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VOL. 116.
SATURDAY, APRIL 14 1923
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THE FINANCIAL SITUATION.
The action of the U. S. Steel Corporation in making a further advance in wages—a step which the
outside steel companies were obliged to follow—has
been the event of the week. The action is not viewed
with unalloyed satisfaction. The truth is the increase is one of the results of the intense competition
existing for the available supply of unskilled labor.
The steel trade is, of course, very active and apparently in flourishing condition. But regardless of the
record production of iron and steel and an unfilled
tonnage for the Steel Corporation larger than for
any month since January 1921, there has been no
real response in the security markets, and steel
bonds are selling considerably below the high levels
of 1922. Nor has Secretary Mellon's plea for further
reductions of the surtaxes, and for the lifting of
other tax restrictions on business, proved much of a
stimulus on the Stock Exchange. Under ordinary
circumstances any serious suggestion for lightening
the almost unbearable burdens of taxation on trade
and business would have served to improve the
course of security prices. But the market has remained in a mere or less torpid state, and the net
effect has been only to stem somewhat the general
inclination to let things drift. The oil stocks have
suffered by reason of the cuts in gasoline and in
crude petroleum, due to over-production, and this
Electric Railway Sectioz
State and City Sectiou
NO. 3016
was reflected in the convertible bonds. Marland 7s,
after touching 157% on Tuesday,sold down to 146%,
although the more conservative issues, such as Sinclair 7s and Atlantic Refining 5s, held up well, the
/
4.
former around 100 and the latter at 97 to 973
The winter wheat crop at the opening of spring
this year is somewhat less satisfactory as to the ultimate yield than it was in December last and does not
promise as well as the winter wheat crop harvested
last year. The condition of the present crop on April
1 this year as reported by the Crop Reporting Board
of the Department of Agriculture at Washington
was 75.2% of normal, which contrasts with 78.4%,
the condition of the preceding winter wheat crop on
April 1 1922, and 84.1% the ten-year average condition on April 1 each year. On the forecast of area
planted, prepared by the Department of Agriculture,
46,069,000 acres, the probable yield of winter wheat
this year is estimated at 572,317,000 bushels. For
the preceding winter wheat crop, harvested last year,
on an area originally estimated at 44,293,000 acres,
the yield was calculated at 572,974,000 bushels, but
the final yield of last year's winter wheat crop was
placed at 586,201,000 bushels and the area 38,131,000
acres.
The crop planted last fall suffered from the beginning from drouth or scanty rainfall in some very important sections of the winter wheat belt, and a considerable part of it failed to germinate. Just how
much of the crop in addition was winter killed has
not been determined as yet, as this phase of the situation is not reported on until the May statement, issued shortly after the first of that month. A year
ago it was reported that the abandoned acreage, due
to winter killing, was 6,446,000 acres, an exceptionally large area. This is in excess of the average of
abandoned acreage of recent preceding years. It is
believed, however, that the loss in acreage this year
will be large. Year before last the crop of 1920-21,
the April 1 1921 condition was 91% and the probable yield at that time was placed at 621,000,000
bushels. The final yield, however, was 600,316,000
bushels. The loss in acreage was considerably less
in that year than it was for the 1921-22 crop, the latter being in excess of any preceding year since the
winter wheat crop harvested in 1917, when almost a
disaster occurred.
The loss in condition of the winter crop during the
past four months has been largely in the important
winter wheat States, Kansas, for instance, which
ranks first, the drop from Dec. 1 to April 1 being
from 73% to 64%; Ulinois from 90% to 82%; His-
1578
TRE CHRONICLE
souri from 90% to 84%; Indiana, Ohio and Michigan, which are not such large producers, each showing considerable deterioration. The loss in these
States will account for a considerable part of the
estimated reduction in yield. On the other hand, in
Nebraska the condition is slightly better April 1
than it was on Dec. 1, being respectively 63% and
64%, but on April 1 1922 the condition of the then
growing crop in Nebraska was 80%. Oklahoma reports no change, Texas a slight betterment, likewise Pennsylvania, but these States rank in yield
somewhat below the States previously mentioned.
The report as to the condition of rye, while better
than that for winter wheat, is below that of a year
ago and also of the ten-year average. The condition
for rye on April 1 this year is placed at 81.8% of
normal, which contrasts with 89% on April 1 1922
of the then growing crop, and a ten-year average of
88.6%. The production of rye this year is now
placed at 75,784,000 bushels. The actual yield of rye
last year was 95,497,000 bushels, and for the two
preceding years about 61,000,000 bushels.
Imports of merchandise into the United States
continue to grow. The latest statement issued by the
Department of Commerce at Washington is for the
month of January. The delay in compiling the preliminary estimate of imports is still very great, and
conditions in this respect do not improve. It began
with the September report, the month in which the
new tariff law went into effect, and was said to be
due to difficulty in following the new classifications.
It is now practically two months in arrears, just as it
was at the beginning. January merchandise imports were valued at $319,000,000. These figures
contrast with $297,000,000 for the preceding month
and $217,195,202 for the month of January 1922.
The fact is that the imports for January this year
are the largest for any month since November 1920,
when the value of merchandise imports was $321,209,000. With increased imports and some reduction in the value of merchandise exports since November last, the balance of trade, which for a long
time has been heavily on the export side, shows.considerable diminution, both for December and now
again in January this year, when there was an excess
of exports amounting to $16,000,000; for December
the excess of exports was $47,000,000 and for November $89,000,000. For the seven months of the fiscal
year ending with January merchandise imports were
valued at $2,012,000,000, these figures contrasting
with $1,405,000,000 for the corresponding period of
the preceding fiscal year. The excess of exports
during this period was $335,000,000. For the twelve
months of 1922 the excess of merchandise exports
was $715,888,000.
There was also issued by the Department of Commerce this week the preliminary estimate of merchandise exports from the United States for the
month of March. Here some improvement over the
recent preceding months likewise appears, the merchandise shipments to foreign ports for that month
being valued at $350,000,000. These figures contrast
with $307,106,000 the value of merechandise exports
during February, and $329,979,817 the value for
March 1922. For nine months of the current fiscal
year merchandise exports from the United States
were valued at $3,003,819,728 as compared with $2,811,001,333 for the corresponding period of the preceding fiscal. year.
[-for,. 116.
Gold imports during March amounted to $15,952,357, while the exports were $10,392,100, the excess
of imports for the month being $5,860,257. Exports
of gold were somewhat larger in March than for any
month since July 1921, with the exception of October
last. Gold imports continue to show a declining tendency, although they were somewhat less in February than they were in March. One other month, May
1922, the gold movement into the United States was
smaller than it was last month. The excess imports
of gold has amounted to a large sum for a considerable period.
Exports of silver during March were $4,731,705, while the imports were $4,626,376. There
is little variation in the movement of silver
from month to month and March was no exception.
Special interest, according to Paris cable dispatches, was manifested in the French capital in the
visit of Louis Loucheur to London at the close of last
week. Under date of April 6 the Paris representative of the New York "Times" cabled that "a sensation was caused in Paris to-day by the spread of a report that Louis Loucheur, former Minister of the
Liberated Regions,had been sent to England by President Millerand, over the head of Premier Poincare,
to confer with Premier Bonar Law,ex-Premier Lloyd
George and other British personalities on the Ruhr
situation." The correspondent also said that "however,late this afternoon the President of the Republic
let it be known, through friends, that he had not
given any commission to M. Loucheur, and that so
far as he knew, M. Loucheur's trip was entirely personal." He further asserted that "there is excellent
reason to believe that his trip to England was taken
for the purpose not so much of learning what England would support as the total of German reparations as to discover the attitude of the English politicians, Government and Opposition, toward the
projects for the security of France, notably for the
creation of a Rhineland State within Germany, but
under control of the League of Nations or some other
international body, to assure its demilitarization."
According to a cablegram to the New York "Herald"
from its Paris representative, "Louis Loucheur, formerly Minister of the Devastated Regions, on his
visit to David Lloyd George and Prime Minister Bonar Law in London,it now can be stated on good authority, was the unofficial delegate of the French
Cabinet." The New York "Tribune" correspondent
in the French capital made the most positive statoments of any of the American correspondents relative to the trip of M. Loucheur. He asserted that
"reparations negotiations between the Allies and
Germany are rapidly approaching and may arrive before they are generally expected. All developments
of the last few days lead to this conclusion with some
certainty to-night." Continuing, he said that "indirect negotiations already have been begun which almost are certain to lead the Cuno Government, or
some succeeding Government,in a brief time to break
the ice and say the word which will start the negotiations into activity." He added that "however startling these statements may be, the 'Tribune' also has
been able to confirm to-day that when Louis Loucheur
went to England a few days ago his trip was not
without the knowledge of French officials, and he
carried in his pocket a complete scheme, not only for
a solution of the reparations tangle but for French
APRIL 14 1923.]
THE CHRONICLE
security." Upon his return to Paris on the evening
of April 6, M.Loucheur was reported to have told the
foreign editor of "Le Malin" that "British opinion
had changed, and that the great majority of public
sentiment in England was clearly favorable to
France." The former Minister was quoted as having
said also that "this attitude was also evident in the
political world, except that there was mingled with
it an uneasiness as to the possible consequences of
the French Ruhr policy." He even was reported to
have asserted that "I did not find an English politician, no matter what his party nor what views he
entertained originally on the opportuneness of the
Ruhr operation, who did not approve unreservedly
when I declared that we will carry through this undertaking to the end. Nobody, not even Mr. Lloyd
George, had anything to say against that declaration." Commenting upon M. Loucheur's trip and
return, the Paris correspondent of the New York
"Times" said the next morning that "there exists a
strong probability of early diplomatic conversations
between Paris and London for the establishment of
an accord between France and England on the issues
of reparations and French security." He added that
"former Minister Loucheur, who returned last night
from England, communicated to President Millerand
and Premier Poincare to-day his strong impression
that Bonar Law desired a new effort to reach an understanding between the two allies, and it is reported
that both the Premier and the President of the Republic, especially the latter, are very much impressed
with what M. Loucheur told them. M. Millerand attaches the deepest importance to the resuscitation
of the entente cordiale, and will probably put his full
influence back of the project for fresh parleys with
the British Cabinet." Referring to Belgium's position in this situation he announced that "the Belgian
Government having expressed uneasiness over M.
Loucheur's trip to London, M. Poincare to-night assured the Belgian Government that it denoted no
change in French policy fixed in common with Belgium, and it is expected that Premier Theunis and
Foreign Minister Jaspar will soon come to Paris for
a conference prior to conversations which will probably be begun with London."
The following day the same correspondent asserted
that "diplomatic and political Paris is awaiting with
great interest the effect on Premier Poincare of M.
Loucheur's endeavor to bring him to undertake a
rapprochement with the London Cabinet." He also
said that "there is tremendous pressure by the
French moderates, represented by such men as Loucheur, Briand, Viviani, Painleve and Herriot, in favor of an attempt to re-establish an accord with England and even paying the price for it, while there is
also strong pressure from the Nationalists, represented by General Castelnau and the military leaders
generally, and from the Clemencists, led by Tardieu
and Mandel, and the Royalists, led by Daudet, not to
attempt now to bargain with England on the ground
that an agreement can be had only at the sacrifice of
what they regard as France's legitimate interests."
Continuing his attempt to outline the position of the
French Premier, the "Times" representative said:
"The general impression in Paris, outside of Government circles, which are silent, is that M. Poincare
will in the near future sound out Mr. Bonar Law,
either directly in conference or by diplomatic methods, as to how far France would have to depart from
her intentions—one can hardly speak of a program,
1579
since none has been laid down—in order to have Englaid back by her side."
In an article in a German newspaper, Dr. Stresemann, Chairman of the Reichstag Foreign Affairs
Committee, commented upon "M. Loucheur's negotiations in London," and was quoted as saying that
"the German Government has repeatedly emphasized
that it also is prepared for international discussion
of the reparations question." He was said to have
asserted also that "if one wants peace in Europe instead of economic destruction, one should seize the
opportunity for opening such discussion." Going
still further, Dr. Stresemann declared that "the best
security for France and Europe and the world is discontinuing war. Had Germany's Paris proposals
been discussed and a definite solution of the reparations question reached, nobody would have needed to
discuss the question of European safety. The sum
mentioned by M.Loucheur for France lies within the
limits of the total figure fixed in our Paris proposals. The situation results that Germany offered to
pay an amount which would have sufficed for France
but which was inadequate for the Entente as a whole.
The economic consequences of continuation of a state
of war are such, however, that it is now up to the
Finance Ministers to figure out which is the more
expensive, economic unproductivity and unemployment support, or waiving German reparations payments and regaining healthy normal economic development!'
As seemingly indicative of the French attitude
toward the reparations question, the Paris correspondent of the Associated Press cabled Sunday
evening that "five Ministers of the Cabinet visited
distant parts of France to-day, and beneath monuments dedicated to the war dead and unveiled in
their presence, solemnly informed the thousands of
French citizens that'the Ruhr will be evacuated only
when Germany has fulfilled her reparations obligations.'" He also observed that "the statement is interpreted generally, and in political cireles is said to
be intended, as the official reply to the suggestions
made in quarters opposed to the present policy in
the Ruhr that M.Loucheur's visit to England marked
a change in the French attitude, and that France
was wavering and was willing to talk with Germany."
Speaking in the British House of Commons on
Monday, Premier Bonar Law was quoted as saying
that "his conversations with M. Loucheur were only
general, and he added that there was nothing new to
state about the Government's Ruhr policy." The
London representative of "The Sun" of this city said
that he had been informed by British officials that
"they feared the 'good work' of Loucheur has been
almost nullified by the publicity given it and the attitude of the Paris press." He asserted also that "no
change is contemplated in the British attitude toward the problem of reparations. The British will
not consent, say officials, to their rights being set
aside and will demand that they participate in the
consideration of any new reparations plan put forward by France or Belgium. It is denied that the
British will participate in the coming Franco-Belgian conference unless the French have reparations
plans ready."
There have been fresh rumors of offers by the Germans to settle the reparations question. The Berlin
1580
THE CHRONICLE
correspondent of the Chicago "Tribune" cabled April
10 that "Germany will make a definite and concrete
offer on reparations within the next few days, it was
learned to-night from -the highest quarters." The
correspondent further asserted that "it is believed
here that the British have signified a willingness to
advance long-term credits for the purchase of raw
materials to the amount of reparations which Great
Britain would receive under any new accord,leaving
the cash available from an international loan entirely to France and Belgium and the smaller Powers. The German offers will not greatly exceed 30,000,000 gold marks, it is said, but they will conform
more closely to that sum on an actual cash basis by
different arrangements for payments. The industrialists will back the Cabinet's offer by offering
their property as a first lien for the security of the
loan. British pressure has been greatly responsible
for the coming declaration, it is stated here. Great
Britain fears a French political hegemony on the
Continent and it will support a reasonable German
offer to the utmost of her ability." Dr. Gustav
Stresemann,"spokesman for the powerful industrial
clique," was quoted as declaring that "the period of
diplomatic discussion'actually was at hand."
The Berlin representative of the New York "Tribune" asserted that "Herr Stinnes believes in the necessity for negotiations,withoutinsisting upon immediate evacuation of the Ruhr by the French. He believes in the necessity for a reorganization of the
German Government, with or without Chancellor
Cuno, but with the participation of the Socialists as
a preliminary to negotiations." Continuing to outline the alleged position of Herr Stinnes, the "Tribune" representative said: "The present German
Government, Herr Stinnes maintains, does not possess sufficient authority to assume obligations to inspire the necessary confidence in France. Above all,
however, it is Stinnes's opinion that the French and
German industrialists should get together and, if
necessary, come to an understanding over the heads
of their respective politicians. So far as the French
are concerned, Herr Stinnes regards Louis Loucheur
as the man most fit to lead such negotiations. While
not approving of the Loucheur plan, as revealed in
the course of the former French Minister's recent
London visit, Stinnes regards Loucheur's trip of the
utmost importance and foreshadowing negotiations
in the near future."
According to the Chicago "Tribune" correspondent in London,"information has reached London indicating that the new concrete offer which Germany
is said to be preparing for the settlement of the reparations problem will probably be submitted privately and unofficially to the French before publication and if unacceptable it may never see the light of
day."
The Paris representative of the New York "Herald," in a cablegram Wednesday evening, asserted
that "Premier Poincare at Dunkirk on Sunday will
dissipate the uncertainty existing as to the motive
and result of Louis Loucheur's recent journey to
London. Following a conference with the Belgians
he will be able to declare once again what is the joint.
Ruhr policy of the two countries, and he is confidently expected to reiterate that there can be no reduction of the Gelman debt, and the Ruhr will not
be evacuated 11011 the reparations payments have
He added that "all that can be
been completed
• '
[VoL. 116.
conceded, it is believed, is the annulling of the C
bonds in compensation for the sums France owes
England and America."
According to a dispatch the same evening from
the Paris correspondent of the New York "Tribune"
direct "exchanges between London and Paris are
proceeding on the basis of the French program covering the question of reparations and security presented to Great Britain by Louis Loucheur last
week." He suggested, furthermore, that "the fact
that the two Governments actually have reached
technical discussions is regarded as an augury of
eventual agreement and a resumption of the full cooperation which was suspended when France entered
the Ruhr."
In a cablegram yesterday morning, the London
correspondent of the New York "Times" said that
"Count de Saint A.ulaire, the French Ambassador,
called to-day [April 12] on Premier Bonar Law and
discussed the Ruhr situation with him. Coming so
soon after the Premier's discussion with M. Loucheur, his visit is taken as a hopeful sign in that it
indicates a desire of the two Governments to exchange views and keep each other informed of their
plans." He asserted, though,that"there is, however,
no reason to suppose that the British Government
contemplates any departure from its settled policy
of friendly neutrality toward the French occupation
of the Ruhr. Indeed, it is felt in Government circles
here that the next move is with Berlin. If it would
put forward a reasonable proposal all the Allied Governments would gladly consider it, but until it does
so neither London, Paris nor Rome is in a position
to take steps to open a way from the impasse." The
report came from Paris yesterday morning that, at
a conference during the day with MM. Jasper and
Theunis of Belgium, Premier Poincare would present a new reparations plan. It was asserted in the
dispatch that under the terms of the plan "France
proposes a practical surrender of the entire 82,000,000,000 gold marks (20,500,000) included under the
C bonds to the United States in payment for the
inter-Allied debts. It proposes priority for the
French and Belgian claims on the A and B bonds,
leaving England to take her share from the C bonds.
The total proposed for Germany to pay is about 40,000,000,000 gold marks ($10,000,000,000) on the A
and B bonds to be met within ten years."
The conference began at 3.30 o'clock yesterday
afternoon. According to an Associated Press dispatch last evening "Premier Poincare, Finance Minister de Lasteyrie, War Minister Maginot, Minister
of Public Works Le Trocquer, Minister of Liberated
Regions Reibel, and Count de Peretti de la Rocca,
Director of Political Affairs, represented France,
and Premier Theunis, Foreign Minister Jasper and
their Chief of Cabinet appeared for Belgium." The
dispatch also stated that "the conference began with
a review of the events since the beginning of the Ruhr
occupation on Jan. 11, and the results obtained. The
Ministers' time, it is learned, will be mostly taken up
with technical questions, such as distribution among
the Allies and neutrals of the coal and coke shipped
from the Ruhr, and partition of the occupation expenses between France and Belgium." He added
that "one of the main objects of the conference is the
devising of new measures to make the Ruhr occupation productive, just as it was the object of the conference a month ago at Brussels. It is contended
•
APRIL 14 1923.]
THE CHRONICLE
1581
that so long as the Ruhr is unproductive of coal it concerning its importation, and duties on malt and
will be difficult to persuade the Germans to accept hops." It was also stated that "they have justified
the Franco-Belgian viewpoints on the situation."
their failure to recommend direct protection of wheat
on the ground that, from the national standpoint, it
Things have seemed to go on in the occupied area will be sufficient to maintain a quantity of land unof the Ruhr without striking changes. The French der arable cultivation without regard to crops accontinued to make seizures of property, such, for tually grown. It is thought that as long as land is
instance, as seven new coke stock yards on April 8. plowed up and there is agricultural population to
It was stated that "this new move makes a total of look after it, it would always be possible in time of
18 yards occupied, and of that total half are now war or other emergency to increase the wheat acreyielding between 300 and 400 tons of coke a day. If age." Continuing to outline the features of the rethat average can be maintained for the whole 18, the port having a direct bearing on international trade,
French will very soon be getting more than 200,000 the "Times" representative said: "With regard to
tons of coke a month from the Ruhr, or about half wheat, they point out that an import duty would
of what they were obtaining under the terms of the raise the cost to the consumer and a subsidy for
reparations clauses of the Treaty. With that amount home-grown wheat would levy a considerable charge
they expect to be able to keep the Lorraine blast fur- on the national exchequer. Neither of these is
naces working, and for them the first part of the thought desirable, but the members think something
Ruhr problem will be solved."
should be done about the wheat offale because these
Word came from Essen Monday evening that "the are of great importance to the farmers. They proexplosion of a time bomb destroyed the lock of the pose that importers of wheat should be required also
Dortmund-Ems Canal near Herne early to-day." It to import wheat offals in the proportion of 25% of
was added that "the canal was effectually blocked, offals to 75% of wheat To check the export of
seriously interfering with the complicated inland home-produced wheat offals they would impose an
waterway traffic in the Ruhr." The Associated ad valorem duty of 10% on them. On malting barPress correspondent at that centre• asserted that ley the tribunal would place a duty of 10 shillings a
"this is the most serious case of sabotage yet re- quarter, to be collected at the brewery with a preferported on the Ruhr waterways. The lock that was ence of one-third on Dominion-grown barley. On
destroyed is near the junction of the Dortmund-Ems hops, they would charge 20 shillings a hundredweight
Canal with the main canal that runs down to the import duty, with the same Dominion preference.
Rhine at Duisburg and Ruhrort, where the largest They would prohibit importation of potatoes altoinland port in the world is located."
gether, except under a general license issued
One of the most spectacular developments was the by the Government after consideration of home
arrest of Hugo Stinnes and his wife by French rail- supplies and freedom from disease of forway guards, near Scharnhorst,"a frontier station in eign stocks. They would permit imports of milk only
the occupied zone." It was reported that they were under careful supervision." Commenting on the re"routed out of their berths by the French guards, port, he observed that "publication of this report
ho invaded the sleeper." The car was "attached to comes at a moment when the unhappy condition of
the train from Berlin to Essen, on which they had British agriculture has been emphasized by a strike
left Berlin for Muelheim, where his[Stinnes's] prin- of farm laborers in Norfolk. This turns on the quescipal industrial interests are centred." It was added tion of such small reductions of wages and increases
that Herr Stinnes and his wife were "released after of hours that it would seem to be capable of easy adthe officials had searched their baggage." In an As- justment, and its very persistence
is seen as an indisociated Press dispatch from Scharnhorst on Tues- cation that both sides of the dispute are unwilling to
day it was stated that "the French to-day arrested make concessions because
they know the industry is
here Edward Hamm, Secretary of the Chancellery in such a deplorable state
that whoever gives way
of the Cuno Cabinet; Adam Stegerwald, former Pre- first will be. required before
long to make further
mier of Prussia, and Reichstag Deputy Giesberts, concessions."
former Minister of Posts. The latter two were released, but the French are continuing to hold SecreThe labor situation is giving the British Govern• tary Hamm on the ground that officials active in the ment and the industrial leaders special concern also.
German Government had been forbidden to enter the At the beginning of the week the London correspondoccupied area."
ent of the Associated Press cabled that "the industrial outlook in Great Britain at the present time is
The British Government apparently is confronted regarded as extremely disquieting.
It is estimated
afresh with several troublesome problems. One of that nearly 700,000 workers are involved in disputes
them is protection, according to the London repre- with their employers, and that 56,000
are on strike.
sentative of the New York "Times." He cabled that These include the Welsh miners and the Norfolk
"the question of protection once more has thrust it- farm workers." Going into some of the details of
self into the field of British practical politics. How the situation, he said that "the employers of the
seriously it is taken depends on the attitude of the building trades announce to-day a new schedule of
Bonar Law Cabinet, but it can no longer be dismissed wages and hours which will become operative on
merely as one of the British lost causes. It has re- April 14. If the men do not accept it a lockout of
ceived new importance through the interim report of nearly 500,000 workers may result. Arbitration is
the Agricultural Tribunal of Investigation set up by proposed, but the issues are much involved and it is
the Government last December." The "Times" dis- uncertain what course will be decided on when the
patch added that "this report, issued to-day [April leaders of the 14 unions to which the building opera6], makes a definite departure from the principle of tives belong meet next Monday to discuss the new
free trade and, though it declines to recommend im- schedule. Another source of industrial and naposition of a duty on wheat, it suggests regulations tional anxiety is the differences which have arisen
1
1582
THE CHRONICLE
over the railway shopmen's wages. The employers
propose an extensive reduction, and this is regarded
as holding the possibility of a general railway men's
strike throughout Great Britain. The dispute in the
pottery trades involves about 60,000 men."
[VoL. 116.
bers welcoming relief from a session that had been
continuously in progress more than 21 hours, mainly
for consideration of the annual army and air force
bill, which finally passed its third reading."
No recent event in all Europe has attracted wider
The British Parliament reopened on Monday and attention or caused more world-wide comment than
at the evening session the next day "the Government the slaying of Mgr. Butchkavitch, Roman Catholic
suffered a defeat in the House of Commons by seven Vicar-General of Russia. The opinion apparently is
votes." It was said that "this will not lead to its very generally held in Europe and this country that
resignation, but it has given a severe shock to the this deed makes it impossible for Soviet Russia to
Cabinet, which is likely to be remembered in British secure recognition from any foreign Power now. The
political history as the one Ministry which, within Paris correspondent of the New York "Herald" said
six months of its return to office, with a comfortable that "Moscow's refusal to the pleas for mercy from
majority, has suffered defeat in five bye-elections in the outside world in his behalf is believed here to be
:that Trotzkyism has yet made."
succession, has failed to elect some of its members' the costliest error,
an
outvoted
in
the
House
on
April
10
the
State
Department at Washington
important
been
On
and has
division." It was explained that "the motion which issued a statement announcing that, in response to
brought about the reversal to-night was a formal one, numerous protests "from all over the United States,"
'that the House do now go into committee of supply Secretary Hughes had ordered the vise of Mme.
on civil service estimates,' but it gave the members a Ekaterine Kalinin, wife of the President of the Ruschance to manifest their dissatisfaction with the sian Soviet Republic, canceled, and that she would
Government. This had been running high during not be allowed to enter the United States."
the afternoon on account of a reply given by Major
Negotiations relative to a settlement of the Near
Boyd Carpenter concerning certain grievances of exservice men regarding the salaries they were receiv- East situation with the Turkish Nationalists appear
ing as temporary members of the Civil Service. to be progressing slowly. Announcement was made
Boyd Carpenter had merely said they would be con- in Constantinople on April 8 that "the reply of the
sidered by a committee which is to be set up, but the Turkish Government to the Allied invitation to atHouse is getting tired of having one question after tend the sessions of the Near East Peace Conference,
another shoved off on committees. Members from to be resumed soon at Lausanne, reached Constantiall parts of the House rose to ask supplementary nople to-day from Angora and will be immediately
questions, and even stalwart conservatives voiced in- conveyed to the representatives of the Allies here."
dignation at the treatment the ex-service men are re- The Associated Press representative added that "the
ceiving." The final vote was 145 against to 138 for note declares that the Turkish counter-proposals conthe Government. Word came from London the next tain no substantial modifications of the territorial
afternoon that "the House of Commons was ad- and other clauses of the draft treaty which the Powjourned by the Speaker this evening until to-morrow ers cannot equitably accept. It suggests certain
because of disorders in the C"amber" It was stated reservations on economic and financial questions
that "the disorder developed incident to the protest and on the capitulations cliuses of the treaty." Conof the Labor opposition to the Government's course, tinuing his outline of the document, he said that
the Speaker then adjourning the sitting for an hour." "with regard 'to the economic clauses of the draft
The situation was further outlined as follows: "The treaty the note expresses fear that the action of the
Speaker resumed the chair after the hour's adjourn- Allies in going back on their previous acceptance of
ment but immediately announced that in view of the a postponement of discussion of matters which are
grave disorder he exercised his right to adjourn the legitimate subjects for international discussion may
House to to-morrow. This action followed the Gov- make difficult and delay the signing of a treaty.
ernment's 'defeat last night on a motion for the Generally, however, the note is couched in a friendly
Speaker to leave the chair so the House could resolve spirit and reciprocates the desire of the Allied Powitself into a committee of supply to consider the civil ers for the success of the Lausanne conference." It
service estimates. Stanley Baldwin, Chancellor of was also stated that "Ismet Pasha will head the delethe Exchequer, had moved the resolution on behalf gation going to Lausanne, which will leave Constanof Prime Minister Bonar Law that the House to-mor- tinople about the end of the week if the Allies agree
row resolve itself into a committee of supply." Later to reassemble for further negotiations on April 23,
accounts stated that "some extremists on the Labor the date proposed by the Turks. The National Asbenches sang the 'Red Flag.'" It was reported that sembly will appoint the delegates on Monday." Ac"a scuffle took place both in the Chamber itself and cording to a Washington dispatch last evening, the
in the corridors afterward, during which, it is said, United States Government will be represented at the
Lausanne conference.
some of the Ministers were involved."
It developed that at Thursday's session "the GovAnnouncement was made in an Associated Press
ernment bowed to the will of the Opposition in the
House of Commons this afternoon on the question of cablegram from Angora under date of April 10 that
the treatment of war veterans, which brought about " Turkish Nationalist Assembly has ratified the soits defeat on a snap division Tuesday. The Chancel- called Chester railway and mining concession." In
lor of the Exchequer announced that a committee a cablegram from London the same day it was exwould be appointed to investigate the grievances of plained that "approval by the Angora Government of
ex-service men in regard to the salaries they are re- the 'Chester project' marks the termination of 20
ceiving in the civil service." Word came from Lon- years of effort by American interests, headed by
don last evening that "the House of Commons ad- Rear Admiral Colby Mitchell Chester, retired, of
journed at noon to-day until Monday, its weary mem- Washington, D. C., to obtain commercial railway
APRIL 141923.]
THE CHRONICLE
1583
drilling and mining concessions in the interior of C. M. Chester,son of the Admiral, said to-day [WedTurkey. The main proposals of Admiral Chester nesday]." The correspondent added that "this anand his associates, who include Gen. George W. nouncement followed a conference between General
Goethals, builder of the Panama Canal, Kermit Goethals, who came here from New York last night,•
Roosevelt and other influential men, are for the con- and Admiral Chester. Another result of the conferstruction in Anatolia of more than 2,000 miles of ence was the dispatch of a cablegram to Arthur T.
new railways, the reconstruction of Angora upon the Chester, another son of the Admiral, who has been in
lines of a modern American city, the building of Turkey for some time and in constant communicaports and quays and the exploitation of mineral tion with the Kemalist Government on the concesrights throughout those portions of Asia Minor still sions." In a later dispatch it was claimed that the
undeveloped. Payment for this extensive develop- United States Government favors arbitration of the
ment and rebuilding is to be given by the Turks in conflicting claims.
the form of mineral, oil, and other concessions. It
Word came from London Thursday evening,
is expected the American corporation, called the through an Associated Press dispatch, that "Great
American Development Co., will be occupied for Britain purposes entering an energetic protest
many years in this work, giving employment to thou- against the granting by the Turkish Nationalists of
sands of natives as well as to many American tech- certain concessions in Anatolia to the American innicians."
terests headed by Rear Admiral Colby M. Chester,
Commenting upon the ratification of the conces- if these concessions are found to embrace the Mosul
sion, the Paris representative of the New York oil fields, it was declared to-day."
"Times" said that "the report of the ratification by
the Angora Assembly of the Chester concession turns
Official discount rates at leading European centres
the attention of Paris again to the fact that this con- continue to be quoted at 12% in Berlin;
53/2% in
cession includes projects for which the French hold Belgium and Madrid; 5% in France, Denmark and
concessions from the old Ottoman Government. That Norway; OA% in Sweden; 4% in Holland, and 3%
for the development of the Port of Samsun is one il- in London and Switzerland. In London open
lustration; that for the construction of several rail- market discounts were not changed from VA@
roads is another." He also observed that "the 23/8% for short bills, but three months' bills closed
French appear to believe that the American Govern- at 21
/@2%%, in comparison with 33@25-l6%
ment is demanding that the Allies respect the open last week. Call money at the British centre was a
door policy in their settlement with Turkey and that trifle firmer for a while, but closed at 1% after
in the meanwhile Americans are trying to grasp all having touched 231%, against 2% a week ago.
the best concessions. The Chester claim to the de- The open market discount rate at Paris is still
velopment of the Mosul oil fields, which are now in quoted at 4/
8% and at Switzerland 13/2%, unBritish hands, raises an important point with regard changed.
to an Anglo-Turkish conflict on that issue. While
the French have an interest in Mosul oil through the
The Bank of England announced a small gain
British, it is to the Chester concession in Anatolia in gold, namely £15,503, and an increase in total
that their attention turns especially." The follow- reserve of £1,201,000, the result of a contraction
ing day the same correspondent cabled that "the in note circulation of £1,185,000. In addition to
French Government to-day sent the Angora Govern- this, the proportion of reserve to liabilities advanced
ment a vigorous protest against granting to the to 19.64% from 18.22% a week ago and 17.19%
American interests represented by Rear Admiral the week before. In 1922 the ratio stood at 17.51%
Chester concessions which include privileges granted and a year earlier at 13.78%. Public deposits were
to the French in 1914 in return for a large loan." reduced £6,516,000, but "other" deposits expanded
He also said that "Premier Poincare's note pointed £3,396,000. There was a small decline in the
out that not only by the terms of the treaty made in Bank's temporary advances to the Government,
April 1914, with the Ottoman Government, but by namely, £150,000, while loans on other securities
the terms of the Angora treaty negotiated with the fell £4,130,000. Threadneedle Street's stock of
Kemalists, France had a concession for the construc- gold now stands at £127,517,057, as against £128,tion of the Port of Samsun and for building a rail- 863,165 last year and £128,348,222 in 1921. Total
road from Belu to Samsun—to cite specific features reserve aggregates £24,353,000, against £24,873,820
£18,261,172 a year earlier. Loans
of the Chester project which were in conflict with the in 1922 and
amount to £68,886,000, in comparison with £77,French claims. It is understood that the French 673,770 and £99,692,685 one and two years ago,
protest states that the Government finds it impos- respectively, while note circulation is £121,610,000,
sible to regard the action of the Angora Assembly as as against £122,439,345 last year and £128,537,050
other than 'a deliberately unfriendly act, of a nature in 1921. No change has been made in the Bank's
to influence adversely the coming negotiations at official discount rate from 3%, the level previously
ruling. Clearings through the London banks for
Lausanne."
the week totaled £838,494,000, against £676,851,000
a week ago. We append herewith comparisons
Washington dispatches have indicated that the of the principal items of the Bank of England
United States Government would defend the Ches- returns for a series of years:
ter concession. The New York "Tribune" correBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1920.
1921.
1923.
1922.
spondent at that centre stated that "Rear Admiral
April 16.
April 14.
April 13.
April 11.
April 12.
Colby M. Chester and Major-General George W. Circulation
121,610,000 122,439,345 128,537,050 106.018,425 76.213,226
deposits
15,976,000 17,430,957 18,316.342 19,315.303 27,709.840
Goethals will attend the next Near East Conference Public
Other deposits
206,868,000 124,572,039 114.124,395 122,888,542 116,563,412
Governm't securities 48.445,000 57,139,146 32.209,621 55.118.694 56,114,144
at Lausanne or elsewhere and combat any efforts Other securities
68,886,000 77,673,770 99.692.685 79.891.326 78,304.624
Reserve notes & coin 24,353.000 24,873.820 18,261.172 24,881,165 27,472.068
Coin
and
builion
127,517,057 128,863,165 128,348,222 112,449,590 85.234,983
made by the British Government or other nations to
Proportion of reserve
19%
17.50%
13.78%
to liabilities
19.64%
17.51%
question the legitimacy of the so-called Chester con- Bank
5%
7%
7%
3%
4%
rate
cessions granted by the Turkish Government, Major
1584
T H Pi CHRONICLE
The BanklofiFrance contnues to report small
gains in its gold item, the increase this week being
123,200 francs. Thus the Bank's total gold holdings
are brought up to 5,536,458,325 francs, comparmg
with 5,526,372,933 on the corresponding date last
year and with 5,505,145,290 francs the year previous;
of the foregoing 1,861,344,927 francs were held
abroad in 1923 and 1,948,367,056 francs in both
1922 and 1921. During the week, silver increased
78,000 francs; advances rose 79,455,000 francs and
Treasury deposits were augmented by 5,228,000
francs. Bills discounted, on the other hand, fell
off 767,279,003 francs, while general deposits were
reduced 331,827,000 francs. Note circulation took
a favorable turn, a contraction of 527,904,000
francs being recorded. The total of notes outstanding is now 37,296,948,000 francs, which contrasts with 36,035,467,585 francs at this time last
year and with 38,528,892,225 francs the year before.
In 1914, just prior to the outbreak of war, the
amount was only 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 1922 and 1921 are as follows:
BANK OF FRANCES' COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
April 12 1923. April 13 1922. April 14 1921.
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
Inc.
In France
123,200 3,672,113,398 3,578,005,877 3.556,778,234
Abroad
No change
1,864,344,927 1,948,367,056 1,948,367,056
Tota'
Inc.
123,200
Sliver
Inc.
78,000
Mils discounted—Dec.767,279,000
Advances
Inc. 79,455.000
Note circulation—Dec.527,904,000
Treasury deposIts-Inc. 5,228,000
General deposits_ _Dec. 331,827,000
5,536,458,325 5.526.372,933 5,505,145,290
291,564,400
282,251,537
270,301.251
2,358.690,000 2,652,216,782 2,795,672,891
2,178,796,000 2,370.255,799 2,208,956,908
37,296.948,000 36,035,467,585 38.528,892,225
23,392,000
63,792,472
38,609,685
2,040.607.000 2.134,461.987 2.940,631,558
The Imperial Bank of Germany in its statement,
issued as of March 29, showed another huge expansion in the output of notes—this time 562,284,770,000
marks—which carried the total of outstanding notes
up past the five trillion mark. to 5,517,916,642,000 marks, as compared with 129,289,793,000 marks
a year ago and 64,382,188,000 marks in 1921. Other
sensational increases were 267,554,347,000 marks in
discounts and Treasury bills, 158,631,466,003 marks
in Treasury and loan association notes, 90,110,309,000 marks in bills of exchange and checks, and
76,533,714,000 marks in other assets. Deposits
expanded 18,560,054,000 marks, other liabilities
14,578,102,000 marks, and investments 145,080,000
marks There were declines in notes of other banks
53,512,000 marks, and 358,452,000 marks in advances. Total coin anct bullion gained 2,359,974,000
marks, but gold was unchanged and continues at
1,004,830,000 marks, against 996,877,000 marks in
1922 and 1,091,521,003 marks a year earlier.
Analysis of the Federal Resei ve Bank statement
issued at the close of business on Thursday, discloses a substantial shrinkage in bill holdings, both
locally and nationally, accompanied by a gain for
the system as a whole in gold reserves. The combined statement shows an expansion in holdings of
the prec:ous metal of $16,000,000. Rediscounting of
all classes of paper was reduced approximately $72,000,000 to $897,039,000, which compares with $955,109,000 last week and $667,151,000 at this time last
year. Earning assets were reduced $59,000,000 and
deposits $46,000,000. A decline in the amount of
Federal Reserve notes in Jirculation of $9,000,000
was shown. The New York bank, in its operations
with the interior, lost goldito the amount of $11,000,-
[You 116.
000, but aside from this feature, indicated very similar conditions to those reported by the banks as a
group. The holdings of purchased bills increased
$19,000,000, but discounts of Government paper and
"All other" were reduced $28,000,000, so that total
bills on hand fell $9,000,000 to $229,015,000. This
compares with $101,746,000 last year. Federal Reserve note circulation decreased $9,000,000. Member bank reserves showed a falling off of $18,000,000
for the system, but increased $2,000,000 at New
York. The net result of these changes was an increase of 1.3% to 76.3% in the,reserve ratio of the
System, while that of the local bank advanced 0.7%
to 83.7%.
Last Saturday's statement of the New York Clearing House banks and trust companies was noteworthy,
chiefly by reason of the sharp contraction in both
loans and discounts, following the large expansion in
these items a week earlier. The loan account fell
$79,640,000. Net demand deposits fell off $56,237,000, to $3,727,378,000. This total is exclusive of
Government deposits to the amount of $126,126,000.
On the other hand, time deposits increased $8,618,000, to $491,006,000. Other changes of lesser importance included an increase in cash in own vaults
of members of the Federal Reserve Bank of $2,144,000, to $52,254,000 (not counted as reserve), and
additions of $228,000 and $509,000, respectively, to
the reserves of State banks and trust companies in
own vaults and in other depositories. Member
banks reduced their reserve credits at the Reserve
Bank $10,466,000, which served to counteract the
curtailment in deposits and resulted in a loss in
surplus reserves of $2,622,930, thus reducing the total
of excess reserves to $2,276,570, as against $4,899,500
a week ago. The figures here given for surplus are
on the basis of reserves above legal requirements of
13% for member banks of the Federal Reserve System, but not including cash in ow a vaults to the
amount of $52,254,000 held by these institutions on
Saturday last.
The trend of the call money market was irregular.
Following the surprisingly low rates last week there
was a corresponding upturn until just before the
close on Wednesday, when there was a recession to
432%. Thursday there was a drop to 4%. When
call money was advancing, time money was reported
as being a little firmer, but there was no real change
in quotations, the range remaining 5h@532%, until
yesterday, when it dropped to 5@531%. Intimations were heard that the advance in quotations
on call loans was due to a desire on the part of
bankers to check speculation in stocks, and even to
cause some liquidation. Whether this idea was
founded on fact, undoubtedly there was considerable liquidation at times, particularly in certain oil
stocks, which had been carried up rather rapidly over
a period of several weeks. Whether this kind of
selling was sufficient to bring about an important
net change in brokers' loans at this centre is to be
doubted. Attention wes called again to the fact
that some of the large member institutions of the
New York Federal Reserve Bank are not borrowing
anything there, and that the accommodations being
carried for others are small. The further liquidation
of discounted bills, as shown by the Federal Reserve
System statement is significant also. Considerable attention was given to interviews with Charles
APRIL 14 1923.]
THE
M. Schwab and Frank A. Vanderlip, both o hom
declared that the business and credit positions in the
United States are sound. There seems to be a
rather general disposition to heed the words of
warning that have been uttered at frequent intervals
relative to the dangers of over-extension of credit.
If this tendency is continued, there can be no real
ground for apprehension. The advance of 11% in
wages granted, first by the United States Steel Corporation, and subsequently by other important steel
manufacturers, and the advancing tendency in the
pay of various other classes of workers, together with
higher prices for commodities, call attention, among
other things, to the larger amount of money that wi
be required to carry on business, without any furt
increase in the volume. So far there appears to have
been a pretty general absence of reckless competitive
buying of commodities and bidding for labor. Both
may come later. There is more difference of opinion
than there was a week ago, as to the probable trend
of the local money market in the immediate future.
As the week closes the quotations for call money are
back to where they were a week ago.
1585
ONICLE
Following the adoption of a rediscount rate of 4
by the Federal Reserve banks of San Francisco, Atlanta and St. Louis for agricultural and live-stock
paper having a maturity between six and nine months,
a similar rate for this class of paper has been put into
effect by the Federal Reserve banks of Cleveland,
Richmond, Minneapolis and Dallas, while the Federal Reserve Bank of Boston has established a 5%
rate for this particular paper. The following is the
schedule of at now in effect for the various classes
different Reserve banks:
of pape t
DI
Uri
RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 13 1923.
Paper Maturing--
FEDERAL RESERVE
BANK.
After 90 After 6
but
Days. but
Within 6 Within)
Months. Months.
Within 90 Daps.
Agricul.. Argent.
Cam'reial &cur. by
and
and
Apricot. U. S. Bankers' Trade
Accep- Livestock Livestock
Accepdt Limn Govt.
Payer.
Paper.
tances.
Paper, Obilya- tances.
tions.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
'tlanta
0 &ago
tit Louis
Milneapolis
Kansas City
Dallas
San Francisco
454
414
454
414
454
454
434
414
434
414
414
454
414
434
434
454
456
416
454
414
411
416
414
454
434
454
434
414
454
434
454
454
454
454
434
454
494
434
454
434
434
434
434
454
434
454
454
414
454
454
414
414
454
416
454
414
454
414
414
5
iii
454
414
iii
434
--454
44
Dealing with specific rates for money, loans on
bankers acceptances drawn for an agricultural purpose atecured
call during the week covered a range of 4@5IA%, by*Including
warehouee receipts, dtc.
was
the same as a week ago. On Monday 53/%
1"4
Trading in sterling exchange this week 'Was_nifiCked
the high, with 432% the low and the rate for renewals. Tuesday increased firmness prevailed, so by slightly increased activity, although unaccomthat while the maximum was still 53/2%, 5% had panied by higher price levels. As has been the
to be paid for renewals, which also was the low case during the recent past, there has been a downfor the day. No loans were negotiated above 5% ward tendency and after an opening quotation of
on Wednesday; the low was 43/2% and renewals 4 66 11-16, demand bills sagged off to 4 64. Later
still at 5%. Thursday's range was 4(0)5% and on, some of the loss was regained and the final
2% ruled quotation was 4 65 9-16. In the early dealings the
/
5% the renewal rate. A flat rate of 41
on Friday. The figures here given are for both market was subjected to persistent selling pressure,
mixed collateral and all-industrial loans alike. As largely as a result of reports of serious labor disto fixed-date maturities the undertone was firm, turbances in Great Britain. Threats of a general
the rate for a while advancing to 532%, but later strike by British railway workers had a depressing
1@532%, the same influence on sentiment and London cable rates
/
all periods were quoted at 51
as last week. Offerings were in better supply; came sharply lower. As the week progressed, rumors
trading, however, was not active. A few loans for indicating more favorable prospects for a settlethirty and sixty days for moderate amounts were ment of the Ruhr problem, also advices that the
noted.
British labor crisis had been safely bridged, brought
Mercantile paper rates continue at 5@t5Yk% for about a better feeling. Selling of sterling bills by
sixty and ninety days' endorsed bills receivable prominent English banking institutions, however,
and six months' names of choice character, un- figured in the week's dealings practically throughout.
changed, with names less well known at 53.t%. This was coupled with buying by the British GovA falling off in the demand has been noted, institu- ernment of Liberty bonds, presumably in preparation
tions appearing less disposed to make new com- for future payments on war debts to the United States.
mitments than of late. Local banks continue the
So far as the local market is concerned, the volume
principal buyers.
of transactions even for strictly routine business is
Banks' and bankers' acceptances have been
steadfastly persist in their
moderately active. New York and out-of-town still light. Operators
until the Franco-German
aloof
institutions as well as individual investors have determination to hold
there is very little
hence
broken;
been
deadlock has been
been in the market, but offerings have not
large, so that the turnover has been only moderate. new to report. Bankers here do not look for any
The undertone has been steady and quotations still material increase in British purchases of our securthe same as heretofore. For call loans against ities, for the present at least. Talk is heard regarding
bankers acceptances, the posted rate of the American the
possibility of another advance in Reserve bank
Acceptance Council is now 432%, against 4% last
rates, which would in all probability lead
discount
week. The Acceptance Council makes the disto
local money rates and of course make for
higher
eligible
bankers'
prime
acceptances
rate
on
count
for purchase by the Federal Reserve banks 438% increased foreign buying of American bonds A
bid and 4% asked for bills running for 30 to 90 factor of some interest as bearing upon the probable
days, 43i% bid and 4% asked for 120 days and trend of exchange during the next few weeks is
43/2% bid and 431% asked for bills running for the heavy exodus of American tourists to Europe,
150,days. Open niarket quotations are as follows:
which should insure a steady inquiry for exchange
SPOT DELIVERY.
90 Days.
30 Days. accommodation.
60 Days.
454@4
434(g4
4H@4
Prime eligible Ms
Referring to quotations in greater detail, sterling
FOR DELIVERY WITHIN THIRTY DAYS.
414 bid
Eligible member banks
on Saturd'ay last was steady and advanced
exchange
456 bid
Eligible non-member banks
/@4 66 11-16 for demand, with
fractionally to 4 661
1586
THE CHRONICLE
[Vol,. 116.
cable transfers 4 66%@4 66 15-16 and sixty days
The London check rate on Paris closed at 69.47,
4 64%@4 64 9-16; trading was dull and i lactive. against 70.57 last week. In New York sight bills on
On Monday weakness set in as a result of selling, the French centre finished at 6.673/2, against 6.64 1-16;
largely for British account, and lower cable quotations cable transfers at 6.683/2, against 6.653; commercial
from London, so that demand declined to 4 64 15-16 sight at 6.65%, against 6.583, and commercial sixty
(4)4 66 7-16, cable transfers to 4 65 3-16@4 66-11-16, days at 6.623/
2, against 6.553 a week ago. Antwerp
and sixty as
s to 4 62 13-16@4 64 516; unfavorable francs closed at 5.77 for checks and at 5.78 for cable
labor conditions in England had a depressing influ- transfers, against 5.69 and 5.70 a week Ago. Final
ence. There was a further lowering on Tuesday to quotations for Berlin marks were 0.0047% for both
4 64@4 65 9-16 for demand, 4 64%@4 65 13-16 for checks and cable remittances, which compares with
cable transfers and 4 61%@4 63 7-16 for sixty days; 0.0047% the previous week. Austrian kronen are
increased activity at the lower levels was noted. On still stationary and have ruled at 0.00143, against
Wednesday part of the loss sustained earlier in the 0.00143 last week. Lire closed at 4.98 for bankers'
week was recovered and demand advanced on better sight bills and 4.99 for cable transfers. Last week the
foreign news to 4 65%@4 633', cable transfers to close was 4.963/i and 4.9732. Exchange on Czecho4 65%@4 66% and sixty days to 4 633@4 643. slovakia finished at 2.983/2, against 2.983/
8; on BuchaDulness characterized Thursday's operations and the rest at 0.48, against 0.47%; on Poland at 0.0023%,
day's range was 4 65 5-16@4 65% for demand, against 0.00233/
2, and on Finland at 2.743,,against
4 65 9-16@4 663 for cable transfers and 4 63 3-16® 2.723 the week before. Greek exchange closed at
4 63% for sixty days. On Friday the market was 1.16 for checks and at 1.17 for cable transfers,
quiet and irregular, with demand bills at 4 65%@ against 1.21 and 1.22 last week.
4 65%, cable tra nsters at 4 65%@4 66 and sixty
days at 4 633@4 63%. Closing quotations were
Weakness developed in the former neutral ex4 63 7-16 for sixty dabs, 4 65 9-16 for demand ana changes and guilders dropped to 38.98 for checks, a
4 65 13-16 for cable transfers. Commercial sight loss of about 25 points from the close on last Friday,
bills finished at 4 65 5-16, sixty 6ays at 4 62 9-16, but rallying in part before the close. Swiss
ninety days at 4 61 11-16, documents for payment francs were lower; losses of from 5 to 15
(sixty days) at 4 63 1-16 and seven-day grain bills points were recorded in the Scandinavian rates,
at 4 64 9-16. Cotton and grain for payment closed while Spanish pesetas also lost ground, though
at 4 65 5-16.
closing at a slight advance. Withdrawal of German
The gold movement is still of minimum propor- funds, also the lowering in sterling values, were given
tions, the only shipment reported this week being ar a reason for the weakness. Trading, however, was
78 cases of bar gold on the Tuscania from Glasgow "spotty" and devoid of special feature. The decline
and Liverpool, valued at $2,250,000.
attracted some little attention, as at this time of
the year the European exchanges are due for an
Continental exchange gave a better account of advance.
itself, and values, at least in some instances, reBankers' sight on Amsterdam finished at 39.11,
sponded to more cheerful European news by advances against 39.21; cable transfers 39.20, against 39.30;
of several points. Paris francs once more took the commercial sight, 39.06, against 39.16, and commerlead and sold up to 6.743/
2, a gain of 30 points from cial sixty days 38.75, against 38.85 last week. Closthe low level established a week ago; before the close, ing quotations on Swiss francs were 18.20 for bankhowever, there was a recession to 6.673/
2. Belgian ers' sight bills an:: 18.21 for cable transfers. This
currency, which at present shows a differential of ap- compares with 18.35 and 18.36 the preceding week.
proximately 100 points from that of France, hovered Copenhagen checks closed at 18.84 and cable transaround 5.69@5.79, with a high figure of 5.813/
2. fers at 18.88, against 19.01 and 19.05. Checks on
Cable advices to the effect that the outlook for a set- Sweden finished at 26.573/b and cable transfers at
tlement of the Ruhr problem had brightened found 26.613/2, against 26.533/ and 26.543, while checks
apparent support in the announcement that the Ger- on Norway closed at 17.903/ and cable transfers at
man Finance Minister is to present a concrete pro- 17.943',against 18.02 and 18.06 a week ago. Spanish
posal before the Reichstag shortly, besides which pesetas closed the week at 15.33 for checks and 15.34
rumors were again put in circulation that overtures for cable transfers,in comparison with 15.30 and 15.31
would be made to France in the very near future. a week earlier.
All this had a favoring influence on French exchange,
With regard to South American exchange, the
as also did publication of a stronger Bank of France trend has also been lower ana the check rate on Argenstatement, showing substantial reduction in note cir- tina declined to 36.50 and cable transfers to 36.55,
culation, notwithstanding the enormous strian of with the close 36.75 and 36.80, against 36.85 and
financing the occupation of the Ruhr. Trading, in 36.95. For Brazil there was partial rally from the
consequence, was more active and a fairly large turn- extreme low and the close was 10.90 for checks
over was reported, although still primarily for foreign and 11.00 for cable transfers, as compared with
account. Speculators showed a greater degree of 10.60 and 10.65 last week. Chilean exchange,
interest in the market, especially in the latter part however, receded slightly, finishing at 12.45,
of the week, when covering of short commitments against 13, but Peru remained at 4 29, the same
figured in the advance which followed the rumors of as last week.
a coming Franco-German agreement. Reichsmarks,
Far Eastern exchange, so far as Chinese currency
however, failed to participate in this renewal of activ- is concerned, showed weakness, as a result of a drop
ity, and the quotation remains at close to 0.00473/
2. in the price of silver, and Hong Kong finished at
Italian lire were steady, having been maintained at 54%®54%,against 54%®55;Shanghai,743/
2®74%,
about 4.97 throughout. Greek exchange was well against 743/2®74%; Yokohama, 48%@48%, against
maintained and the same is true'of the Central Euro- 48%®48%;Manila,499®503/s,against 503@503/2;
Singapore, 54%®55, against 55®5534; Bombay,
pean currencies.
1587
THE CHRONICLE
APRIL 14 1923.]
313/
2@31%, against 31%@32, and Calcutta, 31%@
32 (unchanged).
Banks of
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers on the different countries of the world. We give below the record for the
week just past:
£
£
£
£
£
£
1
128,863,165
England __ 127,517,057
• 127,517,057 128,863,165
France a..,146,884,536 11,640,000158,524,536 143,120,236 11,280,000 154,400,236
879,700 50.871,530
Germany _ 50,110,130 3,572,333 53,682,463 49,991,830
Aus.-Hun 10,944,0001 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
Spain
101.018,000 26,330,000127,348,000 100,834,000 25,421,000 126.255,000
Italy
35,399,000 3,033,000 38,432,000 34,30/3.000 2,998,000 37,306,000
464,000 50,980,000
559,000 49,042,000 50,496,000
Nethla.nd_ 48.483.000
„000 1,616.000 12,279,000
Nat'l 13eig 10,757,000 2,374,000 13,131,000
26,141,000
4,320,000
21,821,001
25,504,000
Switz'land 21,316,000 4,188,000
15,241,000
15,200.000 15,241,000
Sweden
15,200,000
231,000 12,915,000
Denmark _ 12,681,000
245,000 12,926,00 12,684,000
8,183,000
1
8,183,000
Norway _ _ 8,115,000
8,115.00
Total week 588,424,723 54,310,333642,735,056 587,149,231 49,578,700636,727,931
Prey. week 588,206,292 54,237,340 642.443,632 587,162,304 49.654,700636.817.004
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 7 1923 TO APRIL 13 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
UaitJValue in United Stales Money.
Country and Monetary Usti.
April 7. April 9. April 10.'Aprill1. A pri112. Apr/113.
EUROPE$
$
$
$
$
$
Austria, krone
$.000014 $.000014 $.000014 $.000014 $.000014 $000014
Belgium, franc
.0569
.0581
.0575
.0575
.0577
.0580
Bulgaria, ley
.007743 .00745 .007857 .007857 .0079
.007843
Czechoslovakia, krone- .029855 .029865 .02983 .029833 .029828 .029835
Denmark, krone
.1904
.1904
.1896
.1900
.1894
.1889
England, pound sterling_ 4.6677 4.6619 4.6512 4.6628 4.6570 4.6593
Finland, markka
.027244 .0272
.027189 .027281 .027356 .027371
France, franc
.0371
.0661
.0672
.0667
.0667
.0568
Germany, reichamark
.000047 .000047 .000047 .000047 .000017 .000047
Greece, drachma
.0118
.011894 .011839 .011839 .011703 .011633
Holland, guilder
.3926
.3921
.3908
.3917
.3915
.3916
Hungary, krone
.000231 .000237 .00023 .00023 .000228 .000221
Italy, lire
.0496
.0498
.0496
.0498
.0498
.0499
Norway, krone
.1803
.1802
.1794
.1796
.1796
.1795
Poland, mark
.000024 .000024 .000024 .000024 .000024 .000024
Portugal, escudo
.0480
.0471
.0466
.0462
.0459
.0465
Rumania,len
.004775 .004778 .004760 .004749 .004767 .004783
Spain, peseta
.1531
.1532
.1530
.1531
.1532
.1533
Sweden,krona
.2656
.2656
.2657
.2659
.2660
.2660
Switzerland, franc
.1834
.1832
.1826
.1827
.1820
.1821
Yugoslavia, dinar
.01008 .01007 .010065 .010128 .01026 .010281
ASIAChina, Chefoo tail
.7675
.7633
.7583
.7567
.7579
.7567
" Hankow [eel
.7625
.7583
.7525
.7508
.7525
.7517
" Shanghai tael
.7427
.7418
.7348
.7377
.7375
.7396
- Tientsin tael
.7754
.7713
.7658
.7642
.7654
.7625
Elongkong dollar
.5455
.5449
.5411
.5421
.5423
.5448
Mexican dollar
.5352
.5365
.5321
.5308
.5340
.5360
Tientsin or Pelyang
dollar
.5375
.5458
.5421
.5379
.5371
.5388
Yuan dollar
.5475
.5463
.5429
.5438
.5429
.5450
India. rupee
.3136
.3134
.3129
.3131
.3123
.3130
Japan, yen
.4848
.4859
.4864
.4865
.4866
.4865
Singapore (S. S.) dollar_ .5483
.5475
.5479
.5475
.5479
.5483
NORTH AMERICACanada. dollar
.981424 .981319 .981309 .980295 .979609 .978711
Cuba, peso
.999875 1.00
1.00
.999938 .999813 .99981:
Mexico, peso
.4850
.484531 .485781 .484875 .484156 .484151
Newfoundland, dollar
.978828 .979063 .97875 .977969 .977031 .97609'
SOUTH AMERICAArgentina, peso (gold)
.8341
.8308
.8289
.8327
.8314
.8325
Brazil, milreLs
.1044
.1049
.1049
.1057
.1082
.1060
Chile, peso (paper)
.1239
.1225
.1225
.1220
.1230
.1232
.8373
.8367
.8335
.8369
.8371
.7382
Uruguay. Pew
The New York Clearing House banks in their
operations with interior banking institutions have
gained $1,987,218 net in cash as a result of the currency movements for the week ending April 12.
Their receipts from the interior have aggregated
$4,747,218, while the shipments have reached $2,760,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending April 12.
Banks' interior movement
Into
Banks.
Out of
Banks.
$4,747,218
32,760,000 Gain $1,987,218
Gain or Loss
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
-Saturday,
April 7.
Monday,
April 9.
Tuesday, Wednesd'y. Thursday, Friday,
April 10. April 11. April 12. April 13.
Aggregate
for Week.
$
51,000,000 67,000,000 47,000,000 56,000.000 66,000,000 78.000,000 Cr. 365,000.000
Note.-1 he foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on Institutions busted outside
of New York are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
April 13 1922.
April 12 1923.
Gold.
I
Silver.
Total.
Gold.
Silver.
Total.
1
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad.
THE COURSE OF WAGES-INTERFERENCES
WITH THE LAW.OF SUPPLY AND DEMAND.
It is an old adage that-"When two workmen run
after one emplOyer, wages fall; when two employers
run after one workman, wages rise." There are some
interesting considerations connected with the recent
advances in wages in the woolen and cotton mills.
These advances scent to be largely, or at least in
part, voluntary upon the part of employers. It cannot be said, however, that production in manufacture under present conditions is ever free from a
more or less concealed coercion on the part of labor.
But the element of supply and demand in these mills
has undoubted bearing upon the circumstance of a
raise in wages. At least our reading does not indicate these advances have been made under direct
threat of strike. And therefore, we do find that the
economics of capital and labor has not been wholly
set aside, though greatly diverted, disordered and
partially nullified, by the activities of labor organizations in recent years.
We are not inclined to a belief that the reduction
of immigration (it is said below that of 1913) has
had any close connection with the industry of textiles. More potent were the vast supplies of appurtenances and the uniforms of soldiers occasioned by
the war. Not an inconsiderable item in creating
scarcity was the so-called strike of buyers a few
years ago. The influence of tariff taxes upon importations of foreign-made cloths is a contributing
factor to increase in demand (we doubt not to be
followed quickly by price). And then the general
revival in trade adds to the energizing of endeavor
upon the part of owners and management. So that
despite some former cuts in wages, there has come
about this advance, in spite of the lingering
too high scale of wages in this industry and
in all industries. We say too high because wages
in trades remain above the levels in unorganized
labor.
We note that credit has been comparatively easy;
there having been many flotations in industrial lines.
And it is clear that a spirit of resumption is animating business too long in the lethargy of despond.
Activity in one line begets that in another. In the
matter of textiles we might remark that people are
no longer wearing old clothes as an act of devotion to
country! The point of it all is that the workman is
not without relief under the natural conditions of
supply and demand. And that were capital, credit
and labor wholly free to respond to natural laws the
equalization of wages and of production and consumption would go on apace. As it is, as long as any
one industry is coerced into excessive wages, as in
the building trades, equilibrium is destroyed, and
the profiteer in wages in one line feeds upon the toil
of his fellows in arother. The process of natural
1588
THE CHRONICLE
equalization is thus impeded,and reaction must some
time set in against the profiteer.
It is no part of our purpose here to go into the interminable tariff argument. It is predicted now in
advance that the sugar investigation ordered will
show in conclusion a greater "spread" between production abroad and at home than obtained when the
present schedule was established and that the rate
will be raised rather than lowered. But this feature
aside--tariff or no tariff—it must be manifest that
If neither goods nor labor can enter in the freedom
of a world competition, we are establishing an economic isolation where the divergences of wages must
become greater and longer resist the natural laws of
supply and demand. These increases in the mills we
have just noticed, therefore, do not indicate a benefit
to the whole people resultant upon an equable resumption. The mechanic will pay more for his clothes, he
may be amply able to do so, but countless salaried
workers cannot.
We cannot have an equable wage level, either high
or low, until all industries can readily respond to a
free labor market and a free supply market. Labor
is a major element in productive cost. The mill operatives are entitled to the worth of their labor in
the general scheme of things. If, as we have surmised, they are, despite the past interferences, now
reaping a reward induced by the demand, legitimate
and natural to the conditions, well and good. Left to
its natural influence this labor demand would draw
all other wages upward according to their place and
power in production and consumption. There could
be no just complaint against this. But there is no
such thing as a free labor market while influences
other than supply and demand prevail.
The farmer bloc would artificially raise the price
of foodstuffs and the labor bloc must pay it. The
labor bloc would artificially raise the scale of wages
and the farmer bloc must pay it. The one seeks direct Government intervention; the other seeks and
exercises the coercive power of unionism. Neither
bloc is a natural influence in affairs. Each is a selfish interference by a part of the industrial population, and prevents the equability, the adjustment,
which comes from natural laws. That which is
added to the one is taken,to a proportionate degree,
from the other and from the whole. There has been a
hue and cry against the alleged monopolistic and
oppressive power of capital. Is there no such thing
as a monopoly of labor and a corner in
foodstuff supplies? And in proportion as wages
and prices go by these bloc influences above
or below the natural level of supply and demand the
people suffer.
It is as predatory for labor to seize the Government as it is for capital. It is as monopolistic for
farmers to combine to advance prices as it is for
"workingmen" in industries to combine to advance
wages. There is an element of conspiracy in both
practices. But the power exercised respectively is
dissimilar—the result must be increased disparity.
As long as these selfish "drives" continue by parts of
a common people to gain undue advantage by legislation or combination the majority of the people,
workers and consumers, must pay the bill, And it
follows, as the day the night, that until public opinion of a disinterested majority shall frown down
these combinations and summarily reject all these
appeals to legislation, the equalizing power of supply and demand will not function.
[VoL. 116.
THE SUPREME COURT PASSIM UPON MINIMUM WAGE LATVS.
This week's decision of the U. S. Supreme Court
upon the minimum wage law of the District of Columbia was on appeal from a decision of the District
Court of Appeals in November last, which then revised a finding of the same court in June of 1921,
wherein the law had been sustained. The U. S. Supreme Court now upholds the November decision
against the law. Justice Brandeis did not participate, having formerly acted as counsel on the other
side in an Oregon case involving the same matter.
The majority opinion is by Justice Sutherland, one
of the recent accessions to the Court, with four concurring, while Chief Justice Taft and Justice Sanford dissent in one opinion, and Justice Holmes in
another.
The majority opinion is of considerable length,
and the dissenting opinions are also bulky. A children's hospital is the particular party whose action
is involved in the case. Admitting that no absolute
freedom of contract exists or can exist (any more
than there can be an absolutely unqualified liberty
of personal conduct), Justice Sutherland held that
the irreducible minimum of interference with individual contracting should be maintained. This is
the ground of the majority, and some past decisions
of the Court are cited. Thus, by Justice Harland, it
was once held that in contracting for labor both parties have an equality of right "and any legislation
that disturbs that equality is an arbitrary interference with the liberty of contract which no Government can legally justify in a free land." On another
occasion Justice Pitney declared that to disturb this
right would be "a substantial impairment of liberty
in the long-established constitutional sense; the right
is as essential to the laborer as to the capitalist, to
the poor as to the rich, for the vast majority of persons have no honest way to begia to acquire property
save by working for money."
