 17 Feb
74 Feb 7 11 Mar 16
487 Walworth Manufacturing_ 20
914 10
914 *9
914
*9
9
9
9
9
914
*9
Apr 2212 Apr
11
50 1713 Jan 3 3278 Mar 21
1,028 Warren Bros
30
30
3034 2912 30
30
3012 3018 32
3012 3012 30
Aug 334 Dec
17
20
Mar
37
4
Jan
3012
50
pref
let
Do
50
3514 *34
3514
3514 3514 3514 *34
*3412 3512 3514 3514 *34
Oct 3554 Dee
16
50 3313 Feb 18 4113 Mar 20
Do 2d pref
46
38
38
38
38
38
*36
39
*36
40
+35
40
*35
8 July 1814 Jan
5 1334 Alar 27 16 Feb 9
13 Wickwire Spencer Steel
*1334 15
*1334 1412 *1334 1412
•1334 1412 1334 1334 *1334 15
154 Dee
Oct
.35
4
Jan
4
13
9
1 Jan
5
Wollaston Land
Last Sale 114 Mar'22
11*---114
114
114
*1
Mining
Mal
.75
18
Mar
Mar
.4
.60
31
Jan
.50
25
Consolidated__
Adventure
50
1
*.60
1
'.60
1
.60 .60 •.60
•.60 1
•.60 1
60 Aug 83* Dee
25 60 Jan 8 65 Jan 25
551 Ahmeek
6114
6112 61
61
62
6134 6213 +61
62 62
62 65
.50 Apo
.15 July
13
Jan
.20
13
Jan
.20
25
Mining
Algomah
.20
Sale
Last
Feb'22
.50
*.20
.50
+.20
•.20 .50 *.20 .
16 Apr 244 Nov
25 22 Jan 9 3212 Jan 26
50 Allouz
*2614 27 *2614 27
*2614 27
27
*26
27
*25
27
27
354 Jan
112 Sept
314 Jan 3
2 Mar 10
25
300 Arcadian Consolidated
212 258
•238 238 *238 258
238 258 +212 258 *238 238
672 Jan 10 Abe
17
Mar
8
7
9
20
Feb
814
5
Arizona
Commercial
--------275
918
918
9
9
938 912
912
914 *9
8 Mar 14 Oat
10 13 Jan 5 14 Jan 21
100 Bingham Mines
1312 1313 *1314 1312
*1314 14
*1314 14
*1314 14
*1314 14
25 265 Jan 5 285 Jan 23 210 Apr 280 Dee
92 Calumet & Reda
277 278
276 276
276 280 276 276
279 279
275 276
11 Dec 164 Jan
29
41%11w
1113
4
Jan
1014
1
Gold
Hill
Carson
17.722
1618
4
153
1614
16
4
163
16
16
1538
1512 1614 1518 157s
7 Jan 10 Jan
913 Jan 16 1312 Feb 1
25
Centennial
Last Sale 12 Mar'22
12
+10
12
*10
12
*10
12
•10
27 Jan 4054 Dee
25 3713 Jan 3 4614 Jan 25
376 Copper Range Co
4212 4314 4318 4334 *4314 44
4212 4212 43
42
43
42
414 Jan
152 Nov
7
Mar
234
9
Jan
134
20
Daly-West
260
1
134
234 -24
234 *2
212
*2
74 Jan
514 Mar
914 Jan 28
613 Jan 3
10
870 Davis-Daly Copper
714 --714 - -717
4
7% 714
714 712
714
7
712 712
7 Aug 11's Dee
1,287 East Butte Copper Mining 10 10 Mar 27 1214 Jan 26
1058 1058 1058 1034 1012 1012 1058 11
11
1058 1058 10
14 Apr
34 Jan
2 Jan 19
138 Mar 14
25
112 11235 Franklin
134
112 *112 134 *412
112
•112 134 *112 134
34 Jan
112 Sept
313 Ma 16
2 Jan 13
10 Hancock Consolidated.... 25
*258 3
*25s 3
212 212 *258 3
.258 3
*258 3
272 Nov
1 June
238.1anr 23
31
158Mar
25
Helvetia
425
134
8
15
8
17
134
2
8
*17
2
8
*17
2
8
17
Vs
17
Dee
8812
Jan
23
Mar
48
113
10
Jan
8113
1
Coal
Creek
Island
5,831
10478 10512
103 10413 102 10312 10012 10212 101 10312 10212 105
75 Jan 904 Dee
1 88 Feb 14 9413 Mar 15
lef Copper
re
pa
Roy
30 1811:0
5
93
*92
93
*92
92
*91
92
92
92
9413 *91
.92
1614 Jan 244 Dee
2612 Jan 24
28
Feb
2218
25
24
*2312
24
24
*2312
24
24
*2312
2313 2313 2312 2313
4 Sept
212 Mar
358 Mar 9
3 Feb 6
5
Kerr Lake
Last Sale 312 Mar'22
*318 312 *318 3,2 *3,8 312 *3% 312
2 Den
134 Mar 13
.98 Sept
1 Feb 24
25
Last Sale 112 Mar'22Keweenaw Copper
112
112 *114
*114. 112 *114 112 *114
312 Dee
Jan
2
Mar
24
318
25
18
18
Feb
Co
Copper
Lake
215
3
8
*25
212
212
258 258
*212 2711
*258 3
•258 3
24 Feb
Jan
114
16
Jan
2
6
Feb
lls
25
Copper
Salle
100 La
158
112
.112 2
*113 2
134 134 *113 2
*112 2
2 Sept
14 Jan
218 Mar 8
138 Jan 1
5
Mason Valley Mine
Last Sale 178 Mar'22
*112 2
*112 2
*112 2
•112 2
352 Jan
Apr
.55
4
Jan
3
24
Mar
2
25
Consolidated
Mass
150
4
23
213 212 *214 234 *21,
212 *214 234 *214 234
+2
Jan
514
Aug
2
5
2
18
Mar
8
53
20
Jan
214
25
Colony
235 Mayflower-Old
458 458 *458 5
412 412
412 412
478 478
5
5
14 Aug
34 Map
24 Jan 23
14 Jan 16
25
Michigan
Mar'22
Last Sale 2
*134 2
•134 214 .134 214 *134 2
Del
69
Jan
6312
17
Mar
6012
7
Jan
5312
25
Mohawk
210
58
5812 5812 5812 58
5712 5638 5734 57
56
57
57
1214 Sept1814 Dec
5 17 Feb 21 19 Jan 23
791 New Cornelia Copper
*1713 1734 1734 1734 1712 1734 1712 18
1712 18
•1712 18
2 Dee
.40 Nov
218 NIar 23
5 .40 Attu' 7
100 New Idris, Quicksilver
2
*1
2
+1
2
*1
2
+1
2
*1
2
2
40 Feb 57 Map
100 37 Jan 6 40 Feb 9
New River Company
Last Sale 3812 Mar'22
Mar
95
Dec
74
1
Feb
7711
7
Jan
73
100
Do pref
10
79
*77
79
*77
75 '77
81
if- 75
;71
84 Jan
41 July
7 Jan 4
534 Jan 20
5
61g 614 1,173 Nipissing Mines
638 612
611 638
612 7
638 612
658 658
1414 Dec
8
21
Jan
Max
1414
•
15
Feb
11
15
Butte
North
835
1212 *1214 1234 1214 1214 1214 1212 1238 1234
1238 *12
12
1 Aug
212 Dec
214 Jan 16
212 Jan 20
25
011bway Mining
Last Sale 218 Feb'22
218 .178 212 .178 218
•178 218 *17
1532 Jan 2554 Nov
25 23 Jan 4 27 Jan 25
190 Old Dominion Co
2412 2434 2412 2412 +2412 25
25
*23
25
*23
25
*23
Dec
26
Jan
21
Aug
834
3711
5
Jan
3011
25
*3414 3520 Osceola
34
*34
*3414 35
34
35
*3312 3412 *3312 35
3312 Aug 46 Dec
25 42 Feb 20 4734 Mar 20
211 Quincy
44
4312 44
4314 4313 4312 4312 43
44
4313 4412 43
45 Dec
Jan
Mar
17
48
28
9
Jan
4152
25
Land
Mineral
Mary's
St
787
45
45
431 1 4412 4414 4412 4414 4412
47
4712 4712 47
.76 Jan 1% Dec
114 Jan 23
10 .25 Mar 10
500 Shannon
.85 .85
.90 .90
.80 .80 *.80 1
.80 .80 .*80 .85
2 Jan
.35 Nov
25 50 Jan 31 .80 Feb 27
South Lake
Last Sale .80 Feb'22
1
'3.65
1
..65
1
•.65
•.65 1
WI Feb
2 Sept
17
Jan
3
29
Mar
2
25
•
Superior
107
234 *258 3
2
2
2
*212 3
*213 3
*212 3
24 Feb
June
1
7
Jan
114
31
.90 Nlar
700 Superior & Boston Copper_ 10
.90 .90
1
.95 .99 *AM
'3.90 .99
1
1
.91 .91
64 Nov
1% July
3 Jan 17
6
Mar
134
5
Corp
Trinity
Copper
3,520
218
2
218
218
2
21s
2
2
2
215 214
218
.85 Dec
.34 Aug
5 .49 Mar 7 .84 Jan 3
.65 .70 9,800 Toulumne Copper
.65 .65
.60 .65
.60 .68
.60 .65
•.55 .60
34 Oat
154 Aug
4 Mar 22
212 Jan 19
5
312 312 3,545 Utah-Apex Alining
312 312
312 358
312 334
313 334
358 334
5 Jan
112 Nov
8
Feb
214
21
Feb
1
Consolidated
Utah
4
*13
182
2
2
2
112 2
2
2
214
*2
Jan
Jan
.95
22
24
Mar
178
15
Feb
1
1
Utah Metal & Tunnel
1134 12
54
114 1/
114 114 *14 114
% --------1,380*3
138 138
214 Feb
.40 May
Jan 30
212
4
11
25
5
Jan
Victoria
Mar'22
134
Sale
Last
2
*112
134
2
*113
*112
*112 134
Mar
.80
Jan
.35
7
Feb
.50
25
16
.25
Jan
207 Winona
.30 .30 •.30 .40
•.35 .50 '.35 .50 •.35 .50 4..30 .40
84 July 14 Feb
25 TO Feb 10 1212 Mar 13
41 Wolverine
1212
1212 *12
1212 .12
1212 *12
+12
12
1212 12
•12
Old /took. z x-divIdend.
6100.
value
Par
rights.
Ex-dividend
a
a
Ex-Maine
abates,
than
and
ILeas
100
.13Id and aaaad Primo! 130 gala on this day.
APRIL 1 1922.]
THE CHRONICLE
Saki
Friday
Last Week's Range for
Week.
Sale.
of Prim.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Mar. 25 to Mar. 31, both inclusive:
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Shares.
BondsU S Lib Loan 234s 193247
let Lib Loan 45 1932-47
2d Lib Loan 4s_ _1927-42
let Lib L'n 4315 1932-47
2d Lib L'n 431s_ _1927-42
3d Lib Loan 4%8_ _ 1928
4th Lib L'n 44s 1933-38
Victory 4%e. _ _1922-23
Amer Tel & Tel coil 48_1929
1940
Oa
Atl G & W I SS L 5s 1959
Carson Hill cony 7s_ _ 1936
Chic Jet Ry & US Y 581940
1940
4s
1936
Hood Rubber 75
Internat Cement 8s.... 1926
K C Mom & 131rm Inc 5s'34
1929
Mass Gas 4%s
1931
434s
Miss River Power Os_ _1951
N E Telephone Os__ 1932
1925
Seneca Copper 8s
1944
Swift & Co 5s
Warren Bros 7340-._.1937
Western Tel & Tel Os_ _1932
90
974
52
108
79%
96%
1074
92
95
100%
106
9334
07.54 98.04
98.04 98.04
97.84 98.04
98.04 98.42
97.74 98.44
98.34 99.66
98.04 98.80
100.64 100.70
89% 90
964 974
51% 52%
108 108
92
924
7834 79%
9634 97
106% 108
82
83
91% 924
90
90
89% 90
95
95%
100% 103
92
9234
10434 105%
9334 03%
Range since Jan. 1.
Low.
1,700 94.64 Jan
50 95.94 Feb
200 95.26 Jan
2,800 95.94 Jan
8,450 95.26 Jan
17,250 96.24 Jan
32,800 95.64 Jan
20,500 99.82 Jan
4,000 864 Jan
Feb
10,000 94
Mar
49,000 47
Jan
7,000 100
11,000 89% Jan
3,000 744 Feb
23,000 954 Jan
10,000 101
Jan
4,000 80% Jan
26,000 86
Jan
Jan
1,000 86
Jan
11,500 88
Jan
21,000 93
Feb
3,060 100
Jan
3,000 91
47,050 97% Feb
Jan
10,500 90
High.
98.04 Mar
98.04 Mar
98.04 Mar
98.42 Mar
98.44 Mar
99.00 Mar
98.80 Mar
101.00 Mar
Mar
90
97% Mar
Mar
53
Mar
108
924 Mar
7934 Mar
97% Jan
Mar
109
8334 Feb
9234 Jan
Mar
90
Jan
90
9534 Jan
Jan
110
924 Jan
10734 Mar
Mar
94
Pittsburgh Stock Exchange.-Record of transactions.at
Pittsburgh Stock Exchange March 25 to March 31, both Inclusive, compiled from official sales lists.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_50
Am Wind Glass Mach_ _100
Arkansas Nat Gas, com_10
Barnsdall Corp Class A-25
25
CIa.ss B
Carnegie Lead & Zinc_ _ _ _5
Columbia Gas & Elea A00
Consolidated Ice, prof 50
Indep Brewing, corn_ _50
50
Preferred
25
Lone Star Gas
50
Mfrs Light & Heat
Merchants Say & Trust_50
Middle States011
10
Nat Fireproofing, corn..50
Preferred
50
1
Ohio Fuel Oil
Ohio Fuel Supply
25
Oklahoma Natural Gas_ _25
Pittsburgh Brew, prof __ _50
Pittsburgh Coal, corn 100
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Oil & Gas_ _ _ _5
Pittsburgh Plate Glass_100
10
Salt Creek Cons 011
1
San Toy Mining
*
Tidal-Osage Oil
100
Union Natural Gas_
100
U S Glass_
U S Steel Corp, corn__ -100
Weet'house Air Brake_ _ _50
W'house El & Mfg,com..50
WestPennTr&WP,corn 100
100
Preferred
BondsPitts All & Man Tr 54_1930
Pittsburgh Brew Os.._ _1949
West'house El dr Mfg 78'31
80
1034
3734
30%
4
2234
x47%
8
17
4734
204
5%
26e
734
142
•
x88%
x57
81%
75
10
80
931
2934
264
34
82
23%
234
7%
224
464
40
13%
8
17%
17
4734
20
5%
62
26c
7
140
10%
Sc
1134
124%
43
94%
85%
57
24
8134
Range since Jan. 1.
Low.
8
20
10
260 6434
80
10% 13,276
8%
39% 1,990 21
3034 2,412 20
234
434 2,377
75 6434
8334
23
100
'
2334
134
220
234
150
734
6%
565 20
23%
484 1,160 454
6 40
40
8%
95
13%
316
6%
8%
90 15
1734
280 16
17%
1,170 44%
49
20% 1,154 19
5
180
534
40 60
62
260 3,000 25c
6
7% 2,062
225 130
142
831
11% 1,500
30
7c 10,100
395 11
12
170 115%
125
200 40
45
450 82%
95
860 804
8934
785 4934
5834
100 18
24
30 72
83
High.
Mar
Feb 10
Mar
Jan 81
51
Jan
mar 11
Feb 39% Mar
Mar
Jan 31
44 Mar
Jan
Mar
Jan 85
Feb
Jan 25
2% Feb
Jan
Mar
8
Feb
Mar
Jan 25
Jan 48% Mar
Mar
Mar 40
Mar
Feb 14
Jan
8% Mar
Jan 17% Mar
Jan 20
Jan
Jan 4934 Mar
Jan 21
Jan
Feb
64 Jan
Jan 63
Jan
Jan 31e mar
Feb
8
Jan
Jan 147 May
Jan 1134 Mar
Mar
7c Mar
Jan 13
Mar
Jan 128
Max
Jan 45
Feb
Jan 9634 Feb
Mar 100% Feb
Jan 58% Mar
Jan 24% Mar
Jan 83
Mar
$3,000 83
83
Mar 83
83
Mar
4,000 74
75
75
Jan 75
Jan
1,000 105% Jan 108% Mar
10634 108%
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, March 27 to *arch 31 (March 25
a holiday-Maryland Day), both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100 31
Atlan Coast L (Conn)._100 90
100
Baltimore Tube
Bost Sand & Gravel pf 100
1 .40
Celestine 011
Cent Teresa Sugar Prof 10
Commercial Credit prof 25 254
25
Preferred B
Carmel Gas E L & Pow 100 108
11031
Preferred
Consolidation Coal_ _..100 83
Cosden & Co
......5
434
5
Preferred
Houston Oil prof tr ctfs 100 8035
25 ....
Mfrs Finance prof
MtV-Woodb Mills v t r 100
Preferred v t r
100
Northern Central
50 73
Ponnsyl Wat & Power_ _100
United Ry & Electric__ 50 124
Wash Bait ec Annap___ _50 1534
..
50
Preferred
BondsCentral Ry cons . _1932 97
CharlesConRyG&E6s
5s- '99 8131
City & Suburb let 5s.1922 994
City&Sub(Wash)1st Os '48
Consolidated Gas 5s._1939 98
General4Hs
1954
Cons Gas E L & P 434s '35
74% notes
1945
7% notes
1922
1931
7s
Consol Coal ref 4%s._1934
Convertible 6s _.._1923
Small bonds _ _ _1923
Cosden & Co Os
Davison Sulphur Os__ 1927
Elkhorn Coal Corp 08-1925 95%
Fairmont Coal Os ....1931
Fla Cent & Pen cons Os '43 80
Oa Car & Nor 151 5s..1929
HoustonOlidiv.ctfs6s'23-25
Macon Ry & Lt 58___ _1953 83
Md Elec Rv let roo____ 1931
34
30
96
91
21% 2134
00
60
.36 .45
331 334
2534 25%
2634 2631
1044 106 34
110% 110%
83
82
354 354
4% 44
7951 81
24% 24%
11
11
444 44%
73%
73
100 100%
114 1231
15%
15
30% 31
97
97
81% 8134
99% 9934
80% 80%
98
98
82% 8231
89% 89
107 10734
100% 1004
103% 103%
88% 88%
100 100%
100 100
99% 9934
9834 9834
9531 96
92
92
88
86
84% 85
100 100
83
83
92
92
Ramge since Jan. 1.
Low.
235 26
98 80%
20 21%
20 60
2,662 .35
100
234
205 25
142 254
534 91
178 105
102 80
86 3531
3.245
4%
81 78
20 24
16 10
86 44
256 72
89 92%
2,718
9
60 1431
305 29
$1,000
2,000
1,000
1,000
1,000
12,000
2,000
12,000
2,000
28,000
5,000
7,000
500
7,000
2,000
30,000
5,000
1,000
3,000
8,000
1,000
0,000
96%
81%
98%
78
93
81%
82%
106
09%
1014
8534
9634
NO
9831
96%
94%
92
834
8334
100
80
86
1393
High.
Jan 34
Jan 96
Mar 25
Mar 60
Jan .50
Jan
4
Jan 2034
Jan 27%
Jan 108
Jan 11134
Jan 8331
Mar 3531
Jan
434
Feb 84
Jan 25
Jan 12
Jan 4531
Jan 74%
Jan 1004
Jan
1234
Jan 154
Jan 32
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Mar
97
81%
99%
80%
98
83%
8934
107%
100%
103%
894
100%
100
100
104
96
93
86
85%
100
83
92
Monon Val Trac 5s ..1942
7s
1923
Pennsy W & P 5s
_1940
United Ry & E 4s_ _ _ _1949
Income 4s
1949
Funding 5s
1936
Small
1930
Cony 74s
1931
6% notes
Wash Bait & Ann 5s.1941
78%
73
78
7834
78
97% 97%
95% 95%
71% 73
53%
52
7334 74%
74%
74
105 105
994
99
7734 78
Range since Jan. 1.
Low.
High.
Feb 79
10,000 75
Feb
34,000 95
Mar
Jan 98
1,000 92
Jan 9531 Mar
65,000 66% Jan 74
Mar
20,000 48
Jan 544 Mar
2,000 66
Mar 74% Mar
900 66
Mar 74% Mar
7,000 10331 Jan 106% Feb
35,000 98
Jan 99% Mar
30,000 7834 Mar 7834 Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 25 to Mar. 31, both
inclusive, compiled from official sales lists:
4meg
Friday
Last Week's Range for
Week.
of Prices.
Sale.
StocksPar, Price. Low. High. Shares.
10
Alliance Insurance
10
213421%
35
American Gas of NJ _ _100
62
64
American Railways _ _ _ _ 50
8%
84 9% 1,821
115
Preferred
100 41% 4031 41%
American Stores
* 9834 9634 99% 4,634
1st preferred
1,356
127% 132
100 131
2d preferred
275
100 12934 129 13034
Bank of No Am warrants__ 60
226
60%
59
Buff & Slum pref v t 0..100
25
48
48
Consol Trac of N J._ _ _100
135
55
50
Elec Storage Battery ..l00
769
148 157%
New
1,190
40
38
*
General Asphalt
20
100
5934 5934
Insurance Co of N A_ _ _ _10 35
270
35
355
J G 13th Co
1,838
43
100 4134 30
Keystone Telephone __50 10
537
9
10
Preferred
158
50 33% 31
3334
Lake Superior Corp__ _ _100
934
9
1034 5,600
Lehigh Navigation _ _ _ _50 7034 69
204
71
Lehigh Valley
832
50
5834 60%
Lehigh Val Transit prof 50
5
19
19
0Eisenlohr & Bros prof 100
40
944 9434
Pennsyl Salt Mfg
58
71
71
50
Pennsylvania
374 3931 10,389
50
Penn Cent L & P pref... •
54
30
54
Philadelphia Co (Pitts)_ _50
37
3731
220
• Preferred (5%)
20
50
3134 31%
Prof (cum 6%)
950
50 3834 3834 394
Phila Electric of Pa __..25 2654 28
26% 10,444
Preferred
25 2734 2731 27% 3,856
Phila Insul Wire
50
30
30
* 30
Phila Rapid Transit____50 304 264 304 32,215
Philadelphia Traction _50 66
95
6434 66
Plana & Western
10
8% 8%
- 50
Preferred
10
50 3134 3134 3134
Reading
90
7331 7334
50
280
Tono-Belmont Devel_ _ _ _ 1
134 134
Tonopah Mining
525
131 2
134
1
Union Trac, $1734 paid 50 4034 3831 4031 3,956
United Cos of N J ____100
10
190 190
United Gas Impt
50 44
4334 4434 1,842
866
Preferred
52
51
50 52
Warwick Iron dr Steel _10
59
7% 734
Weisbach Co
10
43
43
100
West Jersey & Sea Shore 50
115
32
30
5
Westmoreland Coal
69
69
_50
Wm Cramp dc Sons_ _ _ _100
75
46
46
York Railways
2231 4,585
19
50 22
330
Preferred
35
3634
50
BondsU 8 Lib Loan 334s 1932-47
97.36 98.24 $53,000
let 44s
98.14 98.40 5,400
1932-47
2d 431a
97.96 98.30 30,650
1927-42
3d 434s
99.20 99.56 17,900
1928
4th 431s
98.26 98.66 220.400
1933-38
Victory 4%s_ _ _ _1922-23
100.66 100.82 66,000
Amer Gas & Elec 5s_ _2007 83
83
8434 5.600
1,000
Atlanta Ref 634s _ _ ..1931
104 104
8,000
Bell Telep of Pa 1st 7s 1945 107% 107% 108
1,000
82
82
Consol Trac NJ let 5s 1932
6531 45,000
Elec & Peoples tr ctfs 4s'45 65
64
13,000
Erie RR Ser 13 4s_ _ _ _1953
39
39
Keystone Telep let 5s 1935
79
7934 3,000
9,500
35
Lake Superior Corp 5s 1924 35
35
1,000
Lehigh Valley coil tr Os '28
101% 101%
Lehigh Val Coal let 5s 1933
9954 9934 1,000
1,000
Leh Val Transit 1st 58.1935 69
69
69
2.000
97
97
Penn general 54
1968
674 6731 4,000
Peoples Pass tr ctfs 4s 1943
Philadelphia Co 1st 5s 1949
9854 9834 2,000
89% 894 3,000
Cons & coil Cr 5s _ _1951
stmpd s f & red...1951
8834 88% 29,000
9731 71,700
Phila Electric let 5s_ _1966 9734 95
9534 9734 38,000
Small
1966
1941 101% 1014 102 108,000
6s
1014 10131 1,600
Small
1941
5,000
Reading Traction 6s_ _1933 101
101 101
Welsbach Co 5s
1930
9834 984 4,000
Wnstinohn”.. lann na 1051
MB 44 l0014
6.000
Range since Jan. 1.
Low.
19
47
4
20
83
114
123
46
4734
44
120
3734
5534
30
38
7
2734
634
663.1
57
19
9434
6934
33%
4834
324
31
38
23
2731
30
1734
58
5
29
72
134
131
34
177
38
5031
7%
43
2754
67
40
9
3131
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
94.32 Jan
95.84 Feb
95.70 Jan
96.94 Jan
95.92 Feb
99.90 Jan
81
Jan
Mar
104
10734 Feb
Jan
71
Jan
82
39
Mar
7234 Jan
Jan
30
Jan
101
9831 Feb
69
Mar
Mar
97
64
Jan
9834 Mar
8634 Jan
8734 Jan
Jan
93
94
Feb
19031 Jan
10031 Jan
101
Feb
9734 Jan
10634 Mar
High.
22
65
10
43
100
132
13034
63
48
55
15734
40
65
3534
43
10
3334
1034
7331
61
20
9434
72
3934
65
38
3131
394
2634
2831
5031
3031
66
931
32%
7634
14
2
4031
192
4534
524
8
43
34
70
48
224
3634
Max
Max
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Max
Mar
Mar
Mar
Feb
Feb
Feb
Max
Jan
Max
Feb
Max
Feb
Max
Max
Jan
Jan
Max
Jan
Mar
Mar
Feb
Max
Feb
Max
Feb
Max
Feb
Feb
Max
Jan
Jan
Feb
Max
Mar
"98.24 Max
98.40 Max
98.30 Mar
99.56 Mar
98.66 Mar
100.92 Mar
86
Feb
Max
104
Feb
109
82
Max
6534 Feb
Max
39
7934 Max
35
Feb
1024 Jan
9931 Mai
Max
69
97% Jan
Mar
69
98% Max
8934 Mar
Mar
90
98% Feb
9734 Mar
10254 Feb
102% Jan
Feb
101
984 Max
10654 Mal
No par value.
Chicago Stock Exchange.-This week's record on
the Chicago Stock Exchange will be found on page 1372.
New York Curb Market.-Official transactions in the
New York Curb Market from Mar. 25 to Mar. 31,inclusive.
Sales
Friday
Last Week's Range for
Sale.
Week.
ofPrices.
Par. Price. Low. High. Shares.
Week ending March 31Stocks-
Industrial & Miscell.
V% 90c
acme Coal Mining
1
560
acme Packing
10 58c
1231
Aetna Explosives
85
Aluminum Mfrs, prof ..100
• 1234 12
Aimaigam Leath coin
39
Preferred
100
20
10
Amer Hawaiian S S
Amer Lt & Trac, corn._100 142% 14234
434
American Thread, pref.100
3
Amer Writ Pap, corn.-100
50c
Bradley Fireproof Prod..1
Brit-Amer Tob ord bear.E1 1634 1531
Ordinary
£1 164 1534
754
r!ar Lighting & Power...25 76e
2
2
*
Carlisle Tire
103
100 104
Celluloid Co corn
104
100
Preferred
70
Central Aguirre Sugar_ 20
1434
Cent States Elec Corp _100
7534
100
Preferred
14
131
Cent Teresa Sug corn _10
351
10
Preferred
1 If
--
14
14
12%
85
1331
40
20
142%
44
3
554
1634
1634
86c
2
106
105
70
16
75%
14
331
1
Range since Jan. 1.
Low.
High.
134
38,500 900 Mar
131
71,600 200 Mar
300 1231 Mar 1234
Mar 85
50 85
74 Feb 1331
10,00C
400 364 Mar 40
100 1934 Jan 24
20 11331 Feb 142%
4%
Mar
400
4
Feb
4
3
200
lyi
200 50e Mar
11.500 1234 Feb 1634
1,100 1231 Jan 164
1,200 550 Feb 980
100
231
134 Jan
Jan 106
105 100
Mar 110
70 104
20 70
Mar 70
310 1434 Mar 18
100 7534 Mar 7554
334
100 Ag Jan
4
334 Mar
100
111f1
1
r...
I 14
Jan
Mar
Mar
Mar
Mar
Max
Mar
Mar
Max
Jan
Jan
Max
Mar
Mar
Jan
Mar
Jan
Mm
Max
Mar
Feb
Feb
Mar
THE CHRONICLE
1394
Friday
Sales )
Last Week's Range for
of Prices.
Week.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Chicago Nipple Mfg ol A10
14
174 14 1,600
Cities Service corn
480
195 200
100
Preferred
600
100 60
5954 60
Preferred B
10
300
5% 574
Cities Serv Bankers' ah-• 20,1 2054 2074
1,900
Cleveland Automobile...* 30
3051 2,200
29
Colombia Emerald Synd- 65e
2,400
65e 670
Colombian Syndicate ---1,We 134
800
154
Columbia Motor Corn-45( 454
100
Cotn'w'th Pow Ry &Lt 100 -40
25% 25%
Conley Tin Foil
500
114 1174 1251
Continental Motors- _10
74 24,400
7
7%
Deiatour Beverage Cor5_10
300
1% 2
Delaware Lack dr W Coa150
70
89
88
Deny & Rio Gr RR, pf-100
400
500 580
Durant Motors Inc
400
• 29H
29. 30
Durant Motors of Ind w 110 14
1251 1454 8,400
Eastman Kodak, new corn* 72
7154 7234 3,100
Elec Stor Bat new w I__* 39g 38
6,100
40
Fajardo Sugar
100
57
10
57
Federal Lt & Tr, corn.. _100
110
1954 1934
Federal Tel & Tel
.5
654
6% 6,900
6
Gardner Motor Co
* 15
1,800
15
14
Garland Steamship
• 65e
300
65e 65e
Gibson-Howell Co, oom_10 154 1551 153-4
200
Gillette Safety Rasor
* 197
705
1904 197
Glen Alden Coal
• 44% 42
4454 6,100
Goldwyn Pictures
•
64
63-4 774 57,100
Goodyear T & R com-100 104 10
1054 2,200
Preferred
1,900
100 29
275( 29
Grant Motor Car
10
1,600
134
134
1
Hall Switch dr Slg, com _100
254
234 254 1,000
Hercules Paper Corp
200
*
500 500
Heyden Chem
1,500
• 930
1
900
Hudson Coe, pref
100
133-4 1454 3,000
Hudson dr Man RR oom100
11,000
854 9
834
Preferred
400
100
38
40
Imp Tob of G B & Ire_ £1
125( 124 1,400
Intercontinental Rubb-100
800
84
754 83-4
lot Sugar Corp Cuba
154 14 2,000
Kayser (Jul)& Co, w 1
* 2354 2154 2434 10,400
Preferred w 1
400
894 90Lake Torpedo Boat corn 10
200
60e 60e
Preferred
200
.10
1
11-1
1
Libby, McNeill & Libby_10
44
434 54 16,300
Lincoln Motor Class A _ _50
254
254 234 2,500
Mercer Motors
600
2
2
Morris(Philip) Co.. Ltd_10
1034 104 1,900
Nat'l Leather, new
200
10
10
10
New Mexico & Ariz Land _1
300
154
154
N Y Transportation. _10
100
23
23
Parsons Auto Accessories
400
151
134
Peerless Trk & Mot Corp 60
200
35
35
Plggly Wiggly Stores A. • 4074 404 4074
100
Poetum Cereal, corn, vr
2,200
_
65
58
Preferred wt... _ _100
1,70C
10254 104
Pub Serv Corp of N J pL. 1004 10034 10034
100
Pyrene Manufacturing_ _10 11
100
11
11
nacho Corp of Amer
334
354 77,700
•
3
Preferred
5
3
2% 3% 16,500
Reo Motor Car
1,120
10 2054 2034 2054
Rotterdam Bank
84
265
8254 84
Saguenay Pulp & Power..5
2
800
2
3
Singer Mfg
300
.100
971.4 9734
Southern Coal & Iron....5
134 26,800
90e
1
Stand Gas& El, corn. _ 50 1634 15
1,300
1654
Standard Motor Constr.10
1,900
5
4
5
41
Sterling Products Wi
3834 4151 28,700
Swift International
15 2054
1934 2051 2,000
Swift & Co
226
100
100 103
Tenn RI% L & P.oom_1(X)
254
254 314 9.900
Preferred
1.003
100
1434 16
fob Prod Exports Corp--•
534
554 534 1,500
340
Todd Snipyards Corp_
•
7434 75
Union Curb & Curb
150
5954 6954
1,400
534
54
United Prof Sharing now 1
554
(In Retail Storm Candy..•
534 2,600
5
5
U S Distrib Corp, corn .50
300
18
19
U Light & Heat oom_ _10
151 0043
191k 19,300
100
Preferred
1
1
10
US Metal Cap & Seal
200
134 154
8.000
8c
7o
S Ship Corp
10
5,000
II kJ Steamship
10
100 llo
100
Utah-Idaho Sugar
3
3
3,600
Van Raaite Co,Inc
61
10 57
52
-- 900 980
800
Wayne Coal
6
6,700
West End Chemical.
-1 780
770 800
Western Knitting Mills_ •
100
654 654
3,000
Willys Corp, common_ _ ..*
160
15e
900
First preferred
100 1334 1334 15
100
Youngst'n Sh dr Tube cora•
67
67
Rights5,700
454
Kayser (Julito)& Co, w L.
24 5
Former Standard Oil
Subsidiaries
Anglo-American 011__LI 1734 1754 17% 1,600
Buckeye Pipe Line.
20
50
95
05
Oalena-Signal 011 corn 100 46
10
46
46
Illinois Pipe Line
100 176
70
175 178
Indiana Pipe Line
125
50 101
100 102
National Transit_ _ _ _12.50 2714 27
SOO
2754
Obis Oil
30
25 273
270 273
Penn-Mex Fuel
25
100
27
27
Prairie Oil& Gas
10
100
1557 557
Prairie pipe Line
15
100
233 233
Southwest Pa Pipe Line 100
15
61
61
Standard Oil (Intl) _ 25 8734 86
883,4 11,100
• Standard 011(Ky)
45
490 495
100
New stock w 1
7814 76% 7934 5,400
Standard Oil of N Y__ _100
104
372 376
Standard Oil (Ohio)__ .100
15
395 395
Other Oil Mocks
Allen Oil
4,200
500
50e 640
5,000
Allied 011
40
1
30
4,200
Amer Fuel Oil, corn
10 300
20e 340
Preferred
500
10
254 2%
Arkansas Nat Gas, oom-10 1034
94 1034 6,800
934
Atlantic Lobes 011. corn..'
600
9
954
Big Indian Oil& Gas
1,000
300 300
Boone Oil
6 150
140 19e 54,000
Boston-Wyoming 011._1 680
67e 73e 22,200
Brazos Oil Corp
100
1% 151
•
4
Carib Syndicate
4,300
35( 4
Columbia Petroleum
134
14 134 6,800
Consolidated Royalties
154
300
151 1%
Continental Petroleura....6 144 13,4 15
600
Continental Refining__
4.600
354
354 4
45
6
Cosden & Co, prat
4
454 5,600
274
Creole Syndicate
6
15,100
24 3
00
5
Cushing Petrol Corp
6,000
90 120
Dominion 011
400
10
9
9
Engineers Petrol Co
1 610
510 540 71,800
Federal Oil
5
151
15
4 15,650
134
Fensland 011
*
1,000
954
934 9%
*
834
Gilliland Oil, oora
854 954 10,000
Glenrock 011
10
1
950
1% 9,400
Granada 011 Corp, Cl A-10 -----100
254 254
Hudeon 011
1 200
160 410 389,000
Imperial 011 (Canada) coup 99
390
98 101
• 1574
20,800
Laternat Petrol
15
16
6,500
atone Ranger Devel_ _1 61c
610 70e
Range since Jan. 1.
Low.
High.
34
201
82
554
2154
33
$1
2
43-4
25%
15
7%
2
8934
(30o
31
14,4
7534
40
57
1954
64
15
85o
17
197
4954
8
12%
21)
15,4
254
3
25
1051
t3
154
2034
87
50o
1
43.4
750
2
554
834
154
19
800
3334
35
5454
102
99
951
254
2
1834
8234
151
9754
750
15
334
3354
1 934
95
1
10
8
70
44
5
43-4
1234
750
96o
1
4o
10o
234
40
850
660
654
15o
6
67
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Feb
Feb34
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Mar
Mar
Mar
500
Mar
5
16%
8454
40
161
84
27
257
17
520
224
52
83%
464
77
341
390
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
18
9534
54
178
106
2954
280
34
563
245
60
88%
495
79%
381
399
134
158
51
45(
17
20
550
1,4
43.4
2054
10
554
75o
87
380
224
8%
66
35
57
1954
55,4
11
650
1534
169
42
4
954
24
500
254
50o
800
75(
30e
20
200
154
854
8
30e
120
57o
131
354
134
134
1554
154
4
154
80
8
500
1
9
4
830
234
70
9754
14
600
154
14%
9
45
1254
1134
• 154
244
9034
600
151
7%
834
34
133-4
1134
154
23
2
3754
4054
6734
104
mg
11
434
8%
20%
84
3
9754
254
1634
5
41%
2354
103
354
16
754
8034
6914
854
6
204
1%
1%
134
11o
iSo
3
61
I%
870
7
be
15
67
Feb 600
Jan
40
Mar 480
Feb
3
Feb 11
Jan 11%
Jan 320
Mar 490
Mar 780
Jan
24
Jun
45,4
Mar
2
Mar
134
Jan 17
4
Feb
Mar
5
Jan
3
120
Jan
Feb
954
Jan 720
Jan
1%
Mar 1154
Jan
954
Feb
134
3%
Jan
Jan 600
Mar 108
Mar 16%
Mar
1%
Sales
/Friday
Last Week's Range for
Other 011
of Prices.
Sale.
Wee*.
Stocks (Concluded) Par. Pr.ce. Low. High. Shares.
Kirby Petroleum
Jan
• 2354 2134 2434 10,100
Mar Lance Creek Royalties- .1
Sc
4o
3,000
Livingston Petrol
Mar
154
154 14 8,900
•
Lone Star Gas
Mar
22
50
25
22
Lyons Petroleum
Jan
80o 940 13,500
x870
1
Mar Magna 011 & Refining....!
1
200
1
Mar Maracaibo 011 Explor__• 2354 2354 25
3,700
Feb Margay Oil Corp
lat
100
134
134
Mar Marland 011
500
151
134
Mar Marland Refining
100
5 254 24 254
Mar Meridian Petroleum____10 110
110 150 76,950
Mar Merritt 011 Corp
10 10%
3,150
11
10
Mar Mexican Eagle 011
292
5 1431
1454 16
Mar Mexican Panuco 011_ _10
600
14 134
Jan Mexican Seaboard OIL._-• 3051 30
3054 3.600
Mar Mexico Oil Corti
10
3% 2% 354 33,900
Mar Mountain Producers
_10
1254 2,400
12
Mar Mutual 011
23,200
7
6
651
Mar Nat 011 of N J corn
100
10
154 114
Mar New Eng 011 Corp
100
4
4
Mar New York 011
600
134 1451
Jan Noble 011 & Gas
1 230
180 27e 266,000
Preferred
Feb
1,5 0
58e 710
61e
North American Oil
Jan
300
5
154 14
Jan Northwest 011
3.000
220
200 22e
Mar Ohio Ranger
5,200
90
90 10e
Jan Omar Oil& Gas
10
13-j6 88e •
13-4 35.800
Mar Pennok Oil
10
554 1,000
5
Jan Phillips Petroleum warr'ts 105
10
105 105
Mar Producers & Refiners _10
900
5% 554
Mar Red Bank Oil
19e 210 15,500
Mar Ryan Consol
500
•
5
5
654
Jan Salt Creek Producers_10 1434 1334 1456 2,300
1,600
Jan Sapulpa Refining
5
354 354
Mar Seaboard 011 & Gas
5
500
154
174
Mar Simms Petroleum
1074
1034 1074 13,200
100
Mar Sinclair Con 011 pref.. _100
0434 9434
Mar Skelly Olt
10
654
451 534 25,600
300
Feb Southern Oil dr Trans...10
154 14
154
400
Mar South Petrol & Rena_
2
251
100
Mar Spencer Petrol Corp_ _10
134 134
3.000
Mar Stanton Oil
5
16e
14e
Mar Texas Ranger
1.000
5
20
2o
Mar Taxon 011 & Land
1 630
590 68e 170,300
•
200
Mar Tidal Osage Oil
1154 1134
700
Jan United Royalties
154 234
234
100
Feb Ventura Cons 011 Fields_ 5
23% 2354
1,200
Feb Victoria 011
1 650
650 700
Jan Wilcox 011 & Gas
4H
3% 454 9.900
4,700
Jan Woodburn Oil Corp
* 650
65c 870
Mar "Y" 011 & Gas
200
190 210 59,000
Mining Stocks
Jan
Alaska Brit Col Metale---1
9.600
35,
1
Jan
354 3
280
Mar Alpha Mines Co
28o 330 85.000
100
5
5
Mar Alvarado Min & N1111.. _ _20
5
Feb Anglo-Am Corp of S Af w I
2154 2354 4.000
le
100
20 24.500
Mar Belcher Divide
lo
17.000
20
4e
Mar Belcher Extension
20
16,000
Jan Big Ledge Copper Co....5 200
19e 200
3,000
Mar Booth Mining
40
40
2,000
Mar Boston & Ely
1
620 62e
Mar Boston & Montana Corp 25
154 254 55,400
151
Jan Boston & Montana Dev 5 310
300 360 301,000
5,200
Mar Calumet & Jerome Cop....1 230
23e 240
Jan Canada Copper Co
5 220 210 220 3,0110
Mar Candalarla Silver
1 280
250 280 40,000
5,000
5o
1
Mar Cash Boy Consol
Sc
800
Mar Conlagas Min
134
154
12,000
20
4o
Feb Consol Arizona
20
4,200
Mar Consol Cooper Mines___5
151 07e
15i
1,000
30
Mar Congo! Nevada-Utah__ _ -----30
800
1
Mar Copper Canyon
97o
-1
Feb Cortez Silver
90o 930 22,300
1 930
1.000
40
4e
40
Feb Cracker Jack Mining
Mar Cresson Con Gold M &M.1
234 2% 1,500
100
Feb Crystal Copper. new
900 900
3,500
160
Feb Divide Extension
15o
1
1,4
Feb Dolores Esperanza
154 151 2,000
1,000
12e 120
fan Dome Lake M & M
Alo
80 61.000
Mar El Salvador Silver Mines_
40
2,000
2o
le
Mar Emma Sliver
1
230
Jan Eureka Croecius
1
210 240 101.600
5 750
I, 00
Jan First National
70o 750
Feb Gadsden Copper
1
1.000
70o 700
200
Mar Golden Cycle Mln dr Red
800 870
Jan Goldfield Consol Mines_10
80
5o 10e 26.700
4,000
Jan Gold Deep Mines
20
20
2o
Mar Goldfield Florence
1 240
200 25e 28,900
1,000
Mar Goldfield Kawanus.
30
30
1.000
lc
Mar Goldfield Merger
1
le
go
4.000
Mar Gold Zone Divide
1
0o
90
17a 230 23.000
Hard Shell Mining
21e
150 43.000
100 13e
Mar Harmill Div1de
lie
1,300
Hecht Mining
25e
54 6
554
700
Hollinger Cons 0 M
5
934 934
934
Feb Howe Sound Co
251 334 5,300
1
354
Mar Independence Lead
170 26e 114,000
260
100 210
Feb Iron Blossom
1,000
21e 210
Mar Jerome Verde Devel.____ 1
3.00
34 4
334
Mar Jumbo Extension
1
2.000
4e
4e
Feb
Kerr Lake
6
351 334 4.100
100
Jan Knox Divide
3.000
5o
4c
Mar Lone Star Cons
1
40 34,500
30
30
Mar MacNamara M tang
1 100
0,000
120
10d
5 294 2834 2034
1,900
Feb Magma Copper
Feb Marsh Mining
1
4.000
90
90
60
Mar Mason Valley Mime
5
154
134
154 3.600
Mar McKinley.Darragh-Sav I
230
190 230 33,500
Mar MIztrah Exten ot Tonopah_
8o
Se
1.00
80
Mar Mohican Copper
1
2.000
150 150
150
Mar Mother Lode Coalition __•
734 8
12,300
75-1
Mother Lode Copper--.10 12
800
12%
12
Mar National Tin Corp
42e 520 56,100
500 520
Jan Nevada Ophir
1 320
20o 370 29.000
Feb Nevada Sliver Hills
20
2o
30 31,000
Jan New Dominion Copper...5
254 234 2,900
251
70
100 142
Jan New Jersey Zino
142 144
100
Mar NY&Hond Rosario Min 10
534 a%
Jan Nipiriaing Mines
a z614
X63.4 634 5,200
1.000
10e
Jan Nixon Nevada Min
10e
go
1,000
Jan Ohio Copper
10
90
2,500
Feb Peterson Lake S Cobalt...
30
30
30
70
1.000
Jan Prince Cons Min & Smelt..
70
Mar Ray Hercules
6
30 22,300
20
20
300
Mar Ray Hercules Min Inc w I.
1
1
1
80 27,000
Mar
70
70
Rex,Consolidated Mb...!
1,000
190
Mar Rochester Silver Corp_ _ _ ...... 10e
Feb San Toy Mining
8e 23,000
1
5o
Sc
Mar Sierra Nevada Mining_
lo
3,000
le
Mar Silver Dale Mining
70
90 15,000
00
14,000
350 45e
1 400
Feb Silver King Consol
Jan Silver Pick Congo!..... _1 100
80 230 84,100
Jan Simon Silver-Lead
2,300
1
500 54o
45,4 6
3,500
Feb
Noah Amer Gold dr Plat...1
434
1,000
Mar Spearhead
30
30
30
1,000
16e
Jan Standard Silver-Lead_ _1
16o
1 10e
Mar atewart alining
80 lb o 60,000
10,000
20
2o
Mai Success Mining
1
500
1% 1%
Jai, Superior & Boston
6,300
40o 550
Jan
reek Hughes
Jan Tonopah Belmont Dev.....1
1% 14
1%
900
(VOL. 114.
Range slate Joie. 1.
High.
144
40
15,4
22
580
1
184
14
1
2
go
854
1434
15(
28%
1%
94
5,4
134
4
1134
130
36e
1%
1150
1343
670
4%
105
5
190
454
12%
254
800
94
9334
454
1
2
750
3o
le
400
10
1%
23
510
234
400
150
Jan 21334 Feb
Jan
Mar 100
1% Mar
Jan
Mar
Mar 22
Mar
Jan
151 Jan
Mar
Jan 274 Mar
25( Jan
Feb
14 Mar
Jan
3
Mar
Jan
Jan 200 Mar
1254 Mar
Jan
Mar 194 Feb
Jan
2
Feb
Feb
Feb 42
3% Mar
Jan
Jan 125( Mar
Mae
7
Jan
Jan
3
Feb
45( Jan
Mar
Mar 145-4 Man
Jan 350 Mar
Mar 900 Mar
2% Jan
Jan
Jan 840 Mar
12e Mar
Jan
1% Mar
Mar
6
Jan
Jan
Mar
Mar 105
Jan
6
Jan
Jai
Mar 360
634 Jan
Feb
Jan le% Jan
EH Jan
Feb
Mar
134 Mat
Jan
1234 Jan
Feb 100
Jan
54 Jan
Mar
154 Mar
Jan
Jan
6
Mar
2
Mar
Feb
Jan 210 Mar
3e
Jan
Mar
Jan 750 Mar
Jan
141-4 Mar
254 Mar
Mar
Jan 2334 Mar
1 Jan
Jan
Mar
5
Jan
51 Feb
Jan
No Jan
Feb
t34
14
34 Mar
1% Jan
290 Mar 33e Mar
8
Mar
Jan
5
23
Mar
lo
20
Jan
Jan
2c Mar
70 Mar
Jan
150 Mar 20e
40 Mar
4o Mar
Jan
50e
Feb 750
Jan
154 Mar
6
Jan
30o Mar 94e
180
Feb
Jan 1150
Jan
go Mar 400
190
Jan 300 Mar
fie
Jan
4o Feb
154 Mar
154 Mat
20
40 Jan
Jan
1,4 Jan
07e Mar
Jan
20 -Feb
30
1
Mar
900
Jan
Jan 954, Mar
84o
40 Mar
4o Mar
Jan
3
2% Jan
55o
Jan 900 Mar
Jan
Ile Mar 210
1,4 Mar
820 Feb
Jan
2o
120 Mar
80 Mar
2o Mar
be Mar
40 Mar
Jan
18o
Jan 320
60e Feb 7f3o Mas
159e Mar 750 Met
80e Mar 870 Mar
8e
Jan
100 Mar
10
20 Jan
Jan
16e
Jan
Jan 280
2e
50 Feb
Jan
10 Mar
to Mar
Jan
80 Mar 130
lie
Jan 480 Mae
lie
17o Feb
Jan
434 Jan
834 Fob
7% Jan
954 Mar
3% Mar
254 Jan
8o
Jan 260 Mar
Jan
16o Mar 32o
2% Jan
6
Feb
20 Jan
40 Jan
Mar
3
354 Jan
3o
6a Mar
Jan
Jan
be
Jan
So
5o
Jan 140 Mar
2654 Jan 8254 Feb
Jan
4c
Oc Mar
25( Mai
134
, Jan
Jan 230 Mar
11c
Jan
8o Mar
3o
Jan
15e Mar 47e
94 Jai
654 Jan
11% Jan
14% Jan
Jan
27o Mar 570
260 Feb 520 Mal
Jan
Sc Mar
20
Jan
2
2% Jan
Mar 14754 Mar
142
Jan
5
55( Feb
54 Feb
654 Mat
50 Feb
18e Mar
Jan
70 Mar 100
30 Mar
30 Mar
Jan
70 Mar lie
Jan
2e
130
Jan
Feb
1,4 Jan
1
90 Mar
Jan
So
Jan 210
Jan
160
Jan 100 Mar
la
lo Mar
to Mar
Jan
90 Mar
20
Jan
350 Mar 800
20 Jan 230 Mar
490 Feb 580
Jan
5% Jan
4% Mar
2c Mar
30 Mar
1Clo
Jan
18o Feb
20
lie Mar
Jan
Jan
lo Mar
be
13( Jan
114 Mar
Jan 550 Mar
20e
1% , Jan
13-4 Mar
2434 mat
APRIL 1 1922.]
Mining (Concluded) Par
THE CHRONICLE
Prigai•
seas
Last W ears Range for
of Prices.
Sate.
Week.
Price. Low. IIWh. Shares.
1 04c
Tonopah Divide
1
Tonopah Extension
1
Tonopah mining
Tonopah North Star
5
TM-Bullion S & D
I 65c
Tuolunde Copper..