The law under review provided a Board to determine, inter alia, what minimum wage was adequate
to furnish women in the District with the necessary
cost of living, and the same as to minors; there was a
provision permitting this Board to authorize, by
special license,,a woman to work at less than the dedared minimum, if her earning power "has been impaired by age or otherwise"; but in one instance the
complainant was a woman of 21 who was satisfied
with her work and wage as an elevator operator in a
hotel; she said this was the best job open to her and
she wanted to keep it, but the Board's order plus the
penalty for "misdemeanor" deprived her of it. The
standard of the law was not what the woman or
minor was willing to accept or what the labor market
justified the employer in paying, but the old one of
what the worker "ought" to have in order to properly
live. Upon this, Justice Sutherland sees no difference in principle between selling labor and selling
goods. When one goes out to buy food, said he; he is
morally entitled to the worth of his money and not
to more, and "if what he gets is worth what he pays
he is not justified in demanding more simply because
he needs more . . . should a statute undertake to
vest in a commission power to determine the quantity of food necessary for individual support and require the shopkeeper, if he sells to the individual at
all, to furnish that quantity at more than a fixed
maximum it would undoubtedly fall before the constitutional test."
APRIL 14 1923.]
TkiE CHRONICLE •
1589
er, ject, since some fourteen States have minimum wage
As did the District Court of Appeals in Novemb
laws, to be attacked and defended. The fever for
Justice Sutherland points out that power to limit
constitution-tinkering will also burn with more heat.
wages in one direction necessarily involves or leads
ap"if, in An amendment to our State Constitution has
directly towards power to limit in the other;
ed,
was
render
power peared in Albany since the decision
the interest of the public welfare, the police
asking
in
State
um and the Executive of Washington
may be invoked to institute the fixing of a minim
conferto Executives of five other States to join in a
t
wage it may, when the public welfare is though
Trying
ss.
Congre
for urging a like step upon
require it, be invoked to justify a maximum wage." ence
people virtuous, contented and happy by
to
make
FurWhy not,in the name of logic and consistency?
is miserable folly; the more we have of it
thermore, what logical or practical difference is legislation
satisfied they are, and the more they rush
there between fixing wages and fixing all prices? If the less
blocs and clamor. So we drift and drift, and the
the number of dollars a person shall receive for ser- into
g is cited as conclusive reason for keepvices is fixed, equally (and as a natural corollary or fact of driftin
it. That is superficially consistent, yet,
equivalent) the quantity-of commodities he shall re- ing on with
it may decide us to stop the quackery and
ceive in exchange for each unit of the dollar wage some day
the withes with which we have been
may be fixed; what, then, will become of the com- begin cutting
es up and see whether liberty of ing
modity dealer and of the carriers and producers be- tanglin ourselv
will not be better.
l
hind him in the line between the raw material and dividua action
be
to
the consumer? If any prices whatever are
fixed, by statute or by the finding of some statutory
THE HEREIN AFFAIR MOVES ON.
body or other instead of by the meeting of buyer and
The Herrin massacre occurred in June last. The
seller in the open market, how can there be any pers charged with being participants
manent stopping-place short of fixing the price of first trial of person
or abettors ended in January by a verdict of acquiteverything consumable and purchasable?
bar, those being the first to be
In dissent, Chief Justice Taft cited sundry cases tal for the five at the
had been indicted, after much
in which the police power had been held valid for tried out of 77 who
evidence and also about the
ing
limiting maximum hours of work; he does not see difficulty in obtain
work having been taken
latter
the
why it should not extend to include a minimum wage, necessary funds,
in more distant parts of
ations
organiz
s
and he thinks it a non-sequitur that conceding power up by busines
now ended, almost exhas
trial
second
The
.
to set a minimum carries with it power also to set a Illinois
after the first, in acquittal of the
maximum. He admits the difficulty of marking the actly three months
on the present occasion.
line of lawful exercise of police powers without con- six persons at bar
occupied more than a month, and
trial
second
This
libof
flicting with the constitutional guarantees
survivors of the attack distinctly
erty; "our Court has been laboriously engaged in inasmuch as several
of the defendants as having taken
pricking out a line of successive cases," and he appre- identified several
ng it is somewhat surprising to read
ciates (as Justice Sutherland also clearly does) the part in the shooti
acquitted for lack of direct
nicety of work required for reconciling and discrim- that the accused were
them, or for lack of identification.
inating, yet Mr. Taft seems to argue chiefly that the evidence against
told, was that of alibi, alpolice powers are legal because they have been so The chief defense, we are
ned; but the prosecution admuch exercised. So, too, with Justice Holmes, who ways the best if sustai
before it two stories diasays he does not "understand the principle on which mitted that the jury had
be alike useless and
would
It
the power to fix a minimum for the wage of women metrically opposed.
the jurymen (some
of
desire
the
can be denied by those who admit the power to fix a unjust to question
by their duty, and
stand
to
)
women
maximum on their hours of work . . . the statute of whom were
to punish the
failure
r
anothe
is
result
does not compel anybody to pay anything, it simply while the
to broadly condemn the
forbids employment at rates below those fixed as the guilty it would not be right
as legally unwarrantminimum requirement of health and right living trial as unfair and the verdict
circumstantial evidence, dead
. . . in short, the law in its character and opera- ed. Except through
-witnesses of any scene usually
tion is like hundreds of so-called police laws that men tell no tales. Eye
have some discrepancies in their accounts; this mashave been upheld."
favored confusion in accounts,
At this point we may as well dismiss the technical sacre was one which
seems to be a moral certainty that
side of the question. It is undeniable that the habit and while there
the six men under trial were guilty of
of bending old straight lines to fit present assumed some at least of
be too much to aver that the eviemergencies is a confirmed one and that few seem to murder it would
to which a "reasonable" doubt
shred
be taking thought whither that will carry us. "To dence left no
take the verdict, then, as a failmay
sustain individual freedom of action contemplated could cling. We
s and unshakable chain of
flawles
a
by the Constitution," says Justice Sutherland in con- ure to present
e.
clusion,"is not to strike down the common good, but direct evidenc
Nor should there be either surprise or condemnato exalt it; for surely the good of society as a whole
tion
ation
the
because the State's Attorney-General now conby
preserv
cannot be better served than
to quashing the remaining 200 indictments. He
of
conits
sents
es
liberti
against arbitrary restraint of the
has
seem
his duty, which was both difficult and unnot
do
done
people
stituent members." Unhappily,
d personal as well as
to worry at present over society as a whole, but the pleasant and may have involVe
ed 44 indictments for
prevailing notion of "liberty" is that when the indi- political hazard. He obtain
, 54 for assault
vidual wants something he wants it, wants it now, murder, 68 for conspiracy to murder
It is to be as.
and won't be satisfied till he gets it. "Society" be with intent to kill, and 58 for rioting
e have been
in
evidenc
st
hanged; what is society except individuals, and when sumed that the cases stronge
off the
wipe
to
but
left
is
first tried; so there nothing
they are happy how can society be in trouble?
be asnot
need
it
or
ered—f
t,
be
rememb
It
is to
In terms, this decision applies only to the Distric slate.
mson
Willia
in
—that
shown
been
having
subsinned,
and it is certainly not a final disposition of the
1590
THE CHRONICLE
[Vol,. 116.
County the union is at present almost supreme, and able lineage. His
grandfather, Colonel Nicholas
we know that the union there is the full rank Fish, was a gallant figure
in the Revolution and a
flower of a growth which recognizes no right—not personal friend of both
Washington and Hamilton.
even the right to exist—in any human being outside His father, who bore the name
of Hamilton, was the
of its own membership. Recall—for it must not be eldest son of Nicholas; for
eight years he was U. S.
denied recognition of its significance—the uncontra- Secretary of State, and was
also a Senator from this
dieted news story that a miners' committee, headed State and was once its chief Executiv
e. His large
by the Mayor of Herrin, a union member himself, red brick house, at the corner
of Second Avenue and
made the rounds of merchants and bankers, seeking 17th Street, was one of the landmark
s of early New
sureties for the indicted,"on the plea that this would York.
show who stood with the union." The meaning is
Stuyvesant Fish, the youngest son, went directly
that the county is practically a union or chain of from graduation at Columbia in
1871 to a clerkship
unions, and that whoever ventures to become known in the Illinois Central. From
this he passed on to a
as having more than a lukewarm disapproval of connection with Morton, Bliss & Co.,
by whom he
unionism is henceforth marked; earning a living was sent to London as managing
clerk while still in
there is virtually impossible, and in order to be per- his twenties. His connection with the
Illinois Censonally safe in existing one must be rated harmlessly tral was resumed, and continued
for a long while.
insignificant. In view of the news from that county He was the road's
executive head for a score of years
in the past ten months, is this an overstatement?
up. to the time of his differences with E. H. HarriThe Herrin massacre, said the prosecutor at the man. As such, he was a pioneer
in seeking to establate trial,.was "the greatest tragedy in the history of lish close relations of moneyed
and personal interest
this nation in all the years of its existence, a crime between road and employee
s by persuading and aidfutile in its accomplishment and surpassing the bar- ing them to become
stockholders. He always rebarity of an Indian massacre in its horror." Well, mained in close touch
with his native city, having
what was the "accomplishment" which was futile is many interests and
connections here; a New Yorker
yet to be seen. What was intended was an object les- at the first, he was a New
Yorker to the last.
son of the supremacy of unionism and of the folly of
While his name was sometimes mentioned for pothose despicable creatures outside of it who dare try litical office, he never
held any. Being recognized as
to earn wages by acting as "common strike-break- sound upon money
matters, upon all financial topers." Whether unionism is establishing itself by ics, and an uncompro
mising upholder of well-founded
murder or is hurrying to its own fall is yet to be transportation, he
was a member of a Monetary Comshown.
mission in 1897, head of the American Railway AsThe formal trial is over; but the real trial is only sociation in
1904-06, and of the Railway Conference
begun, although it may superficially seem to move in 1905. A man
of strong personality, firm convicwith hopeless slowness. Once more the question: is tions, and fearlessl
y aggressive almost to the line of
the Herrin incident "closed"? The larger and all- pugnacity, he
was always a good fighter for causes
comprehending case is still on trial, and in that this
he approved and against others which he did not; a.
affair is only one incident. The question is the su- instance
of the latter was his recent active oppositiox
premacy or the failure of law, of justice, of human
to the Dry movement, which he deemed un-American
liberty, of human society; for (however it may sound
and probably regarded also as ineffectual.
like exaggerated overstatement to say so) the truth
As a captain of industry, he saw scant hope for
is the present situation in unhappy Russia and that unless it
had behind it a sound currency and
in our own country. differ mainly in degree, truthful
economic doctrine; he therefore gave no
not in kind. By this we mean that here are the same countena
nce to the false teachings and perverted
destructive factors as there, the same forces of upactivities of present-day unionism. In every respect
heaval and dismemberment; here, the mortal disease
he was a figure of force. What he believed he beshows symptoms, but in Russia it has progressed to
lieved with all his might, and what he advocated had
the stage of struggle for the mastery.
no half-heartedness about it. His departure takes
No sound thinker fears the outcome here, yet the
from us one more man of influence, and adds one
lesson of European disorder and misery should set
more figure to the list of those who have left examus all thinking. We must begin to withstand and re- ples.
press faction and "class" instead of yielding, and
the first dictate of safety is to recognize and appre- RAILROAD GROSS AND NET EARNINGS FOR
ciate this. As for those whose blood still cries from
FEBRUARY.
the ground at Herrin, they may be deemed to have
The encouraging expectations raised by the favorfallen for a cause, as did thousands along the Marne. able exhibit of earnings made by the railroads of the
"Vengeance is mine, I will repay." The blood of the United States in their returns for the month of Janumartyrs is said to be the seed of the Church. It has ary are entirely disappointed in the poor showing
proven so; they who become willing or even involun- made by these roads in their statements for the
tary victims in the cause of liberty seem to bear an month of. February. Our January tabulations
undue share of its cost, but recompense may come to showed an addition of no less than $105,816,364, or
them, beyond our human sight.
nearly 27%,to the gross earnings, and of $35,012,892,
or over 60%, to the net earnings as compared with
STUYVESANT FISH.
the corresponding month in 1922. This naturally
In the sudden death of Mr. Fish cn Tuc,sday, just encouraged the idea that the carriers
had now fully
as he was entering the board room of the National recovered from the effects of the shopmen's
strike,
Park Bank for attendance upon a board meeting, the had once more regained control of their
expenses and
city and State lose not only a financier and railroad accordingly had decidedly bright prospects ahead
of
man of what might be called the old-fashioned type them. Now comes the statement for the month
of
but a New Yorker of the straightest and most honor- February and brings disillusion. The increase
in
APRIL 14 1923.]
THE CHRONICLE
1591
was that it was practically certain at
the gross earnings for February as compared with Hod in 1922
the miners at the unionized mines
February 1922 is no more than $44,745,531, or only a that time that
country would cease work with the
little over 11%, and this is over-topped by an aug- throughout the
their old wage contracts on April 1 and
mentation in expenses of $50,988,243, or 15.76%, expiration of
and other large consumers of
leaving the net earnings for the month actually 'hence the railroads
up in anticipation of the event.
smaller by $6,242,712 than for the same month last coal began to stock
movement of coal over the railroads
year. In other words, while the gross has risen from Accordingly, the
heavier than in February of the
$400,146,341 in 1922 to $444,891,872 in 1923, the net proved very much
the same state of things, it is proper
above expenses has fallen from $76,630,334 to $70,- year before and
to note, also continued throughout March.
387,622, as will be seen by the following:
To a proper interpretation of the present year's
Inc.(4-) or Dee.(—)
1922.
1923.
February—
be
(191 Roads)—
comparison of the February gross it must also
—129 —0.06
235,528
235,399
Mlles of road
on
based
are
revenues
444,891.872 400,146.341 +44,745,531+11.18 borne in mind that the 1923
Gross earnings
374.504.250 323,516,007 +50,988,243+15.70
Operating expenses
lower schedules of freight rates, though, to be sure,
—6.242,712 —8.15
of
70.387.622 76.630.334
Net earnings
this also was the case in January, when the ratio
was
seen,
already
have
mation
we
transfor
as
increase in the gross,
The explanation for the complete
order of the
in the character of the results for the two months is so much larger. On July 1 last year on
carriers were
found almost entirely in the adverse weather experi- Inter-State Commerce Commission the
in freight
enced in February. In January the roads in New obliged to put into effect a horizontal cut
railroads of the
England and northern New York almost alone suf- rates of 10%, applicable to all the
grain
fered from repeated snow storms and the depth of country and to all commodities except grain,
a rewhere
the accumulated snowfall. In February New Eng- products and hay in Western territory,
1
Jan.
2% had been operative since
1
land and northern New York continued to be af- duction of 16/
through
d
continue
flicted in the same way, but the trouble at the same 1922. This horizontal cut of 10%
and of
time extended to many other sections of the country the whole of the last six months of 1922,
a facas
counts
outcourse is still in effect, and therefore
—in fact, to practically all parts of the country
year.
last
of
half
s
first
the
embarras
on
with
tor in the comparis
side of the South. The result was to
the
rates
of
freight
in
cut
cost
this
for
except
the
y,
Obviousl
transportation and to add greatly to
larger
been
have
the
would
February
revenues
to
gross
additions
operation. If the matter ended with
change in the returns would not be of so much conse- than appears by the face of the figures.
In the matter of the expenses the carriers the presquence. We might then count upon the poor returns
decidedly
by
ent
year had the benefit of the lower wage scales put
again
d
succeede
for February being
satisfactory results for the months following,leaving into force on July 1 last in the maintenance of ways
as
the prospect for the immediate future of the roads department and in the railroad shops as well
has
This
impaired only in slight degree. It happens, however, among some minor groups of employees.
that the bad weather experienced in February con- been estimated to average 7@8% and, as noted in
tinued through the month of March, in some cases in previous monthly reviews, is the only widespread
greatly aggravated form,leaving little reason to hope decrease in wages there has been aside from the genfor a much better showing for this last-mentioned eral reduction of 12% made in wages of all classes
month when the statements for that month come to of employees on July 1 1921. The saving here, ashand. Not only did the adverse weather add very suming it was not counterbalanced by the disorganigreatly to transportation expenses, but we learn zation of the forces produced by the shopmen's strike
from a statement issued by the Bureau of Railway (from the effects of which some carriers are still
Economics of the American Railway Association at suffering) counted as an offset to the extra expenses
Washington that expenditures for maintenance of growing out of the snowfalls and adverse weather
equipment amounted to $112,143,600 in February conditions generally. Another circumstance, how1923 as against $91,901,300 for February 1922, being ever, should also be borne in mind in considering this
an increase of over $20,000,000, or 22%, under this year's increase in expenses. We allude to the cirhead. We are told in the statement referred to that cumstance that in February 1922 expenses had been
this increase was due in part to the severe weather very heavily cut, so that comparison now in 1923 is
conditions that prevailed in certain parts of the with very small figures. At that time our February
country, but also that the reports show that the rail- compilations showed a gain of no less than $54,882,roads during February repaired and turned out of 820 in net, in face of a loss of $4,772,834 in the gross,
their shops 34,692 locomotives, "the largest number indicating a reduction in expenses of $59,655,654.
evdr repaired during any corresponding period in the Such exhibits—we mean large gains in the net in
history of the railroads." There is certainly con- face of a shrinkage in the gross—were common at
solation as well as encouragement in this last men- that time, but what gave additional emphasis to the
decrease in the February 1622 expenses was that it
tioned fact.
some
in
that
too,
was in addition to some decrease in the expenses in
out,
point
to
It is well enough
though
,
February
the
for
on
previous year, too. The falling off in the gross
comparis
the
other respects
the
of
in
face
the
by
appears
1921 had not been very heavy, notwithFebruary
than
better
is
ble,
unfavora
figures. Taking first the comparison of the gross, standing that the shrinkage in traffic was of large
while it is true that the improvement for February is dimentions, it having been no more than $19,171,075,
only 11.18%,as against 26.81% in January,it should or 4.52%, and the explanation was found in the cirbe recalled that last year in February the coal traffic cumstance that the roads were still enjoying the
over the railroads was unusually heavy. The result benefits accruing from the much higher rates authorwas that our February statement last year showed ized by the Commerce Commission at the end of the
only $4,772,834 loss in gross, whereas in January the previous July and which it was estimated would add
to
falling off had been no less than $75,303,279. The $125,000,000 a month ($1,500,000,000 per year)
exin
n
reductio
The
carriers.
the
pethis
of
at
the
so
heavy
was
revenues
reason why the coal traffic
1592
THE CHRONICLE
[VoL. 116.
penses at that time was also smaller than it would these earlier years, owing to the refusal of some of
have been owing to the wage award made by the the roads in those days to give out monthly figures
Railroad Labor Board the previous July, and which for publication.
on the volume of traffic then being done it was comGross Earnings.
Nei Earnings.
puted would add an average of $50,000,000 a month Year.
Year
Year
Increase or
Year
Year
Increase or
Given.
Preceding.
to the payrolls of the roads. Nevertheless, the deDecrease.
Preceding Decrease.
Given.
February
$
crease in expenses then reached $30,707,874, or 1906 --- 120.728,671
$
$
95,625,938 +25,102,733 33,486.634 19,937,363 +13.549,271
1907 --- 123,020.810 115.123.660 +8,797,150 30,669,082 32,319.683 -1,650.601
7.40%, and it was succeeded, as we have seen, by a 1908
-- 123.389,288 141.102,297 -17,713.009 26,154,613 34,919,215 -8,764.602
174.423.831 161.085,493 +13.338,338 49,194.760 37,311.587 +11,883,173
1909
further decrease of 09,655,654 in February 1922.
1910 --- 202,825,380 174.574,982 +28.250,418 56,976,253 49.241,904 +7,734.299
1911 --- 199.035,257 202.492,120 -3,456,863 49,888,584 56,920,786 -7,032,202
The weather last year was not of unusual severity 1912
-- 218,031,094 197,278,939 +20.752,155 57.411307 49.135,958 +8,275.149
1913 --- 232,726,241 218,336.929 +14,389,312 59,461,341 57.458,572 +2,002,769
-at least not of such severity in most of the country 1914
209,233,005 233,056,143 -23,823.138 39,657.965 59.553,012 -19,895.047
1915 --- 210.860.681 212,163,967 -1,303,286 51,257.053 39.274,776 +11,982.277
as to entail heavy extra expenses for the removal of 1916
- 287,579,814 209,573,963 +58.005,851 79,929.463 51,043,120 +28.886.343
1917 --- 271.928,086 269.272,382 +2.655,684 58,904,299 80.331,661 -21,367,362
snow and the clearing of tracks, though the winter is 1918
___ 285.776,203 60,627,752 +25.148,451 27,305.808 56,250,628 -28,944.820
1919 --- 351.048,747 89.392,150 +61,656.597 27,623,406 28,814,420 -1,191.014
declared to have been a hard one in Wyoming and 1920 --- 421.180,876 48,749,787 +72,431,089 10,688,571 27,117,462 -16,428,891
1921 _- 405,001,273 24,172,348 -19,171,075 20,771.731 9.234,932 +11,536,799
Montana and contiguous territory. Here in the East 1922 _ 400,430,580 05,200,414 -4,772,834 76,706,840 21,824,020
+54.882,820
1923 ___ 444.891,872 00,146,341 +44.745,531 70,387,622 76.630.334 -6.242,712
the winter did not differ greatly from the normal, Note.-Includes for February 101 roads In 1906, 94 In 1907; In 1908
the returns
were based on 151.580 mlles of road: In 1909, 232,007; in 1910, 239,725; In 1911.
being, if anything, milder than the average. In Feb- 242,640;
In 1912. 237,082; In 1913, 240,986; In 1914, 244,925; In 1915. 248,186; in
245,541; In 1917, 249,795; In 1918, 238,891; In 1919, 232.957; In 1920, 231,304:
ruary 1921, too, the weather in most of the country n1916,
1921, 235.653: In 1922. 235,625; In 1923, 235.399.
had been milder than usual. In this city there was
As far as the separate roads are concerned, while
then only one severe snow storm and the effects there are comparatively few losses in the case of the
quickly disappeared. On the other hand, in Febru- gross the number is large in the case of the net and
ary 1920, expenses were swollen in unusual degree by some of them are for heavy amounts. The best exthe adverse conditions under which railroad opera- hibits, as a rule, are made by Southern roads which
tions had to be carried on at that time and it was the by reason of their geographical location were exempt
absence of this item of expense in 1921 that made from snow storms and
the extra outlays entailed
possible much of the saving in expenses already thereby, while the poorest exhibits are made by the
noted in February 1921.
New England carriers and the anthracite coal roads.
The winter weather encountered in February 1920 The Boston & Maine the present year February
fell
in
was indeed of exceptional severity and it was all the $507,336 short of earning
bare operating expenses,
more noteworthy because in sharp contrast with the as against net above expenses
of $787,292 in Februextremely mild weather of the year preceding and ary 1922, involving, therefore, loss of $1,294,628
a
in
comparable only with the weather of 1918, when the the net, and the New Haven road reports net
of only
country was still in the throes of war. Temperatures $1,066,068 for Feb. 1923 against $1,721,204
for Feb.
in 1920 were perhaps not quite so low as in February 1922, a decrease of $655,136. The Maine
Central, the
1918, but the fall of snow was immensely heavier and Central of Vermont and the Atlantic & St. Lawrence
the interference with railroad operations corre- all failed to earn their expenses in the month
the
spondingly greater. Stated in brief, gross earnings present year. The anthracite coal roads, with the
for February 1920 increased $72,431,089, or 20.77%, exception of the Reading, sustained losses even
more
but the augmentation in expenses aggregated $88,- noteworthy. The Delaware & Hudson, the Lehigh
859,980, or 27.62%, leaving a loss in net of $16,428,- Valley and the Ontario & Western all failed to earn
891.
operating expenses, while the Lackawanna has net
Extra significance attached to this loss, moreover, of only $390,180, against $1,401,665, and the Erie
inasmuch as it followed a long series of additions to reports a loss in net of $255,952. The Reading manthe expense account in previous years. In February aged to add $277,481 to its net of last
year. These
1919, notwithstanding the winter was extremely anthracite carriers, where their
lines extend into
mild and comparison was with weather in 1918 of ex- northern New York and into
New England, had a
ceptional severity, accompanied by snow blockades, double drawback to contend with.
They suffered
railroad embargoes and freight congestion of great from heavy snowfalls, in common
with other roads in
intensity, expenses increased so heavily that a gain those sections, and at the same time they were
of $61,656,597 in gross was converted into a loss of obliged to move coal at the sacrifice of other kinds of
$1,191,014 in the net. In February of the years pre- freight. Thus, on the one hand their expenses were
ceding, results were even worse. In other words, for heavily increased, and on the other hand they had
to
February 1918 our compilation showed $25,148,451 sacrifice merchandise freight and other traffic beargain in gross, accompanied by $54,093,271 addition ing relatively high rates and confine themselves to
to expenses, leaving $28,944,820 loss in net, while the bulky tonnage like coal moving at low rates. As'inyear before (February 1917) our tables registered dicating what a serious matter the weather was,
an increase of $2,655,684 in gross but a contraction President Loree of the Delaware & Hudson was reof $21,367,362 in the net. It was in this long con- cently quoted as saying that in the territory tratinued augmentation in expenses, with resulting versed by the Delaware & Hudson, the snow fall had
losses in net, that explanation was found for the bet- been 32 inches in January, to which was added 20
ter results in 1921 and 1922; and with unusually se- inches more in February.
vere weather again in 1923 it is perhaps not strange
In certain sections of the country, and on certain
that expenses should have mounted up once more, es- roads, weather conditions do not appear to have been
pecially after the large antecedent saving in 1921 and sufficiently adverse to prevent the making of very
1922. In the following we give the February totals satisfactory exhibits of net earnings. Southern
back to 1906. We use for 1911,for 1910 and for 1909 roads, as already indicated, belong in this category
the.Inter-State Commerce totals, but for the preced- but not Southwestern roads as a rule, and among the
ing years we give the results just as registered by our transcontinental lines the Milwaukee & St. Paul on
own tables each year-a portion of the railroad mile- the north and the Atchison further south are distinage of the country being always unrepresented in guished for exceptionally great improvement in the
APRIL 14 1923.]
net, due to large additions to gross receipts, with no
corresponding increase in expenses.
Among the trunk lines the New York Central has
added $3,497,508 to gross, but has nevertheless suffered a loss of $240,280 in the net, and of course adverse weather must have added greatly to the expense outlays. These figures relate to the New York
Central itself. Some of the Western lines, and particularly the Pittsburgh & Lake Erie and the Cleveland Cincinnati Chicago & St. Louis, report very
substantial improvement in the net. The result is
that when the various auxiliary and controlled roads
are included, the whole going to form the New York
Central System, the result is a gain of $7,047,755 in
gross and also a gain of $1,647,625 in the net. The
Pennsylvania on the lines directly operated reports
$3,871,816 addition to gross, but $2,883,560 loss in
net, and the whole Pennsylvania System shows $4,140,329 addition to gross with $3,085,800 loss in net.
The Baltimore & Ohio,lying further south, and hence
to that extent better off as far as weather conditions
were concerned, is able to report $3,658,721 gain in
gross and $773,632 gain in net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR FEBRUARY
Increase.
Increase.
43.871,816 New York Connecting__
$191.273
Pennsylvania
3,658.721 Missouri Pacific
177,018
Baltimore & Ohio
83,497,508 Los Angeles & Salt Lake_
176,364
New York Central
2,097,279 Alabama Great Southern
163,209
Southern Railway
16.3,050
Chicago Milw & St Paul- 1,943.907 Denver & Rio Grande._
160.636
Atch Topeka & S Fe (3)- 1.909,405 Del Lack & Western
1,818,617 El Paso & Southwestern..
150,885
Illinois Central
145,983
Southern Pacific (8)-- _ 1.771.051 NY Chicago & St Louis..
145,684
1,765.772 Chic St P Minn & Om__ _
Erie (3)
144.490
Chicago & North Western 1,551,229 Chicago & Eastern III__ _
137.621
Pittsburgh & Lake Erie.. 1,492,598 Chicago Great Western_ _
128.100
1,133,230 Chicago Ind & Louisv- _
Seaboard Air Line
124.529
Philadelphia & Reading_ 1,253,949 Union RR of Pa
117.418
1,250.267 Indiana Harbor Belt.._ _ _
Atlantic Coast Line
113,0&3
1,215,558 Yazoo & Miss Valley__
Michigan Central
112,240
1,077,407 Cincinnati Northern_
Great Northern
109,526
1.043,815 Detroit Or Hay & Milw_
Chicago Burl & Quincy
106,533
863,915 Gulf Mobile & Northern..
Minn tit Paul & 8 8 M
106,371
702,884 Duluth & Iron Range..
Louisville & Nashville_.
105.513
701.470 Duluth South Sh &
N Y N II & Hartford_
103.064
697,889 Georgia RR
Buffalo Roch & Mts.__
100.578
Atlanta firm & Atlantic_
NorthernPacific
100.5.59
612,433 Rich Fred & Potomac_ _ _
Cleve Chic Chic & St L._
567,357
Union Pacific (4)
510,531
Representing 03 roads
Central of Georgia
in our compilation_ _$4,5,510,400
479.981
Cinc New On & Tex Pac
Decrease.
467,786
St Louis Southwest(2)
$853,449
372,122 Delaware & Hudson__ _
Elgin Joliet & Eastern...
692,812
366,073 Lehigh Valley
St Louis-San Fran 0)
303,924
341,587 Colorado Southern (4)
Bessemer & Lake Erie
207,962
331,966 Bangor & Aroostook_ _
Missouri Kan & Tex (2)160,856
329.879 Chesapeake & Ohio....
Mobile & Ohio
318.525 Maine Central
143,985
Nashville Chat & St L.._
314,686 Chicago & Alton
140,561
Pere Marquette
280,969 N Y Ontario & Western_
113.797
Florida East Coast
269.944 Central New England___
103,182
Norfolk & Western
235.876 Chicago Peer& St Louis_
101,763
Toledo St L & West_ _
219,599
Long Island
210,960
Representing 10 roads
Grand Trunk Western
in our compilation__ $2,822 291
202,717
Western Maryland
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate roads so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This Is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $3,871.816
increase. For the entire Pennsylvania System, Including all roads owned
and controlled, the result is an increase in gross of $4,140.329.
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four. &c., the whole going to form the New
York Central System, the result is a gain of $7.047.755.
PRINCIPAL CHANGES IN NET EARNINGS FOR FEBRUARY.
Increase.
Decrease.
Chicago Milw & St Paul_ _$1,545.962 N Y New Hay & Hard-- $655.136
586,187
Atch Top & Santa Fe (3)_ 1,351,323 Great Northern
583,571
Pittsburgh & Lake Erie__ 1,267,032 Chicago Burl & Quincy_
990.588 Norfolk & Western
563.585
Southern Railway
433.696
773,632 NY Chicago & St Louis._
Baltimore & Ohio
424,292
637.937 Chicago & Alton
Michigan Central
397,808
608,573 Chesapeake & Ohio
Atlantic Coast Line
381,485
544.724 Denver & Rio Grande_ .. _ _
Seaboard Air Line
374,738
Minn St Paul & S S 58.... 500,741 Missouri Pacific
317,054
459.316 Colorado Southern (4)- _
Southern Pacific (8)
Y
N
280,091
Ontario
&
320.8se
Western...
Louisville & Nashville
273.378
277,481 Maine Central
Philadelphia & Reading
271.814
239.631 Hocking Valley
Cin New Orl & Tex Pao_
255,952
211,585 Erie (3)
Central of Georgia
8240,280
Chicago & Northwestern_ 208,414 Now York Central
212,609
190,097 Central New England _ _ _ _
Florida East Coast
Nashville Chatt & St Louis 184,197 Chicago & Eastern Illinois 188,401
184,990
181,009 Atlantic & St Lawrence
New York Connecting
183,267
Grand Trunk Western.... 119.875 Illinois Central
180,366
St Louis Southwestern (2) 102.023 Wheeling & Lake Erie_ __ _
174.075
Bangor & Aroostook
170,822
Northern Pacific
Representing 20 roads
168.329
in our compliation__$10.714.980 Union Pacific (4)
158.743
Decrease. Monongahela
142,843
a$2.883,560 Virginian
Pennsylvania
120,559
1,541,704 Ann Arbor
Lehigh Valley
116,983
1,294,628 Elgin Joliet & Eastern_
Boston & Maine
100.339
1.183,986 Indiana Harbor Belt
Delaware & Hudson
Delaware Lack & Western 1,011.485
Chic Rock Isi & Pea (2)- 978.868 Representing 35 roads
Missouri Wan & Tex (2).. 691,282
In our compilation_ _$17.729,906
1593
THE CHRONICLE
former
a This is the result for the Pennsylvania RR. (Including the
St. Louis and
Pennsylvania Company, Pittsburgh Cincinnati Chicago & 62,883,560
dereporting
RR.
Pennsylvania
the
Grand Rapids & Indiana),
crease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease in net of $3,085,800. York Central
b These figures merely cover the operations of the New
roads, like the
itself. Including the various auxiliary and controlled
of $1,Michigan Central, the "Big Four," &c.,the result is an increase
647.625.
When the roads are arranged in groups, or geographical divisions, according to their location, we
find what would be expected from what has already
been said, namely that all the groups without any exception register improvement in the gross and that
most of the groups record losses in the net. The exceptions where there is improvement in the net are
in the case of the Southern Group, the Middle Western Group and the group of roads bordering on the
Pacific Ocean. Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
Inc.(4-)or Dee.(-)•
1922.
1923.
Section or Group-%
$
$
$
February-.
+640,383 3.45
18.558.775
19.199.158
England
Group 1 (9 reads), New
144,694,186 131,074,037 +13.620,149 10.39
Group 2 (33 roads), East & hliddle
39,223,875 33,964,597 +5,259,278 15.48
Group 3 (27 roads), Middle West
65,769.690 57.143,174 +8,626,516 15.10
Groups 4 & 5(34 roads). Southern
Groups 6 & 7 (28 roads), Northwest... 89,868,220 79.184.236 +10.684,020 13.49
Groups 8 & 9 (48 roads), Southwest.. 63,546,070 60.164,654 +3.381,416 5.62
Group 10(12 roads), Pacific Coast.... 22,590,637 20,056.868 +2,533,769 12.63
Total (191 roads)
Section or Group- 1923.
Group No. 1
Group No. 2
Group No. 3
Groups Noe. 4 & 5._
Groups Noe.6 & 7._
Groups Nos.8 & 9._
Group No. 10
7.471
34,599
15,739
39,015
66,934
54.768
16,873
444,891,872 400,146,341 +44.745,531 11.18
Na Earnings
1922. Inc.(4-) orDee.(-)
1923.
1922.
902,949 3,298.305 -2.395,356 72.83
7,480
34,722 18,830,077 25.857.070 -7.026.993 27.18
15,768 7.930.786 6,818,034 +1.112,752 16.32
39,029 14,874.586 11,879,535 +2,995.051 25.21
-22.698 0.17
66.821 13.522,920 13,545.618
54,873 10,037.294 11,790,667 -1,753,373 14.87
+847.905 24.64
16.835 4.289.010 3,441,105
Total
235,399 235,528 70.387,622 76,630.334 -6.242,712 8.15
NOTE.-Oroup I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion watt
of Pittsburgh and Buffalo, also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan. all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana. Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas. Oklahoma. Arkansas and
Indian Territory, Missouri south of St. Louie and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Po.
Group X. Includes all of Washington. Oregon. Idaho, California. Nevada. Utah
and Arizona, and the western part of New Mexico.
In the matter of the movements of the leading staples, Western roads suffered from • falling off in the
grain movement. The receipts of corn were heavily
reduced and the receipts of wheat and oats also fell
off. Combining wheat, corn, oats, barley and rye,
the receipts of the five cereals at the Western primary markets for the four weeks ending Feb.24 1923
were only 73,814:00 bushels, against 106,007,000
bushels for the corPespondi-g four weeks of last year.
The dettils of the Western g"ain movem nt in our
urual fol m are set out in the table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Rye.
Barley.
4 Weeks end.
Oats.
Corn.
Flour.
Wheat.
(bush.)
Feb. 24,
(bush.)
(bb:s.)
(hush.)
(bush.)
(bush.)
OA:ago965.000
641,000
1923
1.027,000 1,545,000 12.801,000 5.842,000
227,000
961,000
1922
926,000 1,402,000 33,348,000 6,798,000
,Afibectuitee379.000
665,000
1923
254,000 2,384,000 2,193,000
47.000
301,000
607,000
1922
114,000 3,587,000 2,190,000
98,000
St. Louis26,000
85.000
1923
336,000 2,337,000 3.134,000 2,189.000
25,000
76,000
1922
374,000 2,233,000 4,219,000 2,524,000
St. Joseph-232,000
1923
542,000 1,044,000
74,000
1922
714,000 1,013,000
Toledo24,000
1,000
1923
204,000
292,000
229,000
22,000
1,000
1922
249,000
636,000
332,000
Detroit1923
269,000
165,000
98,000
3,000
1922
195,000
504,000
147,000
Peoria114,000
27,000
1923
946,000
151,000
135,000 1,690.000
5,000
42,000
1922
132,000 4.070,000_ 1,099,000
266,000
Duluth100,000 1,804,000
1923
38,000
147,000
4,098,000
518,000
4,000
1922
218,000
685,000 1,753.000
Minneapolis954.000 1,327.000
1923
826.000 1,735,000
7,365,000
605,000 ' 250,000
1922
7,654,000 2,613,000 2,100,000
Kansas City1,003,000
1923
1,902,000
3,759,000
1922
7,902.000 2,232,000 1,392,000
Omaha & Zradtanapolta1923
1,553,000 3,973,000 1,780,000
1922
1,868,000 6,523,000 1,870,000
Total1923
1922
1,561,000 21,915,000 28.358.000 16.429,000 2.473,000 4,639.000
1,351,000
1,664,000 23.173,000 60.478.000 18,709.000 2,296,000
1594
Jan. 1 to
Flour.
Corn.
Wheat.
Oats.
Feb. 24.
(Obis.)
(bush.)
(bush.)
(hush.)
Chicago1923
2.053,000 3,658,000 27,322,000 11,593,000
1922
1,651,000 2,019,000 58,061,000 11,833,000
Milwaukee1923
117,000
627,000 4,438,000 3,887,000
1922
188,000
173,000 6,554,000 3,876,000
Si. Louts1923
626,000 5,417,000 6,376,000 6,197,000
1922
728,000 3,794,000 8,226,000 4,992,000
Toledo1923
668,000
461,000
306,000
1922
446,000
430,000 1,321,000
Detroit1923
391,000
247,000
675,000
1922
282,000
778.000
416.000
Peoria310,000
1923
265,000 4,237,000 2,757,000
1922
497,000
223,000 6,646,000 2,271,000
Duluth7,504,000
1923
157,000
64,000
1922
1,504,000 3,198,000
642,000
Minneapolis22,104,000 1,884,000 4,020.000
1923
1922
14,290,000 4,866,000 3,758,000
Kansas City10,446,000 3,595,000 2,041,000
1923
12,344,000 3,745,000 1,770,000
1922
Omaha dc Indianapoli33,701,000 9,275,000 4,252,000
1923
1922
2,607,000 12,670,000 3,760,000
St. Joseph1923
542,000 1,044,000
232,000
1922
714,000 1,013,000
74,000
Total1923
1922
[vim,. 116.
THE CHRONICLE
Barley.
(bush.)
Rye.
(bush.)
1,529,000 1,856,000
1,585,000
288,000
1,367,000
1.295,000
838,000
371,000
177,000
137,000
58,000
33.000
1,000
1,000
48,000
26,000
59,000
76,000
182,000
14,000
3,000
134,000 4,086,000
24,000 1,045,000
2,434,000 3,547,000
1,179,000
450,000
3,106,000 54,972,000 59,385,000 36,024,000 5,701,000 10,615,000
3,064,000 38,380,000107,078,000 33,838,000 4,297,000 2,230,000
The Western live stock mnvement, h,
wever, was
heavier than a year ago. At Chicago th receipts for
the month comprised 23,263 carloads, against 20,906
in February 1922; the receipts at Kansas City 9,468
carloads, against 8,271, and the rec ipts at Omaha
9,931 carloads
List 8,624.
The cotton movement the South,as measured by
the receipts at the outports, was somewhat heavier
in February 1923 than in Fe!"nary 1922, though the
comparisons vary widely for the different ports. The
aggregate of the receipts all the Souther outports
was 337,720 bales in Feb. 1923, as against 311,924
bales in Feb. 1922, but comparing with 919,441 bales
in Feb. 1921 and 672,332 bales in Feb. 1920, as will
be seen by the following:
RECEIPTS OF covrox AT SOUTHERN PORTS IN FEBRUARY AND
FROM JAN. 1 TO FEB. 28 1923, 1922 AND 1921.
February.
Since Jan. 1.
Ports.
1923. 1
Galveston
bales.
Texas City, dsc
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport New
Total
1922.
1921.
1923.
1922.
1921.
111,932, 129,150
47,730
39,279
118,7211 73,016
2,569, 10,694
4
3,981
27,003
31,313
1,100
475
8,726.
4,546
4,210
4,966
15,725
14,504
184,039
48,545
110,191
4,670
6,083
35,523
610
6,143
4.600
18,859
178
299,134
125,744
254,499
8,746
2,469
52,670
2,475
26,326
7,614
45,439
306,547
75.714
164,104
20,909
4,331
92,262
2,210
11,190
10,052
37,712
443,400
69,493
268,969
16,127
8,801
91,121
661
11,753
8,210
50,733
363
337,720
419,441
825,116
705,031
969,631
311,924
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME. on the other hand, sugar has risen. The great drawbacks in
trade Just now, apart from the bad weather over many secFriday Night, April 13 1923.
tions of the country, are the high and rising costs of labor,
The big industries of the country are still busy; but retail and consequently, the continued high cost of living, espetrade has suffered from bad weather over much of the cially as the scarcity of labor, largely traceable as it is to the
country. Heavy rains and unseasonably cold weather have 3% immigration restriction, is to a considerable extent artihurt it, especially in the country towns. But within a day ficial. In the building trades, although unheard-of wages
or two city retail trade has been helped by better weather. are being paid-i. it. to plasterers, sometimes $16 to $18 a
Mall order business is rapidly expanding. The number of day and even higher-there.is, strange as it sounds, a defailures is gradually decreasing. Wages are being advanced mand for still higher wages. Finally, in general trade
in the steel trade, with an output of iron and,steel recently there is a conservative tone in this country. There are no
eclipsing anything known since the peak days of the war. runaway markets. There is little buying for far off delivBuilding is on an enormous scale. For March and the first ery. Unduly rapid advances in ,prices are deprecated by
quarter, the figures are something unparalleled in the busi- clear-headed business men as likely in the end to check conness history of the country. They are put at some 50% above sumption, although as yet there are no signs of a buyers'
the peak of 1922. The grain markets have been rising. strike. "Better safe than sorry" is to all appearances the
Wheat and corn are up some 3c. to 4c. per bushel, and there inott in ninny branches of trade, a sentiment which does not
has been large buying of rye by Germany, the transactions preclude healthy activity in many leading industries of the
in a few days being estimated at about 2,000,000 bushels, country and some advance in prices where it is justified.
'suggesting that Russia's stock is much depleted. Jobbing
It is true that some fear that if prices continue to rise
trade is on a fair scale in many lines of trade. And it is con- there will be a buyers' strike. But employment is almost
sidered certain that the retail business in the country dis- universal in the United States, wages are high and the
buytricts will increase with better weather. At the same time, ing power of the working population has, of
course, inthe bad weather conditions have undoubtedly interfered creased. It is also true, to be sure, that the
farmers and the
with field work and delayed the growth of grain and the salaried classes in the big towns and cities get far less
for
planting of cotton. Cotton planting is a week or two late, their services than the working classes. The salaries
of
after rains in the Southwest, in the latter part of the week, office workers, etc., have either not been advanced at all
or
of anywhere from 2 to 5 inches. But to-day the forecast was have not been advanced in anything like the same proporfor better weather in that section of the country; so much so tion as the wages of mill, factory and other workers. So
that cotton, which had been rising from the bad "map" that the farmer and the clerk may be prevented from buyturned downward. It is a regrettable fact that cotton ex- ing freely if because of increased labor costs, prices of genports are so small, being well behind the total for the season eral merchandise continue to rise.
at this time last year, but we have not much cotton to spare
The Supreme Court of the United States on April 9 handed
for Europe. The exports of wheat, on the other hand, are down a decision in the matter of the minimum wage which is
large, exceeding at this date some 350,000,000 bushels. The likely to prove historic. It upholds the right to make conGovernment grain report, however, put the winter wheat tracts. That ought, it would seem, to have been considered
crop at only 572,000,000 bushels, or 12,000,000 less than last as fundamental as the inviolability of contracts and in quite
year, and nearly 30,000,000 less than two years ago. The as strict accordance with the genius of American institucondition of 75.5% was, with one exception, that of April 1 tions. But some States have thought otherwise. The Court
six years ago, the lowest on record. The weather is still too now declares, 5 to 3, that the fixing of minimum wages for
cold for growth over much of the agricultural sections of women and minor girls in the District of Columbia is unconthe country. The seeding of the oats crop is late.
stitutional. This by implication takes similar ground in
But at the same time, the makers of agricultural imple- regard to the minimum wage laws passed by New York, Caliments are the busiest that they have been since 1920. The fornia, Kansas, Oregon, Wisconsin and Washington. Legal
lumber output is very large. Buying of lumber at Southern experts assert that the ruling in the District of Columbia
and Pacific Coast markets is on a big scale. Meanwhile the proceeding by implication renders nugatory laws passed by
country needs warm, dry weather to help the trade and pro- States affecting both men and women. In other words, the
mote farm work and the planting and germination of the Court declares that employers have a right to make contracts
crops. At one time the stock market was more or less de- or agreements with employees without restraint in deterpressed; and this did not help the tone in general business, mining what wages are acceptable. A minimum wage law is
although it could have no more than a transient effect. unconstitutional as being in violation of the Fifth AmendSome stress was laid on the decline in crude oil prices. But ment of the Constitution, which guarantees freedom of con-
APRIL 14 1923.]
THE CHRONICLE
tract about one's affairs and is declared to be part of the liberty of the individual protected by the Constitution.
The U. S. Steel Corporation has advanced wages of day
laborers 11% and the independent steel producers have followed suit. This latest wage raise will be effective April
16 to all day laborers in the manufacturing plants of the
U. S. Steel Corporation's subsidiary companies and wage
rates for other classes of labor will be adjusted accordingly.
More than 150,000 employees will be benefited. The increase, it is estimated, will add $500,000 to the weekly payroll of the U. S. Steel Corporation. The wages will be increased from 36 cents to about 40 cents per hour. The advance folows closely those of the copper mining and textile
industries and in certain of the building trades. Manufacturing plants of the Corporation are now being operated at
92% of capacity. In all something like 250,000 iron workers
have had their wages increased this week 10 to 12/
1
2%.
The Ohio Department of Agriculture says that complaints
of labor shortage come from all parts of the State. There
are apparently only about three men for every four or five
farm jobs in the State. The indications are for about threequarters of a wheat crop in Ohio this year. The South complains of a 12% labor shortage.
At Cohoes, N. Y., all knitting mills have granted a wage
increase effective April 30 of 121/
2%. At Chattanooga,
Tenn., cotton mills are running at 100% and many mills are
slaking additions to their plants.- Labor is plentiful in
North Carolina mills, according to Charlotte, N. C., advices.
But the boll weevil pest has led to an abandonment of farm
work by small farmers. In the South close to 1,200,000 new
spindles are in sight. This would mean something like 15,700,000 for the South, against 14,499,000 last year and 12,217,000 in 1914.
It was cool here early in the week after a mild Sunday
with some rain. At Sudbury, Ont., on April 8 and 9, 10
inches of snow fell and a strong wind piled up drifts'which
made the streets impassable. On the 9th there was snow
and sleet in South Carolina and tempratures of 32 to 34 degrees in other parts of the South. Latterly the weather here
has been for the most part pleasant and rather cool. To-day
It is milder and cloudy. It has been cold and stormy over
much of the United States during the week, with heavy rains
in Texas, Louisiana, Arkansas and Mississippi, though today it looked like clearing up in the Southwest generally.
/
Building Operations Continue Large.
In keeping with general business activities throughout t e
sountry, new building operations continue to gain momentu
1595
LOCOMOTIVES.
Shipments—
Domestic
Foreign
Total
Unfilled orders—
Domestic
Foreign
Total
—3 Months' Total—
Mar. 1923. Feb. 1923. Mar. 1922. Jan. 1923. Mar. 1922.
269
13
196
11
35
4
682
36
86
71
718
157
282
207
39
2,214
102
2,141
79
255
75
2,316
2,220
330
Wage Advances Announced by U. S. Steel Corporation
—Similar Action by Other Steel Companies.
An increase of about 11%, effective April 16, in the wage
rates of day labor at the plants of the United States Stee
Corporation was announced on the 9th inst., the statement
in the matter, it is said, having been authorized by Judge
Elbert H. Gary, Chairman of the board of directors of the
corporation, who arrived from abroad on the steamer Mann.
:
tania yesterday (April 13). The announcement follows:
It has been recommended to the presidents of the manufacturing sub,idiary companies of the United States Steel Corporation that the wage
rates of day labor at their plants be increased about 11% and that other
wage rates in the manufacturing plants be equitably adjusted, to become
effective April 16 1923.
The "Iron Age" of the 12th inst. stated that the increase
occasioned little surprise in Pittsburgh, since it was in line
with general expectations. It added:
It will be followed by other steel and iron producing companies; Ind° eel
some of the smaller producing units had previously announced an Increase
of about the same amount,advancing common labor from 36 cents an hour
to 40 cents, with adjustments in the scales ofother classes of labor. Among
the local companies to make the advance, effective April 1, were the A. M.
Byers Co., at both its local and Girard, Ohio, plants;
the Union Drawn
Steel Co., the Moitrop Steel Products Co., and the Standard Gage Steel
Co., all of Beaver Falls, Pa., where the shortage of labor
has been notably
acute for some time past. Indeed, manufacturers in that district for some
time have paid the equivalent of more than the prevai
ing rate, as they have
been feeding and housing the men in an effort to prevent
too frequent
turnovers.
The Pittsburgh Steel Co. has announced Its intention to
follow the raise
of the Steel Corporation, which, according to local
advices, applies only to
workmen in the manufacturing plants, this distinction being made in the
latest announcement, presumably because it is not the intention the corof
poration to this time include salaried employees in the increase. The Jones
& Laughlin Steel Corporation also will advance wages in
line with the Steel
Corporation's increase. Merchant pig iron producers also will
go along
with the increase.
The New York "Times" of the 10th inst. said:
The United States Steel Corporation has about 215,000 men in its employ.
Including all branches of its industry. The wage increase, however, affects
only the 150,000 employees in the manufacturing plants.
The other branches
of the Corporation's business include the coal and
coke properties, which
employ about 27,000 men; iron ore properties, which
employ about 12,000.
and transportation properties, which employ about
21,000. The remainder
of the force includes the sales and administrative departments. None of
the latter are affected by the increase announced yesterday.
At present, the Steel Corporation is paying common labor
36 cents an
hour, or $3 60 for a ten-hour day. The increase of
11% effective next Monday will bring the rate up to 40 cents an hour, or $4
a day. This is exactly
00% above the rate of $2 paid in 1915, prior to the numerous increases
In wages announced during and immediately
after the war which brought
the wage scale up to a peak of $506 a day for a ten-hour
day. That peak
represented an increase of 153% above the 1915 rate. The
$5 06 rate was
made effective Feb. 1 1920. In the period of deflation
which started in the
Autumn of 1920, three wage reductions brought the scale down from $506
a day to $3 a day effective Aug. 29 1921. Last
September an increase of
20% was put into effect, bringing the rate up to $3 60 a day, or
80% above
the 1915 rate.
as the season advances. March building permits in the 207
principal cities were $422,591,923, a gain over March 1922
of $161,564,177, or 61%, according to figures given out by
S. W. Straus & Co. These figures warrant, it is stated, an
estimate of total permits issued in the entire country of $600,000,000. The same cities reported $825,344,407 for the first
quarter of the year, a gain of $278,320,726, or 50%. S. W.
Straus & Co.'s estimate of total permits for new buildings
The wage changes of the corporation since 1915 are indiand alterations issued during the three months' period is
$1,400,000,000. Accompanying these record breaking cated in the following:
Wages Per Cent Adv,Over
achievements, there was a steadily advancing range of
Date—
10 Hours Advance 1915 Rate
building costs for both labor and material, In many parts 1915
$200
---1916, Feb. 1
2 20
fi-10
of the country shortages were reported. Notwithstanding 1916.
May 1
250
13.6
25
these activities, there were indications, it is stated, of a 1916, Dec. 15
2 75
37.5
10
continued large potential demand for buildings of various 1917, May I
300
9
50
1917, Oct. 1
330
10
65
types throughout the country. The greatest proportionate 1918, April 16
380
15
so
activities were in the Pacific Coast States, which showed a 1918, Aug. 1
4 20
10.5
110
March gain of 171%. There were indications of greatly 1918, Oct. 1
*4 62
131
10
1920, Feb. 1
506
153
10
increased activities in the South, where° a March gain of 1921, May 16
64 05
r103
br20
62% was recorded as compared with a February gain of 10%. 1921, July 16
br3 70
85
r8.5
1921. Aug. 29
300
The Central States gained 75% and the Eastern States 41% 1922,
ar20
50
Sept. 1
360
Locomotive Shipments Largest Since 1920.
Shipments of railroad locomotives from the principal
manufacturing plants increased to 282 in March, and were
the highest since Dec. 1920, according to figures published
by the Department of Commerce from compilations of the
Bureau of the Census. Unfilled orders continued to increase
and made a new high record at 2,316 locomotives, an increase
of 96 during the month. Unfilled foreign orders increased
for the first time since last October. The following table
compares the March 1923 figures with the previous month
and with the corresponding month last year, as well as totals
for the year to date, compared with a year ago, in number
of locomotives:
20
80
* Eight-hour basic day established and time and one-half paid for over
time. b Approximated. r Decrease. a Time and one-half abolished.
The following is taken from the "Times":
The increase in wages, it is understood, was announced not only for the
purpose of attracting additional men, a task which, in the opinion of some
steel men, seems almost hopeless, because of the wages paid in industries
in which more favorable conditions prevail in the summer, but also to hold
the men at present employed. It is not unusual to witness an exodus of
workers from the steel mills in the spring and summer to outdoor work
or other employment.
An interesting side light on the labor situation as affecting the Steel Corporation, it is pointed out, is that the corporation will not work its men
seven days a week, as is done in most of the larger steel plants of the country. The Steel Corporation, it was skid, for several years has been working
its men only six days a week and parng them on an hourly basis for work
actually done. In this connection, it is said that many men, in the desire
for more compensation, have left the mills of the Steel Corporation, for
plants which operate on a seven-day week basis.
1596
THE CHRONICLE
[voL. 116.
These conditions have resulted in much competition between the various 159 (correct) to 148; San Francsco, 184 to 204. Even in the case of Dallas,
steel companies and other industries as well for unskilled labor, which, it is volume was probably larger In December, 1922 than the year before.
Said, is more in demand now than at any time since the end of the World
Rail freight traffic between Nov., 1922 sod Feb., 1923, the report shows
War. In the steel industry in particular the demand Is greater, as pro-. "has contradicted all earlier experience according to which there should be a
cinction in this particular Industry is on a greater scale than was witnessed pronounced seasonal decrease, with a rise in volume apparent only with the
even during the war.
opening of spring." Ten-miles statistics were not yet available, it was
added, but car loadings in December averaged 836,000 per week and In
inst.
9th
the
reporting
the
of
dispatches
Pittsburgh
January 845.000.
wage increase authorized by Jones & Laughlin, said:
Increased efficiency of the railroads is noticed, as disclosed In the ratio of
The Jones & Laughlin Steel Corporation, one of the largest independents operating costs to gross earnings. This has been achieved in the face of
in
of
11%
increase
approximately
an
announced
in the country, late to-day
reduction In the compensation received by the roads for their services. The
the wages of common labor, meeting the advance earlier in the day of the 1922 rate reduction by the Inter-State Commerce Commission brought the
Carnegie Steel Co., a subsidiary of the United States Steel Corporation.
average of 1.28 cents per ten-mile the preceding year down to 1.12 cents
The increase affects about 12,000 men in the Jones & Laughlin plant in for the latter part of 1922. Total freight receipts, however, were 8-10 of
plant.
Aliquippa
this city, and about 8,000 in the
1% more than in 1921.
In agricultute, the report said, the partial recovery in
On the 10th inst. announcement was made by President
Eugene G. Grace of the Bethlehem Steel Corporation that prices "has fortunately been applied to good crops," the rean increase of 11% in the wages of common labor would be port continued, value of all farm products for 1922 reaching
made by the corporation at its various plants, effective a total of $14,310,000,000 as compared to $12,402,000.000
in 1921.
April 16.
Independent steel companies of the Youngstown district
"The trend," it was added, "is undoubtedly toward a
• also announced on the 10th increased wages following the restoration of prices of commodities to a proper balance among
action of the United States Steel Corporation. The an- themselves." Fuel and power use figures also point toward
nouncements came from the Youngstown Sheet & Tube Co., '"expanding activity," it was stated, with the production of
Republic Iron & Steel Co., the Trumbull Steel Co. and bituminous —"the great industrial fuel"—placed at 50,000,Sharon Steel Hoop Co. The four concerns employ about 000 tons for Jan., 1923, "exceeding the output in any earlier
40,000 workers.
January." The current January index figures on power
In a dispatch from Youngstown April 9 the New York use as compared to the January, 1913, figure taken at 100,
were bituminous coal, 126 as compared to 94 in 1922; petro"Times" said:
The increase of 11% for common labor was announced in the plant of the leum, 242, compared to 208, electric power, 142, compared
Carnegie Steel Corporation, and President James A. Campbell, of the
117. Coal prices were held to "reflect the protracted
Youngstown Sheet & Tube Co., the largest competitor, announced that his to
strike—and the continuation of wages in the coal mines at
company would make the same increase.
The A. M. Byers Co. with plants at Girard and the United Engineering a high level."
In the manufacturing industries, mill
Co. here had anticipated the corporation's wage increase by announcements
consumption was given an index of 127 compared to
last week. Approximately 8,000 Republic Iron & Meet employees here cotton
will be affected by the increase.
61 at its low level in 1920; while trade reports were said to
According to the "Iron Age""on the basis of 40 cents an suggest a similar advance in wool with mills at 80% capacity
hour for common labor, instead of 36 cents, steel making and limited by lack of skilled labor rather than want of
costs are increased about $1 75 a ton." "Prices," it states, business. Silk production was given an index of 210 in late
have advanced much more than this since Sept. 1, when 1922 with a slightly lower standing for subsOquent months
steel works wages last went up, but the great bulk of mill though "still over the index for a year ago." Steel produeshipments, especially in the case of the Steel Corporation, tion for January, 1923, was placed at "84% of the rated
capacity of the country,"while automobile production reached
are still at the lower prices of last fall."
a new production peak in 1922 and a monthly average
index of 190 "which meant the production of 263,000 passWages Advanced in Canadian Textile Mills.
enger cars a month."
The tidal wave of wage increases which started when the
American Woolen Co.last month announced a raise of 1234%,
effective April 30, has swept over the whole Atlantic Coast
Postal Receipts for Fifty Selected Cities.
and into Canada. Announcement was made on April 6
Postal receipts at 50 selected cities for the month of March
that the Dominion Textile Co. had granted an advance in 1923 exceed those of March 1922 by 14.77%, the greatest perwages, effective April 30 of 123%, the increase affecting centage increase of any month during the present fiscal year
about 7,000 employees in all the company's plants in Canada. with the exception of January, when the increase amounted
Almost simultaneously testile mills in Taunton, Mass., to 18.99%, according to an announcement by the Post Office
announced a similar wage increase, and the Lawrence Manu- Department April 6, which continues:
facturing Co., hosiery, also made known its intention to
In view of the existing shortage of funds available for the remainder of
raise wages the end of the current month.
the present fiscal year, the enormous increase in the postal business of the
Survey of United States Economic Conditions Review
at Rome Meeting of International Chamber of
Commerce.
American business is moving forward through increased
production rather than increased prices or increased use of
credits, according to the survey of American economic
conditions submitted to the second meeting of the International Chamber of Commerce in session at Rome on March
23, and to which reference was made in these columns March
31, page 1360. The report has been made publio by the
American Section of the International Chamber. It was
pointed out in the report that February of this y-lar apparently saw a production rate achieved in basic industries which
surpasses any previous record except for a month in 1917.
Conditions in numerous lines of industry were reviewed to
give evidence of the general business trend. The report
set out:
Transportation, raw materials,fuel, and power, agriculture, manufacture
wholesale and retail trade, employment and wages. Government finance,
money and credit, aro some of the principal subjects on which the reports
otters data in summary form. Much of this data is presented In index
numbers, which show not only the relation of volume of business and of
prices to pre-war levels but also bring out the peak which was reached in
in the post-war period, the low pomt of the period of depression, and the
relative change which is now to be recorded. The table I .cluded will
liustrate the form in which the data has been thrown. This table contains
the index numbers for wholesale prices by groups of articles, with prices
before the war as 100. shows the peak, indicates whether the greatest
decline in prices since the peak came in 1922. or before, and makes clear
11923:
the relative advance which had occurred to Feb.
Retail sales value increases, shown in index figures with 1919 sales taken
from extabllshments in
reports
on
based
changes
following
as 100, shows the
and 1922 respectively:
eight cities as covering December business in 1921
to 185; RichBoston, 169 to 198; New York, 187 to 205; Philadelphia, 171
128 to 142; Dallas,
Minneapolis.
mond. 177 to 184; Atlanta, 164 to 171;
country is accentuating the handicap under which the Department is
laboring in its efforts to maintain the service at its present high standard
ofefficiency.
An Idea of the tremendous increase in postal business may be gained by
comparisons with receipts of other years. For forty years, or since 1883.
the postal service has been growing at the average rate, expressed in postal
receipts, of a fraction less than 7% each year.
The average rate of increase at the 50 leading cities for the nine months
of the present fiscal year is 13.12%, or almost double the average for the
past 40 years. Postal officials see no let-up in sight and while the average
percentage for the year is expected to be reduced in May and June. because
of large increases In those months last year over the year preceding, it is
not believed the reduction will be material.
In the year 1882, postal receipts increased over the year 1881 by 13.81%.
With the exception of the abnormal year 1920. when postal receipts were
affected by the increased war postage and when a gain of 19.81% was recorded, there has been no other increase since 1882 approaching the great
gain of 13.12% registered for the first nine months of the present fiscal year.
Fort Worth, Texas, again led the fifty cities in the amount of increase
over March of last year, with a percentage gain of 48.62. Other cities in
the order of increased percentage follow:
Percentage
Rank in Per
City.
of Gain.
Cent of Gain.
Akron, Ohio
30.48
Second
Minnesota
Paul,
St.
27.04
Third
Los Angeles, California
24.74
Fourth
Pittsburgh, Pennsylvania
19.20
Fifth
Columbus, Ohio
12.59
Sixty
Michigan
Detroit,
18.40
Seventh
Portland, Oregon
18.32
Eighth
Dallas, Texas
17.73
Ninth
Newark, New Jersey
17.52
Tenth
Des Moines, Iowa
17.16
Eleventh
Chicago,
17.04
Illinois
Twelfth
Now York City registered an increase of 13.84%, which, expressed in
dollars and cents, amounted to 2724,073 55, or nearly three-quarters of a
million dollars. Chicago, while twelfth in percentage increase, was second
in the amount of gain, the receipts exceeding those of March 1922 by 3698,176 18. Gains of more than 2100,000 were reported by Philadelphia, Pa..
St. Louis, Mo., Los Angeles, Calif., Boston. Mass.. and Detroit, Mich.
Total receipts of the fifty cities for the month amounted to $27,869,091,
as compared with $24,283,276 for March 1922, an increase of 23,586,416.
Tabulated figures follow:
APRIL
14 1923.]
THE CHRONICLE
STATEMENT OF POSTAL RECEIPTS. AT FIFTY SELECTED OFFICES
FOR THE MONTH OF MARCH 1923.
1923 1922 1921
Over Oyer Ooer
1922. 1921. 1920.
Increase.
March 1923. March 1922.
%
%
%
Offices724,073 55 13.84 4.90 *5.65
New York, N. Y.__ 5,955,626 51 5,231,552 96
698.176 18 17.04 6.05'10.74
4,795,895 04 4.097,71886
Chicago, III
196,226 66 13.32 6.98 *2.65
Philadelphia, Pa__ _ 1,669,263 40 1,473,036 74
107,601 63 9.43 5.75 2.72
1,248,007 52 1,140.402 89
Boston. Mass
146,953 10 16.40 8.09 3.43
1,043,137 22
896,174 12
St. Louis, Mo
91,491 46 13.66 12.36 3.97
669,758 85
Kansas City, Mo._ 761,250 31
00
80.858 30 13.57 3.48 .28
595,787 70
676,646
Cleveland. Ohio
73,854 44 13.89 7.34 8.12
531.419 82
San Francisco,Calif. 605,274 26
83,355 65 14.18 13.72 *2.15
587,902 09
671,257 74
Brooklyn, N.Y..
103,002 83 18.40 13.07 *5.17
662,804 76
559,801 93
Detroit, Mich
96,250 20 19.20 2.73 4.77
499,087 97
595,338 17
Pittsburgh, Pa
112,925 14 24.74 8.26 23.50
456.371 45
Los Angeles, Calif_. 569,296 69
70.039 12 14.66 16.06 7.54
477,894 54
Minneapolis, Minn_ 547,933 66
72.336 50 15.81 3.02 13.96
457,526 31
Cincinnati, Ohio._ _ 529.862 81
47,680 65 11.60 3.05 8.10
410,877 76
458.558 41
Baltimore, Md
52,550 32 15.58 3.22 3.71
337,176 87
Washington, D. C. 389,727 19
26,031 23 6.87 12.11 7.86
405.563 74
379,502 51
Buffalo, N. Y
36,895 73 11.32 7.81 11.83
325.965 16
Milwaukee, Wis... 362,860 89
47,246 10 16.32 9.97 12.00
289,404 04
336,650 14
Indianapolis, Ind
81,861 87 27.04 23.37 6.41
302,775 20
St. Paul. Minn.... 384,637 07
41,691 57 16.62 4.25 *1.87
250,810 29
292,501 86
Atlanta, Ga
34,600 16 15.03 8.10 .0.42
230,222 60
Denver, Colo
264,822 76
*448 16 0.19 16.91 4.85
238.671 63
Omaha, Neb
238,223 47
40,246 71 17.58 6.55 8.68
228,870 27
269.116 98
Newark, N. J
59 17.73 .36 2.42
38,939
41
219.519
Dallas, Texas
258,459 00
22,819 23 11.16 6.58 *5.28
204.398 31
Seattle, Wash
227,217 54
22.059 01 11.40 3.46 *3.25
193,584 50
New Orleans, La.__ 215,643 51
24,824 16 12.00 7.63 12.22
203,812 00
Rochester, N. Y.__ 231,636 16
36,330 44 17.16 7.22 •.13
211.663 15
Des Moines,Iowa
247,993 59
34,336 08 18.32 6.95 8.88
48
187.354
221.690 56
Portland, Oregon
24,557 46 12.55 14.67 9.51
195.559 67
220,117 18
Louisville, Ky
33,20863 18.59 3.83 6.94
178.604 15
Columbus, Ohio... 211,812 78
19,748 88 13.00 3.22 4.53
151,889 36
171,638 24
Toledo, Ohio
9,899 69 7.10 3.64 17.74
139,276 26
149.175 95
Richmond, Va
76 15.20 1.52 *1.19
20,311
13
133,607
89
153,918
Providence, R.I__
11.785 30 11.35 13.39 3.47
103.764 81
115,550 11
Memphis, Tenn
9,535 99 7.62 2.37 .84
125.081 60
Hartford, Conn... 134.597 49
9,620 95 8.70 10.45 *2.16
110,455 28
Houston,Texas_ _ 120,076 23
15,244 98 12.17 1.61 11.96
125,287 46
Nashville, Tenn.__ 140,532 44
25
76,051
30
156.413
55
232,464
Fort WOrth, Texas_
10,011 55 8.49 10.02 8.98
117,838 20
Syracuse, N. Y... 121.449 75
9,285 21 8.05 10.70 *3.68
108,099 62
New Haven, Conn_ 115,384 83
8,355 23 6.53 30.11 7.85
127,913 65
136,268 88
Dayton, Ohio
16.032 31 15.56 1.00 20.22
103,038 18
GrandRaplds,Mich. 119,070 49
48 14.97 4.56 4.95
13.635
91.96990
38
104,705
J___
N.
Jersey City,
7,494 51 8.34 4.07 ..99
89.832 33
97.326 84
Salt Lake City,Utah
10.459 39 11.24 .88 7.45
93,013 28
Springfield, Mass__ 103,502 67
26,223 25 30.48 10.20.31.99
86.02590
112,249 15
Akron, Ohio
7,239 19 8.60 6.60'17.93
84,139 91
91.379 10
Worcester, Mass_ _ _
2,862 11 3.96 .38 12.49
72,311 25
75,173 36
Jacksonville, Fla.__
1597
Trades Council have agreed to accept the 1922 scale of wages
for the coming year. In his statement he says:
The twelve principles upon which trade agreements should be based
were approved by the Building Trades Council on Oct. 17 1922. Directly
following this approval, negotiations were undertaken with each of the
unions except the Plasterers, Local No. 60, to whom no overtures were
made because the legality of its form of government was being questioned
by the Attorney-General.
The negotiations for agreements for 1923 conducted with the unions
have resulted in the making of agreements with the hoisting engineers,
composition roofers, elevator constructors, cement masons. concrete
workers, sheet metal workers, house shorers, stone cutters, machine stone
workers, electricians, carpenters, mosaic and terrazzo workers and mosaic
and terrazzo helpers. Negotiations are still under way with the art glass
workers, steamfitters, steamfitters' helpers, metallic lathers, marble
workers, painters, plumbers, slate and tile roofers, stone setters and tile
layers.
The agreements which have been made all provide for the payment of
the old rate of wages for the year 1923.
After the twelve principles were agreed to, the Marble Workers Unions
withdrew from the Building Trades Council. The Plumbers Union was
suspended by the Council in 1922 for refusal to call off its strike on the
work of a member of the Employers' Association. The Painters and
Plasterers Union withdrew in 1921, and the Bricklayers Unions never were
members. These unions formed a new council and received a charter
from the Federation of Labor on Jan. 27 1923.
The Marble Cutters and Setters Union, Local No. 4. which left the
Building Trades Council after the twelve principles were agreed to, was
the first union to ask for an increase in wages, and declined to sign a new
agreement unless an increase was allowed. The marble employers have
been directed to arbitrate all questions upon which they are unable to
agree with this union.
The Plumbers Union, Local 463, of Manhattan and The Bronx. demanded an Increase in wages as a condition of making a new agreement.
The Bricklayers Unions have been working under the agreement of
1920, which, since its expiration, has been extended by mutual agreement
from month to month. On April 5 1923 these unions submitted a proposed agreement calling for $12 a day. Their proposal was not considered
by the employers because the bricklayers were on strike on several Jobs
where the employers had refused to Increase their wages to $12 a day.
The Mason Builders Association declined to enter into negotiations with
them for a new agreement until their members had returned to work.
They have not returned to work and negotiations have not been reopened.
The bricklayers have started a general movement to raise their scale
27,869,691 12 24,283,275 55 3,586,415 57 14.77 6.68 *1.26 from $10 to $12 a day by striking. They have been receiving a bonus
Total
* Decrease.
and premium wages for over a year on all of the work of the speculative
Per Ceru of Increase.
13.18% builders and contractors who are not members of the Employers Association.
9.013% Feb. 1923 over Feb. 1922
Dec. 1922 over Dee. 1921
Recently many members of the Employers' Association have been compelled
13.99%1
Jan. 1023 over Jan. 1922
to give the bricklayers over time In order to man their jobs.
The Employers' Association has not changed its methods or in any way
with labor, which Is: "No strikes, no
Building Trades Employers' Association Refuses Any departed from its policy of dealing
lockouts and the adjustment of all disputes by conference and arbitration."
Wage Advances.
The members of the Employers' Association have continuously since 1920
peak wartime wage. This wage is
The Building Trades Employers' Association of New York paid to all mechanics and laborers thethe
cost of living as compared with
now much in excess of the increase In
will not make an agreement to increase wages, Christian G. the
year 1913. In all of the industries
the
for
wage rate and cost of living
Norman, Chairman of the Board of Governors of the Asso- which have recently reported wage Increases wages have been reduced since
made in the steel and other industries
ciation, declared on April 10 in reply to the announcement tim wartime peak, and the increases
a wage rate much lower than that of the war-time peak.
of the Building Trades Council, the labor organization, that give
The Employers' Association is of the opinion that its obligations to the
it would seek an increase of $1 to $2 a day in the wages of public and Its clients require a refusal of these wage demands of the unions'
American
the various unions, to become effective May 1. In a state- members of the recently organized council affiliated with the
of Labor.
ment of the viewpoint of his association, Mr. Norman pre- Federation
interfere
not
We will not make an agreement to increase wages. We will
dicted a "buyers' strike" in the building industry in a few with the housing construction by locking out the bricklayers or any other
engaged in housing construction continue to pay a
months if the people engaged in housing construction con- trade, and if the people
bonus or increased wages, giving away all the benefits derived from tax
labor
"because
unions
to
the
wages
additional
pay
tinued to
exemption and the changes In the tenement house laws to union labor,
is in a position to hold them up." Mr. Norman asserted merely because labor is in a position to bold them up,a buyers' strike is due
that thirteen crafts affiliated with the old Brindell Building in a very few months.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Net liquidation of $72,600,000 of discounted bills and of
$1,000,000 of United States securities, as against an increase
of $14,500,000 in bills purchased in open market, is shown in
the Federal Reserve Board's weekly bank statement issued
as at close of business on April 11 1923 and which deals with
the results for the twelve Federal Reserve banks combined.
Reductions in the holdings of discounted bills are shown for
all Reserve banks, except those at 'Cleveland, Richmond
and Dallas, the largest decreases being reported for the Chicago and New York banks. Deposit liabilities declined
about $46,500,000, both Government and members' reserve
deposits showing substantial reductions. Federal Reserve
note circulation declined $9,900,000, cash reserves increased
$11,400,000, while the reserve ratio shows a rise for the week
from 75 to 76.3%. After noting these facts the Federal Reserve Board proceeds as follows:
secured by United States bonds, $2,700,000, or 0.8%, by Victory notes,
$134,900,000, or 41.2%, by Treasury notes, and $5,600,000, or 1.7%, by
Treasury certificates, compared with $202,909,000, $2,300,000, $165,600,000 and $10,000,000 reported the week before.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 1622 and 1623. A summary
of changes in the principal assets and liabilities of the Reserve banks, as compared with a week and a year ago, follows:
Increase (+) or Decrease(since
April 4 1923. April 12 1922.
Total reserves
+311.400.000 +$72.400.0iXr
Gold reserves
+16.300.000 +100.000.000
Total earning assets
--59.100.000 -45.000.000
+49,100.000
-72.600,000
Discounted bills, total
Secured by U. 8. Govt. obligations
-53.400.000 +116.800.000
-19.200,000 -67.700.000
Other bills discounted
Chi- Purchased bills
+14,500.000 +180.800.000
The banks show a total increase in their gold reserves of $16,300,000.
aggregating
increases
United States securities, total
-1.000.000 -274.800,000
cago reports an increase of $30,600,000, and smaller
for
-1 800000 -98.800.000
Bonds and notes
$9,900,000 are shown for six other Reserve banks. The gold movement
gold re+800,000 -176.000.000
U. 8, certific.ates of indebtedness
the week was away from New York, which reports a decrease in its
smaller Total deposits
--I6.500.000 +139,100.000
serve of $11,600,000. Atlanta shows a decrease of $5,700,000, and
Boston
Cleveland,
-17,600.000 +150.400.000
Members' reserve deposits
decreases aggregating about $7,000,000 are shown for the
+6,600.000
-29,200.000
Government deposits
and St. Louis banks.
+300.000 -17.900.000'
Other deposits
Liquidation of discounted paper affected largely bills secured by Govern+30.700,000
-9,900,000
ment obligations, which show a decline for the week from $380,800,000 to Federal Reserve notes in circulation
-79,600;000
$327,400,000. Of the total held on April 11, $184,200,000, or 56.3%, were F. R. bank notes in circulation-net liability
1598
The
Week
THE CHRONICLE
with the Member Banks of the
Reserve System.
Federal
[VOL. 116.
debt to the United States in the very near future.
Italy's obligations to the
United States with interest to Nov. 15 1922,
amount to $1,932,715,485, of
which $284,681,434 is interest and $1,648.034
,050 is principal.
Another settlement expected to be ready for
submission to Congress next
Winter is that with Finland. A tentative
agreement has been reached with
that Government, although an under standing
was arrived at too late for
action either by Congress or the Finnish Parliament
.
It was understood at the Treasury that Secretary
Mellon believed the
Finnish settlement was acceptavle, both here
and abroad, and had suggested
that it become operative purely on a tentative basis.
He was said to see no
reason whyit should not become operative and
to have suggested as much to
the Finish Government.
Although there was no official information from
Finland on this point,
private advices indicated that the Finnish Governmen
twould go ahead on the
temporary basis and might make an initial payment
on the principal and
interest of $9,000,000 some time this summer.
The personnel of the Czechoslovak delegation,
which, according to the
State Department's information, will arrive about
April 26, includes Dr.
Dendrive Stepanek, the Czechoslovak Minister in
Washington; Dr. Chvalkovsky, Dr. Engem Lippansky, counselor of the
Ministry of Finance; Captain Stanislav Krenek of the Ministry of National
Defense, and Director
Francis Pisecky.
Further increases of loans and discounts. totaling
$96,000.000 for the week, as against a total reduction
of $24,000,000
In Investments, accompanied by increases
of $130,000,000 in
net demand deposits and of $41,000,000 in time
deposits, are
shown in the Federal Reserve Board's weekly
consolidated
statement of condition on April 4 of 777 member banks
in
leading cities. It should be noted that the figures of
these
member banks are always a week behind those of the
Reserre
banks themselves.
All classes of loans show larger totals than the week
before; loans secured by Government obligations by
$5,000,000,
loans secured by corporate and other obligations by
$63,000,000, and all other, largely commercial, loans and
discounts
by $28,000,000. Investments in Government
securities declined about $19,000,000 and those in corporate and
other securities about $5,000,000. Corresponding changes in'the
loan
Belgium Pays $475,000 in Interest to United States.
account of the member banks in New York City
comprise inIn Washington advices April 10 the "Journal of Comcreases of $6,000,000 In loans against Government
securities,
merce" said:
$54,000,000 in loans against corporate and other
securities,
Payment of 1175,000 was made to the United States
and of $16,000,000 in all other loans and discounts
by Belgium.
. Further The payment represented a semi-annual installment ofto-day
interest on an oblicomment regarding the changes shown by
these member gation of $19,000,000 incurred by that Government through the purchase
of surplus materials from the War Department.
banks is as follows:
The Guaranty Trust Company made the payment to the Federal
Borrowings of the reporting institutions
Reserve
from the Federal Reserve banks Bank of New York in
behalf of Belgium.
show a deeljne from $475,000,000 to $469,000,00
0, or from 2.9 to 2.8% of
their combined loans and investments. Member
banks in New York City report a reduction from $165,000,000 to
$151,000,000 in accommodation at the German Gold Reserve Sent to Switzerland
local Reserve bank and from 3.1 to 2.8% in
the ratio of this accommodation
Gold Marks Transferred to Provide Facilities
to total loans and investments. Since Jan.
3 of the present year total loans
and investments of the reporting banks have
for Supporting Mark's Value.
gone up $216,000,000, and their
borrowings at the Reserve banks about
$79,000,000. For the same period
Under date of April 1 copyright advices to the New York
the member banks in New York City show
a reduction of $91,000,006 in
their loans and investments, and an
increase of $23,000,000 in accommoda- "Times" from Berlin said:
tion at the Reserve bank.
The market's interest in last week's statement by the Reichsbank was
Reserve balances of the reporting banks
show an increase for the week of divided between the increase of 683,123,000,000 marks in circulation, larger
$12,000,000 and cash in vault an
232,000,000,000 marks than any previous weekly increase,
by
increase of about $1,000,003. Correspondand the
ing changes for member banks in New
York City comprise a reduction of addition of 100,000,000 gold marks to the 64,952,000 previously reported
$18,000,000 in reserve balances and a
as deposited in foreign central banks. It is known that these hundred
nominal increase in cash.
million gold marks were transferred last week by the Reichsbank to the
On a subsequent page—that is, on page 1623—we
Swiss
give the National Bank,and that the purpose of the transfer was to serve as security
figures in full contained in this latest weekly
necessary, for advances from the Swiss institution made in the
if
return of the foreign
form of
exchange. The total gold deposited abroad by the Reichsbank
member banks of the Reserve System. In the
now
following is amounts to 164,952,000 marks, or 163 % of the Bank's
total gold reserve.
furnished a summary of the changes in the
Reichsbank
Is severely criticized in the market for reporting 400,000.The
principal items
as compared with a week and a year ago:
000 marks of new aluminum coins in its cash reserve along side of gold.
These coins in reality have their insignificant actual value only as metal.
Increase (@)) or Decrease (—)
since
German Government Lifts 10% Tax on German and
Mar.28 1923.
April 5 1922
Loans and discounts—total
+896,000,000 +81.006.000,000
Foreign Securities.
Secured by U. S. Govt. obligations_ _ _ - +5,000.000
—103,000,000
Secured by stocks and bonds
Zimmerm
an
Forshay
&
are in receipt of a communication
+63.000.000
+673,000,000
All other
+28,000,000
+436,000,000 from their Berlin correspondents that the German GovernInvestments, total
—24,000.000
+987.000,000 ment has lifted the 10% tax levied
U. 8. bonds
since 1920 on all coupons
—5,000,000
+396,000,000
U. S. Victory notes and Treasury notes_ —11,000.000
of German and foreign securities, as well as accounts current.
+459,000.0
00
Treasury certificates
—3,000.000
+79.000,000 All coupons and dividend warrants falling due after April
Other stocks and bonds
—5,000,000
+53,000,000 3 1923 will be paid therefore
Reserve balances with F. R. banks
at their face value. Coupons
+12.000,000
+93,000.00
0
Cash in vault
dividends payable before April 3 are still subject to tax.
+1,000,000
and
+10,000,00
0
Government deposits
+179,000,000
Net demand deposits
+130,000,000
+756.000,000
Time deposits
Republic of Peru Bonds in Definitive Form Available
+41.000,000
+868,000,0
00
Total accommodation at F. R. banks
—6.000.000
in Exchange for Trust Receipts.
+202,000.000
-100,000,000
Italian Government Studying War Debt to
United
States.—Refunding of War Debts of Finland
and
Czechoslovakia.
Rome, (Italy) press cablegrams April 12 stated
that the
Italian Government, according to an official
statement
issued that day, is carefully studying the question
of the
war debt to the United States, and has even gone to the
extent
of exchanging views with the other debtors of America,
especially France, although no general agreement
between
suoh debtor Nations and the United States is anticipat
ed.
The oabelgram added:
The Guaranty Trust Co. of New York announced on
April 10 that on and after April 11 1923 Republic of Peru
10-year external 8% secured gold bonds due June 1 1932,
in definitive form with coupons due June 1 1923, and subsequent attached, would be delivered in exchange for trust
receipts now outstanding, upon presentation of the latter at
its Trust Department, 140 Broadway, New York City.
Tenders Invited for Sale of Bolivia External Sinking
Fund Gold Bonds.
The Equitable Trust Company of New York, as trustee
under the trust contract dated May 31 1922, made by the
A special commission on the subject may be appointed later, it is
said, but Republic of Bolivia, this week invited tenders for the sale
there are no actual plans at present for the formation of such a body.
On April 9 a press dispatch from Washington published to it, at prices not exceeding 105 and accrued interest, of
as many of the Republic of Bolivia External 25-Year Seby the New York "Times" said:
cured Refunding 8% Sinking Fund gold bonds as will be
Belief was expressed to-day in official circles that debt-refunding
settlements with three foreign Governments would be ready for submission
to sufficient to exhaust as nearly as may be the sum of $259,Congress at the December session, and at the Treasury it was
stated that 701 30 now held in the sinking fund under said trust contract.
the British settlement, already accepted and ratified, would become
opera- Tenders will be opened on April 18
1923.
tive within a week or ten days unless unforseen hitches occurred.
Official information was received to-day by the State Department
that a
delegation representing the Czechoslovak Government would sail for
America April 18, prepared to negotiate a funding of that Government's debt of
3106.292.000.
Private advices received by the Treasury have conveyed word of the intention of Italy to take steps toward funding its wartime borrowings from the
United States. While these advices were somewhat indefinite and there was
no information as to when the Italian Government would suggest the opening
of conversations on its obligations, the prediction was made that a final
adjustment would be affected soon.
For some weeks past, official reports from Italy have reflected a much
improved economic and financial condition due in large measure,it is stated,
to the reforms instituted by Premier Mussolini. In view of this fact, it has
been expected that the Italian Government would take up the question of its
Brazilian Ambassador Denies Rumors of Funding
Loan.
A statement denying rumors that the Brazilian Government intends to negotiate another funding loan has been
Issued by Cochrane de Alencar, Ambassador of Brazil at
Washington, the latter at the same time taking occasion to
state that his Government "has already arranged for the
payment in cash of interest on the funding loan which is
due this month." We give his statement in full herewith:
APRIL 14 1923.]
THE CHRONICLE
The Brazilian Government has been informed of some rumors malevolently spread in this country concerning the financial situation of Brazil,
and wishes to declare officially that the new administration which came
into office a few months age and which is going to conduct the country
during the coming four years. has expressly stated in its first official note
that it would consider as a point of honor the most exact punctuality in the
payment of all the financial obligations of the country. The Government
is fulfilling and will continue to fulfill this promise.
In accordance with this policy, the Government has already arranged
for the payment in cash of interest on the funding loan which is due this
month. It is equally prepared to pay all subsequent interest on this loan
as well as on all other loans. There is no foundation for the rumor that the
Government intends to negotiate another funding loan. The present one
contracted in 1914 will expire in 1927. All the obligations of this loan have
been fulfilled, and the Government has already declared that it will enable
the new Administration which is Co take office in 1926 to commence in 1927
the payment cf the principal, thus completely terminating the funding loan.
In spite of the world financial crisis, the Brazilian Government has been
able to achieve this result by the adoption of severe economic and financial
measures, which it applied immediately at the beginning of the present
Administration with the general approbation of Brazil and of other countries. Among these measures, the most important ones are the system of
severe economy established in all branches of the Administration, the greatest care in the collecting of taxes and the encouragement of the increase
of production which has already produced an increase in exports with a
growing balance over imports.
The Government further points out the increasing of public revenue by
the new taxes which have just been imposed with the patriotic support of
all the country. This increase of the public revenue will guarantee and
give added value to the bonds of Brazil.
The disturbances in the State of Rio Grande do Sul are concerned with
questions of merely local policy, and have nothing to do with the National
policy or with the Federal Government. Hence, the Federal forces stationed in that State are maintaining absolute neutrality, in accordance with
our Constitution. It is clear that only rumors inspired by malevolence
could attribute to the events in Rio Grande do Sul any influence on the
finances of Brazil. The Brazilian Government furthermore IF informed
that false rumors spread in the financial centres of this country originate
not only among speculators in Brazilian bonds, but also among similar
interests whose plans have been prejudiced by the Government's present
measures of rigid economy and the strict collection of public revenue, as
well as by the Government's resolution to suspend, for a long time, the
financial policy of making of new loans, and to refrain from the adoption
of any other engagements contrary to the interests of the country.
The Future of Europe—Julian W. Potter Would Have
the United States and Great Britain Make a
Gold Loan to Germany.
Julian W. Potter, President of the Coal & Iron National
Bank of this city, has written an article in which he advocates
extending aid for the reconstruction of Germany through
a gold loan to be obtained in the United States and Great
Britain. He estimates that $800,000,000 gold . would be
needed for the purpose, and he thinks this could be supplied
by America and Great Britain in the proportion of threequarters from America and one-quarter from Great Britain.
He argues that this would certainly be more advantageous
for the United States than "the cancellation of 10 billions
in war debts." The following is the article:
In the mind of every American to-day is the wish for a settlement of the
European chaos. It vitally affects the welfare of the whole world from an
economic, financial and human standpoint. It is true that the industries
of the United States have shown a profit for the year's operations, but it is
also true that this prosperity has been intermittent and that its permanency
is doubtful. The chaos in Europe is responsible for this condition.
So many panaceas have been offered for her illness that we are prone to
lose interest when a plan is offered. But after all, the solution must be
found and it must be builded on a financial foundation similar to that of
the two most stable Powers, the United States and Great Britain. It is
significant that these two countries have the greatest gold reserve, which
points to the fact that the economic and financial trouble with Europe, and
with Germany, specifically, is a lack of gold reserve. We must, of course,
concede that Europe politically is even worse than Europe economically
and financially. We must correct the latter two troubles at the outset
in order to bring their citizens and statesmen to the right attitude. It has
been said that straight thinking politically must come first but I believe it is
impossible to think straight on an empty stomach, with poverty and suffering on all sides, and it is only necessary to recall the Bolshevist movement
In Russia to confirm this reasoning.
When we look back on Armistice Day in 1918, knowing that the big guns
had ceased firing, and the the enemy had capitulated, how full of hope,
relief and happiness the rest of Europe and America were, we were indeed
brothers in spirit as well as in arms. We had suffered and sacrificed together an that sacrifice had sealed and glorified the relationship between the
Allies; and yet in four short years that entente cordiale has been completely broken up—America has changed political parties and receded to her
former policy of isolation, and her spirit of helpfulness apparently has
changed to one of indifference. All the money we spent to prosecute the
victory for civilization has been wasted because we have failed to "follow
through on our shot." England has allowed her greed for commercial
supremacy to complete the disruption of the Entente, and France, feeling
this lack of sympathy, has become defiant and is undertaking to force
Germany to her knees by taking over her great industrial section of the Ruhr.
To-day the Allied nations, after having won the greatest and most terrible
war in history, are about to "lose the Peace" because they could not keep
unity of action. Germany could have been moulded along any lines we
desired had all the Allies adopted a firm and harmonious stand toward
her since the Armistice.
In a recent trip through Germany, the writer interviewed a great many
German citizens in different walks of life, and his conclusion was that the
spirit of autocracy and conquest is dead among the masses. The great
pride in the Fatherland is also temporarily, at least, asleep; and while there
Is unquestionably a Royalist group who are as arrogant and imperialistic
as ever, they are overwhelmingly in the minority. It was a matter of
common report that one of the Princes of the royal blood had been detected fomenting a Royalist plot, and that a mob of Berlin citizens had
practically disrobed him and sent him home in a taxicab in that condition.
Such “lose majosW" would not have even been dreamed of before the
Revolution. It reveals the spirit of the new Germany. The desire of the
1599
average German is to have the reparations definitely fixed so he can work
out his own salvation. Once convinced that the amount can be paid by
Germany, he will set to work to pay his part of it.
The real secret of the evasion, trickery and depositing of German money
outside of Germany comes from the unwise proviso of the Versailles Treaty,
which puts a penalty on thrift by making Germany pay whatever she can
accumulate. There is one solution left to the reparation question, and that
is the restoration of Germany's gold reserve and the reorganization of her
currency system. This gold reserve before the war amounted to about
one billion dollars and to-day is about two hundred million dollars.
In order to do this, a commission of economists, industrial executives and
bankers must determine the amount under normal conditions that Germany
can pay each year in interest, with a 2% sinking fund, permitting Germany
to issue bonds payable to the Allies, over a period of fifty to seventy-five
years, in a proportion to which they must agree. The bonds should be a
first lien on all the taxes of the Government,its provinces and municipalities,
'with the full faith and credit of the whole Government behind the issues.
In discussing the plan with various Germans, it was universally agrad
that this would re-establish the "will to pay" among the German people,
which after all, is the only satisfactory way to collect a debt from any
creditor.
It is generally conceded by bankers that were Germany's monetary system
reorganized and her gold reserve restored, she would be a first-class credit
risk because she has a thrifty citizenship, efficient Industrie. and a worldwide demand for her goods. To-day, despite her complete financial disorganization, there is no unemployment and there is a greater demand for
her products than she can meet under these conditions. Germany has no
external debt and her internal debt is infinitesimal at the existing rate of
exchange. It can be paid off now or repudiated. I am told, without serious
consequences.
The 800 millions of gold needed to accomplish Germany's reconstruction
from
can be supplied by America and Great Britain in the proportion of
America and
from Great Britain. This is certainly more advantageous
for America than the cancellation of 10 billions in war debts, for it gives
our debtors a chance to regain their feet. Gold is only valuable to a
country within certain limits and we are far beyond this maximum limit.
Having almost one-half of the world supply we are already beginning to
feel the effects, of a slight inflation and a raising of the price levels, which
always follows an excessive supply of gold.
It would be necessary to cancel the existing reparation bonds, which
are of no practical value even now, and issue new series of bonds with
America and Great Britain holding a preferred claim for their gold advance.
Each other Allied nation could then endorse such German bonds as she
receives, and exchange them for her own bonds now held internally, or sell
them with this endorsement, in small blocks in the open market, secure
in the thought that the interest and sinking fund could and would be met
by Germany, thereby offsetting the interest and amortization now being
paid by the Allies. We are assured that Germany can retain this gold
supply because the balance of trade is normally in her favor.
The assessment and collection of taxes for the interest and amortization
of th's external German debt would keep public opinion from permitting a
large outlay for military operations, aside from the fact that the Allies are
covered on that by the Treaty provisions. America can well afford to
make this gold loan to Germany, knowing that it means the beginning of
the rehabilitation of Europe.
Offering of Chicago Joint Stock Land Bank Bonds.
At 101% and interest, to yield about 4.55% to 1932 and
4%% thereafter, Kissel, Kinnicutt & Co. offered on April 10
a $2,500,000 issue of 4%To bonds of the Chicago Joint Stock
Land Bank. The bonds are dated Nov. 1 1922, are due Nov.
1 1952 and are redeemable at the option of the bank at par
and accrued interest on Nov. 1 1932 or on any interest date
thereafter. The bonds, coupon, of $1,000 and $10,000 denomination, are fully registerable and interchangeable. Principal and semi-annual interest (May 1 and Nov. 1) are payable at the bank of issue or at the Continental & Commercial National Bank in Chicago, or at the Chase National
Bank in New York City, at the holder's option. The bonds
are issued under the Federal Farm Loan Act, and are exempt
from all Federal, State, municipal and local taxation. This
exemption was confirmed by the U. S. Supreme Court in its
decision of Feb. 28 1921, By Act of Congress these bonds,
prepared and engraved by the Treasury Department, are declared instrumentalities of the U. S. Government, legal investments for all fiduciary and trust funds under the jurisdiction of the Federal Government, acceptable at par as security for Postal Savings and may be accepted as security
for other deposits of Government funds. The bank operates
in the States of Illinois and Iowa; it has paid regular dividends since 1919, and now pays 10%. The latest financial
statement is furnished by the President of the bank as follows:
Security.
Total Chicago Joint Stock Land Bank Bonds outstanding,
$45.000.000
including the above issue (maturing 1937-1952)
Security for above bonds is as follows:
First mortgages upon farms. $45,800,000 deposited (approximately SW,000 amortization payments received on account of principal) secured by farms with government ap8110,600,000
praised value in excess of
3,000.000
Capital stock paid in (carrying double liability)
800,000
Surplus and reserve
8114.400.000
Disregarding stockholders'double liability, this represents 254% of bonds
to be outstanding. Average loans, March 30 1923, represented 41% of the
appraised value of the farms.
Note.—On the basis of actual sales of land on which the above mortgages
have been issued the average sale per acre has been $224. whereas the average amount loaned per acre has been $82 26, or less than 36%% of the
actual sale price.
The bonds are offered, when, as and if issued. They are
expected to be ready for delivery on or about April 18. A
previous issue of $2,500,000 was referred to in these columns
April 3, page 880.
1600
THE CHRONICLE
Intermediate Credits Bank to Establish a Rediscount
Farm Rate of 53%.—Tentative Regulations.
The Federal Farm Loan Board announced on April 6
that a rediscount farm rate of 534% would be established
on April 20 by the Intermediate Credits banks to be created
by the twelve Fe deral Farm Loan banks under the newly
enacted Agricultural Credits Act. The maturity of the
paper to be rediscounted, is to be limited for the present,
it is announced, to nine months. Announcement was made
at the same time by Farm Loan Commission Lobdell of the
preliminary regulations which are to govern the operation
of the new institutions, the "Journal of Commerce" under
date of April 6, giving the following Washington advices in
the matter:
[VOL. 116.
St. Paul, Minn.; Geo. E. Soyster, St. Louis, Mo.; J. F.
Miller, Baltimore, Md.; H. G. Alexander, Greensboro,
N. C.. all of whom are members of the board of directors of
the Order of Railroad Telegraphers, and Geo. E. Joslin,
St. Louis, Mo.; N. S. Morgan, Clayton, Mo.; J. G. Campbell,, Rolla, Mo.; Dr. S. A. Peake, St. Louis, Mo.; Albert
von Hoffman, St. Louis, Mo., and W. S. Campbell, St.
Louis, Mo. W. P. Hutchinson of Moncton, N. B., will be
the Canadian representative. An official announcement
also says:
The opening date, June 9th, will mark the thirty-seventh anniversary of
the Order of Railroad Telegraphers, which was founded at Cedar Rapids,
Iowa, June 9 1886. From a handful of men it has grown to its present
membership of 75,000, composed of men employed on every railroad in
this country and Canada. From these members, among whom are men
holding high State offices in Colorado, Kansas, North Carolina, ConnectiAnnouncing the launching of the farm financial relief machinery created cut, Massachusetts, Missouri, Alabama and other States; a Senator from
of
the
provisions
Dominion of Canada; county and township officials by the hundreds,
Lenroot-Anderson
Agricultural
the
so-called
Credits
the
by
Act, Mr. Lobdell said that the rules adopted were to some extent tentative, city officials from mayor to city clerk and including the Commissioner of
as the first operations of the new loaning system would be experimental and Police of New York City—was secured authorization for the organization
of the bank and from them come the funds necessary for capital and surplus.
changes in the regulations would be made as circumstances warranted.
The Telegraphers National Bank of St. Louis will operate along strictly
Fixation of a 534% rediscount rate for the intermediate credit banks
means a 7% rate for the borrowers whose paper is to be handled by these sound business lines the same as any other national bank, but featuring the
institutions, as the law provides that the intermediate banks may not dis- co-operative principle as well as the commercial.
count paper on which the rate of the direct loan is more than 134% higher
than the discount rate.
Brotherhood Savings & Trust Co. of Pittsburgh.
Mr. Lobdell expected that the 534% rate adopted would have the effect
of cheapening the commercial money rates now being charged the farmers,
Brotherhood Savings & Trust Company is being
The
different
parts of the
which he estimated vary from 6% to 24% in the
formed in Pittsburgh, with a capital of $125,000 and surplus
country with an average of about 8% to 12%.
The discount level of the credit departments was also taken as indicating of $12,500, the stock being sold at $110 per share to members
as 5% the probable rate at which it is believed these institutions will enorganized labor and organizations, lodges, divisions, &c.,
deavor to market their debentures when these securities are offered on the of
market. While the credit departments are expected to be able to function of organized labor only. No individual or organization can
for some time on the E5.000.000 capital provided for each by the law, and subscribe for or purchase more than ten shares. The openare to be started out with $1,000,000 each from the Treasury, it is anticischeduled for May 1, or shortly thereafter,
pated that if any heavy volume of business develops for them they will ing of the bank is
have to finance for themselves. To prevent losses from operations they and it will be located at 137 Sixth Street, Pittsburgh, Pa.
will have to show a margin of earnings from their discounting of farm paper, The vault work will be installed by the Mosler Safe Co. and
and it is not believed that the debentures, which would be secured by such
will be complete in every respect. Safe Deposit boxes will
paper, could be marketed at much less than 5%.
The regulations provide in some detail the formalities to be complied also be furnished by the Mosler Safe Co. The directors of
with by organizations desiring to establish a line of discounts with the the new institution elected the following as officers of the
intermediate credit banks, such as statements of their conditions and
plans of operation. The credit banks are authorized to deal with agri- bank on March 26:
R. A. Knott, President, brotherhood of Railroad Trainmen; W.W.Edincultural credit corporations and incorporated live stock loan companies,
co-operative credit associations. State banks, trust companies and savings ger. First Vice-President. Brotherhood of Railroad Trainmen; H.N. Walker,
institutions and national banks. Rediscounts will be accepted from the Second Vice-President Brotherhood of Railroad Trainmen; W. 'I'. Saul,
first two named institutions only when they have a paid-up capital of Third Vice-President, Order of Railway Conductors; D. D. Miller, Fourth
Vice-President, Brotherhood of Locomotive Firemen and Enginemen;
at least $10,000.
Specific limitations were placed on the discounting of paper for co-oper- J. A. Mumaw,Fifth Vice-President, Brotherhood of Locomotive Engineers:
ative credit associations, although it was indicated that the powers of W. W. EcUnger, Secretary and Treasurer, Brotherhood of Railroad Trainthe credit banks with respect to dealing with such organizations would men.
be broadened later.
The board of directors is composed of the following:
"No paper." the regulations said, "will for the present be rediscounted
R. A. Knoff, Brotherhood of Railroad Trainmen; W. T. Saul, Order of
for co-operative credit associations except the types of paper which may Railway Conductors; W. W. Edinger, Brotherhood of Railroad Trainmen;
be rediscounted for co-operative producing or marketing associations, H. N. Walker, Brotherhood of Railroad Trainmen; D. D. Miller, Brothernamely, where the notes or other obligations representing such loans are hood of Locomotive Firemen and Enginemen; J. A. Mumaw, Brothersecured by warehouse receipts or shipping documents covering staple hood of Locomotive Engineers; John Simmonds, Order of Railway Conagricultural products or mortgage on live stock, and such loans may not ductors; R. H. Rankin, Order of Railway Conductors; II. W. Rollins, Order
exceed 75% of the market value of such staple agricultural product or of Railway Conductors; Walter 3 Clapper, Brotherhood of Railroad Trainlive stock.
men; W.J. Burke, Order of Railway Conductors,
"Loans against warehouse receipts upon live stock must be accompanied
The formation of a labor bank in Cincinnati, under the
by collateral agreement to provide such additional security from time
to time as may be necessary to preserve the prescribed relation between name of the Brotherhood of Railway Clerks National Bank '
the market value of the security and the amount loaned.
of Cincinnati, was referred to in our issue of a week ago,
"The term staple agricultural product shall for the present be defined
page 1483, and on the same page mention was made of the
to mean grain, cotton, wool, tobacco and peanuts, dairy products, eggs,
new bank (which opens to-day at 103 East 14th Street, this
fruit and vegetable ssubject to future determination.
"Intermediate credit banks will accept the receipt of any warehouse city)formed by the Amalgamated Clothing Workers of Amerlicensed and bonded under the Federal Warehouse Act. In all other
ica, under the name of the Amalgamated Bank of New York.
cases the warehousing laws and regulations of the State controlling the
same must be submitted to the Federal Farm Loan Board for approval.
"No loans may,under the Act, be made or paper acquired with a maturity Concert of Manufacturers Trust Co. for Charities of
of less than six monthsfrom the date of the transaction, and for the present
France, Italy and Germany—Employees Would
no paper will be taken with a maturity longer than nine months."
Formation of Telegraphers National Bank'of St. Louis.
The Telegraphers National Bank, a co-operative bank
with a capital of $500,000 and a surplus of $100,000, owned
by the Order of Railroad Telegraphers, with a membership
of 75,000, reaching into every city, town, village and hamlet
in the United States and Canada, has been formed in St.
Louis. It has taken over the long-term ground lease and
purchased the building now occupied by the Federal Land
Bank at the corner of Broadway and Pine Street and after
necessary alterations and repairs are made, the bank will
open for business June 9. It is announced that on its
board of directors are men from all sections of the country.
The President of the bank is E. J. Manion, President of the
Order of Railroad Telegraphers. Leonard J. Ross is VicePresident and Cashier of the bank as well as Grand Secretary
and Treasurer of the Order of Railroad Telegraphers, with
its $2,000,000 in the various departments conducted by him
and under his direction. The Manager of the bank, who will
have direct supervision over its affairs, is Otto J. Gossrau,
Vice-President, well known in St. Louis banking circles.
He was for years Secretary-Treasurer of the South Side Trust
Co. and has been connected with the South Side Bank and
other financial institutions. The board of directors is
composed of the officers and the following: B. E. Nason,
Eliminate War Hatreds.
A concert for deserving charities of France, Italy and
Germany was held on Tuesday evening last (April 10) at
the Brooklyn Academy of Music, under the auspices of the
employees of the Manufacturers Trust Co. of New York,
Brooklyn and Queens. According to Nathan S. Jonas,
President of the company, by a popular vote among themselves, the employees entered one of their number, Miss
Mildred Grimes, in the good-will contest now being conducted in Brooklyn for the relief of devastated France. In the
discussion leading up to this action, Mr. Jonas says a sentiment developed among the employees that the time demand'
ed the sympathy of the American public for the relief of distress in other European countries. This sentiment was
crystallized for an effort equally in behalf of deserving charities in three of the countries engaged in the late war. Mr.
Jonas further says:
. it is interesting to note that most of the young men from our company
who went abroad, at the call of our country, and did their bit as patriotic
American citizens, are of German descent. Many of them also have relatives in Germany. They feel that the war is over and that we are at peace
with that country'. They feel that this blessed country of ours, With its
wonderful moral and financial strength, should make some unselfish effort
in behalf of distressed civilized nations, remembering that the great mass
of people in any country have had nothing to do with the declaring or
making of war, but are merely the innocent victims of it.
If a private debtor through misfortune cannot immediately pay, he has
a better chance of repaying if assisted in getting a fresh start than if shackled
APRIL 14 1923.]
THE CHRONICLE
1601
"Banks and trust companies," Mr. Haberman said, "are not subject to
distressed debtor
or thrown into jail. A way should be found to he
relieve investing companies from paying
nations, and our boys believe that loans under the auspices of our Govern- income tax, but the bill does not
the
tax on dividends. An investment concern with $1,000,000 capital and
ment to foreign countries, now weak and suffering, but inherently strong,
legislation would pay 38% of that
even though part of same, were used to pay war indemnities, could be sold with a net income of $100,000, under this
institution could survive taxato the American public and would go far towards solving the problems of amount in taxes, State and Federal, and no
tion of that sort."
world peace and civilization.
that investment companies
out
State Tax Commissioner Merrill pointed
We believe that the world is now ripe for a League of Nations, a World
moneyed capital as was being used
Court, or any agency by any other name, which will put a stop to the would pay 2% only on such part of their
% on the rest.
slaughtering of people, which will heal the wounded and tend to re-establish in competition with national banks,and *4competition? How would that
"What part is and what part is not used in
reciprocal relationship and prosperity to and with all nations.
question be determined?" asked one spokesman for the investment comIt is the belief of the employees, says Mr. Jonas, that panies.
"The bill," said Mr. King, "places on moneyed capital the burden of
know no
or creed, and to that end they
race
charity should
felt that it was timely to set an example in the elimination
of war hatreds and in the promotion of real peace-on-earth
and good-will to all. In accordance with their sentiment the
receipts from the concert will be divided equally between
charities of France, Italy send Germany, the part to the latter
trro countries going for the relief of suffering children.
making a report to cover that."
"But how are we to report unless the Act defines what constitutes moneyed capital used in competition?" retorted Franklin B. Lord, a lawyer
representing private banking institutions.
Legislation Proposed in New York for Taxation of
National Bank Shares.
A bill which, it is stated, is designed to meet the views of
City Comptroller Craig of New York with respect to the
collection of taxes on national bank shares for the years
1920, 1921 and 1922 was introduced by Senator Sheridan
at Albany on the, 12th inst. According to Albany advices
published in the "Journal of Commerce," the measure is
offered as a substitute for the proposal to levy a 2% tax
on bank shares and other moneyed capital coming into competition with national banks. The "Journal of Commerce"
says:
Bissell Favors Knight Bill.
Howard Bissell of Buffalo, President of the New York State Hankers'
Association, spoke in favor of the Knight bill.
"I think this bill is fair," he said, "because if fixes a tax on net income
in accord with the rate charged upon the income of other institutions, and
does not make a flat charge on the capital employed. A question has been
raised as to the sufficiency of the return. We think it will yield sufficient revenue."
Former State Tax Commissioner Martin Saxe, who represented the banks
in the litigation which resulted in the old law being invalidated, appeared to
defend the Knight bill. He said the statement that the banks would escape
tax for three years was erroneous.
"When the Income Tax Law became effective in this State intangible
property was exempted from any other form of taxation,except the moneyed
capital of banks, which continued to be taxed at the rate of 1%," said Mr.
Saxe. "This was a discrimination, and the courts so said when they
corrected the error.
"The Knight bill will give you all the money you need to refund what has
been unlawfully collected under the 1% tax, and enough more to enable
you to take care of the serial bonds it is proposed to float to raise the necessary money,including the cost of amortization for a ten-year period."
This will now be abandoned and that drawn under the direction of
Comptroller Craig given preference.
The Craig measure proposes a tax of 1% for the past three years "upon
the value of moneyed capital, owned, held °reemployed in this State in the
banking business or in competition with capital so employed, by every
person,firm, partnership and corporation other than national bank associations, State banks and trust companies organized under the laws of the
Saxe Figures $12,375,000 Receipts.
The estimate of Mr. Saxe was that under the provisions of the Knight bill
85,625.000 annually could be levied against the national banks and $6.750.000 against moneyed capital used in competition with the national banks,
a total of $12,375,000.
"The Legislature of the State made a mistake in providing for this tax hi
the first place," said Mr. Saxe, and ought to have the courage to stand up
State."
and admit and correct it, without making the victims of the old law pay a
The bill continues:
penalty for the legislative blundering. I think you would be playing with
"'.• he tax imposed by tills section shall be levied, assessed, paid and fire were you to attempt again to tax bank shares in a State where you are
collected and distributed in the same manner and with the same effect as using income as the chief base of taxation. The Walker bill is full of
Is provided by the tax law for the levying, assessment, payment, collection
litigation."
and distribution of the taxes on banks."
The Walker bill may pass the Senate, but it is expected to go down to
Private banks therefore will be included within the scope of the bill.
defeat in the Republican Assembly, where, on the other hand, the Knight
introwas
bill is thought to have a fair chance of winning approval if the Senate should
The bill proposing a 2% tax on moneyed capital
duced by Senator Walker on March 23 to meet the situation put it through.
which arose through the decision of the Court of Appeals
at Albany last December holding invalid the State law imposing a 1% tax on shares of national banks. According to
the New York "Times" strong opposition to the Walker bill
developed at a hearing before the Senate Committee on
Taxation and Retrenchment on the 4th inst. The "Times"
account added:
Howard Blase] of Buffalo, President of the New York State Bankers'
Association, said that, while the banks were opposed to the Walker bill,
they were willing to pay a tax equivalent to that imposed upon other corporations. He asserted that a tax of 2% was far too high, and there was
no necessity for such a levy.
Jacob Herzog of Albany. a Vice-President of the National Commercial
Bank & Trust Co., asserted that a 2% tax on bank shares was unjust.
Former State Senator Saxe pointed out that the banks now were paying a
higher tax than mercantile and manufacturing corporations.
"The report of the Special Joint Committee on Taxation and Retrenchment," said Mr. Saxe,"shows that since the application of the business tax
on the income of manufacturing and mercantile companies, in the aggregate
the tax on national banks, on a three-year basis, was equivalent to 6 4-5%
of their net income, while the tax on mercantile and manufacturing companies was only *4% of their net income.
Out of the 398 national banks reporting, only seventeen paid taxes as
low as those paid by the business corporations generally. The taxes on
five banks exceeded 40% of their net income, while only one bank paid less
than 2%. Under the present measure, these five banks which I have just
referred to would pay 80% of their net income."
Senator Walker told the bankers that the State was up against a "hard
and fast proposition and that something has got to be done." He said,
would be
however, that if it could be shown that a 1% instead of a2% tax
sufficient, he would accept it in place of the rate called for in his measure.
Regarding a further hearing given to representatives of
banks and investment companies before the same committee
on the 11th inst. on the Walker bill, which it is reported was
drafted;by Assistant Corporation Counsel William H. King
of NewiYork, and another bill—the Knight bill calling for
a tax of 4% on the net income of banks and moneyed
capital used in competition with national banks, the New
York "Times" said:
attended,
The Knight bill had the support of most of the bankers who
while they all opposed the Walker bill.
ground
Mr. King defended the Walker bill and the increased tax on the
a tax,
that for three years the banks would have been immune from paying
in view of the prospective refund.
Opposed by Investment Companies.
opposition to
IrSeveral spokesmen for investment companies expressed their
victims of unfair
botlijneasures on the ground that they would become the
discrimination.
CommerOs. Philip W.Haberman, Vice-President and general counsel for the
the 2%
cial Investment Trust, Incorporated,said that in addition to paying
pay a 4 A %
under the Walker bill, investment concerns would be required to
would
banks
the
tax on income from money invested in industries, where
pay only 2%.
The decision of last December .of the Court of Appeals
at Albany was referred to in our issues of Dec. 30, page 2867,
and Jan. 27, page 367. The U. S. Supreme Court on March
12 handed down a decision denying the petition of the City
of New York for a writ of certiorari to review the findings
of the Albany court. This was noted in our issue of March 17
last (page 1127) in our item giving the text of the bill enacted
at the last session of Congress providing for the taxation
by States of shares of national banks.
Ralph Hayes Made Director of New York Community
Trust.
RalphMayes, until last week assistant to Will H. Hays
and formerly assistant to the late Fred H. Goff, President
of the Cleveland Trust Co., has been named Director of
the New York Community Trust. Alvin W. Krech,
Chairman of the Board of the Equitable Trust Co., is
Chairman of the Trustees' Committee, which, on behalf
of the Community Trust, concluded the arrangements with
Mr. Hayes. The Trustees' Committee acted upon the
recommendationjof a special committee consisting of Joseph
N. Babcock, Vice-President of the Equitable Trust Co.,
Clarence H. Kelsey, Chairman of the Board of the Title
Guarantee & Trust Co., and Frank J. Parsons, VicePresident of the United States Mortgage & Trust Co.
The Community Trust maintains contacts with the trust
departments of the various financial institutions who act as
trustees. Its principal purpose is to prevent future obsolescence in charitable gifts and to permit the pooling of
bequests, large and small, becoming available, through the
trustees, for promoting education and research, the improvement of living conditions, the furtherance of recreational
facilities and other activities designed to benefit the community. Mr. Hayes sailed on Tuesday on the Aquitania
for three months in England, Belgium, France and Switzerland; he will undertake his new post as Director immediately
upon his return to America. Regarding the Community
Trust, an announcement on April 2 said:
In February 1920 a form of resolution was adopted by a number of
Community
banking institutions in New York, creating the New York
Trust. Much preliminary work has since been done, certain necessary'
acquired
legislation secured and a number of gifts under wills or living trusts
foundations
by the different trustees. Meanwhile, community trusts or
of
result
a
As
cities.
have been instituted in more than fifty American
1602
THE CHRONICLE
[VOL. 116.
the experiences here and elsewhere, the New York Community Trust has
selected a permanent Director and decided to develop vigorously the
situation in this city.
The Distribution Committee which will have charge of allocating funds
which become available to the Community Trust, consists of eleven persons,
five appointed by the trustee institutions, and one each by the President
of the New York Chamber of Commerce, the Mayor of the City of New
York, the President of the New York Academy of Medicine, the President
of the New York Bar Association, the President of the Board of Trustees
of the Brooklyn Institute of Arts and Sciences, and the Senior Circuit
Judge of the U. S. Circuit Court of Appeals.
It will be noted that the control of the Distribution Committee does
not rest with the institutions acting as trustees for the Community Trust
but with the several public and semi-public sources of appointment.
The list of participating trustees is not made public immediately, for
the reason that several of the institutions which are expecting to act as
trustees have not yet secured formal ratification by their directors. A
number of views, however, were expressed to-day by officers of organizations
which will be a part of the Community Trust.
man interests. Mr. Fish finally severed all connections with
the road and became a director and member of the Executive
Committee of the Missouri Pacific, one of the Gould properties. Mr. Fish also relinquished a trusteeship of the Mutual
Life Insurance Co. after a contest at about the time of his
fight in the Illinois Central. In his early business career
Mr. Fish,for a brief period, was in the employ of the banking
house of Morton,Bliss & Co., whom he represented abroad.
During his connection with the banking house he became a
member of the New York Stock Exchange. Mr. Fish served
as a member of the Monetary Commission, created by the
Monetary Conference at Indianapolis in 1897. At the time
of his death he was a director of the National Park Bank
(of which he had formerly been Vice-President); the Park
Alvin W. Krech, Chairman of the Board of the Equitable Union Foreign Banking Corporation; the Union Bank of
Canada; the Missouri Kansas & Texas Railway Co., and a
Trust Co., stated:
trustee of the Bank of New York & Trust Co. Mr. Fish
The New York Community Trust plan marks a step forward in methods
of charitable giving and will tend to restrict the making of unwise trusts was the son of Hamilton Fish, once Governor of New York
and, through the powers reserved to the distribution committee, will and Secretary of State in President Grant's Cabinet, and
he
keep alive and in the service of the community trusts which would otherwise become abortive or obsolete through changing conditions and the was a grandson of Col. Nicholas Fish, who served during the
passage of time.
Revolutionary War.
Mr. Clarence H. Kelsey, Chairman of the Board of the
Title Guarantee & Trust Co., when asked 'his opinion New York Stock Exchange Prohibits Members from
of the plan, said:
Advertising Market Information by Use of Wireless
In my judgment, the importance of it can hardly be over-estimated.
or Radio—Quotations Permitted to Broadprovides
for
It
keeping securely and investing wisely the trust funds.
casting Stations Approved by Quotations
It provides for devoting the income to the purposes named by the donor
and, with his consent, for transferring it to other uses when those originally
Committee.
selected have become obsolete or unworthy.
Governing
The
Committee
of the New York Stock ExIt provides for using in the best way large gifts which the donor may
prefer to have elastic in their application or worked out in their usefulness change on the 11th inst. adopted the following resolution:
with the help of those experienced in the fields selected.
It provides for receiving small gifts which otherwise it might not be
thought worth while to make, and consolidating the income from a great
number of them so as to enable each one, however, small, to have a part
In a great service.
It should be the means of greatly encouraging gifts for benevolent
purposes from those who recognize the duty and the pleasure of aiding
their fellow men.
The New York Community Trust puts at the service of this community
a plan which I am sure will, in the years to come, develop into a great
agency for the promotion of Its welfare.
Mr. Frank J. Parsons, Vice-President of the United
States Mortgage & Trust Co., said:
I heartily concur in the estimate of Colonel Leonard Ayres of the Cleveland
Trust Co. that the Community Trust idea represents one of the most
potent influences of the generation for turning the minds of men from an
absorption that is selfish to a service that is slcial.
The Community Trust of Foundation idea was the conception of the late Judge F. H. Goff of Cleveland, President
of the Cleveland Trust Co. and organizer, in 1914, of the
Cleveland Foundation. The Cleveland institution has had
gifts in excess of one hundred million dollars designated for
its eventual use. These funds will become available during
the next 50 to 100 years, usually upon fulfillment of specified
conditions after the death of donors and their immediate
families. In Cleveland the Foundation has carried forward
major surveys of education, of recreation, and of punitive
justice, in addition to carrying on numerous subsidiary
activities, including the publication of a Year Book of
Cleveland. Prior to his death last month, Judge Goff was
consulted on numerous occasions by the Trustees' Committee of the New York Community Trust, and recommended
the securing of his former Assistant Mr. Hayes, as Director.
The will of Judge Goff is thought to have left a residue of
his own substantial fortune to the Cleveland Foundation.
Death of Stuyvesant Fish.
Stuyvesant Fish, conspicuous for many year in railroad
and financial affairs, died suddenly on April 10 in the
National Park Bank of New York, in which he was a senior
director. Mr. Fish had just entered the bank to attend
a directors' meeting, the heart attack with which he was
stricken occurring just as he reached the head of a stairway
leading to the directors' room. Death, it is stated, followed
almost immediately after he suffered the attack. Mr. Fish,
who came of a distinguished family, was born in New York
in 1851, and graduated from Columbia in 1871. With his
graduation he entered the employ of the Illinois Central RR.
as clerk, and soon after was appointed Secretary to the President of the railroad. In 1877 he became a director, and in
1883 he was elected Second Vice-President; the following
year he was made Senior Vice-President, and in 1887 succeeded to the presidency, a post he held until 1906.
A controversy between Mr. Fish and E. H. Harriman
developed during the administration of the affairs of the road
by Mr. Fish, and Mr. Harriman's efforts to wrest control
from Mr. Fish resulted in the replacing of Mr. Fish in the
presidency by J. T. Harahan, who represented the Harri-
Resolved That no member of the Stock Exchange or firm registered
thereon shall make use of wireless or radio to transmit or broadcast market
Information or forecasts of blasiness, or financial conditions or any other
matter intended to advertise such member or firm or to stimulate interest
In particular securities or in the market; provided, however, that members
may supply quotations to broadcasting stations which have been approved
by the Committee on Quotations and Commissions at such intervals and
under such regulations as are prescribed by said Committee.
The New York "Times" on April 12 said:
It is understood that for some time past it has been the practice of a
group of firms which are connected with the New York Stock Exchange to
send out quotations during the day at noon and at 4 p. m., from some of
the larger broadcasting stations. Such service was availed of generally by
persons interested in the stock market and unable to get in touch with
brokerage offices., Especially in the outlying districts, large crowds gather
daily about the public receiving stations to get information on stock market
prizes. This practice, in the future, will be more closely regulated under
the new ruling of the Stock Exchange.
Freeman I. Davidson, Boston, Bankrupt.
According to press dispatches from Boston appearing in
the New York daily papers of April 11, a voluntary petition
in bankruptcy has been filed in the Federal District Court
by Freeman I. Davidson, a Boston broker. The liabilities,
it is said, amount to 4,600, with no assets.
Tomenson, Forwood & Co., Toronto, Assign.
According to "Financial America" of this city, of April 10,
the assignment of the brokerage firm of Tomenson, Forwood
& Co., of Toronto, has been announced by the Toronto
Stock Exchange. The firm, it is said, was also a member
of the Chicago Board of Trade.
D. G. Dery Corporation, New York, in Hands of
Receivers.
On Mar. 26 Judge Augustus N. Hand in the Federal District Court appointed George A. Post, Joseph M. Praskauer
and John P. McGuire temporary receivers in equity under a
joint bond of $50,000 for the D. G. Dery Corporation, 295
Fifth Avenue, this city, one of the largest silk houses in the
country, owning silk mills in New Jersey, Pennsylvania,
Virginia and Massachusetts. The receivers were appointed
on application of E. Gerli & Co., Inc., a New York concern,
with claims of $159,015 on trade acceptances, the D. G.
Dery Corp. consenting to the appointment. The receivership, it was said, was preliminary to a reorganization of the
corporation. It would also, it was said, obviate threatening
attachment suits and bring about a more speedy reorganization of the company into a going concern. Total assets are
estimated at $16,613,614 and liabilities at $16,314,614. According to the "Wall Street Journal" of Mar. 27, the difficulties of the company were due to inability to liquidate'inventories. The greater part of the output, it was said, is
staple broad silks, while demand is now confined to fancy
printed and novelty silks; the company was consecniently
unable to secure sufficient liquid working capital. Richard
E. Dwight of Rounds, Schurman & Dwight, attorneys for
the creditors, issued the following statement in connection
APRIL
14 1923.]
with the receivership. This statement, it was said, was endorsed by Alfred L. Rase of Rase 86 Paskus, who, with his
law partner, I. Gainsburg, represents the corporation.
It read:
About three weeks ago the D. G. Dery Corp., which claimed to be doing
the largest business in its history, became embarrassed for lack of sufficient working capital. Stockholders and creditors, together with banking
interests, endeavored to secure subscriptions to Preferred stock and underwriting of Common stock of D. G. Dery Corporation, which Common stock
was to be donated to it by the stockholders in an amount sufficient to supply the required working capital.
Management of the corporation claimed that since Jan. 1 it had been
making very substantial profits and underwriting of Common stock as
well as subscriptions to Preferred were predicated upon this assumption.
The accountants' examination failed to show profits since Jan. 1 in an
amount large enough to warrant carrying out the proposed plan and underwriters thereupon withdrew.
Pending these negotiations, a large amount of obligations of corporation
matured, which it is now unable to meet, and in this emergency it seemed
to be to best interests of stockholders and creditors that application be made
to Federal Court for receivers in equity with view to a speedy reorganization of the company.
Silver
1603
THE CHRONICLE
Producing Interests Protest Curtailment
Silver Purchases by United States Treasury.
of
The following special advices were reported from Washington by the "Journal of Commerce" on April 9:
Action of Secretary Millen in reducing by 9,000,000 ounces the amount
of silver to be purchased in the open market at $1 an ounce by the Government is understood to have aroused a storm of protest from the silverproducing interests of the country.
In cutting down ot 200,000,000 ounces the amount of aver to be bought
under the Pittman Act, Mr. Mellon, it was disclosed to-day, followed an
opinion rendered him last November by Comptroller General McCall,
defining the Treasury Secretary's authority under the Act.
Mr. McCarl held that allocations might be revoked if the silver allocated
for subsidiary coinage is not now needed for that purpose. The Treasury expects to finish its purchases of silver in the open market at $1 an ounce
by July 1.
mines they start operations. Just the same, when the prices decline they
must cease operation. For this reason when the mines in the United States
can no longer sell to the Government at a fixed price of $1 an ounce and must
accept less than two-thirds this amount from the outside markets many of
them will automatically suspend operations. Similarly if the price of
foreign silver drops a large number of foreign mines will cease operating.
Cheaper silver creates a great market for commercial uses, it is pointed
out, so that the price will not fall as far as anticipated. 'Especially is this
true in India and China. In India large quantities of silver are used as
ornaments, this being the reason so much of the coinage fails to remain in
circulation. The women of India wear large strings of battered coins as
necklaces, bracelets and other ornaments.
London Silver Market Disturbed at Outlook.
The New York "Times" reports the following copyright
advices from London April 8:
The decline of silver bullion on the London market last week from 32%
pence per ounce to 32 1-16 shows the extent to which the market haa
been upset by the announcement of the United States Mint that only
20,000,000 ounces remain to be purchased under the Pittman Act. It
had been thought that American producers would find an outlet for their
silver In that direction until next Autumn.
As the situation looks now, it is felt that the much earlier date at which
it will be necessary to find a fresh market for such supplies, in the absence
of Government support, has rendered the general outlook for silver very
uncertain. It was also noted last week that India, China and the Continent were all suspending orders for silver in this market—possibly in
view of a lower level of prices. The price is still 1% penny above the
year's lowest level.
Senator Sterling Succeeds the Late Senator Nicholson as a Member of the Senate Commission
on Gold and Silver Inquiry.
Announcement was made on April 9 that Vice-President
Coolidge had appointed Senator Sterling (Republican),
of South Dakota as a member of the Senate Commission
on Gold and Silver Inquiry to take the place of the late
Senator Nicholson. Provision for the inquiry is made, as
On the 10th inst. the New York "Times" had the fol- stated in our issue of March 17 (page 1122), in a resolution
lowing to say regarding last week's prediction by Director agreed to by the Senate on March 3.
of the Mint Scobey (to which we referred on page 1484)
that the Treasury requirements of silver bullion to be purAgrichased under the Pittman Act would be fulfilled by July 1, Five Per Cent Discount Rate on Nine Months'
cultural Paper Adopted by Federal Reserve Bank
and that silver purchases would terminate when the reof Boston—Other Banks Adopt 432% Rate.
quirements were met.
In addition to the 43. %rediscount rate, which we previousAnnouncement by the Director of the Mint recently that purchases of
silver bullion under the Pittman Act would be completed about the first ly announced (March 31, page 1368 and April 7, page 1485)
of the fiscal year, July 1, has resulted, it is believed, in the dec Me of the
banks of
price of foreign silver in anticipation of the time when the American product had been put into effect by the Federal Reserve
will be thrown upon the world market. Frankly, bullion brokers in the San Francisco, Atlanta and St. Louis for agricultural and
NewYork market admit they are much at sea as to the ultimate effect the live stock paper having a maturity between six and nine
discontinuation of purchases by the Government will have on the world
months, the same rate for that class and maturity of paper
silver market.
Until now there have been two markets—one at approximately $1 an has been established by the Federal Reserve banks of
ounce for silver mined in the United States and the other of approximately Cleveland, Richmond, Minneapolis and
Dallas. The
two-thirds as much for silver mined in foreign countries. Outside of the
place of origin there was no difference in the two metals, and the price Federal Reserve Bank of Boston has adopted a 5% redisdifference was due to the support the United States product received under count rate for agricultural paper maturing between six and
the Pittman Act.
nine months.
Origin of the Pittman Act.
The Pittman Act was made possible by the British Government's need of
silver during the war to gain the assistance of India. When the British Government appealed to the United States for silver that might be sent to India
in return for goods from India, currency and bullion from the United
States to the extent of about 208,000,000 ounces were advanced to the British Government, with the understanding here that this silver was to be
replaced from the mines in the United States at the price of $1 an ounce. Of
this amount 8,000,000 ounces was originally allotted for the production of
minor coins, but has since been re-allotted under the Pittman Act, thus
reducing the total to be purchased to 200,000,000 ounces.
Until the recent announcement from the Director of the Mint it was
generally believed that there was about 40,000,000 ounces still to be purchased and that the purchasing would continue until next September Or
perhaps October. The Director's announcement, though, made it plain
that approximately 178,000,000 ounces had been purchased to date, thus
leaving 22,000,000 to be purchased under the Act.
Brokers in bullion figure that the average production in the United States
Is more than 6,000,000 ounces a month, which should make it possible to
complete the purchases by the first of July, or thereabouts, but they point
out that this does not necessarily mean that this will throw the silver from
the United States on the world market at once. The reason for this statement is that the Government makes the purchases at the mines and then
allows several months for the refining processes to be completed.
To Prevent "Unloading" of Silver.
Provisions have already been made, it is said, to prevent a race between
mines in the United States during the last few weeks to see whose product
is accepted by the Government. The whole transaction will be handled on
the percentage basis, with daily records kept of the amounts purchased.
so that it will be impossible for any mine to slip several million ounces in at
the last minute and thus crowd out other mine owners.
Just what effect the American product will have on the world market
when it is forced to compete is a question that cannot be answered so easily,
specialists in silver say. The effect of the announcement of the Director of
the Mint was to send down the price of foreign silver about I% cents an
ounce and to give the general market the idea that all silver will drop after
the purchases of the Government ceases.
The decline in silver prices when the United States enters the World market
will not be so much as anticipated, according to one authority on the silver
situation, because silver does not always fluctuate in price with the volume
of production, and because the annual production is only a small part of the
world's supply, as well as the fact that the lowering of silver prices tends to
drive it into commercial usage.
Effect of Lower Prices on the Mines.
Various silver mines produce silver at various prices. When the price
advances enough to make it a profitable undertaking for the respective
State Institutions Admitted to Federal Reserve System.
The following institution was admitted to the Federal
Reserve System during the week ending April 6:
District No. 11—
First State Bank. Abernathy, Texas
Total
Capital. Surplus. Resources.
$5,000 $231.915
$25,000
Institutions Authorized by Federal Reserve Board to
Exercise Trust Powers.
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The Brick Church National Bank, Orange, N. J.
The National Bank of Long Beach, Long Beach, N. Y.
The Citizens National Bank, Sycamore, Ill.
Tax Proposals of Congressional Progressive Group..
Representative Frear (Republienn), of Wisconsin, announced on April 1 a tentative program for tax legialation
agreed on by the so-called "Progressive group" in Congressfor presentation at the next session of that body. The proposals embody a constitutional amendment to bring investments in tax-free securities and stock dividends within the
taxing powers of the Federal Government, the adoption of
an increase in the inheritance tax, enactment of a gift tax,.
restoration of the excess profits tax, and a retroactive tax
on undistributed profits. Legislation which would require
the Treasury to make tax records public also will be sponsored, said Mr. Frear, adding that "any proposal to enact
a sales tax will meet with certain defeat." Representative
Frear's statement as given in the New York "Commercial"
of April 2, follows:
"Pursuant to requests that bills be prepared and submitted next session
for revision of the income tax laws. Several measures have been drawn to
meet'weaknesses in the 1921 revenue law," said Mr. Freer.
"Tentative bills will be ready for submission to the progressive group and
members of the Congress regardless of party who feel the need of definite
1604
THE CHRONICLE
legislation to meet wholesale investments in tax free securities and in
stock dividends, that are destroying the effectiveness of the income tax law.
Over $20,000,000,000 invested in tax free securities and stock dividends
pay no personal income tax to-day. When estimates for Government purposes were made these wholesale tax evasions were never anticipated.
Tax Needs of Governemnt Grow.
"The high prices and profiteering disclosed by recent corporation melon
cutting are an aftermath of war in other countries as well as our own, but
with a $22,000,000.000 dollar debt to pay and annual expenditures four
times what they were ten years ago,taxes must be levied to meet the Government's needs and must be paid by those best able to do so. To this problem
are added unheard of tax evasions not met with in other countries.