1 1;0
United Eastern Mining_ _1
United Verde Exten___50c
5
Unity Gold Minos
10c
Victory Divide
52c
Volcano Mining
West End Consolidated S1%
White Cape M ining_ _ _10c
5
135
Yukon Gold Co
Bonds
Allied Pack cony deb ea '30 71 15
Certificates of deposit.. _
56%
Allied Pack So S* 13 w 1 '39
Aluminum Mfrs 7a._ _1925 102%
1933 103.4
78
Amer Light & Trite (36_1925 100
Amer Tel & Tel es_ _ _ _1922 1 54
1924 101
es
American Tobacco 7e_1922
1923 10251
70
anaconda Cop Min 7s 1929 1024
6% notes Series A_ _1929 99
Anglo-Amer 011755e_ _1926 10355
Armour & Co 7% notes_'30 102%
Barnedall Corp 88_ _ _1931 1014
Beaver Board Cos 811..1933 70
Bethlehem Steel 7s_ _ _1923 10134
1935 10255
Equipment 7s
Canadian Nat Rya 7..1935
_1925 0954
Can Nat Itys 58 w
Canadian Pao Ry (00_1924
99
Central Steel 88w I_ _ _1941
94
Charcoal Iron Sm.__ _ _1931
Cities Stay deb 7s. ser C '66 91
Ool Oraphophone 8o .1926 4655
Certificates of deposit... 39%
Como! Oita N Y 7s_ _ _1922 10151
Cons Clas El L& I' Bait 76'3 I
1941 004
Congo! Textile 8e
Consolidation Coal 56_1950 874
Capper Exp Assin 80..1923
2% notes Feb 15...1924
8% notes Feb 15_ _1926
Cuban Tel lot 750-1041 -;aa 1923 100.14
Cudahy Pack 7s
1031 0855
Deere & Co 7550
Del & trod Co 534s.- -1937 98%
Empire Gas & Fuel es.1924
Federal Land Bank 58_1941
Gair (Robert) Co 7s_ta..'37 9555
Galena-Signal Oil 78..1930 10134
General Asphalt So...1930 104
Goodrich (B F) Oo 70_1936 98N
Grand Trunk RY 654s-1936 -a:a:'
11134
1933
Gulf 011 Corp 7e
Heins (11 J) Co 7s.....1930 10434
101
'30
Hershey Chocolate 7545
Hood Rubber 7% notes '30 97
Humble 011 & Ref Te . 1923 ______
793-1
1ntdvb R T 88J P M recta
1921
7% notes
Kansas Gas & El de wil925
Kayser(Jul)& Co 74.00_1942
Kennecott Copper 7/01930 102%
9755
Kings Co lag 655e w I
98
Laclede Gam Light Ts
LibbyMoNeill&Libby70.31 99%
Liggett-Winchester 7s 1942
1940
Lukens Steel 88
Manitoba Power 79.....1941 9355
1921 95
Marland (I117548
Melbourne ES Co 75511946 - --M o Pac Os Ser I) w I_ _1941 9834
1930 10354
Morris & C,o 7558
Nat Acme Co 7558-- - 1931
Nat Cloak & Suit 8a_ _1930
National Loather 88_ _1926 08%
& Hartf 48_1922 83%
NYN
1925 8335
7. w 1
6855
500 Franc bonds
North A trier Edison 68.1952 924
North Ohio Tr & L Os_1947 96
Philadelphia Co es_ _ _ 1944 06%
1941 101%
Philla Electric ea
Phillips Petrol 714o.._i931 10334
Procter & Gamble 7s...1923
Public dery Carp 71 w 11941 9934
1942 100
Sake & Co s f 78
Bears, Roebuck & Go 7e '22
'23
15
_Oot
note&
7% ser
_1931 10234
Shavisheen Mills
1931 10255
Skelly 011755e
Sloes-Sheffield S &[Os 1929 1927 10334
Solvay & Cie 8e
Bouthw Bell Telep 70_1925 10234
Bland 011 of N Y deb0411'33 10.531
7% aer gold deb_ _1925 10451
ser gold deb_ _1926
7% ser gold deb....1927
7% serial gold deb..1028
7% serial gold deb_ _1029
7% aerial gold deb_ _1930
7% tier gold deb.. 1931 10851
1926 - - - -Stewart Warner So. _ _1926
1931 100%
Bun Co 7s
,
5A
2
BwIft & Co 7sAug 15
711
Texas Co 7% notes...1923 10134
Tidal Osage 0117s_ ___1931 1001
Toledo Edleon Co 75.8 1941 105
United 011 Producers 88 '31 93
United Rye of Hay 755e '30 102%
1936 106%
Vacuum 011 78
Warner Bug Ref 7e.te_1041 964
Weatern Elec cony 76_1925 1084
West States G&E Os w I .'47 934
Winch Repeat Anne 7555'41 994
Foreign Government
and Municipalities
Argentine Nation 73_1923 99%i
Frankfort 4s
French Govt 4e
1943 -58.
1080 ----Porto Alegre(C)Braall Will 102
Russian Oovt 0348. _ _1919 ---- -2034
Certificates
135Ia
1921 21
C,ertlficates
2034
SO1880113 (City) Franc Os '36 8.535
Switzerland Goat 554s 1929 10134
iqt
127
60c
17,0
134
30
Sc
55c
1134
6
2734
34
lc
49c
150
40
1
Range at no Java 1.
Low.
63c
1,
70
1%
4c
Sc
70e
1 13-4
2734;
3311
2c
55c
11,0
Sc
134
10,600 46c Mar
2,800
Pt Feb
17
Jan
1,500
10,000
2c
Feb
2,200
Sc Mar
2,300 45c Mar
14,700
1114 Mar
300 27
Mar
355 Jan
200
6.000
lc Mar
50,100 44c Mar
Feb
14,000 70e
Feb
3c
25,000
Mar
1
985
3
Jan
7034 72 $45.000 89
5034 5634 34.000 604 Jan
Feb
3.000 76
87
87
10234 102% 14,000 10054 Jan
1 24 1034 29,000 10234 Feb
Jan
70 000 96
100
105
10034 10031 102,000 993-8 Jan
10151 .58.000 9934 Jan
101
10034 1014 6. 00 10055 Mar
10254 10234 34,000 10134 Jan
1024 10354 57.100 10055 Jan
59.000 964 Jan
9831 99
124.000 10234 Jan
10335 104
10234 10334 40.000 10134 Jan
52,000 97
Mar
9955 102
4,000 63
70
Mar
70
10134 1014 122.000 1004 Jan
10135 10251 101.000 1004 Jan
1094 6,000 10435 Feb
109
9955 9934 52.000 99% Mar
10134 1013-4 30.000 99% Jan
100 101.000 98
99
Feb
1,000 923-4 Mar
94
94
4,000 87
91
92
Feb
45
4634 16.000 22% Jan
39
3934 18,000 33
Mar
Feb
10034 10134 60 000 101
10334 10355 39,000 102% Jan
97
26,000 94
90
Feb
864 8734 268.000 88
Feb
102% 1024 3.000 101
Jan
36,000 1024 Jan
10234 103
1034 1044 12.000 103% Feb
104
105
24,000 102% Jan
7,000 10051 Jan
1004 10155
9731 9834 80.000 95
Feb
Mar
9835 131.000 98
98
15,000 9255 Feb
98
00
1034 103% 210.000 1123-4 Feb
7,000 95
Feb
9455 96
10134 1013-4 22,000 11035 Jan
18.000 1)2
Jan
10355 101
200.0001
9651 Jan
983-4 09
1054 31.000, 102
Jan
105
10355 10335 37.0001 10231 Jan
10134 10134 20,000, 10355 Feb
101
2.000, 100
Feb
101
97
36,000 95
96
Jan
ill Jan
10034 10135 22,000
7934 223,000 72
77
Jan
70
5,000
82
793-4
Jan
32,000 9a
954 90
Mar
19,000 gg
99
99
Feb
10231 103
17,000 11155 Jan
47, 00 gw, Mar
9635 98
9734 9851 95.000: 9434 Feb
904 10034 30,0001 its
Jan
16,000 9834 Mar
9814 1CO
15,000 100
100 100
Mar
96
123,0001 89
93
Jan
943-5 9555 05,000i 95
Mar
2,000 1014 Mar
10134 10101
9831 99 294,000 984 Mar
7.000
1034 10451
J in
46,000 93
05
04
M ir
103 10355 3,000 90
Jan
0835 10,000 gai Jan
98
7934 8331 403,000 6834 Jan
8441499,500 77
81
Mar
6434 6935 915,800 64% Mar
90,000 02% Mar
9235 93
9,000 06
96
96
Mar
9535 9651 95,000 93
Jan
10134 10134 11.000 10055 Jan
103 1084 36, 00 101
Feb
6,000
10135 1014
101 54 Jan
99
9934 92,000 90% Feb
72,000 0055 Mar
9934 100
10034 10034 45,000 98% Jan
100
1 055 06,000 97
Jan
10255 10354 26,000 101
Jan
102
10255
4,000 100
Jan
9335 034
1,000 9355 Mar
1033-4 10334 20, 00 10254 Jan
10235 10234 64,000 10055 Jan
1054 10634 40,000 10635
Mar
10134 10434 29,000 104
Jan
105
10535
7,000 104
Jan
10535 1053-4
7,000 1044 Feb
10.554 10555 11,000 105
Feb
10554 10655 16,000 10555 Mar
10755 1074 3,000 10655 Jan
108
10831 22,000 10755 Mar
105 10555
5,000 100% jai,
1003-410034 16, 00 9851 Jan
10155 10134 49,000 1004
Jan
10234 10234 55,000 101
10135 10134 59,000 10055 Jan
Feb
100 1004 31,000
9955 Jan
10435 105
31,000 10335 Jan
9131 93
13,000 90
Feb
15,000 100
10234 10'3
Jan
1063-4 1063-8 47,000 100
064 964 66,000 944 Jan
Feb
10654 10951 261,000 103% Jan
9335 933-4
2,000 93% Mar
9934 100
80,000 9631 Mar
0934
4
55
80
101
21
20
18%
19
8534
101
09%
4
55
80
102
24
20%
21
2054
86
101%
324.000
010.000
10,00
50,000
26. 00
22,000
89 000
75. 00
42.40
98.000
258.000
97
4
40
80
99
13%
1355
13%
154
85%
954
Hags.
Jan
75e
14 Fah
111,a Feb
Jan
Sc
300 Feb
Jan
80o
254 Jan
2954 Jan
54 Feb
2c Mar
55c Mar
1% Mar
Jan
Sc
151 Jail
72
6054
88
10254
10355
103.4
101
1014
101%
10255
10335
09%
104
103%
102
75
1014
102%
110
99%
101 ad
10051
97
92
49
40
101%
10355
98%
88
103
103
105
105
10134
98%
08%
98
103%
96%
10255
10451
09
100
10335
101%
101%
08
10135
84
88
97
99%
103%
99
9- 3-1
100%
100
100
96
9555
1014
99%
10455
9855
10354
08%
884
8434
09%
93
96
1164
102%
108%
102
Cdcl%
100
100%
100%
104
102%
04
104
103
1084
1054
106
1064
106%
10755
10855
1105a
10555
10155
10154
10335
102
102
105%
97
104
107%
96%
1094
9454
100
Jan 99%
Mar
9
Jan 55
Mar 80
Jan 102
Jan
24
Jan
21
Jan
22
Feb
2054
Mar 8051
Jan 101%
Man
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
/51ar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan)
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Mar
• No par value. T Odd lots. 1 Listed on tho Stook Exchange title week, whets
additional traneactions will be found 0 New Itock. to Wnen Issued. .Ex-diviBella. / Ex-rights 0 Ex-stock diridend. 5 Donate per 1.00011re. flat. I Dollars
Elar 1.000 marks. V Marks. k Correction.
1395
Quotations for Sundry Securities.
All bonds prices are "and Interest" ercept where marked "f."
Standard Oil Stocks Par Ilia. A8A.
A nglo-A inerlean Oilnew.
_ £11 •1754 I 752
20 950
Atlantic. Refining
95
li00,
0, 3
100' 114 115
Preferred_
370
Borne Heryrnser Co
Buckeye Pipe Line Co _
501 4,9412 96
Clu.rd.
e
a fberrr
oudeghnelkwifg new..
_1001 190 195
110 113
Preferred new
Continental 011
100 130 133
34
Crescent Pipe Line Co
50 *33
Cumberland Pipe Line..100 140 150
96
Eureka Pipe line Co
100 94
48
Galena Signal Oil corn_ _ _100 46
100 110 114
Preferred old
100 100 105
Preferred new
100 176 178
Illinois Pipe Line
Indiana Pipe Line Co_ _ _ 50 *100 103
I nternatlona! Petrol.(no par) •153, 16
28
National Transit Co..1250 ;
12_
7
New York Transit Co__ _100 ,70 175
Northern Pipe Line Co_ _100 105 108
Ohio 011Co
25270 27
Penn allex Fuel Co
25. •2612 2712
Prairie Oil & Gas
100 560 570
Prairie Pipe Line
100 230 233
Solar Refining
100 340 360
99
Southern Pipe Line Co_100 97
South Penn Oil
100 178 183
63
Southwest Pa Pipe Lines.100 60
Standard ()II (California) 25 .9612 96,
4
Standard Oil (Indiana)._ 25 *8712 8734
St ander(' Oil (Kansas) - -100 540 560
490
Standard Oil (Kentucky)100 475
New w 1
7812
25 .78
Standard! 011 (Nebraska) 100 165 172
Statrie
dfae6
rge011of New Jer_ 25 •174 17414
Preferred
100 11414 11412
Standard 011 01 New Y'k.100 373 376
410
Standard 011 (Ohio)100 400
Preferred
100 11612 11012
35
Swan & Finch
100 25
Un!
drienTaeri k Car Co _ _ _ _100 97 103
itferid
100 10234 10318
Vacuum 011
100 350 355
30
Washington Oil
10 •25
Other 011 Stocks
Imperial 011
25 199 101
Magnolia Petroleum_ _ _ _100 155 100
Merritt Oil Corporation_ 10 .10758 11 1s
•I413 1612
Mexican Eagle Oil
go •170 18(1
Midwest Refining
Tobacco Stocks
78
American
ererre
(
631gar common.100 74
87
Preferred
100 84
Amer Machine & Fdry_ _100 220 250
American Tobacco scrip_ _ - - 043 120
4
British-Amer Tobac ord. £1 •1614 16,
Brit-Amer Tobac, bearer £1 •1614 1644
13
Conley Foil (new)__(no par) '11
IV) Co,com.100 146 151
iiePimreefe(rGree°d
100 109 112
13
Imperial Tob of0 B & Ire._ *a
1,''
2
vs
Johnson TIn Foil & Met_100
100
MacA ndrews & Forbes_ _100
Preferred
100 94
37
Mengel Co
too 3
'
5
60
Porto Rican-Amer Tob_ _100 55
•6() 80
Scrip
b()
Reynolds (11 J) Tobacco. 25 •65
Tobacco Prod Corp 8% scrip .98 101
*Ye 101
7% scrip
Universal Leaf Tob corn.100 126 1311
Preferred
mo 102 103
66
Young al 5) Co
100 82
98
100 92
Preferred!
Rubber Stocks (Clevvi wad fir Ices)
00
Firestone Tire & Rub,com _10 58
6% preferred
100 82
81
7% preferred
100 75
200
Gen'l Tire AG Rub, com_ _100
Preferred
100 90
11
Goodyear Tire hc It, com.100 10
Preferred
100 2,12 28
Prior preferred
100
_
Goodyear T&Ii.of Can p1100
Miller Rubber
100 "012"
80
Preferred
Mohawk Rubber
100
---Swinehart Tire& R.com_100
---Sugar Stocks
Caracas Sugar
50
Cent Aguirre Sugar coin_ 20
Central Sugar Corp.(no par)
Preferred
100
Cupey Sugar common.._ _100
Preferred
100
Fajardo Sugar
100
Federal Sugar Ref, com-100
Preferred
100
Godchaux Bug Inc_ _(no par)
Preferred
100
Great Western Bug,com_100
Preferred
100
Holly Sug Corp,corn(no par)
Preferred
100
Juncos Central Sugar._100
National Sugar Refining _100
SantaCecillaSugCorP,D0100
Savannah Bug,com..(no par)
Preferred
100
West India Sag Fin,com.100
Preferred
100
Industrial&Miscellaneous
American Hardware_ _ _ _100
Amer Typefoundereacom.100
Preferred
100
Bliss(1'W) Co,new_(no par)
Preferred
50
Borden Company,ootn_ _100
Preferred
100
Celluloid Company
100
Childs Co, coin
100
Preferred
100
dul'ont(E.I)de Nem&Co.100
Debenture stock
100
Ilavana Tobacco Co.._ 100
Preferred
100
1st g 55, June 1 1922_J&D
International Salt
100
International Silver, prof 100
Lehigh Valley Coal Satee. 60
l'helpe Dodge Corp
100
Royal !Baking Pow,C0111-100
Preferred
100
Singer Manufacturing_ ._100
Joint.Stk.Land Bk.Bonds
Chic Jt Stk Land Bk 5a_1939 99
55 1951 opt 1931
B1
1a
00
5558 1951 opt 1931
.
415
"4
.11110
0002
54
1
RR. Equipments-Per Ci
Atch Topeka & Santa Fe Os_
5.65 5.35
Atlan Coast Line es & 655s 5.70 8 60
Baltimore & Ohio 4558 & Os. 5.90 8.50
BuffRoch az Pitts 48 & 455e 5:6
5.3
20
60
5 5
Equipment es
Canadian Pacific 43-4s& Cs.. 5.80 5.40
Caro Clinchfield dr Ohio So.. e 25 5.70
Central of Georgia 455s_
Central RR of N J Os
515
0 5
5.35
55
Chesapeake& Ohio Os & Ofs 5 75 5.50
5.75 8 50
Equipment Es
Chicago & Alton 435s, 5s__ _ 7.25 600
5.65 5.35
Chicago Burl & Quincy es
Chicago & Eastern III 5%a_ _ 700 6.00
Chicago Ind & Loulev 43-4s. 0 00 6 50
Chicago St Louis & N 068._ 5.70 5.50
11.70 5.20
Chicago & NW 45411
5.75 5.50
Equipment es & 834e_
Chic R I & Pac 455e, Si, es 5.80 5.50
Colorado & Southern Eds, es_ 5.75 5 60
5.70 5.43
Delaware & Hudson Os
6.12 5.70
Erie 455e, 5s & ee
5.6
70
0 8
5:50
60
Great Northern (Ss
Hocking Valley 455s. /311& 611
Illinois Central 4545, 58 & 60 8.70 13.35
5.65 5 33
Equipment 7s & 854s_
5.80 5.53
Kanawha & Mich 455s, es
5.65 5.23
Louisville & Nashville 5a
65 640
Equipment es & 6 •-i8
1\41rhigan Central ba. es_ _ - 6.75 5.50
Minn SIP ar SS M 455s& 5s 0 00 5.60
Equipment 655111 & 7a.... 600 5.80
25 575
MissouriKansas & Texas S.
6.25 500
Missouri Pacific Is
6.00 560
Equipment es & 655s
6.00 560
Mobile & Ohio 44a, be
a 40
58
60 540
New York Central 4550, Os_ 50
Equipment es & 78
N Y Ontario & Western 455s 6 00 5.70
5 60 5.25
Norfolk & Western 455s_ _
5.60 5.40
Equipment as
5.60 5 40
Northern Pacific 75
Pacific Fruit Express 7e.... 5.70 8 40
5.00
.40
6
70 5
Pennsylvania RR 4e & 455e_ 5 :5
Equipment es
70
0 6
8:60
40
Pitteb & Lake Erie (58 & 655s 5.7
Reading Co 455e
St Louis Iron Mt & Boo So.. 6 25 'LOU
00 6 60
St Louis & San Francisco be_
Seaboard Air Line 43-4s& 55_ 6 12 5 90
Southern Pacific Co 434g...
13 60
5.
5 53
25
7
Equipment 75
5 90 a 50
Southern Ry 455s, 5s dic Os
0.043
6 60
Toledo & Ohio Central 4A
5.60 3 35
Union Pacific 7a
5.03 5 50
Virginian Ry es
Public Utilities
Amer Gas & Eloo, corn
50 10141 1431:
go •4'23i 4334
Preferred
Amer Light & Tree, oom.100 14112 142
Preferred
100 9512 08
Amer Power & Lt, corn. _100 97 100
83
86%
Preferred
8
13
Amer Public Util, corn...101
24
30
Preferred_ _
_100 .„„
71
BlackstoneVal(L&E.00m 50 etw
43
Carollna Pow at Lt, oom_100 40
Citlee Service Co. corn_ _100 195 197
Preferred
_10
100
00
0 59'4 6034
1212 1312
Colorado Power, co_
corn._
82
85
Preferred
Corn'w'th Pow,Ry & Lt_100 2312 26
56
Preferred
100 53
94
Elec Bond & Share, pref _100 92
21
Federal Light & 'Frac_ _ _100 19
69
Preferred
100 67
Mississippi Riv Powamm100 1934 2012
100 7812 80
Preferred
:
Finn. Mtge 5s, 1951_ _J&J 89-5s 901
S f g deb is 1935_ _ _M&N 99 101
Northern Ohio Elec.(no par) *512 7
Preferred
100 2312 2512
Nortn'n States Pow,com.100 8614 8712
93
Preferred
100 91
Nor Texas Elm Co. corn.100 92 _ _ _ _
83
Preferred
100 80
Pacific Gas & El, let pref 100 861: 8a
•15
17 Puget Sound Pow & Lt..100 36
38
71
*69
8
a 100
Preferred
100
•1
2
105
Gen
15f
1941_
_
_M&N
106
734e
'Si) 6
100 1712 19
Republic Ry & Light
60
50
Preferred
100 48 50
70 South Calif Edison. COln_100 9734 9814
50
50
56
100
112
_
Preferred
100 106 Standard Gm& El (Del). 50, •1512 1612
100 105
Preferred501 e43
,45
18
•14
TennesseeRy, L&P.com.1001
2-* 214
68
63
Preferred
100 13 15
150 160 United I,t & Rye.corn.. _100'
5
101 RIO
15t preferred
100 76
15
•13
Western Power Corp_ _ _ _ 00 2814 2854
43
37
7812
Preferred
100 76
50 100 Short Term Securities-Pcr Cent
128 132 Am Cot 011 es 1924_ _MarS2 9512 9614
18 Amer Tel& Tel Oa 1924..F&A 101 10114
14
33
30
10012 10058
A&O .
6% notes 1922
89 Am Tob 7% notes 192211I&N
85
10118
50 100
aaaN 102.4 10258
notes 1923
.55
45
AnacondaCopMines'29_J&J .98,
4 9918
JkJ J.0,8 10318
7s 1929 Series B
154 156
Anglo-Amer 0117356'26 A&O 103h 1037a
50 Arm'r&Co7sJuly15'30J&J15 10234 103
47
95
90
_
100
Deb On J'ne 15 '22 _J&D16 .
30
*28
Deb (is J'ne 15'23_J&D15
.56
Deb es J'ne 15'24_J&D15 100
100 i61" Beth St 7% July 15'23J&J15 10118 1013
97 100 Canadian Pac es 1924.M&S2 10154 1011
/
4
104
Federal Sug Ref es'24_ M&N 9934 look
113 Ile
Goodrich(13F)Co 70'25.A&O 9818 987s
1021: ---- Hocking Valley es 1924.M
99
2113
4 100
J 10
:
it S
93 Interboro FIT ls 1921_ M&S 83. 86
90
76 K C Term Ry 66'23.M&N15 10001 10054
74
103%
---850July 1931
_--- Laclede Gas 7s Jan '29_F&A 98
9838
87
Lehigh Pow Sec es '27 _F&A
86
53
9412
Sloes nett S & I 8a '29 _F&A
93
•92 94 Swift & Co 7% 1925_A&015 1011s 1013s
67
05
4
7% notes Aug 15 1931.... 10212 102,
160 170 Texas Co 7s 1923
M&S 1013s 101%
100 107
U S Rubber 7555 1930_ F&A !0514 10514
04 ,Utah Sec Corp 6,'22 NI&S15 0058 100
91
97 100 1West Elec cony 7s 1925.A&O 107 10714
• Per share. 0 Basis. d Purchaser also pays accrued dividend. • New stock.
/ Flat price. k Last sale. a Nominal. z Ex-dividend. I/ li,`x-rightEl
Investment and Sallow' intelligence:
1396
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Latest Gross Earnings.
173,257
314,535
7,946
Akron Canton &Y__ February
151.019
581,798
469,667
230,141 263,416
Alabama & Vicksh.. February
Amer Ry Express. _ December 14624 283 21001 807 160035162 154749712
921,087
2d wk Mar 106,941
596,859
85,495
Ann Arbor
12398 641 15356003 12,398.641 15,356,030
Atch Topeka & S re anary
Gulf Colo & S Ire_ February 1.497.701 2.119 851 3,113.092 4.629,897
530,142 636,904 1,058,626 1,318,164
Panhandle 8 Fe__ February
675,183
547.839
Atlanta Birm & Atl_ February
274,087 299,042
416,061
341.570
160.008 184,426
Atlanta & West Pt.. February
403,849
436,740
February
Atlantic City
215,099 186,703
Atlantic Coast Line.. February 6,006,666 6,322,951 11,300,710 12,744.093
Baltimore & Ohio__ February 15033672 14165359 29,303,432 32,021,511
393.773
410,607
B & 0 Ch Term_ _ February
209,522 181,546
698.080 711,063 1,376,649 1,417,235
Bangor & Aroostook February
7,445
7,101
7,445
7.101
Bellefonte Central_ _ January
830.167
932,055
Belt Ry of Chicago.. February
495,621 373,370
Bessemer & L Erie__ February
579,384 848,261 1,139,188 1,858,897
44.087
20,575
19,500
Bingham & Garfield February
9,618
Boston & Maine ___ February 5,925,754 5,778,757 11,695,299 11,899,020
242,078
189.501
127,168 103,034
Bklyn E D Term.. __ February
Buff Hoch & Pittsb_ 3d wk Mar 386,265 283,625 3,816,813 3,763,909
438,262
364,195
192,347 210,715
Buffalo & Susq_ _ February
Canadian Nat Rye_ 3d wk Mar 2,341,763 2,379,968 22,483,627 28,328,584
Canadian Pacific._ 3d wk Mar 3,097,000 3,211,000 31,236,000 26,226,000
583,132 509,812 1,182,212 1,172,856
Caro Clinch & Ohio_ February
Central of Georgia.. _ February 1,647,207 1,786,300 3,154,091 3,575,211
Central RR of N J__ February 4,045,016 3,807,710 8,014,923 8,012,381
615,618 713.604 1,143,242 1,374,217
Cent New England.. February
924,278
951,546
491,309 457,272
Central Vermont..__ February
508,050
475,596
239,102 253,566
Charleston & W Car February
Cites & Ohio Lines__ February 6,980,645 5,271,089 12,870,187 12,397.187
4,784,527
4,988.919
February
_
_
2,184,527
Alton_
2,561,439
&
Chicago
11(962144 139998(1)11.662,144 13.999.800
Chic Burl & Qaincy _ P. rati...0
February 2,085,918 2,119,674 4,141,553 4,673,616
Cliicago & East
Chicago Great West February 1.745,349 1,812,644 3,375,837 3,848.911
Chic Ind & Louisv__ February 1,204,058 1.090,648 2,350,550 2,320,443
796.205
826,794
431,342 372,645
Chicago Junction_ _ February
Chic Milw & St Paul February 10402775 10152 245 21,275,022 21,739,901
Chic & North West.. February 9,897,064 10656697 19,871,881 22,446,293
183,940
191,177
191,177 183,940
Chic Peoria Sc St L_ January
February 8,532,715 9,395,340 17,100,951 19,835,567
Chic R I & Pac
470.312
603.879
470,312 603.879
Chic R I & Gulf January
Chic St P M & Om_ February 1,921,077 2,064,651 3,893,668 4,464,836
542.562
669,495
349,416 245.671
Cinc Ind & Western February
Colo & Southern_ _ _ 3d wk Mar 438,421 489,161 4,644,028 5.956,680
679,007 799.292 1,351,838 1,805,505
Ft W & Den City_ February
247.958
463.812
463.812 247.958
Trin & Brazos Val January
279,812
198,810
92,929 120,549
Wichita Valley.. February
203,558
248,701
104.369 115,517
Cumb Vail & Mart.. February
Delaware & Hudson February 3,807,685 3,578,416 7,221,609 7,660.763
Del Lack & Western February 6,072,949 6,168,813 12,266,540 13,103,860
2.331,979 2.981,378 2,331,971) 2,981.378
Deny & Rio Grande January
114,569
201.791
114.569 201.971
Denver & Salt Lake January
195,217
241,227
91,953 120,943
Detroit & Mackinac February
337,380 508.666 6,453,669 5,220,605
Detroit Tol & front_ February
629,256
390,814
February
361,397 181.460
Det & Tol Shore
193,070
459.268
93,282 260,618
Dul .Sc Iron Range__ February
224,685
425,180
98,430 208,037
Dul Missabe & Nor_ February
734,962 1,024,121
91,901
80,152
Dui Sou Shore &14.t1 34 wk Mar
327,093
168,177
168,177 327,093
Duluth Winn & Pac January
256,775
263,115
131.302 115,445
East St Leads Conn.. February
325.015
469.664
230.681 157.424
Eastern S S Lines_ _ February
Elgin Joliet & East_ February 1,644,366 2,156,699 3,112.506 4.759,320
786.549 1,029,579 1,540,490 2,117,348
El Paso & Sou West February
February 7,658,078 8,085,393 14,835,328 16.485,014
Erie Railroad
842.538 796,328 1,692,9.6 1,671,959
Chicago & Erie.... February
221,920
228,507
113,553 107,108
N .4 & N Y RR.... February
Florida East Coast.. February 1,443,149 1,640,765 2,652,685 3,100.212
214,547
237,845
120.716 101,834
Fonda Johns & Glov February
326,242
216,844
107.493 141,172
Ft Smith & Western February
252.132
104.897
104.897 252.132
Galveston Wharf_ _ _ January
428.211
341,318
341,318 428,211
Georgia Railroad_ _ - January
101.077
91.672
91.672 101.077
Georgia & lotorada, Janis try
Grand Trunk Syst 3d wk 'Mar 1,030.118 1,750,890 20,861,407 21,823.919
713.133
600.250
323,222 337,160
Atl & St Lawrence February
203,263
201,301
201,301 203,263
Ch DetCanGTJct January
335,690
324.867 335,690, 324,867
Det G H & Mliw_ January
Grand Trk West.. February 1,040.641 902,160 2.093,422 1,266.100
Great North System February 5,703,628 5,864.482 11,599,845 12,143,722
122.491
105.559 122,4911 105,559
Green Bay & West.. January
727.128
643,965
314.137 339,544
Gulf Mobile & Nor_ February
236.923
219,294
219,294 236.923
Gulf & Ship Island_ January
952.983
938,295 952.983' 938.295
Hocking Valley.._.... January
Illinois Central_ _ _ _ February 11516003 10787 230 22,715.101 23.665.429
Internat & Ort Nor.. February 1,001.660 1,406,563 2,038,020 3,157,911
382,847
259.805
259,805 382.847
Internet Ry of Ma. January
128,152
107,442
107.442 218,152
Kan City Mex & Jr January
159,315
106,631
150.315
lanuary
106.631
Tex
of
0
As
Mex
KO
Kansas City South.. February 1,386.829 1,640,061 2,715,925 3,406,400
212,476
182.062
182.062 212,476
Texark & Ft Sm_ _ January
February 1,548,599 1,813,267 3,059.757 3,777.056
Total system..
1,598.415
131.251
Kansas City Term.... December
278,720
208,280
208.280 278,720
January
Kan Okla & Gulf
17.701
2,987
7,646
1,088
Lake Sup & Ishpem.. February
276.749
169,370
February
87,424 124,995
Lake Tenn By
513,415
428,902
223.984 256.370
Lehigh & Hud River February
626.444
741,835
388,969 354.909
Lehigh & New Eng.. February
February 5,392,208 5.517,829 10.528,299 11.553.790
Lehigh Valley
1,713.154
1,47:4.540
1,713.154
January
1,473.540
Lake
Salt
&
Los Ang
603,835
455,940
237,518 249,137
Louisiana & Arkan.. February
386.355
239.200
239.200 386.355
Louisiana Ry & Nay January
Louisville & Nashv_ February 9,078,606 8,520.179 17.678,068 18,662.361
234.219
203,243
203.243 234,219
Loulsv [lend & St L January
February 1,550,834 1,731,083 3,073,446 3,700,052
Maine Central
773,371
643,481
February
322,985 337,967
Midland
114,672
39,032
9.847
4,904
3d wk Mar
Mineral Range
Minneap & St Louis 3d wk Mar 337,509 341,164 3,615.401 3,645,908
Minn St P & S S M_ February 2,427,119 3,055.789 5,089,248 6,268,303
174.123
228,854
82.295
113.879
Mississippi Central.. February
135.358
def521
def521 135,358
Mo & North Arkan. January
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
3
Missouri Nan & Tex February 2,111,922 2,481,646 4,256,292 5,412,478
Mo K &T By of Tex February 1,510,108 2,098,301 3,093.835 4,560,762
Total system..___ January
3,852,666 5,612.670 3,852,666 5,612.670
Mo Kan & Tex Sys.. February_ 3,737,071 4,770.365 7,589,737 10,383,035
Missouri Pacific..__ _ February 7,420,605 8,356,643 14,889,935 17,908,983
3d wk Mar 327,059 359,357 3,560,100 4,278,252
Mobile & Ohio
315,860
216,852
Colum & Greens February
95,704 145,032
144,383
200.989
53,305
107,803
Monongahela Conn.. February
217,831
167.434
February
90,652 102,157
Montour
Nashv Chat & St L_ February 1,501,493 1,627,123 2,957,616 3,383,452
67,946
40,628
4.255
Nevada-Cal-Oregon 3d wk Mar
2,432
54.085
17.380
54,085
17.380
Nevada Northern January
277,356
268,529
169,045 116,111
Newburgh & Sou Sh February
388,484
420.803
New Orl Great Nor_ February
194,261 200.193
551,130
434,486
N 0 Texas & Mex_ _ February
216,868 249,868
520,347
333,753
179,959 264,615
Beaum S L & W.._ February
905,123 1,058,146
454,112 427,464
St L Bronwsv&M February
New York Central.. _ February 24612557 23599010 49,182,905 51.017,937
Ind Harbor Belt February
728,092 684,124 1,407.499 1,521,216
700,451 648,378 1,382,707 1,431,023
Lake Erie .Sc West February
Michigan Central February 5,532,241 4,715,548 10,809,285 10,844,045
Cloy C C & St L.._ February 6,478,725 5,763,703 12,516,845 12,724,395
491,861
547,075
299,389 238,380
Cincinnati North.. February
Pitts & Lake Erie February 1,832,315 2,189,814 3,608,588 5.165,380
843,063 756,292 1,63:4,471 1,643,767
Tol & Ohio Cent_ February
653,492
650,357
338,216 287,505
Kanawha tts Mich February
N Y Chic & St Louis February 2,279,555 1,945,662 4,313,290 4,210,699
584,113
465,599
N Y Connecting.... February
250,406 292,296
NYNH& Hartf_ _ February 8,577,023 8,157,805 17,301,526 16,813,851
N Y Ont & Western February
959,926 069,341 1,766,229 1,928,868
711,993
661.640
N Y Susq & West.... February
337,200 276,165
Norfolk Southern.... February
620,240 630,510 1,140,105 1,16.397
Norfolk & Western.. February 6,325,621 5,659,621 12,353,292 13,096,337 .
Northern Pacific_- February 5,859,499 5,770,156 11,847,325 12,330,250
479.521
507,399
507,399 479,521
Northwestern Pac.. January
Penna RR and Co_ _ February 37359660 37506975 74,681,823 82.224,787
193,305
Bait Ches & Atl_ _ February
148,946
77,662 104.506
183,693
144,154
97,478
Cinc Lob & Nor.. _ February
67,015
Grand Rap & Ind February
571,158 581,690 1,159.628 1,336,343
Long Island
February 1,863,172 1,720,822 3,784,475 3,495,703
142,260
112,373
69,839
Mary'd Del & Va February
55,415
480,278
370,630
370,630 480,278
Monongahela _ _ - January
919,599 1,073,406
N Y Phila & Norf February
513,801 484,463
158,399
123,135
Tol Peer & West_ January
123,135 158,399
W Jersey & &ash February
704,765 738,134 1,515,097 1,577,439
Pitts C & t L_ Vebruary 6.900,157 6.060,842 13,883,337 15,843,331
48528909 59071 523 48,528.909 59.071.523
Pennsylvania Syst_ - January
306,381
316.766
172,398 132,693
Peoria & Pekin Un_ February
Pere Marquette_ _ _ February 2,681,981 2,175,860 5,117,091 4,580,414
275,599
172,046
February
84,419 125,917
Perkiomen
Plana & Reading__ _ February 6,923,568 6,593,456 13,044,326 14,467,077
201,052
202,954
91,323
Pitts Shaw & North February
108,485
475,560
483,378
257,706 208,825
Pittsb & West Va.. _ February
464,296
405,471
February
227,242 204,116
Port Reading
105,521
72,818
72,518 105.521
Quincy Om & K C.... January
776,431 816,316 1,527,588 1,711,814
Rich Fred & Potom_ February
926,372
834,373
February
422,507 414,811
Rutland
257.949
234,311
234,311 257,949
St Jos & Grand Isl'd January
St Louis-San Fran.._ February 5,819,865 6,674,945 11,700,998 13,710,160
150,752
105,244
105,244 150.752
Ft W &RioGrande January
193,699
138,897
138,897 193,699
St IA-8 F of Texas_ January
St Louis Southwest.. February 1,233,551 1,296.889 2,555,358 2,816,536
526,597 626,431 1,150.110 1,259,200
St Louis 8 IV of Tex ebruary
Total System.._ _ _ 3d wk Mar 494,323 440.051 4,980,188 5,626,588_
222,261
212,087
88,725
105,000
St Louis Transfer__ February
900,414
753,599
388,790 422,895
San Ant & AranPass February
94,112
65.776
04.112
65,776
San Ant Uvalde & G January
3,588,569 4,335.146 3,588.569 4,335,146
seaboard Air Line.... January
18635651 21889117 18,635,651 21.889.117
Southern Pacific Co January
Southern Pacific___ February 11363771 13644649 23,795,506 28,332,729
996,091 924.390 1,888,314 1,693.449
Atlantic SS Lines_ February
346.911
182,385
182,385 346.911
Arizona Eastern.. January
Galv Harris & S A February 1,655,847 2,051,596 3.285.439 4,669.161
Hous & Tex Cent.. February 1,090,348 919,228 2,504,229 2,025,437
463,810
212.452 212,5841 428,107
Nous E & W Tex.. February
406,710
344.795
344,795 406.710
Louisiana Western January
783,178
608,390 783.1781 608.390
Morg La & Texas January
720,825 685,061' 1,549,639 1,486,342
Texas & New Orl_ February
Southern Railway.... 3d wk Mar 3,104,197 3,308.362 33,280.345 37,168.521
655,952 811,9671 1,329.400 1,684,029
Ala Great South_ February
Cin N 0& Tex P.. February 1,261,953 1,385,848 2,566.559 2,950.707
196,420
193,152
95,343
101.480
Georgia Sou & Fla February
964,066 1,135,006
473,305 576.779
New Orl & Nor E.. February
183,031
February
167.987
Northern Ala_
71,349
82,921
110,851
90,829
Spokane Internat.._ January
90,829 110.851
564,779
532,753
Spok Portl & Seattle January
532,753 564.779
362,086
325,194
Staten Island R T.. _ February
166,508 177.067
2.009
2,220
Tenn Ala & Georgia 3d wk Mar
182.151
167,534
Tennessee Central_.. January
167.534 182,151
742,920
753,931
362,718 343.298
Term RR Assn ofStL February
591,411
615.926
February
311,255 266,143
St L Mer Bdge
Texas & Pacific...._ 3d wk Mar 528,995 698.367 6,353.299 8,599,760
735,320 698.023 1,455,468 1,453,875
Toledo St L & West_ February
153,105
170.263
70,924
83,201
Ulster & Delaware.._ February
6,813,033 8,493.304 6,813,033 8,493.304
January
Union Pacific
February 12853 195 12800222 25,745,267 27.780.751
Total system_
2,567,359 2,733.587 2.567,359 2,733,587
Oregon Short Line January
2,038,140 2,040,4851 2,038.140 2,040,485
Ore-Wash RR & N January
646,296 892,602 1,306,995 1,903,299
Union RR (Penn) February
212,481
247,436
98,102
140.757
February
Utah
703,865
569,226
279,562 330,283
Vicks Shreve & Pac_ February
Virginian Railroad _ February 1,537,133 1,130.397 2,952,293 2,823,532
February 4,532,121 4,430,804 8,834,612 9,147.821
Wabash RR_
Western Maryland.. 3d wk Mar 350,957 332,967 4.054,106 4,201,007
951,574
790,440
790,440 951.574
Western Pacific_ _ _ January
388,485.
343,011
161,678 173,376
Western By of Ala.... February
Wheel & Lake Erie.. February.. 1,064,541 825,638 2,031,913 1,873,274
409,794.
110,040 185,418. 239,610
Wichita Falls & NW February
Yazoo & Miss Valley February 1,301,284 1,731,0101 2,710,868 3,612,194.
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
2d week Jan. 13 roads)____
3d week Jan 20 roads)....__
19 roads)..__ _
4th week Jan
let week Feb r8 roads).......
2nd week Feb 16 roads)____
3d week Feb 20 roads)..___
4th week Feb (15 roads)---1st week Mar (17 roads)_....
2d week Mar (19 roads)---0. _ _
3d week Mar (19 rnad,
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Curr.Yr.
Mileage.
April
020,340
10.374,306 13.088,878 -2.714,572 20.74 tya
235.333
11.726,774 13.906,060 -2,179.886 15.67
235,208
15.675.432 19,735.072 -4,059,610 20 57 June
'230,991
July
17.36
-2,563.600
9
9
9
233.815
12.072.084 13,894.898 -1,822.814 13.12 August
12.338,8211 13.800,701 -1.461.880 10.59 September _235,155
235,228
October
....
5.29
-679.965
12,863.5.55
12.183.590i
-848.189 6.11 November _ -236.043
13.026,8711 13.875.060
, 0,919
-359.139 2.60 December_ _..2
13.429,644 13.788.783
ne
-175 (inn 9 Iv?
19 41(1 315 13 7n1 014
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Prev.Yr.
219.743 411.279,831 381,112,844 +30.166.987 7.91
234,916 444,028,885 457,243,216 -13,214,331 2.89
235,059 460.582.512 494.164,607 -33,582.095 6.79
230,410 460,989,697 527,396,813 -66.407,116 12.59
233,067 604,599,664 554,718,882 -50,119,218 9.03
234,559 496,784,097 617,537,676 -120,753,579 19.55
234,686 534,332,833 640,255.263 -105922430 10.54
234.972464,440,498 590,468,164 -126027866 21.84
22.87,
224,784 406.864,055 527,00,047 -120.615,992
_,r OM) 0.711 1 a AIL
CPI A ante net.) ann eon A On ine ono
,
•
•
• .,
.
•
•
•
•
AiRIL 1 1922.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of March. The table covers 19 roads and shows 2.02%
decrease in the aggreg4te over the same week last year.
1397
-Grossfrom Railway- -Net from Railway--Net after Taxes-1922.
1921.
1922.
1921.
1922.
1921.
$
Chicago Ind dr Louisville1,204,058 1,090,648
296,608
105,983
242,545
59,760
From
February-Jan1 2,350,550 2,320,443
520,541
217,953
415,199
125,415
Chicago
Milw
&
St PaulThird Week of March.
1922.
Increase. Decrease.
1921.
February .A0,402,775 10,152,245
293,108 -50,188 -510.883 -770.708
From Jan 1 21,275,022 21,739,901
930,268 -211.939 -677,171-1,653,194
$
Chicago & North WesternBuffalo Rochester & Pittsburgh_
386,265
283,625 102,640
February
9,897,064 10,656,697 1,124,419
Canadian National Railways__ _ 2,341,763 2,379,968
38,205
368,588
385.893 --412.026
From Jan _119,871,881 22,446,293 1,793,276 -28,640
Canadian Pacific
114,000
3,097,000 3,211,000
321,827--1,591,229
Colorado & Southern_
60,740 Chicago Rock Island & Pacific489,161
438,421
Shore
& Atlantic_
Duluth South
11,749
91,901
80,152
February __ 8,532,715 9,395,340 1,257,171 1,301,079
730,883
829,699
Grand Trunk of Canada
From Jan 1 17,100,951 19,835,567 1,919,459 1,925.534
876,742
995,485
Grand Trunk Western
1,930,118 1,760,890 179,228
Chicago
St
Paul
Minn
&
Omaha
Detroit Grand Hay & MIlw_
February
1,921,077 2,064,651
235,134 -105,086
106,055 -235,902
Canada Atlantic
From Jan _1 3,893,668 4,464,836
294,671
65.995
40,165 -201,211
Mineral Range
4,943
9,847
4,904
Minneapolis & St Louis
3,655 Cincinnati Ind & Western341,164
337,609
February
349,416
245,671
45,067 -51,217
Iowa Central
31.525 -66,577
From Jan _1
669,495
542,562
66,807 -83,660
Mobile & Ohio
32,298
359,367
327,059
37,791 -116.640
Nevada-California-Oregon
1,823 Colorado & Southern4,255
2,432
64,272
St Louis Southwestern
440,051
494,323
February
978,526
993,525
248,090
111,007
183.790
27.006
Southern Railway
From Jan _204,165
1 1,880,358 2,372.722
3.104,197 3,308,362
336,014
497,754
207.270
339,706
Tennessee Alabama & Georgia.. _
211
2,009
2,220
Fort Worth & Denver City169,372
Texas & Pacific
698,367
528,995
February __ 679,007
176,308
799,292
178,733
144,183
146.924
17,990
Western Maryland
332,967
350,057
From Jan 1 1,351,838 1,805,505
301,259
345,182
237,475
282.388
Wichita
Valley
364,341
Total (19 roads)
630,950
13,426,315 13,702,924
February
92,929
122,549
17,892
25,751
12,001
Net decrease (2.02%)
19,589
276,600
From Jan _1
198,810
279,812
40,705
45,537
28,455
34,561
Net Earnings Monthly to Latest Dates.-The table Colorado & Southern SystemFebruary _ 1,657,533 1,792,815
327,973
173,929
following shows the gross and net earnings with charges and
From Jan f
444.746
622,093
surplus of STEAM railroad and industrial companies Cuba RR- 3,232,196 4,178,226
January _ 1,016,622 1,606,385
reported this week:
368,028
317,245
From July 1 5,917,832 8,497,481
938,166 -447.785
• -Grossfrom Railway- -Net from Railway- -Net after Taxes
Ferrocarril de Camagues y Nuevitas1921.
1922.
1921.
1922.
1922.
1921.
January ___
152,018
180,909
73,134
30,999
From July 1 828,415
Akron Canton & Youngstown992,004
356,108 -53,185
2,757
73,106
64,106
February _
-6,243 Cumberland Valley & Martinsburg78,946
159,019
7,247
141,476
123,476 -10,753
From Jan 1 314,535
173,257
February __
104,369
115,517
49,084
45,883
37,791
35,017
From Jan 1
203,558
24,8,701
Alabama & Vicksburg91,460
72,733
66.23583,966
-5,456
24,380
263,416
4,613 -13,388 Delaware & Hudson230,141
February
47,409
4,007
581,798
9,155
From Jan _-19,365
1
469,667
February __ 3,807,685 3,578,416
984,112 -10,962
898,438 -95,049
From Jan 1 7,221,609 7,660,763 1,474,134
Ann Arbor302,620 1,319,248
75,823
85,945
300,337
5,860
356,512
86,745 -11,645 Delaware Lack & WesternFebruary _
117,482
51,444
763,828
710,443
78,969
From Jan 1
16,434
February __ 6,072,949 6,168,813 1,401,665
421,280
41,098924,504
From Jan 112,266,540 13,103,861 2,588,280 1,335.259 1,633,976
Atchison Topeka dr Santa Fe674,943
803,312 1,604,502 -64,718 Detroit & MackinacFebruary _12,375,461 13,863,737 2,627,831
From Jan 1 124774,102 29,229,740 4,561,734 1,789,833 2,548,766
94,275
February __
91,953
120,943 -33,715 -25,208 --44,715 -34,431
Frorn Jan 1
195,217
Gulf Colorado & Santa Fe241,227 -71,418 -64,268 -93,422 -82,881
101,973 --02,562
February --1,497,701 2,119,851 -18,884
24,778 Detroit & Toledo Shore Line346,224 -202,021
From Jan 1 3,113,092 4,628,897 -118,875
194,898
February
361,397
181,460
200,147
46,807
241,147
36,807
Panhandle Santa FeFrom Jan 1
629,256
390,844
348,914
320,914
159,440
139,44045,217 -59,428
636,904
February __ 530,142
22,325 -77,802 Detroit Toledo dr Ironton5,454 -149,662 -40,234 -186,530
From Jan 1 1,058,626 1,318,164
February __ 337,380
508,666 -216,597 -175,070 -231,300 -184,458
Atlanta Birm & AtlanticFrom Jan 1 6,453,669 5,220,605 1,046,908-1,096,584
888,152-1,206,759
299,042 -48,960 -147,491 -68,026 -108,032 Duluth & Iron
274,087
February
Range
-113,595
-282,845
675,183
547,839
-152,072 -319,848
From Jan _1
February __
260,618 -161,783 -149,710 -167.990 -170,753
93.282
Atlanta & West PointFrom Jan 1
193,070
459,268 -311,376 -340,249 -324,124 -373,476
7,420
5,784
184,428
-1,928
180,008
February
-0,981 Duluth Missabe & Northern17,212
37,505
416,061
From Jan _-1,309
1
341,570
6,472
February __
98,430
208,037 -258,449. -409,565 -321,562 -424,086
Atlantic CityFrom Jan 1
224,685
425,180 -498,690 -735,293 -808,978 -764,505
186,703 -42,106 -116,996 -61,354 -134,887
February
215,099
St Louis ConnectingFrom Jan _1
403,849 -20,005 -233,818 -58,525 -269,593 East
436,740
February __
131,302
115,445
54,063
12,940
49,009
10,275
Atlantic Coast LinoFrom Jan 1
263,115
250,775
102,086
27,544
91,978
22,255
February
6.008,668 6,322,951 1,835,644 1,096,255 1,576,125
844,822 Eastern Steamship LinesFrom Jan -111,300,710 12,774,093 2,947,996 1,780,489 2,432,024 1,277,880
February __ 230,681
157,424 -28,729 -45,570 -53,883 -67,973
Baltimore es OhioFrom Jan 1
325,015 -61,389 -107,561 -110,415 -152,223
469,664
920,130 2,327,341
February _15,033,672 14,165,359 2,983,723
355,746
From Jan 1 20,303,432 32,021,511 5,457,558 2,827,545 4,138,575 1,635,753 Elgin Joliet & Eastern711,742
729,424
February.... 1,644,366 2,156,699
630,493
678,005
Bait & Ohio Ch TermFrom Jan 1 3,112,006 4,759,320 1,207,745 1,717,703 1,042,599 1,578,544
7,672 -23,961 -30,683 -58,487
February
200,522
181,546
El
Paso
&
Southwestern
1
410,607
From Jan _18,194 -50,957 -58,823 -117,039
393,773
February _ 786,549 1,029,579
236,306
137,132
197,546
92,984
Bangor & AroostookFrom Jan 1 1,540,490 2,117,348
457,233
273,474
264,782
64,454
118,337
225,397
698,080
711,063
183,667
82,243 Erie RailroadFebruary-187,496
From Jan1 1,376,649 1,417.235
448,762
367,176
112,398
February __ 7,658,078 8,085,393 1,240,121
963,726
538,341
227.814
Belt RY 01 Chicago-From Jan 1 14,835,328 16,485,014 1,631,395
33,281 1.163,029 -568,335.
February
495,621
80,518
182,583
373,370
151,909
53,523
&
Erie
thicago
932,055
131,083
1
304,930
From Jan _830,167
241,462
79,321
February __ 842,538
157,476 -37,657
796,328
103,806 -81,407
Bessemer & Lake EdoFrom Jan 1 1,692,916 1,671,959
282,108 -179,304
180,888 -226,807
February
579,384
848,261 -10,611 -203,419 -43,500 -219,958
New Jersey & New York1 1,139,188 1,858,807 -09,145 -243,516 -164,738 -276,586
From Jan ___
107,108
113,553
February
15,393
-3.976
12,393
-6,898Bingham & Garfield228,507
From Jan 1
1,041
21,820
221,920
-4,798
15,810
9,618
20,575 -21,538 -16,401 -27,300 -20,445 Erie SystemFebruaryFrom Jan119,500
44,087 -47,761 -29,711 -53,852 -37,828
8,500,616
February
8,881,719
__
•
1,067,532
146,406
Boston & Maine• From Jan 118,528,244 18,156,972
1,343,915 -835,142'
February
5,925,754 5,778,757
774,608 -1,046,420
611,305 -1,300,356 Florida East CoastFrom Jan 111,695,299 11,899,020 1,034,710 -2,134,469
708,098 -2,641,368
640,243
February __ 1,443,149 1,640,765
641,142
591,315
593,623.