"One tax proposal relates to an inheritance tax with larger rates than
are found in existing law, but certain credits will be proposed where State
laws overlap the Federal laws on inheritance taxes. We cannot reach taxfree securities now, but the Government can get its just dues when mushroom
estates are distributed.
"A gift tax should properly accompany the inheritance tax to prevent
estate tax evasions, and one was introduced last session that will again be
urged for passage.
"A third tax relates to undistributed profits, and should be retroactive,in
order to reach corporate surpluses laid aside annually and afterward distributed in stock dividends. The practice is unjust to the little stockholder,
and is responsible for great monopolies that have absorbed all rivals through
surplus profits that pay no personal income tax.
Excess Profits Escape Tax.
"A fourth proposition relates to enormous corporate profits that are
escaping any excess profits tax to-day. Profiteering is unlimited. It may
reach 25 or 100% measured only by lack of conscience where a monopoly
controls the price.
"A bill to restore the excess profits tax has been prepared, with a lower
rate than the old law imposed in the lower brackets, but a heavy rate on
higher profits or higher brackets is urged in order to remove the incentive
for profiteering, which was never more unconscionable than to-day. A
former exemption from the tax of 8% profits on the invested capital is continued in the new tax proposals.
"Publicity of treasury tax records will be offered, so that tax proceedings
will be public, the same as court proceedings.
"Any proposal to enact a sales tax will meet certain-defeat, whether offered as an Independent measure or attached to a soldiers' bonus bill."
Representative Hawley in Criticism of Representative
Frear's Tax Proposals.
Representative Hawley, of Oregon, a Republican member
of the House Ways and Means Committee, was reported
on April 4 as criticising the tax proposals of Representative
Frear. Mr. Hawley was quoted to the following effect in
special Washington advices to the New York "Commercial,"
April 4:
The radical tax revision program as outlined by Representative Freer of
Wisconsin, was assailed to-day by Representative Hawley of Oregon, a
Republican member of the House Ways and Means Committee.
"If it is desired to help the farmer and the laboring man,an increase in the
tax burdens on business certainly will not do it," said Mr Hawley,"I can't
figure just what the theory is on which these proposals are based.
"Business was taxed to death during the war, and we have been trying
to lighten its burdens since. Business men are not going to take a chance
on the investment of large sums of money in productive enterprises if their
profits are all taxed away from them. If there is an incentive to business
men, they will go ahead. The more business activity there is the better
will be conditions in general and the laboring man will have plenty of work
and good wages.
"I do not believe Congress will pass anything of a retroactive nature and I
doubt if it could be done legally.
It would have been better for the country if we could have reduced maximum surtax rates to 32% instead of 50%. The arguments of Secretary
Mellon for such a reduction were sound."
Mr. Hawley is identified with the conservative element which has been in
control of the Ways and Means Committee. Representative Frear received
support from only one or two other Republicans on the Committee in his
advocacy of radical tax measures during the last Congress. The radicals
hope to obtain the appointment of at least one and possibly two of their
number to fill Republican vacancies on the Committee in the next session,
but a majority of Republicans will continue to be of the conservative group.
The best that the radicals can hope for is a sufficient increase in strength
so that by combining with the Democrats the conservatives will be outvoted.
Secretary of the Treasury Mellon Renews Recommendations Regarding Lower Surtaxes—March
1923 Collections.
Secretary of the Treasury Mellon in renewing on April 8
his recommendations that the maximum income surtaxes be
reduced to 25%, making a combined maximum normal and
surtax of 33%, presented figures of the March 1923 income
tax collections, which exceed by $70,000,000 those of a year
ago (when'higher rates and additional taxes were in force),
and which, said Mr. Mellon, make "a most significant
commentary on the revision of the internal revenue laws,
and the recommendations which the Treasury has heretofore
made with respect to taxation." Secretary Mellon in his
statement of this week observed that "the high rates sound
productive, but the fact remains that, year by year, they
are becoming inoreasingly ineffeotive and are operating to
reduce rather than increase the revenues. He added that
"the surtax rates if readjusted to the maximum of 25%
recommended by the Treasury, would much better accomplish their purpose and yield at least as large, and probably
larger, revenues than the existing rates, without at the same
time involving the country in the unwholesome consequences
which follow from the artificial oonditions growing out of
[voL. 116.
the present law." The following is Secretary Mellon's
statement of the 8th inst.:
The Treasury has collected during March, 1923, on the basis of daily
Treasury statements, income taxes to the amount of $463,000,000, as compared with $393,000,000 of income and profits taxes collected in March,
1922. or an increase of about $70,000,000 in 1923, as compared with 1922.
The best possible extimates indicate that this probably means increased
collections of income taxes for the calendar year 1923, amounting to about
$200.000,000 more than for the calendar year 1922.
The March. 1923, collections represent the first quarterly payment of
Income taxes under the new rates fixed by the Revenue Act of 1921, and are
based on the business of the calendar year 1922, 'while the collections in
March, 1922, were made at the old rate on the basis of the business of the
year 1921. Business in 1922 was markedly better then in 1921, but under
the new law the maximum surtax rate is 50%, as compared with 65%.
under the law, giving a combined maximum of 58% normal and surtax.
as compared with a combined maximum of 73% under the old law.
The new law, however, repealed the excess profits tax, effective Jan. 1
1922. and as a partial substitute imposed a 2%% flat additional tax on the
net income of corporations. The March, 1923. collections, therefore, contain no excess profits taxes (except perhaps small payments of back taxes),
while the March. 1922, collections included a full quarterly payment of
excess profits tax levied in respect to the business of the year 1921.
The Revenue Act of 1921 also liberalized in other respects the provisions
of the income tax laws by allowing Increased credits for dependents, limiting the tax on capital gains, and making other changes calculated to simplify
the law and reduce the tax burdens.
The collections in March, 1923, have amounted to $70,000,000 more than
in March, 1922, when higher rates and additional taxes were in force, makes
a most significant commentary on the revision of the internal revenue laws,
and the recommendations which the Treasury has heretofore made with
respect to taxation. In my letter of April 30 1921, to the Chairman of the
Committee on Ways and Means of the House of Representatives, I recommended the repeal of the excess profits tax, with a flat additional income
tax as a partial substitute, and the reduction of the income surtaxes to a
maximum of 32% for the 1921, and 25% thereafter, "with a view to producing aggregate revenues substantially equivalent to the estimated receipts
from the income tax under existing law."
In this connection, the letter stated:
"The higher rates of income surtaxes put constant pressure on taxpayers
to reduce their taxable income,interfere with the transaction of business and
the free flow of capital Into productive enterprise, and are rapidly becoming
unproductive. The excess profits tax is artificial and troublesome. Taxes
of this extreme character are clogs upon productive business and should be
replaced by other and more equitable taxes upon Incomes and profits. An
intelligent revision of these taxes should encourage production and, in the
long run, increase rather than diminish the revenues."
The actual results of the revision, which was made, have fully justified
these predictions. Actual collections of taxes this year under the new law
are substantially larger than collections last year on the old basis, and at the
same time there has been a substantial revival of business, so that under the
downward revision the effect has actually been to "increase rather than
diminish the revenues."
Revenue revision presents a practical problem and what has already been
accomplished indicates the practical answer and shows clearly what course
further revision should take. There is no point in maintaining high rates
of taxation which do not produce revenue, and there is no doubt that the
high income tax rates which are still in effect are gradually defeating their
own purpose and creating artificial conditions that tend to hamper the development of business and industry and reduce the volume of income subject
to taxation.
The surtax rates, even under the Revenue Act of 1921, rise as high as
50%, giving a combined maximum normal and surtax of 58%, and, as the
Treasury has frequently pointed out in the past, these excessive rates put
such heavy pressure on the larger taxpayers to reduce Income subject to
surtaxes that inevitably they seek every permissible means of avoiding the
realixation of taxable income. The high rates sound productive, but the
fact remains that year by year they are becoming increasingly ineffective
and are actually operating to reduce rather than increase the revenues. I
accordingly recommended to the last Congress that the surtaxes be reduced
to a maximum of 25%, making a combined maximum normal and surtax
of 33%, and that at the same time various avenues of escape from the
surtaxes to closed so far as possible under the law.
Congress had already acted to close some of the gaps, butfor the most part
the evil still remains, and the only effective way to reach it is to reduce the
surtax rates thenselves to a more reasonable level, in order to reduce the
pressure for avoidance of taxable income and keep the surtaxes from becoming completely unproductive.
I have previously stated, and am confirmed in this conclusion by the
results of the March payments, that the surtax rates, if readjusted to the
maximum of 25%, recommended by the Treasury, would much better
accomplish their purpose and yield at least as large and probably larger,
revenues than the existing rates, without at the same time involving the
country in the unwholesome consequences which follow from the artificial
conditions growing out of the present law.
Secretary Mellon's recommendations to Congress respecting reduced income taxes were contained in his annual report,
details of which were given in our issue of Dec. 9, page 2533.
President Harding's Views Regarding the Income
Taxes—Disposed to Go Slow.
On April 10 it was reported in press dispatches from
Washington that President Harding was in favor of a general
reduction in income taxes, instead of restricting the cut to
surtaxes as recommended by Secretary of the Treasury
Mellon. From the special Washington advices to the "Journal of Commerce," Xpril 10, we take the following:
President Harding favors reduction of income tax rates all along the line,
if the revenue laws are to be revised downward, it was stated to-day at the
White House, The President was reported to see some merit in Secretary
Mellon's suggestion for a further scaling down of surtaxes to a maximum of
25%. but would not make any recommendations to Congress on those tax
brackets alone.
White House spokesmen declared that the President was extreniely
gratified with the results of the March 15 income tax collections as reported
at the Cabinet meeting by Mr. Mellon,and the showing made of prospective
increases in tax receipts this year as compared with 1922 at a lower rate of
taxation.
1605
THE CHRONICLE
APRIL 14 1923.]
Policy Not Yet Favored.
was a little too early to
However, the President was said to feel that it
surtaxes by 15% and
attempt to analyze the effects of the reduction of
e this year. Formuthe abolition of the excess profits taxes, both effectiv
to action by the next
lation of an Administration tax policy, with a view
ration,and it would be
Congress,it was stated, has yet to come up for conside
revenue law at the
premature to draft a program for the revision of the
present time.
ntfound it expediNevertheless, it was stated officially, that if the Preside
force he would recoment to recommend a reduction in the tax rates now in
the smaller incomes
mend a reduction in the rates all the way down through
s only.
rather than to call for a downward revision of the surtaxe
revision places him
This stand by President Harding on the question of tax
tration cirAdminis
in
squarely in accord with what have been the prediction
meets in December.
cles of the probable attitude of the new Congress, which
ive trend of the
The Administration is somewhat uncertain as to the legislat
ly progressive
next Congress, with its heavy representation of the extreme procedure in
of
element, but the forecasts made here of its probable line
to a lessening of
attacking the problem of revising the taxes have all pointed
the burden on the smaller taxpayers.
Attitude of Mellon.
lowering taxes to
While Secretary Mellon as confined his suggestions for
has
maximum surtax to a limit of 25%, he
the scaling down of the
in the lower
not indicated any decided opposition to some reductions
d
lessene
a
ts for
brackets. The Treasury Secretary has based his argumen
by the Governsurtax on the ground of the greater revenues to be obtained
of the scale.
ment from an easing up of the tax burden on that end
hly studied by
Possible reduction of the lower rates have yet to be thoroug
such lines,
the Treasury in the light of an Administration program along
levels would
lower
but it has been the contention thus far that to reduce the
be to increase
be to lessen revenue, while to lessen the surtaxes would
receipts.
the Government
Of the total of approximately $1,600,000,000, which
y estimates that
expects to collect this year from incomes taxes, the Treasur
s above 25%.
only about $92,000,000 will be obtained from surtaxe
sa%
Question of Revenue.
that the low tax rate
On the other hand, there is a feeling at the Treasury
revenue receipts when
could be cut but little without making a hole in the
more than 6,500,000
It is considered, on the basis of past performances that
the rate of 4% on income
tax payers out of about 7,500,000 pay taxes at
s' Views Respecting
Internal Revenue Collector Bower
Lower Income Tax Rate.
revision by
This week's reports of the likelihood of tax
weeks ago
l
severa
ent
statem
a
by
ed
Congress, was preced
tor, in which
by Frank K. Bowers, Internal Revenue Collec
pointed to the
he ventured the opinion that indications
the coming
4%
than
lower
ally
income tax rate being materi
in the New York
given
as
ations
observ
his
quote
We
year.
"Tribune" of March 25:
Government's needs will be. and
"While there is no telling what the
to
said Mr. Brown, "it looks
while I am not the one speak officially," Department is able to make
y
me that with the fine showing the Treasur
around
next year will drop to
under the new tariff the income tax rate
based on
ion of mine, and not
in
3%. This is purely a speculative suggest
officials are the only ones
y
Treasur
The
tion.
gton
informa
Washin
character and importance.
position to speak officially on a matter of this
fiftyMr. Bowers, "that
"We received the news yesterday," continued
exceeded last year-s figures.
three out of sixty-four collection districts had
mark by $11,000,000, as
Inour Manhattan District we went over last year's
last year.
anticipated a falling off
compared with March 23 oflast year. We
last
and becuase the surtax
because the surtax was reduced from 65 to 50,
looked for a long
It
$6,000.
at
began
it
year began at $5,000, while this year
that
by 20%. Instead of
time as if these factors would reduce the receipts
12%.
about
jumped
have
receipts
.
Or!
biggest one for $17,000,000.
Among the oddities in the returns was the
turn0.000 for the concern
indicating corporation earnings of about $136,00
duly remitted by a
stamp,
cent
twoa
was
t
ing it in, while the smalles return
was
amount was about what
taxpayer, whose accounting indicated that that
his signature, and accoming to the Government. One taxpayer, over
was bootlegging..
conwanied by his oath, deposed that his business
And what will be done to him?'
said
against the taxpayer."
Information in a tax return cannot be used
smile.
broad
a
,
with
Bowers
r
Collecto
World Court—
President Harding's Tour In Behalf of
ed.
Divid
s
Republican
this week,
According to press advices from Washington Court of
nent
Perma
the
President Harding intends to make
therein by the
International Justice, and membership
ed tour of the
propos
his
of
delay United States, the leading issue
Intimations that President Harding was disposed to
the New York
to
ch
dispat
from
ngton
Washi
came
the
year
From
r
West.
the revision of the tax laws for anothe
ence in "Times" April 7, we take the following:
Washington on the 11th inst., on which date a confer
President Harding to-day
r
Senato
With the resumption of official business by
and
ent
Presid
the
determined to
the matter was held between
definitely that he was more than ever
known
it
became
day,
that
to American membern
sanctio
its
give
Senate
Smoot. In indicating the President's attitude
the
that
l
press his proposa
tional Justice. Persons
ship in the League of Nations' Court of Interna
major
the "Journal of Commerce" said:
the tax
he would make this question a
of less than $5,000.
reduction of 25% In
A reduction of 1% in this rate, it is argued, means a
a.cut of 25% in the
the corresponding amount of revenue collected, while
avoid the accumsurtax limit means a lessening by 50% of the inducement to
ulation of income on which the higher surtax brackets apply.
for revising
President Harding is expected to forego any program
suggestion for lowerlaws downward—either in line with Secretary Mellon's
in accordance with
year,
Ing surtaxes or a cut all along the line—for another
in the Senate.
the advice given to-day by Administration leader
s until it has found
Rather than risk the uncertainties of the new Congres
over, the President is
itself or the progressive policies which might be put
being and rest content
being urged to let the tax laws alone for the time
the present law.
with the increasing revenues being collected from
Smoot Favors Delay.
Committee, held
Senator Smoot of Utah, Chairman of the Senate Finance the President towith
a conference on the question of revenue law revision
inexpedient for the
day and voices the opinion that it would be highly taxation at the comof
Administration to attempt to alter the present rates
present law should be
ing session of Congress. He maintained that the
ly determined just how
tried out for at least a year until it could be definite
the existing rates are operating.
country the Utah
In view of the existing prosperous conditions of the
laws, which, he mainSenator argued against any tinkering with the tax
the continuance of the
tained, always unsettled business and might retard
progress now under way.
with the PresiHe favored a further reduction of surtaxes, but also joined
come along the
dent in holding that when the cut in taxes comes it must
let alone for the
line. But the Senator argued that well enough should be
very satisfactorily,
time being, holding that with the revenues coming in
e picture of the tax
it would be folly to attempt changes before an accurat
the Government
problem both from the standpoint of the taxpayers and
can be obtained.
Urges Further Study.
would not be preSenator Smoot took the position that the Administration
taxes until it could try out
pared to go before Congress for a revision of the
last year levels
from
how the reduction
the present law sufficiently to learn
d from another cut. He argued
was working out, and what might be expecte
after the June installment of inthat the Government could not tell until
receipts for the year would be, and how
come taxes just what the volume of
or by installments, in the majority
the taxes are being paid, either in full
who talked with the President said
g to deliver on his journey
topic of discussion in the addresses he is plannin
on his way to Alaska.
to the Pacific Coast during the coming summer
President to let the World
From all accounts, the efforts to induce the
n
onyl to make him stubbor
Court matter die of inanition have served
a foremost issue.
in his intention to present it to the country as
tration
was said in Adminis
Not only will the President, according to what
the
n participation in
circles to-day, take the stump in behalf of America
Cabinet will stress the
his
of
s
member
but
,
summer
the
in
Court
World
issue in public speeches.
a leaf from the book
Apparently the policy of the President is to borrow
public opinion by
test
to
a
practice
it
made
of Theodore Roosevelt, who
s during a short
Congres
to
cation
communi
a
in
l
advancing a proposa
while Congress
session and thus give public °pillion a chance to develop
was taking the long recess prior to the long session.
proposal just before the
President Harding advanced his World Court
not reassemble until
will
s
Congres
As
4.
end of Congress on March
of nine months
period
a
occurs,
en
unforse
ng
somethi
December, unless
to the World Court project
opposed
or
of
in
favor
those
for
given
will he
to voice their views.
part of those who desire
Already there has been a strong response on the
nt
that when the Preside
d
suppose
is
It
court.
the
in
American participation
opportunity to Judge
tours the country in the summer, he will have ample
they receive his
the sentiment of the people from the manner in which
addresses advocating his proposal.
Secretary Hughes.
The first official caller at the White House to-day was
half, and, while no
who conferred with the President for an hour and a
ed, it is taken for granted
disclosure was made as to the matters they discuss
Court idea.
that they exchanged views in regard to the World
before the InterMr. Hughes is to make an address on the World Court
that this address
d
suppose
was
It
27.
April
on
of
national Law Association
campaign in behalf
would be the opening gun of the Administration
appears that the speech
American participation in the court, but it now
before the League of
which Secretary Hoover will deliver at Des Moines
to the court propose'.
Women Voters on Wednesday will be devoted
to-day.
Mr. Hoover was another of the President's visitors
cases.
the affiliaons of the law this year. he conCareful study of the results of the operati
President Harding's message to Congress urging of Interthe Administration leaders in Congress
Court
tended, would be necessary before
nent
Perma
the
with
much
States
revenue was coming from and how
tion of the United
could point out just whore the most
March 3 last,
under changed rates.
national Justice, was referred to in our-issue of
each source might be expected to yield
session,
next
at
Hoover in
the
law
in
the
be
made
may
rce
Comme
of
ary
Some adminstrative changes
of
Secret
s
addres
The
of the revenue act should not be thrown page 889.
ere in
elsewh
he believed, but he thinks the subject
given
is
al
propos
the
n of an undersirable of revision by
support of the Administration's
open to debate for fear of the adoptio
difficul
trative
most of the adminis
this issue.
progressive element. He assorted that
ves out with time, but expressed himself as
in the ranks
t:es in the act might iron themsel
y.
Indications that some differences have arisencontained in
Treasur
the
g
from
escapin
is
revenue
which
by
gaps
in favor of closing the
were
issue
of the Republicans respecting the
Loss in Present Methods.
"Times'
of dollars are being lost yearlyfrom special advices from Washington to the New York
He estimated that hundreds of millions
of
and losses, whereby the limit
gains
capital
ing:
taxing
follow
of
s
the
method
quote
the present
which
while there is no limit to the amount de- April 12, from
ry Hoover's address
taxation on capital gains is 12A %,
President Harding's return to Washington and Secreta
's campaign in
ductiblo as losses.
he at Des Moines last night, inaugurating the Administration battle royal in
g
revenue
escapin
prevent
to
gaps
of
closing
the
a
In connection with
only if that action behalf of the International Court of Justice, have started
but
s,
.
surtaxe
g
of
lowerin
s
ideas
Melion'
ry
the League of Nations
indorsed Secreta
Republican ranks over the judicial body set up by
d
income brackets.
ants, and in a confuse
is accompanied by reductions in the lower
particip
as
nted
represe
also
are
,
as
many
sides
advisers
closest
Almost
t's
all
Presiden
from
Senator Watson od Indiana, one of the
interviews, blows are coming
his advice on the question of taxes was masses of speeches, statements and
talked with Mr. Harding to-day, and
en in the view angles.
outspok
tion
was
ratifica
He
alone."
them
"let
the
as
ed
fight for
emphatically express
In many ways the situation is reminiscent of the
campaign
new Congress there was no telling
that if the subject is opened up before the
and the National political There is
Senate
the
In
es
the
Versaill
ion
or
of
that
Treaty
the
impress
the
gave
being repeated.
what might be done with the tax rates and
of 1920. Most of the old,familiar arguments are
that direction.
Administration would take few chances in
we
1606
THE CHRONICLE
[Vol,. 116.
this difference, however—the dispute at
present is confined to the Republican Party. The situation has not developed
far enough to justify predictions as to how the International Court will
be brought into the 1924 campaign.
As for the Democrats, they are temaining
aloof, looking upon the affair
as a private quarrel. They waged their fight
in 1920 in favor of this country's joining the League of Nations, and thus
far no leader in their party has
appeared to oppose a move to enter a court establishe
d by the international
assoication for which they battled three years ago.
The present indication
are that if the Republican Party finally decides
to favor its own dministration's proposal to join the International Court
the Democratic Party
• would feel that ir could not logically oppose such
a move, and, therefore,
the question could not be a party issue in the
next election.
"In the development of class under the modification of
political systems
there is no greater menace.
"The Government is not interested in farming because
there
farmer voters than in any other occupation, but it is interested are more
in farming
because agriculture is the fundamental industry of the
Nation.
"The Government is not interested in the railroads because
they are the
representatives of capital, but because the railroads are
the agency of essential service. The Government is not interested in the welfare
of service men,
of veterans of the World War, because of their number,
but because it is a
matter of honor to care for them.
"The Government of the United States, so far as this Administr
ation is
concerned, was not interested In the merchant marine
because of those interested in shipping, but was concerned in the developm
ent of American
commerce upon the seas in case this countryy ever
Five Groups Developing.
should be called into war
again."
Disregarding a few individuals who rush into the ring to
deliver a blow or
Republic Not Run for Election Results.
two and then retire to the sidelines, there appears
to be five groups repre-.
salted in the Republican controversy over the League
"This Republic of ours cannot be run merely to effect results
court.
upon election
There is one group that speaks for the Administration
day," President Harding exclaimed to vigorous applause.
proposal for the
United States to participate in the international court
"In
1920
the
campaign
(I
am
not
speaking as a partisan, but merely to
and send representatives to the League's Council and Assembly for the sole
purpose of taking remind you of a statement I made then) I declared that it was essential that
part in matters affecting the court, such as the
selection of judges. Secre- this country should be headed once more to normalcy. As to that phrase
tary Hoover spoke for this side at Des Moines. He
will be followed April normalcy,I was often questioned. I have been frequently questioned since
27 by Secretary Hughes.in an address to a meeting
here of the International as to what I meant by the word.
Law Association.
"I meant that the American people must return to a normal
temperature
Another group of Republicans is urging President
Harding to keep out of after the fever heat of war, the excesses of inflation and the distresses
• the dispute and let other members of the Administr
of
deflation, and the intoxication of mere moneymaking.
ation carry on the campaign for the court. These leaders have not yet made
"I hoped, and still hope, that in God's providence and by the
up their minds on the
common
advisability of this country's joining the
International Court. Senator sense of this Republic, we would get back into the ways of a sane people,
McCormick of Illinois. a member of the Senate Foreign
with abundance of employment and every one engaged in useful creative,
Relations Committee, is understood to be ole of thote still with
pursuits. I hoped for a round of contentment with it all, that America
an open mind.
A third group, drawn mainly from the irreconcilables,
is opposed to any might pursue the highest ways, that men might go forward in a proud
participation in the court unless the United States
procession
of confident Americans. I do not mean that some men should
has equal representation
In the League on the subject with the six votes
of Great Britain and its not make more than others. Genius drives the procession on.
dominions. It was this group that Secretary
"Our first concrn is with domestic relations," the President went on.
Hoover described last night
as those "who, as regards the phrase 'League
"There need be no worry about international relations. I am confident
of Nations,' are still under
the tyranny of emotions associated with that
they were never better than to-day. Of course, we are not so involved
that
phrase during the political
controversy of the last four years. The most
unyielding members of the In old world affairs as some would have us, but I am confident that this
group are believed to be Senators Moses, Brandegee
and Johnson. The will be the verdict of Europe, the Europe that is going to right herself,
last named is now on his first trip to Europe.
after having delivered a blast that the Republic of the United States is the most just and righteous Nation
against the Court a few days before sailing.
in the world."
Trying to Dissuade Harding.
Aside from Senator Johnson, the irreconcilable
opponents of the International Court have not been engaged to any extent
in public opposition
to the President's proposal. Apparently they
have not reached the point
of an out-and-out break with the Administration
upon the League Court
Issue. Their efforts have been mainly along the
line of peaceful persuasion
to have the President abandon his
plan.
This was illustrated yesterday by Senator
Watson's visit to the White
House and his two-hour conference with
Secretary Hughes at the State
Department. Behind their efforts, however,is
the threat ofopen opposition
In the Senate should the President persist
in calling for this country's
participation in the Court.
Belief that the leading question in the next
session of the Senate will be
the World Court is shared by the fourth
group, friendly to the League, for
which Senator Pepper is the spokesman.
The Pennsylvania Senator is
one of those who believes that the Court does
not go far enough, and tomorrow night in a speech at Atlantic City
he will follow up his action of
last week In declaring for the League of
Nations with certain safeguards,
The fifth group agrees with Senator Pepper
that the Court does not go
far enough. This group is represented by
Senator Borah. The Borah and
Pepper viewpoints clash in other respects,
however, for whereas
Pepper,
as a League of Nations advocate, favors
the Court as a step toward an
Ideal, Borah opposes it on the same
ground.
Differences Distress President.
It Is this conflicting thought in the Republica
n Party with which President
Harding is confronted at the present time.
There is evidence that he is
distressed over the controversy that has
arisen in his own party since his
submittal to the Senate last month of the
Hughes letter advocating participation in the International Court.
Speaking at Augusta last week before he had
come in intimate contact
with the varying shades of opinion in oppositio
n to the Administration
proposal, he expressed the view that domestic
problems were the first
concern of the Government and that internatio
nal relations never were in
better condition. This was interpreted as
a hint that his forthcoming
Western speaking tour would deal mainly with
domestic matters.
In view of the perturbation in the Republica
n Party over the International Court situation, speculation has arisen
as to whether Mr. Harding
will spend the summer in a campaign for the
court. He has protested
that he will speak this summer as President
of the United States and not
as a candidate for a second term. Those close
to him have said that the
President does not believe that the Internatio
nal Court will enter the 1924
campaign in any serious way.
There Is also the assumption that by
the time the 1924 campaign Is begun
the International Court question
will have been disposed of in the Senate.
This is further argument for the
contention that the President will take
the court question to the
country this summer.
The President, whose departure from Washington for the
South with Mrs. Harding was referred to in our issue of
March 10, page 1009, reached Washington on the 8th inst.
Four weeks of the trip were spent in Florida and one in
Augusta. On the 9th inst. it was stated in press dispatches
from Washington that the President was taking up important matters with the intention of disposing of as many
of them as possible in the next two months in order to clear
the way for his proposed Western trip. The middle of
June, it is said, is now set as the tentative time for the
beginning of the trip, but the President has not yet definitely
decided whether he will carry out the proposed tour to the
Pacific Coast, with a possible extension to Alaska. Incidentally it was recently announced that the President had
purchased the site of his birthplace in Ohio, the Associated
Press advices from Marion, 0., April 5, having the following
to say in the matter:
When he leaves the White House, President Harding plans to return to
the scenes of his early childhood, to become a gentleman farmer and spend
much of his time writing.
This was announced here to-day by the President's close home town
friends, following his purchase yesterday of the farm in North Bloomfield Township. Morrow County, where he was born. The purchase consists of 26534 acres and was made by French Crow, Marion Postmaster, and
an intimate friend of the President.
The original Harding farm, where the President was born, consists of
185% acres and is far away from any railroad. It is about a twenty-mile
drive from Marion. The land is described as rolling, with corn the principal crop.
The house in which the Executive was born is still standing, although
in a bad state of decay. At present it is being used as a storage space for
farm machinery. Whether President Harding plans to restore it is not
known to his friends.
E. W. Wilson Resigns as General Manager of Philippine
National Bank.
The resignation of E. W. Wilson as General Manager of
the Philippine National Bank was announced in Associated
Press advices from Manila on the 8th inst., which stated
that Wesceslao Trinidad, President of the bank, had been
President Harding Returns to Washin
gton - Warns appointed Acting Manager until a permanent Manager is
of Blocs and Development of Classes
elected. These advices, as published in the "Journal of
--Purchase
, of Birthplace.
Commerce," added:
President Harding, who this week returned to
Governor-General Wood, after accepting Wilson's resignation,
said:
Washington
"This change is purely a matter of international administr
after a vacation of five weeks in Florida, delivere
and does
d an address not affect relations of the Government to the bank or theation
bank's
policy
in Augusta, Ga., on April 6 in which he warned
of the toward the business of the community."
"menace to the Nation in the development of
Wilson's resignation it is understood was caused mainly by a difference
classes and of opinion as to the policy to be adopted regarding sugar
centrals, and to a
in the organization of blocs." The President also
difference of opinion between the bank officials and the Govern ent
attention to the danger in envy and jealousy, and called auditors
in connection with the losses suffered by the bank last year.
urged
Wilson,
that we be on our guard against the developments of
has run only two years of his five-year contract with the
either. bank, camewho
here from San Francisco, where he was Vice-President of the
The President's address was delivered at a dinner given
in Anglo & London-Paris National Bank.
his honor by the city of Augusta, and the following account
A copyright cablegram to the New York "Times" from
of what he had to say is taken from the Augusta dispatch Manila, reported Mr. Wilson as making
the following statetothe New York "Times":
ment to a "Times" representative on April 7:
"There is a menace to the Nation in the perpetuation of class
and the
General Wood has, from the first, been favorable to closing the bank.
organization of blocs," the President continued;"there is danger in envy
and We are engaged in a salvaging propositi
sesjousy. Let us be on guard against envy Jealousy, confident
that the
Clovernment of the Republic is anxious to be the agency of just and
fair and
equal opportunity to all men.
on, but we could not operate as we
should because we have been constantly hampered by the Government.
As
soon as a dollar comes into the bank the Government orders it out, with the
result that the bank has been unable to function properly. There
also
APRIL 14 1923.]
THE CHRONICLE
publication of the bank's
has been constant agitation over the matter and
we had a splendid
weak points has reacted unfavorably. Nevertheless.
collected no interest on
year in liquidation during 1922. and although we
to the Government.
our oil and sugar loans we returned 12.000,000 pesos
Government is now nearly
The last payment was recently made and the
es administered by the
2,000,000 pesos overdrawn. The sugar properti
pesos this year, of which
0
7,500,00
0
and
7,000,00
between
return
will
bank
the rest amortization on 40,000,2,000,000 represent interest this year, and
properties.
000 pesos in loans outstanding against sugar
annual financial stateRegarding the difference in opinion on the bank's
bank's official auditor,
ment, our statement was made by Mr. House, the
Wood's financial
appointed by General Wood. Ben F. Wright, General
correct and the directors
adviser, criticizes it but I believe the statement is
approve it.
1607
of opinion as to the correctness
by it, General McIntyre said. Differences
d, and Governor Wood's
of the statement are understood to have develope t.
somewha
financial advisor is said to have criticised it
explained by General Manture
The troubles of the Philippine Bank are
loans to build sugar centrals
as having grown out of its action in making
were inflated. The plants were
and to cocoanut oil interest when prices
cocoanut oil dropped from 28c.
built when peak prices prevailed. When
bank found itself in difficulties
to 7c. and sugar collapsed in price, the
t oil mills than were needed
because it was found there was more cocoanu
a rate to pay a return on the
and the sugar controls were not operated at
investment.
believe that the sugar properties
General McIntyre is understood to
the investment of the bank.
return
and
out
work
will
If efficiently managed
National Bank by
The Administration of the Philippine
resolution passed
a
in
the
to
warmly
sed
addres
nded
comme
n
was
Mr. Wilson
On the 10th inst. a communicatio
, according
Manila
at
rce
a
be
Comme
to
by the American Chamber of
Editor of the "Times" by Vincente Villamir, said
States,
10.
April
s
United
advice
the
in
ts
Press
ated
interes
to
Associ
ine
representative of Philipp
was published as follows by that paper: " from its Manila corThe wireless dispatch published in to-day's "Times
Inquiry Into Failure of
from the Philip- Questionnaire Incident to
respondent announcing the resignation of Manager Wilson
e System.
"year
ion of a
State Institutions to Join Federal Reserv
pine National Bank and stating that it marked the culminat
-General Wood over
of the 10th
rcial"
"Comme
and a half feud" between Mr. Wilson and Governor
It is learned from the New York
policy of "getting
the latter's desire to close the bank in pursuance of his
be sent to State
to
nnaire
power
questio
the
to
as
ng
ion
followi
explanat
an
the
that
inst.
requires
,"
the Government out of business
members of the
that bank.
of the Governor-General under the law to close or continue Legislature. banks inquiring why they have not become
the 9th inst.
on
The Phi ippine National Bank is a creature of the Philippine
ted
comple
Act of Congress of Aug. Federal Reserve System was
appointed
It was created under the authority granted by the
tee
Commit
l
specified
ssiona
certain
Congre
with
powers
Joint
ve
the
by members of
29 1916, giving that body general legislati
charter,
The
covered.
not
is
matter
subject
the
present
restrictions of which
gate the situation:
to become a
or altered by the Phil- to investi
therefore, of that bank can only be revoked, amended
ippines Legislature.
general supervisory
The charter constitutes a Board of Control to exercise
, the President of
powers over the bank composed of the Governor-General
the usual board
the Senate and the Speaker of the House. The bank has also
is definitely
of directors. As it stands, the majority of the Board of Control
or abridge
bank
the
close
committed by their party to oppose any move to
overwhelmingly in
its functions. It is also a fact that the Legislature is
Bank.
favor of the indefinite continuance of the Philippine National
post of GovBy reason of the constitution of the Government making the
not have
does
e
ernor-General appointive, the policy of the Chief Executiv
ure as that of the
the same probability of being carried out by the Legislat
the head of the
President of the United States, who assumes power as
of legislation.
victorious party exercising party influence on the course
in that counThe Governor-General of the Philippines belongs to no party
your bank
1. What reasons have made it inadvisable for
member of the Federal Reserve System?
suggest to attract eligible
2. What amendment of the law would you
State banks?
Reserve Board or banks
3. What regulations, if any, of the Federal
eh.nves would you make to
operate to repel eligible State banks and what
insure membership of State banks?
with reference to the policy
4. What suggestions, if any, would you make
would induce State
of the Federal Reserve System which in your belief,
banks to become members?
do you procure outside of the
5. In your opinion what service or benefits
member?
sYstem that you cannot get by becoming a
try.
out of busiGovernor-General Wood's policy of leading th Government
cally opposed
ness with respect to the Philippine National Banks is diametri
public
Filipino
to the views of the great majority of the Legislature and
ne commerce,
opinion. The avowed purpose of the bank is to help Philippi
is making
industry and agriculture. The bulk of the loans it made and
es of the
Is for the development of the sugar, oil and other staple industri
hed
establis
Bank
country. With its creation the Government Agricultural
d.
by authority of Act of Congress of March 4 1907 was abolishe legislative
e by
If tho Philippine National Bank Is wiped out of existenc
will be left withflat, the agricultural and industrial interests of the country
is to let that bank
out banking assistance. It seems that what is necessary
a fair way to acalone work out its complete rehabilitation, which it is in
the policy of laying
complish, and when that is realized to determine upon
more stress on aiding the development of agriculture.
VICENTE VILLANIIN.
New York, April 7 1923.
al
According to Washington advices April 9 of the "Journ
Gen.
from
d
receive
been
of Commerce," a cablegram has
stating
Leonard Wood, Governor-General of the Philippines,
s
policie
the
in
change
ate
immedi
no
that there will be
uence
affecting the Philippine National Bank as a conseq
of Mr. Wilson's resignation. The "Journal of Commerce"
also said in its dispatch:
Committee
It is stated in the same advices that the Joint
States
United
the
in
points
s
plans to hold hearings at variou
which is to be
y,
inquir
ed
propos
the
to
nce
Refere
next fall.
tural Credits
conducted under the provisions of the Agricul
1003.
Act, was made in these columns March 10, page
Admission to Wife
United States Government Denies
the Execution
ing
Follow
ent
Presid
of Russia's
w.
Mosco
of Vicar of
of Russia on
The execution by the Soviet Government
aroused
which
,
avitch
March 31 of Vicar-General Butchk
of the
refusal
the
for
ible
respons
is
widespread protests,
the
into
ce
entran
allow
Government at Washington to
wife of the Presin,
Kalini
ine
Ekater
Mme.
to
United States
Responding to the
dent of the Russian Soviet Republic.
Department from
protests which poured in to the State
s has ordered
Hughe
ary
Secret
States,
all over the United
action of
The
d.
cancele
the visa of the Russian woman
by the follow10
March
on
known
made
the department was
ing official statement:
authorization for a visa for
The Department of State has canceled the
so-called Soviet Republic of
Mine. Kalinin, wife of the President of the
stated
Affairs,
Insular
of
Bureau
this country is rendered wholly
in
General Frank McIntyre, Chief of the
Kalinin
Mme,
of
presence
The
Russia.
selected to sucexecution of
that General Wood has informed him a banker would be
has been aroused by the
been chosen. undesirable by the deep feeling which
Department is taken
ceed Mr. Wilson, but the latest advices are he has not yet
vitch. The action of the
al
Butchka
Vicar-Gener
Wood
General
that
While press dispatches from Manila have indicated
n.
this could be especially in protest against this executio
favored the closing of the bank, it was pointed out that
ure
Legislat
gton advices to the New
ne
Washin
Philippi
the
of
Act
,
an
above,
methods
two
s
of
the
only
Apropo
accomplished by
banking laws befollowing to say:
the
directing the liquidation or closing under the general
York "Times" on April 10 had
United States, even
cause of a condition of insolvency.
ns to the entrance of Mme. Kalinin into the
Objectio
the
informed
has
Wood
r
on a purely charitable
here
come
According to General McIntyre, Governo
to
was
she
that
ted
was
represen
as the Philippine though it
began as soon as her
Bureau that he does not intend to take the latter action
mission, and not to indulge in politics or propaganda,
ago. Many Americans
Legislature is not now in session.
contemplated arrival was announced several weeks
important officials of the
had no desire to allow the wife of one of the most
Hope for Rehabilitation.
Opposition to her
guise.
what
under
matter
here,
no
to
come
ity to work Red regime
"The hope here is that the bank will be given an opportun
Department even then.
State
the
to
voiced
be
to
began
coming
said.
storm that broke
itself out of the difficult position," General McIntyre
These protests were only a gust of wind, however,to the
with the Philippine
vitch, and the
It is possible that the question of what shall be done
the trials of Archbishop Zepliak and Mgr. Butchka
during
session,
regular
next
the
before
ure
Legislat
objection reached its height
bank will come before the
it is understood other Roman Catholic priests. The storm of
as
e
said,
McIntyr
General
16,
Oct.
which starts on next
vitch.
to consider a proposed after the execution of Vicar-General Butchka
that a special session will be called in April or May
Kalinin Ordered Execution.
the annual report of the bank is
revision of the tax laws. Ordinarily
to come to the United States.
wanted
Kalinin, husband of the woman who
ure, but in view of the
Butchkavitch, for.
submitted at the regular session of the Legislat
man who wrote the death warrant of the heroic
the
was
time.
that
front
before
the
to
brought
Secretary of the Central
recent developments It may be
years to get on as President of the Republic, he, with Sapronoff,
several
for
ng
struggli
been
has
ne
Bank
ed Zepliak to ten
The Philippi
loans It made to permit the Executive Committee, signed the decree that condemn This cold-blooded
its feet and recoup losses sustained through
solitary confinement and the other priest to death.
years'
a
with
mills,
coupled
oil
t
cocoanu
construction of sugar centrals and
ns by the branch at Shanghai. document read:
13,000,000 pesos loss on exchange operatio
the ground
"As regards Citizen Butchkavitch, who in criminal activity on
Hoskin & Sell, in September
with a direct
General McIntyre said an audit made by
or approximately $37,500,000. of religion combined very clear counter-revolutionary action
pesos,
00
75,000,0
at
as a
the
d
losses
estimate
position
1921
between Manager Wilson and connection with an enemy bourgeoisie State and who used his
One of the factors in the controversy
from priest to carry on a direct and active State treason, the request for a reprieve
funds
of
ent
Governm
the
by
Governor Wood was the withdrawal
were not large enough to meet is left without consequences."
of the
the bank because the incoming revenues
A few days later Constantine Butehkavitch, the ratites* Superior
said that as the bank was
Wilson
Manager
the
of
islands.
all expenses
the cellar of a
needed capital with which to Church of St. Catherine in Petrograd, was shot to death in
engaged in a salvaging proposition and
the Government ordered out Russian prison.
has heeded
operate. It could not function properly if
Among the organizations whose protests the State Department made to
the money as it came in.
was that from the National Catholic Welfare Council, which was
Government Overdrawn.
the Soviet Government bad
nearly 2,000,000 pesos Secretary Davis. This society declared that
the
.Wilson stated that the Government was
by our Government in
made
justice
for
n
plea
the
als
to
entertai
withdraw
refused
the
meant that
official
overdrawn, and General McIntyre said this
that Mme. Kalinin is "an
asserted
and
of
case
has
vitch,
ent
Mgr.
Butchka
Governm
The
pesos.
had presumably amounted to 14,000,000
representative of the Soviet Government."
00 in deposits, he said.
"will arouse wideroughly 30,000,000 pesos in stock and 40.000,0
To admit her into the United States, it was declared.
financial statement and
annual
latest
the
trying to overthrow our
are
that
The Bureau has not received
ge
forces
encoura
will
ion,
spread
shown
indignat
as
n or the bank
Is not in a position to comment upon the conditio
't. 84.
1608
THE CHRONICLE
ernment and Will lower our dignity as a nation
in the eyes of the
whole
S was only one of many similar expressions of indignat
ion that reached
overnment from all sorts of sources, though particula
rly from reorganizations. Representatives of the State Departm
ent abroad
that foreign nations and many American citizens
were
vigorous
heir objections.
The visa of Madam Kalinin's passport had
been granted only on condition that she adhere strictly to her avowed mission,
which was to speak for
relief for Russian children. The Russian Red
Cross backed her request to
tour the United States with a plea for the orphans.
Her visit to this country had been arranged for by Paxten Hibben,
once an American Army officer, later attached to the American Relief Mission
in Russia.
Jury in Case of William Z. Foster Fail to Reach
Agreement.
A retrial is expected to be asked in the case of William
Z.
Foster of Chicago, who was tried on a charge of violati
on
of the Michigan law against criminal syndicalism before
a
jury at St. Joseph, which, on April 5, after thirty-one
and a
quarter hours' deliberation, was still deadlocked. The
jury
was dismissed by Judge Charles White, who presided
during
the trial.. The jurors stood six to six on all of their thirtyeight ballots without changing a vote. Five men
and one
woman voted for Foster's acquittal and six men
conviction. Foster, who took a leading part in for his
the steel
strike of 1919 which was a failure, was the first
to face trial
of the thirty-two men and women arrested as a
result of the
raid on the convention of the Communist Party
of America
held near St. Joseph last August. Charles E.
Ruthen
berg,
one of his co-defendants, will be placed on trial on
April 16.
[Vol* 116.
In the formal announcement, signed by Edsel B.
Ford as President of
the Ford Motor Co., it is stated that this plan "extends
to the whole family
an opportunity to participate in the car purchase
by permitting each member to contribute a small amount weekly to the
plan with the wholesome ef
feet of inculcating thrift and also demonstr
ating the benefits to be recieved
from regular and consistent accumulation of
funds to spend for things desired. The price reduction of Ford cars and
trucks which went into effect
last October, bringing them to the lowest
level in the history of the Ford
Motor Co., opened a market of unusual proporti
ons and with the inauguration of the Ford weekly purchase plan this market
now becomes even more
comprehensive."
The regulations on the weekly purchase card
specify that interest will be
payable only on completion of all payments if made
regularly, or when delivery can be made by the dealer through
applying the total amount of
the deposit as a first payment.
In the event of a condition arising whereby the
prospective buyer should
find it impossible to complete his payments for the
car selected, the amount
of money deposited In the bank may be withdraw
n, entailing no loss to the
depositor. It is stipulate d, however, that
this privilege of withdrawing
deposits credited to the Ford weekly purchase plan
will be permitted only
in cases of extreme emergency at the discretion of the
bank and the dealer.
United States Supreme Court Holds Minimum Wage
Law Unconstitutional.
The right to regulate wages by law is denied by the United
States Supreme Court in a decision handed down on April 9,
holding unconstitutional an Act of Congress providing for
the fixing of minimum wages for women and children in
the
District of Columbia. The majority conclusions of the Court
were delivered by Justice Sutherland, whose views were
concurred in by Justices McKenna, Van Devanter, McReynolds and Butler. Chief Justice Taft delivered a dissenting
opinion for himself and Justice Sanford, while Justice
Holmes read a dissenting opinion which followed in its main
features that of Chief Justice Taft. Justice Brandeis
did
not participate in the decision. The decision, it is expected,
will affect the minimum wage laws passed by the Legislatures of several States, viz. New York, California, Kansas,
Oregon, Wisconsin and Washington. According to press
dispatches from Washington, legal experts, after reading
the decision, declared that the ruling in the District of Columbia proceeding, by implication, throws doubt upon
the
validity of similar laws passed by States, affecting both
me nand women. The Court referred incidentally to the fixing of hours of labor, stating in part that "enough has been
said to show that the authority to fix hours of labor cannot
be exercised except in respect of those occupations where work
of long continued duration is detrimental to health." The
Court pointed out that "if in the interest of the public welfare, the police power may be invoked to justify the fixing of
a minimum wage, it may, when the public welfare is thought
to require it, be invoked to justify a maximum wage. . . ."
The Court further said:
New York Legislature Passes Bill Exempt
ing From
Taxation Dwellings Brought Under
Construction
Before April 1 1929.
An extension of one year's time, or until
April 1 1924,
within which new buildings erected in New
York State for
dwelling purposes may be commenced to avail
of the exemption from local taxation until Jan. 1 1932,
is provided in a
bill passed by the State Senate on April 10
and the Assembly
April 11. It was stated on the latter date
that Governor
Smith was expected to sign the bill without
delay. The time
limit expired on April 1, but the bill
is retroactive. It
provides that "the legislative body of a
county, or the
legislative body of a city, with the approval
of the Board of
Estimate and Apportionment, if there be one
in such city,
or the Governing Board of a town, village
or.sehool district,
may determine that, until Jan. 1 1932 new
buildings therein,
planned for dwelling purposes exclusively,
except hotels,
shall be exempt from taxation for local purpose
s, other than
for assessments for local improvements
during construction
If, in the face of the guaranties of the Fifth Amendment,Ahis
form of
and so long as used exclusively for dwelling
purposes, or if a legislation shall be legally justified, the field for the operation96f the policr
building of four stores or more in height, used
power will have been widened to a great and dangerous degree.
If, foe
exclusively for example, in the opinion of future lawmakers,
direlling purposes above the ground floor, provide
wages
the building trades
d construc- shall become so high as to preclude people of ordinaryinmeans
from building
tion was completed since April 1 1920, or
if not so com- and owning homes, an authority which sustains the minimum wage will be
pleted, that construction be commenced before
invoked to support a maximum wage for building laborers
and artlsansf
April 1 1924 and the same argument which has been here urged to
and completion for occupancy be effected
strip the employer op
within two years his constitutional liberty of contract in one direction will
be utilized to stri,
after such commencement, or if in course
of construction on the employee of his constitutional liberty ofcontract in theoppositedirection.
Sept. 27 1920, within two years thereafter."
A wrong decision does not end with itself; it is a precedent, and, with
the
t, its bad influence may run from one
stipulates that "construction shall be deemedThe bill also swing of sentimen
extremity of the
commenced arc to the other. .
when the plans have been filed with the
Any attempt to fix a rigid boundary would be unwise as well
proper authority
as futile.
and excavation actually and in good faith
But, nevertheless, there are limits to the power, and when these
have been
begun."
passed it becomes the plain duty of the courts in the
Purchase of Ford Cars Possible With
Initial Deposit
of $5.
Announcement a week ago by the Corn
of this city that a $5 deposit in the bank Exchange Bank
would enroll the
depositor in the Ford Weekly Purchase
Plan was made coincident with an announcement by Edsel
B. Ford, President
of the Ford Motor Co., that a selling plan for
the Ford cars
had been arranged under which an initial
paymen
t of $5
would be accepted, delivery of the car being
further payments equalled the price of the made when the
car. According
to the New York "Times" of the 8th inst., it
was explained
by Gaston Plantiff, Mr. Ford's Eastern
that the length of time in making the paymen representative,
ts will make no
difference. The "Times" continued:
The prospective buyer's name will be kept on
the list and after a substantial payment is made it will be possible, provided
satisfactory references
are given, to obtain possession of the car, the
balance being paid on the installment plan, as is now the case with tho
deferred payment system in
vogue with the Ford Motor Co. as well as by
many other automobile concerns.
This new plan, which goes into effect to-morrow, is
customary deferred payment system, in that the smalldifferent from the
payments will be
made at any local savings bank and will draw the regular
interest of savings
deposits. A special card for these payments is provided
. It provides for
weekly payments of a stated sum, but the prospecti
ve owner may increase
his weekly installments at will, thereby advancing the date
when he will
get possession of the car.
proper exercise of their
authority to so declare. To sustain the individual freedom
of action contemplated by the constitution is not to strike down
the common good, but
to exalt it; for surely the good of society as a whole cannot be better served
than by the preservation against arbitrary restraint of the liberties of
its
constituent members.
The Associated Press accounts reviewing the decision said:
The majority of the Court based its position broadly upon the right of
contract, insisting that while laws could be enforced to regulate
working
conditions, the employer and the employee must be free of
restraint in
determining between themselves what wages are acceptable.
The minority contended that there was no greater police power in Congress
and the State legislatures to regulate working conditions than to regulate
wages and that as there had been wide uniformity in holding that working
conditions could be prescribed by law-making bodies it followed in
their
judgment that wages were also a proper subject for legislation.
Justice Sutherland pointed out that the minimum wage law was attacked
upon the ground that it authorizes an unconstitutional interference with
the freedom of contract included within the guarantios of the due process
clause of the fifth amendment.
The right to contract "about one's affairs," he stated, "Is a part of the
liberty of the individual protected by this clause." The fact, he asserted,
"was settled by the decisions of this Court and is no longer open to question."
"It is based wholly," the opinion added, "on the opinion of the members
of the Board and their advisers—perhaps an average of their opinions, if
they do not precisely agree—as to what will be necessary to provide a
living for a woman, keep her in health and preserve her morals."
Justice Sutherland said he was not willing to concede that the wages
a
woman received had any direct bearing upon her morals.
Pointing out that some States had minimum wage laws while many more
did not, Justice Sutherland insisted that "the power to fix minimum wages
carried with it, if lawful, the power to fix maximum wages."
0111
The arguments presented in the dissenting opinions were directed
to
establish that there was a parallel between wages and working
conditions
APRIL 14 1923.]
THE CHRONICLE
1609
being
by an order concurred in by two of the Appellate Court Justices, one
the Justice whose place on the prim occasion had been filled by the Supreme
Appeals.
Court member. Upon the rehearing thus granted, the Court of
unconstitutional
rejecting the first opinion, held the Act in question to be
and reversed the decree of the trial Court.
Lower Court Overrules Law.
entered decrees in
Thereupon the cases were remanded and the trial Court
question to be unconstiThe following is the text of the majority opinion in full as pursuance of the mandate, declaring the Act in Appeals
to the Court of
tutional and granting permanent injunctions.
printed in the New York "Tribune":
affirmed. It is
Appeals followed and the decrees of the trial Court were
The question presented for determination by these appeals is the consti- from these final decrees that the cases come here.
Court to grant a
Upon this state of facts the jurisdiction of the lower
tutionality of the Act of Sept. 19 1918, providing for the fixing of minimum
We do not deem it neceschallenged.
Stat.
is
40
it,
denying
after
first
Columbia.
rehearing,
of
and
the
District
in
children
women
for
wages
are here dealing
sary to consider the matter further than to say that we
960 C 174.
complained of occurred upon
The Act provides for a Board of three members, to be constituted so far as with the second appeals, while the proceedings
properly entertain the second
practicable, so as to be equally representative of employers, employees and the first appeals. That the lower Court could
doubt: and this the appelof
admit
which
at
not
does
hearings,
cases
the
public
and
decide
appeals
The
is
Board
have
to
authorized
the public.
invoked the jurisdiction.
persons interested in the matter being investigated may appear and testify, lants virtually concede by having themselves
al., United States, Feb. 19
to administer oaths, issue subpoenas requiring the attendance of witnesses See Rooker et al. vs. Fidelity Trust Company et
and production of books,&c.,and to make rules and regulations for carrying 1923.
We come, then, at once, to the substantive question involved.
the Act into effect.
Act of ConThe judicial duty of passing upon the constitutionality of an
By Section 8 the Board is authorized:
the
gress is one of great gravity and delicacy.
"(1) To investigate and ascertain the wages of women and minors in
scrutiny of the
The statute here in question has successfully borne the
different occupations in which they are employed in the District of Columenacting it, has affirmed its
bia;(2) To examine,through any member or authorized representative, any legislative branch of the Government, which, by
weight. This Court.
book, pay-roll or other record of any employer of women or minors that in validity; and that determination must be given great
Marshall to the present
any way appertains to or has a bearing upon the question of wages of any by an unbroken line of decisions from Chief Justice
presumption is in
such women or minors, and (3) To require from such employer full and true day, has steadily adhered to the rule that every possible beyond rational
favor of the validity of an Act of Congress until overcome
statements of the wages paid to all women and minors in his employment."
a statute be opposed
And by Section 9—"To ascertain and declare, in the manner hereinafter doubt. But if by clear and indubitable demonstration
so. The Constitution,
provided, the following things: (A) Standards of minimum wages for to the Constitution, we have no choice but to say
from the people.
women in any occupation within the District of Columbia, and what wages by its own terms,Is the supreme law of the land,emanatinggovernment.
are inadequate to supply the necessary cost of living to any such women the repository of ultimate sovereignty under our formof
Congress.
Gravity and Delicacy Involved in Passing upon an Act of
workers to maintain them in good health and to protect their morals
and (B) Standards of minimum wages for minors in any occupation within
statute, on the other hand, is the act of an agency
A
Congressional
any
must
the District of Columbia, and what wages are unreasonably low for
of this sovereign authority, and if it conflict with the Constitution hold
To
such minor workers."
fall; for that which is not supreme must yield to that which Is.
power—that
Procedure in Wage Increases.
It invalid (if It be invalid) is a plain exercise of the judicial
justice according to
The Act then provides (Section 10) that if the Board, after investigation. power vested in courts to enable them to administer
in a given
occulaw. From the authority to ascertain and determine the law
is of opinion that any substantial number of women workers in any
the duty to declare and
pation are receiving wages inadequate to supply them with the necessary cause there necessarily results, In case of conflict,
an infericr Act of
cost of living, maintain them in health and protect their morals, a con- enforce the rule of the supreme law and reject that of
effect and binding
ference may be called to consider and Inquire Into and report on the subject legislation which,transcending the Constitution, is of no
power to review
investigated, the conference to be equally representative of employers on no one. This is not the exercise of a substantive
power exists. It
and employees in such occupation and of the public, and to include one and nullify Acts of Congress, for no such substantive
of a
is simply a necessary concomitant of the power to hear and dispose
ot more members of the Board.
determination of
The conference is required to make and transmit to the Board a report case or controversy properly before the court, to the
Including, among other things, "recommendations as to standards of which must be brought the test and measure of the law.
Freedom of Contract Involved.
minimum wages for women workers in the occupation under inquiry and
that
The statute now under consideration is attacked upon the ground
as to what wages are inadequate to supply the necessary cost of living
the freedom of conto women workers In such occupation and to maintain them in health and it authorizes an unconstitutional interference with
have
parties
the
speaking,
tract. In making such ccntracts, generally
to protect their morals."
best terms they can as the
The Board is authorized (Section 12) to consider and reveiw these an equal right to obtain from each other the
If
them.
of
all
result of private bargaining.
recommendations and to approve or disapprove any or
174. 175).
In Adair vs. United States, supra. Mr. Justice Harlan (pp.
It approve any recommendations it must give public notice of its intention
and hold a public hearing, at which the persons interested will be heard. speaking for the Court, said:
upon such terms as he deems
"The right of a person to sell his labor
After such hearing, the Board is authorized to make such order as to it
of labor to
essence the same as the right of the purchaser
may appear necessary to carry into effect the recommendations, and to Proper is in itsconditions
accept such labor from the
will
he
which
upon
prescribe the
therewith.
employee
and
employer
comply
the
to
require all employers in the occupation affected
persons offering to sell. In all such particulars
disturbs that equality
It Is made unlawful for any such employer to violate in this regard any have equality of right. and any legislation that
Governno
which
contract
of
liberty
with the
provision of the order or to employ any woman worker at lower wages is an arbitrary interference
ment can legally justify in a free land."
than are thereby permitted.
speaking
Court,
In Coppage vs. United States. supra (p. 14), this
There is a provision (Section 13) under which the Board may issue
a special license to a woman whose earning capacity"has been impaired through Mr. Justice Pitney, said:
of private propright
the
and
"Included in the right of personal liberty
by age or otherwise" authorizing her employment at less than the miniright to make contracts
erty—partaking of the nature of each—is the such
is that.Of
contracts
mum wages fixed under the Act.
among
Chief
for the acquisition of property.
All questions of fact (Section 17) are to be determined by the Board. persons employment, by which labor and other services are exchanged
down or
struck
be
right
queson
this
allowed
If
Is
property.
of
appeal
from whose decision there is no appeal; but an
for money or other forms
impairment of liberty
arbitrarily interfered with there is a substantial
tions of law.
is as essential to
right
The
sense.
constitutional
ed
the
in
long-establish
for the vast
Any violation of fact (Section 17) by an employer or his agent or by the
laborer as to the capitalist, to the poor as to the rich;
corporate agents is declared to be a misdemeanor, punishable by fine majority of persons have no other honest way to begin to acquire property,
necessary
not
provisions
and imprisonment. Finally, after some further
save by working for money.
now under con"An interference with this liberty so serious as thatbe
to be stated, it is declared (Section 23) that the purposes of the Act are
deemed to be
and so disturbing of equality of right must
of the police
"to protect the women and minors of the District from conditions detri- sideration
exercise
reasonable
arbitrary unless it be supportable as a
mental to their health and morals, resulting from wages which are inade- power of the State."
its
of
each
in
Act
It
quate to maintain decent standards of living: and the
There is, of course, no such thing as absolute freedom of contract.
is
provisions and in its entirety shall be interpreted to effectuate these is
subject to a great variety of restraint. But freedom of contract.
purposes."
the exception; and the exercise
restraint
and
rule
the
general
nevertheless,
for
existence
The appellee in the first case is a corporation maintaining a hospital
of legislative authority to abridge it can be justified only by the
children in the district. It employs a large numb ir of women In various of exceptional circumstances. Whether these circumstances exist in the
compensation
and
upon
agreed
wages
had
rates
it
of
helpful
whom
capacities, with
present case constitutes the question to be answered. It will be
satisfactory to such employees, but which in some inslances were less than to this end to review some of the decisions where the interference has been
the minimum wages fixed by an order of the Board made in pursuance of upheld and consider the grounds upon which they rest:
mulcted
the Act. The women with whom the appellee had so contracted ware all
1. Those dealing with statutes fixing rates and charges to be
of full age and under no legal disability. The present suit was brought by by business impressed with a public interest.
Board
the
restrain
of
the
Court
to
District
Supreme
94
the
Illinois,
in
the appellee
There are many cases, but it is sufficient to cite Munn vs.
from enforcing or at emptirg to enforce its order on the ground that the U. S. 113. The power here rests upon the ground that where property
process
same was In contravention of the Constitution, and the due
is devoted to a public use the owner thereby, in effect, grants to the public
common
clause of the Fifth Amendment.
an interest in ths use,which may be controlled by the public for the
Woman Protests Board Rule.
good to the extent of the interest thus created. It is upon this theory
passing,
In the second case the appellee, a woman twenty-one years of age, was that these statutes have been upheld and, it may be noted in
destructive
employed by the Congress Hall Hotel Company as an elevator operator, so upheld even in respect of their incidental and injurious or
Railway
at a salary of $35 a month and two meals a day. She alleges that the work effect upon pre-existing contracts. See Louisville & Nashville
not
was light and healthful, the hours shoit, with surroundings clean and moral, Co. vs. Motley, 219 U. S. 467. In the case at bar the statute doss
affected,
and that she was anxious to continuo It for the compensation she was re- depend upon the existence of a public interest in any bsuiness to be
to
and this class of cases may be laid aside as inapplicable.
ceiving, and that she did not earn more. Her services were satisfactory
was
the hotel company and it would have been glad to retain her, but
Public Work Contracts Cited.
Board
the
of
the
order
of
reascn
by
services
her
obliged to dispense with
work.
The
Act.
wages
received
the
to contracts for the performance of public
relating
by
(2)
Statutes
p:escribed
penalties
the
of
account
and on
vs.
was Atking vs. Kansas. 191 U.S. 207; Heim vs. McCall. 239 U. S. 175; Ellis
by this appellee were the best she was able to obtain for any work she
dependshe alleges, de- United States, 206 U. S. 246. These cases sustain such statutes as
capable of performing and the enforcement of the order,
right
the
that she ing, not upon the right to condition private contracts, but upon
prived her of such employment and wages. She further averred
permit
a living with of the Government to prescribe the conditions upon which it will
could not secure any other position at which she could make
for
and that work of a public character to be done for it, or. in the case of a State,
wages,
as
good
earn
and
surroundings,
moral
and
physical
as good
but for its municipalities. We may,therefore, in like manner, dismiss those direcshe was desirous of continuing and would continue the employment
as in the other case. tions from consideration as inapplicable.
the order of the Board. An injunction was prayed
payment of
and dismissed
(3) Statutes prescribing the character, methods and time for
The Supreme Court of the District denied the injunction
McLean vs. Arkansas, 211 U. S.
included
majority,
a
by
wages.
be
may
Appeals,
this
Under
of
head
Court
the
appeal
Upon
case.
the bill in each
payment
coal to be measured for
first affirmed, and subsequently, on a rehearing, reversed the trial Court. 539, sustaining a State statute requiring
13.
of miners' wages before screening; Knoxville vs. Marbison, 183 U. S.
Upon the first argument a Justice of the District Supreme Court was called
of store
cash
requiring the redemption in
in to take the place of one of the Appellate Court Justices, who was ill. sustaining a Tennessee statute
Williams.
vs.
Company
of wages; Erie Railway
Application for rehearing was made, and by the Court as thus constituted, orders Issued in payment
regulating the time within which wages
was denied. Subsequently, and during the term, a rehearing was granted 233 U. S. 685, upholding a statute
which required the Court to sustain legislation fixing the former on the
same exercise of police power which had been held to be sufficient to warrant
legislative control over the latter.
Chief Justice Taft and Justice Holmes analyzed former opinions of the
Court bearing on the power of legislatures to regulate private contracts,
reaching the conclusion that there was ample precedent for holding the law
constitutional.
1610
THE CHRONICLE
• shall be paid to employees in certain specified industries, and other cases
sustaining statutes of like import and effect. In none of the statutes thus
sustained was the liberty of employer or employee to fix the amount of wages
the one was willing to pay and the other willing to receive interfered with.
Their tendency and purpose was to prevent unfair and perhaps fraudulent
methods in the payment of wages and in no sense can they be said to be,
or to furnish a precedent for, wage-fixing statutes.
Chief Emphasis in Argument Is Laid Upon Law Firing Work Hours.
(4) Statutes fixing hours of labor. It is upon this class that the greatest
emphasis is laid in argument and,therefore,and because such cases approach
most nearly the line of principle applicable to the statute here involved,
we shall consider them more at length. In some instances the statute
limited the hours oflabor for men in certain-occupations, and in others it was
confined in its application to women. No statute has thus far been brought
to the attention of this Court which by its terms, applied to all occupations.
In Holden vs. Hardy, 169 U. S., 366, the Court considered an Act of the
Utah Legislature, restricting the hours of labor in mines and smelters. This
statute was sustained as a legitimate exercise of the police power, on the
ground that the Legislature had determined that these particular employments, when too long pursued, were injurious to the health of the employees, and that, as there were reasonable grounds for supporting this determination on the part of the Legislature, its decision in that respect was
beyond the reviewing power of the Federal Courts.
. That this constituted the basis of the decision is emphasized by the subsequent decision in Lochner vs. New York, 198 U. S. 45, reviewing a State
statute which restricted the employment of all persons in bakeries to ten
hours in any one day. The Court referred to Holden vs. Hardy supra and,
declaring it to be inapplicable, held the statute unconstitutional as an unreasonable, unnecessary and arbitrary interference with the liberty of
contract, and therefore void under the Constitution.
Justice Peckham Quoted.
Justice Peckham, speaking for the Court (p. 56), said:
"It must, of course, be conceded that there is a limit to
valid exercise
of the police power by the State. There Is no disputethe
this
general proposition. Otherwise the Fourteenth Amendmentconcerning
would have no
efficacy and the Legislatures of the States would have unbounded
power,
and it would be enough to say that any piece of legislation wouid be valid, no
matter how absolutely without foundation the claim might be. The claim
of the police power would be a mere pretext—become another
and delusive
name for the supreme sovereignty of the State to be exercised
free from
constitutional restraint."
(VOL. 116.
because the parties,for the time being, could not or would not agree. Here.
they are forbidden to agree.
The same principle was applied in the rent cases (Block agt. Hirsh
256.
U. S. 135 and Marcus Brown Holding Co. agt. Feldman, 256 U. S.
170).
where this Court sustained the legislative power to fix rents as between
landlords and tenants upon the ground that the operation of the statutes
was temporary to tide over an emergency and that circumstances were•
such as to clothe "the letting of buildings with a public interest so great as
to justify regulation by law. The Court said (p.
157):
"The regulation is put and justified only as a temporary measure (citing.
Wilson agt. New, supra). A limit in time to tide over a passing trouble,
well may justify a law that could not be upheld as a permanent change."
In a subsequen ; case, Pennsylvania Coal Co. vs. Mahon,decided Dec. 11
1922, this Court, after saying "We are in danger of forgetting that a strong
public desire to improve the public condition is not enough to warrant
achieving the desire by a shorter cut than the constitutionsl way of paying
for the change," pointed out that the rent cases dealt with laws intended.'
to meet a temporary emergency and "Went to the verge of the law."
Other Decisions That Apply.
In addition to the cases cited above there are four decisions of this Court
dealing with laws especially relating to hours of labor for women: Muller
vs. Oregon, 208 U. S. 412; Riley vs. Massachusetts, 232 U. S. 671; Miller
vs. Wilson, 236 U. S. 373; Bosley vs. McLaughlin, 230 U. S. 385.
In the Muller case the validity of an Oregon statute, forbidding the
employment of any female In certain industries more than ten hours during
any one day was upheld. The decision proceeded upon the theory that the
difference between the sexes may Justify a different rule respecting hours
of labor in the case of women than in the case of men. It is pointed out
that these consist in differences of physical structure, especially in respect
of the maternal functions, and also in the fact that historically women
have always been dependent upon man, who has established his control'
by superior physical strength. The cases of Riley, Miller and Bosley
follow in this respect the Muller case. But the ancient inequality of the
sexes, otherwise than physical, as suggested in the Muller case (p. 421),
has continued, with diminishing intensity.
"In view of the great—not to say revolutionary—changes which have
taken place since that utterance, In the contractual, political and civil'
status of women, culminating in the Ninteenth Amendment, it is not
unreasonable to say that these differences have now come almost, if not
quite, to the vanishing point. In this aspect of the matter, while the.
And again (pp. 57-58):
physical differences must be recognized in appropriate cases, and legislation
"It is a question of which of two powers or rights shall prevail—the fixing hours or conditions of work may
properly take them into account,
power of the State to legislate or the right of the individual
to
liberty
of
cannot accept the doctrine that women of mature age, sui juris, require.
we
person and freedom of contract. The mere assertion that the subject
subjected
be
may
to
relates, though but in a remote degree, to the public health,
or
restrictions
upon
their liberty of contract which
does not necessarily render the enactment valid.
could not lawfully be imposed in the case of men under similar circum"The Act must have a more direct relation, as a means to an end, and the stances. To do so would
be to ignore all the implications to be drawn
end itself must be appropriate and legitimate, before an Act can be held
from the present day trend of legislation, as well as that of common thought
to be valid which interferes with the general right
of an individual to be
free in his person and in his power to contract in relation to
usage,
which
by
and
woman
is accorded emancipation from the old doctrine
his own labor."
that she must be given special protection or be subjected to special restraint
Coming then directly to the statute (p. 58) the Court said:
in her contractual and civil relationships. In passing, it may be noted that
"We think the limit of the police power has been reached and passed in the instant statute applies in the
case of a woman employer contracting with.
this case. There is, in our judgment, no reasonable foundation
holding
for
woman employee as it does when the former is a man.
a
this to be necessary or appropriate as a health law to safeguard the public
health or the health of the individuals who are following the trade of
Essential
Difference
Between
Pay and Hours of Labor Emphasized.
a
If this statute be valid, and if, therefore, a proper case is made out in baker.
which
The essential characteristics of the statute now under consideration,
to deny the right of an individual sui juris, as employer or employee,
to
make contracts for the labor of the latter, under the protection of the pro- which differentiate it from the laws fixing hours of labor, will be made to
visions of the Federal Constitution. there would seem to be no length to appear as we proceed. It is sufficient now to point out that the
latter as
which legislation of this nature might not go."
well as the statutes mentioned under paragraph (3). deal with the incidents
And, after pointing out the unreasonable range to which the principle
of the employment having no necessary effect upon the heart of the contract;
he statute might be extended, the Court said (p. 60):
that is, the amount of wages to be paid and received. A law forbidding"It is also urged, pursuing the same line of argument, that it Is to the work to continue beyond a given number of hours leaves the parties free
interest of the State that its population should be strong and robust, and to contract about wages and thereby equalize whatever additional burdens
therefore, any legislation which may be said to make people healthy must may be imposed upon the employer as a result of the restrictions as to
be valid as health laws, enacted under either police power. If this be a valid
argument and a justification for this kind of legislation, it follows that the hours, by an adjustment in respect of the amount of wages.
Enough has been said to show that the authority to fix hours of labor
protection of the Federal Constitution is visionary wherever the law is
sought to be justified as a valid exercise of the police power. Scarcely any cannot be exercised except in respect of those occupations where work of
law but might find shelter under such an assumption, and conduct, properly
so-called, as well as contract, would come under the restrictive sway of long continued duration is detrimental to health. This Court has been
careful in every case whore the question has been raised, to place its decision
the Legislature."
upon the limited authority of the Legislature to regulate hours of labor and
And further (p. 61):
to disclaim any purpose to uphold the legislation as fixing wages, thus
"Statutes of the nature of that under review, limiting the hours in which recognizing
an essential difference between the two. It seems plain that
grown and intelligent men may labor to earn their living, are mere meddlethese decisions afford no real support for any form of law establishing
some interferences with the rights of the individual whose rights
interfered with, unless there be some fair ground, reasonable in and are
minimum
wages.
of itself,
to say that there is material danger to the public health or to the health
Statute Analyzed.
of the employees if the hours of labor are not curtailed."
If now, in the light furnished by the foregoing exceptions to the general
Subsequent cases in this Court have been distinguished from that de- rule forbidding legislative interference with freedom of contract,
we examine
cision, but the principles therein stated have never been disapproved.
and analyze the statute in question, we shall see that it differs from them
Test Case of the Adamson Law and Chief Justice's Ruling Recalled,
in every material respect. It is not a law dealing with any business charged
In Bunting vs. Oregon (243 U. S. 426) a State statute forbidding the with a public interest or with public work. or to meet and tide over a
employment of any person in any mill, factory or manufacturing establish- temporary emergency. It has nothing to do with the character, methods
ment more than ten hours in any one day, and providing payment for over- or periods of wage payments. It does not prescribe hours of labor or
time not exceeding three hours in any one day at the rate of time and a half conditions under which labor is to be done. It Is not for the protection of
of the regular wage, was sustained on the ground that, since the State perFons under legal disability or for the prevention of fraud. It is simply
Legislature and State Supreme Court had found such a law necessary for and exclusively a price-fixing law, confined to adult Women (for we are
the preservation of the health of employees in these industries, this Court not now considering the provisions relating to minors), who are legally as
would accept their judgment in the absence of facts to support the contrary capable of contracting for themselves as mon. It forbids two parties having
conclusion. The law was attacked on the ground that it constituted an lawful capacity—under penalties as to the employer—to freely contract
attempt to fix wages, but that contention was rejected and the law sustained with one another in respect to the price for which one shall resider service
to the other in a purely private employment where both are willing, perhaps
as a reasonable regulation of hours of service.
Wilson vs. New, 243 U. S. ,332, involved the validity of the so-called anxious, to agree, even though the consequence may be to oblige one to
surrender
a desirable engagement and the other to dispense with the services
Adamson law, which established an eight-hour day for employees of interState carriers, for which it fixed a scale of minimum wages with proportion- of a desirable employee."
The price fixed by the Board need have no relation to the capacity
ate increases for overtime,to be enforced, however,only for a limited period.
or
The Act was sustained primarily upon the ground that It was a regulation earning power of the employee, the number of hours which may happen to
constitute the day's work, the character of the place where the work is
to
of a business charged with a public interest. The Court, speaking through
the Chief Justice, pointed out that, regarding "the private right and be done, or the circumstances or surroundings of the employment, and
private interest as contra-distinguished from the public interest, the power while it has no other basis to support its validity than the assumed neccessiexists between the parties, the employers and employees, to agree as to a ties of the employee it takes no account of any independent resources she
standard of wages free from legislative Interference." but that this did not may have. It is based wholly on the opinions of members of the Board
advisers—perhaps an average of their opinions if they do
affect the power to deal with the matter with a view to protect the public and their
not
precisely agree—as to what will be necessary to provide a living for
right, and then said (P. 353):
a
woman, keep her in health and preserve her morals. It applies to any
"And this emphasizes that there is no question here of purely private and every occupation in the
district
without
regard
to
its
concerned
nature
only
with
is
law
the
or
these
since
who are engaged in a busithe
right,
ness charged with a public interest, where the subject dealt with as to all character of the work.
"The standard furnished by the statute for the guidance of the Hoard
the parties is one involved in that business and which we have seen
under the control of the right to regulate to the extent that the powercomes
to do is so vague as to be impossible of practical application with any
reasonable
so is appropriate or relevant to the business regulated."
degree of accuracy. What is sufficient to supply the necessary cost of
Both Sides Left Free.
living for a woman worker and maintain her in good health and protect
Moreover, in sustaining the wage feature of the law emphasis was put her morals is obviously not a precise or unvarying sum—not even
approxiupon the fact (page 345) that it was in this respect temporary,"Leaving the mately so. The amount will depend upon a variety of circumstances—the
employers and employees free as to the subject of wages to govern their individual temperament, habits of thrift, care, ability to buy necessaries
relations by their own agreements after the specified time." The Act was intelligently, and whether the woman lives alone or with hat family. To
not only temporary In this respect but it was passed to meet a sudden those who practice economy, a given sum will afford comfort, while to
and great emergency. This feature of the law was sustained principally those of contrary habit the same sum will be wholly inadequate. The
a
APRIL 14 1923.]
THE CHRONICLE
co-operative economies of the family group are not taken into account
the cost
though they constitute an important consideration in estimating
of living, for it is obvious that the individual expense will be less in the
The
alone.
living
one
of
case of a member of a family than in the case
relation between earnings and morals is not capable of standardization.
The well to do are not less likely than the poor to lapse morally.
It cannot be shown that highly paid women safeguard their morals more
carefully than those who are poorly paid. Morality rests upon other
considerations than wages;and there is, certainly, no such prevalent connection between the two as to justify a broad attempt to adjust the latter
with reference to the former. As a means of safeguarding morals the
attempted classification, in our opinion, is without reasonable basis. No
distinction can be made between women who work for others and those
who do not; nor is there ground for distinction between women and men,
for certainly, if women require a minimum wage to preserve their morals
men require it to preserve their honesty. For these reasons and others
which might be stated the inquiry in respect of the necessary cost of living
and of the income necessary to preserve health and morals presents an
individual and not a composite question, and must be answered for each
individual considered by herself and not by a general formula prescribed
by a statutory bureau.
Note—This is the exact situation in the Lyons case, as is shown by the
statement in the first part of this opinion.
Uncertainty Emphasized.
This uncertainty of the statutory standard is demonstrated by a confix
sideration of certain orders of the Board already made. These orders
the sum to be paid to a woman employed in a place where food is served
or in a mercantile establishment at $16 50 per week; in a printing establishment at $15 50 per week; and in a laundry at $15 per week, with a provision
serve
reducing this to $9 in the case of a beginner. If a woman employed to
food requires a minimum of $16 50 per week, it is hard to understand how
is
the same woman working in a printing establishment or in a laundry
to get on with an income lessened by from $I to $7 50 per week. The Board
exthe
probably found it impossible to follow the indefinite standard of
of
traneous circumstance that the employee needs to get a prescribed stun
money to insure her subsistence, health and morals.
The ethical right of every worker, man or woman, to a living wage may
be conceded. One of the declared and important purposes of trade organizations is to secure it. And with that principle and with every legitimate
effort to realize it intact, no one can quarrel; but the fallacy of the proposed
method of attaining it is that it assumes that every employer is bound
to furnish it. The moral requirement implicit in every contract of employment, viz., that the amount to be paid and the service to be rendered shall
bear to each other some relation of just equivalence is completely ignored.
The necessities of the employee are alone considered and these arise outside
of the employment, and as groat in one occupation as in another. Certainly the employer by paying a fair equivalent for the service rendered.
though not sufficient to support the employee, has neither caused nor contributed to her poverty. On the contrary, to the extent of what he pays he
has relieved it.
In principle there can be no difference between the case of selling labor
and the case of selling goods. If one goes to the butcher, the baker or
grocer to buy foods, he is morally entitled to obtain the worth of his money,
but he is not entitled to more. If what he gets is worth what he pays he
is not justified in demanding more simply because he needs more, and the
shopkeeper, having dealt fairly and honestly in that transaction, is not concerned in any peculiar sense with the question of his customer's necessities.
Should a statute undertake to vest in a commission power to determine
the quantity of food necessary for individual support and require the shopkeeper, if he sells to the individual at all, to furnish that quantity at not
more than a fixed maximum, it would undoubtedly fall before the consti-
1611
been
Justified, the field for the operation of the police power will have
the opinion
widened to a great and dangerous degree. If, for example, in
of future lawmakers, wages in the building trades shall become so high
as to preclude people of ordinary means from building and owning homes,
to supan authority which sustains the minimum wage will be invoked
same
port a maximum wage for building laborers and artisans, and the
of his constiargument which has been here urged to strip the employer
the
strip
to
utilized
be
tutional liberty of contract in one direction will
direction.
employee of his constitutional liberty of contract in the opposite
the
A wrong decision does not end with itself; it is a precedent, and. with
the
swing of sentiment, its bad influence may run from one extremity of
arc to the other.
required
It has been said that legislation of the kind now under review is
in the interest of social justice, for whose ends freedom of contract may
as he
lawfully be subjected to restraint. The liberty of the individual to do
yield
pleases, even in innocent matters, is not absolute. It must frequently
interference
of
power
to the common good, and the lino beyond which the
to
made
be
may
but
unalterable,
may not be pressed is neither definite nor
move within limits not Well defined, with changing need and circumstance.
But,
Any attempt to fix a rigid boundary would be unwise as well as futile.
been
nevertheless, there are limits to the power, and when these have
their
of
exercise
proper
passed it becomes the plain duty of the courts in the
action conauthority to so declare. To sustain the individual freedom of
good, but
templated by the Constitution is not to strike down the common
served
to exalt it; for surely the good of society as a whole cannot be better
of
liberties
the
then by the preservation against arbitrary restraint of
its constituent members.
the
It follows from what has been said that the act in question passes
the
limit proscribed by the Constitution. and accordingly the decrees of
court below are
Affirmed.
Text of Chief Justice's Opinion Dissenting From Majority
Decision.
The dissenting opinion of Chief Justice Taft is as follows:
I regret much to differ from the Court in these cases.
an
The boundary of the police power, beyond which its exercise becomes
invasion of the guaranty of liberty under the Fifth and Fourteenth amendlabobeen
has
Court
Our
menth to the Constitution, is not easy to mark.
be
riously engaged in pricking out a line in successive cases. We must
careful, It seems to me, to follow that line as well as we can and not to depart from it by suggesting a distinction that is formal rather than real.
Legislatures in limiting freedom of contract between employee and employer by a minimum wage proceed on the assumption that employees.
in the class receiving least pay,are not upon a full level of equality of choice
with their employer, and by their necessitous circumstances are prone to
accept pretty much anything that is offered. They are peculiarly subject
to the overreaching of the harsh and greedy employer. The evils of the
sweating system and of the long hours and low wages which are characteristic of it are well known. Now,I agree that it is a disputable question in
the field of political economy how far a statutory requirement of maximum
hours or minimum wages may be a useful remedy for these evils, and whether
It may not make the case of the oppressed employee worse than it was before. But it is not the function of this Court to hold Congressional Acts
invalid simply because they are passed to carry out economic views which
the Court believes to be unwise or unsound.
Legislatures which adopt a requirement of maximum or minimum wages
may be presumed to believe that when sweating employers are prevented
busifrom paying unduly low wages by positive law they will continue their
necesness, abating that part of their profits which were wrung from the
the
by
sities of their employees, and will concede the better terms required
law, and that while in individual cases hardship may result the restriction
tutional test.
The fallacy of any.argument in support of the validity of such a statute will inure to the benefit of the general class of employees in whose interest
would be quickly exposed. The argument in support of that now being the law is passed and so to that of the community at large.
considered is equally fallacious, though the weakness of it may not be so
Line Well Defined.
plain. A statute requiring an employer to pay in money, to pay at preThe right of the Legislature under the Fifth and Fourteenth Amendments
scribed and regular intervals, to pay the value of the services rendered.
score of the health of the employee,
even to pay with fair relation to the extent of the benefit obtained from the to limit the hours of employment on the
As to that, one would think,
service, would be understandable. But a statute which pi ascribes payment it seems to me, has been firmly established.
has become a well formulated rule.
without regard to any of these things and solely with relation to circum- the line had been pricked out so that it
applied to miners and rested
stances apart from the contract of employment, the business affected by In Holden vs. Hardy, 169 U. S. 366. it was
in mining and smelting.
it and the work done under it, is so clearly the product of a naked, arbi- on the unfavorable environment of employment
was held that restricting those
trary exercise of power that It cannot be allowed to stand under the Con- In Lochner vs. New York, 198 U. S. 45, it
and invalid interarbitrary
an
was
employed in bakeries to ten hours a day
stitution of the United States.
the Fourteenth Amendment.
We are asked, upon the one hand, to consider the fact that several States ference with the liberty of contract secured by
with Muller vs. Oregon, 208
have adopted similar statutes, and we are invited, upon the other hand, to Then followed a number of cases, beginning
on maximum hours of labor for
to give weight to the fact that three times as many States, presumably as U. S. 412, sustaining the validity of a limit
these cases came Buntfollowing
well informed and as anxious to promote the health and morals of their men to which I shall hereafter allude, and
case this Court sustained a law limpeople, have refrained from enacting such legislation. We have also been ing vs. Oregon,243 U. S. 426. In that
whether man or woman, working in
furnished with a large number of printed opinions approving the policy iting the hours of labor of any person,
establishment to ten hours a day, with
of the minimum wage, and our own reading has disclosed a large number any mill, factory or manufacturing
which I shall hereafter advert. The law
to the contrary. These are all proper enough for the consideration of the a proviso as to further hours to
employment,and certainly covered the
lawmaking bodies, since their tendency is to establish the desirability or covered the whole field of industrial
undesirability of the legislation, but they reflect no legitimate light upon cases of persons employed in bakeries.
the Lochner case.
Yet the opinion in the Bunting case does not mention
the question of its validity, and that is what we are called upon to decide.
employment in
No one can suggest any constitutional distinction between
The elucidation of that question cannot be aided by counting heads.
establishment
manufacturing
of a
It is said that great benefits have resulted from the operation of such a bakery and one in any other kind
in the one invalid and the same limit
statutes, not alone in the District of Columbia but in the several States which should make a limit of hours
for me to reconcile the Bunting
where they have been in force. A mass ofreports, opinions of special observ- in the other permissible. It is impossible
always supposed that the Lochner
ers and students of the subject and the like, has been brought before us in case and the Lochner case, and I have
opinion of the Court herein
support of this statement, all of which we have found interesting, but only case was thus overruled, sub attend°. Yet the
case as
mildly persuasive. That the earnings of women now are greater than they In support of its conclusion quotes from the opinion in the Lochner
Cerwere formerly and that conditions affecting women have become better in one which has been sometimes distinguished but never overruled.
other respects may be conceded, but convincing indications in the logical tainly there was no attempt to distinguish it in the Bunting case.
relation of these desirable changes to the law in question are significantly
Bunting Case Not Overruled.
lacking. They may be. and quite probably are, due to other causes.
exHowever, the opinion herein does not overrule the Bunting case in
Earnings on Increase
press terms and therefore I assume that the conclusion in this case rests on
the
in
hours
of
maximum
a
We cannot close our eyes to the notorious fact that earnings every- the distinction between a minimum of wages and
with the Court
where in all occupations have greatly increased—not alone in States where limiting of liberty to contract. I regret to be at variance
of contract
the minimum wage law obtains but in the country generally—quite as much as to the substance of this distinction. In absolute freedom
enter equally into the
or more among men as among women and in occupations outside the roach the one term is as important as the other, for both
greater
any
not
one is
of the law as in those governed by it. No real test of the economic value consideration given and received; a restriction as to
One is the multiplier
of the law can be had during periods of maximum employment, when gen- in essence than the other, and is of the same kind.
eral causes keep wages up to or above the minimum; that will come in and the other the multiplicand.
If it be said that long hours of labor have a more direct effect upon the
periods of depression and struggle for employment. when the efficient will
may
not
emless
be
capable
the
while
health
of the employee than low wage, there is very respectable authority
rate
minimum
the
at
employed
be
from close observers, disclosed in the record and in the literature on the
ployed at all.
equally harmful in this
Finally, it may be said that if, in the interest of the public welfare, the subject quoted at length in the briefs, that they are
say it was not warranted
police power may be invoked to justify the fixing of a minimum wage, it regard. Congress took this view, and we cannot
may, when the public welfare is thought to require it, be invoked to jus- in so doing.
brethren
With deference to the very able opinion of the Court and my
tify a maximum wage. The power to fix high wages connotes, by like
exaggerate the importance of the wage
course of reasoning, the power to fix low wages. If, in the face of the Who concur in It, it appears to me to
as more inviolate than its other terms
guaranties of the Fifth Amendment, this form of legislation shall be legally term of the contract of employment
1612
THE CHRONICLE
[VoL. 116.
Its conclusion seems influenced by the fear that
Usury laws prohibit contracts by which a man receives more than so
the concession of the power
to impose a minimum wage must carry with it a concession of
the power to much interest for the money that he lends. Statutes of frauds restrict
fix a maximum wage. This, I submit, is a non sequitur.
A line of dis- many contracts to certain forms. Some Sunday laws prohibit practically
tinction like the one under discussion in this case is, as the opinion
elsewhere all contracts during one-seventh of our whole life. Insurance rates may be
admits, a matter of degree and practical experience and not of pure
logic. regulated. German Alliance Insurance Co. vs. Kansas (233 U. S. 389).
Certainly the wide difference between prescribing a minimum
wage and a (I concurred in that decision without regard to the public interest with
maximum wage could as a matter of degree and experience be easily
af- which insurance was said to be clothed. It seemed to me that the principle
firmed.
was general.) Contracts may be forced upon the companies. National
Union Fire Insurance Co. vs. Wandberg, Nev. 13 1922. Employers of
Legislative Limitation on Wage Term Recalled in Other Suits.
Moreover, there are decisions by this Court which have sustained legisla- miners may be required to pay for coal by weight before screening. McLean vs. Arkansas (211 U. S. 539). Employers generally may be required
tive limitations in respect to the wage term in contracts of employment.
In to redeem in cash store
orders accepted by their employees in payment.
McLean vs. Arkansas. 211. U. S., 539, it was held within legislative
power Knoxville Iron Co. vs.
Harrison (183 U. S. 13). Payment of sailors in
to make it unlawful to estimate the graduated pay of miners by
weight advance may be forbidden.
after screening the coal. In Knoxville Iron Co vs. Harbison,
Patterson vs. Bark Eudora (190 U. S. 169)•
183 U. S. The size of a loaf
of bread may be established. Schmidinger vs. Chicago
13. it was held that store orders issued for wages must be
redeemable (236
U. S. 578).
in cash. In Paterson vs. Bark Eudora, 190, U.S., 169,a law
forbidding the
The responsibility of employers to their employees may be profoundly
payment of wages in advance was held valid. A like case is Stratheran S. S.
modified:
New York Central RR. Co. vs. White, 243 U. S. 188; Arizona
Company vs. Dillon, 252 U.S.348. While these did not impose a minimum
Employers' Liability Cases, 250 U.2. 400. Finally women's hours oflabor
on wages, they did take away from the employee the freedom to
agree as to may be fixed: Muller
vs. Oregon, 208 U. S. 412; Riley vs. Massachusetts,
how they should be fixed , in what medium they should be paid
and when 232 U. S. 671, 679; Hawley
vs. Walker,
they should be paid, all features that might affect the amount or the
mode 236 U. S. 373; Bosley vs. McLaughlin, 232 U. S. 718; Miller vs. Wilson,
236 U. S. 385, and the principle was
of enjoyment of them. The first two really rested on the
advantage the extended to men with
the allowance of a limited overtime to be paid for
employer had in dealing with the employee. The third was
deemed a "at the rate of time and one-half
of the regular wage," in Bunting vs. Oreproper curtailment of a sailor's right of contract in his own interest,
because gon, 243 U. S. 426.
of his proneness to squander his wages in port before sailing.
Two Contentions Linked.
In Bunting vs. Oregon, supra. employees in a mill, factory
or manufacturing establishment were required if they worked ten hours
I confess that I do not understand the principle on which the power to fix
a day to accept for the three additional hours permitted not less than
a
minimum
for
the
wage
of women can be denied by those who admit the
50 per cent
more than their usual wage. This was sustained as a mild penalty
imposed power to fix a maximum for their hours of work. I fully assent to the propon the employer to enforce the limitation as to hours; but
it necessarily osition that as elsewhere the distinctions of the law are distinctions of
curtailed the employee's freedom of contract to work for the
wages he saw degree, but I perceive no difference in the kind or degree of interference with
fit to accept during those three hours. I do not feel,
therefore, that either liberty, the only matter with which we have any concern, between the one
on the basis of reason, experience or authority the
boundary of police case and the other. The bargain Is equally affected whichever half you
power should be drawn to include maximum hours and
exclude a mini- regulate. Muller vs. Oregon, I take it, Is as good law to-day as it was in
mum wage.
1908. It will need more than the Nineteenth Amendment to convince me
Without, however,expressing an opinion that a minimum
wage limitation that there are no differences between men and women or that legislation
can be enacted for adult men, it is enough to say that
cannot
take those differences into account. I should not hesitate to take
the case before us
involves only the application of the minimum wage
of women. If I am them into account if I thought it necessary to sustain this Act. Quong
right in thinking that the Legislature can find as
much support In experience Wing vs. ICirkendall, 223 U. S. 59, 63. But after Bunting vs. Oregon.
for the view that a sweating wage has as great and
as direct a tendency to 243 U. S. 426, I had supposed that it was not necessary, and that Lochner
bring about an injury to the health and morals of
workers as for the view vs. New York, 198 U. S. 45, would be allowed a deserved repose.
that long hours injure their health. then I respectfully
This statute does not compel anybody to pay anything. It simply forsubmit that Muller
versus Oregon (208 United States 412) controls
this case. The law which bids employment at rates below those fixed as the minimum requirement of
wastthere sustained forbade the employment of any
female in any me- health and right living. It is safe to assume that women will not be emchanical establishment or factory or laundry for
more than ten hours. This ployed at even the lowest wages allowed unless they can earn them, or uncovered a pretty 'wide field in women's work, and
it would seem that any less the employers' business can sustain the burden. In short, the law in
sound distinction between that case and this can be
built upon the fact its character and operation is like hundreds of so-called police laws that
that the law before us applies to all occupations
of women, with power in have been upheld. I see no greater objection to using a board to apply
the Board to make certain exceptions. Mr.
Justice Brewer, who spoke for the standard fixed by the Act than there is to the requirement of a license
the Court in Muller vs. Oregon, based its
constitutionality on the natural in other cases. The fact that the statute warrants classification, which,
limit to woman's physical strength and the likelihood
that long hours would like all classifications. may bear hard upon some individuals, or in exceptherefore injure her health, and we have had since a series of cases
which may tional cases, notwithstanding the power given to the Board to issue a special
be said to have established a rule of decision. Riley
versus Massachusetts license, is no greater infirmity than is incident to all law. But the ground
(232 U. S. 671), Miller versus Wilson (236 U. S. 373).
Bosley versus Mc- on which the law is held to fail is fundamental and therefore it is unnecesLaughlin (236 U. S. 385)•
sary to consider matters of detail.
The cases covered restrictions in wide and varying fields of
The criterion of constitutionality is not whether we believe the law to be
employment.
and in the later cases it will be found that the objection
to the particular law for the public good. We certainly cannot be prepared to deny that a reawas based not on the ground that it had general application
man reasonably might have that belief in view of the legislation of
sonable
but because
it left out some employment.
Great Britain, Victoria, and a number of the States of this Union. The
belief is fortified by a very remarkable collection of docements submitted
Women's Physical Power Unchanged
on behalf of the appellants, material here, I conceive, only showing that a
I am not sure from a reading of the opinion whether the
court thinks belief reasonably may be held. In Australia the power to fix a minimum
the authority of Muller vs. Oregon is shaken by the adoption
of the Nine- for wages in the case of industrial disputes extending beyond the limits of
teenth Amendment. The Nineteenth Amendment did not
change the phy- any one State was given to a Court, and its President wrote a most intersical strength or limitations of women,upon which the
decision in Muller vs. esting account of its operation. 29 Hare. Law Rev. 13. If a legislature
Oregon rests. The amendment did give women political power
and makes should adopt what he thinks the doctrine of modern economists of all
more certain that legislative provisions for their protection
will be in accord schools, that freedom of contract is a misnomer as applied to a contract
with their interests as they see them. But I don't think we are
warranted
in between an employer and an ordinary individual employee," ibid. 25, I
varying constitutional construction based on physical
differences between could not pronounce an opinion with which I agree impossible to be entermenand women because of the amendment.
tained by reasonable men. If the same legislature should accept his furit, But for my inability to agree with some general
observations in the forci- ther opinion that industrial peace was best attained by the device of a court
ble opinion of Mr. Justice Holmes, who follows me, I should
be silent and having the above powers, I should not feel myself able to contradict it, or
merely record my concurrence in what he says. It is perhaps
wiser for me, to deny that the end justified restrictive legislation quite as adequately as
however, in a case of this importance, separately to give my
reasons for dis- beliefs concerning Sunday or exploded theories about usury. I should have
senting.
my doubts, as I have them about this statute—but they would be whether
I am authorized to say that Mr. Justice Sanford concurs
in this opinion.
the bill that has to be paid for every gain, although hidden as interstitial
Justice Holmes Holds Right of Congress is Free From Doubt. detriment, was not greater than the gain was worth: a matter that it is not
for me to decide.
Following is Justice Holmes's dissenting opinion:
I am of the opinion that the statute is valid and that the decree should be
The question in this case is the broad one, whether Congress
reversed.
can estab
lish minimum rates of wages for women in the District of
Columbia with
due provision for special circumstances, or whether we-must say
that Con- Railroads Move to Carry Out Program for Meeting
gress has no power to meddle with the matter at all. To me,
notwithstandDemands of Freight Traffic—Comments of
ing the deference due to the prevailing judgment of the Court,
the power
of Congress seems absolutely free from doubt. The end, to
Samuel Rea, of Pennsylvania Railroad.
remove conditions leading to ill-health,immorality and the deterioration of the
race, no
was announced by the Car Service Division of the
one would deny to be within the scope of constitutional legislation.
It
The
means are means that have the approval of Congress, of many
States, American Railway Association on April 10 that definite plans
and of those Governments from which we have learned our greatest
lessons. to bring about a reserve car supply west of the Mississippi
When so many intelligent persons, who have studied the matter more
than
any of us can, have thought that the means are effective and are
in anticipation of the demands that will come this
worth River
the price, it seems to me impossible to deny that the belief
., had been made at a meetreasonably season for the movement of crops
may be held by reasonable men.
ing on that day of transportation officers of the Eastern and
If the law encountered no other objection than that the means
bore no
relation to the end or that they cost too much. I do not suppose that
any Southern railroads with the Car Service Division of the
one would venture to say that it was bad, I agree, of course, that
a law American Railway Association. The statement went on to
answering the foregoing requirements might be invalidated by specific
pro- say:
visions of the Constitution. For instance, it might take private
property
The plans call for the prosecution of a systematic program on the par
without just compensation. But fn the present instance the only
objection
of the carriers as a whole in order to enable the Western roads to have on
that can be urged is found within the vague contours of the Fifth
Amendlines all possible cars owned by them, which are especially adapted to
their
ment,prohibiting the depriving of any person of liberty or property
without
meet agricultural and industrial requirements in the Western districts
due process of law. To that I turn.
before( raffle demands increase late this summer and fall.
Growth of Fourteenth Amendment.
The Car Service Division issued an order, the effect of which will be to
The earlier decisions upon the same words in the Fourteenth Amendment bring about the movement westward, either loaded
or empty, of all box
began within our memory and went no further than an unpretentious
asser- cars of Western ownership now located on railroads east of Chicago and
tion of the liberty to follow the ordinary callings. Later that innocuous St. Louis.
generality was expanded into the dogma, Liberty of Contract. Contract
The order applies to all box cars belonging to carriers operating in the
Is not specially mentioned In the text that we have to construe. It is merely Northwestern, Central Western and Southwestern districts, including
also
an example of doing what you want to do. embodied in the word liberty. the Illinois Central and Wabash railroads, which are terminating on
Eastern
But pretty much all law consists in forbidding men to do some things that lines with loaded traffic originating in Western territory.
they want to do. and contract is no more exempt from law than other acts.
Under the provisions of the order all railroads east of Chicago and the
Without enumerating all the restrictive laws that have been upheld, I will Mississippi River are prohibited from holding box cars belonging
to Western
mention a few that seem to me to have interfered with liberty of contract roads for prospective loading, and also from moving such cars, olther
loaded
quite as seriously and directly as the one before us.
or empty, in an opposite direction from the home line. This also applies
APRIL 14 1923.]
THE CHRONICLE
bo such cars now located in the Pocahontas district and the southeastern
part of the country.
The meeting of the transportation officers on April 10 was
one step in the general program agreed upon by the carriers
last week in New York which is designed to bring about the
greatest to-operation between the railroads in order to prepare for handling during 1923 of what is expected to be the
greatest freight traffic in history. It also carries out a policy
recently announced by the Car Service Division to anticipate as far as possible in advance the transportation needs
of the agricultural sections of the country in order to facilitate the movement of crops to market.
Samuel Rea, President of the Pennsylvania Railroad Co.,
it was pointed out in the New York "Commercial" of the
11th inst., issued on the 10th inst. the following statement
regarding the billion and a half dollars being expended by the
railroads in 1922 and 1923,as outlined at last week's meetings
of the American Railway Association and of the Association
of Railway Executives:
These expenditures are an act of good faith. The railroads express a
reliance upon the public for ultimate justice. For years they have been
under-compensated. The return which they have been permitted to earn
has been far below the level commonly existing in other essential industries.
The railroads, nevertheless, are now venturing to make these vast
capital expenditures for the development of an adequate service to the
public. They hope this act of good faith on their part may bring from the
public, and especially from their repsrsentatives in the State and Federal
governments and commissions,a recognition of the equitable right accorded
to other efficient industries in this country, of earning a reasonable return
on the investment.
1613
of Queens. He was also,one of the organizers of the Flushing Bank.
Funeral services for N. Devereux Putnam, Vice-President and Treasurer of the Guaranty Trust Co. of New York,
who died suddenly .on April 7, were held from his late home
at Englewood, N. J., last Tuesday, April 10. Mr. Putnam's
death came very suddenly, after an illness of only a few
days. He was at his desk at the bank, as usual, until Tuesday of last week. Mr. Putnam had been in the service of the
Guaranty Trust Co. of New York for 28 years, having begn
in the employ of the old New York Guaranty & -Indemnity
Co. when that institution was authorized to assume,the
name of Guaranty Trust Co. of New York, in 1895. He entered the employ of the company as a messenger, and.was
afterwards in the registration, trust and loan departments.
He became an Assistant Secretary of the company in 1910,
Secretary in March 1916 and' Treasurer in August of the
same year. His appointment as Vice-President was made •
in 1919. Mr. Putnam waS born in Brooklyn on Dec. 121876
and received his education at Polytechnic Institute and
Pratt Institute,
Frank J. Parsons, Vice-President, United States Mortgage
& Trust Co., of this city, addressed the Essex County Bankers' Forum at Newark on April 10 on the subject of mortgages.
At a meeting of the board of trustees of the Seamen'.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Bank
for Savings of this city last week, Frank C. Munson,
A New York Stock Exchange membership was posted for
President of the Munson Steamship Line, was elected a
transfer this week, the consideration being stated as $91,000. trustee to fill a vacancy.
The last previous transaction was for $94,000.
On April 9 by unanimous consent of the directors of the
A testimonial dinner to Gates W. McGarrah, Chairman Cleveland Trust Co., Cleveland; Harris Creech, one of the
of the Board of the Mechanics & Metals National Bank, is Vice-Presidents of the bank and a member of its Executive
to be tendered April 25 at the Hotel Astor. This dinner Committee, was elected President to succeed the late Fredis to commemorate the rounding out of Mr. McGarrah's erick H. Goff, whose death was noted in these columns in
forty years' service in the New York banking field, and will our March 31 issue. Mr. Creech joined the forces of the
also serve as an appreciation of the help he has given the Cleveland Trust Co. in February of last year when the Garyounger bank men of New York City along educational field Savings Bank Co. of Cleveland, of which he had been
lines. The dinner will be attended by representatives of President for six years, was absorbed by the Cleveland
every bank in New York City, and by bankers from Phila- Trust Co. The new President of the Cleveland Trust Co.,
delphia, Boston, Chicago, Pittsburgh and many other is a native of Cleveland and was educated in its public schools.
cities. Mr. MeGarrah's interest in educational work among In August, 1892 at the age of eighteen he entered the employ
the younger men dates back many years to the formation of the Garfield Savings tank Co. as a messenger and adof the American Institute of Banking, and it is largely vanced rapidly, being elected Cashier of the Glenville branch
due to his efforts that funds have been provided which have of the bank in 1896; promoted to Assistant Secretary and
supported the growth of New York Chapter to a member- Treasury of the institution in 1899 and shortly after that
ship of more than 5,000, and a yearly educational budget being elected Secretary and Treasurer. Finally in January,
of more than a quarter of a million dollars.
1916, at the age of forty-two, he was elected President.
At that time, it is said, Mr. Creech was reputed to be the
Harrod C. Newland, Assistant Vice-President of the youngest bank president in Cleveland.
Chemical National Bank of New York, was on April 12
J. J. Mitchell, heretofore Chairman of the Board of both
elected President of the Cosmopolitan Bank & Trust Co. of
Cincinnati, Ohio, effective at once. The bank has total the Merchants' Loan & Trust Co. and the Illinois Trust &
resources of more than $8,000,000. Mr. Newland was Savings Bank of Chicago, and who was Chairman-elect of
formerly with the National City Bank and went to the the new Illinois Merchants' Trust Co., was on April 7 chosen
Chemical Bank in 1920 as Assistant to President Percy H. President of the new organization and its affiliated instituJohnston. He is well known in banking circles. Before tion, the Corn Exchange National Bank, to fill the vacancy
of
coming to New York he lived for several years in Memphis. caused by the death of Edmund D. Hulbert, at a meeting
of
Mr. Newland is a graduate of Perdue University and a the new Board of Directors, made up of the directorates
&
Loan
Merchants'
the
namely
the
banks,
three
merged
member of Kappa Sigma Fraternity.
Trust Co., the Illinois Trust & Savings Bank and the Corn
Samuel S. Conover, President of the Fidelity-International Exchange National Bank. The new organization opened
Trust Co. of this city, has given out the following information: for business on Monday (April 9) in its magnificent new 24The buyer of the property on the southeast corner of West Broadway story office building at the corner of Clarke Street and Jackand Chambers St., which was reported sold about two weeks ago, is the son Boulevard. A statement of the new Illinois Merchants'
Fidelity-International Trust Co., which is new located on the northwest
of business April 9 gives
corner of West Broadway and Chambers St.. with branch offices at 110 Trust Co. at the commencement
its capital as $15,000,000, surplus and undivided profits as
William St. and 17 Battery Place.
The site, which was acquired from Walter T. Merrall et al., by the
$21,141,165; total deposits as $229,389,352 and total retrust company, includes the corner property at 130-132 Chambers St,
Corn Exchange
for
by
Acker,
many
the
years
Merrall
&
occupied
Condit Co. and also sources as $286,339,981. The capital of the
the adjoining parcel of 128 Chambers St., acquired from the Estate of National Bank (which is operated separately) is given in the
Chas. L.Acker, making the plot ofground approximately 75ft. on Chambers
statement as $5,000,000; surplus and undivided profits,
St. and 100 ft. on West Broadway.
assets
growth
of
the Fidelity-International Trust Co. since its $11,736,261; total deposits, $92,772,512, and total
The rapid
organization in 1907, coupled with its merger with the International Bank as $120,026,921. The combined deposits of the united
in 1920, has made the demand for increased accommodations imperative.
banks is $322,161,865 and combined resources $406,366,901.
The new site will afford three times the area of the present location at the
Trust
main office. It is expected that a handsome new bank building will be A chairman of the board for the Illinois Merchants'
erected on the property acquired.
Co. will not be chosen for the present, it is said.
Wm.II. Whiting & Co. were the brokers in the transaction.
Chauncey F. Bell has been elected Assistant Vice-President
Gardiner Howland Leavitt, a director of the Bank of the
and
Manager of the security sales department of the Bankers
Manhattan Company, died on the 7th inst. Mr. Leavitt,
Trust
Co. of Denver. He will assume his new duties May 1.
NN Ito was born In 1845, had been Commissioner of Highways
of the Borough of Queens for six years and he was one of
N. C. Stenning, New York, Agent of the Anglo-South
the founders of the Chamber of Commerce of the Borough American Bank, Ltd., has received a cablegram from the
1614
THE CHRONICLE
[VOL. 116.
head office of the bank in London announcing that the directors have declared an interim dividend of six shillings per
share, less tax, on the paid up capital, payable April 30
1923. The issued capital of the bank is f8,733,400, of which
£4,366,700 is paid up and, with a reserve fund of £4,000,000
and other special reserves, the total capital and reserves exceed £13,000,000.
THE CURB MARKET.
Trading in the Curb Market this week shows a decided
falling off in volume, while the movement of prices continues
erratio. Oil shares were the most conspicuous, and while
under pressure for a time, made a good recovery as the week
closed. Prairie Oil & Gas, after a loss of some 23 points to
211, recovered to 222 to-day and closed at 221. Prairie
THE ENGLISH GOLD AND SILVER MARKETS. If Pipe Line advanced from 110 to 112, reacted to 107 and sold
finally at 10934. South Penn Oil was off from 167 to 160,
We reprint the following from the weekly circular of
with the final figure to-day 163. Standard Oil (Indiana)
Samuel Montagu & Co. of London, written under date of
improved, dropped from 647.4 to 61, but recovered to 633/2.
March 21 1923:
Standard Oil (Kansas) lost 334 points to 4534, but recovered
GOLD.
The Bank of England Gold reserve against its note issue on the 14th inst. to 4734. Standard Oil (Kentuck
y) declined from 10034 to
was £125,679,120. as compared with £125.677.805 on the previous Wednes96. Vacuum Oil moved down some three points to 4934,
day. A considerable amount of gold came on offer, of which
India 18
recovering finally to 503'. Among other oil sharse, Magnolia
taking a fair Proportion.
Gold arrivals in New York during the week amounted to 36,500,000, all Petroleum declined from 155 to
149 and closed to-day at 152.
London.
It
was
hem
reported that gold to the value of $3,150,000 had
Mammoth Oil was conspicuous for a drop from 52 to 45, the
been engaged in New Yora for shipment to India.
final transaction to-day being at 5034. Maracaibo Oil was
SILVER.
The market has been fairly active and rather sensitive. On Monday the strong, advancing from 1734 to 2194, the close
to-day being
?Indian bazaars sold rather freely: tie cash price fell to 32 1-16d. and
that at 2094. Schulte Retail Stores com. was a feature
in the
for two months' delivery to 31 Kcl. Yesterday China commenced
buying industrial
list the stock advancing from 87 to 93, with the
.again and a quick recovery of 7-164. took place to 32148. and 32
5-16d.
tor the respective deliveries America did not offer at the rise. To-day
the close to-day at 91. The company announced to-day a diviquotation for cash silver lost 1-16d., and the market is dull and
krtctive.
dend of
in preferred stock, payable in quarterly installThe "Capital" of Calcutta, under date of Feb. 22 last, thus
comments
.upon silver: "If conditions improve in Europe it would mean that European ments. Durant Motors, after early fractional advance from
.countries would be better buyers of China produce. All that
we require is 5934 to 6034, fell to 5834. To-day it sold up to
6094 and
a similar improvement in the producing market, that is, in China,
but un- at the close at 593. Hydrox Corp. com, rose
fortunately it is feared that China being in such a
from 203 to
disorganized state any
Improvement at present in Europe n,ight do us no good. Orient
and reacted finally to 227.4. Midvale Co. sold down
takings of 2394
Occident commercial silver establish a new high record for last
year at from 2034 to 1634 and up finally to 1834. National Supply
1.38 million ounces. The United States shipped to Shanghai,
Hong Hong, Co. corn was off from
6934 to 653
4,the close to-day being at
India and the Malay Peninsula about 6734 million ounces, while
the United
Kingdom shipped last year about 6154 million ounces, and Canada
66
about
two million ounces. The total of 138 raillionfine ounces establishes
A complete record of Curb Market transactions for the
a new
high record for all time, and is a remarkable achievement in view
of the week will be found
supposed' saturation of the Far East with silver after
on page 1636.
the India imports of
1919-20. The figures show that there is seemingly no
limit to the amount
of silver that can be absorbed by the 900 million population of the
COURSE OF BANK CLEARINGS.
Bast.
Takings,of Occident silver, principally by Shanghai and
Hong Hong, were
Bank clearings continue to show improvement. Pre121,264,000 fine ounces in the boom year of 1920 and102,349.000 ounces
In 1921. In pre-war years a record was establahed at
118.983,000 ounces liminary figures compiled by us, based upon telegraphic
in 1912 down to 100,562,000 ounces in 1913."
advices from the chief cities of the country, indicate that for
Ohl
There are often wheels within wheels in the factors
which Influence the
the week ending to-day (Saturday, April 14) aggregate bank
production of silver. The issue of the "Northern
Miner" of Cobalt,
Ontario, reported that the silver market in the Cobalt
region had been clearings for all the cities in the United States from which it
'wiped last year by the rise in the value of white arsenic,
or calcium arse- is possible to obtain weekly returns will show an augmentanate, which is a by-product of Cobalt silver, and has been
much used in the tion
of 8.1% as compared with the corresponding week last
Sosthern States of the Union to combat the ravages
of the boll-weevil, an
Insect injurious to cotton. The production in Cobalt
runs to 60 tons a year. The total stands at $7,549,523,010, against $6,984,month. The price went up last year from 7 to 12 cents
a pound. The 667,684 for the same week in 1922. It is quite possible,
benefit, however, seems to have been reaped by the
exporters rather than however, that the ratio
of gain will be larger than this when
by the mines, which as of old get nothing for it, probably
because the extraction is very costly. This commodity does not seem
to occur in silver the final figures for the week are available, as Good Friday
generally. Its presence being confined to the Cobalt in
Ontario.
occurred last year in this week with the result of reducing
The United States Department of Agriculture states
that the dusting the Saturday clearings, which
the present year will be of the
method has been found effective in combating the ravages of
this weevil.
and that the use of aeroplanes for the purpose had been requested
from the usual proportions. Our comparative summary for the week
War Department.
is as follows:
INDIAN CURRENCY RETURNS.
(In Lags of Rupee's.)
Feb. 28. Mar.7.Mar.
Cleartnos-Returns hit Telegraph.
Per
Notes in circulation
17389
Week ending April 14.
17396
1923.
17433
1922.
Cent.
Silver coin and bullion in India
8629
8637
8673 New York
$3,376,000,000 $3,658,739,572
Silver coin and bullion out of India
-7.7
Chicago
528.384.551
437,558,544 +20.8
Gold coin and bullion in India
2432
2432
---2432 Philadelphia
384,000.000
271,000.000 +41.7
Gold coin and bullion out of India
Boston
---313,000,000
-263,000,000 +19.0
Kansas City
Sec rities (Indian Government)
116,123,282
5743
110,996,952
5743
5743 St.
+4.6
Loui
S
Securities (British Government)
sa
a
585
584
585 San Francisco
132,800,000
122.200,000
+8.8
The coinage during the week ending March 15 amounted to 13 lacs Pittsburgh
136,065,639
*85,000,000
+60.1
I
Detroit
of rupees.
101,718,510
81,265,594 +25.2
37,605,072
The stock in Shanghai on March 17 consisted of about 27,900.000 ounces Baltimore
47,201,898 -20.3
New Orleans
48,021,531
37,155,154 +29.2
In sycee, 33.500.000 dollars and 290 sliver bars, as compared with about
27,200,000 ounces in sycee,31,500,000 dollars and 600 silver bars on Mar.
Ten cities,5 days
35,173,718.585 85,114,117,714
10. Other cities,
+1.2
5 days
The Shanghai exchange is quoted at 3s. 28. the tael.
1,117,550,590
706,438,690 +58.2
-Bar,Silver, per Oz. Std.Total all cities,5 days
. Bar Gold
$8,291,269.175 $5,820,556,404
+8.1
cities. 1 day
Quotations-Cash.
1,258,253,835
2 Months.
1,164,111,280
per Oz. Fine: All
+8.1
March 15
32348.
3250.
88s. 88.
Total all cities for week
17.549.523.01
0
g6.984.667.68
4
+8.1
16
3251d.
32 1-16d.
88s. 8d.
a No longer report clearings. •Estimated.
17
325-168.
3234d.
19
32 1-168.
3114d.
88s. 4d.
Complete and exact details for the week covered by the
'
20
3234d.
325-168.
87s. 88.
foregoing
will appear in our issue of next week. We cannot
21
327-168.
32 5-16d.
88s. 2d.
Average
32.322d.
32.156d.
88s. 3.64. furnish them to-day, inasmuch as the week ends to-day
The sliver quotations to-day for cash and forward delivery are respec (Saturday), and the
Saturday figures will not be available
ively 3-164. and Kd. below those fixed a week ago.
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
ENGLISH FINANCIAL MARKETS-PER CABLE.
In the elaborate detailed statement, however, which we
The daily closing quotations for securities, &c.,at London present further below, we are able to give final and complete
results for the week previous-the week ending April 7. For
as reported by cable, have been as follows the past week:
London,
Sat.,
Mon.. Tues.. Wed., Thurs.,
week the increase is 16.2%, the 1923 aggregate of the
that
Fri
Wag ending Apr. 13.
Apr. 7. Apr. 9. Apr. 10. Apr. 11. Apr. 12. Apr.
13. clearings being $8,587,822,313 and the 1922 aggregate
d 32 3-16 32146 31 11-16 31 134631 15-1632
Silver, pence
$7,391,894,498. Outside of this city the increase is 23.9%,
888.3d. 88s.10d. 888.88, 88s.58.
•Gold, per fine ounce
888.6d.
59K
Consols, 234 per cents-----6914
5914
the bank exchanges at this centre having recorded a gain of
5931
5914
10214
British, 5 Per cents
10214
10214
10214
10314
11.0%. We group the cities now according to the
only
9934
British,454 per cents------9934
9934
9934
9914
Federal Reserve districts in which they are located, and once
57.45
57.15
57.42
French BMUS On Paris)._fr.. 57.35
57.60
57.40
French War Loan (in
more the noteworthy feature of the return is that every one
ft
74.62
74.45
74.75
Paris)
74.50
74.20
these Federal Reserve districts records an increase as
of
The price of silver in New York on the same day has been: compared with the corresponding
week last year. In the
Silver In N.Y., per oz.(eta.):
oom
993/
Boston Reserve District the clearings are larger by 28.8%;
9931
993(
Domestic
9914
993(
6634
6651
6531
6514
6534
Foreign
in the New York Reserve District (including this city) by
6614
11.1%, and in the Philadelphia Reserve District by 28.6%.
The Cleveland Reserve District shows an expansion of 33.6%;
the Richmond Reserve District of 25.8%, and the Atlanta
Reserve District of 27.9%. The Chicago Reserve District
records an improvement of 21.6%; the St. Louis Reserve
District of 27.6%, and the Minneapolis Reserve District
.of 7.9%. The Kansas City Reserve District has an increase
of 14.5%; the Dallas Reserve District of 12.7% and the San
Francisco Reserve District of 23.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending April 7 1923.
1923.
1922.
Inc.or
Dec.
1920.
1921.
$
$
'S.
'
$
$
Federal Reserve Districts.
413,704,490
11 cities 473,598,249 367,771,996 +28.8 300,792,9156 4,849,915,782
(let) Boston
9 " 4,994,669,843 4,493,901,092 +11.1 3,517,328,994 548,035,031
(2nd) New York
581,364,521 459,051,239 +26.6 428,188,047 415,033,981
10 "
(3rd) Philadelphla
399,943,476 299,341,120 +33.6 328,491,410 188,777,606
10 "
(4th) Cleveland
183,842,215 146,118,605 +25.8 147,396,673
"
5
Richmond
(5th)
180,973,707 141,491,804 +27.9 138,873,950 820,971,132
12 "
(6th) Atlanta
871,882,393 717,010,607 +21.6 664,238,540 834,475,736
19 "
(7th) Chicago
71,725,606 56,203,224 +27.6 50,791,971 60,486.701
7 "
(8th) St. Louts
107,423,181 99,581,158 +7.9 106,730,262 157,162,621
7 "
(9th) Minneapolis_
217,268,567 +14.5 257,616,328 398,735,456
248,852,978
"
.._11
City_
(10th) Kansas
53,433,782 47,403,407 +12.7 45,470,673 71,772,495
5 ••
(11th) Dallas
420,132,362 346,745,679 +21.2 298,988,356 362,101,614
(12th) Ban F11%061800._ _15 "
Week ending April 7 1923.
Clearings at
1923.
1922.
First Federal Reserve Dist net-Boston
1.003,837
930,983
Maine-Bangor _
*3,000,000
3,455,290
Portland
419,000,000 322,000,000
Mass.-Boston _
1,725,706
2,574,630
Fall River _ _ _ _
a
a
Holyoke
1,258,958
1,402,176
Lowell
a
a
Lynn
1,405,084
1477,475
New Bedford
4.874,821
6,113,464
Springfield _
4.033600
4.119,000
Worcester
11,226,531
13,524,917
Conn.-Hartford
6,246.059
7,527,314
New Haven_ _ _
13,473,000 *11,000,000
R.I.-Providence
473,598,249
Inc.or
Dec.
834,475,736
Eighth Faders I Reserve DIs trict-St. Lo uls3,851,147 +24.8
4,805,226
Ind.-Evansville
a
a
a
Mo.-St. Louis....
24,202,010 +27.5
30,861,948
Ky.-Louisville_
+24.2
404,258
502,216
_
Owensboro_
17,942,150 +22.1
21601,176
Tenn.-Memphis
7,767.929 +44.3
11,208.669
Ark.-Little Roc
328.270 +16.7
383,238
M.-Jacksonville
1,707,460 +20.8
2,063,133
Quincy
3,797,774
a
22,433,446
475.498
13,347,115
8.826.167
434,809
1,477,162
5,001,314
a
13.374.138
746,724
26,169,124
12,622,581
641,387
1,929.433
56,203,224 +27.6
Ninth Federal
Minn.-Duluth._
Minneapolis__
St. Paul
N. D.-Fargo....
S.D.-Aberdeen..
Mont.-Billings
Helena
1,2
300,792,986
Total(7cities) _
Tenth Federal
Nebr.-Fremont,.
Hastings
Lincoln
Omaha
Kansas-Topeka.
Wichita
Mo.-Kan. City_
St. Joseph...... _
Okla.-Muskogee
Oklahoma City
Tulsa
Colo.-Col.spits
Denver
Pueblo
413,704,490
Second Feder al Reserve D Istrict-New York4,833,702
4,852,890
*3,500,000 +82.0
6,371,321
N.Y.-Albany_ _
1,486,400
1,184,800
1,291,800 +15.3
.1,489.700
Binghamton__ _
44,182,046
37,187.476
38,150,298 +18.5
d45,200,246
Buffalo
in
total
Not
included
907,639
Elmira
011,572
1,242,741 -8.7
c1,134,508
Jamestown_ _
4,783,148,022
4,916,708,167 4,429,666,380 +11.0 3,457,039,605
New York
10,933,151
9,017,004
+27.2
11,091,447
14,108,326
Rochester
4,740.263
4,432,384
5,993,767 +1.8
6,099,305
Syracuse
2,260,250
+22.3
2,523,120
c3,084.540
Conn.-Stamford
592,198
443,013
441,539 +7.3
473,730
N. .1.-Montclair
4,849.915,782
3,517,328,994
+11.1
Total(9 cities). 4.994.669,843 4.493,901.092
Third Federal Reserve Dist rict- Philad elphla
1,109,841
1,043,759
1,091,317 +58.7
1,732,181
Pa.-Altoona__ _ _
2,975,278
3,265,862 +35.7
4,431,873
Bethlehem _
1,836,559
1,196,190
+53.9
938,174
1,443410
Chester
5,329,518
4,644,309
6,986,695 +51.1
10.554,748
Lancaster
519,500,758
Philadelphia..
541.000,000 427,000,000 +26.7 400,755,758
5,330,278
3,609,651
3,812.584 +39.3
Reading
5.310,039
5,507,560
5,511,681
Scranton
5,498.883 +4.
d5,736,373
2.958.175
2,870.986
3.014,000 +13.
d3,433,766
Wilkes-Barre_ _
2,533,407
1,952,117
2,780,217
York
2,742,579
3,928,935
3,728,318
4,663,537 +6.8
4,979,152
N.J.-Trenton._
a
a
•
a
a
'n
Del.-Wllming
Total(10 cities) 581,364,521 459,051,239 +26.6 428,188,047 548,035,031
•
Fourth Federal Reserve Din Met-Cleve land15,298,000
6,796,000
6,791,000 -5.8
d6.399,000
Ohio-Akron
4,480,646
4,565,778
3,485,943 +47.8
5.152,465
Canton
66,257,432
54,262,917
57,169,403 +19.9
68,540,710
Cincinnati_
131,063,492
103,587,648
+48.3
80,880,335
0119,933,329
Cleveland
14,895,100
13,621,200
15,119,100 +41.4
21,374.800
Columbus
a
a
a
a
Dayton
1.150.603
1,003,338
195,631
*700.000 -29.2
Lima
2,093,812
1,275,144 +37.8
1,453,753
e1,757,279
Mansfield
a
a
a
a
a
Springfield _
a
a
a
a
Toledo
5,026,409
3,;21,442 +107.3
4,304,427
d7,713613
Youngatown..._
a
a
a
a
a
Pa -Erie
Pittsburgh _ _ _ _ 163.528678 125,000,000 +30.8 133,682,969 168,822,027
5,946,460
2.9
5,198,763
5,213,380
5,048,571
ng
W.Va.-Wheeli
Total(10 cities) 399,943.476 299,341,120 +33.6 328,491.410 415,033,981
Fifth Federal Reserve Dist rict-Richm ond1,505,740 +46.9
2,211,240
W.Va.-Hunt'g'n
8.403,110 -8.2
d7,717,495
Va.-Norfolk_._
39,994,945 +14.1
45.635,000
Richmond
S.C.-Charleston
76,158,327 +37.4
Md.-Baltimore. 104.657,208
20,056,483 +17.8
23.621,272
D.C.-Washing'n
1,811,654
7,973,917
36,116,334
1,923,515
10.143,026
57,571,708
82,985,148
18,509,620
100,859,372
13.279,985
146,118,605 +25.8
147,396,673
188,777,606
Sixth Federal Reserve Dist rict-Atiant 84,576,497 +33.7
M1,119,067
Tenn.-Chatt'ga
3,000,466 +10.0
3,299,811
Knoxville
17,248,185 +4.0
17,930.000
Nashville
+32.1
38,192,656
50,470,102
Oa.-Atlanta__ _
2,424,167 -25.6
1403,000
Augusta
+22.7
1,265,085
1,552,645
Macon
a
a
a
Savannah
9,989,504 +47.9
14.776.278
Fla.-Jacksonv'e.
+41.6
19,196.857
27,184.606
Ala.-Birming'm.
1,699,167 +43.5
2,437,565
Mobile
965,909 +18.5
1,144,787
Miss.-Jackson_ _
389,342 -8.9
354,802
Vicksburg
42,543,969 +26.7
53,901,044
La.-NewOrleans
4,981,536
2,935,326
16489.179
40,075,615
1,905,124
1,200.000
a
10,688,393
19,067,645
1,651,597
487,975
332,241
39,159,319
7,915,767
3,959,676
25.927,964
67,884,760
6,263,097
1.414.1611..1
Total(12 cities)
138,873,950
220,971,132
Total(5 cities) _
183.842,215
180,973.707
141,491,804 +27.9
871,862,393
50,791,971
60,484,701
Reserve Dis trict-Minn eapolis5,827.443
4,396.217 +26.8
d5,573,694
61,040,754
58,556,234 +30.8
76,580,085
33.082.107
-38.9
29,926,152
18,270,000
2,032,408
1,770,902 +13.2
2,003,971
1,326.425
1,270,240 +6.7
1,355,759
921,125
820,577 -29.0
582,817
2,500,000
2.840,836 +7.6
3,056,855
5,815.456
91,316,149
52,097,951
2473,563
1.786.413
1,563,007
2,010,082
106.730,262
157.162,621
71,725,606
Total(7 cities) _
979,698
986,871
-7.3
2,640,000
2.500,000
+15.2
+30.1 258,471,100 362,665,326
3,105,441
2,030,051
+49.2
a
a
a
1,384,901
1,101,062
+11.6
a
a
2,114)870
88,130
'
+5.2
5,239,865
4,348,734
+25.4
4.691,300
4,000,000
+2.1
11,987,855
10,349.938
+20.5
6,636,034
5,900600
+20.5
12,259,200
9,819,100
+22.5
367.771,996 +28.8
1920.
664,238,540
1920.
1921.
1921.
717,010,607 +21.6
Total(19 cities)
IVeek ending April 7 1923.
1923.
Inc.or
Dec.
6
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at-
.
1922.
$
%
$
$
Seventh Feder al Reserve D 'strict-Chi cago285,098
180,000
+20.6
245,170
295,653
Mich.-Adrian _
987.295
579.181'
714,387 +29.8
927,235
Ann Arbor..._
105,622,158
84,288,347
+14.1
89.555,226
102,214,825
Detroit
7,945.604
5,373,753
5,937,896 +21.5
7,212,597
Grand Rapids_
1,230,000
1,000,000
2,163,374 +10.7
2.394,608
Lansing
2,225.832
1,915.816
+26.6
2,031.703
2,572,188
Ind.-Ft. Wayne
18,158,000
13,901,000
15.776,000 +24.0
19.563.000
Indianapolis__ _
1,994,757
2,710,032
2,236.533 +16.1
2,595,836
South Bend_ _ _
5,724,692 Not included In total
Terre Haute_ _
38.107404
28,222,220
29,765,940 +23.8
36,853,996
Wls.-Mllwaukee
3.507.632
2,580,184
2,557,787 +20.4
3,078,745
Ia.-Ced. Rapids
14,596,242
10,528.267
11,241,027 +13.3
12,737,425
Des Moines.._
12,459,988
6,224.600
6.241,860 +24.2
7,750.153
Sioux City_ _ _
2,397,297
1,811411
1,826,436 -1.8
1,792,712
Waterloo
2,140,690
1,802,720
1,437,179 +24.5
1,788,607
M.-Blooming'
492,635,564 609,213,594
+23.1
534,684,365
658,264,856
Chicago
a
a
a
a
a
Danville
1,659,134
1,121,510
1,135,191 +22.2
1,387,207
Decatur
5,813,240
3,964.065
+14.0
4.139.354
4.719,193
Peoria
2.835,919
2,300,000
*2.500,000 +18.7 3,099,970
2,966,822
Rockford
3,295.458
2,821,179 -2.6
2,746,735
Springfield,.
6,284,908,190 8,521,170,645
121 cities 8,587,822,313 7,391,894,498 +16.2
Grand total
3,671,114,146 2,962,228,118 +23.92,827,968,5853,738,022,623
Outside New York City
00 "biting a.141 70A AM 110 141 .-17 'I ARAI 727 4110 320 301.356
4-,.....
Total(11 cltiee)
1615
THE CHRONICLE
APRIL 14 1923.]
a
14,231,167
19,323,161
2,658,671
849,291
470,591
71,486.987
107.423,181
99,581,158
+7.9
Reserve Dis trict-K a n s as City1,074,840
566.802
384,086 +30.5
d501,093
2,009.358
657,263
686,703 +6.2
729.529
6.359.391
4.324,117
4,435,960 +14.7
5,089,358
70,479,933
37.612,055
38,529,854 +19.2
45,921,506
3,976,482
3,502,196
2,786.134 +24.3
d3,462,627
13,974.376
13,974.371
10,496,924 +2.4
10,753,000
134,886,822 117,362.803 +14.9 155,165,045 262,670,857
a
a
a
a
a
a
a
a
a
a
14,789,585
22,824,598
+11.6
8,859,407
d21,050,517
a
a
a
a
a
1,390,500
922,882
1,904,549 -28.2
1,366,530
21,023,985
17,122.279
21,035,750 +15.0
24,200,707
986,151
944,720
786,397 +13.3
e891,289
Total(11 cities) 248.852.978 217,268,567 +14.5 257,616,328 398,735,458
Eleventh Fede ral Reserve District-Da Ilas2,500.000
1,700,000
1,685,737 +95.3
3,292,301
Texas-Austin _
41,189,575
22,730,373
22,819,805 +21.8
27,800,000
Dallas
21,212.620
11,160,795
.-64
11,383434
Fort Worth_ _ _ d10,650,877
6,870,300
5,719.348
7,076,838 -3.4
6,834,002
Galveston _ _ _
a
a
a
a
a
Houston
•
4,160,157
+9.3
4,443,693
4,856,602
La -Shreveport..
71,772,495
47,409.407 +12.7 . 45.470.673
53,433,782
Total (5 cities) _
Twelfth Fede al Reserve D strict-San Fre n ci sco50,747,632
27,075,417
28,734,999 +23.8
35,571,242
Wash.-Seattle_ _
a
a
a
a
a
Spokane
a
a
a
a
a
Tacoma
1,887,783
1,227.716
-7.2
1,475.879
1,369,266
Yakima
39,252,513
31,193,729
28,491,470 +21.9
34,722,251
Ore.-Portland _
17,617,505
12,500,000
13,143,796 +4.8
13,773,055
Utah-S. L. Cit
a
a
a
a
a
Nevada-Reno _
a
a
a
a
a
Ariz.-Phoenix _ •
4,624,952
3,536,807
-45.0
7,161,46
c3,941,926
Calif.-Fresno._
3,085,148
3,806.581
4,332,86 +92.5
8.340.804
Long Beach..,...
69,375,000
74,128,000
91,810,000 +42.9
Los Angeles_ . 131,238,000
10,577,437
10,306,347
13,308,538 +25.5
16,707.602
•
Oakland
2,081,949
3,301,667
4,192,016 +20.1
6,071,159
.
Pasadena
5,756,258
5.027,647
+13.5
5.623,400
d6,383,307
Sacramento .
3,108,312
2,828.930
2.901,105 +36.3
3,954.655
San Diego_ .