Brooklyn E D TerminalFrom Jan 1 2,652,685 3,190,212
996,345 1,108.424
897,661 1,013,336
February __
127,168
28,319
50,560
103,034
44,211
21,430 Ft Smith & Western242,078
From Jan 1
189,601
90,079
45,306
77,381
32,173
107,493
February __
2,966 -19,427
141,172
-2,858 -25,031
Buffalo Rochester & Pittsb-5,125 -29,881
216,844
From Jan 1
328,242
-6,567 -41,195
February .... 1,297,711 1,112,440
8,828
287,518
252,516 -26,174
Georgia & FloridaFrom Jan 1 2,515,130 2,481,157
78,757
470,200
400,454
6,520
9,368 -21,945
95,343
101,480
February __
3,083 -29,635
Buffalo & SusquehannaFrom Jan 1
1,728 -65,721 -10,802 -81,199
196,420
193,152
102,347
44,729 -15,392
210,715
41,479 -21,392 Grand Trunk SystemFebruary384,195
From Jan 1
53,094 -51,347
438,262
46,594 -61,797
Atlantic & St LawrenceCanadian Pacific84,142
9.557
337,160
February __ 323,222
67.198
-9.647
February _ _11,303,693 12,768,986
654,487
813.391
109,384
713,133
600,250
From Jan 1
26,202
75,540 -12,207
From Jan 1 22,641,668 27,234,417 1,137,965 1,454,816
Grand
Trunk
Western
Carolina Clinchfleld dr OhioFebruary _ _ 1,080,641
902,160
119,526 -25,671
58.370 -76.742
February... 583,132
36,093
509,812
187,732
147,710
5,731
From Jan 1 2,093,422 1,266,100
33,128 -112,196
-9,945
159,359
From Jan 1 1,182,212 1,172,856
151,057
386,291
308,162
00,628 Great Northern SystemCentral of GeorgiaFebruary __ 5,703,628 5,864,482
442,046 -183,902 -51,894 -947,322
1,647,207 1,786,300
93,349
306,845
220,825
3,452
From Jan 111,599,845 12,143,722
686,098 -641,886 -385,396 -2,472,050
FebruaryJan1- 3,154,094 3,575,211
From
71,762
421,132
254,361 -101,228 Gulf Mobile & NorthernCentral RR of New JerseyFebruary
__
339,544
314,137
70,825
3,928
53,535 -11,881
4,045,016 3,807,710
February
587,720
584,457
341,354
261,729
643,965
From Jan 1
135,309
727,128
102,021
23,875
-5,493
From Jan 1 8,014,923 8,012,381 1,062,281
809,640
546,430
261,376 Illinois CentralCentral New EnglandFebruary _A1,516,003 10,787,230
3,332,387 1.963,352 2,306,272 1,378,826
615,168
713,604
257,342
271,955
249,882
230:408
From Jan 1 22,715,101 23,665.429 5,842.258 4,691.112 3,887,460 3,268,355
FebruaryJan 1 1,143,242 1,374.217
From
368,511
382,959
338,822
326,689 Illinois Central SystemCentral Vermont.12,817,288 12,518,240 .3,400,610 *2,263,770 2,258,215 1,574,428
February
491,309
February
457,272
39,646 -122,461
22,692 -143,388
From Jan 1 25,425,970 27,277,623 .5,989,270 .5,206,691 3,801,364 3.574,007
951,546
1
Fro
From Jan _924,278
23,341 -286,476 -10,714 -323,304 Internat
Great Northern'
.
&
Charleston & West CarolinaFebruary __ 1,001,660 1,406,563
117,796 -28.854
84,748 -61,672
239,102
February
253,566
32,942 -39,632 . 21,862 -49,678
From
Jan
204,838 -31,861
1
2,038,020 3,157.911
135,455 -94,714
475,596
1
508,050
From Jan _50,868 -83,320
28,094 -103,375 Kansas City SouthernOhio
Chesapeake &
347,426
February.. 1,386,829 1,640,061
386,424
462,969
246,876
0,980,645 5,271,089 1,712,943 -124,009 1,443,620 -355,239
February
From Jan 1 2,715,925 3,406,400
660,672
791,320
459,118
945,729
112,870,187 12,397,187 2,865,498
From Jan.612,496 2,328,388
149,379 Lake Superior & IshpemingChicago & Alton7.646 -52,472 -48,786 -57,830 -53.982
February __
1,088
2,561,439 2,184,527
8,997
637,598 -54,323
712,901
17,701 -85,337 -101,902 -96,064 -112,032
From Jan 1
2,987
From
FebruaryJan1- 4,988,919 4,784,527 1,151,736
188,338 1,001,121
64,710
Lake Terminal RyChicago & Eastern Illinois124,995
87,524
February __
3.560
39,578
33,242
-2,564
February.,. 2,085,918 2,119,674
458,522 -99,725
373,319 -185,090
276,749
169,370
From Jan 1
72,115
59,442
14,463
2,316
From Jan 1 4,141,553 4,673,616
797,480 -88,523
626,078 -259,187
Lehigh & Hudson RiverChicago Great Western1,812,644
256,730
g
February
23,984
74,130
_
_
63,952
47,510
1,745,349
31,808
February
131,457
124,400
513,415
428,902
From Jan 1
81,444
64,515
101,800
From Jan -40,213
1 3,375,837 3,848,941
35,979
178,753
Chicago Junction%al
Lehigh & New England372,645
434,342
February
143,770
89,597
57,923
February _ 388,969
354,909
92,656
6.278
77,203
-9,175
51,008
706,205
826,794
From Jan _1
247,791
127,571
168,058
From Jan 1
117,151
628,444 -56,089
741,835
80,477 -86,995
49,571.
1398
-Grossfront Railway--Net from Railway- -Net after Taxes
1922.
1921.
1922.
1922.
1921.
1921.
$
Lehigh Valley5.392.208 5,517.829
881,722 -321,113
642.874 -535,210
February
From Jan 110.528.299 11.553.790 1,419,273 -578,651
972,932 -1,005,217
Louisiana & Arkansas_
237.518
249.137
23.547
4.082
42,870
21,243
From
FebruaryJan 1
455.940
603,835
30,489
60.087
69,278
95,332
Louisville & Nashville921.843 -1.236.306
February _ 9,078.606 8,520.179 1.224.668 -929,410
From Jan 117,678,068 18,662,361 1,881,370 -1,066,561 1,273.625 -1,676.516
Maine Central84.921 -141.992
February
1,550.834 1,731,083
184,005 -36,351
From Jan _1 3,073.446 3,700,052
327,869 -87.737
129,723 -302,198
Midland Valley32.936
119,413
February _
323,985
337,967
41.115
107.556
61,927
From Jan 1
643.481
773.371
209,337
78,291
185,740
Minneapolis & St Louis225,887 -40.840
164.245 -115.451
February _ _ 1.288,166 1.177.752
From Jan 1 2,585,494 2.655,646
446,849
42,642
322,182 -105,196
Minn St Paul & Sauite Ste MarieFebruary_ 2,427.119 3,055.789 -173.876 -324,784 --423.573 --593.317
From Jan -1 5.089,248 8.268,303 -274,585 -847,847 --762,705--1,521,553
Mississippi Central13,534
1,656
-4.457
February _
113.879
82,295
7.268
228.854
174.123
21,837
-4.003
9,306 -16,224
From Jan 1
Missouri Kansas & Texas259.118
666,468
787,765
369,136
February_ 2,116,922 2,486,646
609.818
729,750
930,262
From Jan -1 4,257,292 5,412.478 1,174,811
Missouri Kansas & Texas of Texas312,034
358,657
407,658
360.328
February _ _ 1,510,108 2,898,381
660,452
469,887
572,666
750,945
From Jan 1 3,093,835 4,568,762
Mo Kan & Texaa System682.961
771.705 1.027,587
February _ 3,737.071 4.770.365 1,209.053
From Jan I 7.589,737 10,383.035 1.774,645 1.584,767 1,406,141 1,253,940
Missouri Pacific178,356
384,885
730,715
February __ 7,420.685 8,356,643 1,121,414
627,707
From Jan 114,889,935 17,908.983 2,070,008 1,104,995 1,287,882
Mobile & Ohio70.832
209.824
273,981 -10,907
February _ 1,268,393 1.455,102
128,793
367.962
7 .922
497,803
From Jan I 2,617.955 3,199,698
Columbus & Greensville145,032
--425 --12.969
-6.095 -26,219
95.704
February
15,915 -32.880
315,860
21,775
--6,380
From Jan _1.
216.852
Monongahela Connecting-18.937
-17,041
23.297
53.305
25.384
197.803
February. _
43,034 -46,387
47,077 -42,238
200.989
144,383
From Jan I
Nashville Chatt & St Louis73,813 -45.042
108,968 -13.888
1,501,493 1,627,123
February
32,188 -11,964
102,940 -35,758
1 2,957.816 3,383,452
From Jan _Newburgh & South Shore50.028
-1.236
62,261
7,946
116.111
189.045
55,616
2,645
277,356
78,285
21,968
268.529
February-Jan 1
From
New Orleans Tex & Mexico84.443
84.443
71,194
249.868
71.194
216,868
_
136,016
117,955
169,019
551.130
150.305
February434.486
From
Jan 1
Beaumont Sour 1.ake & Western116,947
57.582
264.615
61.462
120.104
179.959
February __
74,045
202.170
208.177
333.753
520.347
81,805
From Jan 1
St. Louis Brownsville & Mexico427.464
127.353
2,398 111.083 -12.468
454.112
February _
130.466
229.383
159,210
258,538
905.123 1.058,146
From Jan!
New York Central26.285
February _24.612.557 23.599,010 4.990,771 1.583.603 3.442.578
From Jan -1 49.182,905 51.017,937 9,951,817 2,956,350 6,866,862 -222,465
LouisCleve Cin Chic & St
644.027 1,087,165
328,321
February-. 6,478.725 5.763,703 1,442,198
Front Jan 1 12.516.845 12.724.395 2,506.839 1,738.613 1,846,352 1,107,269
Cincinnati Northern88.427
5.706
110,674
20.378
238,380
February _299,389
6,618
130,017
167,706
35,845
547,075
491,861
From Jan 1Indiana Harbor Belt230.510
-7,224
265,128
3,462
684.124
728.092
February _
384,378 -56,534
444,004 -35,159
From Jan 1 1,407,499 1.521,216
Kanawaha & Michigan67,248 -148.789
94,444 -113.133
287.505
338,216
February __
68,439 -250.373
121,974 -179,061
653,492
650,357
From Jan 1
Central
&
Ohio
Toledo
25.003
155.752
80.859
100.725
756,292
843,063
February ._
30,162
275,483
165,430 -81,550
From Jan 1 1,633.471 1,643.767
Lake Erie & Western104,674 -44,285
59,568 -88.967
648.738
780.451
February _
113,426 -271,297
198.720 -181,002
From Jan 1 1,382,707 1.431.023
Michigan Central10,199
770,221
995,805
237.206
February _ 5.532.241 4.715,548
826,900
From Jan 1 10,809.285 10.844,045 2,006,640 1,079,353 1,540,853
Pittsburgh & Lake Erie62,203
287.303 -354,348
February _ _ 1.832,315 2,189,814 -278,039
179,813
830,013 -728,655
From Jan 1 3,608.588 5.165.380 -571,874
N Y Chicago it St Louis146,053
629,505
250.0130
754.604
2,279.555 1.945,662
February
808.405
882,346
808,405
From Jan 1 4,313,290 4,210,699 1,126,119
N Y Connecting179,346
160.199
212,346
198,791
292,296
250,406
338,297
242,207
403.167
318,599
584,113
465,599
FebruaryFrom
Jan 1
Hartford
NYN H&
February_ 8,577.023 8.157,805 1,721,204 -1,117,687 1.334.000 -1,513,673
From Jan 1- 17,301,526 16.813.851 3,398,413 -2,262,632 2,623,953 -3,056,510
N Y Ontario & Western33,242
128,549
68,720
158,551
969.341
959.926
February
59,746 -41,308
135,753
29,695
1 1,766,229 1.928,868
From Jan _N Y Susquehanna & Western32,678 -96,814
57.957 -70.154
276,165
337,200
February
39,230 -104,902
00,348 -53,038
711,993
661,640
le From Jan 1
Norfolk Southern101,834
630,510
620,240
84,059
From Jan 1- 1,140.105 1,168,197
FebruaryNorfolk & Western6,325.821 5,659.621 1,742.114
FebruaryFrom
Jan 1- 12.353,292 13,096.337 3,035,109
Northern Pacific319,664
5,859,499 5,770,156
February
294,082
111,847,325 12,230,250
From Jan _Pennsylvania RR & CoFebruary _37,359.660 37,506,975 7,574,978
From Jan 1 74,681,823 82,224,787 14,044,838
,Baltimore Chesapeake & Atlantic101,506 -19,147
77.6132
L February __
193,305 -52,725
148,946
, From Jan!
Cincinnati Lebanon dc Northern97,478 -12,751
67,015
' February __
183,693 -28,616
144.154
[ From Jan!
Grand Rapids & Indiana571,158
581,690 -50.417
February _ _
From Jan 1 1.159,628 1,336,343 -108,087
Long Island205,272
', February ._ 1.863.172 1,720,822
374,045
L. From Jan! 3.784,475 3,495.703
Maryland Delaware & Virginia
69,839 -28.388
55,415
February __
142,260 -46,073
112.373
, From Jan 1
New York Philadelphia & Norfolk36.953
484,463
513,801
I February_
1. Fronvan 1- 919,599 1,073,406 -64,495
(Vol,. 114.
THE CHRONICLE
76,393
33,162
48.398
-12,631
445,145 1,291.638
1,450,590 2,133,762
54.930
670,083
81,075
50,720
-129,452 -438,664 -902,365
10,248 -1,218,808 -1,534,544
-264,747 6,753,368 -1,103,976
1,370,446 12,133,051 -608,825
-4,974
-51,130
--19,151
--52,729
--4,982
--51,133
8,500
-18,858
--16.154
--36,883
4,633
--28.351
-75,797 --61,054 --85,903
-83,784 --138,496 --113,116
-105,368
-338,932
186,168 -122,554
313,489 -393,166
-13.896
-28,817
--28,394
--46,079
--13,896
--28,820
-51,887
-4,309
29.183
--84,095
--59,275
--23,897
-Grossfrom Railway- -Net front Railway- -Net after Taxes
1922.
1921.
1921.
1922.
1921.
1922.
$
$
$
$
Pitts Cine Chicago & St LouisFebruary _ _ 6,900,157 6,060,842
941,758 -1,773.202
694.939 -2,021,478
From Jan 113,883,337 15,843,331 1,788,167 -1,289,904 1,192,191 -1.921,962
West Jersey & SeashoreFebruary
794,765
738.134 -19.470 -173.920 -19,808 -173,959
From Jan 1 1,515,097 1,577,439 -144,9119 -303,611 -145,374 -303,67go
Perklomen RR.
February .._
125.917
84.419
32.827
80.437
27,578
77,293
From Jan 1
173,491
275,599
172.046
59,716
179,779
50,973
Pen n Ivania SystemFebruary _48,562,263 47,665.904 8,735.356-2,439.040 7,595.372-3.618.560
From Jan 1 97,091,172 106737,426 15,968,893 -714,878 13,292,789-3,523,186
Peoria & Pekin UnionFebruary __
172,398
132,693
68,040
-9.810
53,040 -23,610
From Jan 1
316,766
306,381
103,502 -12,986
77,002 -37,986
Pere MarquetteFebruary,...2,681.081 2,175,860
584.755
81.716
457,834 -34.231
From Jan 1 5,117,091 4,580,414
999.704 -128,808
740,951 -326,579
Philadelphia & ReadingFebruary _ 6.923.568 6,593,458 2,040,3130
492.017 1,848.049
250.660
From Jan 1 13.044,326 14,467,077 2,781,091 1,098.929 2,393,576
616,331
Pittsburgh & West VirginiaFebruary __
257,706
208.825
87,254 -16,082
39.144
38,622
From Jan 1
483,378
475,560
87,652. -7,771
38,932 -47,931
Pittsburgh Shawmut & NorthernFebruary __
108,485
91.323 -12.520 -44,257 -14.770 -46,486
From Jan 1
202,954
201,052 -20,321 -97,724 -24,785 -102,188
Port ReadingFebruary _
227,242
294,116
135,057
184,830
120,684
91,667
From Jan 1
405,471
464,296
224,003
228,653
195,257
202,321
Richmond Frederick & PotomacFebruary _
235,349
104,151
776.431
816,318
195,260
67,144
From Jan 1 1.527,588 1,711,814
432,011
349,782
356,461
173,313
Rutland414,811
25,559 -47.865
February __
5.235 -71,524
422,507
From Jan I
5,010 -36,703 -35,215 -84,176
834.373
926,372
St Lonis-San FranciscoFebruary _ 5,819.865 6,674.945 1,582.559 1,6(10,518 1,250,760 1.393,202
• From Jan 111,700,998 13,710,160 3,018,332 3,209,197 2,417,975 2,673,848
St Louis-San Fran SystemFebruary _ 6,051.890 6,944,614 1,547.543 1.585.234 1.237,887 1,241,401
From Jan 112,108,629 14,347,297 2,972,025 3,040,884 2,467.975 2,357,16.8
St Louis SouthwesternFebruary ._ 1,233,551 1,298,889
390,038
342.897
340.891
209,379
From Jan 1 2,555,358 2,816,535
816,725
804.970
712,482
716,328
St Louis Southwest SystemFebruary _ 1,760,148 1,923,320
298.052
225.427
224.831
157.848
From Jan 1 3,705.468 4,075,734
648,852
542,382
496,516
405,667
St Louis S 1V of Texas526,597
628,431
,088 -117,470 --116.060 -141,531
Februat y _ _
From Jan 1 1,150,110 1,259,200 -187,872 -262,587 -215,966 -310,661
St Louis Transfer-105.000
88.725
57,651
Febt nary __
35,656
56.687
35,294
212,087
222,261
113,489
From Jan 1
101,009
111,582
100,353
San Antonio & Aransas Pass422,895 -21,316 -103,510 -35,245 -116,824
388,790
February __
From Jan 1
900,414 -97,432 -197,446 -125,795 -224,070
753,509
Southern PacificFebruary _ _11,383,771 13,644,649 1.928,080 3,191,643
686,498 2,271,179
Front Jan 1 23.795,508 28,332,729 4,153,849 5,377,628 1,677,670 3,542,767
Atlantic Steamship Lines996,691
924,390
231,121
67,768
219,228
February _
56.242
From Jan 1 1,888,314 1,693,449
399,728 -54,685
375,022 -77,716
Galveston Harrisburg & San Antonio295,226
235,317
February __ 1,655,847 2,051,596
242,808
191,733
401,504
855,628
From Jan 1 3,285,439 4,669,161
296,837
768,422
Houston & Texas Central203,959
49,264
159,188
5,329
February __ 1,090,348 • 919,228
596,014
214,954
506,737
127,002
From Jan 1 2,504,229 2,025,437
Houston East & West Texas18,688
9,127
16,741
10,733
212,584
212,452
February __
5,466
31,667
-9,686
15,577
428,107
463,810
From Jan 1
Texas <it New Orleans71,339 -27.647
95,688
-7,359
February _
720,825
685,081
-3,193
242,920 -44,124
291,657
From Jan 1 1,549,639 1,486,343
Southern Railway119,504 1,052,333 -247,453
February _ 9,019,687 9,708,330 1,491,703
142,162 2,085,581 -608,281
From Jan 118,237,201 20,401,259 2,946,966
Alabama Great Southern128,770
88,4E8
99.343
61,965
811,067
655,982
February _
211,872
77,254
151,650
20,606
From Jan 1 1,329,400 1,684,029
Cine N 0& Tex Par260,909
57.943
205,979
11,354
February __ 1,261,953 1,385,848
558,199
68,950
448,825 -24,210
From Jan 1 2,566,559 2,950,707
Georgia Southern & Fla12.749 ,---77,901
369,775
19,818 -60.838
February
337,019
80,276 -132.166
748.765
798,851
104,927 -98,004
From Jan 1
New Orleans & Northeastern65,812
19,758
27,621
63,310
February _
473,305
576,779
28,373 -54,893
115,510
22,711
From Jan 1
964,066 1,135,008
Northern Alabama25,771
1,617
21,701
-2,197
71,349
82,921
February..
47,414
22,833
183,031
39,274
13,814
From Jan 1
167,987
Staten Island Rapid Transit-9,179 -30.975 -24,605 -43.301
177,067
February __
166,508
362,086 -74,303 -69,929 -107,185 -94,277
From Jan 1
325,194
Terminal RR Men of St Louis343,298
139,823
74,332
84,461
31,401
362,718
February _
742,920
280,797
155,375
170,045
89,507
753,931
From Jan 1
St Louis Merch Bdge Term88,848 -25,212
266,143
311,255
104,897 -12,222
February _ _
-3,042
156,155 -28,848
591,411
188,039
615,926
From Jan 1
Texas & Pacific217,146
203,636
331.643
342,276
February __ 2,237.907 2,918,738
467,012
828,016
717,258
570.127
From Jan 1 4,811,418 6,457,234
Western
Toledo St Louis &
101,684
204,643
70,684
250,843
698,023
February .... 735.320
138,092
200,092
373,086
405,589
From Jan 1 1,455,468 1,453,875
Ulster & Delaware70,924 -11,879 -25,091 -18,118 -31,346
83,201
February __
153,105 -32,018 -61,572 -44,260 -74,078
170,263
From Jan 1
Union PacificTotal System885,434
February _12,853,195 12,800,222 3,149,103 2,024,750 2,015,417
From Jan 1 25,745,267 27,780,751 5,839,087 3,279,205 3,574,144 1,006,166
Union RR (Penn)134,700
122,151
145,366
135,151
892,802
646,296
February _
260,048
229,266
281,380
255,268
From Jan 1 1,306,995 1,903,209
Utah98,102
140,757
February __
212,481
247,436
From Jan 1
Vicksburg Shreveport & Pacific330,283
279,562
February __
703,865
569,628
From Jan 1
Virginian RailwayFebruary __ 1,537,133 1,130,397
From Jan 1 2,952,293 2,823,532
Wabash RRFebruary __ 4,532,121 4,430,804
From Jan 1 8,834,612 9,147,821
55,203
81,785
28,878
58,068
48,434
68,425
24,740
47,804
54,550
80,982
45,736
69,878
38,863
48,126
37,701
45,079
632,340
1,144,043
143,852
820,697
535,979
946,935
49,210
431,413
845,030
1,352,849
465,704
666,575
656,316
975,038
328,748
393,113
-Grossfrom Railway- -Net from Railway- -Net after Taxes1921.
1922.
1921.
1921.
1922.
1922.
$
Western Maryland145,957
385,074
335,074
195,957
February __ 1,504,040 1,500,824
260,886
754,968
390,886
654,968
From Jan 1 2,982,306 3,202,105
Western By of Alabama173,376
7,211
1,464 -10,942
-1,532
February _ _ 161,678
-6,661
343,011
388,485
11,840
25,290
10,940
From Jan 1
Wheeling & Lake Erie825,638
180,430 -113,327
February __ 1,064,541
278,506 -41,914
458,516 -43,789
270,400 -195,61
From Jan 1 2,031,913 1,873,913
Wichita Falls & Northwestern31,351
110,040
185,418
February __
13,630
1,532
42,241
82,252
239,610
409,794
27,169
2,309
From Jan 1
104,072
Yazoo & Mississippi Valley195,601
February __ 1,301,284 1,731,010
70,470
300,961 -48,057
305,652
From Jan 1 2,710,869 3,612,194
150,974
516,382 -86,095
* Includes uncollectible railway revenues.
-Deficit.
Latest Gross Earnings.
Month.
Adirondack Pow & Lt February
Alabama Power & Lt_ February
aAmer Pow & Lt Co_ January
Appalachian Pow Co.. February
Arkansas Lt & Power January
Atlantic Shore Ry_ October
Bangor Ry & Elec Co January
tBarcelona Tr, L & P January
Baton Rouge Electric January
Beaver Valley Trac__ February
Binghamton L,H & P January
Blackstone Val G & E January
Bradford Elec Co.. _ _ November
Brazil Tr, L & P. Ltd January
Cape Breton El, Ltd.. January
Central Miss Val Elec January
Chattanooga By & Lt January
Cities Service Co_ _ _ _ February
Cit Trac Co & subsid_ January
City Gas Co, Norfolk November
Cleve Painesv & East January
Colorado Power Co.. December
Columbia Gas & Elm February
Columbus Electric Co January
Com'w'lth P. By & Lt February
Connecticut Power__ January
Consumers Power Co February
Cumb County P & Lt January
Dayton Pow & Light_ February
Detroit Edison Co...... February
Duluth-Superior Trac February
Duquesne Lt Co subs
light and power cos February
East St Louis & Subur January
East Shore Gas & El_ January
Eastern Texas Elec.__ January
Edison El Ill of Brock January
Elec Lt & P of Ab & R January
El Paso Electric Co__ January
Erie Light Co & subs_ January
Fall River Gas Works January
Federal Lt & Trac Co January
Fort Worth Pow & Lt January
Galv-Hous Electric.. _ January
Gen Gas&El&Sub Cos February
Great Western Power January
Harrisburg Ry Co- September
Havana Elec By & Li January
Haverhill Gas Lt Co_ January
Honolulu R T & Land February
Houghton Co El Lt.._ January
Houghton Co Trac Co October
Hudson & Manhattan December
Hunting'n Dev & Gas January
Idaho Power Co
January
Illinois Traction
February
Interboro R T System November
Electric
Co....
Keokuk
January
Keystone Telephone_ February
Key West Electric Co January
Lake Shore Elec By.... January
Long Island Electric_ November
Lowell Elec Lt Corp_ January
Manhat Bdge 3c Line November
Manhattan & Queens November
Manila Elec Corp...._.. December
tMarket Street Ry-- February
Metrpolitan Edison February
milw Bloc By & Lt.._ January
Miss River Power Co_ January
Munic Serv Co & subs January
Nashville By & Lt Co January
Nebraska Power Co January
January
Nevada-Calif Elec
New Bag Power Syst_ December
New Jersey Pow & Lt February
Newp N & It By G&E November
New York Dock Co.._ February
N Y & Queens County November
N Y & Long Island.... November
b New York Railways November
b Eighth Ave RR November
b Ninth Ave RR- November
Now Caro PubServCo December
Nor'n Ohio Elec Corp February
Nor Ohio By & Power February
Northern Texas Elec_ January
November
Ocean Electric
Pacific Gas & Electric November
Pacific Pow & Lt Co_ January
Paducah Electric Co.. January
Penn Cent Lt & Pow_ January
Penn Edis & Sub Cos_ February
Philadelphia Co and
Natural Gas Cos February
Philadelphia Oil Co February
Phila & Western-- -- February
Phila Rap Transit CoFebruary
February
Pine Bluff Co
Portland Gas & Coke.. January
January
P_
Portland By, Lt &
Puget Sd Pow & Lt_.. January
Read Tr&LtCo&Sub_ February
Republic By & Lt Co February
Richmond Lt & RR- November
Rutland By, Lt & Pr_ January
Sandusky Gas & Bloc February
Savannah Elec & Pow January
Sayre Electric Co....... February
November
Second Avenue
17th St Incl Plane Co February
Sierra Pacific Co....... January
Southern Calif Edison January
Current Previous
Year.
Year.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
3
$
803,792
920,867
439,169 370,355
779,066
822,879
395,618 383,786
2265,937 2287,506 2,265,937 2,287,506
405,888
472,015
231,081 186,220
1074,388 1193,216 1,074,388 1,193,216
188,363
191.311
15,423 16,455
122,853
126,855
126,855 122,853
4074,494 3154,317 4,074,494 3,154,317
49,282
51,690
51,690 49,282
125,138
100,321
47,331 58,889
86,294
72,196
86,294 72,196
372,287
295,695
372,287 295.695
66,269 60,346 *687,723 *562,589
15032000 12875000 15,032,000 12,875,000
59,409
53,803
53,803 59,409
45,045
50,097
50,097 45,045
113,968
131,004
131,004 113,968
1235,641 1442,699 2,481,298 3,079,721
94,373
84,473
84,473 94,373
806,282
826,300
77,387 89,148
59,108
54,070
54,070 59,108
998,843 1,121,036
90.160 102,688
1814,721 1394,577 3,614,034 2,992,713
151,216
168,705
168,705 151,216
2629,616 2633,699 5,441,046 5.477,396
142,825
142,825 129,232
129,232
1212,240 1233,403 2,495,053 2,526,894
288,710
288,710 281,055
281.055
808,521
385,227 356,286
737,734
2229,442 2039,351 4,573,380 4,175,302
276,353
127,546 141,344
298,447
1365,152 1469,054 2,874,442 3,022,137
329,424
329,424 382,211
382,211
52,682
52,682 44,166
44,166
144,169 152,107
144,169
152,107
127,753 112,074
127,753
112,074
34,925 29,104
34,925
29,104
201,045 194,262
201,045
194,262
109,256 113,520
109,256
113,520
83,820 82,295
83,820
82,295
451.462 456,406
451,462
456,406
212,559 265,005
212,559
265,005
267,099 335,640
267,099
335.640
971,481 936,541 2,022,654 1,951,924
609,447
609,447 641,325
641,325
128,938 149,112 1.247.782 1,314,011
1140,049 1089,076 1,140,049 1,089.076
46,837
46,837 41,743
41,743
74,453 73,507
155,233
145,960
56,260 56,577
56,260
56,577
16,629 23,282
206,992
264,194
965,417 924,181 10,515,711 9,220,266
106,826
99,651
99,651 106.896
189,070 184,481
189,070
184,481
1862,275 1845,157 3,834,373 3,827,296
4542,930 4813,587 49,461,126 49,267,505
35,791 31,782
35,791
31,782
137,978 144,324
276,338
288,963
22,456 24,592
22,456
24,592
188,143 214,777
188,143
214,777
25,855 21,389
351.104
306,355
120,145 107,969
120,145
107,969
23,507 24,441
261,270
256,177
27,454 19,254
310,773
209,402
316.238 315,397 3,677,506 3,417,366
679,794
1,444,678
234,944 221,608
486.964
470,750
1698;255 1765,776 1,698,255 1,705,776
227.827 225,417
227,827
225,417
229,985 233,322
229,985
233,322
351,492 334,627
351,492
334,627
281,391 286,262
281,391
286,262
212,236 244,853
212,236
244,853
535,598 517,846 5,412,780 5,956,444
53,578 35,686
110,743
77,102
163,561 230,151 2,379,604 2,534,758
341,719 525,599
692,696 1,063,839
104,726 93,903 1,182,440 1,089,908
44.869 41.024 8.748,322
551.111 7,889,668
486,516
746,815 763,343
102.760 90,394 1,112,482
936,781
47,315 43,879
373,014
500,874
104,434 95,804 1.135,353 1,025,705
715,391 757,293 1,448,733 1,570,035
29,454 33,018
60,804
65,806
263,887 339,010
263,887
339,010
13,811 11,381
293,609
242,049
3035,040 3103,524 *37550.563 *34209,97s
254,384 240,228
240,228
254,384
49,696 47,475
47,475
49,696
221,274 212,718
221,274
217,718
207,695 208,192
452,572
437,382
1836,604 1360,409 2,880,893 2,919,649
91,026 143,181
321,428
195,543
55.564 53,659
118,802
116,829
3150,066 3207,373 6,586,705 6,825,722
59,841 61,187
126,798
129,371
317.607 283,593
283,593
317,607
870,978 893,235
893,235
870,978
950,808 938,551
938,551
950,808
218,639 222,943
472,401
462,002
623,460 666,361 1,288,945 1,396,948
57.045 65.85t
599,343
669.981
50,529 47,081
50,529
47,081
70,566 75,401
146,513
138,869
135,543
135,543
16,430 17,276
34,610
36,871
76.593 72.058
909,724
793,723
2,741
2,794
5,522
5,693
78,530 69.488
78,530
69,488
1371.286 1270,278 1,371.286 1.270.2751
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
3
$
3
South Canada Power_ February
144,332
124,066
70,238 60,028
Southwest P & L Co_ January
864,574 957,000
867,574
957,000
Tampa Electric Co__ January
165,105 153,505
165,105
153,505
217,218 219,079
Tennessee Power Co.. January
217,218
219,079
Tennessee By,L & P.. January
601,479 581,262
581.262
601,479
Texas Electric By...... February
194,006 218,848
468,512
411,312
430,062 493,198
Texas Power & Light._ January
430,062
492,198
Third Avenue System_ February 1013,430 958,627 2,135,766 2,035,144
Twin City It T Co..... November 1161,224 1182,517 12,646,740 11,732,212
United Gas & El Corp February 1064,925 986,401 2,204,410 2,050,310
Utah Power & Light_ January
607,260 654,751
607,260
654.751
1 Utah Securities Corp February
696,237 737,750 1,450,527 1,553,768
48,651 45,310
Vermont Hy-E1 Corp February
96,314
93,047
Virginia By & Power_ November 846,138 899,931 9,296,909 9,043.682
Winnipeg Electric Ry November 481,818 483.098 5.032,068 4.768,915
!Mies
Tgncrcemhar
An fIRA
Xgc AAR
Vnt
i tiOfnWn
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of Road
or Company.
1399
THE CHRONICLE
APRIL 1 1922.]
sr
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately. c Includes Milwaukee Light, Heat & Traction Co. d Includes all sources. e Includes constituent or subsidiary companies.
f Earnings given in milreis. g Subsidiary cos. only. h Includes Tennessee
Railway, Light & Power Co. the Nashville Railway & Light Co. the
Tennessee Power Co. and the Chattanooga Railway & Light Co. 4 Includes both subway and elevated lines. 5 Of Abington & Rockland (Mass.).
k Given in pesetas. !These were the earnings from operation of the properties of subsidiary companies. •Earnings for twelve months. t Started
operations April 1 1921.
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.
-Gross Earnings- -Net Earnings
Current
Current
Previous
Previous
Yesar.
Year.
Year.Year.
Am Pow & Lt Co (subsid
cos only)
Jan 2,265,937 2,28'7,506
964,686
737,219
Feb 1 '21 to Jan 31 '22_ _ _24,475,889 22,101,824 9,460,628 7,382.118
Beaver Valley Tr Co_aFeb
47,331
58,889
*9,098
*9,170
Jan 1 to Feb 28
125,138
100,321
*21,624
*19,195
L & p co
Duquesne
Ltt_& subsid El
Feb 1,365,152 1,469,054 *594,622 *553.413
Jan 1 to Feb 28
2,874,442 3,022,137 *1,270,765 *1,100,517
Illinois Traction Co_a Feb 1.862,275 1,845,157
617,324
520,876
Jan 1 to Feb 28
3,834,373 3,827,296 1,256,170 1,056,693
Philadelphia Co & sub
Nat Gas Cos_a
Feb 1,386,604 1,360,409 *751,135 *579,867
Jan 1 to Feb 28
2,880,893 2,919,649 *1,547,209 *1,290,369
143,181
*67,431
*91,631
Philadelphia Oil Co_a_ _Feb
91,026
Jan 1 to Feb 28
321,428 *147,446 *235,865
195,543
*140
17th St. Inc Plane Co_a_Feb
2,7412,794
*323
Jan 1 to Feb 28
5,522
5,693
*1,233
*5,495
Southern Can Pow Co..._Feb
70,238
60,028
40,905
30,605
Oct 1 '21 to Feb 28 '22_.... 366,761
214,027
314,038
158.709
Southwestern P & L Co
362,864
(subsid cos only)
Jan 864,574
957,000
428.321
Feb 1 '21 to Jan 31 '22._
9,829.364 9,525,588 4,556,279 3,401.348
Utah Sec Corp (sub cos
only)
Jan 754.289
816,018
388,973
417,401
Feb 1 '21 to Jan 31 '22...... 8,469,272 8,678,589 4,044,360 4,140,829
Utah Sec Corp (sub cos
only)
Feb 696,237
737,750
351,644
356,223
Mar 1 '21 to Feb 28'22___ 8,427,759 8,750,030 4,039,781 4,181,656
a Net earnings here given are after deducting of taxes.
* Does not include income from investments, and is before providing
for interest on debt and other income deductions.
Fixed
Balance,
Gross
Net after
Taxes.
Charges.
Earnings.
Surplus.
$
23,577
81,886
I3inghamton Light, Feb '22
22,991
77,582
'21
Heat & Power
934,026 x250,600
124,959
125,641
12 mos ending Feb 28'22
798,453 x194,685
'21
115,875
78,810
185,088
867,246
58,161
Feb '22
126,927
Bklyn City RR
51,033
804,492
'21
58,573
-7,540
444,481
980,838
8 mos ending Feb 28 '22 7,695,403 1,425,319
456.492 -908,994
'21 6,587,374 -452,502
35,125
84,473
9,219
Citizens Trac Co & Jan '22
25,906
29,606
Subsidiaries8,843
94,373
20,763
'21
295,824
940,748
108,244
187,580
12 mos ending Jan 31 '22
251,752
99,776
151.976
'21 1,018,099
Cleve Elec Ilium Co12 mos ending Feb 28'22 13,104,652 x5,264,677 3,463,597 1,801,080
'21 13,506,942 x4,028,667 2,557,128 1.471,539
597,694
465,297
Columbia Gas &
Feb '22 1,814,721 31,062,991
516,554
Electric
21 1,394,577 x946,660
430,106
927,991 *629,530
298,460
Commonwealth
Feb '22 2,629,616
885,277
272.177
'21
2,633,699
*613,099
Pow Ry & Lt
689,341
2 mos ending Feb 28 '22 5,441,046 1,958.270 *1,268,929
623,550
'21 5,477,396 1,851.634 *1,228,083
543,624
339,422
204,202
ConsumersPow Co Feb '22 1,212,240
297,837
486.420
188,583
'21 1,233,403
414,016
738,538
2 mos ending Feb 28 '22 2,495,053 1,152,554
373,323
637,780
'21 2,526,894 1,011,103
385,227 z129,459
56,933
72,526
Dayton P & Lt Co Feb '22
55,560
46.536
'21
356,286 z102,096
132,128
143,489
808,521 x275,617
2 mos ending Feb 28 '22
96,542
107.831
737,734 3204,373
'21
13.535 -12,555
980
127,546
Duluth-Superior Tr Feb '22
13,537
14,544
1,007
141,344
'21
Co
16,476
28,521 -12,045
276.353
2 mos ending Feb 28 '22
28,522
30,665
298,447
2,143.
'21
8,202
52.682
17,198
8,996
Eastern Shore Gas Jan '22
10,242
44,166
6,987
3,255
& Elec & Subs
'21
155,198
532,541
96,454
58,744
12 mos ending Jan 31 '22
112,777
31,622
505.549
81,155
'21
109,256
50,274
15,622
34,652
Jan '22
Erie Light Co &
113,520
43,588
28,422
15,166
Subsidiaries
'21
383,027
197,322
185,705
12 mos ending Jan 31 '22 1,007,149
442,789
261,520
181,269
'21 1,230,217
286.273
971.481
General Gas & Elec Feb '22
936,541
265,380
'21
& Sub Cos
12 mos ending Feb 28'22 11,527,025 3,304,709 2,029,003 1,275,706
'21
74,453
17,837
I ionolulu Rapid
Feb '22
6,751
24.588
73.507
'21
15,557
22,428
6,871
Transit & Land
155,233
41.202
354,337
13,135
2 mos ending Feb 28'22
'21
145,960
30.281
345,022
14,741
189,070 3104.486
57,391
47,095
Jan '22
Idaho Power Co
'21
184,481
399,911
50,583
49,328
670,053
734.592
12 mos ending Jan 31 '22 2.303,331 31,404,645
'21 2.324,221 x1.318.673
546.268
772,405
1400
[VoL. 114.
THE CHRONICLE
Gross
Earnings.
Fixed
Balance,
Net after
Taxes.
Charges.
Surplus.
$
92,176
83,250
z1,102.253
611,776
490.477
323.803
x884.587
560,784
x95,590
39.468
56,122
x72,926
35,684
37,242
x843,823
466,214
377,609
x638,578
412,443
226,135
17,572
11,838
84,094
83,312
z167,407
73,695
79,555
x153,250
b173,450
126,820
46,630
b215,348
119,355
95,993
236,283
95,254
b331,537
248,708
201,836
b450,544
4,201
1,995
7,003
, x75,552
68,549
x66,863
-1,971
68,834
1921.
1918.
1920.
1919.
Earnings$
$
3
$
Passengers
41,565,885 49,125,739 46,182,151 30,837,254
Metropol Edison Co Feb '22
Freight
234,943
128,849,446 145,303,400 111,064,441 110,187,288
Mails
'21
221,607
2,939,259
1,483,332
1,354,571
1,498,231
12 mos ending Feb 28'22 2,682.462
Sleeping cars, misc.&exp 19,667,265 20,713,979 18,199,135 15,158,585
'21 2,829,222
Total gross earnings_ -193,021,854 216,641,349 176,929,060 157,537,698
Municipal Serv Co Jan '22
229,985
Operating Expenses& Subs
'21
233,322
Transportation expenses 73,557,749 86,608,611 68,054,175 61,047,813
12 mos ending Jan 31 '22 2,469,659
Maintenance of way,&c. 29,038,641 32,573,927 28,912,220 22,646,106
'21 ,2,551,705
do equipment
36,746,816 46,350,793 33,897,727 28,226,991
53,578
New Jersey Power, Feb '22
Traffic
6,289,622 4,999,345 3,829,686 3,011,578
Light & Sub Cos
'21
35,686
Parlor
car,
&c
2,271,391
2,492,641
1,861,428
1,214,389
527,168
12 mos ending Feb 28 22
Lake and river steamers_ 1,455,213
1,181,589
1,335,003
1,492,991
'21
473,873
General (incl. all taxes).. 9,460,681
8,969,996 6,105,783 5,421,601
Feb '22
N Y,Dock Co
341,719
Commercial Telegraph.._
285,241
'21
525,599
2 mos ending Feb 28 '22
692,696
Total oper. expenses-158;820,114 183,488,305 143,996,024 123,035,310
'21 1,063,839
Net earnings
34,201,740 33,153,044 32,933,036 34,502,388
Northwest Ohio Ry Feb '22
29,454
Fixed charges
11,519,072 10,775,409 10,161,510 10,177,513
& Power
'21
33,018
Pension fund
500,000
500.000
500,000
463,857
500,000
12 mos ending Feb 28'22
xTo special income acct_
193,977
'21
475,675
Pacific Gas & Electric CoBalance, surplus
22,182,668 21,877,635 22,271,526 23,630,898
930,756 1,723,029
2 mos ending Feb 28 '22 6,737,689 2,658,785
10,987,199 10.966,447 9,049,343 8,128,751
'21 6,618,790 2,439,478
878,790 1,560,688 Special income
221,274
29,633
67,205
Penn Central Light Jan '22
96,838
Total
income
33,169,867
32,844,082 31,320,869 31,759,649
'21
212,718
69,469
28,102
41,366
Power & Subs
3,227,276 3,227,276 3,227,276 3,227,277
918,675
560,744 Preferred dividends(4%)
357,931
12 mos ending Jan 31 '22 2,359,954
x26,000,000 26,000,000 26,000,000 26,000,000
'21 2,366,217
749,837
335,708
414,129 Corn. divs.(10%)
Pennsyiv Edison & Feb '22
207,695
70,389
Balance, surplus
2,532,372
3,942,591
2,093,593
3,616,806
'21
208,192
Sub Cos
58,781
Of this 10% in dividends paid on Ordinary stock 7% is from railway
380,493 earnings and 3% is paid out ofspecial income (which account is given below).
397,712
12 mos ending Feb 28'22 2,435,958 2778,205
'21 2,390,449 x558,412
429,409
129,003
SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.
15,241
Feb '22
59,841
24,666
9,425
Pine Bluff Co
'21
61,187
10,337
14,499 (From this special income is derived the 3% in special divs,referred to above]
24,837
120,019
192,474
787,466
312,493
12 mos ending Feb 28:22
1918.
1919,
1921.
1920.
21
784,352
253,479
98,564
154,915
Net rev, from invest. &
Feb '22
218,639
22,902
Reading Transit,
avail. res.(see below)- $2,307,332 $2,436,717 $1,765,220 $1,928,484
'21
Light & Sub Cos
222,943
18,066
int. and
88,011
263,461 Int. on dep. &securities
12 mos ending Feb 28'22 2,981,858 x351,472
diva. on oth.
'21 3,037,233 z263,005
88,694
174,311
2,779,854
less exchange
1,040,544
1,840,866
2,057,328
623,460 x257,102
169,658
87,444 Net earns. Ocean &
Republic Ry & Lt Feb '22
'21
666,361 z208,355
159,178
49,177
Co
Coastal SS. Lines.....2,785,615
1,214,869
3,567.510
2,741,146
425.074 Net earns. Commercial
12 mos ending Feb 28 22 7,213,677 z2,403,676 1,978,602
'21 8,464,314 z2,060,010 1,621,194
438,816
Tel. & news dept.,
44,911
10,923
Rutland Ry, Light Feb '22
2,205,545
hotels, rentals & misc. 4,053,386 3,731,257
2,676,067
'21
& Power
45,598
11,231
561,906 z160,163
97,310
62,853
Total special income_ _310,987,199 $10,966,448 $9,049,342 $8,128,751
12 mos ending Feb 28'22
'21
577,631 x128,272
99,092
29,180 Less Payments to shareholders in divs_ ---(3%)7.800,000 7,800,000 7,800,000 7,800,000
Feb '22
70,556
20,728
Sandusky Gas &
Electric
'21
75,401
24,396
Balance Dec. 31
$328,751
$3,187,199 $3,166,448 $1,249,342
698,509 x174,181
90,222
83,959
12 mos ending Feb 28'22
'21
760,924 x107,046
73,262
33,784 MISCELLANEOUS INVESTMENTS,Par $63,966,727 (Cost $38,356,460).
Feb '22
16,430
3,719
Sayre Electric
(From these investments wore derived the first item in foregoing table.]
'21
17,276
4.742
x51,140
22,478
28,662 Coeur d'Alene & Pend d'Oreille Ry. 1st M. bonds
187,966
12 mos ending Feb 28 '22
$47,000
'21
21,372
11,450 Consolidated Mining stock
181,165
x32,822
4,425.625
Feb '22 1,013,430 x196,065
221,575 -25,510 Smelting Co. Convertible bonds
Third Ave Ry Sys
2,698,400
'21
958,627
x79,183
221,170 -141,987 Cambridge Collieries Co. 1st M. Ref. bonds
250,000
-3,300 Dominion Express Co. stock
8 mos ending Feb 28 '22 9,261,928 x1,782,645 1.785,945
5,000,000
'21 8,777,103 x1,148,541 1,785,084 -636,543 Duluth South Shore Ordinary stock
6,100,000
5,100,000
607,260 x322,858
Jan '22
143.521
1.79,337 Atlantic Railway Preferred stock
Utah Power &
Hull Electric Co
1,067,602
'21
654,751 x353,329
142,971
Light Co
,•
12,723,500
12 mos ending Jan 31 '22 6,699,150 x3,346,668 1,719,289 1,627,379 Minneapolis St. Paul & Sault Ste. Marie Ry. Ordinary stock
'21 6,808,650 x3,349,015 1,710,101 1,638,914 Minneapolis St. Paul & Sault Ste. Marie Ry. Preferred stock... 6,361,800
Pennsylvania-Ontario Transportation Co. stock
187,500
Vermont Hydro
Feb '22
48,651
16,661
Quebec Salvage & Wrecking Co. stock
150,000
Electric Corp
21
45,310
24,049
3,941,800
526,815 x164,417
133,662
30,795 Spokane International Railway Co. stock
12 mos ending Feb 28'22
14,858,500
'21
566,474 x215,291
106,128
109,163 Trustee securities
Toronto Hamilton & Buffalo Railway Co. Consol. Mtge. bonds.. 1,000,000
z After allowing for other income received.
Preferred
stock
Power
&
Light
Co.
West
Kootenay
55,000
b Net earnings here given are before deducting of taxes.
BALANCE SHEET DECEMBER 31.
* Fixed charges include interest and dividends on outstanding Preferred
stock of constituent companies.
1921.
1920.
1921.
1920.
AssetsProperty invest 597,206,337 567,283,037 Ordinary stock 260,000,000 260,000,000
Ocean&coast.SS. 56,470,503 43,695,645 4% pref.stock__ 80,681,921 80,681,921
FINANCIAL REPORTS
Acquired securs 128,109,814 124,469,836 4% con,sol. deb.
stock
238,206,432 216,284,882
Adv. to control
property, dm 9,762,634 10,134,550 Mortgage bonds 3,650,000 3,650,000
Norfolk & Western Railway CO.
Gerd payments. 69,296,737 70,908,761 Note certif.6% 52,000,000 52,000,000
Aud. vouchers... 9,406,443 19,429,626
Imp. & Domin.
(26th Annual Report-Year ending Dec. 31 1921.)
3,419,138 4,886,048
Govt. securs 27,310,675 33,916,467 Pay-rolls
The remarks of President N. D. Maher, together with a Prov.& mun.sec 2,016,721 2,016,722 MLsc.accts.pay 12,589,519 13,376,745
690,882
648,856
Accruals
Deb.
stk.
loaned
7,000,000
32,000,000
staaccount,
balance
sheet
and
other
comparative income
Misc.investm't 38,356,460 35,056,460 Equip. oblig'ns 16,610,000 7,570,400
tistical tables, will be found under "Reports and Docu- Lands
Equip.replace't. 10,780,420 4,230,786
and property assets __ 91,962,630 91,977,838 SS.replacement. 19,185,402 22,922,913
ments" on a subsequent page.
5,322,968 6,871,550 Res.for contin.&
Cash
COMMODITIES CARRIED FOR CALENDAR YEARS (REV. FREIGHT). Mat'is & suppl's 32,997,117 33,734,640 cont. war tax 46,638,048 49,160,236
Prem. on ordinAgents
and
conof
Bituminous
Oth.Min.
Products
Mfrs. &
Revenue
ductors' bats 3,440,114 4,298,449 ary stock sold 45,000,000 45,000,000
Products. Miscell.
Tons- Agriculture. Forests. Animals. Coal.
860,758 6,011,475 Lands&townsites 93,798,267 90,610,805
1,164,425 1,441.257 174,829 21,766,196 1,781,245 3,356,983 Traffic balances
1921
Surp. rev, from
5,935,065 Accounts due for
1,441,205 2,26 ,150 198.097 26,035,500, ,
1920
transportation 1,681,377 1,110,084 operations _ _128,481,120 127,725,728
1,666,139 2,251,811 265,568 24,265,803 4,407,907 5,087,387
1919
Spec. res. for tax 2,597,889 3,144,250
Misc.
accts.
re()
7,611,457
11,751,730
7,137,992
306,356
27,505,962
7,576,191
2,506,500
1.768,919
1918
45,318,948 30,090,941 Surplus
100,989,769 98,064,988
1,650,552 3,203,608 250,582 29,005.324 6,708,467 7,378,259 Cash
1917
OPERATING STATISTICS FOR CALENDAR YEARS (U. S. RAILROAD
1,124,725,249 1 105388 185 Total _ _ _1,124,725,249 1 105388 185
Total
ADMINISTRATION IN 1918 AND 1919).
-V. 114, p. 1171.
1918.
1919.
1921.
1920.
2,084
2,088
2,200
2,226
Avge. mileage operated._
West Penn Traction & Water Power Co.
Revenue tons carried_ _ _ 29,684,935 40,685,743 37,944,625 46,801,920
(West Penn Railways-West Penn Power Co.)
do 1 mile (000 omit.) 8,482,095 11,063,033 10,026,871 12,255,304
5,880,833
5,027,897
4,801,957
3,810,568
do 1 m. perm.road..
(Reportfor Calendar Year ending Dec. 311921.)
.561 cts.
.625 cts.
.668 cts.
Av.rev, per rev, ton mile .793 cts.
$32,991
$30,019.
$30,232
$33,594
Av.rev, per mile of road.
The remarks of President A. M. Lynn, together with the
7,440,889 7.855,937
7,376,109
No. rev, passengers car'd 6,514,948
292,222,528 346,264,412 422,628,754 393,969,072 comparative income accounts and balance sheets for all
do one mile
3.449 cts. 2.996 cts. 2.561 cts. 2.598 cts: three companies, will be found under "Reports and DocuAv. rev, per pass. mile
$5,760
$6,086
$6,146
$5,556
Av. pass. rev. per m. r'd
31,611
$9,801 ments" on a subsequent page of this issue.
$7,527
$6,180
Net op. rev. per m. road
& WATER POWER CO. CONSOLIDATED
OPERATING RESULTS FOR CALENDAR YEARS (U. S. RAILROAD WEST PENN TRACTION
INCOME STATEMENT FOR CALENDAR YEARS.
ADMINISTRATION IN 1918 AND 1919).
1920.
1919.
1921.
1920.
1919.
1918.
1921.
Revenue$67.294,972 $73,918,301 362,681,028 $68,752.260 Gross earns. of W.P. Rys.& its sub's_$14,189,777 $13,607,949 $10,634,611
Freight
802,553
1,000,000
402,553
10,077,887 10,374,129 10,824,463 10,237,600 Depreciation
Passenger
8,571,542 8 807,927 6,411,208
473,084
1,471,607
995,687
444,017 Operating expenses
Mall
425,494
357,295
Ordinary
taxes
935,542
782,994
1,035,519
888,029
Express
(214.468
192,686
} 673,136
1,789,776
1,609,049
1,911,505
1.682,128 Federal taxes estimated
Miscellaneous
Total oper. revenue_ _$80.760,589
Maint. of way & struc_ _$11,778,983
19,342,536
Maint. of equipment
843,043
Traffic
Transportation
30,018.159
General & miscellaneous 2,023,450
Net revenue
-V. 114, p. 1287.
$88,489,356
$12,811,527
29,703,859
771,310
39,528,089
2,129,051
$76,925,599
$10,660,872
23,089,001
445,584
28,323,932
1,501,896
$82,004,034
$9,524,659
21,273,002
536.709
28,739,291
1,505.637
$16,754,418 $3,545,519 $12,904,314 420,424,737
Canadian Pacific Railway Co.
(Report for Fiscal Year ending Dec. 31 1921.)
IF The remarks of President E. W. Beatty, along with the
income account, balance sheet and other tables for 1921,
will be found under "Reports and Documents" on subsequent
Pn
Not earnings
Miscellaneous income
$3,945,100 $3,357,507 $3,270,869
453,200
550,294
566,158
$4,511,258 $3,907,801 $3,724,069
x Interest & amortization of discount_x$2,438,561 $2,113,050 x$2,009,298
Divs. accr. on Pref. stk. of W.P. Rys.
608,188
538,255
527,657
and W.P. Pow.in hands of public_
483,282
y808,282
483,282
Divs. on Prof. stk. of W.P. T.&W.P_
Balance, surplus
$656,226
$773,213
8703,832
x Excluding interest charged to improvement account, $227,151 In 1921,
$273,889 in 1920 and $201,389 in 1919.
y These dividends on the Pref. stock of the West Penn Trac. & Water
Power Co. include: (a) Four regular quarterly dividends of 1%% paid
during the year out of surplus and not profits; (b) throe dividends of 1 %
each upon 65,000 shares of the 6% Cum. Prof. stock which were outstand ng
March 16 1914 on account of unpaid dividends accumulated upon said
shares, aggregating at the beginning of the year 1.6 %
114, p. 1288.
APRIL 1 1922.]
American Smelting & Refining Co.
(Report for Fiscal Year Ending Dec. 311921.)
The remarks of President Simon Guggenheim, together
with the income account and balance sheet and other tables,
will be found under "Reports and Documents," on a subsequent page.
For the information of stockholders the company encloses
with the report four leaflets entitled "Improved Industrial
Relations" and "Increased Operating Efficiency." These
documents, signed by President Simon Guggenheim, we
cite briefly as follows:
(I,) A General Review, Dated Feb. 16 1922.
Early in 1913 it was decided to institute a number of policies for the
purpose of furthering a closer relationship between the company and its
employees.
on
Eight-Hour Day.-In 1913 with rare exceptions, labor was operating
basis in this and similar industries. A general
a twelve-hour day every-day'
reduction from 12 to 8 hours per day was made effective by thls company.
The result has proved the wisdom of such action not only in the greater
but in
efficiency of labor, which has entirely offset the high costs entailed,
the interest awakened in the employee and in his better health and contentment.
in
Promotion.-SInce a well-trained corps of experts is always essential
feel that prothis business, we have endeavored to make every employee
that
information
all
and
opportunity
every
himself,
with
with
motion lies
the company can afford him.
an
Pensions and Insurance.-A higher loyalty, a better class of workmen,
from the
added stability to operation, and lessened costs, have also resulted
adoption of the pension system and the granting of life indemnities.
During the past nine years this company has had no strike to grapple with.
Only one or two unpleasant circumstances occurred, and these were repudiated by practically all of the employees.
(II.) Accident Prevention, Dated Feb. 24 1922.
and Welfare, an
With the creation of the Department of Safety, LaborForemen
were Inintensive campaign for accident prevention was begun.
structed in their duties pertaining to safe Jpractices and employees wore
them.
familiarized with safety rules and examined in
at the
Various safety committees of employees were formed to function
committees
various plants, and there were put in operation employees'
restrictions.
These
company
whose scope of activities are not limited by
for the prevention
employees committees give consideration to measures and
their
families,
employees
of
health
conditions,
of accidents; working
relations, ways
sports and games, co-operation for putput and industrial
matters generally
and means of combating the high cost of living, and those
better
reach the
may
collectively
in which management and employees
of views.
common interest through fair discussion and interchange
A feature for increasing the interest of employees in their safety work was
the publication of a "Safety Review.'
Accident Figures Covering Company's Smelting and Refining Operations in
the United States.
1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1021. Total
Number of
disabling
accid'ts.2,746 2,261 2,101 2,702 2,253 1,405 788 660 318 15,234
No. per 1,000 employees
63
88
80
per an__ 264 233 215 107 149 107
from the rate of 1913, the
Had the accident rate not decreased, as shown
have totaled $2,454,133 during
employers'liability fund expenditures wouldof
$1,073,151, an increase over
the nine years from 1913 to 1921, instead
actual expenditure of $1,380,982. prevention during the period named
was
As the amount spent for accident
in the cost of accidents, of
$602.124, a ]probable saving is thus shown
of the amount expended for accidents
$778,858, which is equal to 46.4% does
not take into account the gain on
and accident prevention. And this
the human side of the ledger.
(III.) Pensions and Welfare, Dated March 4 1922.
Pensions.-After 20 years or more in the company's service, male ememployees at the age of 50 years,
ployees at the age of 60 years, and female
pension. No pension, however, can
may be retired and become eligible to
than $20 a month. Pensions may be
exceed $2,500 per annum or be lessof
pensioner for a limited period.
continued to a widow or to orphans aup
to Dec. 311921, over $1,015,000
Since the creation of these funds and have
been granted, and the bonehas been paid therefrom; 506 pensions
paid.
The average payment to penbeen
have
ficiaries of 407 employees
sioners has been $1,112, and to beneficiaries, $1,114.
A fund of $1,000,000 for pensions, and $500,000 to cover indemnities for
salaried employees, was set aside for these purposes, and we purpose to add
warrant it. The indemnity to wageto these funds as our earnings may
earning employees is paid out of plant operations.
$899,000 from the original sum,
There still remains of the pension fundemployees
Is $480,000. In other
and in the indemnity fund for salaried
during the eight years in
words, the actual money loss to the company
years in which the indemnity fund
which the pension fund and the five
been in operation, has been $120,000.
(except as to wage-earners) have
visiting nurses, plant lunch-rooms
The company's welfare also includeshotels
where single men may find
with motifs served at cost and plant
possible
least
expense.
the
pleasant surroundings at
(IV.) Raising Output and Reducing Costs, Dated March 20 1922.
Increased Cost of Production.-During the war the company faced a tremendous increase in all costs relating to production. We were compelled
to become a competitor for labor. In Sept. 1920 our rates of wages had
increased 142.5% over those paid in January 1914. With the entrance of
America into the war, prices were fixed by the War Board upon copper and
some other of our products, to which we had to adhere regardless of growing
costs and stationary price.
Upon the signing of the armistice we were faced with accumulated stocks
with rapidly diminishing values. This not only involved financial arrangements which have piled heavy costs upon the company, but compelled a
great slackening up of the industry.
Higher Output Per Man.-Nevertheless, out of our industrial training has
grown a better and closer supervision by plant executives, so that the
working force on each operation has been reduced to a minimum never
before reached and a much greater production has been obtained per man
employed.
Operating Records of Various Plants in 1921 and 1914-Average Tons per
Man per Eight-Hour Day.
Operation.
1914.
Oct. 1921.
Plants-Crushing
31.8
52.2
Durango
Unloading
9.2
25.1
Murray
Roasting
6.4
1;
3.4
14
Arkansas Valley
Bricking
20
El Paso
Downward Recision of Wages.-In December 1921 rates of pay were still
65 to 66% above pre-war rates. Our records show average wages for an
eight-hour day as follows:
Average Waves for Eight-Hour Day at Dates Named,
1014. Peak1920 Dec.1921
$2 42
$5 39
$4 00
Repair, supply and construction labor
2 02
4 55
3 37
Direct operating labor
The installation of mechanical equipment has also contributed largely in
savings in material, time and costs.
plant activity, from the ore to the
Many Economies
finished product, has undergone the closest scrutiny, and wherever an
economy has been possible, or a better method feasible, the company has
benefited thereby.
The result has been that we are on a sound basis and able in every way to
take advantage of the turn of the tide which, it appears to me,Is now on its
way.
1401
THE CHRONICLE
OPERATING STATISTICS FOR CALENDAR YEARS.
1918.
1919.
1920.
1921.
No. of men employed
21,765
13,939
13,330
7,605
(excluding Mexico)__ _
Do wages & salaries-S11,440,480 $20,164.508 $18,146,548 $25,516,467
$3.91
$4.34
$4.17
$5.04
Av. wages per8-hour day
3,835,864 5,658,232
Charge smelted (tons)._ _ 2,583,142 4,050,751
680,099
545,782
357,062
505,535
Bullion refined (tons)__ _
1,735,046 2,525.280
2,205,537 2,311,946
Ore mined (tons)
168,140
163,978
360,952
509,424
Coal mined (tons)
171,245
94,236
100,860
181,664
Coke produced (tons)__ ..
1,994,015
1,849,048 2,191,041
Gold produced (oz.)_ __ _ 1,780,205
Silver produced (oz.)_ _ .. 75,354,443 77,732.911 78,200,298 72,572,506
936
863
1,516
1,824
Platinum&paladium(oz.)
205,249
207,612
260,195
Lead produced (tons)..
208,439
Copper produced (lbs.)_348.888,000 590,850,000 705.676,000 868.540.000
Spelter produced (lbs.) 14,628,614 44,106,253 33,375.301 41,238,000
375,167
120,080
626,085
662,637
Nickel produced (lbs.)_ _
11,915,954 18,511,160 15,340,000 19,868,000
Tin produced (lbs.)
Sulphuric acid. (lbs.)_ __ _ 9,952,000 51,688,000 40,362,000 87,338,000
7,837,063
Arsenic produced (lbs.)_ 5,155,522 17,695,266 9,359,541
3,618,172 3,675,499 5,164.000
Copper sulphate (lbs.).. _ 2,237,471
1,549.426
884,438
By-product metals (lbs.) 3,232,488
1,870,662
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
(Incl. Amer. Smelting & Refining Co. and Amer. Smelt. Securities Co.)
1919.
1920,
1921.
1918.
Net EarningsSmelt. & ref. plants, &c.. $8,652,333 $11,933,494 $11,569,384 $13,234,711
1,816,869
2,686,840
426,054 2,242,199
Mining properties
Total net earnings..
Other income (net)
$9,078,387 $14,175,693 $13,386,253 $15,921,551
1,572,022
1,309,489
403,084
2,390,017
$9,481,472 $15,747,715 $14,695.743 $18,311.567
Gross income
$932,693 $1,149,399
Deductions-Adm.exp_ _ $962,095 $1,166,341
83,759
312,295
Research & exam.exp.
156,535
94,437
814,276
979,459
Corp. taxes
1,252.356
243,969
Interest on bonds1,605,949
1,592,835
Am.S. & R.Co.5% 1,618,030
1,616,109
11,414
71,135
54.403
Rosita,C.&C.Co.6%
Depreciation & depletion of ore reserves._ 4,797,597 4,465,228 5,201,980 5,439.631
250,000
Employees'bonuses,&c
450,087
485,643
740,038
119,032
Miscellaneous
Total deductions
$7,889.563 $9,072,936 $9,100,158 310,604,069
Net income
$1,591.909 $6,674,779 $5,595,585 $7,707,498
3,500.000 3,500,000 3,500,000
Am. Sm. & Ref.(7%) See Profit
& Loss
Am. Sm. Sec. Co.571,536
Prof."A"(6 )
Account
582,555
580,146
150,601
Prof."B"(5%)....under
181.17865,21
A.S.& R.corn. d vs- -- "Reports (4)2439,920(4)2,439,920(53)3354890
and Documents" I
Income balance
$104,834
$12,721df$1.085,658
$25,987,292 $25,974,571 $27,060,229
Profit & loss Stir. Dec. 3
CONSOLIDATED BALANCE SHEET, DEC. 31.
(Includes Amer. Smelt. & Ref. Co. and Amer. Smelt. Securities (Jo.)
1921.
1910.
1921.
1920.
Liabilities$
$
Assets-$
Property acct.._128,042.207 131,225,157 A. S. & Ref. Co.
Investments__ _ _ 2,710,698 1,786,256 pref. stock__ 50,000,000 50,000,000
A. S. Sec. Co.Prepd. tax. de Ins
629.981
Pref. stk. "A" 7,279,500 9,451,800
Deferred accts.&
notes roe
268,427 1,024,012 Pref. stk. "B" 1,434,300 • 2,848,200
A.S. & Ref. Co.
Inter-pit. accts.
common stk__ 60,998,000 60,998,000
in transit..
55,101
Cash
2,274,427 4,157,750 Bds.outstanding
Liberty bonds.. _ 1,489,350 3,282,450 A. S. at R. Co.
1st M. "A"__ 34,183,200 31,553,200
Bankers'& trade
291,244 Rosita C.& C.
acceptances....
67,246
Co.6% coll.
Loans sec. by
metals on h'nd
270,964 trust bonds.._
747,300 1,021,500
246,268
Accounts, notes,
Accts. de notes
me
4,934,440 7,728,238 drafts & wages
Adv,to atfit. cos.
10,482.736 22,346,613
1,885,326 payable
Materials & sup_ 6,112,510 7.506,997 Int. on bonds:
45,465
42,840
Metal stocks__ 42,414,644 53,814,012 Unclaimed.. _ _
Accr.(not due) 434,763
Cash with trust.
405,705
Dividends:
of sink. fds.:
84,011
Unclaimed.. _ _
88,829
A. S. S. Co.
Pay, aft, close
6% 15-yr.
1,024,155 1,682,360
of period
2,350
deb bonds__
950
Accr. taxes not
Rosita Coal &
due(Fed.taxes
Coke Co.
estimated)
817,732 1,825,739
6% coll. tr.
152 Emp. pen. res__
897,741
63
956,687
bonds
641,971
634,394
884,679 Emp. d. b. res__
884,679
„Emp. pen. fd_
412,121
412,121
478,924 Fire ins. reserve..
478,924
Emp. d. b. fd_
Res.enlarg.&ext.
3,000,000
Safety & wel. res
12,719
12,719
Miscellaneous....
794,747 1,089,888
Surplus
20,322,077 25,987,293
190,609,913 214,338,511
Total
-V. 114. p. 1183.
Total
190,609,913 214,338.511
Western Union Telegraph Co., Inc.
(Report for Fiscal Year ending Dec. 31 1921.)
The remarks of President Newcomb Carlton, together
with income account and comparative balance sheet will
be found under "Reports and Documents" on a subsequent
page.
•
COMPARATIVE INCOME AND SURPLUS ACCOUNT FOR CAL. YRS
*1919.
*1920.
*1918.
*1921.
Gross open. revenues..A04.155,113 119,991,825 55,308,639 54,283,411
°per.oxps.(Incl.repairs,
res. for deprec., rent
for lease of plants,
93,959,084 106,838,713 48,460,866 46,604.926
taxes, &c.)
10,196,029 13,153,112
U.S. Govt.compensa'n..
Income from diva. & int_
1,072,962
1,481,860
6,847,774
5,184,298
1,606,524
7,678,485
3,327.113
1,391,129
Deprec. ofsecurities_ _ _ _
Depreciation of cables....
Interest on bonds
11,268,992 14,634,972 13,638,595 12,396,726
517.400
152.816
623,271
1,825,000
1,000,000
1,635,183
1,331,850
776,913
554,938
Balance, surplus
Previous surplus
9,633,808 12,785,722 10,635,387 10,466,998
40,685,211 34,715,470 32,518,994 29.248,410
50,319,019 47,501.192 43,154,381 39,715.408
Total surplus
DeductDivs. paid and declared_ 6,982,623 6,982,539 6,982,472 6,982,381
Adjust. of Burp.(net)__ _deb .272,704 Cr.166,557 Cr.471,051 Cr.214.033
Retro. comp. to empl__ _
985,388
Profit and loss surplus 43,063,693 40,685,211
34,715,470 32,518,994
* The results for 1920 and 1921 do not compare properly with the figures
skown for 1919 and 1913, as land line system transactions were under
U. 111. Government control until July 311919.-V. 114, P. 1073.
1402
TRE CHRONICLE
Advance-Rumely Co., La Porte, Ind.
(Sixth Annual Report Year ended Dec. 31 1921.)
The report of President Finley P. Mount with income
account for two years past and the balance sheet of Dec. 31
1921 will be found on a subsequent page.
Gross profits
Operating expenses
1921.
1920.
1918.
1919.
$1,353,452 $4,971,129 $4,954,638 $3,073,877
1,860,117
2,080,085 2,742,873 2,355,599
Net profit
0(3726,633 $2,228,256 $2,599,039 $1,213,760
Miscellaneous income_ -495,299
427,512
270,849
319,827
Net income
$455,784 $2,723,555 $3,026,551 $1,533,587
Deduct-Losses arising
through revaluation of
inventory at Dec.31
1,279,198
837,936
[Loss on sale of U. S. &
Canadian Govt. secur
279,337
Bond interest, &c
229,234
169,850
97,893
144,657
, Reserve for Fed. taxes_ _
159,200
526,750
200,000
Pref. dividends
(434 %)561,380 (6)748,506 (6)748,506
Balance, surplus_ _def.$2,525,596
$528,725 $1,653,401 $1,188,929
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
AssetsLiabilitiesPf.stk. 6% cum. c12,500,000 12,500,000
Land, buildings de
11* equipment ____a5,436,986 5,721,079 Common stock_ _d13,750,000 13,750,000
Outside real estate 252,969
257,920 10-Year 6% Sink.
Fd. Deb. bonds
Trademks.&names,
844,000
850,000
lot pat.,goodw.,&c.13,000,000 13,000,000 Notes payable____ 800,000 1,810,000
Accts. pay. (Incl.
Secur. purch. & in
accr. pay-roll)__ 383,911
274,868
967,501
Ow treas.(at cost)_ _ 260,134
b6,937,005 10,489,973 Deb. int. accrued
21,032
Inventories
25,815
Federal taxes
Customers' notes
159,200
(incl.int. accr.) 5,193,426 5,049,927 General taxes_ _ _ _ 111,261
73,780
343,038 Pref. stock div.
241,696
Trade accounts
111,022
161,423
pay'le Jan. 3__
93,563
Misc. accts. reele
187,127
12,131 Oper.&conting.res.
10,756
Investment secur
593,114 1,003,981
(excl. of prov. for
Cash
156,525 depreciation) __ 1,347,970 1,224,440
99,283
Deferred charges
Reserves against
loss on assets __ 655,537
667,507
Surplus
1,679,496 4,205,092
Total
32,186,772 38,420,463
Total
32,186,772 36,420,463
a Land, buildings, mach. & equip. at Jan. 1 1921, 86,739,424; additions during
Year, 862,310; less reserves for depreciation, 81,364,748. b Inventories of raw
materials, finished and partly finished product, repair parts and supplies, &c.,
valued at cost or market prices, whichever were lower; at factories, $4,556,374; at
branches, $2,380,631. c Pref. stock, auth., issued and fully paid, 125,000 shares of
$100 each. d Common stock ,$137,500 shares of $100 each.
Note.-Arrears in cumulative dividends on Preferred stock at Dec. 31 1921
amount to $1 50 per share.-V. 113, p. 963.
Goodyear Tire & Rubber Co., Akron, Ohio.
(Report for Ten Months Period ending Dec. 31 1921.)
President E. G. Wilmer, March 27, reports as follows:
Report.-The present annual report covers the ten-month period following
the reorganization date of March 1 1921. (See readjustment plan in
"Chronicle," V. 112, p. 656, 2417, 2514; also V. 113, P. 735.)
Results.-Net sales for the period (exclusive of the subsidiary companies)
were 82,195,550. Net earnings available for interest and fixed charges
were 9,640,235. After deducting interest and fixed charges, including
miscellaneous adjustments in respect of investments in subsidiary companies, there remained a net balance to surplus of $3,620,043. Cash and
U. S. Treastiry Certificates were $23,892,820. Although current liabilities
included accrued interest and premium on bonds amounting to 31,371,574,
the ratio of current assets to current liabilities was over 10 to 1.
Inventories, &c.-The adjustment in respect of investments in subsidiary
companies, aggregating $1,508,820, in large part reflects additional writedowns of inventories in both domestic and foreign subsidiary companies to
a basis dictated by current market values, as well as substantial losses in
the export business due to depressed exchange.
Subsidiaries.-Goodyear Tire & Rubber Co. of California and the Goodyear Tire & Rubber Co.of Canada, Ltd., the company's principal operating
subsidiaries, continue to show satisfactory current earnings, and tile company's export business as a whole was again restored to a profitable basis
In the month of January of this year.
No Debt.-Neither the company nor its subsidiaries have to-day any
indebtedness to banks.
Outlook.-It is gratifying to know that in spite of the curtailment in
buying that seasonally occurs during the winter months, your company's
volume of business during the present winter has far surpassed that of a
year ago, and notwithstanding a very substantial general price reduction
in November, your operations during the winter months have been conducted profitably..
Production at Akron which reached a low point of 13,500 tires per day in
November (against a low point of 7,000 a year ago), was increased to 19,000
in January, 20,000 in February and 22,000 in March.
[As to bond offering,see V. 113,p.2084,and stock offering, V. 113, p.7351
[Vol,. 114.
BALANCE SHEET DECEMBER 31 1921.
(Compare tentative adjusted balance sheet of Feb.28 1921, V.112,p.1735)
AssetsLand, buildings,equipment,$57,795,404; deprec.,$11,821,117 $45,974,287
Purchase and development of rubber plantations in Sumatra_ __ 6,030,661
Equipment,fixtures and furniture at branches and automobiles
(at depreciated values)
1,121,787
Investments in and advances to subsidiary companies. 1.)
T Interest in net capital assets
16,461,739
2) Interest in net current assets
13,228,518
ote.-Cumulative dividends have accrued from Oct. 1 1920
on outstanding 7% Preferred stock of Goodyear Tire &
Rubber Co. of California. of a par value of $7,997,900.
Inventories on basis of commitment values as adjusted at
Feb. 28 1921, and subsequent costs
. __
32,232,778.
Accounts and notes receivable (less reserves)
10,194,500
Marketable securitiesUnited States Treasury Certificates
8,975,838.
Bankers' acceptances
493,342
Cash
14,423,640
Other assets (incl. sepcial acc't and A. C. & Y. RR. Qo. and
other securities held therein, goodwill, patents, &c.)
12,500,000
Deferred ChargesDiscount on bonds and debenture debt,less amt. written off 5,370,983Reorganization expense, prepaid insurance, &c
1,447,702
$168,455,775
LiabilitiesPrior Pref. stock,8% Cum. (auth., 400,000 shares, par value
$100): issued, $29,295,600; to be issued to complete plan of
readjustment, $3,887,300; less held in escrow, $3,520,000-- $29,662,900
Note.-Dividends accrued from Jan. 1 1921.
Management stock, 6% Cum., auth. & issued, 10,000 shares
(par value $1)
10,000
Preferred Stock, 7% Cum.,auth., 1,000,000 shares (par value
$100); issued, 365,532,600; less held in treasury, $453,000
65,079,600
Note.-Dividends accrued from Oct. 1 1920.
Common Stock (no par value)
x1,000,600
First Mtge. (closed) 20-Year 8% Sinking Fund Gold Bonds
(redeemable at 120% semi-annually), auth. & issued, $30,000,000;less redeemed (incl. cash in hands oftrus.),$750,000 29,250,000
Ten-Year 8% Sinking Fund Gold Deb. bonds, auth., $30,000,000; less unissued, $2,500,000
27,500,000
Accounts and notes payable
4,838,655
Accrued interest and premium on bonds
1,371,574
Reserves for additional possible loss on rubber and fabric under
commitments but not delivered, in excess of amount provided for by issue of Prior Pref. stock
1,441,398
Reserve for contingencies and Federal taxes
4,681,605
Surplus
3,620,043
$168,455,775
Note.-Contingent liability in respect of endorsements of notes, &c.,
secured, $495,000.
x Common stock authorized, 1,500,000 shares of par value; issued to
Jan. 14 1922, 885,474 shares; carried in balance as above, at $1,000,000.V. 114, p. 952.
Virginia Iron, Coal & Coke Company.
(Report for Fiscal Year ending Dec. 31 1921.)
The remarks of President Jno. B. Newton, together with
an income account and comparative balance sheet, will be
found under "Reports and Documents" on a subsequent
page of this issue. The usual four years' comparative income account was published in last week's "Chronicle,"
V. 114, p. 1296.
International Harvester Company.
(Report for Fiscal Year ending Dec. 31 1921.)
The text will be cited next week.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1920.
1919.
1918.
Oper. income after taxes$11,281,367 $23,160,075 $25,786,198 $31,648,856
Deductions-Interest ___ 2,348,023
642,329
818,438
882,454
Ore & timber exting__
251,172
428,379
397,503
447,632
Reserve for deprec'n__ 3,403,459 3,474,744
2,769,404
2,385,942
Special maint. reserve
197,310
280,469
181,976
219,637
Res.for losses on rec._
931,484
1,178,800
607,114
999,866
Pension funds
500,000
1,000,000
1,000,000
Appr., empl. say. pl'n
250,000
War loss
7,403,034 10,478,000
Balance, surplus
$4,149,919 $16,655,353 $12,608,726 $14,985,325
Previous surplus
68,350,742 71,645,389 68,036,663 61,051,337
Total
$72,500,661 $88,300,742 $80,645,389 $76,036,662
Pref. dividends (7%)...... 4,215,673 4,200,000 4,200,000. 4,200,000
Corn. divs. cash_ _ _(53i %)5,112,786(6X)5750000(6)4,800,000(4X)3800000
do (in stock)
3,645,414 10,000,000
Rate of stock div_
4%
1234%
Profit & loss, surplus.... _359,526,788 $68,350,742 $71,645,389 $68,036,662
x After deducting a Common stock dividend of 12%, $1,000,000.
During the year the company paid the regular 7% cash dividend on its
Pref.
stock,and 13i% in April and July, 1 X % in Oct.& Jan. on Corn.stock.
AND
SURPLUS
FOR
PROFIT
AND
LOSS
TEN
STATEMENT OF
MONTHS ENDING DECEMBER 31 1921.
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1920.
Net sales (less returns, discounts and freights), including ship1921.
1920.
Assets$82,195,550
ments to subsidiary companies and foreign branches
Liabilities$
62,351,301 Real mt., plant.
Preferred stock 60,223,900 60,000,000
Deduct manufacturing cost of sales
mines, &c
a83,030,335 83,178,318 Common stock 94,116,114 90,000,000
427,183
$19,844,249 Deferred charges
382,700 131118 payable __ 10,825,000 11,785,000
1,258,950 Curr'nt invoices,
2,074,747 Fire ins. reserve
Add other income
Pension fund __ 3,660,000 2,000,000 payels,tax.,&c. 14,452,171 30,528,465
$21,918,996 Inventories _ _114,085,766 131,134,797 Pref. div. pay__ 1,053,918 1,050,000
Together
Deduct selling, administrative and general expenses
12,278,761 Accts. rec., &c b56,283,381 66,969,314 Com. div. pay__ 1,178,451 1,575,000
Investments __
823,485 2,413,705 Fire ins. reserve 7,451,157 7,175,314
8,361,652 12,291,617 Pension fund__ 6,761,805 5,728,518
Balance, surplus
$9,640 236 Cash
Other reserves__ 9,191,905 10,710,108
Deduct:Interest on:(a) bonds (including premium),$1,714,862;
Fur. mon. oblig 1,892,502 2,708,254
3,529,622
(b) debentures,$1,308,598;(c) loans,$506,163
Surplus
59,526,788 68,350,742
$6,110 613
Total
Total
266,671,801 289,609,401
Deduct:(a) Loss on property liquidated, &c., $352,733; (b) ad266,871,801 289,609,401
a Includes real estate, plant, property, mines, timber lands, &c., $112,justment in respect of investments in sub. cos., $1,508,820;
239,892, less reserves for plant depreciation of $29,209,556. b Includes
MErmrtion of bond & deb. disc. & reorg. exp. written off',
2,490,570 dealers' and farmers' notes, $43,971,712 and accounts receivable 316,726,196;total,$60,697,907;less reservesfor losses of$4,414,527.-V.114,p. 633.
Surplus at Dec. 31 1921
$3,620,043
Note.-The sales and profits shown above reflect the liquidation of the Maxwell Motor Corporation, Including also Chalmers
finished product inventory of Feb. 28 1921, $19,622,250, upon which no
Motor Corp. and all Subsidiaries of both Companies.
net profit was relaized.
(Report for Fiscal Year ending Dec.31 1921.)
RESULTS FOR 10 MOS.IN 1921 AND YEARS ENDED OCT. 311917-18
TO 1919-20, INCLUSIVE.
Pres. Wm. Robt. Wilson Mar. 14 wrote as follows:
Ten Months
Years Ended Oct. 31
Since publication of our statement of June 1 1921, a complete physical
1921.
1919-20.
1918-19.
inventory of the assets of the Mexwell Motor Corp. and an audit of its
1917-18.
$
$
$
$
accounts have been made. The enclosed statement reflects a most con82,195,550 188,866,024 158,258,892 122,675,726 servative appraisal of the corporation's assets, full consideration having
Net sales
19,844,249 34,857,406 41,296,131 25,812,593 been given to obsolescence in materials and all current materials having
Gross profits on sales
2,074,747
1,831,678
Other income
873,581
1,054,763 been reduced to the lower of cost or market value.
Attention is directed particularly to the substantial balances of cash and
21,918,996 36,689,084 42,169,712 26,867,356 cash securities, and to the ratio of current assets to current liabilities. The
Total income
Selling & general expense 12,278,761 26,304,176 18,409,723 10,690,548 $3,849,796 Maxwell Motor Corp. Series "A" gold notes maturing June 1
1922 have been called for redemption April 1 1922. We also note the furNet income for interther reduction of approximately $6,000,000 in our inventory since the last
est, taxes, &c
9,640,236 x10,384,908 23,759,989 16,176,808 report.11111
The corporation's new product, after a phenomenal reception, Is finding
x In regard to readjustment of inventories, &c., see V. 112, p. 1735.
an increasing acceptance and a more extensive dealer distribution.. The
APRIL 11922.]
THE CHRONICLE
management has confidence that our corporations will enjoy during the
•coming year their share in the increased volume of business anticipated.
[The Maxwell-Chalmers reorganization and amalgamation plan dated
Sept. 1 1920 was given in V. 111.p. 1375; V. 112,p. 1297,2648, and V. 113,
1). 957.1
CONSOLIDATED BALANCE SHEET DEC. 31 1921.
[Maxwell Motor Corp. and Chalmers Motor Corp. and their subsidiaries.]
•
AssetsCurrent assets ($19,731,659)Cash on hand, on deposit and estimated receivable from funds
$2,895,284
in hands of reorganization committee
Car shipments against B-L drafts (all paid at completion of
871,678
except
audit
$3,686)
4,121,385
Bank acceptances, marketable securities, &c
528,893
Notes receivable secured by trust receipts,less allowances_ __ _
606,070
Customers' and dealers' accounts, less allowances
144,453
Claim against U. S. Govt.(paid in Feb. 1922)
Inventories (at the lower a cost or market values and after
10,563,895
providing for all anticipated obsolescence)
Other Assets.-Investments, deposits, &c. $264,190; past-due
'miscell. acc'ts, less
unsecured notes, less allowances, $98,539;
allowances. $101,644; due from Maxwell Motors, Ltd., Lon982,978
don, less allowances, $518,604
Permanent Assets (at depreciated book value)-Land, buildings, machinery and equipment, $20,572,554; less for depre16,677,591
ciation, $3,894,963
25,402,029
Good-will, $25,030,296; deferred, $371,733
262,794,256
Total
LiabilitiesCurrent Liabilities ($6,278,944)Notes payable-7% gold notes, Series A, of Maxwell Motor
$3,849,796
Corp., due June 1 1922
Accounts payable, $1,841,310; accrued int., taxes, &c.,$334,2,429,148
141; dealers'. &c., deposits. $253,697
Gold notes, Series B and CI, of Maxwell Motor Corp., due June 1
8,172,171
and
1924
1923
1st M.6% gold notes of Chalmers Motor Corp., due Oct. 1 1922 3,150,000
Reserves-For exchange, discount and contingencies. $95,178;
613,145
for refunds, $517,966
21,463
Capital stock-Minority stockholders'int. in Chaim. Mot.Corp.
Maxwell Motor Corp. Class A stock, auth., $20,000,000; par,
committee,
$4,deliverable
to
order
of
reorganization
$100;
x15,186,800
814,000; in hands of public
Class B stock atith., 800,000 shares, no par value; delivershares;
order
of
reorganization
268,760
to
committee,
able
outstanding in hands of public. 531,240 shares, carried at x29,371,733
$62,794,256
Total
x The balance of the shares deliverable to order of reorganization committee remaining after all purposes of the reorganization plan and agreement shall have been carried out, will be placed in the treasury of the corp.
Note.-Purchase commitments as of Dec. 31 1921, repriced at current
market prices, show no appreciable prospective losses. Material in transit
not included above, $537,900. Customers' notes receivable discounted
by subsidiaries, $166,593.
The public accountants Mar. 13 report in part: "The merchandise inventories were taken by the management under our supervision, and we
satisfied ourselves that values had been carefully established at the lower
of cost or market prices, provision being made as far as possible for all
known or anticipated losses from obsolescence, changing of models, surplus
parts, &c. Permanent assets are stated on the basis of book value, provision having been made for accruing depreciation and obsolescence. We
satisfied ourselves that only actual additions had been capitalized since
the date of reorganization. No contingent liabilities were reported to us.
The commitments for unfilled purchase contracts are for current material
at prices at or below the present market,pasis, with minor exceptions which
show no appreciable prospective losses.'-V. 114, p. 1293.
1403
May Department Stores Co., N. Y.
(Report for Fiscal Year ending Jan. 31 1921.)
INCOME ACCOUNT FOR YEARS ENDING JAN. 31.
1919-20.
1918-19.
1921-22.
1920-21.
Net sales
$58,981,639 $68,254,715 $57,962,444 $41,179,261
Cost of goods sold, selling,oper.& gen.exp_ _ 53,997,148 62,272,273 50,147,568 36,360,171
Deprec. & amortization_
366.253
303,914
231,801
a312,354
Net profits
$4,618,238 25,670,08A $7,510,962 $4,587,289
Other income
6489,546
337,142
359,587
53,253
Total
$5,107,784 $6,029,675 $7,848,104 $4,640.542
Federal taxes(estimated) $1,100,000 $1,400,000 $2,400,000 $1,632,289
Bad debts
Not shown Not shown Not shown
131,458
Interest bal. of account_ Not shown Not shown Not shown
28,972
Reduc'n in val. of invest. Not shown Notshown Not shown
59,964
Res.for shrink. in val. of
.
invent.& accts. recrle_Cr1,250,000
1,250,000
Preferred dividends(7%)
424,375
437.500
459,638
477,881
Common dividends.._(8%)1,599,648(7Yi)1362166 (6)900,000 (5)750.000
Balance, surplus
$3,233,761 $2,830,009 $2,838,466 $1,559,978
Previous surplus
5,557,990
7,956,003
5,998,253
5,215,138
Divs. on Pref.stk. re-acq
31,213
37,991
6,125
4,096
Total surplus
$8,822,964 $10,824,003 $8.842,844 $6,779,212
To special surplus
$250,000
$250,000
$265,000
$247,500
Adjustment of valuation
of leaseholds
567,239
518,062
Other adjustments
9,252
Premium on Pref. stock
16,013
290
54,603
6,146
(retired)
33 1-3% stock dividend..
5,000,000
Profit and loss surplus. $8,572,674 $5,557,990 $7,956,002 $5,998,252
a Represents depreciation of buildings and fixtures and amortization of
leases including in 1921-22 amortization in leases acquired subsequent to
organization of company. b "Other incame" represents miscellaneous
earnings including net interest earned, income from investments, &c.
CONSOLIDATED BALANCE SHEET JANUARY 31.
1922.
1921.
1921.
1922.
Assets$
Preferred stock.... _ 5,569,100 6,250,000
Real est., improvements, &c
a8,087,151 7,813,823 Common stock _20,000,000 20,000,000
244,500
Pur. money mtge_ 209,000
Good-will trade.
names, &c
15,015,226 15,015,226 Accounts payable.. 1,888,679 2,160,040
879,149 Sundry creditors__ 1,087,519 1,523,117
Investments
869,028
610,900 Reserve for trading
Pref.stock re-acq'd
st'ps, coup., &c_ 156,031
204,038
Inventories
b8,441,726 8,272,903
Acels & notes rec_c4,774,968 4,993,830 Res.for Fed.taxes,
1,807,265 2,068,974
77,080 &c
Delivery equipm't.
57,082
Sundry debtors__ _ 468,038
484,318 Res. for shrinkage
in value of invenPrepaid expenses,
tory & accounts
Insurance, &c.._ 194,994
153,042
receivable
1,250,000
U.S. Lib'y bonds_d3,938,872 3,971,281
Special surplus acU. S. Certif. oil
count
2,700,000 5,872,359
indebtedness__ _
Cash
d3,565,542 2,859.465 General surplus___ 8,572,674 5,557,990
Property surplus__ 3,422,359
Total
45,412,627'45,131,017
45,412,627 45,131,017
Total
Xt
a After $3,729,383 for reserve for depreciation and amortization. bcost or market, whichever is lower. c Less reserve for doubtful accounts.
d At cost or market.-V. 112, p. 1622.
California Petroleum Corporation, Los Angeles, Calif.
(Report for Fiscal Year ending Dec. 31 1921.)
National Leather Company.
(Report for Fiscal Year ending Dec. 31 1921.)
President Geo. H. Swift, March 28, wrote in substance:
Subsidiary Companies.-These include: American Petroleum Co., American Oilfields Co. Petroleum Midway Co., Ltd., Niles Lease Co., and
'Co.. Ltd.
Midland Oilfields
The balance sheet as of Dec. 31 1921 as compared with statement of
Oct. 1 1921 [V. 113, p. 21911, shows a
'reduction in inventory of over
$1,000,000, and in notes and accounts payable of $1,000,000, while we have
Increased our surplus from earnings nearly $200,000. This profit, though
small, is possibly as much as could be expected during the three months
in question, under the conditions surrounding this industry.
Our sales In the early fall of 1921 expanded to an extent which encouraged
us to believe that they would probably continue to expand until our sales
volume would be reasonably satisfactory. This expansion of sales has
continued somewhat, but, as a whole, it has not gained the momentum we
had hoped.
Our distributive sales of merchandise owned by the company, and all
sales of its 100% owned subsidiaries, together with that portion of the
sales of the partially owned subsidiaries, which bears the same relationship
as our stockholding ownership in these companies, amounted for the year
1921 to slightly over $23,500,000. This amount, in dollars, represents
about one-half the total for the previous year, 1920, but, in merchandise
units, that is, sides, feet and pounds of leather, it is not, as a whole, much
reduction from 1920.
Outlook.-At the present time, the biggest problem facing us, as well as
others in the tanning business, is the lack of satisfactory demand from
the users of our product. Practically all the buyers of our product are
buying in a "hand to mouth" manner, a natural sequence after a period
of declining prices. Stocks of finished leather, especially sole leather and
belting, are fairly heavy, and, as these stocks of leather, through Government figures, are matters of public knowledge, the users of leather are
apparently not afraid of their supplies in the near future.
However, it is quite possible that these same users of our products are
not taking fully into consideration the following facts: (a) The supplies
of raw products (hides and skins) are very light; (b) tanneries in general
have not been operating at more than 50% capacity, therefore, the production of leather must be light for some time to come; (c) the current production of raw stocks (hides and skins) is very light, with indications that
the production of raw stock will continue to be light for some time to come.
The industry looks to us to be at that stage where a very slight increase in
demand, either domestic or foreign, would make a marked change in the
tanners'situation. When this change does occur it is likely to be sudden.
We have continued to operate our tanneries on a very conservatiev basis,
that is, considerably less than 50% of what we were doing at the height of
our business. It is our policy gradually to reduce our inventory, basing
our manufacturing operations, to a very large extent, on our ability to
achieve this reduction.
Your officers and directors are still reasonably optimistic as to the
Immediate future of this industry.
[The stockholders voted Dec. 2 1921 to authorize an issue of 150,000
snares of 8% Cumulative Preferred stock (par $100) and to reduce the
outstanding stock from 3,000,000 shares (par 10) to 750,000 shares (par
$10). The company then issued one new share for each four shares outstanding, thus canceling 2,250,000 shares of the original stock. The
Pref. stock was offered pro rata to shareholders of record Dec. 13 1921 at
par and up to the company's minimum requirements of $13,000,000 was
underwritten at par ($100). See Letter of Pres. Geo, H. Swift, Boston,
Nov. 12 1921, in V. 113, p. 2191.1
[There is still considerable National Leather Co.old stock which has not
been sent in for exchange into the new Common stock. All shareholders
still holding old stock are requested to send same to Old Colony Trust Co.,
Boston, or Illinois Trust & Savings Bank, Chicago, for exchange.]
BALANCE SHEET DEC. 31.
1920.
1921.
1921.
1920.
Liabilities$
$
Assets$
1,193,506 1,149,265 Common stock __ 7,500,000 30,000,000
Cash
Notes & acols rec 4,279,653 4,571,488 Pref. stk.8% cum 13,000,000
Notes
&
25,971,834
acets
pay
_15,766,771
Inventories _ _
2,480,122 7,527,774
Stocks of attn. cos 13,345,793 13,394,898 5-yr.8% gold notes10,000,000 10,000,000
nee've for coating
Disc't & exps. on
554,805
831,256
Surplus
506,589
408,157
note issue
1,458,952
2,764,936
Deficit
--Total
34,993,879 48,359,030
Total
34,993,879 48,359,030
-V. 113, p. 2728.
Results.-The net profit for year 1921 ($2,418,448, contrasting with
$2,153371 in 1920) was equivalent to over 11% on the common stock after
providing 7% dividend on the pref. stock. The gross earnings showed an
increase of $1,072,613 over the previous year.
The earnings for 1921 have been affected to a considerable extent by a
decline in the market price of oil in California of 50c. per bbl. The earnings
for 1921 were further affected by a strike called by the oil workers in California in the counties of Kern and Fresno. This strike lasted from Sept. 10
to Nov. 10, a period of two months, during which time all operations on
your properties in these counties were discontinued. Prior to the strike
these properties were producing approximately 250,000 bbls. per month.
Operations were resumed on Nov. 11 and production is again normal.
Additions, 8:c.-The company secured quite a number of leases in these
new fields in Southern California,being obligated thereby to drill a large
number of wells. Total expenditures for new additions and betterments
'were $3,873,936 including $2,685,723 for drilling wells and $568,193 for
new leases. Thirty-one new wells were completed and brought in during
the year and 29 are still in ilrocess of drilling. Included in the above
development costs are $564,808, representing the labor and other incidental
costs of drilling new wells, all of which has been charged to income.
Depreciation.-The entire reserve for depreciation and exhaustion of oil
deposits has been applied to the reduction of the property account.
Losses.-Losses of $202,748 have been written off; including leases abandoned, $123,608, and dry wells abandoned, $73,654, &c.
Production.-The total net production of oil during the year 1921 was
4,245,936 bbls. of which 280,035 bbls. belong to the various lessors as
royalty oil, leaving a net production available for your company of3,965,901
bbls., an increase over last year of 333,331 bbls.
The total number of wells producing on all of the properties Dec. 31 1921
was 233; wells shut down and under repairs, 25; wells in process of drilling.
29; wells abandoned,4. The average daily production per well was 63 bbls.
Five of the new wells were in the Midway district, 8 in the Huntington
Beach district, 1 in the Montebello district, and 17 in the Yorba Linda district.
The total production from all of the new sells completed in 1921 was
978,290 bbls., an average per well of 31,557 and an average daily production
per well of 237 bbls.
Sales.-The sales of crude petroleum and tops from the properties for
the year 1921 aggregated (see table below) 4,071,181 bbls.. for $7,056,107.
or $1 73 per bbl., against 3,902.139 bbls. for $6,296.791, or $1 61 per bbl.
in 1920. Included in these figures is the oil sold from the properties formerly operated by the U. S. receiver, but now restored to the company and
settlement effected in full.
Market Conditions.-On Jan. 1 1921 the base price for crude oil in California was $1 60 per bbl., and on May 15 and Aug.3 1921 the price declined
to $1 35 and $1 10 per bbl., respectively. The average price received for
crude oil during 1920 was $1. 54 per bbl. as compared with $1 66 per bbl. for
1921.
On Dec. 31 1921 you were receiving an average price of $1 52 per bbl, for
crude oil, largely due to a 3-year contract for part of your oil, which was
entered into under date of Feb. 1 1921, and if there are no further declines in
the market price of oil during the ensuing year, the average price to be
received for oil produced by your company in 1922 should be at least equal
to the $1 52 per bbl. now being received, with a reasonable expectation of
some increase.
4
New Acquisitions.-During years 1919, 1920 and 1921, your company
secured several leases in the Yorba Linda district of Orange County, Calif.,
from which during the year 1921 were produced 1,078,209 bbls. of oil.
There are now 24 producing wells on these properties and 6 wells in process
of drilling. One of the new oil fields discovered in California is known as
the Huntington Beach district; during the year 1921 eight of your wells in
this district have been put on production and nine more are in process of
drilling. The total production amounted to 157,334 bbls., most of which
was obtained within the last few months.
In the Santa Fe Springs district the company secured 299 acres, on which
three wells are drilling and several others will shortly be started. The
discovery well in this field came in at about 2,000 bbls. per day, which
gradually increased, until at present it is producing 3,900 bbls. of 32 gravity
oil, making this field one of the most valuable discoveries in California.
Our leases surround the discovery well, and a portion of them/should prove
productive.
Pres. F. W.Fuqua, Los Angeles, March 15, wrote in sub.:
1404
THE CHRONICLE
[Vol,. 114.
Two wells are drilling in the Buttonwillow district, 10 miles north of the
Elk Hills district in Kern County. but no oil has so far been found. In the
deeper sand in the Montebello field, at a depth of 3,555 ft., we obtained a
production of 600 bbls. per day,thus enhancing the value of your properties.
Your company has secured leases on 800 acres in the Shreveport, La.,
district, on which a well is drilling.
Investments.-The Red Star Petroleum Co., of which your company owns
a one-half interest, produced in 1921 350,714 bbls., and its net earnings
were $181,692, after making provision for depreciation of $130,580, and
Federal taxes of $60,500. During the year cash dividends amounting to
$200,000 were declared from its surplus earnings, your company receiving
its proportion of 50% of such amount. This company is operated independently of your other properties.
Mexican and Texas Leases.-No work has been done on the leases in
Mexico. Test wells near our holdings in Texas have proven disappointing
and these properties, costing $9,033, will probably be abandoned this year.
Dividend.-During the year four quarterly dividends amounting to
$715.029, or 7%, were declared on the outstanding Preferred stock. No
dividends were paid on the Common stock, in view of the probable requirements for capital expenditures.
Sinking Fund.-There are now in the treasury 5,300 shares of Pref. stock,
purchased in anticipation of the 1921-1922 provisions, a portion of which
will be retired before July 1 1922 as our charter requires.
United States Settlement.-Heretofore the properties in the hands of the
U. S. receiver have been excluded from your income statements. Your
company received leases on these properties from the U.S. Government in
March 1921, at which time, under orders from the Federal Court, there
was returned to your company securities and money as follows: Liberty
bonds of various issues of the par value of $1,431,350 and 8259,020 in cash.
These bonds were taken into your records at their market value on the day
of receipt of same. Subsequently a portion of them were converted into
cash.
This settlement brings to an end several years of litigation. The final
result has been that your company has found it necessary to quitclaim to
the IT. S. Government all of its rights and title to the land involved, in
return for which the U. S. Government has issued to your company leases
on such land as they had formerly claimed and operated and on which they
had production.
The profits realized from the operations of the properties released by the
U. S. receiver have been taken into your income through surplus after
making full provision for all known costs, losses and taxes.
Current Assets.-The crude oil inventories are per actual stock reports
and are stated at approximately cost and substantially below the present
market value. Current assets greatly exceed the current liabilities, the
ratio being more than two to one.
Conclusion.-The company closed the year in vary good condition.
Production of oil showed an increase despite the fact that the oil workers'
strike curtailed your output by nearly 500,000 bbls. The net earnings
have shown a steady increase. On Dec. 31 1921 the company held a substantial cash balance, Liberty bonds of the par value of $934,500, and
5.300 shares of prof. stock in anticipation of sinking fund.
was absorbed by the acquisition of its entire outstanding capital stock in
exchange for an issue of $2,325,000 of non-cumulative 7% Second Preferred
stock of B. B. & R. Knight, Inc. This step, it is felt, will accomplish
great economies in merchandising the products of your mills and bring the
mills into closer co-operation with their selling outlets. The increase
in receiving as well as in payables, is due to a large extent to the inclusion
of Converse & Co. acquired on July 2 1921.
Unfilled Orders.-The unfilled orders on hand at the end of the year 1921
exceeded by over $2.000,000 the unfilled orders at the close of the previous
year. Of these only approximately 13% were on goods produced by
the mills of B. B. & R. Knight, Inc.
Trade Mark, &c.-New uses and markets have been found for the famous
"Fruit of the Loom" Brand. In addition, this trade-mark has been
widely and nationally advertised directly to the consumers as well as to the
manufacturer, which marked a distinct innovation in selling policy. The
result has been eminently satisfactory and we firmly believe that the
trade-mark and fabric are enjoying over widening popularity and distribution.
Additions, Ac.-The plants and properties of the company show an increase in excess of 84,000,000 over Dec. 31 1920. Of this sum approximately $3,500,000 was spent on the New England Mills and the balance
on the mills in the South, representing the completion of work contracted
for prior to 1921. In view of this large expenditure, the necessity has not
been felt to maintain such largo reserves for depreciation as heretofore.
During the year the Royal Mill of 93,000 spindles and 2,910 automatic
looms was turned over by the engineers substantially completed. There
are at present no contracts outstanding for plant extensions, and the sale
of certain smaller units, the need for which has been removed, is contemplated.
Outlook.-We look back at the year 1921 as one of extraordinary difficulties and of exceptional conditions. We feel that practically all of these
are now back of us with the exception of the strike that is current at certain
of the properties of the company in New England. No industry or group
can afford to ignore the general economic conditions that prevail, not only
in this country but throughout the world, and until every element of the
industry is willing to recognize these conditions and adjust the wage scales
to the corresponding wage scale enjoyed by competing manufacturers
producing similar goods, all must continue to suffer. We regret exceedingly that the failure to solve this fundamental problem more promptly
will undoubtedly result in material losses both to our employees and to
our stockholders. [See "Current Events" on a preceding page.]
It would be difficult as well as useless to forecast the future, but we feel
that the prosperity of the textile industry, like all industries, is dependent
upon general business conditions. We believe that this outlook is increasingly encouraging and are therefore optimistic of the future of your
companies.