145,355.492
116,700.000
+8.8
140,200,000
152,600,000
San Francisco..
2,105666
1,624.740
2,189,465 +29.1
2,827,488
.
San Jose
930,575
998,180 +15.6
Santa Barbara.
1,163.797
6,526,000
4,753,200
+13.5
2,182400
. c2,477,909 '
Stockton
362,101,614
298,988,356
+21.2
346,745,679
420,132,362
Total(15 cities/
Grand total (12 1
8,521.170645
,.8.587.822.3l3 7,391,894,498 +16.26,284.968,190 3,738.022,623
cities)
Outside N.Y....... 3.671.114.146 2.962.228.118 +23.92,827.868.585
Week ending March 22.
ar
-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort WIlliatn
New Westminster
Medicine Hat__ _
Peterborough..,._..
Sherbrooke
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
1923.
1922.
Inc.or
Dec.
1921.
1920.
s
a
%
$
$
108,718,415
83.988,034 109,156,172 -23.1 129,336,566
95,463,233
90,681,439 -16.8 101,390,103
75,419.528
37,968,620
46,721,418
-5.3
36,638.489
34.698,760
13.570,479
10.294.341
13,634,095 -9.7
12.306,366
10.565.626
10.862476
7,887,223 -25.9
5,846,725
6,158,588
6,819.552
-13.2
5,276.985
4,579,062
4,186,558
4,035,528
3,332,911 -32.2
2,259,322
7,372.671
6.789,693
5,822.033 -17.9
4,779,131
7,138,904
7,616,531
5,228,941 -17.5
4,311,319
2.905.136
2,819,133
2,620.112 -2.2
2,562,738
2,110,551
1,474.461
-18.4
2,064,193
1,685,103
3,814,508
4,761,993
3,050,740 -19.6
2,453,499
4,909.573
3,076,006
4,591,745 -15.4
3,885,395
3,418,600
4,346,947
3,276,629 -146
2.798,463
631.166
492.471
520,437 -5.1
494,093
760,086
476,108
-12.8
664,419
579,250
1,873,656
1,458,093
1,646,010 -22.0
1,284,181
1,623,091
993,989
1,114,657 -8.0
1,025,199
1,345.067
1,444,720
1.348,330 -4.8
1,283,176
805,163
519.949
733,829 +2.4
751.510
547,186
725.875
-1.6
517,674
509,407
418,826
326.328
290,484 +11.7
324,494
922,164
1,201,951
748,964 -6.6
690,427
1,016.704
701.036
+10.3
897,425
989,886
1,290,984
1,119,659
1,119,986 -16.2
938,090
2,373,510
3,075,674
2.308.651 -13.2
2,003,936
412,291
38.6.022
370,040 -5:9
348,181
1.460,85
1,099,413 -19.0
890,488
-20.6
688,315
546,535
1g g Qe.1 70/ man 222 301.356
OXA 041 01,0 on,'Ion gAl
e ..,...a.
TintAl ,
c Week
a No longer report clearings. Is Do not respond to requests for figures.
Estimated.
ndhig April 4. d Week ending April 5. e Week ending Aprll O. •
,THE CHRONICLE
Firm,. 116.
Treasury Cash and Current Liabilities.
Government Revenue and Expenditures.
The cash holdings of the Government as the items stood
Through the courtesy of the Secretary of the Treasury we
March 31 1923 are set out in the following. The figures are are enabled
to place before our readers to-day the details of
taken entirely from the daily statement of the United States Government
receipts and disbursements for March 1923
Treasury for March 31 1923.
and 1922 and the nine months of the fiscal years 1922-23
CURRENT ASSETS AND LIABILITIES.
and 1921-22.
GOLD.
Liabilities$
307,366,350 72 Gold cerths. outstand'g- 681,693,769
00
2,984.816,11393 Gold fund F. R. Board
(Act of Dee.23'13.8$
amended June 21 '17).2,243,268,900 65
Gold reserve
152,979,025 63
Gold in general fund_ 214,290,769 37
Total
3,292,182,464 65
Total
3,292,182,464 65
Note.-Reserved against 7.346,681,018 of U. S. notes and $1,471,783 of
Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by sliver
dollars
In the Treasury.
SILVER DOLLARS.
Sliver dollars
407,456,268 00 Silver certifs. outstand'g 387,726,863 00
Treas. notes of 1890 out.
1,471,783 00
Silver dollars in gen.f'nd 18,257,622 00
AssetsGold coin
Gold bullion
Total
407,456,268 00
Total
407,456,268 00
GENERAL FUND.
AU6U-Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes
Fed. Res. bank notes...
National bank notes_ _
Subsidiary silver coin
Minor coin
Sliver bullion
Unclassified (unsorted
currency, dm.)
Depos. in F. R. banks..
Depoa. In special depositaries account of sales
of Treasury notes_ _ _
Depos. In foreign depos.:
To credit Treas. US.
To credit of other
Government offkers
Depos. In nat'l banks:
To credit Treas. U. S.
To credit of other
Government officers
Depos. In Philippine
Treasury:
TO credit Treas. U. FL
ReceiptsMar.s1923. Mar.sign. o mos. 1923. so Mos. 1922.
Ordinary-.
Customs
62,172,069 40,288,428 405,753,451 248,199,566
Internal revenue:
Income and profits tax_ _ _ _463,091,397 393,382,045 1.209.859,878
1,711,633,749
Internal revenue
78,655,438 83,671,800 715,198,833 939,350,033
Mac ilaneous receipts:
Proceeds Govt.-owned securitiesForeign obligationsPrincipal
157,918
1,156,908
878,500
Interest
4,428,086
130.023,763
23,621,844
Railroad securities
8,141,055
94,063.125
All others
168,968
262,271
43,663.251
25,898,595
Trust fund receipts (reappropriated for inynn.1) 2,037,367 9,683,110
19,914,640
35,008,529
Proceeds sale of surplus
property
3,304,772 9,546.922
58,226,500
68,077,018
Panama Canal tolls, em
1,652,583
959,995
11,159,281
8,913,927
Receiptsfrom miscellaneous
sources credited direct to
appropriations
5,243,178
53,821,783
Other miscellaneous
14,029,340 12,963,112 187,385,482 170,291,177
Total ordinary
841,082,171 550,757.683 2,923,206,893 3,231,872,938
$
214,240,769 37 Treasurer's checks outfit.
1,966,652 28
18,257,622 00 Depos. of Govt. officers:
Expenditures2,127,624 00
P. 0. Department_ 38,738,346 31
Ordinary (Checks and war2,217,546 00
Board of trustees,
rains, paid, &c.)565,790 00
Postal Say. System,
15,326,702 50
5% reserve, lawGeneral expenditures
155,316,949 188,695,901 1.470,401,962 1,624,376,801
12,370,958 97
ful money
Interest
on public debt
al41,494,953 99,700,420 8710,037.461 667,875,669
6,567,992 80
2,815,375 65
Other deposits
2,807,696 45 Refunds of receipts:
17,852,772 30
Comptroller of the
Customs
1,000,209 2,671,163
24,832,071
22,385,079
Internal revenue
Currency, agent for
8,909,489 8,315,663
94,234,975
26,860,776
2,221,080 93
creditors of insolvPostal deficiency
305,000 8,000,000
47,526,915
51,178,850
103,824.049 33
ent banks
Panama
Canal
530,590
2,092.827 61
160,387
2,988,997
2,609,160
Postmasters, clerks of
Operations in Special Accounts:
courts, disbursing
Railroads
2,406,811
9,077,600
73,997,533 882,056,459
412,350.000 00
Officers. tic
Finance
Corporation_ b8,993,394 24.399,988 892,453.775 113,496,668
War
27,894,506 90
Deposits for:
Shipping Board
7,784,762 3,049,877
55,365,429
93,164,640
132,072 28
Redemption ofAlien property funds
643,917 63,799,172
2,348.521
81,584,497
Fed. Reserve notes
Grain Corporation
32,000,000
362,462 27
(5% fund, gold). 186,541,451 72
Sugar Equalization Board_
F. R. bank notes
Purchases of obligations of
8,863,074 95
(5% fund, lawforeign governments
ful money)
190,796 55 Loans to railroads
7,125,587
20.390.793 11
Nat.banknotes(5%
Investment of trust funds:
fd.,lawful money) 31,171,535 65
Government Life Insurance
Retirement of addiFund
2,017,775 1,665,187
19,777,116
18,563,342
917,322 17
tional circulating
Civil Service Retirement
notes, Act of May
Fund
6972,704 7,999,900
8,091,417
8,283,174
30 1908
Columbia
Teachers'
Dist.of
21,180 00
Exch'ges of currency,
Retirement Fund
19,592
18.022
137,524
162,012
coin, Re
6,768,731 12
Total ordinary
310,472,948 325,954,937 2,424,409,732 2,577,315,197
304,711,717 39
Net balance
530,124,298 44 Public debt retirements
chargeable against ordinTotal
834,836,01583
Total
ary receipts:
834,836,0M 83
Sinking fund
30,539,700
288,858,500 258,460,000
Purchases from foreign re•Includes receipts from miscellaneous sources credited direct to
appropriations.
payments
160,400
1.159,300
16,579,750
Note.-The amount to the credit of disbursing officers and agencies
Received for estate taxes
555,900 1,799,300
to-day was
4,592,900
18,223,850
8793,815,129 55. Book credits for which obligations of foreign
Purchases from franchise
Governments are
tax
receipts (Federal Reheld by the United States amount to 533,236,829 05.
serve banks)
24,249,000
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful
33,360,000
10,815,300
Forfeitures, gifts, dm
money for the
206,100
14,100
537,250
99.150
retirement of outstanding national bank and Federal Reserve bank
notes are paid
Total
Into the Treasury as miscellaneous receipts, and these obligations are
31,482.100
26,062,400
283,963,250 326,722,750
made under
the Acts mentioned as part of the public debt. The amount of
such obligations
Total expenditures
to-day was $53,480,546 50.
chargeable against
$536,740 in Federal Reserve notes, 5553,790 in Federal Reserve
ordinary receipts__ _341,935,048 352.017.337 2.708,372.982 2,904,037.947
bank notes and
815.140,072 in national bank notes are in the Treasury in process
of redemption
*Receipts and expenditures for June reaching the Treasury in July are included.
and are charges against the deposits for the respective 5%
redemption funds.
a The figures for the month Include $22,613,469 65 and for the fiscal year 1923 to
date $71,822,611 63 accrued discount on war savings certificates of the series of 1918.
b Excess of credits.
Preliminary Debt Statement of U. S. March 31 1923.
Note.-The analysis of receipts and expenditures for the fiscal year 1923 is on
The preliminary statement of the public debt of the the same basis as the Budget, with necessary adjustments to cover receipts credited
to appropriations, including particularly proceeds of railroad securities. The
United States for March 31 1923, as made up on the basis of analysis
for the fiscal year 1922 is on the Budget basis, without adjustment. The
the daily Treasury statements, is as follows:
figures given for operations in special accounts are net figures and make allowance
for receipts and deposits credited to the account concerned.
Bonds-Console of 1930
2599,724,050 00
Loan of 1925
118,489,90000
Panama's of 1916-1936
48,954,180 00
Panama's of 1918-1938
25,997,40000
Panama's of 1981
49,800,000 00
TREASURY MONEY HOLDINGS.-The following
Conversion bonds
28,894,500 00
Postal savings bonds
compilation made up from the daily Government statements
11,860,200 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-4938
1,951,800,800 00
3,288,078,900 00
3,439,488,650 00
6,329,613,650 00
8883.670,230 00
shows the money holdings of the Treasury at the beginning
of business on the first of January, February, March and
April 1923.
14.988,982,000 00
763,954,300 00
Jan, 1 1923. Feb. 1 1923, Mar.1 1923.
Holdings in
Total bonds
U. S. Treasury.
$
$
$
16,636,606,530 00
Notes-Victory Liberty Loan 43(%,maturing
May
20
1923
801,259,100
00
Treasury NotesNet gold coin and bullion_ 340,833,972 340,083,095 356.037,986
Series A-1924, maturing June 15 1924__
Net silver coin and bullion
34,869,321
55,329,180
37,497,380
0 00
Series B-1924, maturing Sept. 15 1924_ __--311,088,60
Net United States notes__
3,853,756
3,297,796
_ 390,681,100 00
3.692,509
Series A-1925, maturing Mae. 15 1925._
notes__
national
bank
17,553,571
Net
17,354,327
16,791,999
598,356,200
00
Series 11-1925, maturing Dec. 15 1925....
notes__
Reserve
Fed'I
2,636,090
Net
2,257,701
2,856.398
330.334,800
00
SeriesC-1925, maturing June 15 1925____
1,190.306
Net Fed'i Res. bank notes
1.011,772
543,549
Series A-1926, maturing Mar. 15 1926_2 449,210,85000
Deposit in 1.ed'I Land has.
500,000
00
Series 13-1926, maturing Sept. 15 1926..... 616,769.700
12,876,693
Net subsidiary silver
12,650,974
459.040,10000
12.530.193
SeriesA-1927, maturing Dec. 15 1927_ _
5,857,837
Minor coin, etc
7,494,935
7,088,989
366,981,500 00
3,522,482,85000
Treasury Certificates-TaxTotal cash in Treasury_ 440.631.355 419,019,921 437,039,003
Series TJ-1923, maturing June 15 1923._
Lees gold reserve fund... 152,979,026 152.979.026 152,979,028
209,716,000 00
SeriesTS-1923, maturing Dec. 15 1923..... 227,000,000
00
Series TS2-1923, maturing Sept.15 1923___
Cash balance in Treasury. 287,852,329 268.040,895 *284,059,977
154,252,000 00
Series T-D-1923, maturing Dec. 15 1923.... 197,233,500 00
Dep. in spec. depositories:
SeriesTM-1924, maturing Ma.r.15 1924_
Acct. certs. of indebt__ 469,557.000 187,640,000 126.273,000
321,083,200 00
34,162.029
In Fed'I Res. banks.
Dep.
70,980,837
56,861,723
1,109,284.70000
War Savings securities, series 0( 1919, 1920 and
Dep. in national banks:
1921 (net cash receipts)
8,469,058
To credit Treas. U. S.
93,550,114
6,175,009
27
8,643,353
Treasury Savings securities (net redemption
22,311,750
To credit disb. officers_
30,403,803
21,249,643
value of certificates outstanding)
1,083,917
Cash In Philippine Islands
226,203,626 09
796,576
1,141,828
Deposits In foreign depts.
317,680
298,867
217,085
319,753,740 36
Total interest-bearing debt
cash in Treasury
Net
822,389,366,920
36
Debt on which interest has ceased
823,553,761 562,335,987 498,496,609
and in banks
*84,003,380 26
liabilities_ 285,692,640 307.789,599 306,196,136
Non-Interest-bearing debt
249,233,032 57 Deduct current
Treasury bonds of 1947-1952
Total gross debt
22,722,603,333 19
•Includes $75,976.050, principal amount, of 4j% Victory notes called for
redemption Dec. 15 1922.
Available cash balance_
537,861,122
254.547.388
192.250,473
April 1 1923.
$
367,219,795
36,110,394
2,127,624
15,326,703
2,217,546
565,790
12,370,959
5,036,457
440,975,268
152.979,026
*287,996,242
412,350,000
103,824,046
8,863,075
20,390,793
917,322
494,535
834,836,016
304.711,717
530,124,298
•Includes April 1, 717.852,772 silver bullion and $2,815,375 65 minor coins
Re., not Included In statement "Stock of Money,"
APRIL 14 1923.]
THE CHRONICLE
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The U. S. Steel Corporation on Tuesday, April 10, issued
its regular monthly statement showing unfilled orders on
the books of the subsidiary corporations as of March 31 1923
to the amount of 7,403,332 tons. This is an increase of
119,343 tons over the unfilled tonnage on hand Feb. 28 last,
and contrasts with 4,494,148 tons on hand at the close of
March 1922. In the following we give comparisons with
previous months:
Tow.
Mar.31 1923___ 7,403,332
Feb. 28 1923_ 7,283.989
Jan. 31 1923___ 6,910,776
Dec. 31 1922___ 6,745.703
Nov.30 1922___ 6,840.242
Oct. 31 1922___ 6,902,287
Sept.30 1922___ 6.691,607
Aug.31 1922___ 5,950,105
July 31 1922___ 5,776,161
June 30 1922._ 5,635,531
May 31 1922._ 5,254,228
Apr. 30 1922-_- 5,096,917
Mar.31 1922___ 4,494,148
Feb. 28 1922___ 4,141.069
Jan. 31 1922___ 4.241.678
Dec.31 1921_ 4,268,414
Nov.30 1921_ 4.250,542
Oct. 31 1921_ 4,286.829
Sept.30 1921___ 4,560,670
Aug.31 1921_ __ 4.531,928
July 31 1921___ 4,830.324
June 30 1921_ 5,117,868
May 31 1921_ 5,482,487
Apr. 30 1921_ 5,845,224
Mar.31 1921___ 6,284,765
Feb. 28 1921___ 6,933,867
Jan. 31 1921_ 7,573,164
Dee. 31 1920_ 8,148.122
Nov.30 1920_ 9,021,481
Oct. 31 1920_ 9,836,852
Sept.30 1920....10.374,804
Aug.31 1920_10,805,038
July 31 1920__11.118,468
June 30 1920...10,978,817
May 31 1920...10,940,466
Apr. 30 1920-10.359.747
Mar.30 1920__- 9.892.075
Feb. 28 1920__- 9,502,081
Jan. 31 1920-- 9,285,441
Dec. 31 1919_
8,265,366
Nov.30 1919___ 7,128.330
Oct. 31 1919_ 6372.668
Sept.30 1919_ 6,284,638
Aug.31 1919___ 6,109,103
July 31 1919___ 5.578,661
June 30 1919___ 4,892.855
May 31 1919-- 4,282.310
Apr. 30 1919___ 4,800,685
Mar.31 1919___ 5,430.572
Feb. 28 1919_-- 6,010,787
Jan. 31 1919_.. 6,684.268
Tons.
Dec. 31 1918_ 7,379,152
Nov.30 1918___ 8,124,663
Oct. 31 1918___ 8,353,298
Sept.30 1918_ 8,297,905
Aug.31 1918___ 8,759,042
July 31 1918___ 8,883,801
June 30 1918___ 8,918,866
May 31 1918___ 8,337,623
Apr. 30 1918___ 8,741,882
Mar.31 1918._ 9,056,404
Feb. 28 1918_ 9,288,453
Jan. 31 1918_ 9,477,853
Dec. 31 1917___ 9,381,718
Nov.30 1917___ 8,897,106
Oct. 31 1917___ 9,009,675
Sept.30 1917___ 9,833,477
Aug.31 1917_ _ _10,407.049
July 31 1917-10.844.164
June 30 1917__11.383,287
May 31 1917.„11,886,591
Apr. 30 1917_12,183,083
Mar.31 1917_11,711,644
Feb. 28 1917-11,576,697
Jan. 31 1917___11,474,054
Dec. 31 1916_11,547.286
Nov.30 1916_11,058,542
Oct. 31 1916-10,015,260
Sept.30 1916_ 9,522,584
Aug.31 1916-- 9,660,357
July 31 1916___ 9,593,592
June 30 1916.... 9,640,458
May 31 1916___ 9,937,798
Apr. 30 1916___ 9,829,551
Mar.31 1916-- 9.331,001
Feb. 29 1916-- 8,568,966
Jan. 31 1916_ 7,922,767
Dec.31 1915-- 7,806,220
Nov.30 1915- 7,189389
Oct. 31 1915-- 6,165,452
Sept.30 1915___ 5,317,618
Aug.31 1915_ 4,908,455
July 31 1915_ 4,928,540
June 30 1915_._ 4,678,196
May 31 1915_ 4,264.598
Apr. 30 1915- 4,162,244
Mar.31 1915___ 4.255,749
Feb. 28 1915_ 4,345 371
Jan. 31 1915- 4,248t71
Dec. 31 1914___ 3,836.643
Nov.30 1914___ 3,324.592
Oct. 31 1914_ 3.461.097
Tons.
Sept.30 1914_ 3,787.667
Aug.31 1914_ 4,213,331
July 31 1914___ 4.158.589
June 30 1914_ __ 4,032,857
May 31 1914.__ 3,998.160
Apr. 30 1914___ 4.277,068
Mar.31
4.653,82,5
Feb. 28 1914_ 5.026,440
Jan. 31 1914_ 4.613,680
Dec. 31 1913..._ 4,282.108
Nov.30 1913_ 4,396,347
Oct. 31 1913._ 4.513.767
Sept.30 1913___ 5,003.785
Aug.31 1913_ 5,223.468
July 31 1913___ 5,399,356
June 30 1913_ 5,807,317
May 31 1913... 6,324.322
Apr. 30 1913___ 6,978.762
Mar.31 1913___ 7,468,956
Feb. 28 1913-- 7,656,714
Jan. 31 1913___ 7,827,368
Dec. 31 1912_ 7,932.164
Nov.30 1912___ 7,852.883
Oct. 31 1912_ 7,594.381
Sept.30 1912_ 6,551.507
Aug.31 1912___ 6.163,375
July 31 1912- 5,957,073
June 30 1912-__ 5,807,349
May 31 1912___ 5,750,986
Apr. 30 1912___ 5,664,885
Mar.31 1912... 5,304.841
Feb. 29 1912___ 5,454.201
Jan. 31 1912___ 5,379,721
Dec.31 1911-_- 5,084,765
Nov.30 1911-__ 4,141,958
Oct. 31 1911__- 3,694,327
Sept.30 1911--- 3,611.315
Aug.31 1911_..3,695.985
July 31 1911___ 3,584,088
June 30 1911_ 3,361,087
May 31 1911__- 3,113,154
Apr. 30 1911_ 3,218,700
Mar.31 1911- 3,447.301
Feb. 28 1911___ 3.400.543
Jan. 31 1911... 3.110,919
Dec. 31 1910- 2,674,750
Nov.30 1910-- 2,760,413
Oct. 31 1910-__ 2.871,949
Sept.30 1910-__ 3,148,106
Aug.31 1910-- 3,537,128
July 31 1910_ 3.970,931
STEEL PRODUCTION IN MARCH.-The American
Iron & Steel Institute has issued its regular monthly statement showing the production of steel in March by the leading
companies in the United States. From this it appears
that the production of steel ingots in March 1923 by 30
companies, which made about 87.50% of the steel ingot
production in 1921, amounted to 3,402,007 tons, as contrasted with 2,370,751 tons for the same month last year.
By processes the output was as follows:
March
-3 Months eliding March 311923.
1922.
1921.
1923.
1921.
1922.
Gross Tons. Gross Tons. Gross Tons. Gross Tons. Gross Tons. Gross Tons.
Open-hearth__ _2,658,134 1,918,750 1.175,591 7.518.043 4,575,214 4,063,735
Bessemer
742,584
451,386
392,983 2,045,888 1,131,808 1,452,077
All other
3,309
795
2,404
8.787
2,233
8,829
Total
3 402,007 2.370,751 1,570,978 9,572,718 5.709,255 5.523,614
ANTHRACITE COAL SHIPMENTS.-The shipments
of anthracite coal for the month of March 1923, as reported
to the Anthracite Bureau of Information, Philadelphia, Pa.,
amounted to 7,183,518 tons, as compared with 6,778,667
tons during the corresponding month last year, an increase
of 404,851 tons, or about 6%. Shipments of anthracite
have exceeded 7,000,000 tons only six times previous to
March of this year, and these were all in the war years of
1917 and 1918, when the washery tonnage was much more of
a factor than it is at the present time.
Shipments by originating carriers were as follows:
RoadPhiladelphia dr Reading
Lehigh Valley
Central Railroad of New Jersey
Delaware Lackawanna & Western
Delaware & Hudson
Pennsylvania
Erie
New York Ontario & Western
Lehigh & New England
March 1923. March 1922. March 1921.
tone- 1,370,476
1,372.024
1.018,858
1,279.599
1,220,563
1,022,714
622.710
654.679
540,556
1,146,217
1,047,622
1.020.381
907,099
909,281
837,644
542,167
523,273
333,687
818,817
654.492
561,013
192,247
154.681
144,930
• 304,186
242.072
257.988
Total
7,183.518
6.778,667
5,737,771
gottunerciat antiMiscalm:mons4.evar*
1617
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y
America'....
Amer Each__
8
13
.
swery.
tteryPark.
Broadwayeen
Bronx Bore._
Bronx Nat.__
Bryant Park'
Butch & Drov
Cent Merean.
Chase
Chat & Phen_
Chelsea Exch•
Chemical
Coal & Iron
Colonial •_
Columbia
Commerce...
Com'nwealth•
Continental
Corn Exch...
Coetnop'tano_
East River...
raiittah Avenue'
Bid
237
290
133
440
115
125
150
157
130
210
357
254
__
547
217
375
227
297
295
135
431)
105
185
Bid
160
110
181
189
Ask Realty Assoc
(Brooklyn).
165
114 U S Casualty_
164 U S Title Guar
Westchester
193
Title & Tr.-
Bid
175
110
133
1
-36
-__
362
257
95
555
223
_. _
234
300
315
__
435
115
210
NatloAnal
merCi
lean
ty
New Neths_
Pacific•
Park
Publlo
Seaboard
Standard •
State*
Tradesmen's•
23d Ward•
UnitedStates•
Wash'n lite_
Yorkvllle 4.__.
iio
313458
3
100
30
420
41*
475
368
455
115
315
184
520
200
255
271
200
198
315
486
373
460
320
186
527
210
265
275
205
325
M eu4r
t o
(
1iW
tan
120
chester)
N Y Trust__ _ 340
Title Gu & 'Fri 373
U S Mtg & Tri 315
United States 1225
Westches. Tr. 160
130
350
326
250
Tg !....6_
FOREIGN TRADE OF NEW YORK-MONTHLY'
STATEMENT.
Merchandise Movement at New York.
Mouth.
Imports.
1922.
1921.
Customs Receipts
at New York.
Exports.
1922.
1921.
1922.
1921.
5
$
Jan..... 100,106,930 108,651.387 106,097,239356,457,600
Feb__.. 115,222,960 103,427,293 95,484.633 237,794.460
March__ 135,648,795 123,996,959 131,504,519 167.836,305
April_ 113,193,073 124.926,117 117,760.933 132,460.324
May
117,438,054 110,004,302 115,522,172,108,502.232
June
122,369,683 100,048,763 130,550,703 107.506,532
July__ 117,118,076 104,648,783 115,488,190 112,583,284
August. 123.124,817 111,371.683
Sept -__ 110,716,286 106.810.356 112.281.5011105.218.873
108,291,707 110,338.972
October_ 181,418.649 108,483,456 108,234,884 98,153,764
Novem'r 135,057,828 117,798,726 112,652,804 96,618,132
Decem'r 133,407,596 113,117,989 121,562,054 98,422,349
19,322,717
21,620,780
24,650.403
20.639,380
20,909.658
23.181,882
21,433,606
24,206,605
33,110.469
22,085,5281
24.148,678
21,594,9801
12.265.070
14.154.849
18,615.006
26.838.083.
17.221,470
16.397.034
13,443,167
18.237.808
15,203.273
15,657,373
17,078,066
16.799,063
Total_ 11484822747 1333085 714 1375431369 1731892827 276,904,686:201,909.968
Movement of gold and silver for the 12 months:
Gold Movement at New York,
Meath.
1922.
1921.
$
21,126,622
24,034,770
31.300,604
8,440,457
6.660,364
11,462.982
41,477,048
17,242,484
27,359,677
19,191.637
15,554,118
23,874,168
$
31.328.278
18,439.803
81,335,005
74,173,373
29,701,157
37,152,786
57,338,204
78,990,710
60,805.467
44,137,381
47,133,681
25,517.561
$
286,000
1,041,057
237,728
806,748
2,645,834
136,321
11,000
19,109
40,117
24,718
550.796
35,609
Total_ 247,724,929 585.753,406
5,835,037
Feb.__
March__
April_
May ___
June...
July_ -_ _
August.
Sept .._
October
Novem'r
Decem'r
Biker-New Yea.
Imports.
1922.
I
1921.
$
124,300
234,300
100,000
300,000
2,943,013
200
1,124.000
55,583
Imports.
EsPerts-
1922.
1922.
$
2,344,016
827,421
2,816,134
1
5
29
2,445.822
1,88
42%
7
1,433.533
$
132.213
3,899,518
3,044,763
2,152,224
:436820
048
0245.
111:
.8
2663
L...12UN
;37
4.1
24
10
4.
3.3
9:
11:all
047
1.12g:011
4,011,973
4,881,396 21,726,494 22.273,606
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &C.-We give below tables whieh
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor.
Amt. Rd.. on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Ban* Notes.
National Bank Circulation
Afloat onBonds.
Legal
Tenders.
Total.
3
Mar. 31 1923__ 742,879,540 6,368,700 739,984.523
767.182,504
Feb. 28 1923_ 741,077.590 6,878.700 738,423,517 27,197,981 767,043.704.
28,620,187
Jan. 31 1923._ 739,329,840 7,868,700 734.541,173
783,750,962
29,209,789
Dec. 30 1922.. 738,257.440 7.968,700 735,281,275
762,128,087
Nov.30 1922._ 739.018.690 31,468.700 736,065,365 26,846.812
2,5.433,762 781,499,127
Oct. 31 1922_ 737,660,690 46,468,700 734.520,475 26.158.712 760,679.187
Sept.30 1922.. 737.501.940 56,768,700 734.485,283 26,285,914 760,751.197
Aug. 311922.. 735,460.690 67,518.700 733.623,525 26,082,024 759,705,549
June 30 1922.. 734,546,300 84,218,700 732,585.640
758.202,027
May 311922.. 733,876,590 87,218,700 730,203,870 25.616.387 753,900,702
25.696.832
April 30 1922__ 731,693,690 95,568,700 729.526,135 25.096.414
754,622.549
Mar.31 1922._ 730.016.940 102,393,700 727,838,900
752.679.422
Feb. 28 1922.. 729,702.240 110,359,700 727.465,523 24,840.522 752.035,482
Jan. 31 1922__ 729.425,740 126.393,700 724.480.758 24.569,959 749.611,367
25.130.609
Dec. 31 1921__ 728,523,240 126.393,700 724,235.815
25,932,109 750.187.924Nov.30 1921__ 728.351.240139,393,790 723.023.965
749,307.097
Oct. 31 1921.. 727,512,490 149,768,600 716,304,820 26.283,132 743,288,847
Sept.30 1921_ 727,002,490 185,768,700 795.836.355 26.984,017 743.239.113
27,402.759
$29,859,000 Federal Reserve bank notes outstanding Mar. (of which $3,451,300
31
secured by United States bonds and
526,407,700 by lawful money). against $97.443,400 Mar. 311922.
The following shows the amount of each class of United
States bonds and certificates on dep'osit to secure Federal'
Reserve Bank notes and national bank notes on Mar.31:
U. S. Bonds Held Mar. 31 to Secure,
Bonds on Deposit
Mar.31 1923.
Ask
180
---------
__. Mech & Met_ 400
310
___ Mutual*
All prices dams per share.
Ask
102 Lawyers Mtg
98 Mtge Bond_
283 Nat Surety_
68 N Y Title &
98
Mortgage-.
200
270
163
200
600
iio
Bid
.
-
___
Brooklyn
230
CFirs
ontey Island. 155 165
Brooklyn
1185 260
320 355
4114
(3arfield
260 270 Mechanics' *. 130 140 Brooklyn Tr_ 475 500
Gotham
188 193 Montauk *.._ 150
Kings County 800
Greenwich.. 290 310 Nassau.
Manufacturer 260
Hanover
390
685 700 People's
People's
•Banks marked w th(0)are State banks. I New stock. s Ex-dividend. V ExIghtsS Ex-100% stock dividend.
New York City Realty and Surety Companies.
Bid
Alliance Wity 97
Amer Surety_ 94
Bond & M G. 278
My Investing 65
Preferred.. 92
340
227
LIS
Ask Trust Co.'s
New
365
wYnofk
770 American....
Bank of N.Y
& Trust Co
2
149
2 Bankers Trust
410 Central Unto
--- Commercial..
145 Empire
352 Equitable Tr_
Farm L & Tr_
Fidelity inter
_
..ii Fulton
Guaranty Tr.
327
0 Hudson
1
758 Law Tit & Tr_
Banks
Bid
Ask
241 Harriman.... 355
295 Imp &'read_ 750
138 Irving Bank
146
blaTT
4_ 238
tian
cr
ma
Cn
28, U. S. Consols 01 1930
43, U. S. Loan 01 1925
25. U.8. Panama of 1936
25. U.S. Panama 01 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
$
4,213,400
1,768.000
257.000
130,300
$
584,798,400
84,223.800
48,295.600
25,561.740
5
589,011.800
85,991,800
48,552.600,
25,692.040
6,388,700
742.879.540
749,248,240
[VoL. 116.
THE CHRONICLE
1618
The following shows the amount of national bank notes
afloi.it and the amount of legal tender deposits Mar. 1 and
April 1, and their increase or decrease during the month
of March:
National Bank Notes-Total Anal:
$787,043,704
Amount afloat March 1 1923
138.800
Net increase during March
Amount of bank notes afloat April 1 1923
Legal-Tender NotesAmount on deposit to redeem national banks March 1 1923
Net amount of bank notes retired In March
Amount on deposit to redeem national bank notes
April 1 1923
11767,182,504
$28,620,187
1,422,206
VOLUNTARY LIQUIDATION.
$25,000
Texas
Apr. 3-11,874-The First National Bank of Bangs.
Moore,
Effective Apr. 1 1923. Liquidating Agent, Albert R.
Bangs,
of
Bank
State
First
the
by
Bangs, Texas. Absorbed
Texas.
APPLICATION FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
Diego, Calif.,
Mar. 15--10,391-The United States National Bank of San
Calif.
Diego,
at Ocean Beach, San
OF AN
SHMENT
ESTABLI
ING
CERTIFICATE ISSUED AUTHORIZ
ADDITIONAL OFFICE.
(permit
Pa.
a,
Philadelphi
Apr. 2-4.192-The Northern National Bank of
a. Pa.
No. 62), at 723-25-27 Chelten Avenue. Germantown, Philadelphi
827,197,981
DIVIDENDS.
Dividends are grouped in two separate tables. In the
Auction Sales.-Among other securities, the following,
all the dividends announced the curnot usually dealt in at the Stock Exchange, were recently sold first we bring together
rent week. Then we follow with a second table, in which
at auction in New York, Boston and Philadelphia:
New York:
we show the dividends previously announced, but which
By Messrs. Adrian H. Muller & Sons,
Price. have not yet been paid.
Price. Shares. Stocks.
Shares. Stocks.
40 puritan Mortgage Corp..corn. $4,l00
10 Mutual Trust Co., Port Chester.
The dividends announced this week are:
lot
8125% Per sh. 40 Puritan Mortgage Corp., pref.f
N.Y
35 Atlantic Nat. Bank,$200 paid in
$27 per sit.
liquidation
8 Hocking Valley Ity., com.$72 per oh.
$2.500 lot
50 Withburn Corp
PM.
35 Internat. Ticket Co.of N.J-$65 Per lot
$400
50 Carver Cranberry Co
1,500 Woodward Iron Co..com.$30 per sh.
100 Carbon Steel Co,. let pf.$10% per sh.
95 Deep Sea Fisheries v. t. ctfs__$27 lot
Price.
Bonds.
$4,000 Park & Tilford Os, 1936_ 89%
By Messrs. R. L. Day & Co., Boston.
Price.
Price.I Shares. Stocks.
Shares. Stocks.
109
Hog 29 Plymouth Cordage Co
14 American Mfg. Co.,corn
lot
Leather,
pref_.1%
Northwestern
120
87
1 American Mfg. Co., pref
15o.
Riordon Co., Ltd., corn
18 Waltham Bleachery & Dye Wks_145 27
7y,
Ltd.,
1st
Co.,
cum.
50
Riordon
Pref.
165
Mills
1 Androscoggin
14814-% 1,000 Arizona Bagdad Cop., $1 par 10e.
9 Ludlow Mfg. Associates
16.7 O'Bannon Co.,corn .v. t. Mt__ - 1
164
4 Andros °PIM Mills
5 Haytian-Amer Corp., ord. corn.)
90
RE.....
s
2 Vermont & Massachusett
)85
67 20 do Preferred
10 United Electric Railways Co
) lot
do Founders stock
10
76
Fibre
Chemical
Penobscot
25
450% 2 Am.Pneum.Serv.,1st Pf., 850 par 42%
5 Hartford Fire Insurance Co
5%
94% 100 Pollock Pen Co
30 Merrimac Chemical Co
47%
15 North Boston Ltg., pref__ __89%-9034 14 New England Co., 2d Wei
106
1 Norton Co.. pref
Price.
Bonds.
15 Champion-Internat. Co., pref.._100%
of Minneapolis Street Imp,
10 Illum.& Pow.Sec. Corp.. pref 82 $50 City1925
94
10 Hood Rubber Prod.. pref__103 &(Dv. 44As,
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
205%
3 National Shawmut Bank
165
1 Androscoggin Mills
132%
10 Lowell Bleachery
147%-148%
30 Ludlow Mfg. Assoc
150%
10 Continental Mills
125
10 Columbian Mfg. Co
65
30 Boston, R. B.& L. R. R
5 Worcester Sub. Elec. Co_ __ _ ---155%
54%
5 Jacksonville Trac. Co., pref
5 Greenfield Elec. Lt. & Pr. Co_ 127%
18%
Cos
Lighting
10 Mass.
Shares. Stocks.
Price.
95-88
28 Emerson Shoe Co. lot pref
2 Heywood Wakefield Co. 1st pref_10431
17 Draper Corporation
16534-k
29
30 Copley Sq. Trust
150 Rivett Lathe & Grinder Co.;
40
300 do pref., for lot
8 Greenfield Tap A: D. Corp. pf_96%-96
71%
5 Tremont Building Trust
450-361 Amesbury El. L. Co. rte.- Sc.
240%
3 Cambridge Elec. Lt. Co
Price.
Shares. Stocks.
107%
16 Franklin Securities Corp
lot
$1
Co
Realty
Panne
5
5 Medco Petroleum,stock warrants $3 lot
250 Guarantee Finance Trust, pfd_1$105
I. lot
250 do common
44 Morris Run Coal Mining.com 50
520
Trust
Fidelity
10
504
20 Fidelity Trust
500
4 Fidelity Trust
495
Bank
National
6 Girard
492
1 Girard National Bank
22 Bank of Nor. Am.& Trust Co_ _297H
405
10 Penn National Bank
231
S First National State Bank
-250
CoTrust
County
Burlington
10
197%
, 22 United N.J. RR.& Canal
40 mbiehill& Schuylkill Hay.RR.- 51
50%
Association
4 Pocono Manor
2 Southwestern National Bank....145k
10 Ninth Nat. Bank, with 20 Ninth
560
Title & Trust Co
555
10 do
_251%
_
Germantown
of
3 National Bank
400
59 Centennial National Bank
342
'1 Germantown Trust
15 United Security Life Ins.& Trust150
662
4 Philadelphia Trust
80
9 Manayunk Trust, par 525
71
20 People's Trust, par 550
109
common
Trust,
Estate
Real
2
9 Merchants' Union Trust, par $50_100%
Shares. Stocks.
Price.
55
5 Glensido Trust, par 350
45 Tacony & Palmyra Ferry, par $5026
25%
18 Phila. Bourse, pref., par $25_
8 Penna. Cold Stor.& Mkt., par 850 17
44
40 Catawissa RR.. 1st prat
13 Westmoreland Coal, par $50.... 90
10 J. B. Stetson, corn., no par
101H
10 Amer. Theatre Realty, par 510- 7H
50 New Orleans Public Service,Inc_ 76
1 Penna. Academy of Fine Arts
26
41 Camden Fire Ina., par $5
11%
180 Camden Fire Ins.. Par $5
11%
20 Abbotts Alderney Dairies. 1st pf. 93
10 Independence Fire Ins.Securities 26
10 Fire Assoc. of Phila.. par $50-33034
452 Philadelphia Life
1,0
Bonds.
Price.
$11.500 New York Mexican Oil Co.
7%s, 1930-32
5500 lot
$1,000 Manufacturers' Club of Philadelphia 6s, 1940
76
33.500 Springfield Cons. Water 5s,
1958
77%
8.500 Springfield Cons. Water 58,
78
1958
$1,000 Springfield Water 5s, 1928.. 91%
$800 North Springfield Water 5s,
1928
88k
$1,000 Colorado Springs Electric 58,
1920, ctts. of dep. (Interest run7734
ning at 7%)
By Messrs. Barnes & Lofland, Philadelphia:
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE APPROVED.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
roe. Apr. 20
Cincinnati Sandusky & Cleve.. Pr.(qu.)- *31.50 May 1 *Holders of
Public Utilities.
134 Apr. 30 Holders of rec. Apr. 16a
Amer. Dist. Teleg. of N.J.(guar.)
Holders of rec. Apr. 15a
California-Oregon Power, pref.(guar.)._ 131 Apr. 25
May 1 Holders of rec. Apr. 14a
3
.
Preferred...
Co.,
Cape Breton Electric
of rec. Apr. 16
Holders
1
May
Commonwealth Pow.Corp.,6% pf.(qu.) 131
131 May 1 Holders of rec. Apr. 20
Dallas Power dr Light, pref. (quar.)
24
to Apr. 8
Mar.
7
Apr.
31.30
,Phila.(gu.)
Green dr Coated Elts.Pasa.Ry.
134 Apr. 15 Holders of rec. Apr. la
Louisville Gas & Electric, pref.(quar.)
of rec. Apr. 20
*Holders
15
May
*131
Utilities,
pref.
(quar.)
West
Middle
19
231 May 1 Holders of rec. Apr. 306
Montreal Tramways(guar.)
Apr. 30 Holders of roe. Mar.
Nevada-Calif. Rico. Corp., pref. (guar.) 134 Apr.
316
rec.
Mar.
of
Holders
10
I%
(guar.)._
Quebec,
of
Public Service Co.
Apr. 15 Holders of rec. Mar. 310
Southern Calif. Edison. orig. pref.(cm). 2
rec. June 30
Standard Gas ds Electric,corn.(No. 1).. 56234c July 25 *Holders of
Miscellaneous.
May 1 Holders of rec. Apr. 13
2
American Glue, preferred (guar.)
*31.50 Apr. 13 *Holders of rec. Apr. 12
American Railway Express (guar.)
May 15 *Holders of roe. Apr. 30
*114
Fountain
(guar.)
Soda
American
131 May 1 Apr. 24 to Apr. 30
Brill (J. G.) Co.. Preferred (quar.)
$2.50 May 15 Holders of rec. May la
Burns Bros., corn,, A (guar.)
50e. May 15 Holders of rec. May la
Common B (guar.)
154 May 1 Holders of roe. Apr. 23a
Prior preference (quer.)
.81.50 June 15 *Holders of rec. May 31
California packing Corp.(quar.)
June 15 *Holders of rec. Apr. 14
*MO
Mining
Calumet & Heels
134 May 15 Holders of rec. Apr. 30
Canadian Converters (guar.)
May 1 Holders of rec. Apr. 25
2
(qu.)
pf.
&
corn.
Stove,
Gas
Oil&
Central
May 1 Holders of rec. Apr. 20
31
Cerro de Pasco Copper
rec. Apr. 16
Connecticut Mills Co., let pref. (guar.). 134 May 1 Holders of
15 Holders of rec. May 4a
May
750.
(guar.)
common
Continental Can,
*3% May 1 *Holders of rec. Apr. 20
Cudahy Packing, 7% preferred
May 1 *Holders of rec. Apr. 20
*3
Six per cent preferred
*134 May 1 *Holders of rec. Apr. 20
Durham Hosiery, preferred (guar.)
131 May 1 Holders of rec. Apr .16
Electric Bond dr Share, pref.(guar.)._ _ _ 4,134
May 3 *Holders of roe. Apr. 30
The Fair, preferred (quar.)
Apr. 15 Holders of rec. Apr. 1
Federal Acceptance Corp., pref. (quar.)_ 2
•134 May 1 Holders of rec. Apr. 23
General Cigar, common (guar.)
1 Holders of rec. May 24
June
•131
Preferred (guar.)
•131 July 2 Holders of rec. June 25
Debenture preferr3d (guar.)
1 Holders of roe. Apr. 21
May
1%
_
(guar.)
pre/.
Corp.,
Motors
General
1 Holders of rec. Apr. 21
Six per cent debenture stock (guar.)._ 1% May
131 May 1 Holders of rec. Apr. 21
Seven per cent deb.stock (guar.)
$3 June 1 Holders of rec. May 1
Gillette Safety Razor (quar.)
May 15 May 9 to May 15
2
Great Lakes Dredge & Dock (quar.)
Apr. 30 5Hoiders of rec. Apr. 20
*50c.
(guar.)
Corp.
Engineering
Combus.
Int.
May 1 Holders of rec. Apr. 14
500.
International Shoe, preferred
•150. May 1 5Rolders of rec. Apr. 16
Iron Cap CoPper Co
1 Holders of rec. Apr. 20
May
•1
Kress (S. H.) Co., common (guar.)
May 15 Holders of rec. Apr. 28
1
Loew's Boston Theatres Co.. common
1 Holders of rec. Apr. 20
May
134
(guar.)
preferred
Motors,
Nash
•750. July 14 *Holders of rec. June 30
National Biscuit, common (guar.)
4.131 May 31 *Holders of reo. May 17
Preferred (guar.)
May 1 Holders of rec. Apr. 20
Nat. Department Stores, 1st pref. (qu.) 2134
1-3 June 1 Holders of rec. May 20
Second Preferred
21 *Holders of rec. May 4
May
*25c.
(qua?.)
Co.
Copper
Cornelia
New
234 Apr. 24 Holders of rec. Apr. 14
N. Y.& Honduras Rosario Mining
131 Apr. 30 Holders of rec. Apr. 17
Plant(Thomas G.) Co., 1st pref.(guar.) 58734c
May 7 *Holders of rec. Apr. 23
Producers & Refiners Corp., pref.(guar.)
231 May 1 Apr. 17 to Apr. 30
Pyrene Manufacturing (quar.)
1 Apr. 24 to May 1
Remington Typewriter, let pref. (guar.) $5.25 May
$5.25 May 1 Apr. 24 to May 1
First pref., Series S (quar.)
I Holders of rec. May 15
Schulte Retail Stores. corn.(in pref. stk.) m52 June I
of rec. Aug. 15
Common (Payable in preferred sleek). sz$2 Sept. 1 Holders
Holders of rec. Nov. 15
Common (payable in preferred stock). m$2 Dec.
Holders of rec. Feb. 15'24
Common (payable in preferred stock). m$2 Mr.1'24
3 1-3c May 1 Holders of rec. Apr. 15a
Seaboard Oil dr Gas (monthly)
3 1-3c June 1 Holders of rec. May 15a
Monthly
3 1-3c July 2 Holders of rec. June 15a
Monthly
4
I% May 15 Holders of rec. May 20a
Shell Union 011.6% prof. (guar.)
Holders of rec. Apr. '
Sinclair Consolidated Oil,com.(guar.)._ 50c. May 15
roe. May la
of
Holders
15
May
2
Preferred (guar.)
27
131 June 1 Holders of rec. Apr.
Standard Oil (Ohio). pref. (quar.)
1 *Holders of roe. Apr. 20
Stover Mfg. dv Engine, pref.(guar.)._ •134 May
rec. Apr. 30
of
Holders
20
May
3
Turman 011 (guar.)
May 20 Holders of roe. Apr. 30
1
Extra
5
•131 June 1 *Holders of rec. May
Union Tank Car,common (guar.)
1 *Holders of reo. May 5
June
•134
Preferred (guar.)
1 Holders of rec. Apr. 18a
May
2
(quar.)
common
Stores,
Cigar
United
May 15 Holders of rec. May 12
el0
Valvoline 011 (payable in stock)
18 Holders of rm. Mar. 31
Warner (Charles) Co., corn. (guar.)._ _ 50e. Apr.
26 Holders of rec. Mar. 31
Apr.
13.4
_
__
_
(guar.)
preferred
second
First and
1 *HOlders of rec. Air. 27
June
*2
Woolworth (F. W.) Co., corn. (guar.)._
Capital.
$50,000
Apr. 3-The First National Bank of Wallington, N. JN. J.
Correspondent, Joseph F. Denboske, Wallington,
Ark
100,000
Rock,
Little
North
of
Bank
First
National
Apr. 4-The
Correspondent, Thos. It. Ashcroft, Box 223, Little Rock, Ark.
200,000
Apr. 4-The National Bank of America in Paterson, N. J
Correspondent, Wilmer A. Cadmus, 343 E. 37th St.. Paterson,
N. .1.
25,000
Apr. 4-The American National Bank of Bennington. Okla
Succeeds Guaranty State Bank of Bennington, Okla. CorreBelow we give the dividends announced in previous weeks
spondent, Hugh L. Cox, Durant, Okla.
This list does not include dividends
50,000 and not yet paid.
Apr. Z-First National Bank in Grass Valley, Calif
announced this week,these being given in the preceding table.
Correspondent, W. J. Grenfell. Grass Valley, Calif.
50,000
Apr. 7-The Cushing National Bank, Cushing, Okla
Succeeds the Cushing State Bank. Cushing. Okla. CorreBooks Closed.
When
Per
Days Inclusive.
spondent. John W. Wilson, Cushing, Okla.
Cent. Payable.
Name of Company.
APPLICATIONS TO CONVERT RECEIVED.
Railroads (Steam).
50,000
Apr. 2-The Leonard National Bank, Leonard, Texas
1% June 1 Holders of rec. May 4a
Atch. Topeka & Santa Fe (quar.)
Conversion of the First State Bank of Leonard, Texas.
Apr. 20 Holders of roe. Mar. 30a
Chic.& St. L.,com.(quar.) 1
of
Bank
Texas
Nordheim.
25.000
National
Mc.
Cleve.
Apr. 2-The First
131 Apr. 20 Holders of rec. mar. 30a
Preferred (Qum.)
Conversion of the Nordhcim State Bank, Nordheim, Texas,
Apr. 20 Holders of rec. Apr. 7
3
Delaware Lackawanna & Western (qu.). $1
Apr. AO Holders of roe. Am.. 16a
APPLICATION TO CONVERT APPROVED.
Northern Iron Ore
Great
1
Apr. 16 Holders of rec. Mar.31a
of Jonesboro. Ill
$50,000 Kansas City Southern, pref. (guar.)._
Apr. 3-The First National Bank
Aug. 10 Holders of rec. July 17a
231
Nashville
&
Conversion of the State Bank of Jonesboro, Ill,
Louisville
May 7 Holders of rec. Air. 16a
e62.5
Stock dividend
CHARTERS ISSUED.
May 1 Holders of roe. Apr. 25
2
Extension
of Wichita, Kan_ -$200,000 Morris & Essex
Bank
National
Southwest
May 1 Holders of rec. Apr. 6a
-The
-12,346
(gur.)
RR.
Apr. 4
York Central
New
Bank,
PresiKan.
State
Wichita,
Southwest
May 19 Holders of rec. Apr. 30a
Conversion of the
Norfolk & Western, adj. pref. (quar.)
M Pickier.
May 1 Mar. 17 to Apr. 10
(guar.)
Pacific
dent, L. S. Naftzger; Cashier H
Northern
Rocky
of
River,
_
Bank
OhioNational
100,000
First
May 1 Holders of rec. Apr. 25
The
Extension
Delaware
&
Apr. 4--12,347
Passaic
Mitchell.
Frank
May 1 Holders of rec. Apr. 130
President, John Hoag; Cashier, Bank of Memphis, Tenn.Pere Marquette, pref. (guar.)
National
300.000
May 1 Holders of roe. Apr. 13a
-Southern
(guar.)
-12,348
Prior preferred
Apr. 5
Williams.
J.
A.
Cashier,
Butler;
May 31 Holders of me. may 9a
& West Virginia, pref. (qu.).
President, S. II.
25,000 Pittsburgh
First National Bank of Mocanaqua, Pa_ May 10 Holders of reo. Apr. 17a
Tho
6-12,349(qum.)
common
Co..
Reading
Apr.
Taylor.
D.
William
Cashier,
1 Aug. 22 to Aug. 31
Whitesell;
Sept.
)
(semi-annual
M.
S.
Railway
President,
Sharon
500,000
Ohio_
Columbus,
Bank,
National
2
Apr. 20 Holders of roe. Mar.29a
Southern Railway, preferred
Apr. 6--12,350-The Columbus
W. A. Kumler.
Cashier,
Jennings;
J.
James
President,
APRIL 14 1923.j
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Railroads (Steam)-Comluded.
Syracuse Binghamton & N. Y.(guar.)._
3
Utica Chenango & Susquehanna Valley_
3
West Jersey & Seashore
51
Books Closed.
Days Inclusive.
May 1 Holders of rec. Apr. 25
May 1 Holders of rec. Apr. 14
Apr. 16 Holders of rec. Apr. 6a
Public Utilities.
All America Cables. Inc. (guar.)
134 Apr. 14
American Gas & Electric, Pref. (guar.). 75c. May 1
Amer. Light & Traction, 001a. (quar.)_ _
May 1
I
Common (payable in common stock)_ 11
May 1
Preferred (guar.)
134 May 1
Amer. Telephone & Telegraph (quar.)
231 Apr. 16
Quarterly
234 July 16
Amer. Water Wks.& El.,7% 1st pf (qu.)
May 15
6% participating pref. (No. 1)
May 15
Appalachian Power, preferred (guar.)._
Apr. 16
Bangor RY.& Elec., corn.(quar.)
May 1
Bell Telephone of Canada (war.)
2
Apr. 14
Carolina Power & Light, corn. (guar.)._
34 May 1
Central Illinois Pub. Serv., pref. (guar.) 134 Apr. 14
CM. Newp.& Coy. L..fc Tr., com.(qL) 134 Apr. 15
Preferred (ouar.)
134 Apr. 15
Colorado Power, common (guar.)
dSi Apr. 16
Columbus(0.) Hy..P.& L., pref. B (qu.) 131 May 1
Commonwealth-Edison (guar.)
May 1
2
Consolidated Gas (N. Y.), pref. (guar.) 8734e May 15
ConsumersPower(Mich.),7% pref.(qu.) 131 July 2
Six per cent preferred (guar.)
134 July 2
Detroit Edison (guar.)
2
Apr. 16
Duquesne Light, 7% pref. (guar.)
May 1
East Bay Water Co., pref. A (quar.)..134 Apr. 16
Preferred 13 (ciuer.)
134 Apr. 16
Edison Electric Ilium., Boston (guar.)._
May 1
3
Edison Elec. III. of Brockton, com.(qu.) 234 May 1
Electrical Securities Corp., pref. (guar.) 134 May 1
Electrical Utilities, pref. (guar.)
131 Apr. 16
Ft. Worth Power & Light, pref. (guar.). 131 May 1
Georgia K.& Elec , 1st pref. (oust.).... 2
Apr. 2
Havana Elec. Hy., L.& P.,corn. & pref. 3
May 15
Houghton Co. Elec. Light, prof
75c. May 1
Idaho Power, preferred (guar.)
May 1
Illinois Northern Utilities, pref. (quar.)_
134 May 1
Kentucky Securities Corp., pref. (guar.) 134 Apr. 16
Laurentide Power (quar.)
134 Apr. 16
Lowell Electric Light (guar.)
234 May 1
Manchester Trite.. Lt. & Pow. (quar.)_ _
2
Apr. 16
Manufacturers' Lt. & Ht., Pittsb. (qu.) 2
Apr. 14
Massachusetts Gas Cos., corn. (quar.)_ _
131 May 1
Massachusetts Ltg. Cos.,6% prei. (qu.) 134 Apr. 16
Eight per cent preferred (guar.)
2
Apr. 16
Michigan Gas ,S: Electric, pref. (quar.)_ _
IM Apr. 20
Prior Hen stock (guar.)
131 Apr. 16
Milwaukee Elec. Ry.& Lt., pref.(guar.) 134 Apr. 30
Missouri Gas & Elec.Service, pr.lia.(qu.) 131 Apr. 16
Montreal Telegraph (guar.)
2
Apr. 16
Mountain States Power, pref. (quar.)_ _
Apr. 20
National Power & Light, pref. (quar.)_ _
Apr. 16
Nevada-Calif. Elec. Corp.. Pref. (guar.)
Apr. 30
Newburyport Gas & Electric (guar.)._ _
Apr. 14
Extra (from reserve for dividends)._ _
Apr. 14
Newport News & Hampton KY. Gas &
Electric, common (guar.)
131 May 1
New York Telephone, pref. (quar.)
S 1.6231 Apr. 16
Niagara Falls Power, preferred (quar.)
Apr. 16
North Shore Gas, preferred (guar.)._ _ _
131 July 1
Preferred (guar.)
134 Oct. 1
Northern States Power, corn. (quar.)_
2
May 1
Preferred (quar.)
Apr. 20
Ottumwa KY.& Electric. pref. (quar.)_ _
Apr. 15
Pacific Gas & Electric Co., corn. (guar.) 134 Apr. 16
Pacific Teleph. & Teleg., pref. (quar.)
134 Apr. 16
Peoples Gas Light & Coke (guar.)
134 Apr. 17
Philadelphia Co., common (guar.)
75e. Apr. 30
6% preferred
$1.50 May 1
Philadelphia Rapid Transit (quar.)_ _ _ _ 75c. Apr. 30
Philadelphia & Western Ky.. prof. (qu.) 6234c. Apr. 14
Public Serv.corp.of Nor. III., corn.(qu.)
May 1
Preferred (quar.)
134 May 1
Puget Sound Power & Light, corn. (qu.)
Apr. 16
Prior preference (guar.)
Apr. 16
Preferred (guar.)
134 Apr. 16
San Diego Como'. Gas & El., pf. (qu.)_
Apr. 15
Southern Canada Power. pref. (quar.)_ _
134 Apr. 15
Southern Wisconsin Elec., pref. (qtr.)- 131 Apr. 16
United Gas Improvement, corn. (guar.)
75 Apr. 14
Preferred (guar.)
87340. June 15
United Light & Rya., common (guar.). 134 May I
Common (extra)
34 May I
Participating preferred (extra)
34 July 2
Participating preferred (extra)
34 Oct. •
Participating preferred (extra)
34 Jan2'24
Virginia Ky. & Power, preferred
3
July 20
Washington Water Power,Spokane (qu.) 2
Apr. 14
West Penn Power Co., 7% pref. (guar.)
May 1
Western l'ower Corp., pref. (guar )._ _ _
134 Apr. 16
Western States Gas & Elec., pref. (aM.). 134 Apr. 15
Western Union Telegraph (guar.)
134 Apr. 16
Wisconsin Power, Lt. Br Heat, pref.(qu.)
Apr. 20
Wisconsin River Power, pref. (guar.)... .131 Slay 19
York (Pa.) Railways, cons. Mara_
50c. Apr. 16
Preferred (guar.)
62310. Apr. 30
131
1
131
1
134
134
131
131
131
$1
51
131
131
131
131
1
131
131
134
134
Holders of rec. Mar. 31a
Holders of rec. Apr. 13
Apr. 14 to Apr. 26
Apr. 14 to Apr. 26
Apr. 26
Apr. 14 to
Mar. 17 to afar. 27
Holders of rec. June 20
Holders of rec. May la
Holders of rec. May la
Holders of rec. Mar. 31
Holders of rec. Apr. 10
Holders of rec. Mar.23
Holders of rec. Apr. 16
Holders of rec. Mar. 31a
Apr. 1 to Apr. 15
Apr. 1 to Apr. 15
lIolders of rec. Mar. 310
Holders of rec. Apr. 14a
Holders of rec. Apr. 14a
Holders of rec. Mar. 15a
Holders of rec. June 150
Holders of rec. June 150
Holders of rec. Mar. 20a
Holders of rec. Apr. 1
Holders of rec. Mar. 3Ia
Holders of rec. Mar. 31a
Holders of rec. Apr. 16a
Holders of rec. Apr. 13a
Holders of rec. Apr. 200
Holders of rec. Apr. 6
Holders of rec. Apr. 14
Apr. 18 to May 17
Holders of rec. Apr. 16a
Holders of rec. Apr. 18
A r. 15 to Apr. 30
Holders of res. Mar. 22a
Holders of rec. Mar. 31a
Holders of rec. Apr.d14a
Holders of rec. Apr. 2
Holders of rec. Mar. 31a
Holders of rec. Apr. 16
Holders of rec. Mar. 26
Holders of rec. afar. 26
Holders of rec. Mar. 31a
Holders of roc Mar. 31a
Holders of rec
:Apr. 20a
Holders of rec. Mar. 31
Holders of rec. Mar. 31
Holders of rec. Mar. 3I0
Holders of rec. Mar. 31
Holders of rec. afar. 30
Holders of rec. Mar. 31
Holders of rec. Mar. 31
Holders of rec. Apr. 16a
Holders of rec. Mar. 20a
Holders of rec. Mar. 31a
Holders of rec. June 20
Holders of rec. Sept. 20
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar. 31
Holders of rec. Mar. 31a
Holders of rec. Mar. 316
Holders of rec. Apr. 3a
Holders of rec. Apr. 2a
Holders of rec. Apr. la
Holders of rec. Apr. 160
Holders of roe. Mar. 310
Holders of rec. Apr. 14a
Holders of rec. Apr. I4a
Holders of rec. Mar. 23a
Holders of rec. Mar. 23a
Holders cf rec. Mar.23a
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar. 310
Holders of rec. May 31a
Holders of rec. Apr. 16a
Holders of rec. Apr. 16a
Holders of rec. June 15a
Holders of rec. Sept. 15a
Holders of rec. Dec. 1.50
Holders of rec. Dec. 31
Holders of rec. Mar. 23
Holders of rec. Apr. 16
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Mar. 25 to Apr. 11
Holders of rec. Mar. 31a
Holders of rec. Apr. 30a
Holders of rec. Apr. 5a
Holders of rec. Apr. 20a
Banks.
Corn Exchange (guar.)
5
May
I Holders of rec. Apr. 30a
Fire Insurance.
Westchester Fire (guar.)
Extra
5
I
May
May
1 Apr. 21
1 Apr. 21
Miscellaneous.
Abitibi Power & l'aper, corn. (guar.)._ _
Air Reduction CO. (qaar.)
Alliance Realty (guar.)
Allied Chem.& Dye Corp., corn. (quar.)
Allis-Chalmers Mfg.. corn. (guar.)
Allis-Chalmers Mfg., pref. Mari--Amalgamated 011 (guar.)
American Art Works, corn. & pref. (qu.)
American Bank Note, corn. (oust.)
American Can,corn.(guar.)
American Cigar, common (guar.)
American Coal (guar.)
American Fork & Hoe, 1st preferred__ _ _
American Ice, common (guar.)
Preferred (guar.)
Amer. La France Fire Eng.. corn.(guar.)
American Laundry Machine. pref. (qu.)
American Machine Jr Foundry (guar.)...
Quarterly
Quarterly
American Pneumatic Service, 2d pref.
American Radiator, common (guar.)._ _
Preferred (guar.)
Amer. Rolling Mill, common (quar.)
7% debenture preferred (guar.)
Amer. Seeding Machine, cons. (guar.)._
Preferred (quar.)
American Shipbuilding, pref. (quar.)- _ _
American Steel Foundries. corn. (guar.)
American Stores (payable in stock)
Amer. Type Founders. common (quar.)_
Preferred (guar.)
51
$1
2
Si
$1
131
75c.
134
$1.25
1M
134
4
334
131
134
25c.
131
134
134
134
50c.
SI
131
50c.
131
1
134
131
75c.
e700
134
131
Apr. 20
Apr. 14
Apr. 18
May I
May 15
Apr. 16
Apr. 16
Apr. 15
May 15
MaY 15
May 1
May 1
Apr. 15
Apr. 25
Apr. 25
May 15
Apr. 14
July 1
Oct. 1
Jan 1'24
June 30
June 30
May 15
Apr. 15
Apr. 15
Apr. 14
Apr. 14
May 1
Apr. 14
June 15
Apr. 16
tor. 16
to
to
Apr. 30
Apr. 30
Holders of rec. Apr. 10a
Holders of rec. Mar. 3Ia
Holders of rec. Apr. 100
Holders of rm. Apr. 13
Ilolders of rec. Apr. 240
Holders of rec. Mar. 240
Holders of rm. Mar. 19a
Holders of rec. Mar. 31a
Holders of rec. May la
Holders of rec. Apr. 30a
Holders of reo. Apr. I9a
Apr. 11 to May 1
Holders of rec. Apr. 5a
Holders of rec. Apr. fla
Holders of roc. Apr. 6a
Holders of rec. May la
Apr. 5 to Apr. 14
Holders of roc. June la
Holders of rec. Sept. la
Holders of rec. Dec. la
Holders of rec. June 9
Holders of rec. Juno 15a
Holders of rec. May la
Holders of roc. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. afar. 310
Holders of rec. Mar. 31a
Holders of rec. Apr. 14
Holders of rec. Apr. 26
May 29 to June 15
Holders of rec. Apr. 100
Holders of rec. Apr. 100
Name of Company.
1619
lilhen
Per
Cent. Payable.
Books Closed.
Days fneausire.
iscella neous (Continued)American Woolen, com. & pref. (qlian) 134 Apr. 16 Mar. 17 to Apr. 1
Anaconda Copper Mining
75c. Apr. 23 Holders of rec. afar. 170
Art Metal Construction (quar.)
25c. Apr. 30 Holders of rec. Apr. I3a
Asbestos Corp. of Canada. com. (guar.) 134 Apr. 15 Apr. 2 to
Apr. 15
Preferred (guar.)
131 Apr. 15 Apr. 2 to Apr. 15
1
May 1 Holders of rec. Apr. 14
Assmiated Dry Goods, com. (guar.)
First preferred (guar.)
134 June 1 Holders of rec. May 5
Second preferred (guar.)
IM June I Holders of rec. May 5
Associated Industrials, first pref. (guar.) 2
Apr. 16 Holders of rec. Apr. 14a
Associated Oil (guar.)
131 Apr. 25 Holders of rec. afar. 19a
Atlantic Refining, Pref. (quar.)
134 May 1 Holders of rec. Apr. 160
Atlas Brick, preferred (guar.)
Apr. 14 Holders of rec. Mar. 3I0
2
Atlas Powder, pref. (quar.)
134 May 1 Holders of rec. Apr. 200
Austin, Nichols & Co., pref. (quar.)_ _ _ _
134 May 1 Holders of rec. Apr. 166
Barnhart Bros.drSpindler.lst&2d pf.(qu.) 131 May 1 Holders of rec. Apr. 266
Bayuk Bros., 1st & 2d pref. (quar.)--- - 1.8
2ni Apr. 15 Holders of rec. alar.131a
Beacon Oil, pref. (guar.)