[The public accountants say: "During the year only actual additions
have been charged to property account; provision of$150,000 has been made
for depreciation. No charge has been made ag tinst the year in respect of
discount on bonds or of the premium on notes retired during the year.
The inventories of raw materials and finished stock have been valued at
cost prices which in the aggregate are less than current market values at
YEARS.
SALES (BARRELS) IN CALENDAR
Dec. 31 1921, and the supplies, stores and work in process have been
1918.
1917.
1919.
1920.
1921.
valued at cost. Provision has been made for doubtful accounts receivable
Crude petroleum
3,933,848 3,737,205 3,520,428 3,001,382 2,938,546 and for all ascertainable liabilities."1
Tops
137,333 164,934 215,284 297,957 237,972
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31 1921 &
CONSOL. INCOME ACCOUNT FOR CALENDAR YEARS (Incl. Subsid's).
1920.
1920.
1918.
1919.
1921.
1920.
1921.
Gross earnings (all cos.)_ $7,463,675 $6,391,061 84,621,655 $4,154,354 Profits from operations (including subsidiary from
1,097,471
1,492,943
2,319,830
Operating expenses
3,066,522
date consolidated) after deducting administration,
$923,513 $2,310,794
selling and general expenses
Net earnings
$4,397,153 $4,071,231 $3,128,711 $3,056,884
238,28?
150,000
$495,646
4453,853 Deduct-Provision for depreciation of fixed assets
$567,480
Depreciation
$676,713
620,091
1,530,572
157,542 Less-Interest on bonds and bills payable, &c
125,242
298,148
Depletion
286,959
200,000}x1,204,367
Knight,
Inc
R.
on
1st
Prof.
stock
of
B.
B.
&
Divs.
719,617
549,378
235,941
Losses written off
202,748
96,171 Dividends on stock of Bonsolidated Textile Corp__ _
90,797
68,871
Bond Interest
51,220
24,554
13,786
Miscellaneous deduc'ns_
df$957,058 sr$248,054
Balance for year
250,000
2,
96,262
550,000
Res. Fed. tax. & conting.
564,000
86,852
334,906
Undivided profits at Dec. 31 1920
,
Special reserve
6846,512(8 X)101ga00
Preferred dividends._ _ _ _ cr %)715,029 (7)770,439
df$622,151 sr$334,906
Profit & loss
7
155,979
Sinking fund
197,421
197.065
x The Consolidated Textile Corp. paid quarterly dividends of 75 cents
$303,283
Balance, surplus
4275,153
$1,703,419 $1,382,931
a share ($3 per annum) from Jan. 1920 to Jan. 1921, both inclusive, none
b In addition to the 7% regular dividends, 7% extra was paid out of since.
Quarterly dividends of 2% each on the $2,500,000 8% Cum. 1st
surplus, thus canceling all accrued dividends.
Prof. stock of the B. B. & R. Knight Co., Inc., were begun in Jan. 1920
Surplus Account Divided into Appropriated and Unappropriated Surplus. and continued thereafter at same rate to and including Jan. 3 1922.
CONSOLIDATED BALANCE SHEET DEC. 31.
Balance Jan. 1 1921,$1,034,359;surplus 1921,41,703,410; total, $3,037,778
1920.
1921.
Add amount of realized profit from operations of properties re1921.
1920.
$
633,880
Liabilities-leased by United States receiver
$
Assets3
$
Capital stock (no
,371,657 Land, Buildings
Unappropriated surplus Dec. 31 1921
par value) and
machin.&equipa34,683,701 30,871,303
CONSOLIDATED BALANCE SHEET DEC. 31 (Incl. Sub. Companies). Goodwill, tradecapital surp.(see
b)25,830,044 28,573,092
Note
2
marks, &c
500,002
1921.
1920.
1921.
1920.
1st M. 8% bonds,
Def. install, on
LiabilitiesAssets5,000,000
due 1941
564,189
prop.sold
Property sects. a32,089,619 29,916,812 7% Cum.Pref. stk.10,739,526 10,739,526
2,808,000
1,669,485 1,085,899 3-yr. 7% fd. notes
Investments at cost 100,000
100,000 Common stock,..14,877,005 14,877,005 Miscell. inv
Raw mat..sup.,&c. 2,907,778 3,720,017 B.B.& It. Knight,
Pref. stock owned_ 389,633
61,185 Capital stk. of sub.
Inc.:
192,521 Work in process__ 2,050,462 1,671,781
66,948
Bond skg. fund__
cos. outstanding
54,737
1st Pref.stk,8%
867,300 Finished stock_ _ _ _ 3.420,514 5,869,208
Am, Oilfields 6s... 852,400
Assets in escrow,
2,500,000 2,500,00(1
Cum
58,017
643,272
465,166 Market invest_
(tc
1,899,734 Accts. payable_
2d Pref. stk.,7%
Adv. to outside
Cash
1,889,884 1,290,209 Res. for Fed, taxes
2,325,000
non-cum
mills
ag
Invent_
511,927
coneingencies.
1,337,755
825,852
dc
'Liberty bonds
848,412
45,975 1st M. 7% bonds,
Accts.receivable_ _ 665,021
625,352 Dividend payable_ 178,667
186,542 Mortgages rec_
7,500,000. 7,500,000
due 1930
1,205,928 Inv.in stks. of out011 in storage
214,783 Deferred credit
259,262
2-yr. 8% Notes,
side textile cos.
Other inventories_ 957,452
976,059 Capital surplus___ 3,330,552 3,305,657
700,000
due 1923
475,008
(at ooet)
Deferred charges__
82,208 Unapprop. surplus 3,371,657 1,034,359
33,513
Approp. surplus__ 1,669,551 1,472,486 Accts. & notes rec.. 8,185,049 2,440,487 Liab. on pur. of
384,400
property
2,818,408 2,273,372
Cash
11,820,000 7,980,674
Bills payable
37,067,333 35,172,343 Dint. & prems
Total
Total
37,067,333 35,172,343
263,420
Acceptances
1,204,174
1,770,959
unamort
I
zed_
_
_
a Includes oil lands, leases, wells and other properties as on Jan. 1 1921,
366,993 Accts. payable._. 1,918,940 1,488,794
$36,424,232; additions since, $3,309,128; less properties abandoned, $247,- Prepd. ins., int. ago 289,158
602,183
254,853 Div. pay. Jan. 15_
Org.exp.& miscel. 800,954
302; provision for depreciation, $3,865,085, and depletion, $3,551,355.
-sse04
Surplus (undivided
b Represents 5,300 shares held for retirement.-V. 112, p. 261; V. 113,
334,907
profits)
p. 2408.
Consolidated Textile Corporation.
(2nd Annual Report-Year ending Dec. 311921.)
President Frederick K. Ruppreeht, March 25, wrote as
follows:
Results.-In spite of the fact that the year 1921 was marked by continued
recession in values and readjustments from the war period of inflation, the
properties directly owned by your company, consisting of the Southern
mills and the Windsor Print Works Division at North Adams, Mass.
showed satisfactory results, considering all conditions, and operated for
the year at a profit.
The New England properties of B. B. & R. Knight, Inc., however,
which were acquired by your company only a little more than a year ago,
and which have not as yet had an opportunity to show the full effect of
such changes as have been made, were operated at a heavy loss. This
was duo to the higher wage scale under which the mills operated, the inventory losses that had to be taken and the large expenditures of money
that were needed to bring the properties to a higher standard of efficiency,
Substantial reductions were accepted during the year by s darted officials
and other administrative expenses were cut wherever possible. Wages in
the plants of B. B. & R. Knight, Inc., were reduced 20% effective Jan.
23 1922, but even after the reduction will be in excess of those prevailing
in the South.
With these economies effected, inventory and other losses taken and the
wage reduction in process of settlement, your officers are hopeful that with
he return of better general conditions and the resumption of buying by
the public, the textile industry and your company should gradually return
to a normal and profitable basis.
Ronds and Notes.-During the year your company issued and sold a total
of $5,000,000 1st Mtge, 20-Year 8% Sinking Fund Convertible Gold Bonds
and with the proceeds completed the retirement of the entire issue of
$3,000,000 3-Year 7% Sinking Fund Convertible Debenture Notes. The
balance was used to increase the cash resources of the company and for
other corporate purposes. These 20-Year bonds are secured by the real
estate, plants and equipment directly owned by Consolidated Textile
Corp., including the Windsor Print Works.
Selling Agency Absorbed-Neu, Stock in Payment.-During the year,
Converse & Co., which for some time has been acting as selling agents
not only for your companies but for many independent Southern mills.
57,861,405 50,212,051
Total
57,861,405 50,212,051
Total
a Land, buildings, and dwelling houses, machinery, and equipment.
plus additions to
$29,708,964;
appraised
values
water power at
or less,
properties, $5,592,609; less reserve, $617,872 for depreciation.
b Authorized capital, 1,000,000 shares of no par value; outstanding.
801,039 shares without nominal or par value, representing capital and
capital surplus, $26,452,195; less operating deficit, $622,151, leaving
$25,830,044 as shown.
Note.-The company has entered into certain option contracts which, if
completed, will involve payments at various dates up to April 15 1924, not
exceeding $595,200.--V. 114, p. 742.
Magnolia Petroleum Co., Joint Stock Ass. (Not Inc.)
(Report for Fiscal Year Ending Dec. 311921.)
COMBINED STATEMENT OF INCOME AND PROFIT AND LOSS
ACCOUNTS FOR CALENDAR YEARS.
1919.
1920.
1921.
$55,139,890 $72,643,639 $49,819,656
Gross earnings
49,486.451
40,453.684
44.913,430
deprec.,
depl.
&
oth.
exp_
exp.,
Oper.
$16,226,460 $23,157,188 $9,365,973
Net earnings
2,325,000
Fed. taxes for acct. of preceding year.1 6,915,3231 not shown
3(8)4,694.040(8)3.813,726
Dividends paid (6% in 1921)
$3,311,137 $18,463,148 $3,227,247
Surplus for year
12,010,533 31,552,658 31,463,523
Bal. to credit of acct. Jan. 1
305.229
Inc. La* refund (over-payment for '18)
Total
$15,321,670 $50,321,036 $34,690,770
Adjust.ofdepl.. &c.,for prior years on
acct. of change in Inc. Tax Reg. 45,
Art. 214 (see footnotes "a" St "c"
6,466.225
below)
Cr1,760,801
3,138,112
31.844.278
Transferred in Dec. 1920 to sur. acct z
Balance to credit of undiv. profits
account Dec. 31
$17.082,471 $12,010,533 $31,552,658
z Out of the surplus as thus increased to $99,284,071, a stock dividend of
100% or $58,665.789 was paid Dec. 28 1918, leaving a capital surplus
Dec. 31 1920. 840,618,282, as per balance sheet, &c.
APRIL 1 19221
THE CHRONICLE
BALANCE SHEET DEC. 31.
1920.
1921.
1920.
1921.
35
$
s
LiabilitiesAssets$
Capital stock_ _x120,000,000 117,351,000
Produc'g prop.,
leaseholds, oil
Firt mtge. bds__ 8,675,000 ' 8,762,000
wells,real est.,
Notes payable__ 133,094,320 3,858,586
pipe lines, reAcc'ts payable__ 3,981,424 4,840,860
fineries, &€ 113,673,349 117,374,336 Acc'ts payable
615,493 4,801,390
Material & Hupp 35,607,298 43,621,915 in crude oil__
842,140
779,614
Miscellaneous._
601,992
554,975 Taxes, int., dmInvestments ___ 7,849,454 7,385,734 Due on pur. of
200,000
Lib, bds. at cost 6,965,056
64,350
property
335,236
393,661
0th market MC.
84,250 Deferred charges
U.S. Treas. ctfs 5,105,000 1,000,000 Capital surplus.c36,236,338 40,618,282
Undivided prof's 17,082,471 12,010,532
Due for purch.
of cap. stock_ 3,962,413 4,390,138
Notes & acct.rec 9,212,454 9,067,321
Cash
701,863 6,172,071
Adv. to sub. cos 7,179,443 3,904,935
190,858,322 193,620,026
Total
Total
190,858,322 193,620,026
All obligations have been brought into account except Federal taxes
for 1921.
x Joint stock association (unincorporated); capital, 1,200,000 shares of
$100 each, total auth. issue, $120,000,000.
a After deducting $80,329,913 depletion and depreciation reserve in
1921, as against $67,401,389 in 1920, $47,873,338 in 1919 and $27,910,016
In 1918.
b Includes amount due on purchase of property.
c Duo to revaluation of leases.
COMPLETE DIVIDEND RECORD (COMPILED BY EDITOR).
Jan.-Apr..22
1914. 1915. 1916-17. 1918. 1919-20. 1921.
6%
134 % each
Regular divs. ____ 4% 6% P• a. 6% 6% P.a.
None
1% 2% p.a. A of 1%
Extrasin cash
100%
Stock divs __100% 25%
-V. 113; p. 1257.
GENERAL INVESTMENT NEWS
RAILROADS INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.-The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Equipment Repairs in Outside Shops Found to Have Been Unjustified in
Theee Cases.-See "Current Events" above.
Hearing on Railroad Consolidationsfor Southeastern Region.-See "Current
Events" above.
Increased Divisions Ordered for Missouri & North Araknsas.-"Railway
786.
Age" March 25
S. Davies Wartleld Warns against Attacks on Transportation Act.-' Rallway Ago" March 25, p. 776.
President Finley of Chicago et North Western on Rate Adjustment-He
favors retaining rate-making power of I. S. C. Commission. "Boston
News Bureau" March 30, p. 8.
Boston A. Albany Now Included by I.-S. C. Commission with the Roads
Entitled to 15% Increase in Division of Through Rates.-"Times" March 30,
p. 26.
New England Rate Case Postponed to April 22.-Federal Court allows
Commerce Commission and Down-East carriers to intervene in injunction
proceedings. "Sun" March 30, p. 29; "Boston News Bureau" March 31.
Railroads' Arguments against Automatic Stops.-Carriers claim devices
are in development stage and that proposed I.-S. C. Commission's order is
too drastic. Abstract of memorandum presented at Washington March 20
by A. R. A. committee, C. E. Denney, Chairman. "Railway Ago" March
25. n. 767, 783 to 784, and 787 to 791.
Time for Payments to U. S. of Excess Income of 1921.-The I.-S. C. Commission has issued an order giving additional regulations for the payment, on or before May 1 1921, of excess railway operating income for the
year 1921, under Section 15-a of the Transportation Act of 1920. An earlier order covered the income in 1920. "Railway Age" March 25, P. 796.
Suspends Rail Rate Cut until July 29.-I.-S. C. Commission to investigate
Southern Pacific's proposed reductions of approximately 12% in freight
rates from New York to Southwestern States on freight routed via water
through Galveston. "Times" March 31, p. 28.
Allows Lower Rates.-1.-S. C. C.sustains Mississippi Valley roads in cuts,
proposed last January, from Chicago territory on freight destined to the
Pacific Coast via Gulf ports, and the Panama Canal, on and after April 1.
"Times" March 30, p. 10.
Mexican Railway Fares Increased -Effective April 1, first-class passenger
fares on the National Railways of Mexico will be increased 16 2-3%, and
second-class fares 20%, according to notices received at the Mexican
Consulate at El Paso. "Post- March 28, p. 4.
Western Maryland Rail Strike Starts.-Maintenance of way and shop men
walk out to fight contract work system. "Times" March 26, p. 18.
150 D. L. & W. Freight Handlers Quit in Scranton as Individuals Because
of the Company's Contract System Recently Put into Effect.-"Timcs" March 27,
p.7.
1405
Of the total March 15. 216,661 were serviceable freight cars, while the
remaining 175,136 were in need of repairs.
Surplus coal cars in good repair March 15 numbered 79,803. a decrease
s
tlini
ocieoM
f 1a3r8
c.h 8 of 6,661. Surplus stock cars amounted to 19,739, a reducIdle Cars on or about 1st of Month,on April8'21 (Peak) and on Mar. 15 1922.
Mar.15.Mar. 22 Feb. 22 Jan.'22 Dec.'21 Nov.'21 Apr.8. Jan.'21
198
Good order.._ 217
331
471
283
80
507
245
Bad order __ _ 175
159
148
172
184
111
__173
Matters Covered in "Chronicle" March 18 1922.-(a) Railroad gross and
net earnings for January, p. 1120 (Editorial). (b) Great Northern Ry.
directors defer dividend action but hope to maintain full 7% rate, p. 1143.
(c) Railroad wages in U. S.-estimated saving if wages had been no higher
than in other industries, p. 1143. (d) Inter-State Commerce Commission
not permitted to pass on abandoning of strictly State railroad, p. 1144.
Matters Covered in "Chronicle" March 25 1922.-(a)Railroad ratesInter-State Commerce Commission expects about April 5 to decide concerning further rate reductions, p. 1243. (b) Railroad wages-D. L. 8LaW.
makes agreement with its locomotive engineers and firemen-C. B. & Q.
clerks accept cut, p. 1243. (c) Railroad equipment plan-how national
railway service corporation would be habilitated and possible purchase
equipment; car pooling aside, p. 1244.
(d) Valuation of N.Y. City traction properties, p. 1244: (1) Replies by
all the company and security interests, p. 1244 to 1251; (2)further details
of valuation (large table), p. 1250 to 1252.
ite,)pN. e1w
25E
3n
.gland rate divisions case-injunction sought by trunk lines,
but not Penn. RR. or Baltimore & Ohio-N. Y. Central brings separate
su
Akron Canton & Youngstown RR.-Equip. Trust Ctfs.
The I.-S. C. Commission has granted the company authority to assume
obligation and liability in respect of $270,000 of equipment trust certificates
to be issued under the Engine Trust of 1921 in connection with the procurement of locomotives.-V.113,P.847.
Alaska Government Roads.-Named Alaska RR.The recently completed Government railroad in Alaska, running from
Fairbanks to Seward, has been officially designated "The Alaska Railroad."
The road has a total mileage in operation of 540.--V. 114, p. 625.
American Cities Co.-Distribution to Bondholders.-
The Whitney-Central Trust & Savings Bank, trustee of the 5-6% Coll.
Trust gold bonds, issue of July 1 1911, having sold the collaterals at public
auction by direction of the bondholders, is now prepared to pay to the
holders of the above bonds the net proceeds of the sale of the collaterals
in the proportion of $45 02 on each $100 bond, and $450 20 on each $1,000
bond, constituting full and complete distribution of the proceeds of sale.
Credits have been endorsed in the amounts as above stated on bonds held
by the bondholders' protective committee and all other bonds must be presented to trustee for proportionate payment and for the endorsement of
such payment on the bond presented.-V. 114, p. 946, 736.
American Rys. Co., Phila.-Notes Extended.The holders of the $3,000,000 3-year 7% gold note due Feb. 1 1922 were
offered the privilege of extending them for three years to Feb. 1 1925 at int.
at rate of 734% per annum. As additional security for the notes the company will depasit $500,000 5-year 8% gold notes dated Oct. 11920. At the
annual meeting March 16 it was stated that over 90% of the notes had been
deposited with Penn. Co. for Insurance on Lives & Granting Annuities.
Philadelphia, for extension.
See also Bridgeton & Millville Traction Co. below.-V.114, p. 1061,946.
Atlanta Birm. & Atlantic RR.-Advocate State Purchse.
State donator Frank Manson, representing the Atlanta District has
announced that the purchase of the road by t e State of Georgia will be
advocated by him at the next general assembly o Georgia, and thus prevent
the scrapping of the road now threatened by the pending suits.
Senator Manson declares that he has authoritative assurance that the
road can be purchased by the State for 310,000.000. lie further declares
that he has the same assurance that if the State issues bonds for the purchase
of the property they will be eagerly bought up by creditors of the road, who
will see a chance of thus saving their investments.
He also declared that he already had assurances from Senators and
and Representatives from counties along tne line and contiguous to the
A. B. A. that such a measure would have their whole-hearted support.V. 114, p. 1285, 1177.
Boston & Maine RR.-$5,000,000 Loan Approved.The I.-S. C. Commission has approved the application of
the company for a Government loan of $5,000,000 for the
purpose of meeting at maturity on June 1 1922 a previous
loan of similar amount made in May 1920.-V. 114, p. 1178.
Bridgeton & Millville Traction Co.-Bondholders
Offered Electric Co. of New Jersey Bonds in Exchange for
Their Holdings.-Bioren & CO., Philadelphia, in a notice to
the holders of the $500,000 Bridgeton & Millville Traction
Co. 1st Mtge. 5% Gold Bonds, due 1930, state in brief:
We have been authorized by the American Railways Co. to: (a) Offer
you par and accrued interest for your holdings of the above bonds in
change for a like amount of the Electric Co. of New Jersey 1st Mtge. 5
Bonds, due March 11947. at par and interest. Guaranteed, principal an
interest, by the American Railways Co.
Or (b) to purchase your holdings of Bridgeton & Millville Traction Co.
1st Mtge. 5s at par and interest, payable one-half in the Bridgeton Electric
Co. 1st Mtge. 5% Bonds, due 1930, at par and interest, and one-half in the
Electric Co. of New Jersey 1st Mtge.5% Bonds, due 1947, at par and int.
Electric Company of New Jersey.-incorp. in New Jersey for the purpose
of furnishing electric light and power to the counties of Camden (part).
Gloucester, Salem and Cumberland (part). Furnishes under contract 1,937
street lights in 22 municipalities; has over 7,000 commercial consumers and
over 4,800 h. p. in motors connected to its service. Company has a total
authorized issue of $5,000,000 1st Mtge. Bonds, due 1947, of which $1,018,000 will be outstanding, including the bonds reserved to retire the
Bridgeton Electric Co. 5s. The balance can be issued only for 85% of the
cost of additional extensions and improvements to the property, when net
earnings are 134 times the interest on the bonds outstanding and those
proposed. Capital stock outstanding: Preferred, $90,000, and Common,
$257,500, all owned by American Railways Co.
For the fiscal year ending Dec. 31 1921, the company reported net earnings after taxes, &c., of $143,908, which is practically three times the interest requirements on the bonds issued and to be issued for this exchange.
The Bridgeton Electric Co. 1st Mtge. 5% Gold Bonds, due 1930, are
secured by a first mortgage on the electric properties in Bridgeton, N. J.,
and vicinity. This property has been merged with the Electric Co. of
New Jersey and is a part of that company.
For the past four years the Bridgeton & Millville Traction Co. earnings,
including the interest on the $250.000 Bridgeton Electric Co. bonds, which
are under the Bridgeton & Millville Traction Co. mortgage, have not been
sufficient to pay the interest charges on the Bridgeton & Millville Traction
Co. 5% bonds.
Bondholders accepting the offer of the American Railways Co. are requested to deposit their bonds with the July 1 1922 coupons attached, with
the Commercial Trust Co. Philadelphia, depositary, on or before April 1.
[The Bridgeton & Millville Traction Co. last August received permission
from the New Jersey P. U. Commission to discontinue service and remove
tracks. See V. 113, p. 959.1
Oil Found in Montana on Great Northern and Northern Pacific After TwoYear Hunt.-"Times" March 25, p. 18.
Railroad Outlook Bright, Says Prof. Ripley.-"Times" March 26, Sec. 2,
p. 11. '
Failure of Wage Negotiations with Engineers and Firemen.-Labor Board
sets hearing for all railroads about April 15; conductors and trainmen still
conferring with roads, hoping for agreement. "Times" Mar. 30, p. 19.
Highest Wages Are Paid to Railroad Labor.-These have gained 132% since
1914, against 113% for other industrial workers; conference board survey.
"Times" Mar. 26, Sec. 2, p. 1.
Chicago Milwaukee ot St. Paul Clerks' Wages.-The clerks and officers of
this company have failed to agree on wage matters and will appeal to the
Labor Beard. The comiany proposed a 10% reduction, while the clerks
pointed to the C. B. & Q. cut of 4 to 5%. "Post" Mar.
p. 13.
Rail Worker Needs $2, 36 Budget.-11. M. Jewell, head of Shops Craft
Union, so tells Labor Board, and urges increase rather than 10% cut.
attack
on
legality of wage conferences. "Ry.
"Post" Mar. 28, p. 2. His
Age" Mar. 25, p. 774.
Eastern Clerks Union Asks President Harding to Abolish Labor Board a
Mar.
30. P. 19.
Unfair and Unjust.-"Times"
-Albert Phillips, labor member of the
Phillips Resigns from Labor Board.
effective April 15, because of illness; terms
RR. Labor Board, has resigned
viz.:
J.
II. Elliott, railroad member; A. 0.
of three expire next month,
Wharton, labor member, and G. W. W. Hanger, public member. "Post"
Mar. 28, p. 1.
Passenger Train Gets Wireless News" .-St. Paul RR.'s Pioneer Limited
Post Mar. 28 p. 2.
first in country to be so equipped.
N. Y. City to Ask $150,000 for Transit Paving.-Will sue companies operating surface lines for repairs the refused to make. "Times" Mar. 29, p. 21.
Citizens' Suit Opens to Halt N. Y. City Buses.-Whalen believes court
victory would open the way for $30,000,000 program. names" Mar.29,p.21
Britain Consolidating Railways into Groups.-Roads must complete mergers specified by Railws Act before Jan. 1 1923 or submit to Government's plans. Boston " . B." l'!"lar. 25, p. 4.
Canadian Freight Rates in Parliame:nt.-Righti)f Board of Railway ComCalifornia Railway & Power Co.-Earnings.missioners to fix rates expires July 6.-Boston N. B." Mar. 31, p. 8.
Year end. -Years end. June 30Cars Loaded.-The total number of cars loaded with revenue freight toDec. 31 '21.
w es,withcompared h e8v2e9r,,l28
1920-21.
1919-20.
taled 823,369 cars during the week ending March 18, co,hmpara
a11
$1,166
$3,457
Total
during the previous week, or a loss of 6,749 cars. This
income$
$6
4,6
8346
9
$23,838
$13,192
after expenses, taxes, &c__
increase of 131,973 cars over 1921 but 31,691 under 1920. Principal Net deficit
67.695
34,027
57,864
Previous deficit
changes as compared with the week before were as follows: Merchandise P
and miscellaneous freight, 497,657 cars, increase 12,944 (and 56,097 more
increase
54,599,
$57,864
3,479;
$74,331
ore,
products,
$71,056
deficit
Total
5,310,
increase
than in 1921); forest
99,689
97,388
203; coal, 190,683, decrease 13,885; grain and grain products, 39,896, de- Claims against subsidiary companies
crease 5,264: live stock, 26,722,_decrease 3,208.
number
of
freight
cars
idle
-The
$26,332 def$57,864
$25,358
Profit and loss surplus
March 15
Idle Cars Further Decreased.
totaled 391,797, compared with 398,982 on March 8, a decrease of 7,185. -V. 113, p. 1572.
1406
THE CHRONICLE
Canadian Northern Ry.-Registrar Appointed.The Guaranty, Trust Co. of New York, trustee, has been appointed
registrar of the $11,000,000 3-year 5% gold notes, dated March 1 1922.
See offering in V. 114. p. 1062.
Central of Georgia Ry.-Equipment Trusts Offered.Kuhn,Loeb & Co., New York,are placing privately $660,000
53/
2% Equipment Trust Certificates, Series "N," dated
March 1 1922 and duo $66,000 annually March 1 1923 to
1932, inclusive.
Divs. payable M. & S. Guaranteed by Central of Georgia By. Commercial Trust Co., Phila., trustee. Denom. $1,000 (c*). Secured on 500
40-ft. 40-ton steel underframe ventilated box cars, total estimated cost
$825.000. Approved by the I.-S. C. Commission.-V. 114, p. 1178, 77.
Chicago Burlington & Quincy RR.-Contracts,
The company has awarded a contract for construction of a freight house
to cost $3,000,000 at Canal, Harrison and Polk streets, in Chicago, to
John Griffiths & Son Co., 112 W. Adams St, that city. The road has
also prepared btueprints for its new station to be erected at Franklin, Neb.
Another piece of terminal construction by the railroad is the completion
of one of the largest sheep yards in the United States at Montgomery. Ill.
The yards include 7 barns, 1,000 acres of pasture, an elevator with a,
capacity of 100,000 bushels, and other buildings. The plant will accommodate 70,000 sheep at one time.
Fire which destroyed an entire block of business property Just outside the
loop district of Chicago, on the morning of March 15,spread to the general
office building of the company at Jackson Boulevard and South Clinton St.
The building is a 21-story structure, 210 ft. high, built at a cost of $1,500.000. All offices above the 7th floor were swept by the flames and the records and fixtures of firms occupying that portion of the structure were
almost totally destroyed. ("Railway Review,'March 18.)
Clerks Accept Wage Cut.See last week's 'Chronicle", p. 1233.-V. 114, p. 853.
Chicago Indianapolis & Louisville Ry.-Ann. Rept.The annual report for the year ending Dec. 31 1921 shows: Total operating revenues of $15,162,870 (against $16.259,676 for 1920); total operating
expenses, $12,181,950 (1920, $15,343,385); net revenue from railway operations, $2.980,920 (1920, $916,291); surplus available for divs., $723,564,
after adding an extraordinary item of $459,751 guaranty received from U.
S. Govt. on account of the 6 months period ending Aug. 31 1920, and after
deducting taxes and fixed charges. Surplus for 1921 amounted to $353,339
after deducting Pref. divs. of $199,652 or 4%, and Common divs. of
$170,573 or 1%%.-V. 114, p. 519, 408, 77.
Chicago Peoria & St.Louis RR.-Receivers'Certificates.The I.-S.0.Commission Mar.21 granted authority to issue $335,000 oneyear 7% receiver's certi icates, to be sold at not less than par and the proceeds used to pay indebtedness incurred in the operation of the property.
-V. 114, p. 1062.
Chicago Subway Plans.-Plans Submitted.A committee of engineers has submitted plans to the special traction committee for a $34,400,000 initial subway system which may be operated independently by the city or used to supplement the existing traction systems.
The plans provide for the construction of four two-track lines east of the
Chicago River and are designed to do away with traffic delays and congestion in that district.-V. 112, p. 61.
Cisco & Northeastern.-Granted Loan.
The I.-S. 0. Commission has certified a Government loan of $31,000 to
this company to assist it in acquiring two locomotives.-V. 114, p. 737.
Columbia (S. C.) Ry., Gas & Elec. Co.-Resumes Oper.-
The South Carolina RR. Commission recently ordered the company
"to resume its street car service as soon and in such a manner and to such
extent as it may be able, exercising due care and caution to employ such
motormen and conductors as may be qualified and capable of operating its
cars, and failing so to do, that it show cause why it has not done so or why
it should not be peremptorily ordered to do so before this Commission."
The company, therefore,on Mar.20, having recruited some men,resumed
operations. The employees on Feb. 15 went out on strike because the company would not agree to refer all discharges of employees to arbitration.
Since that time the company has been unable to operate any cars because
of an ordinance passed by the city in Nov. 1917, forbidding the employment of any motorman or conductor within the city unless he had received
Instruction on the cars in Columbia for the 15-days immediately preceding
the time of assuming his duties, the instruction to have been given by a
motorman or conductor who had been actively employed in such capacity
for the six months immediately preceding.-V. 110, p. 561.
Columbus (Ga.) Electric Co.-Consolidation Plan.-
A plan for the consolidation of the subsidiary companies of Columbus
Electric Co., viz., Columbus Power Co., Columbus RR. and the Gas Light
Co. of Columbus, Ga., has been proposed "in order that a flexible financial
structure might be set up adequate to care for the expected growth of business, and such as to give the stockholders of Columbus Electric Co. direct
ownership in the physical properties."
The plan in general contemplates that the railroad company now doing
the entire retail electric light and power business and street railway business
in Columbus, Ga., and vicinity change its name to Columbus Electric &
Power Co., and acquire as a going concern the properties of the power company, subject to $3,667,000 outstanding 1st mtge. bonds and assume the
payment of them, and also acquire the properties of the Gas Light Co.
as a going concern.
The plan provides that the new company issue certain new securities
(as outlined below), and also that Columbus Electric Co. cancel all notes
and open accounts aggregating $2,920,608 which it holds against the sub. cos.
The directors urge the prompt acceptance of the plan by the deposit
of Pref. and Common stock certificates with Stone & Webster, Inc., 147
Milk St., Boston Depositary.
Earnings.-Gross and net earnings of the combined companies for the
12 months ending Jan. 31 1922, with deductions for charges based on the
new capitalization, were as follows:
Gross earnings, $1,824,787; operating expenses and taxes, $806,605; net earnings
$1,018,182
Interest charges: (a) Columbus Power Co. 5s, $183,725; (b) 1st
& Ref. Series A 6s, $90,000; balance
744,457
Div. on 7% Series A 1st Pref. stock, $140,000; div. on 7% 2d
Pref. stock, $100,000
240,000
[VOL. 114.
Power Co. Mortgage will also embrace all right, title and interest acquired
by the consolidating company in the property of the Gas Light company,
and be a first lien on the 3210,000 outstanding stock of the GasiLight email
pany, all of which will be pledged as additional security. Because of a
possible technical difficulty in the way of the gas light company conveying
its plant this pledge of all of its capital stock is made as a protection.
Under the refunding mortgage bonds may be issued from time to time
in series as follows: (a) To be presently issued, about $1,500,000 Series A 6s
which with 1st Pref. stock will provide for the payment of $758,000 Coll.
rrust bonds, and the $1,750,000 Coupon Notes of Columbus Electric Co.
retire floating debt which the plan requires to be paid and to provide for
consolidation expenses.)
(b) Such an amount of bonds may be issued as is necessary to refund upon
a par-for-par basis the *3,667,000 Columbus Power Co. bonds. (c) In addition, bonds may be issued only up to 75% of the cost or fair value of
additional property and securities when annual net earnings shall have been
equal to at least 14 times all interest charges on the bonds, including
bonds then to be issued.
(b) First Preferred Stock.-May be issued from time to time in series with
different div. rates and redemption prices, carry a sinking fund convertible
into stock of other classes or series, but otherwise will be entitled to the same
privileges and priorities. The 1st Prof. stock now to be issued (to be used
with the bonds above mentioned for the purposes referred to) will be
Series "A" 7% cumulative. Provision may be made for the conversion
of such 1st Pref. stock into Common stock.
(c) Second Pref. Stock.-7% Cum. 2d Pref. stock aggregating $1,428,700.
(cl) Common Stock.-$210,660 Common stock, which, added to the $1,289,340 stock of Columbus RR. now outstanding, will result in making the
consolidating company's stock of that class $1,500,000. The shares of
$20 par will be converted into shares of $100 par.
Columbus Electric Co. to be Held Alive.-Upon the completion of the consolidation Columbus Electric Co. sole asset will be the indemnifying agreement held as a protection against its guaranty on the Columbus Power Co.
bonds. In order that the Columbus Electric Co. may be kept alive until
that agreement shall have been satisfied the certificates representing the
present outstanding shares of its Common stock shall be transferred to and
held by such persons as the depositary may nominate for the purpose. The
amount of such stock may be reduced. When the bonds of Columbus
Power Co. shall have been paid in full the electric company will go out
of existence.
Proposed Initial Capitalization of Consol. Co. and Terms of Exchange, &c.
Columbus Power Co. 1st Mtge. 30-year 5% gold bonds, due
April 1 1936, to be assumed and not disturbed in the hands
of holders(closed)
$3,667,000
Columbus Electric & Power Co. 1st & Ref. Mtge. Series A 25year gold bonds, due 1947, to bear int. at 6% (a new issue to
take care of a portion of the financial requirements, which include the payment of$1,750,0006% notes due July 1 and $758,000 Coil. Trust 5% bonds of Columbus Electric Co.)
1,500,000
1st Pref. stock (par $100), Series A, 7% cumulative (the proceeds of the sale of this,stock to be used to provide for the balance of the financial requirements of $2,835,900 as above)_ - 2,000,000
2d Pref. stock (par $100), 7% cum., to be exchanged, share for
share, for the 6% cum. Prof. stock of Columbus Electric Co.
and for $228,700 of 6% Pref. stock of Columbus Power Co.
not owned by Columbus Electric Co
1,428,700
Common stock (par $100). to be distributed among the holders
of the Common stock of Columbus Electric Co., share for share 1,500,000
Should the sale of the $1,500,000 1st & Ref. bonds and the $2,000,000
1st Prof. stock, taken with any cash which Columbus Electric Co. may
have available from other sources, yield funds in excess of the financial
requirements for the consolidation, that company will pay over the excess
to the consolidating company for the latter's use as working capital.V. 112, p. 256.
Columbus (Ga.) Elec. & Power Co. -Consolidation.-See Columbus Electric Co. above.
Columbus (Ga.) RR.-Consolidation,
See Columbus Electric Co. above.-V. 76, p. 704.
Columbus Ry., Power & Light Co.-Accunz. Pref. Divs.
The Ohio P. U. Commission has authorized the company to issue $392,376
Series"A" pref. stock and $836,620 Series"B" pref. stock, to be distributed
among stockholders in lieu of accumulated cash dividends.
The stockholders voted Feb. 21 to change the authorized capital of
$15,145,000 (par $100) to consist of: $1,913,800 4% prior preference stock,
$2,112,500 of pref. stock Series A, $5,038,700 of pref. stock Series B, and
$6,080,000 of common stock.
President Charles L. Kurtz, in a letter to the stockholders explaining the
reason for the reclassification, stated in brief:
For several years the stockholders have not received any divs. Since
Jan. 1919 the present management has built up a surplus of $1,954,908 as
of Dec. 31 1921, with the property greatly improved and with a liberal
allowance made for depreciation and obsolescence.
The time has now come when directors and officers see a way to resume
future divs. on the pref. stocks and later on to resume divs. on the common
stock. As all back divs. on the prof. stocks cannot be paid in cash, holders
of A pref. are asked to take their back divs., I. e., their dividends up to
April 1 1922, in Series A pref. stock and holders of B pref., to take their
back dividends up to Feb. 11922, in Series B pref. stock. This will enable
the company to at once resume cash divs. on both A and B pref.
Distribution will be made as follows: Where a stockholder holds 10 shares
of pref. Series A,he will receive 2.4 shares of Series A pref. in lieu of accumulated dividends up to April 1 1922. Thereafter such stockholders will receive cash dividends on 12.4 shares of Series A prof.
Where a stockholder holds 10 shares of pref. Series B, he will receive 2
shares of series B pref. in lieu of accumulated divs. up to Feb. 1 1922.
Thereafter such stockholders will receive cash divs. on 12 shares of Series B
pref.-V. 114, p. 1178, 1062.
Connecticut Co.-Equip. Trusts Offered.-Putnam
Co., Hartford, Conn., are offering the unsold portion of
$171,000 Equip. Trust 5% gold notes, Series E, at prices
ranging from 100 and int. to 96.19 and int., to yield from
according to maturity.
5 to 5
Dated April 1 1922 to mature in 20 semi-annual installments. Int.
payable A. & 0. at Security Trust Co., Hartford, trustee, or at First National Bank, New York. Denom. $1,000 (c*). Not callable.
Equipment consists of 35 standard 28-ft. single-truck steel safety cars
with air brakes and two 25-h.p. motors, each car having a seating capacity
of 32 passengers, and three 40-ft. double-truck steel safety cars with air
brakes and four 25-h.p. motors, each seating 52 passengers. Total cost of
equipment is $229,000, of which 25%, or $58,000 will be paid in cash.
Balance
$504,457
For the year 1921 company reports surplus after all taxes, rentals and
Plan for the Consolidation of Subsidiary Companies.
interest of 3725,926. On July 15 1922 there will be due from the company
Securities Owned by Columbus Electric Co.-Columbus Electric Co. owns: to the State of Connecticut about $778,000, of which $363,000 covers
count of current taxes. To
(a) 1,213 shares (outstanding 3.500 shares) Pref. stock and all of the 15,000 funded tax obligations and $415,000 is on
outstanding shares of Common stock of Columbus Power Co.; (b) all of meet these payments the company has $6 0,000 in the form of a special
the $1,289,340 outstanding stock (par $20) of Columbus RR.•, and (c) all cash reserve. The balance is to be provided for during the next three
the 8,400 outstanding shares (par $25) of Gas Light Co. of Columbus; months.-V. 114, p. 305.
(d) it has also advanced to its subsidiary companies a total of $2,920,608,
Conway (Mass.) Street Ry.-Sold for Junk.represented by notes, open account and accrued interest as of Jan. 31 1922
H. Jacob & Son, a local concern dealing in junk has signed a contract
($2,734,360 due from the Power co. and $186,247 from the Gas Light, co.
Securities Outstanding in Hands of Public.-(1) $3,667,000 Columbus to purchase the Conway Street Ry. The purchase includes all the property,
Power Co. 1st M. 5s, due April 1 1936, guaranteed, principal, interest and of the company, including power houses, poles, wires, cars and all appursinking fund, by Columbus -Electric Co. (2) $758,000 Columbus Electric tenances. The road has not been in operation for some time. (Springfield
Co. 1st M. Coll. Trust 30-year 5s, due April 1 1933. (3) $1,750,000 "Republican.")-V. 113, p. 847.
Columbus Electric Co. 3-year 6% Gold Coupon Notes, due July 1 1922,
Delaware & Hudson Co.-Bonds Sold.-Kuhn, Loeb &
and a floating debt of about $175,000. (4) Columbus Electrie Co. also
has $1,200,000 6% Cum. Pref. stock and $1,500,000 Common stock out- Co. and First National Bank, New York, have sold at 98
standing. (5) There Is also $228,700 Pref. stock of Columbus Power Co.
and int., to yield about 5.70%, $7,500,000 15-year 532%
not owned by Columbus Electric Co.
Estimated Financial Requirements -Estimated financial requirements for gold bonds, due May 1 1937 (see advertising pages).
the consolidation amount to 32,835,900. as follows:
Payment of$758,000 Col. El. Co. Coll. Tr. 5s to be called at 105.... $795,900 Data from Letter of V.-Pres. W. H. Williams, New York, March 27.
Purpose.-To provide company with funds to pay at maturity $6,024.000
To meet at maturity $1,750,000 Col. El. Co.6% notes,July 119221.750.000
1st Lien Equip. 43,6% 15-year gold bonds, due July 1 1922, and for other
To retire floating debt of Col. El. Co. of $175,000, and also of Col.
requirements.
corporate
Power Co. and of Gas Lt. Co. aggregating $65,000
240,000
-Dated May 11922, due May 1 1937. Int. payable M.&N.
Consolidation expenses
50,000 In Description.
New York. U. S. Mtge. & Trust Co., trustee. Interest payable withSecurities to be Issued by New Company.
out deduction for any tax, assessment or Governmental charge (except
a) 1st 8z Ref. Mtse.. which will be a first lien on the properties now owned Federal income taxes) which company or trustee may be required to pay or
by Columbus RR. and a second Lien on the present property of Columbus to retain or deduct therefrom, under any present or future law of the United
APRIL 1 1922.]
THE CHRONICLE
1407
States of America, or of any State, county, municipality or other taxing
Hamilton (Ont.) Street Ry.-Fares.authority therein. Denom. of $1,000 and $500 (c*&r*). Red. as a whole,
The City Council of Hamilton, Ont., by a vote of 11 to 9, has authorized
but not in part, on May 1 1932 at 105 and int. or on any int. date thereafter the
company to charge a straight 5-cent fare.-V. 86, p. 1467.
at 105 and int. less M % for each 6 months from May 1 1932 to the redemption date upon 60 days' notice.
(Mass.) Street Ry.-Lease-Earnings.Holyoke
has
paid
company
dividends
on
its
stock
uninDividends, &c.-The
At the annual meeting the directors were authorized to make another lease
terruptedly since 1881 and since 1907 at the rate of 9% p. a. Present outthe Mount Tom RR., the present lease expiring June next. The Mount
standing capital stock amounts to $42,503,000. Net earnings for the year of
road was leased 25 years ago no a 6V basis on the $100,000 capital.
ended Dec. 31 1921 after payment of all charges, except income taxes, Tom
The net earnings for 1921 were $82,413; dividends at 6%, amounting to
amounted to $5,098,452.
Issuance.-The issuance and sale of these bonds are subject to the authori- $80,520, were paid.-V. 112, p. 2190.
zation of the I.-S. 0. Commission.
Illinois Central RR.-Can Abandon Lines if Unprofitable.
The Mississippi Supreme Court March 21 sustained the right of a railroad
Injunction Sought by,Trunk Line Against New England Rate.
company
'Chronicle"
to abandon operations when its property is in such shape that it
Events"
March
in
1253.-V.
'Current
25, p.
See
114, p. 78.
cannot be any longer operated safely or successfully.
Delaware Lackawanna & Western RR.-New RefundThe decision was based on an appeal taken by Ross A. Collins, former
Attorney-General, in the case of the Leland Southwestern RR. and the
ing Plan for Lessor Company-Wage Settlement.Yazoo & Mississippi Valley Ry. wherein the State sought through a writ
See New York Lackawanna & Western Ry. below.of mandamus to compel the Leland Southwestern to continue in operation,
See "Current Events" in "Chronicle" March 25, p. 1243.-V. 114, p. 854. the property at that time being leased to the Darnell-Love Lumber Co.
as a logging line. In a syllabus of the decision the Supreme Court says:
Denver & Rio Grande RR.-New Survey."When a railroad corporation has no equipment of any kind, no funds
The Perkins Committee, headed by James Perkins, Pres. of the Farmers' and no source from which it can derive funds, and its sole asset is an abanLoan & Trust Co., has arranged with Coverdaie & Colpitcs, consulting doned line of road, originally 11 miles long, and constructed with secondengineers, for a survey and report on the property. It is expected that the class light rails, suitable only for a logging road, and 33. miles of this road
work will take two or three months. The Perkins committee adopted this has already been taken up, and the balance is in such a condition that it
action, it was explained, so that it could have an independent report of the will have to be entirely rebuilt before It can be operated, a writ of manDenver's condition. It might lead to a new reorganization, it is stated.
damus will not be issued to compel, or attempting to compel, such corporation to rebuild, equip and operate such road, without money or financial
Hammond Committee Extends Time Until April 21.resources of any kind; the corporation would be unable to comply with such
extended
until
has
Committee
April
21
1922
the
Hammond
time
for
The
order and its issuance would avail nothing."
depositing First & Ref. Mtge.5% gold bonds under the plan and agreement
The court further says it is clear from the evidence that there was no
of reorganization, dated Jan. 27 1922.-(See Adv. pages)
need to be served by the road and no reasonable expectation of
or
Arrangements have been made for the purchase of the coupon dated future traffic which would justify the expenditure required for present
rebuilding
Feb. 1 1922, as heretofore.
the line.-V. 114, p. 1286, 947.
Considerably more than 25% of the $31,114,000 of bonds outstanding
in the hands of the public have been deposited under the plan.-V.114, p.
Indiana Columbus & East. Trac. Co.-Amendment.1062, 1286.
An amendment, dated March 25 1922, to Article 5 of the bondholders'
protective agreement, dated Feb. 10 1920, for the Gen. & Ref. Mtge. 5%
Detroit Toledo & Ironton RR.-Equip. Trust Notes.- 20
-year bonds, has been executed by the committee. The amendment
Alfred Borden, 5 Nassau St., New York, announces that the $487,500 extends the
authority of the committee by specifically authorizing it to,
equip. 6% notes purchased from the Director-General of RRs. March 25 inter alia,
borrow money and pledge the deposited bonds as security therenotes
mature
The
$37,500
sold.
annually,
1923
to
been
1935. for; incur obligations
have all
as it
deem expedient in the interests of the deTotal principal amount $731,900: the balance subordinate in lien being positors; acquire the rights,may
properties and assets of Indiana Columbus &
held by the Director-General of RRs.-V. 114, p. 1178.
Eastern Traction Co., or any stock, securities or obligations, including
receiver's certificates, the acquisition of which it deems advisable, using
East St. Louis & Suburban Co.-Results for 1921.the deposited bonds or other property held by it for the purchase thereof.
Earnings of East St. Louis Companies, Omitting Alton Granite & St. Louis Any depositor not withdrawing his bonds before April 17 shall be conTraction Co. and Alton Gas & Electric Co.
clusively deemed to have consented to the amendment.
1921.
Committee.-Charles S. W. Packard, Chairman; Wm.P. Gest, Sidney F.
1920.
1919.
$3,818,302 $4,368,922 $3,213,152 Tyler, Charles S. Patton, R. B. Young, with L. M. Evans, Secretary,
Gross earnings
2,646,510 2,963,282 2,268,370 517 Chestnut St., Phila., and Edward Hopkinson Jr., 750 Bullitt Bldg..
Operating expenses and taxes
Phila., counsel. Penna.Co.for Ins. on Lives & Granting Annuities. Phila..
$1,171,792 $1,405,640
Net earnings
$944,782 depositary.-V. 113, p. 2720.
654,385
Interest, &c
647,272
664,519
Interborough Consolidated Corp.-Protest Against
330,919
Depreciation accruals
359,417
274,139
$186,488
Balance
-V. 113, p. 2613.
$398,951
$6,124
Eastern Pennsylvania Railways.-Earnings.Calendar YearsGross earnings
Oper. exp., taxes. &c
1920.
1921.
1919.
1918.
82,296,001 $1,940,020 $1,644,562 $1,192,995
1.505,789
1,631,170
1,218,518
914,661
$434,231
$664,831
$426,044
$278,334
267,350
271,766
269,111
276,305
$158,933
$166,881
$393,065
$2,029
Valuation of New York Transit Commission.See "Current Events," "Chronicle" March 25, p. 1244-1252.
Interborough Rapid Transit Co.-Postponement
Receivership Suits-Manhattan Lease Negotiations.-
on
Federal Judge Julius M. Mayer March 30 granted a further extension
until April 28 upon the two applications for a receivership, one by the
American Brake Shoe & Foundry Co. and the other by the Continental
Net earnings
Securities Co., the latter a minority stockholder action. Counsel for the
Deductions (all cos.)
Interborough said that only $721,000 of the $38,144,400 notes had not been
deposited
for extension. Judge Mayer coupled with his order an additional
Balance, surplus
order that any party in interest might make application for a receiver on an
-V.113, p. 1772.
hour's notice to the others.
The Transit Commission also adjourned until April 5, its investigation
El Paso & South Western Co.-Guaranty Payments.into the local traction situation. This was done on the assurance of
The I.-S. C. Commission has certified to the Secretary of the Treasury counsel
for the company that time spent by Pres. Hedley and other officials
as
partial
company
payment under the guarthe payment of $500,000 to the
with the Manhattan Ry. officials looking toward a modianty provisions of the Transportation Act. The Commission said the final now negotiating
of the lease, will "prove worth while." It is understood that
amount due the carrier under the guaranty had not been ascertained.- fication
a prospect of an agreement is assured. It is understood that before any
V. 114. p. 78.
modification of the lease can become effective, the consent of each and
Erie RR.-To Pay Notes.-The company announces that every stockholder must be had.-V. 114, p. 1286.
the principal and interest, due April 1 1922, on their 3-Year
Jacksonville Terminal Co.-Bonds Offered.-J. P. Mor6% Secured Gold Notes, will be paid on and after April 1, gan & Co. are offering, at 1063/ and mt.,to yield about
1922, upon the surrender of the notes and coupons at the 5.60%, $1,100,000 Ref. & Ext. Mtge. 6% Gold Bonds,
principal office of Bankers Trust Co., 16 Wall St., N. Y.
Series B.
Dated Oct. 1 1921. Due July 11967. Interest payable J. & J. in New
Inter-State Commerce Commission Approves Note Issue.-'
York City. Red. as a whole only on Jan. 11937, or on any interest date
The I,-S. C. Commission March 24 authorized the company to issue:(1)
a promissory note or notes, not exceeding $10,000,000, to be dated April 1
1922, to bear interest at rate of6% p. a., and to be payable to War Finance
Corp., or order, on demand after April 1 1923, and (2) not exceeding
$2,500,000 of demand promissory notes, to be dated April 1 1922, to bear
int. at rate of6% )o. a., and to be payable to War Finance Corp., or order;
all of said notes to be delivered to the War Finance Corp. upon the surrender
and cancellation of a like face amount of the company's 3-year 0% gold
notes, how hold by the War Finance Corp.
, and maturing on April 1 1922.