$ Ix May 15 Holders of rec. M ay la
Beech-Nut Packing, pref. B (guar.).- . 14
2 Holders of rec. Mar. 31a
Bethlehem Steel, 7% cum. pref. (guar.) 134 July
Holders of rec. June 15a
Seven per cent cum. pref. (guar.)... _
1M Oct. 1 Holders of rec. Sept. 150
Seven per cent cum. pref. (quar.)...... 134 Jan2'24
2 Holders of rec. Dec. 150
Seven per cent non-cum. pref. (guar.) 134 July
Holders of rec. June 15a
Seven per cent non-cum. pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 153
Seven per cent non-cum. pref. (guar.) 134 Jan2'24 Holders of rec. Dec. 15a
Eight per cent preferred (guar.)
July 2 Holders of rec. June Ida
2
Eight per cent preferred (guar.)
J2
O:1..24
2
1 Holders of rec. Sept. 150
Eight per cent preferred (ouar.)
2
may 1 Holders of rec. Dec. 150
Blaw-Knox Co., corn. (guar.)
Holders of rec. Apr. 200
2
Preferred (guar.)
llolders of rec. Apr. 20a
131 May
Bond 4-, Mortgage Guarantee (guar.).- - 4
ec Slay 8
Holders of r.
1 xi May 15 H
Borden Co., preferred (ouar.)
June 15 Holders of rec. June la
Borne-Scrymser Co
Apr. 14
Auplry. 16 Mar. 18 to
24
5c. J
Extra
1
Mar. 18 to Apr. 14
Apr. 1
Bridgeport Machine Co. (guar.)
Quarterly
25e, Oct. 1
Quarterly
25c. Jan 1'24
Quarterly
25c. Aprl'24
British Empire Steel, 1st pref. B (guar.) 131 iNTi
ey
y 1 Holders of rec. Apr. 130
Brown Shoe, pref. (guar.)
1 31
Holders of rec. Apr. 200
Buckeye Pipe Line (guar.)
51.75 June 15 Holders of rec. Apr. 21
Canada Cement (guar.)
16
0 Holders of rec. Slat. 310
:3
134 A::
Canadian Explo
usar
iv)
es, co.
corn. (guar.)
Apr. 2
134 Apr. 15 Apr. 1 to
Apr. 2
131
Apr. 1 to
Canadian Industrial Alcohol (quara
Apr. 16 Holders of rec. afar. 31
1
Cartier, Inc., pref. (guar.)
134 A
Apr, 3
30
10 Ilolders of rec. Apr. 140
Central Coal & Coke, common
134 may I Holders of rec. afar. 310
Preferred (guar.)
Ill Apr. 15 Holders of rec. Mar. 310
Chicago Pneumatic Tool (guar.)
331134
-3e Apr. 25 Holders of rec. Apr. 14a
Chicago Yellow Cab (monthly)
9
m.
. Apr. 20
s of ree
33 1-3n June 1 Holders
Monthly
Chief Consol Mining (qlian)
510c. May I •Apr. 11 to Apr. 19
Cities ServiceCommon (monthly, pay.In cash scrip) 51(Ti Stay
i
1 *Holders of rec. Apr. 15
Common (payable in corn. stk. scrip)'
•Holders of rec. Apr. 15
13.4 May
Pref. and pref. B (payable in cash)._
•34 May 1 *Holders of rec. Apr. 15
Cluett, Peabody & Co., com. (guar.)._
131 May 1 Holders of rec. Apr. 20
Congoleum Co., common (guar.)
Apr. 16
0 Holders of rec. Apr. 2a
Consolidated Car Heating (guar.)
' Apr.
Consolidated Royalty Oil (guar.)
1%.
1313
Apr.
.3
Apr. 20
20
0 Apr. 16 to
Consolidation Coal (guar.)
6a
Ap
10Holders
pr: 10
o re,A
H
Copper Range Co
May
$1
Holders ffro
Corn
Ref., corn. (guar.)
134 Apr. 20 Holders of rec. Apr. aa
efPr
erroed
duc(
1q
8 uR
are.i
134 Apr. 15 Holders of rec. Apr. 36
Cosden & Co.. common (Oust.)
May 1 Holders of rec. Apr. 3a
$1
Cosgrave Export Brew. (Canada) (qIL) 134 May 15 Holders of rec. Apr. 30
Del. Lack. & West. Coal (guar.)
$1.25 Apr. 16 Holders of rec. afar. 310
Detroit Nlotor Bus (guar.)
Apr. 7
2
Apr. 14 Apr. 1 to
Extra
Apr. 7
1
Apr. 14 Apr. 1 to
Dome Mines (quar.)
50g. Apr. 27
2t1 Holders of rec. Mar. 310
Dominion Coal, pref. (guar.)
Holders of rec. Apr. 120
Dominion Steel Corp., pref. (quar.)_
May 1
134 May 1 Apr. 17 to
Dominion Stores, Ltd., common
50c. Oct. 1 Holders of rec. Sept. 1
Dominion Textile, old & new pref. (qu.) 134 Apr. 16 Holders of rec. Mar. 31
Du Pont (E. I.) de Nemours PowderDebenture stock (guar.)
131 Apr. 25 Holders of rec. Apr. 100
Eagle-Picher Lead Co., pref. (quar.)__ _ _
134 Apr. 15 Holders of rec. Apr. 53
Elsenlohr (Otto) & Bros., com. (guar.). 131 May 15 Holders of rec. May la
Elgin National Watch (guar.)
*2
May 1 Holders of rec. Apr. 19
Eureka Pipe Line (guar.)
3
May 1 Holders of rec. Apr. 16
Exchange Buffet (guar.)
50c. Apr. 30 Holders of rec. Apr. 216
Fajardo Sugar, common (guar.)
234 May 1 Holders of rec. Apr. 20a
Famous Players-Lasky Corp., pref.(qu.) 2
May 1 Ilolders of roc. Apr. 16a
Federal Acceptance Corp., pref. (quar.) 2
Apr. 15 Holders of rec. Apr. la
Federal Sugar Refining, coca. (guar.)._
131 May 1 Holders of rec. Apr. 200
Preferred (guar.)
134 May 1 Holders of rec. Apr. 200
Fifth Avenue Bus Securities Corp
16c. May 15 Holders of rm. May 1
Firestone Tire & Rubber,6% pref. (qu.) 134 Apr. 15 Holders of rec. Apr. 1
Fisher Body Corp., com. (guar.)
$2 5 May 1 Holders of rec. Apr. 200
•1,
Preferred (guar.)
, May 1 *Holders of rec. Apr. 20
r4
Fleishrnann Co.. com. (guar.)
50c. July 1 Holders of rec. June 150
Common (guar.)
50c. Oct. 1 Holders of rec. Sept. I50
Common (guar.)
50c. Jan 124 Holders of rec. Dec. 150
Franklin (H. H.) Mfg., pref. (guar )__ _ 5134 May 1 "Holders
of rec. Apr. 20
General Electric (guar.)
2
Apr. 14 lloiders of rec. Mar. 70
Special stock (guar.)
151. Apr. 14 Holders of rec. Mar. 70
General Refractories
720. Apr. 14 Holders of rec. afar. 310
Gillette Safety Razor, stock dividend... e5
June 1 Holders of rec. Slay 1
Gimbel Bros., pref. (ouar.)
11%1
1 Holders of rec. Apr. 150
Globe-Wernicke Co., pref. (guar.)
Apr. 15
1u July
2 Il
Hooll0deerers f roe.
.
Gulf States Steel, tat & 2.1 pref. (guar.)
of
First and second preferred (quar.)_ _
131 Oct. 1 Holders of rec. 'll'ar
51a
aa
14
uine. 3
Sept.
First and second preferred (quar.)...- 131 Jan2'24 Holders
of rec. Dec. 140
Ilalle Bros., 1st & 2d pref. (guar.)
131 Apr. 30 Apr. 25 to
Apr. 30
Harbison-Walker Refrac., pref. (guar.) 134 Apr. 20 Holders of rec. Apr. 103
Harris Bros. Co., pref. (guar.)
13( May 1 'Holders
rec. Apr. 10
Hillcrest Collieries, common (oust.).... 134 Apr. 14 Holders of rm. Mar. 31
of
Preferred (guar.)
134 Apr. 14 Holders of rec. afar. 31
Hillman Coal & Coke, 5% pref. (Quax.) 131 Apr. 25 Apr. 15 to
Apr. 25
7% preferred (guar.)
134 Apr. 25 Apr. 15 to
Apr. 25
Hollinger Consolidated Gold Mines
Apr. 2
13
0 Holders of rec. Apr. 6
Holly 011 (No. 1)
June
Homestake Mining (monthly)
50c. Apr. 25 Holders of rec. Apr. 200
Hupp Motor Car, corn. (guar.)
25o. May 1 Holders of rec. Apr. 14
Illinois Brick (goat.)
"131 Apr. 16 •Ilolders of rec. Apr. 4
Indiana Pipe Line (quar.)
$2
May
Holders of rec. Apr. 17
Internat. Educational Publishing, pref._ 50e. May 15
1 Holders of rec. Mar. 1
Internat. Harvester, common (quar.).__ 51.2.5 Apr.
16
Holders of rec. afar. 240
International Nickel, pref. (guar.)
13.4 May I Holders of rec. Apr. 16a
International Paper, preferred (guar.)._
144 Apr. 16 Apr. 10 to
Apr. 25
I ntertype Corporation, corn. (guar.) _ 25c. May 13 Holders of rec. May 1
Common (payable in common stock)_
Nov. 15 Holders of rec. Nov. 1
Jones Brothers Tea, common (guar.).... 110
$1
Apr. 16 holders of rec. Apr, 20
Kelly-Springfield Tire, pref. (guar.).
2
May 15 Holders of rec. May la
Kelsey Wheel, Inc., preferred (quar.)..
131 May 1 Holders of rec. Apr. 200
Kennecott Copper Corp. (guar.)
75e. Apr. 16 Holders of rec. mar. 23
Kerr Lake Miner', Ltd.(guar.)
1234c. Apr. 16 Holders of rec. Apr. 20
Lanett Cotton Mills
4
Apr. 14 Holders.of rec. Mar. 310
Loose-Wiles Biscuit, second
preferred_
7
May 1 Holders of rec. Apr. 19a
Lord & Taylor, tat pref.(guar.)
•134 June
of roc. May 19
NiacAndreves & Forbes, common (guar.) 234 Apr. 14 'Holders
Holders of rec. Mar. 310
Preferred (guar.)
1Si Apr. 14 Holders of rec. Mar. 3I0
Stacy (R. H.) & Co., Inc., pref.
(guar.) 134 May 1 Holders of rec. Apr. 140
Maple Leaf Milling, common
Apr. 18 Holders of rec. Apr. 30
(guar.)-- 2
Preferred (guar.)
131 Apr.
.2
15
8 Holders of rec. Apr. 30
Mason Tire & Rubber, pref. (quar.)_.rr.
Ae
Mpa .3110
134
we;
pr.
deers oft;
ol0
McIntyre Porcupine alines
25c. May
(cluar•)
Mexican Petroleum, common
Apr. 201 Ilolders
of rec. Mar. 310
iHl
(guar.).- 4
Preferred (guar.)
Apr. 20 Holders of rec. Mar. 310
2
Miami Copper (guar.)
. May 15 Holders of rec. May la
Michigan Limestone& Chem.. pref. Mu./
Apr. 16 Holders of rec. Mar. 31a
Michigan Stamping (quar.)
*25e. Apr. 25 •Holders of rec. Apr. lo
501%
Nt1716 of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending April 7. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.,
Miscellaneous (Concluded).
50c. Apr. 14 Holders of rec. Mar.31
Midway Gas, common (guar.)
$1.40 Apr. 14 Holders of rec. Mar. 31
Preferred (quar.)
Apr. 18 Holders of rec. Apr. 2a
.Midwest Oil, corn. & pref. (quar.)_._ 50e. June
30 Holders of rec. June ita
13
Preferred (guar.)
Apr. 16 to Apr. 30
May
Moon Motor Car, common (guar.).- 500. May 1
1 Holders of rec. Apr. 17a
22
(guar.)
Pref.
Mullins Body Corp.,
1
May
1%
Nat. Automatic Fire Alarm of Cin.(au.)
135 May 31 Holders of rec, May Ila
Nat. Enamel.& Stamp., corn. (quar.).
1% June 30 Holders of rec. June 90
Nat. Enamel.& Stamp.. prof. (quar.)_
Sept.29 Holders of rec. Sept. 10a
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. Ila
Preferred (guar.)
Apr. 16 Holders of rec. Mar.31
$1.25
National Fuel Gas
Apr. 16 Holders of rec. Mar. 310
2
Nat. Paper de Type, com.depref. (guar.) 131 May 1 Holders of rec. Apr. 19
National Tea. pref. (guar.)
May 15 Holders of rec. Mar.310
2
New Fiction Pub. Corp.. pref. (quar.)-- 2
May 10 Holders of rec. Apr. 30a
New Jersey Zinc (quar.)
Apr. 25 Holders of rec. Apr. 14
$1.50
New River Co
14 Holders of rec. Mar. 20
Apr.
23
New York Transit
Apr. 18 Holders of rec. Apr. 20
50c.
(quar.)
ion
Transportat
New York
Apr. 1 to Apr. 17
20
Apr.
15e.
Niplssing Mines (gum.)
Apr, 16 Holders of rec. Apr. 7
2
Nova Scotia Steel & Coal. pref.(guar.). SI
Apr. 14 Holders of rec. Mar. 310
(guar.)
Ohio Brass, common
Apr, 14 Holders of rec. Mar. 310
El
Common (extra)
151 Apr. 14 Holders of rec. Mar. 3I0
Preferred (guar.)
Apr. 14 Holders of rec. Mar. 310
Ohio Fuel Supply (guar.)
Apr. 14 Holders of rec. Mar. 310
bonds)_ _
Extra (payable in Liberty
250. Apr. 20 Holders of rec. Apr. 2a
Gas
Natural
Oklahoma
2
Apr. 16 Holders of rec. Mar. 310
Otis Elevator, common (guar.)
151 Apr. 16 Holders of rec. Mar. 3I0
Preferred ((mar.)
Apr. 30 Holders of rec. Apr. 160
20e,
(guar.).
common
Car,
Packard Motor
Apr. 20 Holders of rec. Mar.3I0
com.&com.B 22
Pan-Am.Petro1.dr Tramp.,
May 15 Holders of rec. May 5a
2
Penmans, Ltd., common (guar.)
2% Apr. 14 Holders of rec. Mar. 310
Pennsylvania Salt Mfg.(quar.)
1
Apr. 14 Holders of rec. Mar. 310
Extra
13.1 May 1 Holders of rec. Apr. 200
(quar.)
pref.
Corp.,
-Jones
Phillips
Apr. 15 Holders of rec. Apr. 5
1
(guar.)...
corn.
Pierce, Butler & Pierce,
May 1 Holders of rec. Apr. 20
2
Preferred (War.)
25 Holders of rec. Apr. 90
Apr.
1
(quar.)
common
Coal,
Pittsburgh
151 Apr. 25 Holders of rec. Apr. 9a
Preferred (guar.)
135 Apr. 20 Holders of rec. Apr. 20
Plymouth Cordage (guar.)
Apr. 30 Holders of rec. Mar. 310
2
Prairie 011 dr Gas (guar.)
Apr. 30 Holders of rec. Mar.310
2
Prairie Pipe Line (guar.)
Apr. 16 Holders of rec. Apr. 20
2%
(guar.).common
Oats,
Quaker
May 31 *Holders of rec. May 1
5235
Quaker Oats, common (War.)
*154 May 31 *Holders of rec. May 1
Preferred (guar.)
Apr. 15 Holders of rec. Mar.31
2
(guar.)
Car
Motor
Rickeubacker
1% Apr. 18 Holders of rec. Apr. 5
River Raisin Paper, corn. (guar.) (qu.)_
May 1 *Holders of rec. Apr. 16
*2
Association
Producers'
Creek
Salt
May 1 *Holders of rec. Apr. 16
*2
Extra
25 2-3 May 1 Holders of rec. Mar. 15
Savannah Sugar, pref. (1n pref. stock)
May 1 Holders of rec. Mar. 20
2
(quar.)
pref.
Inc.,
Williams.
Scott &
1% Apr. 25 Holders of rec. Mar.310
Shaffer Oil & Refining, pref. (quar.)....
131 May 1 Holders of rec. Apr. 14a
Simmons Co., pref.(guar.)
Holders of rec. Apr. 10a
Smith (Howard) Paper Mills, corn.(qu.) 135 Apr. 20 Holders of rec. Apr. 10a
Apr. 20
2
Preferred (guar)
of rec. Mar. 3I0
_
Holders
20
Apr.
610
dividend).
(stock
Oil
States
Southern
of rec. Apr. 7
Spalding (A. G.) & Bros., corn. (quar.) $1.50 Apr. 16 Holders of rec. May 190
131 June 1 Holders
First preferred (guar.)
of rec. May 19
Holders
1
June
2
Second preferred (guar.)
of rec. Mar. 310
Span.Riv.Pulp & Paper Mills.corn.(au.) 1% Apr. 16 Holders
151 Apr. 16 Holders of rec. Mar. 310
Preferred (guar.)
rec. Apr. 2a
of
Holders
20
Apr.
50c.
(guar.)
Stearns (F. B.) Co.
of rec. Apr. 4
Steel Co. of Canada,common (guar.)... 131 May 1 Holders of rec. Apr. 4
Holders
1
May
131
Preferred (guar.)
May 1 Holders of rem. Apr. 170
21
Sterling Products (guar.)
June 1 Holders of rec. May 150
2
Stern Brothers, preferred (quar.)
Apr. 16
Apr. 16 Apr. I to
21
(quar.)
Sullivan Machinery
May 15 Holders of rec. May I
Superior Steel Corp., 1st dr 2d pref.(qu.) 2
25o. Apr. 16 Holders of roe. Mar. 30a
Tennessee Copper & Chemical
May 1 Holders of rec. Apr. 230
Thompson (John R.) Co.. corn.(mthly.) 1
1
June 1 Holders of rec. May 23
Common (monthly)
May 15 Holders of rec. Apr. 270
131
A
(quar.)
Class
Products,
Tobacco
7540. Apr. 21 Apr. 1 to Apr. 8
Tonopan Mining
of rec. Apr. 50
Transue & Williams Steel Forg.(quar.) 50c. Apr. 15 Holders
4
May 1 Apr. 29 to May 1
Treat (Robert) Hotel Co., pref
Apr. 16 Holders of rec. Apr. 5a
Truscon Steel, nom.(quar.)
Apr. 14 Holders of rec. Mar. 310
1
Tuckett Tobacco, common (guar.)
131 Apr. 14 Holders of rec. Mar. 310
Preferred (guar.)
Apr. 20 Holders of rec. Mar.31
1
Turman 011 (monthly)
131 Apr. 16 Holders of rec. Apr. 130
Union Bag & Paper (guar.)
43310. Apr. 14 Holders of rec. Mar. 310
Union Natural Gas Corp. (guar.)
521.80 Apr. 28 *Holders of rec. Apr. 10
Union 011 of California (guar.)
873gc May 1 Holders of rec. Apr. 180
United Drug, 1st pref. (guar.)
135 June 1 Holders of rec. May 15
Second preferred ((Mar.)
131 July 2 Holders of rec. June 150
(qum%)
preferred
United Dyewood,
131 Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
131 Jan 2'24 Holders of rec. Dec. 150
Preferred (quar.)
15c. Apr. 28 Holders of rec. Apr. 7
United Eastern Mining
Apr. 14 Holders of rec. Mar. 200
2
United Fruit (guar.)
Apr. 16 Holders of rec. Mar. 284
15
United Profit Sharing (guar.)
140
United Shoe Machinery, common
May 1 Holders of rec. Apr. 30
$I
Mining
Extension
Verde
United
50c. Apr. 15 Holders of rec. Mar.31
U. B. Can, common (guar.)
131 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
June 15 Holders of rec. June la
U. S. Cast Iron Pipe & Fdy., pref. (go.) 1% Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
131 Dec. 15 Holders of rec. Dec. la
((luar.)
Preferred
•15( Apr. 16 *Holders of rec. Mar. 22
U. S. Finishing, common (guar.)
50c. Apr. 25 Holders of rec. Apr. 14
U.S. Glass
131 Apr. 16 Holders of rec. Mar.310
(quar.)
pref.
Alcohol.
U. EL Industrial
131 Apr. 15 Holders of roe. Apr. 1
U. S. Radiator, pref. (quar.)
Apr. 30 Holders of rec. Apr. 16a
2
U. S. Rubber, 1st Pref. ((Plan)
Apr. 14 Holders of rec. Apr. 5
873.5c.
(guar.)
pref.
U. S. Smelt., Ref. & Min.,
Apr. 16 Holders of rec. Mar.I 190
U. S. Tobacco, com.(pay. In corn. stk.) /20
75c. May 1 Holders of rec. Apr. 16
Ventura Consol. 011 Field (guar.)
Apr, 1 Holders of rec. Mar. 200
131
Victor-Monaghan Co., pref. (quar.)-14 Apr. 1 to Apr. 5
Victor Talking Machine, corn. (guar.).- $1.75 Apr.
Apr. 14 Apr. I to Apr. 5
2
Preferred (guar.)
Holders of rec. Apr. 120
20
Apr.
Vulcan Detinning, pref. & pref. A (on.) 131
50c. May 1 Holders of rec. Apr. 23
Wahl Co.. common (monthly)
Holders of rec. May 23
1
June
50c.
Common (monthly)
500. July 1 Holders of rec. Juno 23
Common (monthly)
Holders of rec. June 23
1
July
1%
Preferred (guar.)
Holders of rec. Mar. 31a
Warner (Chas.) Co.of Del.,corn.(guar.) 50c. Apr. 16 Holders of rec. Mar. 31a
131 Apr. 26
Preferred (guar.)
$1.75 Apr. 30 Mar.30 to Apr. 10
Westinghouse Air Brake (guar.)
Apr. 30 Holders of rec. Mar.529a
635
In stock
Apr. 30 Holders of rec. Mar. 300
$1
corn.
dr
(guar.)
Mfg.,
Elec.
se
Westinghou
Apr. 16 Holders of rec. Mar. 300
$1
Preferred (guar.)
50c. Apr. 20 Holders of rec. Mar. 310
White Eagle Oil & Refining (quar.)
May 5 *Holders of rec. Apr. 15
*2
Wilcox 011 dc Gas (guar.)
*1
May 5 *Holders of reo. Apr. 15
Extra
of rec. Apr. 250
Winer:Lester-Hayden. Inc., prof. (guar.) 131 Apr. 25 Holders
May 1 Apr. 26 to Apr. 30
50c.
(monthly)
Wrigley (Wm.) Jr. Co.. corn.
50c. June 1 May 26 to May 31
Common (monthly)
50c. July 2 June 26 to July 1
Common (monthly)
June I Holders of rec. May 22
Wurlitzer(Rudolph)Co.. 8% pref. (qu.) 2
_ 50c. May 1 Holders of rec. Apr. 20
(monthly).
B
class
Mfg.,
Cab
Yellow
June 1 Holders of rec. May 19
50o.
Class B (monthly)
NEW YORK WEEKLY CLEARING HOLISE Rh:TURNS.
(Stated in thousands of dollars-that is. three ciphers fo001 omitted.)
New 1
Reserve
Capital.1Profits. Loans,
Time Bank
Net
with
Discount, Cash
Week ending
De- Circa.
Legal Demand
in
April 7 1923. Nat'l, Dec.29 InvestState. Nov.15 M6711l, Vault. Depost- DOOMS, posits. latient.
tortes.
cte.
Nov.15
(000 omitted.) Tr.Cos,
Average Avga.
tfenthers of Fr d. Res. Bank. Average Average Average Average
$
$
$
$
S
$
$
$S
Bank of N Y d
45,643 7,619
775 6,274
64,301
Trust Co. _. 4,000 11,841
17,762
14,117
2,320
'103,396
128.343
d12,500
10,000
.
Bk of Manha'n
995
4,339
147,655 4,014
klech &Met Nat 10,000 17,182 157,346 1,433 19,814
9,424
71,171 3,387
73,839
Bank of America 5,500 4.551
2:123
63,117
55,140
6.842
*537,792
508,583
51,071
Nat City Bank. 40,000
343
100,279 7,066
1,086 13,567
Them Nat Bank 4,500 16,244 123,635
298
8
540
3,681
62
5,536
203
500
gat Butch de Dr
4,657
84,427
6,564
10,652
1,038
101,465
5,000 7,890
kmer Each Na
255,602 10,393 _
812 33,540
Nat Ilk of Corn. 25,000 37,437 343,588 1,056
3,357
23,006 1,160
24,016
Pacific Bank... 1,000 1,701
120,152 23,263 5,942
DIrat&PhenNal 10,500 9,316 150,022 5,327 17,040
100
313 15,120
107,983..121,187
20,848
5,000
M.
Nat
Flanover
3
152,537 23,51
20,320
3orn Exchange. e9,075 el1,920 .177,241 5,064
51
28,052 ' 58
501 3:420
38,719
Imp di Trad Nat 1,500 8,636
127,130 5,964 7,720
870 16,733
gatIonal Park.. 10,000 23,882 168.430
50
2,533
11,633
1,652
318
14,312
800
East River Nat. 1.000
158,605 36,843 7,450
457 21,726
First National_ 10,000 51,584 312,042 5,096
14,709
260,244
34,767
264,635
,500
awing National g17,500g10
389
0,325
121 1,121
8,092
920
3ontinental Elk_ 1,00.
321,066 27,952 1,092
4,266 44,345
3hase National. 20,000 22,057 353,917
22,022
2,996
662
22,822
500 2,430
Fifth Avenue__
313
8,772
539 1,144
10,122
975
400
3ommonwealth.
397
17
15,286
443 2,787
15,164
3arfield Nat... 1,000 1,645
247
735
15,630
2,060
202
21,432
fifth National. 1,200 1,125
65
75,550 1,890
10,068
764
78,568
7.079
4,000
teaboard Nat__
413
807
13,199
2.164
524
14,923
3oal & Iron Nat 1,500 1,364
32,951
*225,927
28,948
tankers Trust_ 20,000 25,039 268,961 1,066
51,824 4,410 832 6,999
59,318
3 St Mtge & Tr_ 3,000 4.419
1,268 40,803 5385,313 53,774 --lusranty Trust 25,000 17,654 388,276
18,932 1,361
2,494
312
22,822
h1,849
h2,000
Trust
ftelei-Inter
118,255 13,710 ---391 15,864
C Y Trust Co__ 10,000 17,696 145,015
3,079
31,906
515 4,297
39,150
cIelropoiitanTrl 2,000 3,804
597.152 28,496
460 12,743
'arm Losn&TrI 5,000 15,065 135,193
2.345 -_
27,444
3,583
696
33,287
3olumbla Bank 2,000 2,145
21,470 '192,14830,142
i'multable Trust1f2.O00 18,479 -199,044 1,289
----080c3,697.184 430,344 31,943
rota! of averages 288,675431,863 ,591,344 52,059501,
York Stock Exchange has ruled that stock
* From unofficial sources. t The New
on this date and not until further notice. 5 The
will not be quoted ex-dividend
ruled that stock will not be quoted exhas
Association
New York Curb Market
until further notice.
dividend on this date and not
for this dividend. d Correction. C Payable In stock.
a Transfer books not closed
g Payable In scrip. h On account Of accumulated
f Payable in common stock.
of stockholders. I N. Y. Stock Exchange has
dividends. k Subject to approval
ok dividend on Apr. 16. in Payable In pref. stork.
ex-sto
be
will
Stock
ruled
[VoL. 116.
THE CHRONICLE
1620
451 c3,625.783 433,28131,816
rotals, actual condition Apr. 74,531,633 62.254485,
,682,387 424,82332,070
rota's, actual condition Mar.314,011.316 50,110495,917c3
691
c3,637,484 423,90832,013
60,400490.
I
24•,530,24
Mar.
condition
Cotals, actual
Bank
Res've
State Banks Not Me mbers .f Fedl
52
19,267
18,991 1,706 1.768
3reenwich Bank 1,000 2,119
2,879 2,103
472
374
5,822
877
250
lowery Bank_
52,834
29,428
1,993
85,726 3,541
Mate Bank___ 2,500 4,684
51,572 54,989
5,621 4,233
'otal of averages 3,750 7,681 110,539
52,052 55,086
4,590
5,747
110,713
7
Apr.
.dition
c.
'otals, actual
51,910 54,875
4.173
'otals, actual condition Mar.31 110,728 5,579
50.911 54,945
5,669 3,873
110,007
Mar.24
condition
actual
'otals,
silk
B
serve
Re
oral
Fed
of
Members
Not
'rust Companies
33,446 2,040
3,481
52,553 1,540
'Me Guar & Tr 110,000 111,414
641
16,100
892 1,548
25,494
mwyers Tit& T 16,000 14,7..
2,681
49,546
78,047 2,432 5,029
'oral of averages 16,000 16,164
49,543 2,65'
78,24. 2,412 6,227
Mtals, actual co.dition Apr. 7
49.318 2,690
78,172 2,292 5,135
'orals, actual condition Mar.31
49,736 2,735
5,238
2,300
78,566
Mar.24
'otals, actual condition
3,798.302488,01431,943
510,331
60,112
4,779,930
455,708
308.425
led aggr., act'
87 +52.880+3,686 +35
Mmparison with prey week._ +31,530 +337+7.7
60,413495,268 3,727,378 491,006 31,816
;rd aggr., act' cond'n Apr. 7 ,720,586 +2.432-9,957 -58,237 +8,618 -254
'omparlson wi h prey.week. _ -79,640
57,981 505,225g3,783.6151482,38i32,070
1rd aggr., act',cond'n Mar.31 4,800,226 68.36941)9,802 g3,738,131 481,58 32,013
4,718,814
led aggr., °al cond'n M ar.24 4,731,662 56,891 513,884413,840.736 457,48 31,995
ar
M.17
,ed aggr., act'icond'n M.
ar.1014.662,621 59,944 523,259 g3,836,342444,91132,116
-rd aggr., acTi nd'n
0
58,562519,265,g3,952,760408,16 31,5
rd aggr., act*/ eoud'n Mar. 34,728,708
244,762.244 59,816 503,573413,963,881 387,12713102
Feb.
rd azer.. aril ond'n
demand deposits in the general total
Note.-U. S. deposits deducted from net 7,
$126,104,000; actual totals April 7,
April
above were as follows: Average total
Mar. 17.8126.035,000;
$126,126,000; Mar. 31, 8128,032,000; Mar. 24,5128.093,000: s and other liabilities,
, acceptance
rediscounts
payable,
Bills
.
Mar. 10, 233,768,000
0; Mar. 24, $495,2547,816,00
31,
Mar.
average for the week April 7, 8538,473,000;
0. Actual totals April 7,
754,000; Mar. 17, $502,147,000: Mar. 10, $516,461,00
17, 8467,101,000:
Mar.
0;
$527,224,00
24,
Mar.
$535,471,000; Mar.31,8565,277,000;
Mar. 10, 5513,991,000.
as follows:
footings
total
in
included
not
5 Includes deposits in foreign branches
Co., 212,560,000; Guaranty Trust
National City Bank,2130,600,000; Bankers Trust
Equitable Trust Co..
$25,000;
Co.,
Trust
8r
Loan
Co., $88,919,000; Farmers'
countries as reserve for such
$34,451,000. Balances carried in banks In foreign
$25,217,000; Bankers Trust Co., $2,268,000;
deposits were: National City Bank,
Co., 525,000; Equitable
Trust
&
Loan
Farmers'
Guaranty Trust Co., 35,858,000;
in foreign branches not included. d As of
Trust Co., $4,366,000. c Deposits t As of Dec. 31 1922. g As of Feb. 8 1923.
1923.
3
Jan.
of
Dec. 7 1922. e As
h As of Feb. 20 1923.
groups of institutions
The reserve position of the different
week and the actual
the
for
averages
the
both
of
basis
on the
in the following two
shown
is
week
the
of
end
the
at
n
conditio
tables:
OF CLEARING HOUSE BANKS
STATEMENT OF RESERVE POSITION
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks_
State banks*
Trust companies.-- -
5,821,000
2,432.000
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
$
501,069,000 501,069,000 493,544,240
4,233,000 9,854,000 9,282,960
5,029,000 7,461,000 7,431,900
Surplus
Reserve.
7,524,760
571,040
29,100
0 8,124,900
8,053,000 510,331,000 518,384,000 510,259,10
Total April 7_
7,085,670
7.704,000 502,544,000 510,333,000 503,252,330
Tota I Mar. 3L
512.453,000 507,521,120 4,931,880
504,588,000
7,865,000
Mar.
Total
0
12,392,130
515,620,87
0
528,013.00
520,285.000
7,728.000
Total Mar. 17
Bank.
* Not members of Federal Reserve
on net demand deposits In the case of State banks
required
reserve
the
a 'flits Is
case of members of the Federal Reserve Bank
and trust companies, but In the
time deposits, which was as follows:
Includes also amount In reserve required on net
; Mar. 24, 212,618,630: Mar. 17, $11.April 7, $12,910,320; Mar. 31, 212,800,610
796,240.
APRIL 14 1923.1
THE CHRONICLE
Actual Figures.
Cash
Reserve
Vault.
in
Reserve
in
Depositaries
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
1621
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weck.s:
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks_
State banks*
Trust companies_
Total April 7_
Total Mar.31__ _.
Total Mar.24_ Total Mar. 17--.
$
$
485,451,000 485,451,000 484,349,620
5,747,000 4,590,000 10,337,000 9,369,360
2,412,000 5,227.000 7,639.000 7,431,450
1,101,380
967.640
207,550
8,159;000 495,268,000 503,427,000 501,150,430
7.871,000 505,225.000 513,096,000 508,196,500
7,969,000 499,802,000 507,771,000 502,214,540
7,727,000 513.884,000 521,611,000 514,902,070
2,276.570
4,899,500
5,558,460
6.708,930
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the ease of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
April 7, $12,997,830; Mar. 31, $12,744,690: Mar. 24, $12,717,240; Mar. 17, $12,000,480.
April 11
1923.
April 4
1923.
Changes from
previous teee.t.
28
1923.
March
$
$
69.000,000 59,000,000
Capital
59,000,000 Unchanged
37,000 83,679,000 83,679,000
Surplus and profits
83,716,000 Inc.
Loans,(Beets & Investments- 848,395,000 Dec. 3,575.000 851,970,000 847,910,000
Individual deposits, incl. U.S 595,715,000 Dec. 645,000 596,360,000 591,204,000
Due to banks
117,698,000 Inc. 1,569,000 116,129,000 108,989,000
Time deposits
114,194,000 Inc. 1,113,000 113,081,000 113.153,000
United States deposits
54,000 15,814,000 15,722,000
15,868,000 Inc.
Exchanges for Clearing House 23,651,000 Dec. 5,294,000 28,945,000 21,109,000
Due from other banks
295,000 67,181,000 65,550.000
66,886,000 Dec.
Reserve in Fed. Res. Bank
180,000 67,766,000 66,881.000
67,946,000 Inc.
Cash in bank and F. R.Bank 8,648,000 Dec.
40,000 8,688,000 9.034,000
Reserve excess in bank and
Federal Reverse Bank
491,000 1,880,000 1,332,000
1,398,000 Dec.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return
for the week ending April 7, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Fiewu Furnished by State Banking Department.)
Difference from vaults" is not a part of legal reserve. For trust companies
April 7.
Previous week.
Loans and Investments
$790,590,000 Inc. 1,656,700 not members of the Federal Reserve System the reserve
Gold
2,883,800 Dec.
20,400 required is 10% on demand deposits and includes "Reserve
Currency and bank notes_,
18,961,500 Inc.
247,700 with
legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
67,278,100 Inc. 2,745,800
Total deposits
825,155,800 Inc. 12,554,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comWeek ending April 7 1923.
panies In N. Y. City exchanges and U. S. deposits 769,204,400 Inn. 7,588,900
Reserve on deposits
Trust
121,388,000 Inc. 6,213,800 Two Ciphers (00) omitted. Membersof
Percentage of reserve, 20.4%.
F.R.System Companies Total.
RESERVE.
Capital
$39,125,0 $5,000,0 $44,125,0
-State Bank:
- -Trust Companies- Surplus and profits
104,141,0 14,713,0 118,854,0
Cash in vault
*327444,200 16.16%
1,61,679,200 14.55% Loans, dIsc'ts & investm'ts 718,476,0 44
A31,0 762,907,0
Deposits in banks and trust cos_ _
7,968,900 04.69%
24,295,700 05.73% Exchanges for Clear. House 34,272,0
812,0 35,084.0
Due from banks
105,011,0
22,0 105,033,0
Total
$35,413,100 20.85%
$85,974,900 20.28% Bank deposits
124,866,0
781,0 125,647,0
Individual deposits
546,901,0 30,016,0 576,917,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Time
deposits
45,186,0
816,0 46,002,0
State banks and trust oompanies combined on April 7 was 667,278,100.
Total deposits
716,953,0 31,613,0 748,566,0
U. S. deposits (not incl.) _ _
24,543,0
Res've with legal deposit's
4,068,0
4,068,0
Reserve with F. R.Bank.. .57,971,0
57,971,0
Banks and Trust Companies in New York City.-The Cash
in vault*
9,979,0
1,529,0 11,508,0
reserve and cash held 67,950,0
averages of the New York City Clearing House banks and Total
5,597,0 73,547,0
Reserve required
57,377,0
4,534,0 61,911,0
trust companies combined with those for the State banks Excess res.
dc cash in vault_
10,573,0
1,063,0 11,636,0
and trust companies in Greater New York City outside of •Cash in vault not counted as reserve for Federal Reserve
the Clearing House are as follows:
COMBINED RESULTS OF BANKS A:go
TRUST COMPANIES IN
GREATER NEW YORE.
Loans and
Insestment*.
Week ended- .
Dec. 16
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 8
Mar. 10
Mar. 17
Mar. 24
Mar.31
Anril 7
Demand
Deposits,
•Total Cash
In Vaults.
Reserve in
Depositories.
$
$
$
4,798.475.400
5,523,709,500
5,519,496,000
5,630,574,400
5,529,461 100
5,562.902.5W
5,522,233,200
5,532,381,800
5,496,199,200
5,492,303,000
5,483,962,900
5,513.445,100
5,475.408,000
5,479,843,100
5.512.494,700
5,537,333,300
5 .520_520_000
4,545,721,000
4,594,948,100
4,733,584,900
4,802,407.700
4,774,730,400
4,760,083,200
4,734,896,900
4,731.427,200
4,718,679,400
4,722,504,900
4.715.552.100
4,733,493,300
4,644,941,800
4,623,173,900
4,545.042.400
4,507,057,500
93.839.300
100,766,600
100,243,100
90,677,500
93.343,800
86,646,900
83,614,700
82,113,900
83,018,000
81,338,300
81,328,900
81,535,300
81,540,500
80,732,900
80,172,800
81,393,300
4 AA7 AAR Ann
$
609,293,500
618,154,200
632.127,800
656,380,000
842,753.600
637.700.500
622,630,300
627,114.400
624,211,400
631,693,900
627,981,800
631,333,800
614,759.80(
620,097,100
601,462,000
596,099,901
RI OM, RAA
ano 47.2 "ni
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mild in thousands of dollars-that is. three ciphers (0001 omitted.)
N,t
Loans
a/Mali Profits DisCLEARING
Reserve
counts, Cash
with
NON-MEMBERS
in
Slat.bks.Dec.29 InvestLegal
Week ending
tateblts.Nov15 meats, Vault. DeportApril 7 1923. Pr. cos. Dec.30 &c.
tortes.
Members of
Fed. Res, Bank.
Battery Park Nat_
W.R.Grace dc CoTotal
Nall
Batik
remand Time
DeDeCircaposits, poets. lation.
Average Average Average Average Average Average
$
$
$
$
$
8
6
158 1,121
1,163 11,532
7,473
501
198
25
502
1,864 6,608
1,339 9,991
2,111
2,502 21,523
183
1,623
1,
2,208 25,594
3,147
1,647
Frust Companies Not M tither' of Fed.Reserv e Bank
11ech.Tr.,Bayonn
50
348 9,200
326
203
Total
Net
$
1,51#
505.
State Banks Not Manib rs of Federal Reserve Bank
Bank of Wash.H
310
702
2
329 5,747
Dolonial Bank_ .. _.
1,879 19,847 2,445 1,337
8
Total
Net
505
)rand aggregate
3,500
2ornparison with p revious
348
9,200
326
5,059 56,317
+230
3,656
+421
203
9,337
5,166
20,620
25,786
7,109
198
1,173
3,37
5.608
3,379
5,608
198
+1
3.236 3,346 a38,821 13,518
3,576 3,541 239,172 13,492,
3.857 3,437 a39,802 12.8231
red agar.. Maria
R 754 2 &RR a20.925 12.217i
a U. S. deposits deducted. $442 000.
Bills payable, redisoounts, acceptances and other liabilities. $2,257,000.
Excess reserve, $607,050 increase.
197
193
195
3rd agar., Mar 31
3r'd aggr., Mar.24
3,50
5,05[6,O87
3.60t 5,05 5(1.524
3,50
5.05 56,041
5.0191
3.500
54.570
644,125.0
117,148,0
759,261,0
29,446,0
97,972,0
120,471,0
559,986,0
35,457,0
725,814,0
24,723,0
3,425,0
54,913,0
71,133,0
69.471,0
60,546,0
8,925,0
members.
Resources-
Gold and gold certificates
Gold settlement fund-F. R. Board
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Aprf1111923. April 4 1923. Apr1112 1922.
$•
00
00
919:0
7:9
10
120
59
4:6
520
41:7
16
13
3 218°62.'8
85
99
4:8
985
54 2
2
1
414,161,876
633,718.370
7,492,307
423,754,840
638,904.470
9,285,207
348,100,000
770.101,000
10,000,000
Total gold reserves
Reserves other than gold
1,060,372,854 1,071,944.518 1,128,201.000
29,065,000
14,022,597
14.032,045
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
All other
13111s bought in open market
1,074,395,451 1,085.976.563 1,157,266,000
11,034.116
9,388,812
43,338,000
137,336,896 165.668,250
22,934,000
44,834,965
44,934.707
35.474,000
27,461.851
46,839.692
Total bills on hand
U. S. bonds and notes
U. S. certificates of IndebtednessOne-year certificates (Pittman Act)_
All other
229,015.354
15,505,750
238.064.809
17,445,750
101,746,000
78,894,000
1,525,000
1,380,000
26,500,000
55,514,000
Total earning assets
246,046,104
Bank premises
11,369,843
5% rederup.fund agst.F.R.bank notesUncollected Items
137,300,198
All other resources
1,464,354
256,890.559
11,360,830
Total resources
1,481,610,070 1,499,630,936 1,550.294.000
LiabilitiesCapital paid in
28,940,400
Surplus
59,799,523
DepositsGovernment
15,257,971
Member banks-Reserve account_ __ _ 691,415,850
All other
11,034,232
Total
717,708,054
F. R. notes in actual circulation
565,180,929
F. R. bank notes In eircu'n-net liability
Deferred availability items
10616:170
AU other liabilities
3,723,993
Total liabilities
134,663.954
1,342,015
262,654,000
7,632,000
1,136,000
118,324,000
3,282,000
28,914,900
59,799,523
27,102,000
60,197,000
33.686.173
689,543,914
10.607.079
9,260,000
696,978,000
10,538,000
733,837,167
574,400.368
716.776,000
625,426,000
19,918,000
96,778,000
4,097,000
99.595,976
3,083,000
1,481.610,070 1,499,630.936 1,550,294,000
83.0%
86.2%
10,270,337
13,694,723
CURRENT NOTICES.
3,473 a38,502 13,890
+127 -319 +372
.4'1 6 seer., Mar.17
644,125.0
117,148,0
761,874,0
31,724,0
98,630,0
119,607,0
565,737,0
47,319,0
732,663,0
24,700,0
4,412,0
55,761,0
11,543,0
71,716,0
61,099.0
10,617,0
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 April 11 1923 in
comparison with the previous week and the corresponding
date last year:
Ratio of total reserves to deposit and
F. R. note liabilities combined
83.7%
Contingent liability on bills purchased
for foreign correspondents
5,560,313
•Not shown separately prior to January 1923.
1,173
March 31 March 24
1923.
1923.
107
-John Moody, President of Moody's Investors' Service, has returned
to New York from the Pacific Coast,
where he addressed representatives,
groups of bankers and business men in San Francisco. Los Angeles and other
leading cities. Mr. Moody also made preliminary arrangements for the
opening of an office of Moody's Investors' Service in San Francisco, in
addition to that now maintained in Los Angeles.
-Watson, Armstrong & Co., members of the New York Stock Exchange,
announce the removal of their offices from 7 Wall St. to the Blair Building
24 Broad St.
[vol.. 116.
THE CHRONICLE
1622
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 12,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week 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. The Reserve Board's comment upon the return for the latest
week appears on page 1597, being the first item in our department of "Current Events and Discussions."
CLOSE OF BUSINESS APRIL 11 1923
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
April 111923. April 4 1923. Mar.281923. Mar.21 1923.1Mar. 14 1923. March 7 1923.1Feb. 28 1923. Feb. 21 1923. April 121922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R.Board
324,630,000
657,410.000
325,484,000
677,216,000
3
3
320,401.000
653,708,000
313,211.000
638.208.000
323,572,000
648,226,000
311,550.000
645,285.000
302,611,000
604,008,000
302,688.000
574,857,000
326,345,000
509,369,000 •
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
982.040,000 1,002.700.000 974,109.000 971,798,0001 951,419,000 956,835,000 906.619,000 877,525,000 835,714,000
2,041,509,000 2,013,538,000 2,034,099.000 2,052,103,000 2,068.613,001 2,074.043.000 2,108.767,000 2,142,076.000 2,091,844,000
58,180,000
52,763,000
57.427.000
55,641.000
58,282,000
50,400,0001
62,210,000
53,257,000
55.586.000
Total gold reserves
Reserves other than gold
3,085,759.000 3,069,495,000 3,063.794,000 3,074,301,000 3.078.294,000 3,083,641,000 3,072,813,000 3.075.242,000 2,985,738,000
98,680,000 103,522,000 112,494,000 118,323.0001 118,275.000 117.633,000 128,787,000 128,367.000 126.285,000
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3,184,439,000 3,173.017,000 3,176,288.000 3,192,624,000'3,196.569,000 3,201,274,000 3,201,600,000 3,203,609,000 3,112,023,000
45,824.000
68.108,000
70.144,000
67.917,000
69,451.000
66,663,000
65.815.000
66.258,000
327.412,000 380,785,000 388,238.000 351.861,000 361.286,000 330,093.000 356.039,000 368.241.000 210.656,000
295,238,000 314,445,000 311,781.000 278,126,000 251.773,000 241.394,000 239,721.000 259.682.000 362,884,000
93,611,000
274,389.000 259,879,000 254,251.000 237,965,000 225,416,003 218.886,000 207,678,000 182,353.000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
Other certificates
Municipal warrants
897,039,000
162.826,000
73,328,000
955,109,000
164,586,000
74,563,000
954,270.000
172,208,000
77,201,000
867.952,000
163,589.000
128,322,000
41,000
41,000
41,000
41,000
838.475.000
160,679,000
184.034.000
790.373,000
157,976,000
188.911.000
803,438,000
173.975,000
189,099,000
810,276,000
167.420.000
186.614.000
667,151,000
261.585,000
251,376,000
102,000
1.135,234,000 1,194.299,000 1,203,720,000 1,159,904,000 1,183.188.000 1,135,260,000 1,166.512.000 1,164.310,000 1,180,214,000
Total earning assets
47,042,000
38,928,000
47,863.000
47,937,000
48,108.000
48,761.000
49,208,000
48,938.000
48,847,000
Bank premises
7,811,000
311.000
311.000
311,000'
291,006
291,000
notes
191,C00
191.000
bank
R.
191,000
F.
agst.
fund
6% redemp.
638,391,000 621.458,000 559,481.000 645,874,000 689,039,Gt0 618,956,000 608.167,000 606,089,000 546,351,000
Uncollected Items
16,959,000
16,566,000
17.113.0001
16.799,000
17.348,600
14,439,000
13,627.000
13,434,00C
13,588,000
All other resources
5,087,348,000 5,118,000,000 5.067,930,000 5,131,344.000 5,202,460.000 5.090.995,0006.087.076.000 5306,755,000 4,902,286,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
108,683.000 108,647,000 108,623,000 108,563,000 108.483.000 108.852,000, 108,867,000 108,874,000 104.109,000
218,369,000 218,369.000 218.369,000 218,369,000 218,369,000 218,369,000' 218,369,000 218,369,000 215,398.000
38,634,000
46,306.000
38,773.000
43,401.000
42.442.000
98,627,000
45,218.000
74,423.000
85,432.000
1,876,414,000 1,594,035,000 1,871,373.000 1.866,475.000 1,932.714,000 1,879.697,000 1,887.552,000 1.897.691,000 1,726,016,000
38,381,000
21,917.000
21,364.000
24,392,000;
1.00020,633,000
19.93
20,499.000
20,148,000
19,465,000
1,942,131.000 1,988.606,000 1,976,270,000 1.985,033,000 1.995.789.000 1.942,862,000 1.952,317.000 1,965.914,000 1.803,031,000
Total deposits
2,231,041,000 2.240,951,000 2,232,482,000 2,231.487,000 2.242,902.000 2,256,302,000 2,246,943,000 2.280,497.0002,200,305,600
F. R. notes in actual circulation
32,065,000
2,645,000
3,066,000
2,788.000
2,599,000
2,368,000:
2,488,000
2.472,000
2,435.000
F.R.. bank notes in circulation-net liab
569,272.000 544,367,000 515,298,000 572,000,000; 621,433,000 549,513.000 546.254,000 538.323.000 477.258,000
Deferred availability items
20,120,000
12.309,000' 11,681,000
11,712,000
13,524,000, 12,885,000
15,380,000
14,572.000
14,453,000
All other liabilities
5.087,348,000 5.118,000,000 5,067,930,000 5,131,344.000 5,202,460.000 5,090.995,000 5.087,076.000 5.106,755,000 4,902.286.000
Total liabilities
Ratio of gold reserves to deposit and
74.6%
73.2%
72.7%
73.4%
72.6%
72.9%
72.5%
72.7%
73.9%
combined
liabilities
note
F. R..
Ratio of total reserves to deposit and
77.7%
76.2%
76.2%
75.4%
75.8%1
75.7%
75.0%
75.5%
76.3%
F. R. note liabilities combined
3
Distribution by Maturities1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
.8
60,462,000
493,438.000
1,449,000
68,201,000
513,267,000
2,819.000
66,559,000
457,147.000
1,700,000
73.178.000
453,609.000
58,300,000
61.624,000
419.826,000
61.405,000
58,137.000
455.438.000
88,620.000
$
59.427,000
484,614,000
4,684.000
53,095,000
47,394,000
50,121.000
42,899,000
43,874,000
40.184,000
41.627.000
36.384,000
39.323.000
33,993.000
42.253,000
32.457,000
35.000
34,755.000
31,901.000
46,992.000
67,678,000
73,744,000
41,000
61,977,000
78,006,000
57,897,000
71,245,000
63,421,000
66,358,000
60,442,000
60,086.000
64.662.000
59,752.600
57,810,000
54,321,000
44,669,000
53,490.000
15,000.000
35,987,000
303,151,000
4,115.000
51,000
20,171,000
66,160,000
2,000,000
51,000
20,997,000
104.975,000
500,000
68,015,000
52,691,000
34,000
70,003,000
55,447,000
582,000
52,110,000
45.811,000
54,124,000
38.968.000
41,971.000
44.344,000
37.865,000
38,789,000
32,519,000
36.738.000
35,210,000
t
15,217.000
64,076.000
40,229,000
12,944,000
20,609,000
73,710.000
14,342.000
20,045,000
72,532,000
12.001,000
20,487,000
72,498.000
11,201,000
21,009,000
125.734,000
8,933,000
20.051.000
125,506,000
10,689,000
21,025,000
120,444,000
8,292.000
21,180,000
119,938,000
1,239,000
35,178,000
204,533,000
80,670,000
433,598,000
1,584,000
41,000
45,052,000
42.008,000
41.000
63,829,000
51,772,000
14,203.000
20,836,000
74,382400
Federal Reserve NotesOutstanding
Held by banks
2,613,072,000 2,618,699,000 2.601,079,000 2,617,539,000 2,637,482.000 2,650,183.000 2.647.562,000 2,652,879.000 2,532,853,000
382,031,000 377,748,000 368,597.000 386,052.000 394.580.000 393.881,000 400.619.000 392.382.000 332,548,000
In actual circulation
2,231,041,000 2,240,951,000 2,232,482,000 2,231.487,000 2,242.902.000 2.256,302,000 2.246.943,000 2.260.491,000 2,200,305.000
3,512,304,000 3.527,052,000 3,354,769,000
Amount chargeable to Fed. Res. Agent 3,443.457,000 3,447,496,000 3.463,617,000 3.473.338,000 3,487.449.000 3.503.305,000 864.742.000 874.173.000 821,916,000
830,385,000 828,797,000 862,538,000, 855,797.000 849.967,000 853,122.000
In hands of Federal Reserve Agent
2,613,072,000 2,618.699,000 2,601,079,000 2.617,539.000 2.637,482.000 2.650,183,000 2.647.562.000 2.852,879,000 2,532.853,000
Issued to Federal Reserve banks
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
314,899.000, 314,599,000 314,899,000 314,899.000 312,399.000 322,399.000 317,399,000 327,398,001 403,713,000
571,563,000 605,161,000 566,980.000 565,436,000 568,869.000 576,140,000 538,795.000 510.,03.000 441,009,000
130,285.000 128,082,000 129,141,000 123,544,000 126.838.000 124,765.000 136,023,000 126,833,000 127,032,000
1,596.325.000 1.570,557,000 1,590,059,000 1.613,660.000 1.629.378,000 1,626.879,000 1,655,345.000 1,687.845.000 1,561,129.009
2,613,072,000 2,618,699.000 2,801,079,000 2.617.539,000 2,637.452,000 2,650,183,000 2,647.562.000 2,652,879,000 2,532,853,000
Total
Eligible paper delivered to F. R. Agent_
861.802,000
910,978,000
907,160,000
813,671.000
789.610.000
756,301.000
749.098,000
760.241.000
60,597,000
•Not shown separately prior to Jan. 1923.
YSTATEMENTOF RH.SOURCES AND LiABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 111923
Two ciphers (00) omitted.
Federal Reserve Bank of-
Boston
$
RESOtliCES.
17,725,0
gold and gold certificates
55,359,0
fund-F.R.Wrd
settlement
3916
New York
Phila.
3
Cleveland Richmond AUanta
$
$
$
Chicago
$
&. Louis Minneap. Ran. City
$
$
s
Dallas
San Fran.
$
$
S
159,620,0 23,243,0 12,497,0 7.619,0 5,935,0 53.193,0 3,173,0 7,908,0 3,048,0 10,509,0 20,160,0
254,542,0 33,612,0 66,024,0 17,570,0 19,847,0 90,428,0 12,669,0 20,907,0 35,328,0 10,976,0 40,148,0
Total
a
324,630,0
657,410,0
414,162.0 56,855.0 78,521,0 25,189.0 25,782,0 143,621.0 15,842,0 28,815.0 38.376.0 21.485,0 60.305,0 982,040,0
638,718,0 158,220,0 205.787,0 54.034,0 100.873.0371,512,0 68,970.0 48.576,0 51,509,0 13,048,0 161,421,0 2,041,509,0
62.210,0
7,493,0 8,812,0 3,157,0 7,260,0 1,249,0 8,206,0 2,649,0 2,098,0 2,153.0 1,232,0 6,368,0
Total gold held by banks
3old with F. R.. Agents
3old redemption fund
73,084,0
168,841.0
11.533,0
Total gold reserves
Reserves other than gold
253,458,0 1,060.373.0 223.887,0 287,465,0 86,483,0 127,904,0 523,339.0 87,461,0 79.489,0 92.038,0 35,785,0 228,097,0 3.085,759.0
98.680,0
923,0 4,165,0 4,451,0 4,477.0
14,022,0 4,263,0 5.972,0 9,820,0 8,317,0 15,249,0 19,165,0
7,856.0
261,314.0 1,074.395,0 228,150.0 293,437.0 96,303.0 136,221,0 538,588.0 106,626.0 80,412,0 96,203,0 40,216,0 232,574,0 3,184,439,0
Total reserves
66,258,0
11,034,0 3,457,0 2,605.0 3,114,0 7.002,0 6,098,0 4,938,0 1.698,0 3,416,0 3,999,0 6,426,0
12,471,0
son-reserve cash
Bills discounted:
17,613.0
327,412,0
10,045,0
40,124,0
768.0
3.097.0
7,412.0
16,821,0 137,336,0 40,780,0 28,838.0 22,340.0 2,238,0
Secured by U.S.Govt.oblIga'ns
44,839,0 14,327,0 20,035,0 30,808,0 17,067,0 38,559.0 13,299,0 16,007,0 14,917,0 19,180,0 36,225.0 295,238,0
29,975.0
Other bills discounted
75,0 17,338,0 37,990,0 274,389,0
46.480,0 26,269,0 51,549,0 1,716,0 27,678,0 33,02,0 12,057,0 1.997.0
17,428,0
31118 bought in open market
Total bills on band
7. 8. bonds and notes
g.S.certifleatPq nt Indebteduees_
Igurdalpal warranta
897.039,0
162,826,0
75,328.0
41.0
64,224,0
5,420.0
4,753,0
229,015,0 81,376.0 100,422,0 54,864,0 46.983,0 112,135,0 35,401,0 21,101,0 22,404,0 37,286,0 91,828.0
508,0 7,712,0 16,402,0 14,824,0 33,331,0 3,379,0 27,617,0
15,506,0 24,438,0 12,348,0 1,341,0
511.0 4,575,0 8,625,0
2.001,0 35,903,0 7,437,0
979,0 9,019,0
1,525,0
41,0
74397.0
246.046.0 106.834.0 121.789.0 511.205.0 49492.0 155.750,0 59,240,0 36.436.0 60.310.0 49.290,0 119,445,011.135.234.0
APRIL 14 1923.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
lank premises
•% redemption fund
F. R. bank notes
7ncollected items
kll other resources
Reston
New
$
4,434,0
against
55,397,0
139,0
Total resources
LIABILITIES.
3apital paid In
lupins
Jeposits: Government
Member bank-reserve acc't
Other deposits
York
S
11,370,0
Phila.
$
704,0
Cleveland Richmond Atlanta
$
8,015,0
$
2,617,0
S
2,340,0
1623
Chicago St. LOUS3 Minnsap. Kan. City
5
8,715,0
S
940,0
$
1,149,0
$
4,868,0
Dallas
$
1,937,0
San Fran.
Total
$
2,119,0
$
49,208,0
100.0
26,0
65,0
137,300,0 53,684,0 68,188,0 53,561,0 25,868,0 80,396,0 41,700,0 14,765,0 39,727,0 24,601,0 43,204,0
564,0
402,0
772,0 2,030,0 4,524,0
1,465,0
399,0
403.0
737,0
330,0 1,812.0
191,0
638.391,0
13,627.0
408,152,0 1,481,610,0 393,228,0 494,598,0 212,202,0 221,326,0 790,349,0 213,774,0 136,272,0 205,396,0 122,149,0 403,292,0 5,037,348,0
8,053,0
16,312,0
5,418,0
122,921,0
433,0
28,940,0 9,482,0 11,993,0 5,682,0 4,427,0 15,007,0 4,925,0 3,585,0 4,638,0 4,183,0 7,768,0 108,683,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30.398,0 9,665,0 7,473,0 9,483,0 7,496,0 15,263,0 218,369.0
15,258.0 3,001,0 3,178,0 1.505,0 3,714,0 2,316,0 2,401,0 1,960,0 2,580,0 1,761,0 2,126,0
45,218,0
691,416.0 113,066,0 161,594,0 61,328.0 54,508,0 277,572.0 71,539,0 50,390,0 79,744,0 52,162,0 140,174,0 1,876,414.0
179,0
11,034,0
259,0 1,203,0
428,0 1,193,0
242,0 3,705,0
548,0
565,0
709,0
20,499,0
Total deposits
128,772,0
r. It. notes In actual circulation 202,916.0
r. R. bank notes In circulationnet liability
3eferred availability items
51,430,0
1.11 other liabilities
669,0
717,708,0 116,495.0 165,965,0 63,012,0 58,481,0 281,091,0 74,505,0 53,059,0 82,872,0 54,165,0 146,006,0 1,942.131,0
565,181.0 198,690,0 233,270,0 82,909,0 126,035,0 395.284,0 80,994,0 56.584,0 62,548,0 29,136,0 197,494,0 2,231.041,0
1.484,0
436,0
552.0
106.257,0 48,797,0 58.555,0 48.704,0 22,627,0 66,467,0 42,784,0 14,640,0 43,780,0 24,938,0 40,293.0
607,0
814,0 1,550,0
3,724,0 1,015,0 1,320,0
586,0 1,795,0 1,468,0
931,0
901,0
2,472,0
569,272.0
15.380.0
Total liabilities
408,152,0 1,481,610,0 393,228,0 494,598,0 212,202,0 221,326,0 790,349,0 213,774,0 136,272,0 205,396,0 122,149,0 408.292,0 5,087,348,0
Memoranda.
1WM of total reserves to deposit
and F. R. note liabilities combined, per cent
73.5
66.0
78.8
73.8
72.4
73.3
83.7
68.6
79.6
67.7
76.3
48.3
66.2
1ontingent liability on bills purchased for foreign correspond'ts 2,711.0
1,482,0 5,025,0 1,591.0 1,229,0 1,555,0 1,301,0 2,567,0
5,560,0 3,109,0 3,904.0 1,880.0
31.914,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUN rS AT CLOSE OF BUSINESS APRIL 11 1923.
Federal Reserve Agent at-
Roston. New York Phila. Clever d Richm'd Atlanta Chicago St.Louis Minn. K. City Dallas San Fr.
Resources(In Thousands of Dollars)
S
Federal Reserve notes on hand
84,700
Federal Reserve notes outstanding
224,628
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
25,300
Gold redemption fund
15.541
Gold Fund-Federal Reserve Board
128.000
Eligible paper f Amount required
55,787
1 EICCal amount held
8,437
$
$
3
$
3
$
$
105,860 26.190 11,125 19,643 19,929 60,985 830,385
442,587 100,725 60,212 70,623 32,783 245,180 2,613,072
2,400
235,531 7.000 13,275
32,137 16.331 12,512 3,239 4,973
371,000 134.389 180,000 50,795 93,500
103,042 69,168 41,498 37,588 30,376
108,456 3.882 55,765 14,863 16,551
11.880 13,052
6,461
314,899
16,868 3.590 1,524 4.149 2,587 16.784 130.285
354.644 53,500 34,000 47,360 4,000 144,637 1,596,325
71,075 31,755 11,666 19,114 19,735 83,759 571,563
41,037 3,563 8,921 3,284 17,533 7,947 290,239
Total
542,393 1,904,316 504.853 581,15.5 227.657 356.092 1,032,071 231,203
LiabtlUies- .
Net amount of Federal Reserve notes received from
Comptroller of the Currency
309.328 1.057.100 273,588 278,105 121,172 208,292 548,447 126,915
Collateral received from'Gold
168,841 638,718 158,220 205.787 54.034 100,873 371,512 68,970
Federal Reserve 13anklEligible paper
64,224 208,498 73,050 97,263 52,451 46,927 112,112 35,318
-Total
542,393 1,904,316 504,858 581,155 227,657 356,092 1,032,071 231.203
Federal Reserve notes outstanding
Federal Reserve notes held by banks
224,628 738,760 227,383 247.285 91,622 131,249
21,712 173,579 28,698 14,015 8,713 5,214
202 916 565.181 198,690 233,270 82,909 126,035
Federal Reserve notes In actual circulation
Total
S
$
$
$
$
318,340 46,200 30,820 29,550 77,043
738,760 227,388 247,285 91,622 131,249
190,530 164.173 103,024 559,292 6,346,768
71,367 90,266 52.712 306,165 3,443,457
48,576 51,509 13,048 161,421 2,041,509
20.587 22,398 37,268 91.706 861,802
140,530 164,173 103,028 559,292 6,316,768
442,587 100,725 60,242 70,623 32,783 245,180 2,613.072
47,303 19,731 3.658 8.075 3.647 47,686 382,031
395,284 80,994 56,584 62,548 29,136 197,994 2,231.041
Weekly Return for the 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 777 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 1598.
1. Data for all reporting member banks in each Federal Reserve District at close of business April 4 1923.
Federal Reserve District.
Boston
New York
Phila.
Cleveland Richmond Atlanta
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
S
5
13,277
88.696
240,764 1,723,743
610,1272,496,658
13,428
271,760
327,953
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty Notes
U. S. Treasury Notes
U. B. Victory notes & Trees' runts.
U. S. Certificates of Indebtedness
Other bonds, stocks and securities._
864,168 4,309,097
12,722
48,476
78,213 456,235
5,285
37,628
23,749 501,625
6.161
77,224
171,378 718.347
618,141 1,088.687
48,043
11,464
47,287 120,214
8.681
4,155
58,600
53.295
16,459
7,767
181,252 287.609
Total loans & disc'ts & investm'ts, 1.161,676
6.148,632
Reserve balance with F. R. 1iank
84.039 621.057
Cash in vault
18,447
83,654
Net demand deposits
796.796 4,754,414
Time deposits
249,534 926,541
Government demposits
19,253 153,498
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt.obligations
7,752 143,390
All other
21,520
39,356
923,361 1.628,293
74,231 112.792
31,070
16,434
696,130 925.402
88,386 551,393
24,968
28,859
46
107
s
55
20,673
15.009
s
84
31.792
376,412
680.483
11.719
11.778
$
77
$
39
Chicago St. Louis Minnow,. Kan. City
$
107
10,144
7.346
46,717
126,531
57,168 549,786
321,870 341,972 1,149,143
--458,545 406,486 1.745,646
30,310
14,541
24,955
30,933
13,994
94,675
5,005
1,849
12,408
9,947
6,354 128,248
4,131
9.321
25,666
51,143
36,346 366,529
590,014 488,891 2.398,127
35.336
33,394 203,009
13,527
10,004
55,280
332.561 278,707 1,477,038
154,318 169,150 772,429
9,778
11,017
29.882
13,756
18,486
980
6,038
Three ciphers (000) omitted.
45,211
31.292
36
30
78
Dallas
San Fran.
Total
16,962
136,699
301,909
7,893
51,458
192,410
8,177
77,029
365,202
5.113
52,647
212,093
777
5
$
270,651
16,106
163,932 3,827,929
781,219 7,781,039
455.570
15,323
25,380
9,102
24,743
5,537
87,182
251.761
8,776
11,610
1,319
25,832
4.276
30,592
450,408
12,092
46,658
4,637
20,670
7,358
59,883
269,853
19,854
15,251
2,229
14,146
8,604
9,064
961,257 11,879,619
233.082
36.526
98,033 1,038,483
105,793
13.495
918,042
50.833
188,060
15,557
156,752 2,156,077
622,837
45,454
8,061
365,671
183,978
10.322
334,166
23,923
5,875
211,534
33,677
5,540
601,706
51.935
11,103
458,505
124,503
6,913
339,001 1,332,452 16,569.156
91,738 1,406.993
25.085
283.491
9,225
20,811
235,221 680,328 11,212.307
75,528 609,805 3,989,247
337,082
14.826
24.226
3,879
12.087
3,265
3.736
11,439
5.754
s
$
s
s
52
45
3.101
66
19,672
18.020
281,781
187.077
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
AU F. R. Bank Cities F. R. Branch Cities'Other Selected Cities.