We outlined in last week's "Chronicle, in detail, the method by which
the company will meet the maturity on April 1 1922 of$15,000,000 of3-year
0% gold notes, of which $12,753,000 are held by the War Finance Corp. as
security for advances. As stated, the company proposes to deliver to the
War Finance Corp. not exceeding $10,000,000 of 6% notes, to be dated
April 1 1922, and to be payable on demand after April 11923. The notes,
when so delivered, will retire a like face amount of maturing notes. Pending the sale of the entire amount of not exceeding $5,000,000 of Erie Railway
Co. Consol. Mtge. 7% extended bonds (see offering by White, Weld & Co.
and associates in V. 114, p. 1286), a further maximum amount of $2,500,000
of notes (but not exceeding the principal amount of bonds unsold) are
to be temporarily issued to the War Finance Corp. to retire a like
amount of maturing notes. These $2,500,000 of notes to be
face
F
so issued
will bear int, at rate of6% per annum, will be payable on demand, and will
be retired with the proceeds of the sale of the remaining bonds, when such
effected.
sale is
[The stockholders will vote April 11 on approving an extension of the lease
of the New York Lake Erie & Western Coal & RR.] Compare V. 114, ro•
1286, 1062.
Frankford Tacony & Holmesburg St. Ry.-Two Zones.
The Pennsylvania P. S. Commission has authorized the company to
establish two zones and to charge an 8-cent cash fare in each zone, with
8 tickets for 50 cents. Monthly commutation books for $4 50 will also
be sold on all passenger cars, good for 52 trips between Linden Ave. and
Bridge St., Philadelphia.-V. 113, p. 1250.
Georgia Railway & Power Co.-Financing Plans.matured by the
Plans
officers of the company covering the calendar years
1922 and 1923 provide for an estimated expenditure for improvements
during the years named of $4,400,000, to be applied as follows:
To complete (now about 50% finished) the 80,000 h.p. Tugalo
hydro-electric development, about
$2,000.000
To increase to 22_,500 h.P. (50% increase) the capacity of the
Morgan Falls Water Power development. about
400,000
increased
service
and facilities for customers in the
Toerprovide
ectric and gas departments and
street-car service, about
2,000,000
In addition to the above it is estimated that during the years 1922 and
1923 additional high tension transmission lines will be required, but as these
depend upon commercial and other conditions, nothing definite concerning
them can be said at this time.
Bonds Offered.-Reilly, Brock & Co., Phila. are offering
at 101 M and int., to net over 6.85%, $150,000 Gen. Mtge.
7% bonds, due Nov. 1 1941.-V. 114, p. 1054, 1062.
Great Northern Ry.-To Use Pullmans.inaugurate
Pullman sleeping car service on May 15.
The company will
Sleeping car equipment of the Great Northern will be diverted to other use.
114, P. 1286.
thereafter, at 1073.6% and interest. Denom. $1,000 (ct&r*). United
States Trust Co.. New York, trustee.
Issuance.-Issuance authorized by the I.-S. C. Commission.
Data from Letter of Pres. J. L. Wilkes, Jacksonville, Fla., March 21.
Company.-Owns and operates passenger and freight terminal facilties
in Jacksonville, Fla., used by the Atlantic Coast Line, Florida East Coast,
Southern Ry., Georgia Southern & Florida Ry. and the Seaboard Air Line.
These railway companies own all of the capital stock of the Terminal Co.
This Issue.-In order to provide for financing the enlarged facilities required at Jacksonville, which is the principal gateway to Florida points, the
company executed, under date of Oct. 11921, its Ref. & Ext. Mtge. limited
to an authorized amount of $4,000.000 bonds. Of the authorized amount,
$500,000 bonds are reserved to retire prior lien bonds and $2,000,000 5%
bonds, Series A, are being exchanged for an equal amount of 1st & Gen.
Mtge. 5% bonds, which, upon such exchange, are to be canceled.
Purpose.-Proceeds are to reimburse company in large part for additions
and betterments already made, and for working funds.
Guaranty.-Principal and interest guaranteed unconditionally and jointly
and severally, by endorsement, by Atlantic Coast Line RR., Florida East
Coast Ry., Southern By. and Seaboard Air Line By.
Operating Agreement.-In addition to the joint and several guaranty,
the railways using the properties of the company, under an operating agreement extending throughout the life of these bonds, pay to the Terminal
Co., each railway in proportion to its use, sums covering, in the aggregate,
all operating expenses, taxes and interest charges, of the Terminal Co.
V. 114, p. 1286.
Kanawha & Michigan Ry.-Definitive Notes Ready.The Guaranty Trust Co. is now prepared to deliver definitive 0% Equlp.
notes in exchange for interim receipts outstanding. See offering in V. 113,
P. 2504:-V. 113. p. 2613.
Lafayette (Ind.) Service Co.-Sale Approved.Judge A. B. Anderson in the Federal Court at Indianapolis has approved
the sale of the property. See V. 114. p. 1063.
Lehigh Valley RR.-Morris Canal Bill.Governor Edwards March 12 signed the Roegner Morris Canal Abandonment bill, under the terms of which Frank H. Sommer, Newark, Judge
William H. Speer, Jersey City, and Louis A. Focht, engineer of the State
Board of Taxes and Assessments, may proceed to negotiate with the company for the abandonment of the canal from the Hudson River terminal to
Phillipsburg. The canal extends from the Delaware River to tidewater
in Jersey City. It was built under a charter granted in 1824 to the Morris
Canal & Banking Co. In 1871 the property was leased to the Lehigh
Valley RR.-V. 114, p. 306.
Market Street Ry., San Francisco.-1921 Earnings.-
Operating revenues
Operating expenses
Taxes
Net earnings
V. 114, P. 1179.
$7,089,944 Other income
Cr.$118,315
5,312,794 Gross income
1,439,465
456,000 Interest on funded debt__ 581,668
Depreciation
320,000
$1,321,151 Miscellaneous
50,277
Balance, surplus
487.521
Minneapolis & St. Louis RR.-New Directors
Marcus L. Bell and M. A. Taylor have been elected directors to succeed
H. E. Huntington and E. V. R. Thayer. Mr. Bell also is a director of the
1408
THE CHRONICLE
{Vol,. 114.
New York Lackawanna & Western Ry.—Proposed RePlan.—The stockholders will vote April 25 (1) on
Minn. St. Paul & S. Ste. Marie Ry.—Bond Application: funding
The company has applied to the I.-S. 0. Commission for authority to increasing the present capital' stock from $10,000,000 to
sell $2,500,000 6% 1st & Ref. Mtge. bonds, Series"A, dated July 1 1921 $15,000,000, and (2) on issuing $30,000,000 bonds to be
and maturing July 1 1946. See offering by Dillon, Read & Co. in V. 114, secured on the company's railroad and properties.
p. 1180.
This proposed increase of stock and the proposed bond issue will provide
Missouri & North Arkansas Ry.—New Company, dec.— for the payment and refunding of the company's outstanding bonds and
Chicago Rock Island & Pacific RR. and General Counsel for both roads.
—V. 114, p. 1063.
The State Board of Railroad Incorporations of Arkansas has granted a
charter to the Missouri & North Arkansas By., and has given that corporation permission to purchase the Missouri & North Arkansas RR. Co.
when it is sold at receivers' sale April 10. The new company is capitalized
at $3,000,000 and practically all the stock is owned by holders of receivership certificates amounting to $2,062,750. The outstanding debt of the
road will bring the total indebtedness to $3,000,000, the nimimum price
at which the road may be bought.
Tie certificate holders, all of St. Louis, are G. M. Kyle, G. D. Grubbs Jr.,
J. A. Wehmeyer and A. C. Showalts. Six Harrison (Ark.) men, to each
of whom one share of stock in the new company was issued, also are named
as incorporators. They are: J. C. Murray, receiver & Gen. Mgr. of the
old company; H. J. Armstrong, C. C. Alexander, J. S. Rowland, J. R.
The new company expects to begin
Tucker and John I. Worthington.
operations on May 1. Operations were suspended last July.
The I.-S. C. Commission recently approved a Government loan of $3,500.000, providing that the owners and the receiver of the property comply
with certain conditions in its corporate reorganization. Of the Government loan $3,000,000 is for the purpose of paying off outstanding debts
and $500,000 for the provision of new equipment and for betterments.
The Commission also provided for a greater revenue for the railroad by
increasing its proportionate joint rates from routes maintained with other
carriers.
The receiver and the holders of claims against the road must consent to
the complete wiping out of all liens and claims and equities of ownership
in the railroad, and must issue $5,000,000 1st Mtge. bonds, constituting
after the reorganization the only debt of the road, which the Government
will accept as security for the advance. (St. Louis "Globe-Democrat.")
—V. 114, p. 1287.
Missouri Pacific RR.—Bond Application.—
The company has applied to the I.-S. C. Commission for authority to
issue $18,006.500 1st & Ref. 6% gold bonds. See offering by Kuhn, Loeb
& Co.. New York, in V. 114, p. 1287.
National Railways of Mexico—Fares Increased.—
It is reported that first class passenger fares will be increased 16 2-3%
and second class fares 20%, effective April 1.—V. 113, p. 2721.
National Ry. Service Corp.—Railway Equipment Plan—
How Corporation Would Rehabitate and Possibly Purchase
Equipment—Car Pooling Aside.—
See last week's "Chronicle" p. 1244.—V. 114, p. 948.
New Orleans Ry. & Light Co.—City Wins Case.—The
Louisiana Supreme Court on March 20 handed down a decicion dismissing the suit for an injunction sought by the
State to prevent the Municipal Council of New Orleans from
making an agreement with the company permitting the
collection of a higher rate of fare than 5 cents. This is the
rate fixed in the original franchises held by the company.
The judgment of the Court was unanimous. The Court held that the
Attorney-General on behalf of the State had no cause or right of action
and for this reason the Supreme Court affirmed the previous judgment dismissing the suit.
In reviewing the case Justice O'Neil says the question presented is
whether or not the authority to fix the fare in New Orleans is vested in
the Municipal Council or in the Louisiana I'ublic Service Commission. The
authority of the Commission, created in 1921 with the power of supervision,
regulation and control over local public utilities, powers which its predecessor. the Railroad Commission, did not enjoy, is qualified by the expression in the law, "except as herein otherwise provided." And Section 7 of
the same article declares that "the powers of supervision, regulation and
control over any street railway, or other public utility now vested in any
town, city or parish government" shall not be vested In or exercised by the
Public Service Commission unless or until a majority of the qualified electors . . . shall vote to surrender such power."
No such election has been held in New Orleans. Justice O'Neil declares
further that it is not preteneded that the Legislature has deprived the
municipal government of its rate-making authority over street railways or
other local public utilities, since the railway franchises, which were the
subject of the litigation, were originally granted by the Municipal Council,
The New Orleans "Times-Picayune" March 21 summarizes the situation
as follows:
(1) "State Supreme Court rules city has full power to enter into an
agreement with the New Orleans Ry. & Light Co., fixing rates and returns.
(2) "Commissioners Maloney and Murphy announce city's readiness to
reopen negotiations with security holders of the railway and light company.
(3) "G. M. Dahl (V.-Pres. Chase National Bank, New York), speaking
for security holders, also ready to reopen negotiations at once.
(4) "All indications are that this agreement can be reached quickly and
that it will be virtually the same as that which it was planned to put
through last fall when the Attorney-General intervened.
(5) "The agreement would mean 7-cent carfare and $1 30 gas for New
Orleans.
(0) "For the company it would mean 71/2% return on a valuation of
$44,700,000 and on new money put into the property for rehabilitation.
It would mean reorganization of the property and dissolution of the Federal
receivership.
(7) "New rates and fares under such an agreement would be effective
by Jan. 1 1923." (Compare also V. 112, p. 2537; V. 113, p. 71, 1251.)
—Reorganization May be Speeded.—
indebtedness amounting approximately to $23,640,000, and will provide
for future capital expenditures for extensions, additions and betterments,
&c.
President W. H. Truesdale in a notice to stockholders says:
The adoption of the proposed refunding plan will not affect the obligation of the Delaware Lackawana & Western RR. under its lease to pay
the principal and interest upon the proposed issue of bonds and dividends
upon the outstanding and proposed issue of stock. The law, however,
requires your approval.
Data from Letter of Treasurer W. G. Van De Water.
This company has outstanding $33,639,336 securities, as follows:
1st Mtge. 6% bonds, dated Dec. 31, 1880, matured Jan. 1, 1921—$12,000,000
Construction Mtge. 5% bonds, dated Aug. 1, 1883, due Aug. 1'23 5,000,000
Terminal & Impt. Mtge. 4% bonds, dated May 1, 1890, due
5,000,000
May 1, 1923
Note to Del. Lack. & West. RR. for advances, dated July 20
1,639,336
1921, due June 20 1922
10,000,000
Capital stock authorized and all outstanding
Practicaly all the 1st Mtge. bonds are now lied by the lessee, the Delaware Lackawana & Western RR., and the balance will be paid by it as they
are presented.
The Construction Mtge. bonds, the Terminal & Improv. Mtge. bonds
and the note to the Delaware Lackawana & Western RR. to secure advances will all mature at the several dates above mentioned, and within
less than two years, and provision must be made to meet these maturities.
By the terms of the lease from this company to the Delaware Lackawana
& Western RR. dated Oct. 2 1882, this company, as lessor, upon request
of the lessee, is required to issue its bonds or other securities to provide for
the payment and refunding of said obligations and also to issue stock,
bonds or other obligatins upon the request of the lessee, for such amount
and to such extent as may be required for construction, equipment, extensions, additions and betterments, and for all other things and works which
the lessee may desire to have done in the exercise of its right as lessee, the
cost of which is properly chargeable to construction account.
The lessee has requested this company to take suitable action at this
time to provide for the payment and refunding of the above mentioned
bonds and note and for future requirements in the way of extensions,
improvements, additions and betterments. Under the terms of the lease
this company must comply with the lessee's request.
In order to provide to rthe payment and refunding of said obligations
and for future expenditures, the directors have authorized an increase of
the capital stock from $10,000,000 (par $100) to $15,000,000, and authorized the issue of $30,000,000 1st & Refunding Mtge. gold bonds, and the
execution and delivery to the Farmers' Loan & Trust Co. of a Mortgage or
trust deed in the usual form, covering the company's railroad and properties, to secure such bonds. The new bonds will be for 50 years, and will
bear interest at the rate of 5% per annum, payable semi-annually.
So much of said new stock and bonds as may be required to refund the
company's outstanding obligations (approximately $23,640,000) will be
issued as the I.-S. C. Commission may approve, and the balance will be
held in its treasury for future requirements.
The new stock will be Common issued on the same basis as existing
stock, bearing interest at 5% per annum on the par value, payable
quarterly.
All the bonds to be issued under this authorization will be guaranteed
as to principal and interest by the Delaware Lackawana & Western RR.
and the additional stock will carry the same guaranty under the terms of
the lease as stock now outstanding.—V., 112, p. 102.
New York New Haven & Hartford RR.—Propositions to
Be Voten on at Annual Meeting.—The stockholders at the
annual meeting April 19 will consider and act upon:
(a) A proposition to ratify, confirm and approve of the execution of an
agreement dated Jan. 15 1922 between James G. Davis Director-General
of Railroads, this company and the Guaranty Trust Co., New York, amending Equipment Trust Agreement No, 56, dated Jan. 15 1920.
(b) A proposition to ratify, confirm and approve the execution of a lease
to the New Yark Westchester & Bston By. of that portion of this company's right-of-way between Mount Vernon, N. Y., and Larchmont, N. Y.,
upon which said railway company's tracks are now constructed and
operated.
(e) A proposition to ratify, confirm and approve the issue by this company of its bond, notes or other evidences of indebtedness t finance or
secure loans made and to be made by the United States.
(d) A proposition to issue this company's bonds, notes or other evidences
of indebtedness fr refunding r therwise discharging the existing obligations of this company before, at or after the maturity thereof.
(e) A proposition to issue this company's bonds, notes or other evidence
of indebtedness to provide funds for additions to or extensions or betterments of this empany's prperty.
Securities Authorized by I.-S. C. Commission.—
The I.-S. C. Commission has authorized the company to sell $1.796,000
equipment trust notes. "Class A," the porceeds of such sale to be used
toward payment of certain promissory notes.
The Commission has also authorized the company to issue $2,758,000
1st & Refg. Mtge. bonds, Series "C," to be pledged with the Secretary of
the Treasury as partial security for a loan of $2,758,000 from the United
States. This loan was granted to help the company in the extension of
outstanding debentures from Apr. 1 1922 to Apr, 1 1925. The proposed
xtensin will be effective as to only 90% of the amount of each debenture.
The remaining 10% is to be paid in cash to holders of certificates of
deposit. —V. 114, p. 1287, 1180.
R. S. Hecht, chairman of the bondholders committee for the Gen. Mtge.
41
/
2s, is quoted:
"Holders of these bonds should deposit them without delay. Upon the
amount of bonds in the hands of this committee will depend whether the
company can be reorganized by next fall.
"Should we be able to make a final default next week on the interest
payments, and the city and railway company are able to reach an agreement
New York State Railways.— Wages, &c.—
in the near future several months time will be saved in the reorganization.
President James H. Hamilton announces that he will negotiate separately
If we cannot take a default next week it will be six months before a simi- with employees in Utica, Syracuse and Rochester, and that if arbitration
lar opportunity presents itself, and there will be no chance of a completed is necessary the company will insist on three boards, one for each city inreorganization of the company before 1923."—V. 114, p. 410. 79.
volved in the wage and working adjustment dispute. The company gives
New York Central RR.—Bond Issue Approved.—The as its reason for its latest declaration the fact that the I'. S. Commission
the three cities as a separate unit; that conditions in each city
deals
L-S. C. Commission has authorized the company to issue differ with
from the other two, and that what applies to one does not apply to
$60,000,000 5% Ref. & Impt. Mtge. bonds, Series "B."
the other two.
The employees are demanding an increase in wages from 53 to 60 cents
The bands are to be sold at not less than 90%. Proceeds will be used as
follows: $26,500,000 to liquidate the 6% notes held by the Government; an hour for motormen and conductors on two-man cars, and from 58 to
cents an hour for one-man car operators, and a reduction in the working
75
additions
the
Government
for
$16,420,000 to pay off other indebtedness to
and betterments made during the period of Federal control; $5,135,000 to day of one-man car operators from 9 to 8 hours. A six-day working week
liquidate the company's indebtedness to the Railroad Administration for is also asked for.—V. 144, p. 1063.
the purchase of equipment, and $11,945,000 to pay and refund the prior
Norfolk Southern RR.— To Pay Off Notes.—
bonds of the Rome Watertown & Ogdensburg RR. and Utica & Black
The company announces that the 3-year collateral trust notes of 1917,
River RR.
will be paid on the aforesaid date at the
It is rumored that the company is negotiating with J. P. Morgan & Co. extended to April 1 1922 at 7%, York.—V.
114, pp. 307.
Central Union Trust Co. of New
for the sale of the bonds.
New England Rate Div. Case.—
see "Current Events" in "Chronicle" Mar. 25, p. 1253.—V. 114, p. 1287,
1003.
•
N. Y. Chic. & St. Louis RR.—Divs. Put on Quar. Basis.
/
4% each on the
The directors have declared four quarterly dividends of 11
First Pref, stock, payable April 20, June 30, Sept. 30 and Dec. 30 to holders
of record April 8, June 19, Sept. 19 and Dec. 19, respectively. The dividend covering the year 1921 was paid July 2 last. (For complete dividend
record since 1916 see V. 113. p. 1156.)
A quarterly dividend of 114% has also been declared on the 2(1 Pref.
stock, payable April 20 to holders of record April 8.—V. 114, p. 1180.
North East Oklahoma RR.—Govt. Loan Denied.—
The I.-S. C. Commission has denied the application of the company for
a Government loan of $500,000.—V. 112, p. 1866.
Northwestern Pacific RR.—Bond Authorized.—
The I.-S. C. Commission has authorized the Co. to issue $37,000 1st &
Ref. Mtge. bonds by selling and delivering them to the Southern Pacific
Co. and the Atchison, Topeka & Santa Fe Ry. in reimbursement of advances for redeeming underlying bonds.—V. 114, p. 1180.
Nova Scotia Tramways & Power Co., Ltd.— Bond Issue.
The stockholders will vote early in April on approving an issue of $1,500,000 Series "A" 7% 30-year bonds to be dated April 1 1922. Annual
APRIL 1 1922.]
THE CHRONICLE
sinking fund to commence in 1024. Additional $2,250,000 of the bonds is
to be reserved for refunding, par for par, a like amount of the outstanding
first mortgage bonds.-V. 110, p. 2388.
Ocilla Southern RR.-New Suit for Receivership.-
Attorneys for the Chaham Bank & Trust Co., Savannah, argued before
judge Eve March 25, a petition for receiver for the road. This petition
was brought in behalf of the bondholders and asked for a receiver and
auditor. In July 1918 the stockholders applied for a receiver and J. A. J.
Henderson and M. W. Garbutt were named. The last petition asked that
the former action of the Court be set aside and a receiver representing
the bondholders named. The hearing was postponed to April 15 at Tifton,
Ga.-V. 107, p. 182.
Portland Ry., Light & Power Co.-Earnings.-
Calendar YearsGross earnings
Operating expenses
Taxes
1918.
1919.
1920.
1921.
$9,922,241 $9,564,615 $8,591,001 $7,667.129
a6,160,356 6,093,965 5,571,895 4,634,992
534,472
492,043
657,578
831,969
Net earnings
Interest, &c
Bridge rentals
$2.929,916 $2,813,074 $2,484,634 $2,540,094
2,107,733 2,101,615 2,114,757 2,049,344
168,843
Balance, surplus
$822,183
$711,459
$369,877
$321,907
a In years 1921, 1920 and 1919, includes $717,386 for depreciation.
-V. 113, p. 2722.
Public Service Ry., New Jersey.-Appraisal.-
The Public Service Ry. property lain 85% physical condition, which Is
considered normal, and would- cost $170,000,000 to reproduce to-day, according to a statement made by Professor Henry 0. Anderson of the University of Michigan, an appraisal expert, before Special Master Thomas G.
Haight during the hearing on the company's 8-cent faro injunction.
This $170,000,000 figure is comparable with the $125.000,000 value fixed
by the engineering firm of Ford, Bacon & Davis, New York, for the State
by Legislative instruction. The P. U. Commission refused to accept this
latter figure, and, in rendering a decision in the fare case, said the value
was $82,000,000.-V. 114, p. 307.
Quebec Ry., Lt. Ht. & Power Co.-No Par Shares.-
The shareholders will vote Apr. 12 on changing the $10,000,000 capital
stock, par $100, to shares of no par value.-V. 114, p. 948.
Salina Northern RR.-Govt. Loan Denied.-
The I.-S. 0. Commission has denied the company a Government loan of
$308,630.-V. 108, p. 1166.
Sandusky Norwalk & Mansfield Elec. Ry.-Sale.-
The sale of the property to the Wikoll Co., Pittsburgh, for $60,000 has
been approved by Judge Killats of Toledo.-V. 114, p. 1181.
Schenectady (N. Y.) Railway.--No New Agreement.-
The company on March 29 notified its employees that when the present
agreement with the Amalgamated Association of Street Electric Railway
Employees expires April 30, no new agreement will be entered into and all
contractual relations between the amalgamated association and the company will be terminated.
The company alleges breach of contract upon the part of the employees,
whom, it says, so stretched the terms of the contract that it has become
nothing more than a statement of what the company is expected to do for
the men.-V. 114, p. 1181.
Springfield (0.) Terminal Ry. & Power Co.-No Bids-
No bids were received by Receiver George Whysall March 18 when the
property was offered for sale at Springfield, O. It is stated that the
bondholders will take steps to rehabilitate the property and resume operations.-See V. 114, P. 855.
Tennessee RR.-Government Loan Denied,-
The 1.-S. 0. Commission has denied the company a Government loan of
$1.00,000.-V. 112. v. 470.
Toledo Dow.tinb strlen & Southern Trac. Co.-Fares.
1409
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Steel and Iron Production, Prices, &c.
STEEL & IRON MARKETS.-"Iron Age" Mar.30 reports in substance:
(I) Prices.-"The steel companies have gained ground in the past week
in their effort to advance prices. The more active buying that dates from
the second week of March has continued, and the rate of steel works operation is still climbing.
"Apparently both producers and consumers of steel have been surprised
at the rate at which buying has developed. Indications now are that March
bookings will show the largest total since July or August 1920.
"The Steel Corporation's statement as to its policy, made late last week
[see a preceding page-Ed. "Chronicle], tended to add strength to the
market, but did not name definite prices. It is interpreted to mean that
the corporation will follow promptly any advances established by its competitors. While some small sales of'bars, shapes and plates have been made
at 1.50c., Pittsburgh, the fact is that business is still being taken at lower
figures where transactions were left open until April 1.
"An advance of $3 per ton in black and galvanized sheets has been made
by a large independent producer and followed by some others, but definite
action by the American Sheet & Tin Plate Co. is still awaited. In many
cases quotations at the old level hold good until April 1.
"Wire rods have been advanced $2 to $38 per ton by the leading producer and there is some independent following in the new price. Wire
and wire nail demand has broadened throughout the month and the situation as to prices is much stronger.
"A reduction in New York warehouse prices on rolled steel indicates an
effort to establish a spread of $12 per ton 'between mill and store deliveries
compared with $15 lately regarded as the proper difference
(2) Production.-"Steel Corporation expansion in pig iron output is even
greater than was indicated last week. Instead of six blast furnaces resuming, the revised schedule calls for the starting up of nine.
"The Steel Corporation's operating rate continues this week on the 70%
basis indicated in Chairman Gary's statement of last week, and its recent
bookings are put at 65% of capacity. Independent companies are probably averaging 60% in production, putting the industry as a whole at about
65%. The uppermost consideration with both producers and consumers
is whether in the wake of the large business put on the books at low prices
there will be buying sufficient to sustain the price advances. Jobbers are
now supplied for three or four months. Generally manufacturers have not
bought that far ahead, apart from car and structural contracts.
(3) RR. Orders.-"Railroad equipment buying is heavy and more is in
prospect. The 4,000 Norfolk & Western cars just placed and the 4.\u
for the St. Paul represent 120,000 tons of steel. Pending inquiry 'points
to very substantial contracts ahead, the New York Central needs being
pu at 15,C00. These with inquiries already out or expected from the PennsY'vania Cmtral of New Jersey, Southern Pacific and Louisville & rashyi .:. make a total ii -:roepect of 41,000. or 50% more than all the ars
the week have included about 30,C00
bc tight laA year. New rail orders
tens taken by the S•ee Corporation.
(4) Structural Sit i, ac.--W;:cli fabricated steel !etting• totaling fully
37,000 tons, takint; in only proNcts of 6120, the past; week iv.. th • A,.- ek
preceding (with a to a! of 10 t,00 tons), both indicate Lockirgs
bricigo
and structural shops of the country at a rat.?
over 100% 0. -yap
(5) Exports.-"March orders in the export trade show an tmerecunent:
the rate being over 40% of the avera xe for 1920, which wa • 13 00t, tons
per month. A 6,000 ton rail inquiry for Japan is pending.
(6) Pig Iron.-"Radlator compani,
s have been conspicuous again as
buyers of pig iron, one company having placed 10,000 tons at Chicago for
Western plants, with a substantial concession in price made on 6,500 tons.
At Pittsburgh apparently the last basic nvailable at $18 has been purchased.
(7) Coal Strike.-"With only three .lays remaining before the closing
down of union coal mines, the 'tee) trade shows little change in its attitude.
the opinion still prevailing t..ar no serious fuel scarcity can be produced.
Some producers of steel hesitate to blow in additional blast furnaces, not for
fear of curtailment of their own operations, but from uncertainty as to the
fuel supplies of their customers.
-eh,l'aree netwecn Bow icx Orem and Teledo, Ohio, were recently incr a-..ed to 10 cmto One way an 1 1 1.1 cents for a ro,rd trip. The new fare
Six Months' Reduction in Steel Prices ("Iron Age," p. 865)•
Is 50 cent,onu way and 00 cents rounci trip. The fa:0 'A Maumee has also
Sept. 13 1921. Mar. 13 1922. Decrease.
-V. 112. p. 2307.
bent 1..creased.
Pig
iron
$19.81
$18.25
7.9
United States RR. Administration.-Final ,`,-!!enients. Billets (composite)
29.00
3.5
28.00
The U. S. RR. Administration has announced that final 3eatemern Open-hearth
rails
14.9%
40.00
47.00
the
26
of
growing
out
months
of Federal control lue, been Bessemer rails
of all claims
11.1%
45.00
40.00
made with the following roads: Central New York Southern $42,500; Bars
18.25
1.65c.
1.35c.
Maxton, Alma & Southbound, $13,500: Augusta Union Station, $400: Beams
1.65c.
1.35c.
0%
Tampa Union Station $11,500; Birmingham Terminal, $1,825; Louisville Plates
1.65c.
1.35c.
•:".•
Henderson & St. Louis, $660,000; Toledo Terminal RR.3100,000, and Wire
$2.40
$2.90
Valley
as
joint
lessees
of
the
Lehigh
Buffalo Creek RR'. Co.,$135,000. Tin plate
Erie &
12.4%
4.60
5.25
-ar. 114, p. 1181, 949.
Wire Rods Advanc... -Adv-Ince in wire rods from $36 to $38 a ton by
Wabash Ry.-Equipment Notes Sold.-Speyer & Co. and independent
steel comparae• lea . been followed by American Steel & Wire
Equitable Trust Co., New York, have sold, at prices to (U.
S. Steel subsidiary), so tnx. virtually the entire market is now at the
"Wall St. J." Mar.:30. p. 1.
level.
higher
5.75%,
to
according to maturity, $6,546,800
yield 5.40%
Coke Resumption.-H. C. Frick Coke Co. has fired 625 additional coke
Equip. Trust 6% Gold Notes, purchased from the U. S. ovens
in ConnelLsville district. Last July not a single Frick oven was burning; to-day about 12,000 are in operation. Boston "N. B." Mar. 30. p. 10.
Railroad Administration (see advertising pages).
American Rolling Mill Co. Announces Advance of $3 a Ton in Price of
Original issue, $11,331,000; paid off, $1,510,800; amount outstanding,
Director
by
held
-General,
$9.820,200;
one-third of each maturity to be Sheets, Effective April 1.-Boston "Fin. News" Mar. 29.
Wheeling Steel Corp. Marks Up Black Sheets to $3 15 a Hundred.-Bostoa
subordinated to Notes now offered, $3,273.400.
Dated Jan. 15 1920, to mature in 15 equal annual installMents. Redeem. "N. B." Mar. 30, p. 4.
Steel Co. Is Quoting Tin Plate at $4 75 a 109 lbs., an Advance
Trumbull
int.
date,
at
103 and int., on 60 days' notice. Int. Payas a whole on any
of $3 a Ton Over Nominal Market Level of $4 60 a 100 lbs.-Boston "N. B."
able J. & J. in New York. Denom. $1,000 (c5).
Notes.-Issued under an equipment trust agreement between the Director- Mar. 30, P. 8.
Coal Production, Prices, &c.
General of Railroads, the company and the Guaranty Trust Co., trustee.
The title to the equipment under the agreement remains in the trustee until
WEEKLY REVIEW.-"Coal Age," N. Y., Mar. 30 reports in brief:
paid.
notes
have
been
all of the
(1) Bituminous Coal.-"The eve of the coal strike has been marked by a
Through supplemental agreement, dated Jan. 15 1922, 33 1-3% of the further softening of the market. Commercial consumers of coal have
notes of each maturity, held by the Director-General, are to be stamped so turned a deaf ear to the quotations made,while railroads and public utilities,
and
preference
priority
to
the above offered unstamped Notes which have been the most active takers, are going out of the market as their
as to give
out of any moneys received or collected by the trustee under the equipment stocking programs are completed. Domestic demand has almost disaptrust agreement in case of default. 'Upon the execution of the supplemental peared. Heavy production in the face of this apathetic demand made
agreement, the unstamped notes will be outstanding to the extent of only lower prices inevitable. "Coal Age" index of spot bituminous prices stands
about 58% of the original cost of the equipment, viz.: $11,331,000. on which at 170 on March 27, as compared with 173 on March 20. No one wants
to be caught after the strike with stocks of coal on hand that cost more than
they are secured.
Equipment.-The equipment consists of 20 light Mikado locomotives; its replacement value.
"That the non-union supply may be adequate is being shown by the in2,800 double-sheathed 40-ton steel underframe box cars and 1,000 all-steel
creasing desire of those operators to take on forward commitments.
55-ton hopper cars. year ended
Dec. 31 1921, the company reports, net
Earnings.-For the
"Production of bituminous coal was 10.784,000 net tons during the week
Income after taxes, rentals, &c., of $4,947,050, available for interest charges ended March 18, a decrease of 331,000 tons:when compared with the preof $3,665,09, including interest on the above
equipment trust notes.- ceding week. In spite of the decrease, production so far exceeded consumption that nearly 2.500,000 tons were added to consumers' stock piles.
V. 113, p. 419.
(2) Stock on Hand.-"A canvass of bituminous coal stocks made by the
Western Maryland Ry.-New Officers.Geological Survey shows that on March 1 there were approximately 52.elected
been
Sec.
has
&
Broome
Asst.
.T. W.
Treas., with office at No.71 500,000
tons in storage, as compared with 47,500,000 tons on Jan. 1. It is
and
S.
R. Gehlert as Treas. & Asst. Sec., with
N. Y. City,
Broadway_
that with the coal now in transit stocks will be around 63,000.000
office
at moms Bldg. Balt., Md. They succeed the late Louis T. Tim- estimated
tons
on
April
1,equal to the amount in hand when the armistice was signed,
positions.
both
-V.
114,
held
p. 1288.
merman, who
representing
a longer period of supply because of the lower rate of
but
----Acquisition.West Penn Railways.
present requirements.
23
announced the purchase of the plant and
The company on March
Shipments.-"On March 15 surplus coal cars numbered 79,803,
(3)
property of the Elkins Power Co., supplying electric light and power service a decrease of 6,661. All-rail movement to New England was 4.064 cars
to the city of Elkins, W. Va. The purchase was made by the West Virginia during the week ended March 18, an increase of 370 cars over the preceding
& Maryland Power Co., under whose name operations are conducted in week. The increase was due to shippers pushing tonnage on expiring conWest Virginia.-V. 114, p. 1181.
tracts, rather than to any increase in demand. Pennsylvania operators are
almost out of the running, due to competition from Hampton Roads.
Loan Denied.Wyoming Ry.-Government
"Hampton Roads dumpings for all accounts,totaled 422,420 net tons
has
denied
the company's application for a
The I.-S. C. Commission
during the week ended March 23, as compared with 377,307 tons in the
Government loan of $100,000.-V. 102, P. 1812.
week. Coastwise markets took the larger part of this tonnage.
preceding
Youngstown & Ohio River (Electric) RR.-Earnings.- although New
England is surfeited with coal. Tonnage at the Roads is
1920. I Cal. Years1921.
Cal. Yeacs1921.
1920.
not accumulating, which is attributed to operators shipping heavily to
Gross earnings_ _ _3555,806 $639,497 Net earnings
$138,782 $152,056 Western points in anticipation of the strike.
Operating expenses 361,825 437,233 Interest charges
60,000 60,000
(4) Anthracite.-"Production of hard coal during the week ended March 18
Taxes and rentals_ 55,200 50,208 Balance,surplus $78,782 $92,056 was 1,907,000 net tons. only 75.000 tons less than in the previous week.
-V. 113, p. 629.
Last-minute orders provided full bookings for the procedures and caused
a check to the declining independent prices.
"Retailers who have not already done so are filling their yards with stocks
INDUSTRIAL AND MISCELLANEOUS.
sufficient, at the present rate of distribution, to last well into May. The
and
Public Utility News.-The householder is confining his orders to present needs, as the possibility of
General Industrial
mine prices and freight rates after the strike offers no inducements
following table summarizes recent industrial and public lower
to take more. All-rail movements to New England was 3,692 cars in the
utility news of a general character, such as is commonly week ended March 18, as compared with 4,326 cars in the previous week."
1,410
THE CHRONICLE
Estimates of Production (Net Tons)(U. S. Geological Survey)-In Thousands.
-Bituminous-- -Anthracite- -Coke
Week ended1922. 1921.
1921-22. 1920-21. '21-'22. '20-'21.
178
143
1,913
March 4 r)
7,278
1,902
10,541
154
6,900
162
1.925
1,982
11,115
March 11 b)
118
149
1,687
1,907
10,784
March 18 a)
6,512
413,876 510,051 83,168 87,158 c1,443 c2,375
Coal year
a Subject to revision. b Revised from last report. c Cal. yr. to date.
Big Coal Strike Begins.-See "Current Events" above.
Sixth Big Strike of Coal Miners-Summary of Preceding Contests.-Anthracite walkout of 1902 the longest; what miners gained and lost. "Post"
March 28, p. 4.
Warriner Tells Why the Wages of Coal Miners Must Come Down.-"Post"
March 28, P. 1.
Consumers' Coal Stocks Heavier on March 1.-F. G. Tryon and W. P.
McKenney, coal and coke statisticians of the U. S. Geological Survey,
report reserves on March 1 as 52,500,000 tons-an increase of 4,500,000
tons since Jan. 1 report. "Coal Trade Journal" March 29, p. 268.
Anthracite Men Demand a "Saving Wage."-"Sun" March 29, p. 2.
Illinois Coal Man Calls Miners'Demands Laughable.-Average earnings of
Illinois day men are 81,400 a year minimum, against $1.500 for tonnage
men; many make considerably more. "Wall Street Jour." March 25, p. 3.
Gompers Asserts Financiers Caused Coal Strike Order.-"Times" March 27,
P. 1.
Coal Miners to Have Earnest Support of American Federation of Labor.Uncertain whether the assistance will be financial or moral; Gompers'
letter of last September cited. "Wall Street Journal" March 30, p. 9.
Miners' Living Cost Down 20.7% from 1920 Level.-National Industrial
Conference Board gives data for anthracite regions compiled from inquiry
in field. "Wall Street Journal" March 30, p. 10.
House of Representatives Labor Committee Starts Public Hearings to Ascertain Cause of Coal Strike-U.S. Asks Ship Board to Bring Supply as Ballast.
"Sun" March 27, p. 3.
March 26, Sec. 2,
Non-Union Coal Miners to Increase Out
p. 1.
75,000 Sea Workers Would Aid Miners' Strike.-Steps to prevent the
entry of foreign fuel. "Times" March 28, p. 1.
011 Production, Prices, &c.
Oil Production Gains.-Average output 1,465,700 bbls. daily, against
1.452,750 previous week. "Times" Mar. 31. p. 28.
How Standard Oil of Calif. Drilled 6,202 Feet and Got a Dry Hole.-"Times"
Mar. 26, Sec. 2, p. 13.
Price of Wholesale Gasoline in Oklahoma Raised from 15 to 16 Cents a Gallon
by Cosden & Co.-"Times" Mar. 30, p. 29.
Crude Oil in Storage at Record High Figure.-Total of 208,203,000 bbls.
Feb.28,or nearly 78,000,000 bbls. over a year ago. "Wall St.J."Mar.28,p.3.
U. S. Oil Production Daily Average in February.-Total 1,470,107 against
1,263,071 in Feb. 1921 and 1,391,645 in Jan. 1922. Texas still leads'with
daily average of 384,785 bbls., an increase of 12,979 bbls. over Jan., and
about 87,000 bbls. over Feb. 1921. "Wall St. J." Mar. 29, p. 13.
Mexico to Regulate Oil Exploitation.-Presidential decree calls for defining
of oil lands in interest of nation. "Post" Mar. 30, p. 3.
Mexico Tax Decree.-Removal of penalties on mining property for failure
to pay taxes during civic disorder. "Times" Mar. 30, p. 16.
Prices, Wages and Other Trade Matters.
Commodity Prices.-Cash prices for commodities in the wholesale market
at New York have made new records for the year to date as follows: Coffee,
new high, 10 cts.; beef, new high, $17, both March 27.
Liberty Bonds at New High Prices.-"Boston N. B." Mar. 31, p. 2.
Raw Sugar Declines.-Cuban raw sugar declined another 1-16 cent a
pound Mar. 15, sales being reported at 2U cts. "Times" Mar. 26, Sec.
2, p. 11.
Two Companies Reduce Price of Refined Sugar from 514 to 51i cts.-Both
Federal Sugar Refining Co. and Arbuckle Bros. on Mar. 29 reduced price
of refined sugar to 5.25 cts. "Wall St. J." Mar. 29, p. 11.
Copper Prices Weak Both Here and Abroad.-Large producers selling at
12( cts. delivered for April, May and June. Estimated increase in exports. "Wall St. J." Mar. 30, p. 9.
Anaconda Copper officials quoted as saying company will probably produce something like 11,000,000 pounds of copper this month. "Boston
N. B.' Mar. 29. p. 2.
Resumption of copper production by porphyry mines April 1-See Utah
Copper Co. below.
Kings County Gas Rate Cut 10 Cents.-Service Commission also permits
use of British thermal unit. "Post" Mar. 28, p. 2.
Cotton Textile Mills Show Large Profits.-Table compiled by G. M.
Haffards & Co. for cotton textile industries of Fall River. "Fin. Am."
Mar. 31, _p, 7.
Jordan Motor Car New Price $1,795.-Another.$300 to $400 reduction.
"Boston N. B." Mar. 27, p. 5.
Alfred Reeves Tells How Automobile Men Co-operate in Use of Development
Patents.-"Post" Mar. 27, p. 13.
17,100 Workers Idle in Lawrence, Mass., Mills.-See "Current Events'
above and "Times" March 31, p.19
Buffalo Builders' Exchange Orders 10% Cut in All Wages, Effective April 1.
-Cut for plumbers, 12j. %, since they were not cut 10% last year, like
other trades. "Thnes" March 31, p. 19.
Ten-Week Cloak Strike Cost the Union $1,046,531; the Manufacturers Lost
$35.000,000.-"Times" March 26, Sec. 2, p. 1.
Milk to Go Down a Cent.-Price next month at N. Y. to be lowest Arpil
rate in four years, viz.: Grade B bottle milk, 14 cents a quart; Grade A,
17 cents a quart. "Times" Mar. 29, p. 33.
Milk Pool Splits Big City Dealers.-Sheffield Farms and others refuse to
buy exclusively of co-operative dairymen; won't affect supply; price discrimination a conspiracy, distributer says; dairymen say it is legal. "Times"
March 30, p. 19; March 31, p. 6.
Reduces Milk Price in Bottled Class 1A.-Dairymen's League Co-Operative
Association announces that the milk of its 67,000 producers is being offered
for sale to the dealers at the same prices for April as for March, with the
exception of the milk known as Class 1A, milk sold to the consumer in glass
botties, which is reduced from $2 52 to $2 30 per 100 lbs. "Times" Mar.
27, p. 15.
Five-Day, 40-Hour Week for Ford Employees.-New permanent working
policy, with Saturday and Sunday shut down, is announced; retain $6 a
day minimum. "Times" March 25,,p. 1.
Eight-Hour Day Blocks Germany's evival.-Labor and capital unite in
movement to modify working law. "Post" March 28, p. 3.
Extend British Lockout.-Grand total of workers affected is 850,000.
"Times" March 30, p. 4.
Port Workers Resume at Genoa After Two Weeks' Strike in Sympathy with
Port Workers at Naples.-"Times" March 31, p. 30.
Gold Mining Resumed.-Transvaal output increasing again faster than
expected. "Times" March 27, p. 23.
Legal Matters, Legislation, Taxation, &c.
Anti-Trust Suit Discontinued Against Associated Bill Posters & Distributors
of U. S. & Canada.-"Sun" March 27, p. 1.
Canada
of U. S. and
Senate Adopts Dial s Resolution for Investigation of Cotton Exchanges in
New York, New Orleans, &c., by Federal Trade Commission.-"Times"
March 30, p. 16.
Seven Western Terra Cotta Firms are Accused in Chicago.-Federal charges
of conspiracy and maintenance of a monopoly in restraint of trade. See
American Terra Cotta & Ceramic Co. below and "Times" March 28, p. 8.
Armour Co. Denies Fixing Hog Prices.-Hearing opens on charges brought
by the Kansas City Live Stock Exchange under Federal- Packer-Control
Act of 1921. "Times" March 28, p. 3.
Knight Act for Relief of N. Y. Highway Contractors Held Unconstitutional.
-"Eng. News Record" March 30. p. 544.
Verdict for N. Y. Waiter whom Union Barred.-Judgment for $5,000 and
costs entered against four delegates accused. "Times" March 30, p. 19.
Long Slumber for Bonus Bill.-House measure may sleep in Senate Committee. Extensive changes planned. "Sun" March 27, p. 3.
Federal-Aid Road Legislation Moves Forward.-"Eng. News-Record"
March 30, p. 545.
To Aid Foreign Trade.-Reserve Board allows greater latitude for bankers'
acceptances. "Times" March 28, p. 26.
Washington Delays Promulgating 1909 Treaty Till Our Patent Laws have been
Changed.-"Times" March 28, p. 16.
Thirty Cent Duty Proposed on Wheat.-Senate Finance Committee would
make increase of Sc. a bushel over Fordney Bill rate.-"Fin. Am." March 3,
p 8.
Governor Signs Measure Ordering N. Y. Corporations to Report "Existence."
-Corporations chartered in New York State before 1908, with certain
[VOL. 114.
exceptions, must report that they are in "existence" within three months
or their names will be wiped off the State records. "Times" March 31, p. 10.
New Tax Law for Corporations in N. Y. State.-"Times" March 31, p. 10.
Bill Extending the Period of Tax Exemption on New Housing Signed by.
Governor Miller.-One year more for starting tax-exempt houses. "Times"
March 30, p. 16; March 28, p. 4.
Gov. Miller Signs Highway Bills of More Than $8,500,000 for Construction
and Maintenance.-"Times" March 26. p. 18.
Gov. Miller Signs Water Power Bill Increasing State Regulation of Rates
Service, and Distribution.-"Times" March 27, p. 4.
Mayor Hylan Vetoes Bill Raising Police and Firemen's Pay in N. Y.
City.-Last week he approved a raise for himself from $15,000 to $25,000'
a year. "Sun" March 29, p. 1.
1922 Income Taxes.-Income and excess profit taxes paid into the
Treasury during March to the 25th are $368,491,320 in 1921 against
$679,224,070 in 1921. "Phila. N. B." March 28, p. 1.
Harkness Estate Taxed on $51,419,819.-"Times" March 28, P. 27.
Senator Pomerene Urges St. Laweence Canal.-Declares New York Cannot
accommodate Central West's growing commerce. "Times" March 31, p. 29.
Contract Awarded for Hudson River Vehicular Tunnel.-Booth & Flinn,
Ltd., to construct the tube. $19,331,723 bid accepted. Work to be com.
pleted within 36 months. See below and "Times" Mar. 29, p. 21.
All Staten Island Ferry Passengers Must Pay Five-Cent Fare, Commissioner
Whalen Orders.-"Times" March 26, p. 19.
Australia to Resume German Trade Aug. 1 to Prevent Dumping.-"Times"
March 30, D. 30.
Matters Covered in "Chronicle" March 18 1922.-(a) Foreign trade of
U. S., p. 1106. (b) Foreign bonds sold in U. S.:(1) $10,000,000 Framerlean Industrial Development (Schneider & Co.) bonds, p. 1124;(2) $30,000,000 Paris-Lyons-Mediterranean RR. Co.. p. 1125; (3) 340.000,000 Dutch
East Indies gold bonds. p. 1125; (5) Peruvian Congress fails to pass $50,000,000 foreign loan bill, P. 1126. (c) U. S. Treasury resumes issuances
ofgold certificates, p. 1128. (d)Subscriptions to U.S. Treasury certificates
of indebtedness, p. 1128. (e) Closing of subscriptions to U. S. Treasury
notes offered in exchange for 4%Y Victory notes, p. 1128. (f) Soldiers'
bonus bill favorably reported by House, P. 1128 to 1131. (g) President
Harding sees agricultural situation improving, p. 1133. (h) Proposed
pooling of wheat, p. 1140.
(i) Coal strike prospects-anthracite miners demand higher wagesoperators insist scale must come down, P. 1141. (J) Textile strike unbroken-sheriff forbids massed picketing in Providence County, R. I.,
p. 1141. k) Manufacturers of gas mantles indicted under Sherman law,
ct
in mid-West indicted under Sherman
P. 1142. I) Cement manufacturers
law, p. 1142, (m) Anthracite coal shipments by the various railroads for
February and 11 months of coal year, p. 1148. (n) Stock of money in
U. S., p. 1148.
Matters Covered in "Chronicle" March 25 1922.-(a) New capital flotations during February and since Jan. 1, p. 1232 to 1235. (b) Work of New
York Legislature-U. S. Supreme Court again upholds rent laws, p. 1229.
(c) Annual report of the U.S. Steel Corp.(Editorial), p. 1230. (d) Offering
of foreign bonds in U. S.: (1) $6,000,000 City of Soissons (France) bonds,
p. 1239;(2) £250,000 City of Buenos Aires bonds, p. 1239:(3) $30,000,000
Paris-Lyon-Mediterranean RR.,P. 1239;(4) Brazilian State to pay interest
on $10,000,C00, p. 1239;(5) Offering of joint stock land bonds, Chicago and
Lincoln bonds, p. 1239. (f) Advances approved by War Finance Corp,
P. 1240. (g) Brokerage failures, p. 1240: 1) Burgess, Lang & Co., Boston,
p. 1240;(2) Rose & Co.of N.Y., p. 1240: 3)James J. Kerwin (S. E. Smith
& Co.). P. 1240: (4) Hull. Ingraham & Co., Inc., Bristol, Conn., p. 1240.
3 %
(h) Subscriptions to U. S. Treasury notes offered in exchange for 44
Victory notes, p. 1240. (i) F. E. Scobey succeeds Raymond T. Baker
as Director of U. S. Mint, p. 1241. (j) House passes Soldier Bonus Billminority reports, p. 1241.
(k) Textile wage situation in New England-cuts at Lawrence, Mass.Pacific mills proposes full time production, p. 1242. (I) Manchester. England, cotton mills to reduce wages, P. 12.42. (m) E. F. Leland & Co.
suspended from N. Y. Cotton Exchange, p. 1242.
(n) Coal strike order effective April 1, sent to 600,000 bituminous and
anthracite coal miners in U. S. and Canada, p. 1243.
Allis-Chalmers Mfg. Co., Inc.-Business-Earnings, dec.
"New business booked in February exceeds that of any month since
December 1920, coming close to $2,000,000. The greater part of the
recent business consisted of orders from sonsumers of small machinery,
particularly for machinery used for cement mixing for roads and building
construction.
"The annual statement for 1921 will show gross earnings of about
$24 685,000 compared with $31.516.000 in 1920. The unfinished business
at the close of the year was $7,300,574, compared with $17,046,724 on
Dec. 311920. Thus, to attain a gross of $24,685,000 for 1921 the company
had to draw on its unfilled orders to the extent of $10,000,000." ("Elec0441(
trical World," March 25.)-V. 114, P. 741.
IONION
American Bosch Magneto Corp.-Annual Report.-
Calendar YearsNet operating profit
Reserve for taxes
Sundry surplus and inventory adjustments
Dividends
Balance, surplus
-V.113. P. 1159.
1920.
1921.
def$236,176 $1,595,962
126,089
524,173
1,813,815
880,000
120,000
def.$2,169,991
$65,700
American Brake Shoe & Foundry Co.-Earnings.---
x15 Mos. to
Calendar Years
Dec. 31 '18
1919.
1020.
1921.
*$1,329,371 $2,042,300 $2,587,471 $2,324,884
Net profits
542,293
Settlem't with U.S. Govt
cr.99.700 deb.30,340
deb.9,100 deb.12,745
Interest(net)
71.165
Sale of plants
$1,320,271 $2,571,848 $2,758,336 $2,294,544
Net profits
150,000
150,000
Contingent. &c., reserve
See above. See above.'
Bond interest
110,2001 See note
337,1315
Loss on Liberty Bonds_
See note.
419,4745 below.
Federal taxes(estimated).See note.
(6 296,292 (12)592,584 (15)750,000
Dividends: Old preferred
do New preferred_ -(7%)664,024(3 329,955
do Old Common
(3j4 155,844 (7)311,689(8U)402,500
do New Common_ _ _($4)594.222 (54 592,848
15,179
do Employees' Com__
4,707
4,010
110
3,835
Divs. paid by sub. cos_ _ _
$987,337
$46,737
$855,943 $1,169,388
Balance, surplus
* In 1920 and 1921 the net profits from operation of plants are shown
after deducting manufacturing, administration and selling expenses and
depreciation of plants and equipment and reduction of inventories to market
value, and including dividends received on stocks of associated companies
whose earnings are not incorporated herein and other income (net) less
estimated Federal taxes.-V. 1.14, p. 1066.
American Can Co.-Analysis.Redmond & Co. have issued a special analysis of the company giving the
history, earnings, &c., for a number of years.-V. 114, p. 732.
American Manufacturing Co.-10% Stock Dividends.-
In addition to the 10% stock dividend recently declared on the Common
stock, payable Mar. 31, the company declared a dividend of 5% on the
Pref. stock, payable in four quarterly installments of 134% each. Mar. 31.
July 1, Oct. 1 and Dec. 31.-V. 113. p. 1677.
American Shipbuilding Co.-Plan Ratified-Regular
.and 20% Cash Extra on Com.-Rights to
Dividends on Pref.
Additional Stock.- •
The directors on March 28 1922, declared the regular quarterly div. of
payable April 24 1922, to
1,4% in cash on the outstanding Preferred sharesregular
quarterly div. of
holders of record April 10 1922, and also the
% in cash on the outstanding Preferred shares payable Aug. 11922, to
holders of record June 30; they also declared the regular quarterly div. of
1U% in cash, and pursuant to the terms of the "Plan for Change of Capital
Stock and Retirement of Preferred Stock," an extra dividend of 20% in
cash on the outstanding Common shares, payable April 24 to holders of
record April 10.
APRIL 1 1922.]
1411
THE CHRONICLE
March 28 ormoney collected above 80-cent rate. Company is charging $1 25.In accordance with the resolutions adopted by the stockholdersheretofore
V. 114, p. 1184. 622.
1922, all Common stockholders of record April 12 who have not
for
waived their subscription rights are to be offered the right to subscribe
Burns Bros. (Coal).-Initial Dividend on Pref. Stock.unissued
present
The
pro
(a)
of
their
rata
par
share
at
cash
for
and purchase
An initial dividend of $1 75 has been declared on the 7% Cumul. Prof.
Corn, stock, amounting to $7,400,000; and (b) the additional Corn. stock
28. The stock, payable April 1 to holders of record March 24. See also V. 114.
amounting to $500,000 authorized by the stockholders Marchentitled
to p. 201, 310.
amount of stock to which each such Common stockholder is
now held by
subscribe is 1 3-76 shares for each share of Common stockincluding
Canadian General Electric Co.-Bonds Sold.May
and
to
up
the
to
offer
is
open
and
remain
stockholder,
such
9 1922, at which time the right of subscription will expire. of Leonard C. Guaranty Co. of New York have sold at 101 and int, to
At the directors' meeting held March 28, the resignationCleveland, was yield over 5.90%, $5,000,000 20-Year Gold Debentures,
Hanna, Jr., a director, was accepted, and J. S. Ashely,
6%, Series "A." (See advertising pages.)
elected to the vacancy.
Change of
Dated April 1 1922. Due April 1 1942. nt. payable A,& 0. at Guaranty
The time for depositing Preferred stock under the "Plan forfrom
1
April
extended
was
of
Trust Co., New York, trustee, in U. S. gold coin of or equal to the present
Capital Stock and Retirement Preferred stock"
standard of weight and fineness, without deduction for any tax or taxes
1922 up to and including May 18 1922.-V. 114, p. 1183.
by the Government of the Dominion of Canada or any taxing
- levied
authority thereof or therein. Denom. $1,000 (0). Red. as a whole or in
American Stores Co.-Redemption of Preferred Stocks.
and
1st
its
of
holders
of not less than $1,000.000 at any one time, on any int. date on
amounts
the
to
addressed
A circular letter dated March 22,
60 days' notice at 107% to and incl. April 1 1932; at 105 thereafter to
2d Preferred stocks, says in brief:
all of the out- and incl. April 1 1937; at 104 thereafter to and incl. April 1 1938; at 103
"The directors on Mar. 15 decided to call for redemption of
Commercial thereafter to and hid. April 1 1939; at 102 thereafter to and incl. April 1
standing 1st Pref. and 2d Pref. stock on June 1 at office
From 1940; at 101 thereafter prior to maturity.
Trust Co. Philadelphia, at 115 and div. to the date of redemption.
Holders desiring to
and after June 1 1922 dive. will cease to accrue. do
Data from Letter of Pres. A. E. Dyment, Toronto, March 28.
in
so
accordance
may
stock
convert their Pref. stock into Common
Incorp. in Canada in 1892 as a consolidation and acquired the exclusive
with the terms and provisions under which the 1st and 2d Pref. stocks were right in perpetuity to manufacture and sell in Canada the products developed
issued."-V. 114, p. 1183.
by the General Electric Co., N. Y. Company, together with Canadian
all of whose shares it owns (excepting directors'
- Allis-Chalmers, Ltd.,the
American Terra Cotta & Ceramic Co.-Indictments:
largest manufacturer and distributer in Canada
qualifying shares), is
of
officers
Dentheir
Chicago,
of
some
and
Seven terra cotta companies
including incandescent lamps, motor and generator
apparatus,
of
electrical
an
to
in
indictment
returned
ver, Kansas City and St. Louis were named
devices, &c.
insulating
transformers,
equipment,
Federal Judge Carpenter March 27. The charges are conspiracy and mainAlso manufactures a varied line of heavy machinery, including pumps,
The companies named are:
tenance of a monopoly in restraint of trade.
mining machinery, under a contract
and
wheels
water
machinery,
milling
Denver Terra Co., MidAmerican Terra Cotta & Ceramic Co.. Chicago;
Terra Cotta Co., Chicago; with the Allis-Chalmers Manufacturing Co., Milwaukee, covering the
land Terra Cotta Co.Chicago; Northwestern
same in Canada.
of
sale
and
manufacture
Cotta
Co.,
Kansas
City;
Winkle
Terra
St. Louis Terra Cotta'Co., Western
Manufacturing plants of the company and Canadian Allis-Chalmers,
Terra Cotta Co., St. Louis.
Ltd., aggregate 8 principal ones, being located at Toronto, Peterboro and
Ont., and Montreal. Que.; 18 branch houses are maintained.
----Co.
Stratford,
-Production.
Mining
Anaconda Copper
Authorized. Outstanding.
Capitalization after this FinancingAn official of the company is quoted as saying that the output of the
$10,000,000 $5,000,000
be
pounds.
approximately
will
6% series "A" (this issue)
11,000,000
Deb.
20-Yr.
March
for
mines of the company
2,000,000 2,000.000
cumulative
7%
Pref. stock,
-V. 114, p. 1290.
18,000,000 10,800,000
Common stock (paying 8%)
61,250
Co.
-Earnings.
purchased
properties
Construction
on
Mortgages
Art Metal
1921.
1919.
Purpose.-To reimburse company for capital expenditures heretofore
1920.
capital.
working
additional
84,661,492
provide
to
and
$6,204,335
made
$4,565,558
year
for
Net shipments
4,058,303 5,226,757 2,778,242
Earnings Years Ended Dec. 31, 1921.
Less cost of goods shipped
Net Profits. Depreciation. Bal.for Int. &c.
$603,189
$1,555,362
$977,577
$1,787,313
$456,358
$2,011.720
Gross profit
1912
803,291
$754,024 1915
416,223
1,219,514
Administrative and selling expense_ _ _ _ $129.617
1,436,483
577,513
$561,721
2,013,996
Inventory depreciation
1918
1,093.321
Deb.15,158
earned
Cr.28,476
524,668
Deb.19,242
1,617,989
Interest and discount
1919
1,682,989
75,000
530,742
300,000 1920
70,000
2,213,731
Taxes
1,305,508
320,570
401,831
233,139 1921__1,707,339
276,853
Dividends
Dec. 31 1921 (Before this Financing).
Sheet
Balance
Consolidated
$93.160
$528,626
$49,759
Balance, surplus
LiabilitiesAssets$10,800,000
114. P. 201.
$20,377,479 Common stock
Plant & equipment
2,000,000
stock
Preferred
1
goodwiil
&
contr.
Patents,
Atlantic Gulf & West Indies SS. Lines.-Loans.61,250
8,677,682 Mtges. on prop. pur
Inventory
was
made
March
28
by
announcement
the
its
company
that
194,459
Formal
liabilities__
Contingent
3,963,518
receivable
Accounts
which fall due April 1, have been
8,380,321
payable
bills
_
bank loans, approximating $1,320,000,
&
Accounts
79,500
receivable_
Mortgages
extended to Oct. 1.-V. 113, p. 2822.
215,914
822,671 Dividends payable
Investments
5,405,164
577,698 Depreciation reserve
Cash
Arundel Corp., Baltimore.-Declares Usual Quarterly Prepaid
7,000,000
116,285 Surplus reserve
ins. prems.,&c_ _
the
Common
Stock
on
557,726
-Bonds Called.Profit and loss
Dividend of 13/2%
$34,614,834
Total (each side)
The directors last week declared the 1usual itiarterly dividend of 1X%
to holders of record March 27, -V. 113, p. 1679.
April
on the Common stock, payable
It was erroneously reported last week that the Common dividend would
Celluloid Co.-Earnings for Calendar Year 1921.be omitted.
Net deficit for the year ending Dec. 31 1921 amounted to $1,146,239
All of the outstanding 1st Mtge.6% 20-Year Sinking Fund gold bonds,
1920 of $1,072,413), after deducting $300,000
dated Jan. 1 1917, have been called for payment July 1 at 103 and int. (compared with a surplus forfor
inventory adjustments and $454,639 for
Baltimore, Md.
for depreciation, $428,352
at the Fidelity Trust Co.,
All of the outstanding Maryland Dredging & Contracting Co. 1st Mtge. taxes, &c.-V. 112, p. 1679.
1
Feb.
dated
have
1915.
bonds,
been
gold
for
called
payment
-Year
15
Chicago Racine & Milwaukee (SS.) Line.-Merger.Aug. 1 at 105 and bit. at the Fidelity Trust Co., Baltimore, Md.
See Goodrich Transit Co. below.-V. 112. p. 1402.
Earnings-New Officers, &c.-
Gross earnings for 1921 are reported as $4,862,804. The balance sheet
Dec. 31 1921 shows $444,788 cash in bank, $692.519 accounts receivable
$288.056 accounts payable and small items for expense and notes payable,
together with dividends amounting to $103.671, mortgage bonds of$658,000.
of $250,000.
and reserves for taxesadjustments,
from last year's operations, but after
Net income, before
$4,071,380 for expenses, taxes,fixed charges and depreciation and depletion,
was $791,423.
Joseph J. Hock, recently Vice-Pres. & Gen. Mgr., has been elected PresiA. Furst, who has been made Chairman ofthe board.
dent,succeeding Frankbeen
elected Secretary and Richard A. Froehlinger,
John T. Daily has
Treasurer, succeeding W. Bladen Lowndes, who has been made Vice-Pres.
Mr. Froehlinger has also been elected a director.-V. 114. P. 1290.
Barnsdall Corp.-Baku Oil Negotiations.-
Negotiations for the exclusive rights to drill for oil in the Baku fields and
in the marketing of ail products of
to join with the Russian Government
countries, on a mutually beneficial arrangement, are
the Trans-Caucasian
of the International Barnsdall Corp., a
under way between executives
subsidiary of the Barnsdall Corp. and officials of the Soviet Government.
that an early decision will be reached.
is expected
It The
tentative negotiations, officials of the company say, call for developby the International 13arnsdall Corp. mainly confined
made
be
to
ments
to the drilling of new wells, in return for which the exclusive oil development
rights in the Baku fields are to be given. Compare annual report in V. 114,
p. 1283, 1290.
Birmingham Water Works Co.-Stock Authorized.-
has authorized the company to sell
The Alabama P. S. Commission
stock for the purpose of funding an indebted$500,000 8% Cum, 1st Reef.
ness of $131,000 and of making extensions and improvements during the
year.-V. 114, p. 951.
Brandram-Henderson, Ltd.-Annual Report.-
The annual report for the yeartoending Dec. 31 1921 says in substance:
$147',742, which with the balance of
"The net profits amounted the
from
previous year, makes $1,045,249, out
$897,507 carried forwardthe
dividend on the Preferred stock of $35,000,
of which has been paid Common
stock of $58.945, and also the interest
and the dividend on the
on the issues of 1st & Consol. bonds, respectively, incl. a reserve provided
on both issues for the months of October, November and December,
amounting to $60,444. The sum of $7,500 has been provided as a reserve
for depreciation. $35,000 as a reserve for possible loss on accounts receivable, and $20,000 as a reserve for stocks of merchandise. The total
profit and loss surplus after the deduction of these provisions is _$828,360.
'"I'ho company s subsidiary, the Alberta Linseed Oil Co., Ltd., had a
satisfactory year, and, as in the past, has been of marked value to the
parent company.
"The company has acquired the capital stock of the Pacific White Lead
Co. Ltd., Vancouver, B. C.
Dividend Policy.-"In view of the uncertainty of the immediate future
and because it was felt that at this time the
from the standpoint of profits,
as liquid a position as piossible, the directors, in
company should remain in of
the
present dividend of 7% on the Preferred
continuance
the
declaring
stock, payable quarterly to shareholders of record one month prior to
dates of quarterly payments, reduced the dividend on the Common stock
by 2%,and declared a dividend of 3% payable 1J-i% on May 1 and 13i%
on Dec. 1 1922, to shareholders of record one month prior to the dates of
payment."-V. 114, p. 742.
Brooklyn Union Gas Co.-Rehearing Denied.-
Chief Justice Taft, March 27, signed an order denying the application
of the Attorney-General of New York for a rehearing in the company's
gas case, recently decided by the Supreme Court.
The Supreme Court has also ordered that the mandate in the company's
case should be issued immediately. This case affects only parent company's
litigation. The Court's decree will now come before local district court
and will have effect of stopping any further impounding of cash or bonds
City Ice Co., Kansas City, Mo.-Bonds Offered.-Guaranty Trust Co., Kansas City, and Powell, Garard & Co.,
Chicago, are offering, at 100 and int., $624,500 1st & Ref.
Mtge. 10-Year 8% Sinking Fund Gold Bonds.
Dated March 1 1922. due July 1 1932. Int. payable J.& J. at Guaranty
City Bank, Chicago. (First
Trust Co., Kansas City, trustee, or National interest.),
without deduction
coupon, due July 1 1922, covers four months'
iht. date on 30 days' notice
on
any
Red.
tax.
income
Federal
for normal
at a price 3% less for
at 105 up to and incl. Jan. 1 1923, and thereafter
each succeeding year. Denom. $100, $500 and $1,000 (c).
Data from Letter of A. Hardgrave, President, Kansas City, March 1.
Company.-Business established about 30 years. Does about 80% of the
with the principal
retail ice business in Kansas City, and holds contractsplants
and storage
railroads for car icing. Owns six ice manufacturing
distribution.
houses located advantageously for economical
sinking fund amounting
Sinking Fund.-Mortgage provides for an annualtime
outstanding.
at any
to 5% of the maximum amount of bonds An
offer is to be made to the
This Issue.-Authorized, $1,100.000.
for
bonds of this issue,
exchange
to
bonds
6%
$475,500
old
the
of
holders
will be deposited as addipar for par. Bonds of the old issue so acquired
until the entire amount outstanding
tional security for the 1st & Ref. Mtge.canceled
and the mortgage released,
is so exchanged,when the bonds will be
making this issue a first mortgage on the entire property.
Taxes. Calendar Years.
Federal
and
Depreciation
Before
Net Earnings
1920.
1921.
1919.
1918.
1917.
1147.244
$552,772
$239.479
$248,050
$122,642
Cleveland Elec. Ilium. Co.-New Control, &c.-
See North American Edison Co. below.-V. 114, p. 526.
Continental Gas & Electric Corp.-New President.-
R. E. Lee, President of the Hubbard Ice & Coal Co. has been elected
President.-V. 111, p. 592.
Clinchfield Coal Corporation.-Annual Report.-
Pres. C. E. Bockus says: Net earnings for 1921, before fixed charges,
of $877,725. Of
were $998,648; fixed charges, $120,923, leaving income
to retire Pref. stock;
this amount $43,544 was paid into the sinking fund paid
as dividends on
Pref.
$327,321
stock;
on
dividends
as
$94,252 paid
Common stock; $139,681 set aside as reserve for 1921 income taxes, living
2508.
113,
p.
$272,925.-V.
of
year
the
for
surplus
a
Colorado Power Co.-Annual Report.1919.
Calendar YearsGross earnings
Net, after taxes
Other income
1918.
1920.
1921.
$998.844 $1,121,428 $1,095.105 51,273,212
$716,958
$517,279
$512,494
$408,987
31,990
32,418
16,419
42,197
$451,184
Total income
225,393
Interest, &c
Depreciation reserve_ __- 104,653
70,175
Preferred dividends
Common dividends
Balance, surplus
-V. 110, p. 2490.
*50.963
$549,697
230,661
110,280
75,279
221,264
*748,947
235,200
126,437
57,316
276,580
$109,625 def$87.787
$53,414
$528,913
232.831
116,293
70,164
Columbia Gas & Electric Co.-New President, &c.-
been
Philip G. Gossler has been re-elected as Chairman, and has also
H. Coggeshall, W. W.
elected President succeeding A. B. Leach. M.
Taft
P.
and
C.
P.
Philips
W.
Hutton,
M.
J.
Freeman, P. G. Gossler.
Committee.
have been elected to the Executive
Lewis L. Clarke, President of the American Exchange National Bank of
Ward & Co.. N. Y. and
N. Y.; Marshall Field, of Marshall Field, Glore,
Chicago; Joseph W. Harriman, President of the Harriman National Bank,
1412
THE CHRONICLE
N. Y.; and Harold Stanley, Vice-President of the Guaranty Trust
Co. and
President of the Guaranty Co. of N. Y. have been
elected directors, succeeding Henry Seligman of J. & W. Seligman & Co.;
R.
G.
Altizer,
Laffoon and II A. Wallace. The last three named are pperating Polk
VicePresidents of the company and its subsidiaries.-V. 114,
p. 1067, 1055.
Columbia Graphophone Mfg. Co.-Elects New Board.-
At the annual meeting of stockholders held
28 the following directors were elected: M. N. Buckner, ChairmanMarch
of N. Y. Trust Co.; Charles
W.Cox,of Robert Winthrop & Co.; W.C. Dickerman,
V.-Pres. of American
Car & Foundry Co.; Van Horn Ely, Pres. American Rys.
H.J. Fuller,
Chairman Gillette Safety Razor Co.; G. II. Kinnicutt, of Co.;
Kissel, Kinnicutt
& Co.; F. W. Shibiey; V.-Pres. and industrial representati
ve of Bankers
Trust Co.; Harold Stanley, Pres. Guaranty Co.; E. E. Thompson,
of
Crane, Parris & Co.; T. F. McClelland and Douglas Parmentier,
of the
Liberty Industrial Corp.,and H. L. Willson, Pres. Columbia
Graphophone
.
Pres. H. L. Willson, in discussing future plans,
in part: "It will be
the policy of the company to establish itself firmly says
with the dealer, through
superior products, sound merchandising policies and
advertising
activity. It will be the company's particular aim toextended
further establish its
good-will with the dealers through perfect service and intimate
The management recognizes the necessity of strictest economycooperation.
in every department of the organization. Much has been accomplished in
this direction in the past 30 days through reduction of overhead
and
in
factory and
sales activity."-V. 114, p. 1185.
.
[Vol,. 114.
(9) Certain claims and choses in action,
by France & Canada
Steamship Co., Ltd., by assignment from acquired
National Bank, Boston,
and Old Colony Trust Co., dated July 1 1921,First
growing
of marine insurance for loss of or damage to certain out of certain policies
vessels.
General Asphalt Co.-Preliminary Statement.
Cal. Years*1921.
1920.
1919. '
1918.
Trade income
$10,000,000 $15,014,470 $14,755,610 $13,287,492
Expenses, deprec., &c.. _ x9,387,000 12,169,373 12,444,240
10,964,009
Net trading profit__ $613,000 $2,845,097 $2,311,370
$2,323,483
Other income
78,133
99,748
104,540
Total net income
$613,000 $2,933,230 $2,411,118 $2,428,023
Int., general exps., &c
1,512,000
1,145,900
955,915
899,928
Income taxes, &c
311,940
142,806
167,079
Net profit
loss $899,000 $1,465,388 $1,312,397 $1,361,016
Preferred dividends_ _ _ _
374,000
379,956
578,948
652,705
Balance
def.$1.273.000sr$1,085,432 sur$733,449 sur$708,311
* Approximate results. x Includes
charge for plant depreciation in 1921 and $305,831 in 1920.-V.$294,000
113, p. 1777.
General Electric Co.-To Issue Stock, Par $10.-
The stockholders will vote May 9 1922 on amending the by-laws
of the
Columbus Electric Co. under "Railroads" above.-V. 107, p. 1922. company to increase the number of directors from 15 to 19, and on increasing
the authorized capital stock by the amount of $35,000.000, consisting
of
3,500,000
shares,
par
$10
each,
such
new
shares
to
be issued without voting
Commercial Cable Co.-Listings.subscription rights but to be entitled to priority
to
the
Common
The New York Stock Exchange has authorized the substitution on the or
stock
to cumulative dividends at the rate of6% per annum and to no
list of $1,158,000 1st Mtge. 4% Gold Coupon Bonds for $1,000 each, which ential
other preferrights.
have been issued in exchange for outstanding registered bonds. ApplicaThis action by the stockholders has been made possible by the passage
tion is also made to list such other coupon bonds
as may from time to time of Senator Wadon's bill introduced to amend the by-laws of 1892 in
be issued in exchange for registered bonds already
outstanding. This in- to enable the company to issue this stock. The purpose of this new order
volves no change, however, in the total amount
issue
of bonds listed, namely, was fully explained by Chairman C. A. Coffin
in his letter to stockholders
$7,670,500. The bonds are dated Jan. 1 1897, due
Jan. 1 2397.-V. 114, outlined in V. 113, p. 1058.-V. 114, p. 743, 632.
p. 631.
Columbus (Ga.) Power Co.-Consolidation.See
General Gas & Electric Co.-Interest.-
Commonwealth Light & Power Co.-Guaranty.--
See Stearns Lighting & Power Co. below, but compare also V. 114,
Computing-Tabulating-Recording Co.-Earning
p. 202
s.--Calendar Years1921.
1920.
1919.
1918.
Net profits after expenses.
depreciation, &c
$1,852,021 $2,704,758 • $2,496,945 $2,134,337
Interest, &c
805,507
822,877
370,271
587,387
Dividends ($4)
524,084
497,875
419,224
419,222
Balance, surplus
$522,430 $1,384,005 $1,707,450 $1,127,728
-V. 114, p. 1185.
The directors have declared to be clue and payable on April
1 interest
on its 15-year 7% income bonds for the year
ended Dec. 31 1921, at the
rate of 7% per annum. The interest will
be payable at the Mercantile
Trust Co., 116 Broadway, N. Y. City, on presentation
of coupon No.3.V. 114, p. 1292.
General Motors Corp.-Bank Loans Reduced-Outlook-
President Pierre S. duPont, commenting on the business outlook, says:
"The position of the Corporation is very satisfactory
to us. Bank loans
which now stand at $41,140,000 have been reduced $7,800,000
since the
beginning of the year, and cash which now stands at $37,000,000 decreased
only $3.000,000, making a net improvement in cash
of $4,800,000.
While it may be several weeks before final figuresposition
Corn Products Refining Co.-Usual Extra Dividend.of
sales of motor cars
An extra dividend of ;4 of 1% has been declared on the Common stock, for the first quarter of 1922 will be available, the preliminary figures are
most encouraging. Sales for January were 16,080, February, 20,664,
in addition to the regular quarterly dividend of 1%, both
and
payable April 20 sales for March will be
approximatel
to holders of record April 3. An extra of M of 1% has been
y
30.000
cars,
a total of 66,000. This
paid quarterly compares with 58,488 cars in the
since Jan. 1920.-V. 114, p. 1291.
previous quarter, and, further, with
30,023 for the first quarter of last year.
"All divisions of the Corporation are enjoying'a substantial increase
Dome Mines Co., Ltd.-Listing-Earnings.-in
business, and reports from our distributers and dealer?
indicate a strong
The N. Y. Stock Exchange has authorized the listing of $4,290,003 retail
demand for our product this spring and summer.
"
capital stock, par $9, on official notice of issuance, share for share, in ex[The
directors
have
declared
the
regular
quarterly dividends of 1%% on
change for present outstanding capital stock of the par value of$10 per share. both the 6% Preferred and
6% Debenture stocks and 14% on the 7%
Earnings for the 11 months ending Feb. 28
show: Total income, Debenture stock, all payable May 1 to holders of record April
7.1
$1,144,658; reserved for Canada taxes, $50,007;1922
reserved for depreciation,
New Chevrolet Official.$570,387; profit for period, $524,263.-V. 114. p. 858.
William S. Knudson has been elected Vice-President of Chevrolet Motor
Durant Motors, Inc.-Orders.-Co. in charge of operations.-V. 114, p. 1068, 1056.
The company has contracted to take 250,000 motors from the Continental Motors Corp. for use in the Star car, which
General Oil Co., Houston, Tex.-Reorganized.-is
being
produced
by
W. C. Durant.
In a decree signed March 22, Judge Walter E. Montietk of the 61st
The Stewart-Warner Speedometer Corp. is also reported to have closed District Court, Texas, directed
the reorganization of the company under
a contract to supply the vacuum tanks for the new
the name of General Petroleum Co., with $1,000,000 Preferred
stock and
car is a four-cylinder five-passenger car made to sell Star car. The Star 1,000,000 shares of Common stock
of no par value.
said, will compete with the Ford-V. 114, it. 742, 310 for $348, and, it is
The decree was the result of an agreement between creditors, trustees,
the company and a stockholders' protective
and has as its
Electric Co. of New Jersey.-Bonds Offered in Exchange. of
view the re-establishing of the General 011 Co.committee,
as a going concern. The
See Bridgeton & MiUville Traction Co. under "Railroads" above.-V. General Oil Co. was originally an S. F.
J.
Cox
concern,
but is now in
104, p. 1493.
receivership.
Provision for a trust fund of 200,000 shares of Common stock to be
Exchange Buffet Corp.-Stock Dividend Proposed.issued in the name of a trustee for distribution to tho approximately 10,000
The stockholders will vote April 11 on increasing the number of shares stockholders in the old company, is made in the decree. The stock
the
new company will be issued on a basis of one share in the now for in
of stock from 62,500 (all Common, no par value) to 250,000,
six in
all
to
be
Common without par value, and increase the amount of stated capital the old and a charge of 5 cents a share made for expenses of exchange.
Of the capital stock. 400,000 shares each of Preferred and Common stock,
from $312,500 to $1,250,000.
(2) On authorizing the directors to distribute as a stock dividend not to will be reserved for improvements and not issued at this time; and the
remaining 600,000 will be offered at $1 to the stockholders and to the
exceed 187,500 shares of new stock to the stockholders of record, and also
public. Half of the money received for the sale of stock will go to paying
to those who have already subscribed, under the employees' stock subscription plan, to the capital stock upon their becoming stockholders of off creditors, while the other half is to be put into new properties and will
record by payment of their subscriptions in full, such stock dividend to be not be subject to creditors' cialms.-V. 113, p. 2621.
payable at the rate of 3 shares for each share of stock now owned or sub(B. F.) Goodrich Co.-Notes.scribed for and subsequently fully paid for by them.-V. 113, p. 1776.
Goldman, Sachs & Co., New York, recommend
purchase of the 7%
Convertible Gold Notes at 984 and int., to yieldthe
Ford Motor Co.-Shops on 5-Day Basis.about 7.42%. Dated
The company has announced as a permanent working policy a 5-clay April 11920, due April 11925, of which $30,000,000 authorized and out,
standing.
Company
has no other funded debt.-V. 114. 1). 849.
week of 40 hours. The plants will be shut down on both Saturday and
Sunday. Under the new schedule all employees will
continue
Goodrich Transit Co., Chicago.--Boat Merger Near.the
$6 a day minimum wage scale. It is said that approximately on
50,000
The company, it is stated, is negotiating
men will be affected. According to the announceme the action is taken
buy the Chicago Racine &
Milwaukee (SS.) Line. It is rumored that to
in order to give the workers more time for rest andnt
the deal involves $500,000.recreation.-V. 114, V. 112, p. 166, 66.
P• 203.
France & Canada Steamshi
Goodyear Tire & Rubber Co., Akron, 0.-Report,&c.
p Co., Ltd.-Sale.See report for 10 mos. end. Dec. 31 1921 under "Fin. Reports" above.
Certain defaults having been made under an indenture
guaranty,
Six hundred and ninety-four ($694,000) 1st Mtge, 20-year 8% S. F.
trust and mortgage dated May 28 1921, the Old Colony Trustof
gold
Co., trustee, bonds, dated May 1 1921. 99 bonds
of $500 each and 65 of $100 each (total'
will sell at public auction, 15 Congress St., Boston, on April
the entire $750,000), have been called for payment
May 1 at 120 and int. at the Cenright, title and interest in the following property covered by18,
the trust:
(1) Mortgage bond of $164,081, dated Sept. 30 1921, due July 11922. of tral Union Trust Co. of N. Y. or at the Union Trust Co., Cleveland, 0.
-V. 114, p. 952.
30 West 59th St., Inc., New York, with int. at 6% p. a. from April 30
1921, secured by mortgage on lands, subject tb three in•lor mortgages,
Gorton-Pew Fisheries Co.-Reorganization Plan.aggregating $600,000. (b) Demand note of 30 West 59th St., Inc., dated
A plan of reorganization has been proposed in order to avoid receivership.
April 30 1921, amounting to $110,000, with int. at
payable to The
p.
plan involves the cancellation of the present Preferred and Common
order of Franee & Canada Steamship Co.. Ltd., and6%
endorsed
a.' without re- stocknew
and the issue of the securities as outlined below. The company
course. (c) 400 shares of common capital stock of 30 West 59th
St., Inc., a total
has
of $2,074,000 notes maturing April 1, held by some 117 banks.
par $100.
(2) (a) Mortgage bond of $300,000, dated Aug. 12 1921, of 950 Park Ave-- These notes have been extended from time to time since July 1920.
President
nue Corp., guaranteed as to a portion of principal by J. E.
Stuart
W. Webb says: "The consummation of this plan
R. Carpenter,
less a credit of $21,078, with int. at 6% p. a., amortizable out of net income would mean the continuance of the business. The stockholders
by raising
and payable in 15 years from date,subject to a prior mortgage or mortgages a relatively small amount of money would have opportunity to retain
entire
equity on terms which in my opinion would prove attractive.' the
aggregating $700,000; (b) Demand note of 950 Park Avenue Corp., dated
April V 1921, amounting to $275, with int. at 6% p. a.. payable to order
Table of New Securities and to Whom Issued.
of Frafice & Canada Steamship Co., Ltd., and endorsed without recourse.
Securities to be Issued.
To Whom Issued.
(3) 1,000 shares of Lord Strathcona Steamship Co., Ltd., of Canada, $1,500,000
first
mortgage bonds.
To noteholders at par.
par $1,000 each.
$250,000 8% Cumul. Prof. stock. To be sold at par.
(4) Demand note of $80,000 of Mayer & Lege, Inc., New York, dated
25,000 shares as bonus to new money
May 26 1921, with int. at 6%,secured by the pledge of $83,000 7%, Gold
at rate of 10 shares of Cora.
Serial Bonds of Swiftsure Oil Transport, Inc., payable
to the order of
with each share of Preferred.
Frame & Canada Steamship Co., Ltd., and endorsed without
recourse.
82,000
Commen.
shares
57,000 shares (3 shares to each share
(5) $257,500 6% Debenture Bonds of Swiftsure Oil Transport, Inc..
old Prof.) to be hold in trust
dated Nov. 27 1920, due May 27 1921, guaranteed by France & Canada
during option period provided
Steamship Co.,Ltd.,and by France & Canada Steamship Corp., New York.
for by option warrants.
(6) Demand note of $174,382 of Mayer & Lege Farming
Ranching 57,000 Option Warrants. An option
Co., Ltd., of Canada, dated April 30 1921, with int. at 6% p.&a.,
for 2 years on Common stock
to order of France & Canada Steamship Co., Ltd., and endorsed payable
without
at $10 per share, the proceeds 3 to each share old Preferred share.
recourse.
going to retire first mortgage
(7) Demand note of $1.011,304 of France & Canada Steamship Corp.,
bonds at par.
dated Dec. 311920,with int. at6% p. a.,secured by pledge
of 10,000 shares
Benefits of Plan Available to All S ockholders.-The benefits of the plan
capital stock of Huron Navigation Corp. of Delaware, and
9,550
shares
are
available
to all stockholders as follows:
capital stock of French Overseas Corp., New York, and 14,000 shares of
(a) To Preferred stockhblders (whether or not they have deposited their
pref. stock of France & Canada Oil Transport Co., Delaware, payable to stock
with the protective conunittee): (1) Three option warrants for each
the order of France & Canada Steamship Co., Ltd., and endorsed
without share of Preferred stock;(2) right, subject to allotment, to subscribe at par
recourse.
new Preferred stock, each $100 share of which carries with it as a bonus.
(8) Demand note of $612,107 of France & Canada Steamship Corp., to
10 shares of no par value Common stock.
dated Dec. 31 1920, with int. at 6% p. a., secured by pledge of
of
(b) To Common stockholders: Right, subject to allotment to subscribe
$968,063 of France & Canada Oil Transport Co., payable to order ofnote
Prance
at par to new Preferred stock, each $100 share of which carries with it, as
& Canada Steamship Co., Ltd.. and endorsed without recourse.
a bonus, 10 shares of no par value Common stock.-V.113,
p. 1256.
APRIL 1 1922.]
THE CHRONICLE
Gorham Mfg. Co., Providence, R. I.-Annual Report.-
The annual report for the year ending Jan. 1 1922 says in substance:
"Less from operations during the year amounted to $120,039, compared
with a loss for 1920 of $706,544, the latter being due to shrinkage in inventory values. Other charges, covering interest, taxes and provision for
doubtful notes and accounts receivable, &c., resulted in a profit and loss
deficit at Jan. 31 1922 of $284,179, compared with a profit and loss surplus
of $157,485 at Jan. 31 1921. -Y. 113, p. 854.
Imperial Tobacco Co. of Canada, Ltd.-Listing.The London Stock Exchange has granted an official quotation to $6,500,000 7%% bonds, convertible, maturing 1927 to 1971. See V. 113, p. 736.
298.-V. 114, p. 858.
Interlake Steamship Co.-Extra Dividend.An extra dividend of 1% has been declared in addition to the quarterly
dividend of 2%, both payable Apr. 1 to holders of record Mar. 18.-V. 112,
P. 1288.
Graton & Knight Mfg. Co.-New Directors.-
The following have been elected directors: W.R. Grace, one of the largest
individual holders of Pref. stock and V.-Pres. & Treas. of the IngersollRand Machinery Co.; George de B. Green, of E. H. Rollins & Sons; Stanley
A. Russell, V.-n•es. of the National City Co.; Dr. Homer Gage and Harry
G. Stoddard.
The men who retired from the board are: Henry C. Graton, one of the
founders of the company; Frank H. Willard, L. L. Harr, W. Virgil Spaulding, Henry Graton Gould, F. W. Goodrich and George T. Dewey. Mr.
Dewey was V.-Pres. and Counsel; Mr. Gould Comptroller, and Mr."Willard
a Vice-President. Mr. Harr recently resigned as Vice-President.-V.
113, p. 2189.
Great Western Power Co., Calif.-Acquisition.Consolidation of this company and the Universal Electric & Gas Co.,
San Francisco, is to be effected by purchase of the latter company by the
Great Western for a price of anproximately $2,500000. Final transfer of
the properties and approval of the contract is subject to approval of the
California Railroad Commission-("Electrical World" March 18).
V. 114, p. 1292, 952.
1413
Internat. General Electric Co.-To Increase Capital.The stockholders will vote April 13 on increasing the capital stock from
$20,000,000 ($10.000,000 Common and $10,000,000 Pref.) to $25,000,000,
to consist of $12,500,000 Common and $12,500,000 Pref., par $100.V. 113. p. 2509.
International Salt Co.-Annual Report.-Yearsending- 10 Mos. to
Dec. 31 '21 Dec. 31'20 Dec. 31 '19
Earnings.Divs. from sub. cos
$1,074,895 $1,042,650
$685,190
Int. on treasury bonds,&c 124,636
95,950
80,434
Year end.
Feb. 28'19
$613,500
97,078
Total
$1,199,531 $1,138,600
$765,624
$710,578
$43,525
Expenses Int. Salt Co
$47,939
$46,019
Co____
$59,127
202,282
Interest on 5% bonds_
170,508
208,790
207,895
Dividends
(6%)364,628 (8)486,170(43)273,471 (6)364,628
Balance, surplus
$406,623
$275,626
$78,033
$579.069
Sub. Co. Earns
Gross earns. of sub. ces_ _$1,160,839 $1,401,758 $1,074,503 $1,102,976
Net available for divs,.&c. 984,839
920,337
1,221,258
917,976
Total profit & loss surplus 4,295,017
4,279,395
4,060,498
4,385,139
Homestake Mining Co.-Earnings.Net income for the year ending Dec. 31 1921 amounted to $488,187. -V. 113, p. 1580.
after deducting taxes, depreciation, depletion and all charges, but before
deducting $502,320 for dividends paid.-V. 113, p. 2622.
Hood Rubber Co.-Outlook.-Treas. F. C. Hood says:
and liquida"So far as Hood Rubber is concerned, the period of depressionclosing
was a
tion and of merchandise deflation is over. The winter just
good average one for the sale of rubber footwear. Retailers are well cleaned
out ofsuch goods and advance orders for fall mean that our 1922 sales should
be larger both in quantity and in value than in 1921. Our plant is running
and
to-day at 70% capacity on rubber footwear and at full capacity on tiros
are
canvas footwear. Because of many additional dealers in our tires, we
tire of
assured that, notwithstanding an average reduction in value per considabout 40%. we shall have an incresae in tire business amounting to
erably over $1,000,000 for 1922 as compared with 1921.
will rep"We estimate that the total sales for the calendar year of 1922$32,000,and
resent a value of $27,000,000, as against $24,000,000 for 1921translated
ee, Wis.-Bonds Offered.into
First Wisconsin Co., Milwaukee, are offering at 100 and Int. $350,000
000 for 1920.. However, if goods sold this year were to be
1st
terms of money values of two years ago, 1922 sales would be nearer $35,Mtge.
10
Bonds.
Dated March 1 1922. Due
-Year
Sinking
Fund
7%
000,000 than $27,000,000. Our sales for the first three months of 1922 will April 11932. A circular shows:
exceed the sales for the same three months of 1921 by over $1,000,000.
Int.
Winconsin
Trust
Co., Milwaukee, trustee.
payable
A.
&
0.
at
First
a, without
"For the current month of March, sales will exceed $2,500,000, and only
deduction for the normal Federal income tax up to 2%. Denom.
1922 esti- $1,000,
great shrinkage of our sales for the next 9 months could affect my
$500, and $100 (c5). Callable all or part upon 30 days' notice on
sufficiently
any int. date at par and int. plus
mates. It is worth noting that the March earnings are at a rate
of 1% for each 12 months or fractional
large to earn the dividend on the Common stock for the quarterly period
art thereof from the call date to the fixed maturity of the bonds. Sinking
fluid
more than twice over.
sufficient
to retire substantially all bonds
is
beginning
1924,
April
1
"As we look back over the last three years, it is evident that we touched by maturity.
bottom in Oct. 1921, since which time we can see a steady improvement
Business.-Company manufactures modern sanitary and labor-saving
liquidation
of
in our position because of our economies in operation, because
for dairy, hog and horse barns and poultry houses. It has
Valley, equipment
of our customers' stocks of goods, particularly in the Mississippi
from a small beginning in 1906 to a modern manufacturing plant
We have no Brown
with
and because of the improved money condition generally.
assets
of $2.290.000. Has three plants, two at Port Atkinson, Wis..
merin
and one at Elmira, N. Y.
losses to face in the matter of rebates, and there are no mark-downs
chansise to be effected."-V. 113, p. 2825.
Earnings.-Average earnings for each 12 months period since Jan. 1 1916
are $97,481, or 4 tixnes the int. requirements on these bonds.
Purpose.-Proceeds will be used to retire current debt.
Howe Sound Co.-To Extend Voting Trust.Capitalization.-lst Mtge. 7% Sinking Fund Gold Bonds. due March 1
The voting trustees have issued a notice to holders of voting trust certificates requesting approval of a renewal and extension of the voting trust 1932. $350,000; capital stock issued and outstanding: Preferred 7%
of voting Cumulative (par $100), $667,900; Common stock (par $100). $140,500.
for a further period to be terminated Jan. 3 1927. All holders
should
trust certificates desiring to join in such renewal and extension
Trust Co.
(Julius) Kayser & Co.-Registrar.transmit their present voting trust certificates to the Bankers
The National Dank of Commerce in N. Y. has been appointed registrar
to have them so stamped. 3voting trustees are W. H. Gilshenen, Reeve
of the voting trust certificates.-V. 114, p. 1293.
Schley and Evandor B. Schley.-V. 112, p. 1288.
F
Hudson River Vehicular Tunnel.-Contract Awarded.The contract for the construction of the Hudson River vehicular tunnel
connecting New York (Canal and West Sts.) and Jersey City (12th and
Flinn, Ltd., 17 Battery
Provost Sts.) was officially awarded to Booth & and
New Jersey Tunnel
Place, N. Y., at a joint meeting of the New York
Commissions March 28. The contract (which calls for $19,331,723) was
yesterday
by
the breaking of
begun
signed March 30 and actual work
City.
ground at Canal and West Sts., N. Y.
Mr. Flinn states: "Among other preliminary costs will be the building
or purchase of scows to carry out and sink in the ocean the thousands of
bed of the Hudson. From the
tons of silt to be taken from underneath theout
there will have to be much
New York shore to a considerable distance
rock blasting, but from the end of the rocky ledge to the New Jersey shore
there will be only silt.
"The total length of the tunnel will be 9,250 feet, the distance between
the portals will be 8,330 feet, between the river shafts the distance is 3,375
5,480 feet. The maximum depth
feet, and under-river length will be bosom
of the Hudson at high water
between the top of the tunnel and the
will be 72 feet and the maximum depth of the roadway will be 93 feet."
yards
cubic
had to be excavated, that
496,500
that
said
Mr. Flinn also
the cast iron tunnel lining would weight 115,000 tons, and that 129,400
cubic yards of concrete would be used.
The "Iron Age" March 30 says:
"The gray iron segments for tunnel lining will be divided between the
Bethlehem Steel Co. and the Davies & Thomas Co., the former casting
between 58,000 and 60,000 tons and the latter, the remainder, between
46,000 and 48,000 tons. In addition to furnishing the major portion of
the gray iron castings, the Bethlehem Steel Co. will cast about 10,000
tons of steel segments and will fabricate about 10,000 tons of structural
steel required for the job. About 2,000,000 washers, 1,000,000 nickel steel
bolts and 1,000,000 nickel steel nuts will probably be divided about equally
between the Bethlehem Steel Co. and the Pittsurgh Screw & Bolt Co.
[Tho total cost of the tunnel, when ready for the passage through it of
the estimated 15.000,000 vehicles a year, is $28,669,000. It is estimated
that the tolls will produce the entire cost of the work in eleven years.1V. 112, p. 1288.
Kings County (R. Y.) Lighting Co.-Rates Reduced.-
The New York P. S. Commission has ordered the company to reduce
the rate of gas from $1 50 per 1,000 cu. ft. to $1. 40, effective April 1,
and authorized the company to make gas of 525 British thermal units
instead of the 22-candle power gas required by law. The company is also
permitted to fix a minimum monthly charge of 50c.-V. 114. p, 1186.
(B. B. & R.) Knight, Inc.-Dividend Action Deferred.-
The directors have failed to take any action on the payment of the quarterly dividend of 2% usually paid April 1 on the $2,b00,000 8% Cum.
1st
of. stock.
The company is controlled by the Consolidated Textile Corp. and has
suffered heavily from strike conditions prevalent in the Rhode Island
district.-V. 113, p. 2622.
La Belle Iron Works.-Bonds Sold.-Lee, Higginson
& Co. and National City Co., New York, have sold at
993
4 and int., yielding over 6%, $4,000,000 1st & Ref.
(now 1st) Mtge. 6% Gold Bonds of 1915, due Dec. 1 1940.
Sinking Fund.-Annual sinking fund, for the purchase or call and retirement of bonds, has retired $1,000,000 bonds since 1915, and is to retire
before maturity at least 66 2-3% of total bonds issued.
Ownership -Wheeling Steel Corp. owns 99.1% of its entire Capital stock.
Data from Letter of Pres. D. A. Burt, Wheeling, W. Va., March 1922.
Company.-Incorp. in Dec. 1875 in W. Va., succeeding to a partnership
founded in 1852. Manufactures pig iron, steel slabs, billets, sheets, plates,
tubes and other finished steel products. Principal plants at Steubenville,0.
Capitalization Outstanding Upon Completion of Present Financing.
1st & Bef.(now lst)M.5s,x32.421,000:6s,(this issue)34,000,000_$6,421,000
9,915,400
Preferred stock, 8% Cumulative
16,514.400
Common stock
x Of total $3,500,000 5s originally, issued $1,000,000 have been retired
mortgage
is closed.
by the Sinking Fund and $79,000 are in treasury and the
Purpose.-Proceeds will be used: (1) to retire $1,000,000 debt incurred
additional
capital
for
construction
provide
for
additions to plant, and (2) to
Humphreys Oil Co.-Production, New Wells. &c.program extending through 1922 and part of 1923.•
The Pure Oil Co., in an official statement dated March 27, says:
Expenses, Depreciation & Inventory Adjustments
"The company's reports on the Mexia production of the Humphreys Net Earnings after Operating Calendar Years.
increased rate of yield. Average daily
Oil Co. are showing a greatly
1920.
1921.
1919.
1913.
1917.
1915.
production for February was 37,436 barrels, while for the first 10 days of $1,379,147 $777,734 $11,187,214 $2.585,574 $4,518,138 loss31,062,821
March it was 44,496 barrels, and for the second 10 days of March, 47,625
last 17% years amounted to $44,144,669
the
The
total
net
earnings
for
average
daily
combined
production
for
March, up to and and the average per year (171% years) was $2,522,552, or approximately
barrels. The
incl. March 20, is 46,060 barrels. In view of the fact that record single 7 times the $361,050
interest requirement on entire funded debt, including
March 20. there is reason to expect
days of oil yield have occurred since
the last 10% years have averaged $3,127,267,
greater
be
than
to
month
has
yet been made in any this issue. Net earnings for
the average for the
and for the last 5 years $4,926,711, or approxitimes,
or
more
than
8
2-3
properties.
month of the development of these
total interest requirement.
this
mately
times
131%
Humphreys
the
-Pure
of
Oil
production
interest
during
the
"The total
In 1921, a year requiring exceptional price readjustments together with
first 20 days of March aggregated 921,209 barrels, which was 30% of the generally
reduced business in the steel industry, and the only year the
grand total of 3,043,538 barrels for the entire field, including all producing company has
shown a loss in the last 171% years, there was a net loss of
Humphreys
Co.
the
period,
brought
in
24 new wells,
interests. In this
before interest but after deducting all depreciation and all idle
$1,062,821
increasing their flush production from 39,42,5 barrels on Feb. 28 to 55,963 plant expense
for the year.
barrels on March 20, making a total of 74 producing wells averaging 771
Operations.-Plants for the year 1921 operated at about 25% of capacity.
barrels, a part of these being older producers. With this total number of
at about 60% of capacity.
wells, the Humphreys properties had produced on March 20 an aggregate Present operations are [Excludes Ingots Produced
Amounting to 2,320,556.1
of 4,929,859 barrels of oil in this pool. In addition, there were 48 wells Production Cali Years
Slabs &Finished
In various stages of drilling, representing the largest development campaign
Coal Pig Iron
Value
Coke
Billets Goods
in the Mexia locality. The acreage held by this interest, even with this
Ore
Tons. Tons. Tons. Ingots. Tons. Tons. Shipments.
Intensive drilling campaign, includes the largest undeveloped holdings
Tons
within the likely producing area."-V. 114, p. 1292.
338,043 128,946 161,030 169,836 327,836 284,089 376,434 $11,352,724
1915
352,803 112,986 165,289 257,623 416,783 350,426 416,827 19,698,155
1916
364,940 312,484 309,688 260,182 419,491 350,053 394,249 31,656,268
Hupp Motor Car Corp.-Balance Sheet.1917
1921
505,391 453,519 411,448 259,302 401,624 325,809 354,516 31,646,211
31
shows:
Dec.
1918
Cash,
The balance sheet as of
$481,078 (against
436,033 356,268 421,999 185,759 291,004 248,009 304,770 18,705,774
$476,552 Dec. 31 1920); accounts receivable, $438,704 (against $903,617 1919
351,516 378,403 480,191 240,294 355,120 312,850 388,334 30,695,963
Dec. 31 1920); inventories, $4,183,642; bank loans, none; notes payable, 1920
337,092 122,215 254,818 60,197 108,698 95,450 106,005 9,478,408
$500,000; accounts payable, $1,286,055; and surplus, $4,905,235 (against 1921
Compare original offering V. 101, p. 2075; V. 102, p.607.-V.112,0.2812.
$4,600,401).-V. 113. p. 1257.
1414
THE CHRONICLE
La Porte Oil & Refining Corp.-Protective Committee.-
At the request of holders of a large amount of the 5-year 1st Lien & Coll.
Trust 7% Cony. Gold Notes, the undersigned will act as a protective
committee for the note holders, who deposit their notes with Now York
Trust Co., 100 Broadway, N'. Y. City, depository. All note holders are
urged to deposit their notes on or before April 15.
Committee -Harvey Huffman, Chairman; E. D. Warren, A. E. Fitkin,
A. M. Hall, 2d, G. A. Williams, with Lindsay Bradford, New York Trust
Co.Sec.. and Chadbourne, Hunt & Jaeckel, 165 Broadway. N. Y. City.
counsel. See V. 110, p. 1419. 769.
Listing of Foreign Bonds.-Added to the Cleared List.-
Effective March 31 the Stock Clearing Corp added to the list of cleared
securities 17 foreign government bonds now listed on the Exchange. See
list under "Current Events" above.
Luzerne County Gas & Electric Co.-Bonds Sold.Stroud & Co., Bioren & Co., and E. B. Smith & Co., have
sold at 98 and int., $1,000,000 Gen. & Ref. Mtge. 7%
Gold Bonds, Series "A." The bankers state:.
114.
Martin-Parry Corporation.-Annual Report.-Calendar Years1919.
1921.
See note.
1920.
Net sales
$2,424,879 $3,725,434 $1,927,678
Cost of goods sold
1,898,359 2,984,171
1,405,810
Selling, admin. and gen. expen.
461,810
415,508
212,233
Disc't on purchases and other income_ Cr.63,353
Cr.77,120
Cr.34,448
Miscellaneous charges
12,350
25,886
11,885
Federal taxes
10,791
65,635
Inventory adjustment
104,102
Dividends
200,000
200,000
Balance, deficit
$199,180sur.8111,354
$332,200
Profit and loss surplus
$160,016
0367,661
$345,422
Note.-Profit and loss account includes operations of Martin plant for
5 months and Parry plant for 6 months ended Dec.31 1919.-V.112, p.1622.
Massachusetts Oil Refining Co.-Parent Co. Receivership.
The receivership for Island Oil & Transport Corp. has focussed attention.
on its subsidiary, Massachusetts Oil Refining Co., operating refinery at
East Braintree, Mass. Massachusetts Oil has 75.000 shares of stock (no
Dated March 1 1922. Due March 1 1947. Red. all or part on any int. par) outstanding, of which 51% is owned by Island 011 and pledged as part
date on 30 days' notice at 105 and int. Int. payable M. & S. at office of of collateral security under $3,500,000 Island 0118% notes. Massachusetts
Equitable Trust Co., New York, trustee. Denom. $500 and $1,000 (c*). Oil has $4,000,000 7% Convertible bonds, due Oct. 1 1929, $750,000 7%
Interest to be payable without deduction for any Federal income tax up notes, due
924. and $895,000 8% Serial Mtge. bonds, the latter
Aug.In friendly hands. Company has no bank loans, but there
to 2%. Penn.four mills tax free. Additional General & Ref. Mtge. bonds issue being held
may only be issued for refunding purposes or for 70% of the cost of additions is something over $400,000 owed on merchandise account and in addition
and improvements to the property and when net earnings equal twice the a possible liability on ship charter account for an amount which, though
annual interest charges on all bonds outstanding, including this issue and undetermined, may reach a substantial figure. It is impossible at this
time to say what effect of new situation in Island Oil will be upon its subproposed.
Guaranty.-Guaranteed Principal and interest by the American Gas Co. sidiary-(Boston "News Bureau").-V. 112, p. 1405.
Company.-Incorp. in Pennsylvania. Serves without competition gas
Mengel Co., ouisville, Ky.-Bonds Sold.-Halsey,
and electricity in 22 cities and towns; electricity in 6 cities and gas only in
one in and about Luzerne County, Pa.
Stuart & Co., New York and Chicago, Mercantile Trust Co.,
Capitalization Outstanding (upon Completion of Present Financing).
St. Louis; Geo. H. Burr & Co., New York, and Smith,
1st Mtge. Ref. & Improve. 5% bonds, due Oct. 1 1948
$3,477,000
Hazleton Gas Light Co., 5% bonds, due 1932
23,000 Moore & Co., St. Louis, have sold at prices ranging from
.Gen. Mtge. & Ref. 7% bonds, series "A," due March 1 1947
100 and int. to 993I and int. $5,000,000 1st Mtge. 7%
(this issue)
1,000,000 Serial Gold Bonds
(see advertising pages).
Preferred stock,'7% cumulative
1,000,00
Common stock
Dated March 11922,due $200,000 annually March 1 1924 to 1933,incl..
2,090,000
Security.-Secured by a direct mortgage lien on all the property subject and $3,000,000 March 1 1934. Int. payable M. & S. in Chicago, New
York or St. Louis without deduction for Federal income tax not in excess
to only $3,500,000 (closed mortgage) bonds outstanding.
Purpose.-Proceeds will be used to pay floating debt incurred for exten- of 2%. Mercantile Trust Co., St. Louis, trustee. Denom. $1,000, $500
and $100 (c5). Red. on any int. date upon 30 days' notice (as a whole or
sions and improvements, and for corporate purposes.
Earnings.-Gross earnings for year ended Jan. 31 1922, amounted to by series of one or more of the maturities 1924 to 1933,and the 1934 maturity
$1.440,815, and net earnings amounted to $607,927, as compared with in lots of not less than $1,000,000), at 105 and int. for the 1934 maturity
annual interest requirements on the total bonded debt outstanding with the and for the other maturities at 100 and int., plus a premium of M % for
public, including the present issue, of $245,000, or about 2M times the each full year of unexpired life.
Company.-Organized in New Jersey as the Mengel Box Co., which
required amount.-V. 111. p. 798.
company and its predecessors have been in continuous successful operation
since 1877. Company is the largest producer of shipping boxes in the
Magma Copper Co.-Stock Increase-Bond Issue.The stockholders March 28 approved a new issue of convertible bonds United States.
• Manufactures high class wood and fibre box board shipping boxes, used
not to exceed $4,000,000 and authorized an increase in the Capital stock
largely for the packing of plug tobacco, cigarettes, tobaccos, licorice, cereals,
from $1,500,000 to $1,750,000. Compare V. 114, p. 1186.
cigars, soap, starch, soft drinks, &c. Also manufactures hard woods,
lumber, veneers, panels, plywood, auto wood parts, toys, &c.
Manati Sugar Co.-Bonds Sold.-J.&W.Seligman & Co., mahogany,
Owns and operates 4 factories in Louisville, Ky.; one factory in St. Lonis,
Hallgarten & Co., Bankers Trust Co., New York, and Union one factory in Jersey City,
one factory in Winston-Salem, N. 0.•, a fibre
board mill in Elkhart, Ind.; saw mill in Hickman, Ky.; veneer mill in
Trust
Pittsburgh, have sold at 100 and int., yielding box
Hickman, Ky., and saw mill in Rayville, La.
$8,000,000 First (Closed) Mtge. 20-Year 732%
7M%,Co.,
In connection with its saw mills and logging plants, the company operates
its own railroads and has a towboat line consisting of two towboats and
Sinking Fund Gold Bonds (see advertising pages).
7 steel barges used for the transportation of logs from its logging camp at
Dated April 1 1922, due April 1 1942. Int. payable A. & 0. without Hales Point, Tenn.. and from other points on the Mississippi
River to its
deduction of normal Federal income tax not exceeding 2% p. a. Penn. Hickman
plant.
4 mills tax refundable. Denom.$1,000,$500 and $100 (c*). -Non callable
The
also owns all of the Capital stock of the extensive box plant
except as a whole or for sinking fund at 110 through 1936 and decreasing knowncompany
as the Columbia Box Co. in St. Louis, Mo.
1% annually thereafter. Central Union Trust Co. N. Y. trustee.
Capitalization after this financingAuthorized. Outstanding.
Listing.-These bonds have been listed on the N. Y. Stock Exchange 1st Mtge. 7% Serial
Gold bonds (this issue)
$5,000,000 $5,000,000
"when issued".
Preferred stock 7% Cumulative
6,000,000 3,365,300
Sinking Fund.-As a sinking fund company will pay to the trustee semi- Common stock
9,000,000 x6,000,000
annual payments, beginning 1924, a sum osufficient to retire $335,000 of
bonds annually through purchases in the market up to the prevailing call
x Mengel Box Co. was lncorp. in 1899 with an authorized capital of
price.
Common stock. As the business developed the amount of Common
Data from Letter of Pres. Regino Truffin, New York, March 28. $600,000
stock was increased to $6,000,000. Company has paid dividends regularly
Property & Business.-Company is one of the largest and best equipped on Pref. stock to date and has paid divs. each year on Common stock in
sugar plantations in Cuba. Property located in the eastern end of the cash or in stock out of surplus account during the past 21 years averaging
island and includes 276.060 acres of land, of which 207,027 are owned 18%. No divs. on Common stock were paid in 1921.
outright or held under contract of purchase on which there remains due
Purpose.-Proceeds will be used for refunding purposes and to retire
only $926,000; also a sugar mill having a capacity of 700,000 bags p. a. current liabilities.
upon completion of certain improvements now under way, warehouses, a
Security.-Secured by a direct first mortgage lien upon real estate, plants,
.community of 10.000 persons, a deep water harbor on the north coast, a and other fixed assets (except timber lands) now or hereafter owned.
network of 130 miles of narrow gauge railways and 33 miles of standard
Net Profits -For the six year period ending Dec. 31 1921 net profits
gauge railroad (Tunas RR.) which connects the Cuba RR. with the com- before deducting interest, Federal income taxes and inventory write-offs
pany's mill.
have averaged $1,247.313 annually and after deducting inventory writeSecurity.-Secured by a direct closed first mortgage on all the fixed offs have averaged $876,409. Federal taxes during this six year period
property owned and on interest in lands held under contract, less $926,000 have averaged $183,198 annually. The maximum annual interest on the
purchase money debt, payable in installments between 1922 and 1933 and bonds is $350,000.-V. 113, p. 632, 1988.
by a first lien on the Tunas RR. through the pledge of all its stock.
Earnings.-Net income available for interest, depreciation and income
Mergenthaler Linotype Co.-Earnings.-and profits taxes for the 8 years since beginning operations in 1913,including
For the first four months of the company's present fiscal year, beginning
the first two years when the mills were not in full operation and the year Oct. 1 1921 and ended Jan. 31 1922, net earnings aggregated more than
1921. a period of demoralization in the sugar industry, has averaged $1,- $765,000. The company's earnings for the preceding year were approxi825,761 p. a., equal to over 3 times the maximum interest charges of mately on the same basis. Net earnings during Jan. 1922 amounted to
$600,000 on these bonds. (Compare annual report in full for fiscal year $247,770. For the first time in the history of the company, its surplus is
in excess of $10,000,000. A decided cut in "bills payable" was made in
ended Oct. 31 1921 in V. 114, p. 419-21.)
Purpose.-Proceeds will be used to pay off all bank loans,to pay for certain January. Unfilled orders have increased since Jan. 1 and the Brooklyn
extensions of the mill and railroads and to increase working capital.
plant is running at full blast. ("Washington Post" Feb. 24.)-V. 113, D.
2502.
Balance Sheet as of Feb 28 1922 (After this Financing).
AssetsLiabilitiesMidco-Mexico Co.-Bankruptcy.Prop.&plant,less dep.,&c$15,287,399 1st M.7J4% bonds
$8,000,000
An
petition in bankruptcy was filed March 29 in the Federal
Tunas R R
2,003,161 7% Pref. stock
3,500,000 Courtinvoluntary
against the company, the petitioning creditors setting up claims of
Material & supplies
651,014 Common stock
10,000,000 $621,723.
The
petition
was filed by John S. Sickels, 51 East 42d St..
Advances to Colonos____ 3,613.283 Drafts & accounts pay.... 1,355,444
Accounts receivable
135,278 Approp. for exts. & impts 1,538,300 attorney for the creditors.-V. 112, p. 567.
Sugar on hand &c
1,205,442 Miscellaneous
63
Middle States Oil Corp.-New Wells.Cuba Sugar Fin. & Exp.
Reserves for taxes
3,245
For the week ended
26 the company reports completion of the
capital stock
100.000 Various reserves
625,000 following wells: No. 4March
Section 24-11-11, Okmulgee County,
Cash
1,884,507 Surplus
779,149 Okla., making 400 barrelsBarnett,
daily; No. 7, Oliphant, Section 33-23-12, Osage
Dep. with Cuban Custom
County, Okla., 125 barrels, and No. 3, at Mexia, 1,500 barrels.-V. 114.
Houses
• 15.538
1294.
Deferred charges
905.580 Total (each side)
$25,801,203 P.
Contingent liability for face value of notes guaranteed by company on
Miller & Lux, Inc., San Francisco.-Bonds Offered.various accounts $85,710.
Dividends.-Company has regularly paid cash dividend on Prof. stock Cyrus Peirce & Co. and Blyth, Witter LeL Co., San Franat rate of7% p. a. since Jan. 1 1915 and on its Common stock at the rate of cisco, are offering at 102 and int., yielding about 6.65%,
10% p. a. from Dec. 1 1916 until the summer of 1921.-V. 114, p. 404.
$1,220,000 1st (closed) Mtge. 7% 10-year gold bonds of
Manhattan Oil Products Co., Minneapolis.-Receiver. 1920. Due June 15 1930.
Federal Judge Booth has appointed a receiver for this company in an
action brought by the Indiana Refining Co. Assets are placed at more
than $4,000,000.
Securily.-Secured by approximately 1,000000 acres of land and improvements of a conservative present value in excess of $50,000,000 as
follows: (a) About 800,000 acres of land with water rights and improvements
in California, belonging to Miller & Lux, Inc., on which these bonds are an
Marlin-Rockwell Corporation.-Tax Settlement.absolute first mortgage, and (b) about 200,000 acres of land, with water
The company has announced that the tax dispute with the Government rights and improvements in Nevada, Utah, Idaho and Oregon, owned by
had been adjusted and the taxes paid. [The amount of the settlement is the Pacific Live Stock Co., a subsidiary. All of the capital stock of the
not made known, but it is stated that the Government's claim was in the Pacific Live Stock Co. has been deposited with the trustee securing these
neighborhood of $8,000,000. It is said that in the final settlement the bonds, together with a covenant that no lands of the Pacific Live Stock Co.
greater part of the claim was wiped off the slate.]
will be mortgaged during the life of these bonds.
101/The announcement also states that the company will confine itself to the
Purpose.-Proceeds will be used in part payment of floating debt. Net
ball-bearing business, operating under the Standard Steel & Bearings, Inc.. quick assets at the conclusion of this financing will be materially in excess
In which it owns all the stock. Assets unnecessary to this business will be of$7,500,000. Compare original offering in V. 110,p. 2662.-V. 1124)1983.
liquidated.
Guy W. Vaughan. Pres. & Gen. Mgr. of the Standard Steel & Bearings,
Miller Rubber Co., Akron, 0.-Annual Report.Inc., has been elected Vice-President. (See also Marlin Wire Wheel Corp.
President Jacob Pfeiffer, March 9, says in substance:
below.)-V. 113, p. 1894.
"The net sales for the year 1921 were $18,983,677, which is 723i% of
the net sales for the year 1920, amounting to $26,182,391.
Marlin Wire Wheel Corporation, New York."Drastic reductions in selling prices on tires made during the year deFr The above company is the incorporation of the wire wheel business creased the amount
which otherwise would have been received for tires sold
formerly conducted by Marlin-Rockwell Corp. at Philadelphia, under the during the year by approximately $3,000,000-thereby reducing profits
Rudge-Whitworth patents. The conduct of the business will be the same to that extent.
as fomerly, under the name of The Marlin Wire Wheel Corp. ("Iron
"Total inventories were reduced from $9,321,803 to $3,981,922. Due
Age.' March 9.)
to declining market prices during the year the company was obliged to
APRIL 1 1922.]
TUE CHRONICLE
1415
absorb $1,633000 further shrinkage in its inventory values, which together Union Colliery Co. Company serves over 138,000 consumers, including
with a provision of $463,000 for loss on commitments to come in 1922, nearly 106,000 homes. Also furnishes 90%, of the power requirements of
aggregates $2,096,000, all of which was reeovered during the year's opera- the street railway system in St. Louis and adjacent territory. Has continuously paid dividends on its Common stock since 1907, average rate being
tions except the difference in the deficit of $555,000.
"After writing down inventories and deducting an amount considered over 7-%. Company had outstanding on Dec. 31 1921, in addition to the
adequate to cover doubtful accounts, discounts and contingencies, the pledged $11,015,200 Common stock, $4,405,600 Pref. stock and funded
current assets amounted to $7,983,224, less current liabilities of $2,060,437 debt aggregating $21,469,000.
Earnings.-Combined earnings available for dividends on the collateral
(all bank indebtedness being paid), leaving a balance of $5,922,387 net
pledged, after all fixed charges, taxes and liberal depreciation, amounted to
working capital.
"All liabilities, including loss on commitments and losses of every nature $2,900,057 for calendar year ended 1921 and averaged $2,308,541 for past
for normal depreciation and obsolescence have been taken and are fully 3 years. Such average earnings before setting aside reserves for depreshown, and lower prices have reduced the working capital requirements ciation amounted to $4,508,089 p. a. At rates now actually paid, diva.
on the pledged collateral amount to $2,195,530.
of your company.
Capital Stock.-200,000 shares no par value capital stock, all owned by
"With the company's plant capable of producing a much larger volume
of goods than was produced and sold last year, I believe that if all stock- North American Co.
[The principal office of the company is in the City of Wilmington, Del.,
holders who are not already users of Miller products would strictly confine
their purchases to Miller tires, drug sundries, &c., and recommend them and the New -York office is at No.60 Broadway. Officers are: Chairman,
to their friends, it would no doubt assist materially to increase the com- F. L. Dame; Pres., Edwin Gruhl; V.-Pres. & Sec., James F. Fogarty;
pany's business. Your management in turn pledges its best efforts to Treas., Robert Sealy; Asst. Sec., F. H. Piske; and Asst. Treas., Ferdinand
maintain and improve, if possible, the high quality and service. of Miller Sherwood.]
products and to produce them at the lowest possible price.
Ohio Brass Co., Mansfield, O.-Annual Report."Dividends will be resumed just as soon as business conditions will
Calendar Yearswarrant."-V. 113, p. 1366.
1921.
1920.
1919.
1918.
Sales
$6,199,914 $8,532.470 $5,004,630 $6,247,246
Milwaukee Gas Light Co.-Earnings (Calendar Years).- Net profit after taxes..__
722,440
828,732
684,126
528,794
Consolidated Balance Sheet Dec. 31 (Including Ohio Insulator Co.).
1920:
1921.
Oper. RevenueOper. Expenses- 1921.
1920.
Assets1921.
Liabilities1920.
$2,548,493 $2,698,124
1921.
1920.
Commercial earns $3,586,771 $2,978,529 Production
349,419 Plants, equip.4c $2,547,811 $1,904,451 Preferred stock__ $1,069,500 $1,069,500
391,670
Industrial earns__ 481,376
492,454 Distribution
Patents
300,000 Common stock__ 1,042,700 1,042,200
300,000
Power earnings _
8,030
8,104 Municipal contract
591
412,312 Acc'ts payable._ _ _ 220,924
415,812
2,415 Stocks and bonds
lighting
Munkel contralto
435,754
220,857
216,977 Cash
534,323
172,871 Notes payable_
lighting earns__
35,623 Commercial
250,000
26,838
115,755
105,791 Notes receivable
320,5421 2,043,304 Reserve for doubtGeneral
Bale gas to other
24,000
6,750 Acc'ts receivable.._ 801,9011
ful accounts__ __
19,217
107,644 Undistributed
129,759
utilities
Inventories
914,098 1,113,023 Reserved for taxes 240,000
250,000
__$3,301,366 $3,379,476
Total
Surplus
3,242,147 2,898,507
Total earnings
__ 217,500
180,000
from gas _ _ _ _$4,232,774 $3,622,355 Depreciation
544,819
_
_
_
Taxes
481,480
_$5,834,488
$5,945,961
_$5,834,488
Total
-_
Earnings from resi$5,945,961
All of the $100,000 Common stock of the Ohio Insulator Co. is owned
Total913,921
787,893
duals
by the Ohio Brass Co.-V. 104, p. 868.
deb.5
deb.1,964
.Misc.earnings_
Total oper. exp $4,063,686 $4,040,955
Oklahoma Gas & Electric Co.-Gas Rate Sustained.Total over. rev $5,018,704 $4.536,271 Net open revenue $955,019 $495,316
-V. 106, p. 602.
The action of the Oklahoma Corporation Commission in scaling the
charges by the company to domestic consumers in Oklahoma City, on
-Additional
Co.
Generating
Electric
Plant. account of inadequate gas pressure during cold periods in Dec. 1917 and
Mobile (Ala.)
The company has secured possession of the modern 10,720 h. p. steam Jan. 1918 was sustained March 20 by the U. B. Supreme Court in a case
power plant of the Chickasaw Shipbuilding & Car Co., which obviates appealed by the company from the decision of the State Supreme Court.
the necessity of the Mobile Co. enlarging its present generating station to The Supmme Court's opinion rendered by Justice McKenna pointed out
adequately serve its growing business. The Shipbuilding Co.is a subsidiary that the Oklahoma authorities did not impose a requirement of the imof the United States Steel Corp. It was organized during the war to build possible, but imposed the performance of the service the gas company had
ships, but has been idle for some time.-V. 113, p. 2826.
agreed under its franchise to perform, and, failing to do this, justified a
reduction of the fees. See also V. 113, p. 2827.
Mohawk Mining Co.-Earnings.-1920.
1921.
1919.
1918.
Calendar YearsOsgood Bradley Car Co., Worcester, Mass.-Orders.$1,299,776 $1,627,150 $2,384,941 $2.612,142
Receipts
company has received a $150.000 order from the Connecticut Co.
1,057,926
1,046,340
1,850,692
1,578,452 forThe
Working expenses, &c
25 one-man cars.-V. 105, p. 2099.
Cr.64,045
Cr.51,952
Cr.64,572
Other income
35.623
bonds_
__
_
Loss on Govt.
Parish & Bingham Corp., Cleveland.-Annual Report.
28,186
Loss on Govt. copper_
550,000
Income Account for Year Ended Dec. 31 1921.
Dividends
500,000
1,000,000
(95%)
Net sales
($10)
Rate per share
$4,201,124 59.128.4431 Inventory adj. $188,676
($5)
Mfg. profit__ _
163,656
38,630 Net loss
356,080 $357.589
$82,762
$270,272
$70,635
Balance, surplus
$33,690 Operating loss
164,862 Divs. paid_
21,114
450,000
-V. 114, p. 312.
Oth.chges.,net 146,289
192,727)P. & 1. surplus 1,888,283 2,332,363
-V.
112, p. 1151.
Enameling & Stamping Co.
-Common StockNational
holders Seek Injunction Against Payment of Preferred Divs.-
Postum Cereal Co. Inc.-Dividend Outlook.-
It is reported that the directors when they meet early in April will place
It is reported that the Common stockholders are contemplating seeking the Common stock
on a $5 a year dividend basis. Business of the company
injunction against the directors to restrain them from paying dividends is reported
to be running substantially ahead of last year.-V. 114, p. 745.
on the Preferred stock. In Feburary regular quarterly payment of 1%%
year
in
for
a
advance,
Preferred
in
the
was declared on
accordance with
Pure Oil Company.-New Wells.usual custom. The bill alleges that finances do not warrant the dividend,
An official statement. dated March 25, says in substance: According
as the company is preparing to do financing by notes or bonds to the extent to reports of the
company.25 wells bringing in additional large flush proBureau"
News
Mar.
("Boston
$20,000,000.
25.)-V. 114, p. 1060.
of
duction were completed by the Humphreys Oil Co. in the Mexia-Texas
field during the last 30 days. In this period, the flush output of this interNew Cornelia Copper Co.-Annual Report.increased from 36,499 bbls. on Feb. 18 to 61.8.50 bbls. on March 22.
Total earnings on metals for year ending Dec. 311921, $2,722,040; other estThe
largest initial showing made by any of these completions was that
income, $15,101; operating and general expenses, freight taxes, &c. of the 13erthelsen, West, No. 3, which made 11,178 bbls. th efirst 24 hours.
$482,149;
profit.
mining
depreciation, $372,420; depletion, There was one 4,500-bbl. and two 4,000-bbl. wells in this list. Three wells
$2,254,992;
$469,832; loss for year, $360,102.-V. 114, p. 1070.
made 3,000 bbls. or better, and six made 2,000 or better, while five wells
had an initial flow of 1,000 bbls., or more.-V. 114, p. 1295.
N. Y. Telephone Co.-Injunction Against Rate.Judge Learned Hand in the Federal District Court March 30 granted
Ray Hercules Copper Co.-To Reorganize.-Tuoker,
the company a temporary injunction restraining the P. S. Commission
from enforcing its order of March 3 reducing telephone rates in the State Bartholomew & Co., Boston, and Geo. A. Huhn & Sons,
and city which was to become effective April 1. Judge Hand will hold a New York and Philadelphia, reorganization managers, anhearing on April 8 for the Commission to show cause why this injunction
should not be made permanent. The proposed reduction in the city nounce that the plan of reorganization of the Ray Hercules
amounts to about 5% and elsewhere in the State about 73- %.-V. 114, Copper Co. as Ray Hercules Mines, Inc., embodied in their
p. 1294, 1187.
letter and plan of reorganization dated Dec. 27 1921,
is
declared operative, to take effect April 5 1922, a sufficient
amount of stock of the new company having been subscribed
for that purpose.
Nipissing Mines Co., Ltd.-Earnings.-
1921.
1920.
1919.
1918.
$935,187 $1,835,185 $1,845,099 $1,815,211
36,589
34,939
38,404
39,840
900,000
1,800,000
1,800,000
The date of April 5 has been set as the last day of the deposit of old stock
1,800,000
and subscription to new stock under the plan of reorganization. No furdef.$1,402
surplus
$246
Balance,
$6,695
4590793 def.$24,629 ther subscriptions will be received after that date.
$8,816
P. &I. surplus Dec. 31
$10,219$3,278
-1r, 114, p. 1294.
Data from Circular Letter, Dated Dec. 27 1921.
Original Estimates Short $1,000.000.-When the company was formed in
North Adams (Mass.) Gas Light Co.-Stock,
1915 it was considered that the sale of securities at that time made adequate
The company has applied to the Massachusetts Department of Public financial provision for development of the property, constructions of plant
Utilities for approval of an issue of $800,000 additional capital stock to
and inauguration of production. As a result of the war the original estifloating debt and to pay for proposed additions to and extensions ofpay
its mates fell short by more than $1,000.000.
plants and property.-V. 111, p. 394.
Directors and Creditors Advance $2.287,562.-Certain directors and creditors evidenced their confidence in the property and their good will toward
North American Edison Co.-Bonds Sold.-Dillon, stockholders by personally procuring from time to time the funds necessary
for additional casts, development and operation. Over the period ending
Read & Co. have sold at 923/i and int.to yield about
July 1921, $2,287,562 has been advanced by the directors and creditors on
$14,000,000 30-Year 6% Secured Sinicing Fund gold 6.60%,
company's notes, for which advances they took as security and now
bonds, the
hold and own tho $3,000,000 7% 1st mtge. bonds of Arizona Hercules
advertising
(See
pages.)
Series "A."
Copper Co. which, under the plan proposedto the shareholders under date
Due
March
1922.
15
1952.
15
March
A
Dated
sinking fund is provided of March 7'1921 (V. 112, p. 1151) were to be deposited as collateral for a
available semi-annually, to redeem 2% ($280,000 par value) of Series"A" proposed 8% issue of the same amount of bonds of the Ray Hercules
bonds each year by purchase if obtainable at or below 100 and in
Int. Copper Co.
without
York
"New
in
deduction for any Federal normal
payable M. & S.
Although this plan of March 7 1921 was approved by the stockholders,
income tax up to 2%. Central Union Trust Co., New York, trustee. nevertheless, on account of the unfavorable conditions then existing, suffiDenom.$1,000 and $500 (c*). Callable, all or part, by lot on any int. date cient subscriptions were not received to permit the plan to be carried out.
1922,
with
the call price reduced
at 107% and int. on Sept. 15
of 1% and the proposed Ray Hercules Copper Co. bonds were, therefore, never
each year thereafter. Pennsylvania 4-mill tax refunded.
issued. Of the funds advanced by the directors and creditors as above.
over $2,087,562 has been advanced in cash and the balance (5200.000)
Data from Letter of President Edwin Gruhl, March 27 1922.
by the company from banks on the
Company.-Incorp. March 25 1922 in Delaware. A subsidiary of the represents borrowed money secured
written guarantee of certain directors.
North American Co. Will own 72.7% of the outstanding Common stock personal
Foreclosure Proceedings.-Owing to the failure of the stockholders to subof Cleveland Electric Illuminating Co. and entire outstanding Common scribe
for the above bonds, the creditors could not be expected to advance
stock of Union Electric Light & Power Co. of St. Louis.
further funds without co-operation from stockholders and an action has been
Security.-Secured by pledge with the trustee of(a) $10,940,100
commenced by the Empire Trust Co., trustee.. to foreclose the mortgage.
outstanding Common stock of Cleveland Electric Illuminating (72.7%)
Co. and
While it is impossible under the above circumstances, to avoid wiping
(b) $11,015,200, the entire outstanding Common stock of the Union Elecout the present stock of Ray Hercules Copper Co., of which 1,500,000 shares
tric Light & Power Co. of St. Louis.
managers have prevailed on the crediCleveland Electric Illuminating Co.-Operates in Cleveland and adjacent are outstanding, the reorganization
territory,serving with electric light and power an estimated total population tors, to make an offer to the present stockholders which is considered liberal.
of over 1,200,000. Business includes supply of light and power to meet the
Reorganization Plan, Dated Dec. 27 1921.
requirements of many varied industrial and manufacturing interests and
New Company to Be Formed.-In pursuance of this plan, title to the prop.
over 80% of the power requirements of the street railway system. Serves
if and when acquired by the trustee under the foreclosure, will 13e
over 181 000 consumers, including approximately 157,500 homes. Street erty,
vested
in a new company, Ray Hercules Mines,Inc., to be organized in Dellighting is furnished 17 municipalities and current for domestic and com- [incorp.
in Delaware Feb. 2 1922.]
mercial tourposes to 35 political sub-divisions comprising Cleveland and subNew Securities Authorized.-First Mtge. 10-Year Convertible
urbs. Has continuously paid dividends on Common stock since 1901,
bonds, dated Feb. 11922, due Feb. 1 1932
$1,000,000
8%
average rate being over 8 %. Will have outstanding, upon completion of Capital stock, 1,200000 shares, par 55
6,000.000
present financing, $15,045,200 Common stock, $4,760,600 Pref. stock and
The above securities will be issued to the creditors on foreclosure of the
$23_,500,000 funded debt.
bonds referred to above in full payment for the physical properties, subject
Union Electric Light ee. Power Co.-Operates in St. Louis, Mo., and in the
the following stipulations and conditions:
surrounding industrial and suburban territory, serving with electric light toThe creditors will at once turn back into the treasury of the new company
and power a population of over 1,000,000. Owns entire capital stock of 950,000 shares of the above-mentioned capital stock, of which 200,000 shares
Calendar YearsTotal income
Expenses
Dividends
X
1416
THE CHRONICLE
shall remain in the treasury of the new company for conversion of the bonds
at $5 per share and the remaining 750,000 shares will be utilized for the
present offer to the stockholders of the old company.
Outstanding Capitalization of New Company and Terms of Exchange.
Stock.
Cred,tors and Stockholders will ReceiveBonds.
In full payment of$2,087,562 advanced by•creditors_$1,000,000 250,000 sh.
Stockholders of present company on surrender and
cancellation of their present stock in ratio of one
x750,000 sh.
share for every two shares now held
x750.000 shares capital stock at $1 per share.
Proceeds of 750,000 Shares.-Proceeds of these 750,000 shares of stock, up
to $500,000, to be placed in the treasury of the new company for working
capital or other corporate purposes, and, after $500,000 has been so provided, not more than $200,000 of such proceeds to be applied to the payment of the old company's notes to enable the creditors to liquidate an
equal amount of debt guaranteed by them.
if sufficient stock for these purposes is not subscribed for, the creditors
reserve the right to purchase from the treasury of the new company at $2
per share sufficient of the unsubscribed stock (but not more than 100,000
shares) to liquidate this indebtedness of $200.000. Any portion of the
750,000 shares not so taken by the stockholders of the old company at $1
per share or by the creditors at $2 per share may be disposed of for corporate
purposes at the discretion of the directors of the new company.
Effect of Plan.-The effect of the above plan will be that the creditors
will receive in exchange for the $3.000,000 7% 1st Mtge. bonds, now owned
only $1.000.000 1st Mtge. 8% Cony, bonds of new company and 250,000
shares of stock of the new company, which stock will have cost them over
$4 per share, whereas the stockholders of the present company will have
the privilege of purchasing stock in the new company at only $1 per share.
Moreover the capital of the new company will be $1,500,000 less than the
capital of the present company, and the company will be free of floating
debt except accrued taxes and amply provided with working capital.
Subscriptions to Stock of New Company.-Present stockholders are asked
to subscribe for stock of the new company at $1 per share to the extent of
50% of the stock of the old company held. Subscripgons for the stock
were received by the following depositories: Commonwealth Trust Co.,
Boston; Empire Trust Co., New York; Land Title & Trust Co., Philadelphia. Payments may be made: (a) in full ($1 per share) at time of subscription; or (b) 50 cents per share of stock of Ray Hercules Mines, Inc., of
Delaware, accompanying subscription, and the balance payable in two installments of 25 cents each at intervals of sixty days.
Management.-The active management of the properties of the new company will be in the hands of Robert Linton, Pres. of North Butte Mining
Co., as Managing Director, the other directors being as follows: E.P. Earle
(Pres. Nipissing Mines Co., J. G. Hopkins (formerly director Arizona
'Copper Co.), J. B. McCall (Pros. Philadelphia Elec. Co.), F. C. Armstrong,
(director Blair & Co., Inc.), G. A. Huhn (Geo. A. Huhn & Sons), W. F.
Bartholomew (Tucker, Bartholomew & Co.), A. Heckscher (director New
Jersey Zinc Co.).
[Accompanying the present plan is a report of Robert Linton, Pros, of
North Butte Mining Co., which gives a description of the property,&c.,and
"which fully justifies the reopening of the propertyl-V. 113, p. 300.
[VoL. 114.
Capitalization Outstanding After This Financing.
First Mortgage 6% bonds, due Feb. 1 1934 (closed)
$442,500
Guaranteed 8% Gold Notes, due March 1 1931 (this issue)
250
2,
00
0
Preferred stock ($75,000 owned by Interstate Electric Corp.)
100,000
Common stock (all owned by Interstate Electric Corp.)
400,000
Company.-Organized in 1884. Serves without competition San Angelo,
Texas, with electric light, power and water and supplies power through
52 miles of transmission lines to Ballinger, Winters, Miles, Rowena,
Hatchell, Texas, and intermediate territory.
•
Earnings.-For the 12 months ending Nov. 30 1921: Gross earnings,
$189,293; operating expenses, $115.802; net earnings, $73,491; annual'interest on First Mortgage bonds, $25,350; balance available for interest
charges of this note issue. $48,141.
Purpose.-To increase the present electric generating central station capacity by additional modern equipment and for extension and improvements to the water system.
Restrictions of Issue.-These notes are issued under a carefully drawn
trust agreement which prohibits the company from (1) permitting any lien
to exist upon its property except to replace underlying bonds now outstanding or to secure purchase money or other outstanding obligations on
property hereafter acquired; or (2) creating any other like note issue, unless
the first proceeds of such new securities are used to retire this issue of notes.
Guaranty.-Guaranteed principal and interest by Interstate Electric
Corp.-V. 106, p. 93.
•
Sandusky (O.) Cement Co.-Bonds Sold.-Union Trust
Co., Central National Bank Savings & Trust Co. and Hayden, Miller & Co., Cleveland, announce the sale by advertisement on another page, of $1,500,000 1st Mtge. Serial
63/2% Gold bonds at prices ranging from 98.98 and int, to
par and int., yielding from 7% to 632% according to maturity.
Dated April 11922. Due $100.000 July 1 1924 through 1936, incl., and
$200,000 July 1 1937. Int. payable J. & J. at Central National Bank
Savings & Trust Co., Cleveland, 0., without deduction for normal Federal
income tax up to 2%. Denom.$1,000 and $500.(c.) Red all or part on any
int, date until and incl. July 1 1927 at 105 and int. and thereafter at a
premium decreasing M % each year until maturity. Central National
Bank Savings & Trust Co., Cleveland, and W. M. Baldwin, trustees.
Data from Letter of S. B. Newberry, President of the Company.
Company.-Is one of the most important producers of Portland cement
in this country, ranking among the first six in output and holding the leading position among companies located in the district adjacent to the Great
Lakes. Business, established in 1892 by the present controlling interests,
has been in successful operation for 30 years. Company manufactures
Portland cement for all purposes, with plants in Bay Bridge, near Sandusky,
Ohio; Dixon, Ill., and York, Pa. A new plant, about to be constructed
at Toledo, Ohio, will increase the output, it Is setimatod, approximately
50%. Present capacity, 2,150,000 barrels annually.
Ray Hercules Mines, Inc., Del.-Financial Plan, &c.Earnings for Calendar Years.
See Ray Hercules Copper Co. above.
1918.
29
1:607
1919.
1920.
14
99
xNet earnings
$405,307
$558,972
$419,407
$
Remington Phonograph Corp.-Receiver's Sale.Deprec. & depletion_ __ _
285,858
300,452
275,065
275,065
Notice is given that pursuant to an order of Federal Judge John 0. Knox, Provision for Fed. taxes
Louis Jersawit, receiver, sells, by Charles Shongood, auctioneer, on April 19
23,376
25,000
27,053
10,028
and contingencies.. _ _ _
at Bush Terminal Buildings. Brooklyn, property of the above company,
x Net earnings after interest but before deprec. and Federal taxes.
with the exception of real estate and outstanding accounts owing bydebtors,
Officers.-S. B. Newberry, Pres. & Gen. Mgr.•, C. F. Brush, V.-Pres.;
•consisting of a fully equipped plant for the manufacture of phonographs, E. J. Maguire, Sec. & Treas.; W. B. Newberry, Asst. Mgr.
completed phonographs, phonographs in the course of completion, all maDirectors.-Frank Billings, Charles F. Brush, A. C. Dustin, S. B. Newterials and phonograph parts and property used in the manufacture of berry, Wm. B. Newberry, J. H. Wade, J. S. Newberry, E. J. Maguire,
phonographs, all patents, copyrights and trademarks, all office and factory Cleveland; Dan P. Eells, Milwaukee, Wis.
furniture and fixtures, together with the complete equipment of the factory.
-V. 112, p. 2090.
Santa Cecilia Sugar Corp.-Status, &c.-Robert L.
(R. J.) Reynolds Tobacco Co.-Listing.-
The New York Stock Exchange has authorized the listing of $20,000,000
(auth. $50,000.000) Cumul. 7% l'ref. Stock, par $100; $50,000,000 (auth.
$70,000,000) Now Class B Common Stock. par $25: and $10,000,000 (total
auth.) Common Stock. par $25 each, which have been issued and are
outstanding in the hands of the public.-V. 114, p. 1071.
Riordon Co., Ltd., Montreal.-Reductions of Loans, &c.
R. Montague Davy.in a letter to the creditors, says in brief: Inasmuch as
four months have elapsed since you granted an extension of time, the
committee considers it desirable to make a general report outlining developments to date.
The Kipawa mill has been operating continuously (though not at all times
at full capacity) since Oct. 20. The Hawkesbury Mill was operated from
Dec. 21 1921 to Jan. 22 1922, at which time, for lack of orders, it was suspended, but the demand for pulp has shown such improvement as to call
for the re-opening of this mill and production of pulp will start March 27
Principally as a result of the operations, bank loans (secured) have been
reduced as tollows:
Imperial Bank. Bank of Montreal.
$1,708,504
$2,704.836
Nov. 17 1921
2,442,103
1,167,959
Mar. 23 1922
$540,545
$262,733
Total reduction
Also, all accrued back wages have been discharged. This reduction
-ought to count in the company's favor, the committee feels, as it now
faces the problem of arranging to finance, during this year, for going into
the woods to cut its requirements of logs for the coming season.
The committee has arranged with the directors of the Riordon Co. that
all creditors' claims will bear interest from Nov. 19 1921, and that all
creditors so desiring may obtain a note confirming this fact.-V. 114, p. 86.
Rockland & Rockport Lime Corp.-Stock Offered.Kidder, Peabody & Co., are offering 7% Cumul. 1st Pref.
'Stock and Common stock as follows: 5 shares 7% 1st Pfd.
and 1 share Corn., for $450, to yield over 73
4%•
Capitalization.-Securities outstanding in hands of the public: $286,000
1st Mtge. Sinking Fund 6% Bonds, due 1940; $1.049.975 1st Pref. Stock.
7% Cumul. (par $100). $548,800 2d Pref. Stock 6% Non-Cumul. (par
$100). $783,400 Com. Stock.
Data from Letter of G. B. Wood, President of the Company.
Earnings.-Since 1900 earnings have always exceeded amount required
to pay interest on present outstanding bonds and dividends on First Pref.
stock, except in 1908 and 1914. Dividends have been earned twice over on
the First Pref. shares the past two years, after allowing for fixed charges
and sinking fund requirements.
Properties.-Propertles are located in Rockland, Rockport and Thomaston. Me.. and in Adams. Mass. Plant located in Rockland.
Balance Sheet December 31 1921.
LiabilitiesAssets$1,114,375
$68,816 First Preferred stock
Cash
587,500
154,211 Second Preferred stock.. _ _
Accounts receivable
850.000
Lime & materials inventory 294,391 Common stock
286,000
904 First Mortgage Os, 1941
Marketable securities..
70.424
125,000 Notes payable
Brooklyn mortgage note.._
54,884
Plants and equipment_ __ _ 2,574,905 Accounts payable
16,176
8,030 Accr. bond int. & taxes__ _
^Construction in process..
30,590
5,188 Accrued First Pref. div..- _
Wood lots
13,000
40,040 Res. for 1st M.sink.fund_
Adv.to Lime Rock RR_ _ _
84,538
79,973 Sundry reserves
Prepaid insur. & def'd chgs
243,970
$3,351,457 Profit and loss
Total (each side)
-V.94, p. 1321.
St. Clair County (Ill.) Gas & Electric Co.See Southern Illinois Light & Power Co., below.-V. 113, p. 426.
San Angelo Water, Light & Power Co.-Guaranteed
Notes Offered.-Ray (R., Co., Inc., Chicago (formerly Cammack, Ray & Co., Inc.), are offering at 100 and int. $250,000
Guaranteed 10-Year 8% gold notes. A circular shows:
Dated Mar. 1 1921. Due Mar. 1 1931. Red. all or part on any int.
-date upon 60 days' notice at 105 and int. Int. payable M. & S. at New
York Trust Co., New York, trustee, without deduction for any Federal
income tax not in excess of 2%. Denom. $1,000, $500 and $100(c5).
Dean, V.-Pres. & Treas., in a letter to the stockholders
March 20, says in brief:
Our plantation was in readiness for this season's grinding operations
early in December 1921, but it was considered inadvisable to begin manufacturing while the market price was below 2c. per pound. Accordingly,
grinding was not started until Jan. 5, since which time the factory has been
in continuous operation, and there have been made to this date 42,000
bags of sugar, of 320 pounds each, thus far an average daily output in
excess of any previous year.
No difficulties of any importance have arisen in the fields or factory, our
organization is complete, labor has been plentiful and fairly satisfactory,
and the cost of cane production and sugar manufacture has been reduced
to the minimum. With a crop season of reasonable duration, and barring
unforeseen interference, out total output, we believe, will compare favorably
with the average of previous.years.-V. 114, p. 206.
Savage Arms Corp.-New Bond Issue-Change in Names.
The stockholders will vote April 4 on (a) authorizing the issuance and sale
of let Mtge. bonds to be issued when and upon such terms and in such
amounts as the directors may decide, and to be secured by a mortgage on
all or any part of the physical property and other assets, for the purpose of
discharging outstanding obligations and for other corporate purposes;
(b) authorizing the change of the name of the corporation from Savage
Arms Corp. to Savage Corporation.-V. 114, p. 955.
(Howard) Smith Paper Mills, Ltd.(Montreal, Que.).A. E. Ames & Co. are offering at 95 and int., yielding 73/2%,
$400,000 7% 1st Refdg. Mtge. Sinking Fund gold bonds of
1921, due Jan. 2 1941 (see description in V. 112, p. 1031).
Authorized.
Issued.
Capitalization$4,000,000 $3,693,700
Common shares
3,000,000
1,500,000
8% Cumulative Preferred Participating shares
7,000,000 x3,500,000
7% 1st Refdg. Mtge. Sinking Fund gold bonds
x The bonds issued' are as follows: (1) To public, incl. this amount,
to
retire
underlying
reserved
in
escrow
bonds: (a) Howard
(2)
31,898.200;
Smith Paper Mills, Ltd., 1st 6s, $589.500; (b) Toronto Paper Mfg. Co.,
Ltd., 1st Os, $376,100; (c) to meet payments on timber limits purchased,
$430,000: (3) held in treasury for future purposes, $206,200.
Earnings Before Depreciation and Before Deducting Bond Interest and Other
Writings Down, Calendar Years.
3642.87211920
31.089.89811921
1919
bond
Company.-Manufactures the highest grade of writing paper, both13
and ledger, as well as specializing in sulphite bond paper. Its well-known
bonds, such as Victory. Progress, Belfast, Krypton. &c., are recognized as
standards in the paper trade of Canada and elsewhere. Satisfactory export business is being done, paper being shipped to Great Britain, South
Africa, Now Zealand, Australia, Mexico and South America. The company has just added to its products the manufacture of half-tone newsprint,
Bristol board and blotting paper, for all of which there is a ready market.
Balance Sheet as of December 31 1921.
Assets.
$1,500,000
$7,058,790 Preferred sharesLiabilities.
Real estate, &c
214,995 Common shares
3,693,700
Trade-marks JG good-will_
589,500
81,400 H.S. P. bonds
Cash
376,100
431,746 Toronto Paper bonds
Accounts receivable
1,498,800
1,226,744 First Refunding 7s
Inv. stock on hand mills
404,230
8,396 Accounts payable
Life ins., cash surrender value
350,000
12,780 Owing to bank
Fire ins., unearned premiums
23,662
Advances on commissions,&c.
328 Wages and commissions due_
51,500 Bond interest accrued
Investment in other cos
102,672
753,276 Dividends on stocks
Timber limits
Balance owing on timber limits 387,397
Reserves
778,878
Total (each side)
$9,840,455 Surplus for year 1921
71,699
-V. 113, p. 967.
(T. A.) Snider Preserve Co.-Capital Stock.The capital stock has been changed from 100,000 shares Class A and
50,000 shares Class B, no par value, to $750,000 8% Cumulative Pref.
stock (par $100) and 25,000 shares Common stock (par $5). An issue of
$600,000 1st Mtge. 734% Sinking Fund Cony, bonds was recently offered
by Elston, Allyn & Co., Chicago. See V. 114, p. 745.
THE CHRONICLE
APRIL 11922.]
1417
Southern Illinois Light & Power Co.-Acquisition.-
Sterling Products (Inc.)-Stock Sold.-Blair & Co.,
Inc. Hornblower & Weeks, New York and Bell & Beck'Toledo,have placed privately at $36 per share, 66,667
with,
shares capital stock of no par value.
Southern New England Tel. Co.-New Stock Offering.-
Data from Letter of Pres. ii. F. Behrens.
Company.-As the largest manufacturer of household medicines in the
world. Was
in West Virgiania in 1901 under the name of Neuralgyilne Co. In
1919 acquired all the capital stock of the Bayer Co., Inc.,
incorp.
manufacturers of Bayer Tablets of Asperin. Company now proposes to
acquire all the capital stock of the Wells & Richardson Co., Inc., manufacturers of the well known Diamond Dyes.
Plants.-Plants, located at Wheeling, Rensselaer, Burlington, Montreal,
Que., Windsor, On., London, Eng.
Products.-Various products manufactured and sold by company and
subsidiaries, comprise: Bayers tablets of aspirin, Cascarets, California
syrup of figs, Danderine, Pape's Diapepsin, Pape's cold compound, Diamond dyes, Dandelion butter color, Dodson's Livertone, Drake's Palmetto
compound, Dr. James family remedies, Neuralgine.
Capitalization.-Company proposes to make a readjustment of its existing
capital stock and to.exchange its present stock par $100 for new shares of
no-par-value stock. Upon completion of same and the issue of stock for
the acquisPion of the Wells & Richardson Co., Inc. (Diamond Dyes)
capital stock, the capitalization will be as follows: Authorized, 1,000,000
shares to be presently outstanding 502.735 shares. Company and subsidiaries have no mortgage or funded debt or preferred stock excepting
$138,790 6% preferred stock of a subsidiary company.
Dividend Record.-Dividends paid by company since organization have
been as follows: 1902 to 1905 hid.6% p. a.; 1906 to 1910 incl. 8% p. a.;
1911 10%, 1912 12%, 1913 to 1921 incl. 15% p. a. The 15% div. paid
in 1921 on the old stock Is equal to $2.50 per share on the new no-par-value
stock to be issued in exchange.
Earnings.-Consolidated net profits, including subsidiaries, after depreciation and estimated Federal taxes and excluding certain items which are
being eliminated as a result of the new issue of stock, have been as follows:
1919
1918
1920
1917
1921
$754.835
82,064.836
$1,910,939
$2,532.847
$667,736
-V. 108, p. 282.
The company has filed a petition with the Illinois Commerce Conunission
requesting permission to purchase and operate the St. Clair County Gas
& Electric Co. of Belleville [V. 113, p. 426], and the Staunton Gas Co.V. 114, p. 417, 1189.
The directors have decided to offer $3,000,000 new stock to stockholders
of record May 1 1922, payable not less than 50% on July 3 the balance
on Oct. 3. A letter giving details, with warrants, will be mailed to stockholders on May 1.-V. 114, p. 637..
South Penn Oil Co.-Earnings.-
Calendar YearsGross income for year
Oper., exp., taxes, deprec., &c
Dividends
1919.
1920.
1921.
$15,183,827 $24,829,401 $18,766,767
16,098,531
14,779,174 19,33 ,81
(13%)2,600,000(20)4000.000(20)4000.000
def.32.195,347 sr$1.489,591df$1,331,764
$16,241,578 $14,751,987a$16,083,751
Profit and loss surplus Dec. 31...... _$14.046,231 $16,241,578 $14,751,987
a Includes restoration of $10,159,090 excessive depreciation charged
off prior to March 1 1913.-V. 114, p. 861.
Balance,surplus or deficit
Previous surplus
Standard Milling Co.-Bonds Called.-
All of the outstanding 6% Cony, gold debenture bonds, due Aug. 1 1926,
have been called for payment June 1 at 105 and int. at the Metropolitan
Trust Co., 120 Broadway, N. Y. City.-V. 114, p. 956.
Standard Oil Co. (Ky.).-Stock Sold.-Blair & Co.,
Inc., have sold a block of 54,000 shares of Capital stock(par
$25), subscriptions for which were received on a "when
issued" basis at $76 per share.
Data from Letter of Chairman C. T. Collings March 23.
Company.-Organized in Kentucky in 1886 with an original capital of
$600.000. At the time of the dissolution of the Standard 011 Co. (N. J.)
all of this company's Capital stock had boon acquired and was held by
the Standard 011 Co. (N. J.). Pursuant to the dissolution plan, this
company's stock was distributed pro rata to the stockholders of the Standard
011 Co.(N. J.).
Business.-Consists in tho refining of petroleum and the marketing and
distributing of all petroleum products, principally in the Southeastern
States, including Kentucky, Alabama, Georgia, Mississippi and Florida.
Owns a modern refinery at Louisville. Ky., completed in 1918, with an
annual capacity of approximately 1.500,000 bbls. Company has for some
time past been extending its distributing system and at present operates
about 700 stations in the above named States.
Capitalization.-Company has no mortgage or funded debt. Present
outstanding capital $6,000,000, par $100. Company has sent out notices
to its stockholders submitting proposed changes in its capitalization,
involving (1) an increase in the authorized capital to $12,000,000: (2) an
offer of $2.000.000 for subscription by the present stockholders at 100, and
(3) the distribution of $2.000.000 stock as a stock dividend to the holders
of the existing 36,000.000 stock. It is also proposed to change the par
value of the shares to $25 each. Upon completion of the plan there will
be outstanding $10,000,000 stock; there will be $2,000,000 reserved for
future Issue.
Dividends.-Cash dividends of not loss than 12% per annum have been
paid on tile Capital stock commencing in 1915, and during the past 5 years
12% has been regularly paid. In 1914 a stock dividend of 200% ($2,000,000) and in 1917 a further stock dividend of 100% ($3,000,000) was distributed. The total dividends paid since 1912, both in cash and stock,
aggregated over $8,000,000.
For income account and balance sheet for 1921 see V. 114, p. 1189.
Standard Oil Co. of Ohio.-Balance Sheet Dec. 31.1921.
1920.
1921.
$
LiabilitiesAssetsPlant
27,27:3,297 23,578,946 Common stock __ 7,000,000
Merchandise.
6,034,224 7,313,936 Preferred stock __ 7,000,000
286,020 Accounts payable 2,317,505
Cash
465,252
Inventory reserve
Accts. receivable &
other invest_ ___ 4,938,587 6,980,664 Res. for Fed. taxes 574,796
Depreciation acct 4,474,598
17,344,462
Tot.(each side) 38,711,362 38,159,566 Surplus
1920.
7,000,000
7,000,000
3,202,531
a1,000,000
1,5-16,398
3,554,311
14,856,326
a Represents approximate amount of shrinkage in inventory values between Dec. 31 1920 and Feb. 24 1921.-V. 114, p. 637.
Standard Parts Co.-Receiver's Report.EarningsNet sales
Cost of sales
Year
Tot. 16 Mos
1920
1921.
Combined.
(4 Moe.)
$3,261,871 $7,361,559 $10,623,429
2,646,284 6,102,296 8,748,579
Manufacturing profit
$615,587 $1,259,264 $1,874,850
862,150
1,357,151
Selling, admin. & general expenses__ 495,001
Operating profit
$120,586
$397,114
$517,700
62,243
26,555
Other deductions (net)
88.798,
Depreciation
243,150
399,399
642,549
Profit or Loss, excl. of inventory adj..loss$149,118 loss$64.528 loss$213.647
Ad]. of inventories to market values
56,046
212,180
for possible future shrinkage
268,226
$276.708
Net loss
$205.165
$481,873
The balance sheet as of Dec. 31 shows cash, $428,665; inventory, $1,888,373; accounts payable, $142,155; profit and loss deficit, $7,524,602.p.
'V. 113.
1583.
Stearns Lighting & Power Co.-Guaranteed Notes Offered.-Ray & Co., Chicago (formerly Cammack, Ray &
Co., Inc.), in Feb. last offered at 100 and int. $200,000
Guaranteed 10-Year 8% gold notes. A circular shows:
Dated Sept. 1 1921. Due Sept. 1 1931. Red. all or part on any int.
date upon 60 days' notice at 105 and int. Int. pa
@FedFRASER