April 4. Mar. 28. April 4. Mar. 28. April 4.
Number of reporting banks
63
63
49
49
Loans and discounts, gross:
$
$
$
$
Secured by U.S. Govt. obligations
79,780
74,356
33,298
37,150
Secured by stocks and bonds
1,540,852 1,486,631 415,552 413,570
All other loans and discounts
2,190,368 2,173,710 680,875 680,003
Total loans and discounts
3,811.0003,734,6971,133,577 1,126,871
U.S. pre-war bOnd9
37,825
37.835
3,408
3,413
U. S. Liberty bonds
388,864 387,653
37,544
37,574
U.S. Treasury bonds
28,107
29,906
5,414
5,459
U.S. Victory notes & Treasury not
468,649 477,082
85,137
85,270
U. S. Certificates or Indebtedness
72,263
70.236
11,616
11,283
stocks
bonds,
Other
and securities
518.942 518,171 188,714 191,798
259
$
181,488
2,797,280
4,825.413
Total.
Mar. 28. April 4. i Mar. 28. April 4. Mar. 28..4pr.4'23. Mar.23'23 Apr.5'22.
,
259
208
207
310
311
777
801
777
$
.$
$
$
$
$
$
$
174,498
48,917
50,483
40,248
373,877
40,287
265,268
270,651
2,731.064 552,736 549.313 477.913 484,962 3,927,929 3.765,339 3,155,086
4,812.033 1,568,682 1,554,436 1,386,944 1,386,404 7,781.039 7,752,873 7,345,236
7.804,181 7,717,595 2,170,33512,154.232 1,905,103 1,911,653
11,879,619 11.783,480 10,874,199
99,796
99,768
77,0911 77,017 103,195 106,495
.
619,388
619,497 251,017: 252,205 168,078 169,911 1,038,483 1,041,643 1,030,975
57,744
59,516
25.679; 25,615
22,370
107,509
105.7931
22,378
693,536
702,255 142,882' 144,738
458,962
81.624
81,760
918,012
928,753
114.158
113,558
47.009
49,888
109,115
26,893
28,018
191,462
188.060
1,162,376 1,167.651 570.9941 570,253 422,707 423,580 2.158,077
2.161,484 2,103.043
Total loans & disels & 1nvest'ts,5,325,7405,255,560 1.465.127 1,451,951 10.551.17910.479,840
3,285,007-3,273,946 2,732.970 2,743,825 16,569,156 16,497,61114,576,294
Reserve balance with P. R. Bank
671,197 589,476 145,211 136,051
995,889
993,782 235,1911 228,211 175,913 172,785 1,406,993 1,394,778 1,313,825
Cash In vault
69,204
68,195
145,688
29,369
29,405
145.663
59,2251
273.355
59,226
282.544
78,578
283,491
77,655
Net demand deposits
4.257.8054,185,561 998,211 095.110 7,632,2591 7,523.552
Time deposits
663,879 626,165 376,407 376,425 1.998.0631 1,961,267 1,887,852 1,859,331 1,692,196 1,699,176 11,212,30711.082,05910,455,969
3,121,448
1,166,846'1,162,987
3,948,420
824,338
3,989,247
824,166
Government deposits
140,867 140.867
15,713
15,713
243,060
243,077
158,132
63,5441 63,588
337.323
30,478
30,658
337.082
Bills payable and rediscounts with
F. R. Bank:
'1
Seed by U.S. Govt. obligations._ 124,092 130,211
25,245
24,359
204,787
211,235
106.142
48,955
28,039
49,237
281.7811 290,245
29,377
All other
27,100
16,597
22,623
35,341
126,722
132,795
160,637
32,457
27,116
184,708
27,898
187,077
24,797
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and Investments, per cent
2.8
3.1
2.8
3.3
3.1
3.3
20
1.8
2.0
2.0
2.9
2.
• Revised figures
[VoL. 116.
THE CHRONICLE
1624
To-day's (Friday's) actual rates for Paris bankers' francs were 6 62340
668 for long and 6 6534@6 69 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
38.71@38.76 for long and 39.02@39.07 for short.
Exchange at Paris on London, 69.47 francs; week's range, 69.47 francs
high and 70.70 francs low.
The range for foreign exchange for the week follows:
-Days. Cheques.
Sterling, Actual
4 9-1.6 466 11-16 466 15-16
4(1/
High for the week
4 64X
464
46174
week
the
Low for
Paris Bankers' Francs
6.7534
6.7434
6.6934
High for the week
6.5734
6.5634
6.5134
Low for the week
Germany Bankers' Marks
0.004734
0.004734
High for the week
0.004734
0.004734
Low for the week
Amsterdam Bankers' Guilders39.27
39.18
38.80
High for the week
39.07
38.62
38.98
Low for the week
per $1,000
par.
St.
Louis,
15@25c.
-Chicago,
Exchange.
Domestic
discount. Boston. par. San Francisco, par. Montreal, $20.125 per
21,000 discount. Cincinnati, par.
azette
Van
540,300,000
62,500,000
72,900,000
122,600,000
69,700,000
75,000.000
53 591,000
7 835,500
6 085,000
5 893,000
5 576,000
6 818,000
$929,000 $2,181,900
1,644,000 3,207,350
1,817,000 1,563,450
1,999,000 2,631,600
1,281,000 2,957,150
1,622,000 1,541,000
4.674.682 5443.000.000 535.798.500 89.292.000 814.082.450
Jan. 1 to April 13.
Week ending April 13.
1922.
1923.
$879,241,185 $1.351.992.850
359,172.950 $106,714,350
Total bonds
• DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Bautmore
BOUM
PIlliaaelPilta
Week ending
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
April 13 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
10,049
17,996
11,036
*12,157
*22,714
16,535
18,350
38.850
36,900
35,750
15.100
17.000
4,586
6.075
6,554
8,203
5,988
11,789
25,700
39,700
32,800
78,300
76,000
25,000
1,208
1,186
572
917
1,422
1.303
26,000
15,500
26,600
28,300
50.500
24,000
90,487
161,950
43,195
277,500
6,608
170,900
169.600
16.799
315,600
52,750
235,350
Prey. week revised 117.584
•In addition there were sales of rights Wednesday, 1,510: Thursday. 834
Daily Record of U. S. Bond Prices. Apr. 7 Apr.9 Apr. 10 Apr. 11 Apr. 12 Apr, 13
101 4
4
1014101 5
lEigh 101 1
First Liberty Loan
101 7
101 I
101 I
334% bonds of 1932-47__ Low_ 101 2
1014%101 2
' 101 I
Close 101
(First 33s)
177
23
146
103
Total sales in $1,000 units__
"" bonds of {High____
Converted 4nds
1932-47 (Flr*t
3
101 2 101 1
101 I
101 I
101 I
101 I
39
67
--- -- -- ,, --, Total sales in $1,000 unit
97"
97"
973°
98.00
98.1111 973°
-Converted 43% bondsr igh
9,721
9723
97%
972
of 1932-47 (First 4 his) Low. or% 97"
97104 9728%
97"
Close 98.00 97'% 97"
8
78
16
24
28
74
Total sales in $1,000 units_ _.
____ 9,7zi
____
Second Converted 4%*; High
--------97
bondr of 1932-47(First Low.
972
Close
Second 4Sis)
Total sales In $1,000 units_
-ii97
9720
____
____
12
11114
Loan
Second Liberty
.._ _ _ 9720
9712
__-_ 9720
_ _ -Low_
4% bonds of 1927-42
____ 9721
97I2
__-- 97"
L.Close
(Second 45)
_
1
1
1
_,.;_
_
Total sales in $1,000 units_
927i1 9,72s
9725
9726
97
Converted 444% bondrgb 97"
9715
97"
97"
97"
97,5
97"
Low_
(Second
of 1927-42
97"
97"
Close 97"
97'% 97'% 97"
43is)
33
498
586
314
408 1,07
Total sales in $1.000 units__
9813
981 98"
98'% 98"
lib 983
Third Liberty Loan
0812
0812
mos
0812
0816
Low_ 98"
43(% bonds of 1928
9813
9810
98"
980
9811
(Cl..9831
(Third 434*)
220
313
435
410
499
282
Total sales in $1,000 units__
99 1
{High 98% 98%98.00 98.00 98 1
Fourth Liberty Loan
0724%
973% 9729h 9722
4 9731
4,%% bonds of 1933-313_ Low- 9737
Close -98.00 97'% 98.00 972% 98.00 97"
(Fourth 4345)
733
519 1,216 1,528
545 1,078
.
Total sales in $1,000
1004% 100 4% 100
1004%100 2
{Ifigb 100
Victory Liberty Loan units_4%_
100 14100.00 100.00 9924%
100 I
am% notes of 1922-23_ Low_ 100
Close 1004%1004%100%100% 100% 100.00
(Victory 43‘10
4
2
36
37
62
38
Total sates in F1.000
99 3
997% 9974994%99 5
(High 99 3
Unita-Treasury
994%
'Low.. 99% 99%991%994%99 1
434ii, 1947-52
99 4
99 7
99 4
99 4
Close 99 5
99 I
3,0
lit
4.111
'Mani artio• in 21 Mil /mit,
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
221st 3145
20 1st 4%5
1222d 4345
1001 to 101.001 26 3d 434s
97" to 973341 66 4th 43(s
nu to 9711,4 17 Victory 470
9811to 981%
97" to 98.00
9722 to 972%
Foreign Exchange.-The market for sterling exchange
displayed more activity, but the tendency was still toward
slightly lower levels. Continental exchange made a better
showing with French francs firmer than for some little time.
6.334@4 634 for
To-day's (Friday's) actual rates for sterling were664for
cables. Comsixty days, 4 6534@4 653i for checks and 4 6534@4
days, 4 6234@4 6234;
mercial on banks, sight. 4 6534 @46534; sixty
for
payment
documents
(sixty days),
and
6134.
6134@4
4
ninety days,
for
4 6234@4 6334. Cotton for payment, 4 6534@4 6534, and grain
6534•
payment, 4 6534@4
MXX
CO
CcOMVOVUDNOCC.-...N
-,CCOCCOCCMCMCmC.01,
Nnc.Vt-NOccmNMNOVVCC..N.
-.00000CC!-OCOOCC,
4.COCCO,
. .Dt
....ONMNCCONNt.e
,
0..O01 000C....0...s. 4...t,
0CV.VVCOCOC.-.1
..CM0010..N00.-.000OCCONCW
.01 ..000nOcC.000M,
...0 t,
,
....1 .
.
..
204 ..00NOCCOOCc4c
.
.
..
..
"
..
^
^ "
^.
1922.
1923.
74,134,784
69.515.820
6,622,772
4,674,682
Stocks-No. shares_
$443,000,000 $593,736,750 86,754.000,000 /6,220,990,395
Par value
Bonds.
$613,455,250
$222,804,085
514,082,450 544,599,350
Government bonds_
143,829,900
187,364,000
9,292,000 14,913,500
State, mun.,& for.bds_
512,607,200
551,173,600
35.798.500 47,201,500
RR,. and misc. bonds
CC
,,,,::
Total
Sales at
New York Stock
Exchange.
404,4941
644,850
823,710,
1,156,5291
784,099,
861,000,
CMC
NCO
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
474 Apr
Scrip
2001 474 Apr
1001 734 Apr 12 734 Apr 1
Nat Rys Moir, 1st pf_111
201 9734 Apr 12 9734 Apr 12
NY Lack & West_ _ _101
1534 Apr 13 1734 Apr 7
Rapid Transit See w 1_ _• 14,2
11 i 4,2u,5 4334 Apr 13 4534 Apr 7
Preferred re 1
Apr 10,
200 52 Apr 1, 52
To!St L &W,pref
200 1-32 Apr 11 1-32 Apr 11
United fly Invest rights_
12
Apr
40
70; 3834 Apr 1
West Penn Co
111 80 Apr 1 80 Apr 12
Preferred
•
Industrial & MIscell.
Apr 1 25 Apr 7
Amer Chain. Class A _ _2 3,900 23
9734 Apr 7
II 97 Apr
Am Rolling Mill, pref 11 •
Amer Teleg & Cable_100 500 5334 Apr 11 5434 Apr 9
34 Apr 11
34 Apr 1
8,500
Amer Woolen rights
1874 Apr 10
• 6,900 1734 Apr
Arnold Constable
Am Metal tem ett, pf.100 111 11534 Apr 1 11534 Apr 18
34 Apr 9
34 Apr .
Assets Realization_ _10 .01
ALI Fruit CoITCo alder. 1,200 234 April 231 Apr 9
II 16134 April 16934 Apr 12
100
Atlas Powder
2734 Apr 13
Auto Knit Hosiery_ _• 12,200 2534 Apr
3 Apr 12
III 3 Apr1
Auto Sales
1334 Apr 9
50 400 1334 Apr
Preferred
Apr 9
96
12
Apr
300
pf_100
9534
Brown Shoe, Inc,
Apr 12 107 Apr 12
100 107
Burns Bros. preL _ _ _100
Apr 11
Prior preferred. _A00 100 120 Apr 11 120
101 9434 Apr 12 9434 Apr 12
Bush Term Bldg's.i1.100
Apr 13
36
• 2,801 3434 Apr
Century Rib Mills
Ill 97 Apr 11 97 Apr 11
111
Preferred
Apr 710234 Apr 7
Cluett,Peab & Co,pf.100 200 102
Apr 9
100 97 Apr I 97
101
Coca-Cola, pref
• III 3534 Apr 9 3534 Apr 9
Corn Solvents A
Apr 7 20 Apr 7
• 111 20
B
Ayr 17
Apr 1 108
100108
Continental Can, OA ;
• 100 1534 Apr 13 1534 Apr 13
Conley Tin Foil
Apr 9
Apr . 90
111 90
Co sol Coal of Md_ _ 11 1
Apr 210034 Apr 10
I 105
Cosden & Co. pref_ _ _I Is
ruban cominion Sugar. 12 ; II 9% Apr 12 1034 Apr 10
300 7034 Apr 7 7134 Apr 13
Deere & Co, pref____100 '
Apr 10
Emerson-Brant, pref_100 200 2634 Apr 11 27
Apr 9
Fairbanks Co (The)25 300 1034 Apr 1 11
Apr 17
17
1
Apr
1634
311
rts___
Corp
Body
Fisher
Fid-Phoenlx Fire Ins_ _25 200 125 Apr '127 Apr 9
• 4,600 3834 Apr 1 3934 Apr 9
Fleischmann Co
GenA0nTkCar7% pf.100 40010034 Apr '10034 Apr 10
Apr 9
Apr 13 81
* 700 79
Gen Baking Co
Apr 10
Gimbel Bros pref__ _ _100 611 9834 Apr 13 100
7
Apr
Apr
5034
1,110
11
5034
Goodyear Tire pref_ _100
100 1,200 9634 Apr 12 9634 Apr 13
Prior pref
Apr 11
Ayr 11 98
Guantanamo Sim pf_100 100 98
Apr 9
Gulf States St' 1st p1_100 200 105 Apr 1 0 105
5034 Apr 13
• 7,300 3834 Apr
Hayes Wheel
Apr 13
April
3634
14,500
3834
5
Household Products
Apr 10
100 100 120 Apr 19120
Ingersoll-Rand
,9
7034
Apr
el
Apr
7034
1,
Shoe____•
International
Apr 7
Apr 13 36
35
• 6
Intertype Corn
Apr 10103 Apr 10
• 1 103
Iron Products met
• 1
3534 Apr 13 3534 Apr 9
Kinnei 0 R
Apr 10
Llg & Myers Tob B__100 1 198 Apr 10 198
Apr 1111434 Apr 10
113
2
100
pref
Lorillard
• 1,800 3414 Apr 11 3534 Apr 10
Magma Copper
Manila Elec Sup_ _100 4'' 8834 Apr 9 8934 Apr 9
Apr 10
Apr 10 116
May Dept Stores pf__100. 101 116
• 111 97 Ayr 12 97 Apr 12
Met Edison Pr
4034 Apr 13
• 5,311 3634 Apr
Nat Dept Stores
100 1., 1 II 9534 Apr ,9734 Apr 13
Preferred
Apr 9
Nat Cloak & Suit pf_100 1.' 97 Apr 13 98
100 III 5234 Apr 10 5234 Apr 10
E
&
G
Ry
Not N & H
Apr 13
Apr 13 87
100 201 87
Preferred
Niagara Falls Pr pref_100 11110634 Apr 1310634 Apr 13
13
Apr
ill
2434
Apr
1096,3
223,
North American
Apr 11
Apr 11 88
Orpheum Ciro Inc pf_100, 1;; 88
10
Apr
6534
10
Apr
100
6534
1001
pref
Steel
Otis
Apr 10
Packard Motor pref-100, 21; 9334 Apr 1 9334 Apr
7
Apr 7 61
Panhandle P & R pf_109 41; 61
Apr 13
PP1123 Coal It Coke. _50, 1,10; 4134 Apr 7 42
101 'II 1634 Apr 11 1634 Apr 11
Phillip Morris
Apr 9
Apr 11 43
5 1,000 42
Phoenix Hosiery
1003 4334 Apr 13 4334 Apr 13
Philadelphia 6% pref_50
7034 Apr 11 72 Apr 13
Pierce Arrow prior preL•1 7
Apr 9
Apr 9 98
98
Pittsburgh Steel pref.100 1
13 5134 Apr 13
P S Corp of N J new_ _ _1 2,0001 5034 Apr
100310434 Apr 13 10434 Apr 13
Preferred new
Ant* 11110434 Apr 9
100 3,s.104
Preferred
Apr 7
17
1734 Apr
•I 1
Reis(Robt)& Co
Apr 10
Apr 1 80
8034
100
100,
1s1 preferred
Apr 13
92
10
Apr
911
Shell Union 011 pref.. _100 0001
Apr 12 1534 Ayr 9
Simms Petroleum___1060,900 13
Ayr 9
3234
11
Apr
31
4,000
•
Simmons Co
Apr 7 9834 Apr 10
98
1
Sinclair 011 pref
Apr 9
Mt
Apr
12
334
Cal
of
011
Standard
rts(89.638l
Apr 12
Apr 12 90
101 90
Standard Milling pf_ _1
SuperlorsSteeilstpf.1001 10 9834 Apr 10 9834 Apr 10
7
Apr
109
42
Apr
10834
-1
pref_
Tobacco Prod
100315334 Apr 13 15334 Apr 13
Underwood Typew_ _1
7
Apr
114
7
Apr
2
114
pref.1UU3
St
Cigar
United
United Paperboard 1003 1001 1834 Apr 9 1834 Apr 9
Apr 10 104
Apr 10
US R os Imp full paid..I 100104
Apr 7
VaCaroiinaChemB...*I 425 1034 Apr 7 12
•1 4003 4634 Apr 12 47 ,Apr 11
Van Raalte
7
11
Apr
7
11
Apr
1001
Detinnlflg...100
Vulcan
10 2.1001 42 Arp 11 4274 Apr 9
Waldorf System
WestEleC7%CumPfl92f 600311134 Apr 13 12% Apr 9
W'house El deM lstPfo01 2001 72 Apr 9 7234 Apr 11
14 Apr 12 134 Apr 10
115,49
Rights
1
6834 Apr 9 6874 Apr 9
Worthington Pr B___1
Apr tli
Youngstown Sh & Tube* Loco 7034 Apr 9 71
•No par value.
agt4
titagivatgaggggvat-watvavatsAtittgatiggoiittagvatigttggvanigtwattgtig
a2g5ragtag
.0,..A.. ..a...modv
2...;asza,lago.0
2,4,-..
,..x.g.4N4,-.42w.ge,
-42.,a,2,
4,24,4.4.44.2.,<
A.2.-4,..4.4e.4.
<2.
40-4.,..4.c
,
...,4"....2
0g--4<-4.4,wv.
aa.,.,.,v...gN.
,
..4.4.g.‹,--4,-4.‹-4«.4a ..te
xxx
xx :1: = = xx
x
xxx xx xx =!..x
xx x x xx x
Xx xx r xxx x
t xm xxxxxx gr
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad, State, Mun.
Stocks.
Week ending
U. S.
and Foreign
etc.,
Apra 13 1923.
Bonds.
Bonds.
Bonds.
Shares. I Par Value.
.04CNO*Ct•CCel.00
4....t.
PC"CC
0^,
OC
CqC
OON
___—__
Wall Street, Friday Night, April 13 1923.
Railroad and Miscellaneous Stocks.-Notwithstanding
the steadily increasing volume of general business as evidenced by practically all the news from every source of
information and also the easy money market, as seen in the
Federal Reserves' weekly report, the stock market has been
dull and prices have declined this week. Referring to the
news mentioned it is interesting to note that the output
of steel during the month of March broke all records, the
daily output on April 1st was the largest ever reported and
unfilled orders on the same day totaled nearly 120,000 tons
more than on March 1. Also the quantity of cotton taken
by American spinners in March was never equalled and
The following are sales made at the Stook Exchange this
11,000 more cars were loaded during the last week of that week of shares not represented in our detailed list on the
year.
the
of
week
previous
month than in any
pages which follow:
The foreign exchanges have been irregular. Sterling
best
the
price
below
7
was
points
which
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
declined to $4 6514,
for
of the year, while French bills advanced almost as much. Week ending April 13. Week.
Highest,
Highest. iLowest.
Lowest.
Bank
The latter is not surprising in view of the French
per share.
$
share.
vet
3
had
share.
paid
Government
per
Par.
Shares
$
the
that
Railroads.
statement which showed
*231
Feb
Apr 13205 Apr 12
500201
Central RR of N J_ __I I
60
Feb
off 400,000,000 francs of its debt to the Bank, the total Colo&
I0l 57 Apr 12 57 Apr 12
South, 1st pfd ill
9
Feb
334
three
Apr
months
was
9
it
Apr
234
than
less
4
234
1
Duluth So Sh & Ati_
of which is now 100,000,000
514 Feb
334 Apr 9 434 Apr 9
II
o
Preferred
i 2534 Feb
2434 Apr
ago. Moreover, French 8% bonds have sold in this market Int&GtNoRy(wi)
2434 Apr
,Ill
• 4214 Mar
during the week at the highest quotation of the year to date. Math Elev Mod Gu..1 2,4101 3974 Apr 7 413( Apr 1
I 474 Feb
934
10034
1834
46
66
1-32
• 40
• 80
Mar
Jan
Apr
Apr
Jan
Apr
Apr
Apr
• 2514 Mar
10034 Jan
Feb
• 58
34 Apr
•
• 1834 Apr
Feb
117
Jan
1
214 Feb
16934 Apr
2754 Apr
434 Feb
1434 Feb
Jan
99
10734 Mar
Feb
120
9414 Apr
3634 Apr
9834 Mar
Feb
110
97. Apr
46
Apr
2734 Feb
11034 Feb
2234 Jan
90
Apr
10934 Feb
1234 Mar
7334 Jan
3034 Feb
13
Feb
21
Apr
Feb
138
4134 Mar
10334 Mar
89
Jan
10234 Feb
51
Apr
99
Feb
99
Feb
10534 Feb
4134 Feb
3934 Mar
12434 Mar
7034 Mar
4034 Mar
11034 Feb
40
Mar
21934 Feb
119
Jan
3634 Apr
Mar
90
119
Jan
9934 Mar
4034 Apr
9734 Apr
104
Feb
Mar
56
Mar
90
110
Mar
2434 Apr
8934 Feb
7234 Mar
99
Feb
68
Jan
42
Apr
1934 Mar
5634 Mar
4534 Feb
7234 Mar
98
Apr
5134 Apr
10434 Apr
10834 Feb
1934 Mar
82
Jan
9834 Apr
16
Jan
3434 Mar
9934 Feb
434 Mar
97
Mar
9934 Mar
11334 Feb
15334 Apr
119
Mar
1834 Mar
10834 Feb
, 1634 Feb
64
Feb
Apr
7
47
Mar
11434 Feb
78
Mar
134 Apr
7134 Mar
Jan
80
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR
For sales during the week of stocks usuallyPAGES
inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
April 7.
Monday.
April 9.
Tuesday,
April 10.
Wednesday
April 11.
Thursday.
Apri/ 12.
Priam/.
April 13.
Sales
for
tne
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range store Jan. 1 1923.
On basis of 100-share lots
1625
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Lowest
Highest
$ per share $ per share S per share $ per share
$ per share 8 per share Shares
Railroads
.40
4012 .3712 42
Par $ per share $ per share $ per share $ per share
415g 4314 4212 43
4434 441
44
44
1,100 Ann Arbor preferred
10134 10134 10134 10238 •10112 10178 10112 10134 10112 1015
100 3213 Jan 10 45 Feb 23
2778 Jan 52 Aug
8 10118 10158 3,404 Atch Topeka & Santa
8912 897 .89
Fe100 100 Jan 16 10518 Mar 3
90
89
9134 Jan 10512 Sept
8934 *8934 90
8818 8958 .8834 90
1,504
Do met__
212 212
233 212
100
218 214 *2%
8814
17
Jan
Mar
905
8
6
8458 Jan 9512 Aug
214
218 2%
2% 218 2,104 Atlanta Birm
116 116
& A tlantic 100
11634 117 *11612 11712 *116 117
III Jan 3
34 Jan
314 Feb 21
512 Apr
11618 116% .11614 117
504
Atlantic
Coast
Line BR..,...100 11014 Jan 17 127 Feb 26
5118 5112 50% 5112 508 5134 5012 5112 5012 5114 51
83 Jan 12478 Sept
518
16,304
Baltimore & Ohio
.5912 60
597 597
593
100 4018 Jan 17 5618 Mar 21
59
3313 Jan 6014 Aug
5834 5834 5814 5814 5812 5812
90(
Do
3
pref
314
3
34
3 4 38
2% 314
100 5734 Jan 24 6078 Mar 21
5212 Jan 6814 Aug
28 27g
214 258
158 24 35,901 Brooklyn Rapid Transtt
28 3
212 278
100
18 Apr 13 1614 Jan 2
6
21g 234
Jan 29 June
238 258
2
24
15g
2
28,701
Certificates of depoalt
14858 14834 14858 14834 14858 14878 1487s 1501 149
158 Apr 13 13 Jan 12
558 Jan 2478 June
14958 14958 150
16,20(
Canadian
Pacific
694 6934 7018 71
100 14014 Jan 17 15012 Apr 3 11918 Jan 15158 Aug
70% 71
7014 70% 7014 7014 7014 7014
1.70(
Chesapeake & Ohio
10212 10212 10258 10234 .10212 10234 10212 10212
100 89 Jan I
7633 Jan 30
54
Jan 79 Aug
1024 10212 10212 10212
901
Preferred
212 212
212 212
100 101% Jan 2 104% Feb 23 10055 Dec 10555 Oct.
25* 212
214 214
214
213 212 1,301 Chicago & Alton
214
434 434
458 48 .412 5
100
Jan
214
4
Jan
13
1234 May
4
IS
Feb
412 412
33
4
412
412
414
1,10(
414
Preferred
.36
3612 *354 36
31 Jan 207* May
100
*3518 36
338 Jan 12
6% Feb 8
*3514 36
3518 3518 *3514 36
101 Chic & East Ill RR
.61
62
*61
62
(nein)
61
2618 Jan 16 3834 Feb 13
6118 6114 6114 6112 6112 61 18 6118
1214 Jan 4334 Aug
501
Do prof
.558 6
6
6
*513 6
51 Jan 17 6214 Mar 26
31% Jan 0412 Aug
58 57
584 6
*553 6
1,601 Chicago Great Western....
•13
138 .13
14
100
13
4 Jan 18
344 Dec 105k May
13
*1318 1312 131 1314 *13
7 Feb 71
1313
601
Do pref
100
8%
Jan
7 Dec 2412 Mai'
18
17
Feb
6
23
2334 23
2314 2258 23
2212 23
2212 23
23
2314 6,101 Chicago Milw & St Paul....
40
4014 391z 3934 395* 40
100
205
8
Jan
Jan
3638 Aug
15
Mar
26%
5
39
1714
3912 387 3914 39
40
7,601
Do pref
8158 8134 8114 8112 8018 81
100 3213 Jan 13 4512 Mar 5
Jan 5514 Sent
8012 803
29
SO's 8018 8014 81
2,401 Chicago & North Western_1
.112 116 *112 117 .112 117 *112 117 .112
00 77 Jan 23 88 Mar 5
Jan
954
Sept
59
117 .112 117
Do pref
321 3313 3212 3358 3212 3312 3214 3234 3214 33
100 115 Jan 4 11818 Mar 21 100
Jan 125 Aug
3212 3314 5,50 Chic Rock Isl &
0014 9012 9034 0034 9034 903
Pan
100 31% Jan 15 37% Mar 21
4 9012 9012 9014 9014 903 9058
Dec 50 Sept
3013
60
7%
preferred
7912 80
80
100 81134 Jan 18 95 Feb 9
8012 79
83% Jan 105 Sept
7912 *79
30
80
80
.7912 80
90
6% preierred
*71
75
*70
100 79 Apr 14 85 Mar 5
75 .70
75
*70
7014 Jan 95 Sept
75 .69
75
*70
75
Chic St P Minn & Om,...100 71
.39
42 .39
4212 .39
Jan 9 78 Mar 5
40 .39
40
Jan 90 Sept
39
51
39
.38
39
20
Colorado &
•11312 116 '11358114
100 38 Apr 2 4513 Feb 13
114 114 *114 115
11212 113
Jan 5312 AM'
110% 11212 1,90 Delaware & Southern
38
1213 12134 12114 12114 120 12114 11912 11934 119 11912 1193
Iludson
100 103 Jan 11 12413 Feb 13 10624 Jan 14111 Sept
4
120
1,40
Delaware
1158 12
Lack & Western_ 50 119 Apr 12 13012 Feb 8 108 Feb 143
1178 12
12
1218 1134 12
1113 1134 1112 1134 8,40 Erie
Oct
18
18
1814 1812 1812 19
100 1012 Jan 18 1312 Feb 13
1812 1834 18
Jan
7
1834 May
1812 18
1812 4.20
Do 1st prof
.1212 13
13
13
1313 1312 .1212 1312 .1212 1313 1212 13
100 15 Jan 17 205g Mar 21
2812
Aug
Jan
1118
1,00
Do
26 pref
74% 7412 7414 75
100 1118 Jan 22 15 Mar 5
74
7414 731s 7334 7334 74
718 Jan 2014 May
7355 7412 4,70 Great Northern
324 3258 3234 33
prof
100 71
3212 3234 3234 33
33
33
7014 Jan 957k Oct
3278 33
5,20
Iron Ore properties_Ns par 30 Jan 23 80 Mar 5
•1513 17
*1512 17 .1512 17 .1512 17
Jan
18
*1512 17
Mar
19
36
Nov 4534 Apr
2818
.1512 17
Gulf Mob & Nor tr etre__ _100 123
.57
60
57
57
5612 5612 *54
4 Jan 12 20 Mar 5
58
*54
Jan
19 May
58
5
58
60
Do prof
•113 1137 11312 11378 11312 11312 11318 11318 11318 11318 .54
100 4478 Jan 2 6234 Feb 21
Jan
Oct
16
47
11312 11312
90
Illinois
Central
•18
14
100 110 Jan 17 11712 Feb 21
la
18
971 Jan 11534 Bern
518
14
*18
14 ---- ____
.
18
4
29 Interboro Cone Corp..
38
No
33
par
%
*373
12 .
33
Jan 17
12
.38
38 Jan 4
12 ---- ____
5 Apr
18 Dec
"3
12
20
Do
pref
203 2034 21
21
.1912 2078 20
100
14 Mar 2
20
1814 1912 19
% Jan 5
at Dec 12% Apr
20
3,30 Interboro Rap Tran
2114 2134 *2112 22
wI
*21
22
21
21
1734 Dec 3214 Aug
21
21
2113 2112
89 Kansas City Southern_.. 100 15 Jan 16 2278Mar 14
1001 1812 Jan 12 2414 Mar 3
Nov3014 Apr
17
5434 5434 *5312 55
*53
55
*53
55
*53
55
*53
55
10
Do pref
•30
32 .30
32 .30
32
100 5278 Jan 13 5734 Mar 5
*28
32
*2612 3112 .
5214 Nov 59% Apr
28
311
.
Lake Erie & Western
.68
7018 .68
701
68
68 .68
100
314
Jan
4
30
711 .68
34
Jan
7112 *68
2
Feb 397s June
10
10
70
Do pref
6412 6458 6412 6458 64% 65
100 66 Jan 11
647 653s 65
74 Mar 26
261s Feb 77 Sent
6558 6538 66
4,50 Lehigh Valley
14114 14114 141 143
142 143 .142 143
50 6312 Apr 2 71% Feb 7
142 143 .142 143
5658
Jan 72 Sept
1.30
Louisville de Nashville
.52
5513 .52
551 .52
551 *53
100 13012 Jan 30 165 Feb 28 108 Jan 14472 Oct
5513 .54
5513 "541z 554
10 Manhattan By guar
.41
.4012 41
44
.41
44
100 4514 Jan 25 67 Feb 21' 35
.41
44
____ __ __ *41
Jan
58 Aug
44
Eq
Tr Co of NY
•17
18 .17
1734 •16
18 .16
1713 .1613 1712 1614 1613
441g Aug 5512 Aug
40 Market Street By ctf dep..100 3518 Jan 25 44 Feb 13
.50
58 .50
58 .52
58
100
814 Jan 23 20 Mar 10
*51
58
*50
318 Jan
58
11 Mar
.50
58
Do prat
.7814 7912 793 7934 .7814 7912 .76
100 39 Feb 27 6812 Mar 12' 17
7812 7713 78
Jan 5014 Apr
*78
80
40
Do prior prof
.42
45 "42
45
100 Ws Jan 10 87 Mar 12. 35
42
42
*3812 44
.3812 44
Jan 76 Nov
*3812 44
10
Do
26
•678 712
prof
7
7
7
100 2112 Jan 31 564 Mar 12
74 .678 7
.
558 Jan 32 ADr
68 7
80 lvfinneap & St L
.
634 7
.69
71
68
68
68
(new)
68 .67
012 Feb 13
100
534 Jan 31
69
"68
1412 Apr
70
*68
5 Jan
20 Minn St P & S S Marle1
70
*938 11
.
.938 11 *____ 11 * __ 11 *__ __ 10
958 11
00 6014 Jan 4 7312 Mar 5, 65 June 7534 Oct
Missouri Kansas & Texas..A00
1458 1412 1414 1412 1358 1458 1312 1334 133
sa Jan
9% Jan 12 12 Feb 6,
1514
4
Dec
1414
14
14
14,80
Mo
Kan & Texas(new)
40
4014 3912 40
33
1312 Jan 16 17 Feb 16;
3938 383s 3834 3813 3813 3778 3858 3,70
71s Jan
1944 Aug
Do pre! (new)
1618 1614
1618 1614
16
1618 16
37 Jan
16
452 Feb 14' 2412 Jan 4834 Aug
16
16
16
2,70
1658
Missouri
•4278 43
Pacific
trust etfig_ 100 15% Jan 18 193 Feb 141
43
43
42
428 4134 4214 4134 42
2514 Apr
151s Nov
42
4234 3,00
Do pref trust etre
*312 44 *313 4
*313 4
*312 4
49 Feb 10' 40 Nov 634 Sept
312 358
312 312
50 Nat RY8 of Mex 26 pref__ 100 41% Jan
987 9878 9718 9814 97
_100
238 Jan 1
98
9514 9758 9712 98
4,
4 Feb 15
Nov
258
98
714 May
99
4,30
New
orl Tex & Me: v t o 100 84 Jan 1
9334 94
9312 9334 935g 9412 9318 9334 9314 9334 9334 9412 13,40
105 Mar 26
5472 Jan 87% Dee
New York Central
•75
78
7412 7412 *73
100 93 Jan 22 1004 Mar 5
78 .73
78
*7512 78
725 Jan 10118 Oct
*7512
20
78
N
Y
Chicago
&
*85
St Louis__ _100 7412 Apr
87 .85
87 .85
87
84 Jan 29
5118 Jan 91% Oct
*85
87 .85
87
.85
86
Do 26 prof
100 7613 Jan
9012 Feb 17
61% Jan 93 Sent
1918 1912 1918 1958 19
193g 1812 1834
4 187
1858 1938 5,60O N Y N H & Hartford
•1812 1912 1812 1812 1812 1812 184 1814 183
100
1612
Jan
15
2212
Jan 30
1813 1834 19
38 Aug
12% Jo
19
70O N Y Ontario & Western
•13
16
*1213 16 .14
100 1814 Apr 3 2158 Feb 13
16
*14
16
.14
15 .14
18% Dec 3012 Apr
16
_
11014 11012 "110 112
100 14 Feb 1 18% Feb 9
1101z 11012 11012 11012 11014 11012 10912 10958 1,200 Norfolk Southern
8% Jan 2212 June
Norfolk de Western
.76
79 .76
79 .77
100 10914 Apr 2 1173g Feb 9
79 .77
79
.77
79
.77
9614 Jo 1254 Sept
79
Do prof
75
75
7412 7518 7414 75
100 7514 Mar 10 78 Jan 29
7418 7412 74
7418 7414 75
Oct
Jan 82.
72
5,100 Northern Pacific
4512 4558 453 4558 4558 4534 4512 453
100 72 Jan 23 8112 Mar 5
4512 455* "4512 4558 5,140 Pennsylvania
73 Dec 90% Aug
•12
16
*12
16
50 4534 Apr 9 47% Jan 29
1312 15 .14
404
16
.14
Oct
Jan
16
.14
3314
O
5C
16
Peoria
& Eastern
3712 38
3714 38
100 12 Jan 17 17 Mar 21
3734 39
3814 39
3838 3878 39
2638 Aug
1034 Jo
4034 23,440 Pere Marquette
*7112 7412 .72
100 36 Jan 11 4178 Mar 22
7412 "7314
*7314 731 *7314 7312 72
40% Aug
Jan
19
140
72
Do
prior
pref
•65
66
100 72 Apr 13 763 Mar 5
•6512 66
6.312 6512 6518 6S's 6412 6412 .6312 66
63 Jan 82 Aug
300
Do prat
39
3958 387 3914 3334 4058 3858 3958 387 3918 3958 4014 22,70 O
100 6412 Apr 12 7012 Jan 9
7444 Aug
50% Jo
Pittsburgh & West Va
•89
891, *89
891 .89
100 337k Jan 17 4038 Apr 10
8912 89
89 .88
23 Jan 4155 Aug
89
.88
10
8912
O
Do
7612 76'z 7658 7658 76
100 8712 Mar 29 93 Jan 9
7658 7555 7658 7512 7612 7614 7634 4,44 0 Readingpref
76
Jan 95 Nov
*5018 513
5012 501
50
75 Apr 2 8118 Feb 7
5018 5018 .50
5012 50
71% Jan 87% Oct
40 0
50
5018 5018
Do 1st prat
50
50
*50
501 *5012 52
50 50 Apr 2 5612 Feb 7
.51
5112 517 52
43 Mar 57 May
•52
5314
54 0
Do 26 prof
•25
30
*25
30 .25
50 50 Apr 3 6634 Jan 30
30
*25
30 .25
Jan 5912 May
45
30 .25
30
_ Rutland RR prof
.2378 24 .24
2434 2414 2414 2414 • 2414 *2313 2434 *2312 24'2
100 30 Apr 3 3734 Jan 10
Feb 5314 June
1718
24
0
St
Louis
.45
-San Fran tr etfs 100 21 Jan 12 2678 Mar
46
*44
451
447 4512 *44
46
5
2(114 Dec 22% Aug
4412 4412 45
61 0
45
Do prof A trust ctfs
3213 32's 32
3258 3134 32
100
321s Jan 3 50 Mar 5
32% 3214 3214 3214 32
3444 Nov 56 Aug
3212 3.11 O St Louis Southwestern
*59
5958 5914 593
59
190 2534 Jan 12 3638 Feb 10
59
2038 Jan 36% Nov
.5812 59
583 5834 584 584 1,61 O
Do pref
•7
714
7
7
7
100 56 Jan 4 6378Mar 21
712
714
3238 Jan
597s Nov
714
7
714
7
7
•1253 1278 *12
2.64 O Seaboard Air Line
121
1234 1314 .1234 13
100
514 Jan 2
712 Feb 10
2% Jan
10 Apr
1253 1258 1238 1258 1,64 O
Do prof
100
85
8
14
Jan
18
Feb
Jan
4%
9034 91
1444 Apr
1311
9058 91
90
9013 8934 9012 90
9014 9018 9012 8,1 O Southern Pacific CO
33
3358 3314 333
33% 3355 33
100
3
87
Jan
9814
21
954
Feb
Oct
33
7818
Jan
327 3314 327 3312 24,3 0 Southern Railway
6634 6758 67
6758 6658 667
100 2434 Jan 6 3514 Mar 20
6613 6634 6612 6634 66
1714 Jan 2858 Aug
6612 3.3 O
Do prof
251g 2514 25
25
2434 2534 247 2513 *24
100
643
Jan
4
22
Mar
Oct
8
46
Jac
8
71
707
243
2,5
243
2514
O
Texas & Pacific
*1413 16
15
15 .1413 15
100 1934 Jan 1
Apr
18% Nov
.1412 1514 .1412 15
36
2913, Mar 21
*1412 15
1 O Third Avenue
•6458 6558 6558 65% *651z 69
*65
194 Feb 10
1318 Nov 255g May
6812 .65
6618 •641z 6578
1 0 Twin City Rapid Transit 100 1412 Jan 1
13718 13713 1364 l371z 13678 137
__100 584 Jan 19 6538 Apr 9
Jan 6213 Sept
1365* 137
34
13578 1361 13612 13758 7,1 0 Union Pacific
735* 7338 .7314 74
7314 7314
100 13518 Apr ' 14434 Feb 26 125
Jan 15444 Sept
7312 7312 731 .73
Do Prof
731,
30
01634 1712 1612 1612 1412 1618 *73
15
1514
7114 Jan 80 Aug
155* 1558 .155* 16
1,3 0 United Railways invest....,. 100 7214 Apr 2 7612 Jan 6
48
48 "45
48
4112 45
100 1134 Jan 2 2178 Mar 6
4314 4412 44
19% AV
74 Jan
6,1 0
4434 46
44'2
Do
97
pref
97g
10
10
978 104
100 2612 Jan 17 62 Mar 5
934 10
204 Jan 384 Ayr
934 93
1,3 0 Wabash
*934 10
3058 3058 3012 313g 3034 3112 3058 31
100
Mar
22
Mar
10
1112
7
Jan
1442 May
6
3014
3058 3012 3078 6,1 0
Do pref A
•1912 2012 20
20 .20
100 2314 Jan 17 3418 Mar 22
22
•20
22
19
Jan
354 Aug
*1913 22
1 0
.1912 21
Do pref B
1234 1234 1214 121 4
1218 1212 12% 1212 1214 123
100 1612 Jan 18 2212 Mar 22
1214
Jan
247
s Aug
2,0
1212
1212
0
Western Maryland (new)l0
24% 2458 2311 2312 2314 2312 *2313 2412 "2312
0 10% Jan 16 15 Feb 9
814 Jan
1714 Aug
2414 .23
80
2412
130 2d pref
•I634 1714 17
17 .1634 1714 1634 1634 .
100 22 Apr 2 2634 Mar 22
13
Jan 2812 Dec
163
4
174
167
0
8
Western
16%
5
Pacific
059
5912 .59
100 16 Jan 2 2014 Mar 5
5912 5812 59
1334 Jan 244 Apr
58
5818 .58
59
58
60
58
Do pref
87
9
9
100 5613 Jan 8 6338 Mar 5
9
812 834
51% Mar 844 Sept
834 87
81z 9
812 9
Wheeling & Lake Erie
-- - •1434 1612 *1412 16
*15
RY-1
Jan
814
16 .1413 1534 *1412 16 .1413 16
18
13
1012
Feb
16% June
6 Feb
00
3,61 5
Do pref
100 14% Jan 17 19 Feb 13
3134 3214 *3214 3234 32
3212 .31
33
914 Jan 29% June
.31
33
31
31
1,81 0 Wisconsin Central
100 26 Jan 10 3513 Feb 23
25
Jan 3314 Mar
Industrial & Miscellaneous
*7212 76
*7212 76
*721s 76
723 724 *73
753
7312 7312
21 0 Adams Express
100 68 Jan 2 82 Mar 3
48
Jan 83
Oct
•16
17
*16
1634 .16
17
•15
1658 158 16
4
16
16
0
Advance RUmelY
•47
50 .45
100 1212 Jan 2 19123.Iar 6
50 •.. ___ 50 ._ . 50 •____ 52
104 Jan 23 Aug
49
•46
Do pref
6958 70
100
7012 7012 69
46%
Jan
18 5434 Jan 14
7018 6834 6912 69
31% Jan 5014 Aug
6912 6912 7058 4,5
Air Reduction, Inc____N
1418 1458 1418 1434 1414 1458 14
o Par 5714 Jan 10 7238 Mar 19
Oct
Jan 66
1458 14
1438 14
1412 15,7 0 Ajax Rubber, Inc
so 1212 Jan 9 14% Mar 14 45%
*14
34
18% Apr
14
la
14
912 Jul
14
14
14
0 Alaska Gold Mines
14
14
14
4
1.
3
13
13
112
10
14 Jan 4
155
73 May
15*
112
18 Dec
15*
152
53
18
8
Mar
112
112
112
0
9
4,3
Alaska
Juneau
747 7518 7414 7414 7314 74
Gold Min
10
1 Feb 15
134 alar 9
2 May
38 Jan
7214 733 7212 74
717 727s 7.9 0 Allied Chem & Dye__
•10914 10978 10938 10938 10914 1995* 1097s 1097 *109 110
No pa
7112 Jan 16 80 Jan 2
55% Jan 91% Sent
109 109
1,7 0
Do prof
•49
4012 49
100 109 Jan 30 112 Mar 2 101
4913 4834 49
11513
4834 4834 485* 4918 *4914 4912
Jan
Sept
0
Allis-Chal
8
mers Mfg
.92
9512 .92
100 45 Jan 10 5114 Feb 16
9513 9434 9434 .92
951 .92
3734 Jan 5944 Sent
1 0
95
9512 *92
Do pr f
2618 27
27
28
2838 2858 27
27
8612 Jan 104 Sent
26
26
"2612 28
2,5 0 Amer Agricultural Chem....100 9412 Mar 26 97% Jan 27
54
5612 5512 56 .54
100 26 Apt 12 367 Feb 21
55
1271 June
55
2714 Nov
55
*54
5512 .54
5513
70
Do prof
*87
89 .87
100 51 Apr 6 68% Feb 21
89 .87
89 .87
7214 Sent
89 .86
086
56
la
89
89
American Bank Note
*54
5512 .54
5534 *54
50 77 Jan 6 9112Mar 7
5514 54
Dee
Jan
)1
58
54
*507 54 .5034 53%
1
Am
Bank
Note prof
*44
45
45
45
50 54 Apr 11 55 Feb 7
45
55% Deo
51 Jul
441 *44
4558 44
4418 1,1 0 American Beet Sugar
4458 44
48
48
47
100 36 Jan 31 4913 Feb 13
4734 4714 4812 47
31% Jan 49 JUIN
481z 474 4813 4813 5014 9,6
Amer
Bosch
Magneto,.
.78
_No
79
78
78
37 Jan 9 60 Mar 6
*771z 78
Apt
7712 773 •78
3114 Jan 69
7812 7812 7912
6
Am Brake Shoe & F__ ..No Pa
•10714 10834 10712 10434 .1071z 1087 .10713 10878 •10712
pa
70 Jan 3 83 Mar 21
Jan 8812 Sept
51
2
10378 •10758 109
Do pref
9713 987
9634 9814 9534 975* 9455 9614 9514 9658 9618 97% 62,4
100 107 Apr 13 110 Jan 14
Oct
Jan 113
9814
American
Can
•108 109 *108 109
100 7313 Jan 2 106 Mar 6
7612 Nov
103 108 .106 108 •106 108
3214 Jan
107 10714
2
Do prat
•179 180
17918 180
100 107
179 17934 178 1784 17918 17914 180 180
13 115 Feb 20
113% Dec
9314 Jo
American Car & Foundry..100 178 Apr
1,7
0120 122 *120 121 *120 121
Jan 171 189 Mar 7 141
Oct
Jan 201
120 120 *11914 122 .11914 120
1
.,,_
”,
130 prof
,,,_
o
7
100 11914 Mar 22 125% Jan 18 115% Jan 12618 Nov
o7
American Chicle
No par
534 Jan 30
14 May
5 No
234 Feb 24
• Bid and asked prices: no sales on this day.
Less than 100 shares. a Ex-dividend and
share( or share to attack of Olen Alden Coal Co atI Ex-rights.
rights
Ex-dividend
b Ex-righte (June 15) to subscribe
$5 pee share and ex-dividend 100% in stock
(Aug. 221.
1626
New York Stock Record -Continued-Page 2
page preceding
For sales during the week of stocks usually Inactive. see second
PER SHARE
PER SHARE
Range for Previous
Range since Jan. 1 1923.
STOCKS
Sales
HIGH AND LOW SALE PRICES-PER SFIARE. NOT PER CENT.
Year 1922.
On basis of 100-share lots
for
NEW YORK STOCK
the
EXCHANGE
Friday.
Tuesday. Wednes4ay.1Thursday,
Monday.
Saturday.
1 Highest
Lowest
1
Highest
Lowest
April 13. Week.
April 12.
April 11.
April 10.
April 7.
April 9.
per
share
$ Per share
S
I
share
per
Per
$
Share
Par
$
(Con.)
share Week. Indus. & Miscall.
$ per share $ per share $ per share $ per share $ per share $ per
1514 Nov 30% May
100 1234 Apr 9 2034 Jan 4
7,70 American Cotton OH
1312 137
1412 1334 14
1414 1434 1258 1458 123 1314 14
61 May
Nov
3312
4
Jan
4
10
382
Apr
23
100
pref
Do
26
3,90
26
26
26
24% 25
24
23
26
74 Au.:
2638 2334 26
57 Apr 9
415 Jan
758 Feb 23
6
1,50 Amer Druggists Syndicate....10
6
6
6
6
6
57
.578 6
6
Oct
6
6
100 123 Apr 12 14312 Mar 2 126 June 162
Express
2,00
126
American
12613
12313
123
128
Apr
131 131 .130 133 .126
.130 133
Dec
173$
101g
7
Mar
6
134
Jan
11
100
_
Leather
&
70 American Hide
3
Sept
1114 11% •1114 1134 1114 1114 1113 1112 1153 1158 1114 1112
74
Jan
58
100 61 Apr 13 7434 Mar 7
Do prof
64
61
6414 1.80
6334 6414 63
66% *63
6612 •6334 65
66
Jan 122 Sept
78
100 9812 Jan 31, 11012mar 23
90 American Ice
10612 10612 107 10714
106 106
10534 106
108 108
*106 109
Jan 9514 Aug
72
100 8512 Feb 11 89 Feb 21
861
Do pref
.8413 8612 *8512 8612 .8512 8612 *8512 8612 *8512 8612 *8512
2458 Dee 5058 June
Jan 30 327 Mar 21
Corp.._100
2434
International
32
3012
Amer
11,800
3012
3112
3134
:3012
14 July
30% 32
Jan
304 3212 3118 32
1
918
Mar
17,
13
Jan
1114
E__10
F
France
La
125
1,200 American
1212 1212 1234 1234 1234 1234 1214
•1212 1273 1278 127
4213 Oct
28 Nov
100 30 Jan 2 38 Mar 5
311
2,900 American Linseed
31
32
325* 3112 3134 304 3114 .31
32% 32% 32
48 Nov 6413 Oct
13 59 Feb 15
Apr
49
100
pref
Do
503
49
2,200
50
50
5018 52
52
51
54
*50
54
Jan 1364 Oct
*51)
MO 12018 Jan 17 13938 Mar 19 102
13414 135
11,500 American Locomotive
Jan 12214 Dec
134% 135% 13413 13614 13314 13512 13212 13414 13212 13414
100 11614 Apr 12 122 Feb 9 112
100
Do pref
11614 •11612 11714
7 Mar 5
5:114 Dec
Sept
*115 11714 *115 118 .115 11714 *11514 11714 11614
55
44
12
Apr
504
par
ctfs__No
temp
Metal
51
Amer
*5014
1,000
5158 5034 5034
51
51
51
Oct
Jan 129
52
50% 507
15
82
52
Mar
2,
867g
Jan
76
2'
84
1,600 American Radiator
8312 8312 8418 84
35 Jan
8312 8312 8378 *82
8% Oct
83
84
91g Feb 19
*83
6% Jan 6
25
Razor
Safety
American
83*
5,500
*814
834
84
3
85 83
84 833
2414
Jan
May
512
2138
Jan
84 834
5
11
814 814
Apr
17
par
No
1
Comm
&
18
17
17 4 6,900 Am Ship
171* 18
17
18
1818 1818 1818 1712 18
4333 Jan 6713 May
6912 Mar 2
6358 6234 6312 6333 544 8,400 Amer Smelting & Refining..100 53 Jan 171
6412 6318 61% 63
6418 64% 64
8613 Jan 1044 Oct
100 7838 Jan 181 10238 Mar 6
997
pref
Do
800
100
4
*993
9912
100
*9913
100
100
9914 9913 *9912 100
100 110 Jan 10 15214 Feb 14 10013 Jan 159 Sept
100 American Snuff
14434 14434 *14213 145 *14212 145 .14212 145
30% Jan 46% Sept
•14334 148 *144 148
4018 14,600 Am Steel Fdry tam etfs_33 1-3 3513 Jan 17 4078 Mar 21
39
3878 3912 3378 39
397
Feb 108,4 Oct
91
3934 4033 3953 4012 39
100 10012 Apr 9 10514 Feb 9
etre
tern
prel
102
Do
.100
10112
•100
102
i.100
Jan 8578 Aug
13
.5413
Feb
85
•98 10112 10012 10013 .100 102
17
Jan
76
100
Reflning
fugar
p
600 American
1,90
7853 79
7813 79
7934 7314 79
79
79
79
Jan 112 Aug
3
84
Jan
80
108%
80
17
Mar
pref100 106
10614 10614
107
2314 Feb 47 Map
10714 10728 .107 10712 107 107 1.106 107 .106
244 Feb I 3638 Feb 14
100
Tobacco_
Sumatra
3118
Amer
31
900
.3018
.30
2934 30,8
3012 2934 297
.30
Feb
Jan
71
13
6214
Feb
4
653
.2934 31
16
Jan
8
553
100
Do pref
*5718 63 1 *57% 6212 .57% 6212 .571g 62
*57is 63
*57% 63
Mar 5 1141s Jan 1284 Aug
12234 12278 8,400 Amer Telephone & Teleg 100 12114 Apr 3 125's
13 12918 Jan 16913 Sept
Feb
122 12218 12218 12238 12234 122%. 12213 12278 12234 123
4
1613
17
Jan
100
150
Tobacco
American
152 1527 15218 1521g 15314 154,2 1,400
15314 15314 15213 154
9(115 Jan 10838 Oct
*153 154
100 101 Mar 16 10718 Feb 2
Do prat' (new)
102 102
1,000
1017s 102
Jan 1653* Sept
*10112 10134 1014 10134 10178 1017* *10112 102
100 148 Jan 10 159% Feb 9 126
Do common Class B
15134 15178 2,200
1504 151 *15012 152
151 151
Jan 3314 Nov
8
Apr
10
1504 15214 152 152
3812
29
Jan
2712
c
t
100
v
El
&
Wit,
10,300 Am Wat
3413 35
327 35
3312 3518 36
37
33
35
Jan 937 Sept
67
16
347 35
Jan
93
3
200
Do 1st pref(7%) vi 0_100 85% Jan
91 1
9112 *91
9112 .91
92 .91
*91
91
1714 Jan 5514 Oct
9134 91
*91
4813 Jan 3 5912 Apr 9
0100
t
v
p1(6%)
partic
4
5712
Do
573
7,100
5712
5614
58
5314
Jan
95
Oct
86
57,4 5934 5812 60
31
Jan
9814
577 577
2
Jan
9314
100
99
Amer Wholesale. pref
*97
99
99 .97
•97
09
*97
Oct
99
*97
99
7814 Jan 105
*97
100 93 Jan 19 10953 Mar 21
10014 10134 9834 10012 98% 99% 10018 100% 46.600 Amer Woolen
Jan 11114 Dec
3 102
Jan
10214 1031z 10114 103
4
1113
13
Apr
1051g
100
pref
Do
10518 10534 1,300
106 106 .105 106
105 106
Sept
5514
Jan
22%
110 11058 103% 110
8
Mar
32
24
Jan
_100
26
900 Amer Writing Paper prof..
2734 2734 .2712 28
28
28
2814 237
1218 Jan 21 Sept
2834 29 .2812 29
16
600 Amer Zinc, Lead & Smelt _25 15 Jan 23 194 Feb
15
15
1553 15
Jan 67 Sept
36
•15l2 1634 .1512 165g *1558 1634 •1534 16
25 4818 Jan 29, 5814 Feb 27
Do prof
500
53
53 .52
5278 *52
52
53
Nov 57 May
45
8
.52% 5412 537 537k 53
Mar
5312
4834 4914 23,400 Anaconda Copper Mining_ .50 4518 Jan 18;
4958 4834 4118 4812 49
49
487 50
Jan 7073 Dec
43
4958 50
Mar 15
88
51
Jan
_100
6214
Goods___
Dry
Associated
4
8312
2
8258
4,700
8212 84
8414 82% 8312 8214 82
84
8312 84
Oct
Jan 86
75
Feb
13
89
18
321:
Jan
100
pref
lot
Do
88
87 .83
87 .83
*83
87
*83
8$
Jan 91% Oct
85 .83
76
.84
100 8818 Jan 9 93% Feb 26
Do 24 pref
100
92
*8912 92 .90
02
92
93
93 .92
*90
93
Jan 136IsMar
99
*91
Apr 11 133 Jan 12
111
100
011
Associated
1,700
113
.112
112
112
8
1133
114 11412 111
612 Apr
115 115
113 Dec
11312 114
312 Feb 14
13 Jan 17,
800 Atlantic Fruit
2% 213
3
.212 3
3
*212 3
234 3
1958 Dec 4314 May
*234 3
No_111 1818 Jan 30 33411.1ar 17
.
2713 2813 3,900 Atl Gulf &WISS Line.
2814 .2712 28
2834 2712 27
15 Dec 3.114 May
27% 28% 2812 29
7 Feb 2 27 Mar 19
14
100
pref
Do
21
700
21
21
2112 21
Oct
2312 2114 2114 21
23 .23
.22
100 119 Jan 2 1531s Jan 10 117 Dec 1511
3,000 Atlantic Refining
127 127 •125 130
129 129
130% 13112 13112 132
Jan 11913 Dee
•132 135
100 11512 Apr 9 120 Jan 18 113
Do pref
100
11513 11513 •11.412 116 •115 116 *115 116 •11512 116
May
3
22,
Fob
*11412 117
13%
14
Feb
2013
2
153
Jan
4
par
No
100 Atlas Tack
•1618 17%
17
1734 17
17% .17
1734 .17
1734 .17
•16
94 Jan 4038 Sent
vc hols & CoCo_ ...No par 29 Feb 7. 3513 Jan 12
0 Aust
00
20
Doin Nichols
2912 2,4
29
2812 29
2912 2813 29
3012 29
Jan 91 Sept
30% 30% 30
68
100 8412 Apr 10 8912 Jan 23
*8118 8514 *8112 8514 .8112 8512
8514 8412 85
Jan 14234 Oct
.8412 8514 *85
19
93%
14114
Mar
17
Jan
4
129,
Wks.100
139 14078 13712 140 13714 13878 137% 13912 13914 14014 65,000 Baldwin Locomotive
Oct
Jan 118
1394 140
100 113 Feb 28 11634 Jan 4 104
prof
Do
.111
113
113
8
*111%
.1115
113
113
4
:.1113
41) Jan 6758 Sept
•11112 11312 •11112 1131
16
Feb
55
12
Jan
par
47
No
Leather
Barnet
*43
50
*43
50
*43
50
50
*40
50 .42
Apr
50
564
Jan
*40
23
35
1953
Mar
7,
Apr
2414
254 11,500 Barnsdall Corp, Class A__25 17 Apr 71 22 Jan 2
2412 2713 254 26,4 2512 2512 2434 2558 25
Apr
17 Nov 39
2414 27
25
Do Class B
2,900
18
17% *1712 1912 17% 17,8 1718 1718 .17
14 Dec
1% Mar
1812 17
17
Is Jan 2
14 Feb 26
20
33 3.000 Batopilas Mining
18
%
14
14
14
28
38
Sept
65
Apr
33
*14
33
4
%
Apr
6214
7;
38
No par 5013 Feb
5914 60
400 Bayuk BroS
59,4 5934 .6014 60
60 .58% 5934 .
30 July 53348 Dee
.60
6014 80
20 51 Jan 2 8114 Mar 26
5,800 Beech Nut Packing
7534 76
7712 7312 7414 7312 75
7712 74
Jan 79 May
51
7613 7712 77
100 5913 Jan 22, 70 Mar 3
Bethlehem Steel Corp
5512 Jan 8214 May
3
6534 6613 6518 6534 64% 6512 6414 6553 6438 6553 6478 6578 23,300
Mar
8
717
Do Class B common__ _100 6014 Jan 16; 9613 Jan 2
9071 Mar 106 Nov
11
Feb
9314
100
prat
Do
Jan 11653 June
8 104
;51 -if - ;55- -56- ;oi- 97 ;OF V6-- ;55- 97 ;55.- 95
Do cum conv 8% Dref-100 10738 Feb 2 1114 Feb
100
*10818 109,8 10334 10834 .10812 10334 *10814 10834 *108 10841 *108 108,2
Oct
94 Nov 101
100 93% Jan 311 9713 Mar 9
new
3
937
Preferred
1,100
93
94
94
1013 Aug
4 Nov
9434 9434 9434 9118 9413
71s Jan 18
•94% 9434 *94
a;
5 Jan 3
No 1p0
900 Booth isherles
.518 6
5
5
15 Sept
514 514
an
2
818
Mar
8
514 5,4
97
23,
•514 5%
*514 0
2Mar
,
7
itiosh Empire
100 BrD
8
8
*712 812 *713 812
*758 8
58 Mar 7634 Apr
*758 8
.713 8
10(2 6613 Feb 5 691:Mar 13
100
prof
.6614 70 •6514 70
*6612 70
19% Mar 39 Sept
*6612 70 .6612 70
*66% 70
23 Apr 12 261s Feb 20
101
Do 24 pref
200
'2111 23
2314 2314 .23
Jan 1243, &101
2312 23 23 .111
100
9
Jan
12112
•2314 24 .234 24
23
Jan
100 109
1,600 Brooklyn Edison, Inc
112
111 112
Jan 12413 Nov
70
Jan 19 128 Feb 7
111% 11178 11112 11178 111 11112 11112 112
10914
100
Gas
Union
Brooklyn
300
117 11712 .11611 118 .115 118
Jan 6428 Sept
42
2
Apr
65%
27
Feb
*115 117 *115 117 •115 117
5912
100
Inc
6234 6258 6312 3,300 Brown Shoe
6212
8
623
611:
June
112
52
534 June
62
25
Jan
6112
8
6214
25
6312
2 Jan 25
6212
Brunswick Term & Ry See 101,
212 .178 212
Mar 23 11313 Jan 147 Dee
4
1443
23
Feb
.1% 2% .178 212 •173 212 .178 212 .17
138
100
Bros
900 Burns
Oct
53
Jan
14034 14134 14012 14012 140 140 .14012 14112
2
2834
Jan
43
17
Mar
•14012 142 •14012 141
3612
365 383g
Do new Class B com____
500
37
37
1013 Dee
37
37
54 Mar
38
37% .37
33 •37
9 Apr 10 1134 Feb 14
.37
v to
318 914 59
912
818
Feb
9
934 914 4.800 Butte Copper & Zinc
34
15 Nov
4
Jan
21%
918 914
1
Feb
1713
912 913
100
18
18
600 Butterick
18
2038 Jan 3514 Oct
19
*1814 1834 184 1814 18
19
•1812 19
_10 2913 Jan 17 377 Mar 1
1,600 Butte dr Superior Mining._ par
32
315 3134 32
634 Dec 1518 Apr
3153 32
918 Feb 16
24
3212 325s 3134 32
Jan
32
5
32
No
011&Ref
Central
Caddo
600
714
712 .7
Jan 861n Sept
714 *634 714 .7
68
7
7
7
:Jan 24 87 Feb 9
791
712
.7
NO Par
0 California Packing
000
8112 8134 813 .8134 83
4313 Jan 71% Jan
8114 8134 81
82
100 6614 Jan 3 10238 Mar 22
*81
8234 .81
California Petroleum
904 93,4 9112 9314
94
3 Jan 2 110 Mar 2
83 Jan 9813 Apr
9858 0312 0712 90
97
94
100
9818 99
pref
Do
2,700
54 Feb 1138 May
10334 10334 102 10314 1011s 10212 10014 102
10
93* Apr 13 128 Feb 20
104 10412 104 104
934 93 16,900 Callahan Zinc-Lead
912 10
501s Nov 66% June
912 934
9% 1033
934 1013
10 52 Jan 23 66 Mar 1
10% 1078
400 Calumet Arizona Mining
61
.60
61
6034 60
614 Dec 1634 Mar
.60
19
953
Feb
4
Jan
1
7%
6112 •6012 81
: 61
.6011 611
200 CCasarseo(nj111) Plow111Gold
- - - *734 812
712 812 *712 812
913 June
3 Mar
434 Feb 21
3 Jan 2
No par
712 712 *712 818
312 *213 312 .21z 312 *213 312 .212 312
Feb 9314 Aug
9
85
68
Apr
4
693
Jan
4
.2% 3% *3
100
ctf
pf
M.
Thresh
I)
500 Case (J
85
85
87
.85
89
.85
85
85
85
84
85
*82
100 3212 Jan 4 4012 Mar 7
395 Jan 64% Sept
Central Leather
3414 3353 3412 3414 3453 3314 34% 8.300
6334 Jan 82% Sept
100 675* Jan 8 7934 Mar 7
35% 3418 3514 34
35
Do pref
7214 3,300
3234 Jan 4638 Dec
738 7312 7334 72
par
4213 Jan 17 5012 Mar 28
Copper_No
74% 74% 7212 74% 7314 7318 73
Pasco
de
Cerro
18,100
48% 4812 4812 49
49
34 Feb 53% June
4014 Mar 1 45 Mar 14
4814 4814 4814 4834 483 4933 48
Certain-Teed Prod ...__No par
41
4312 •40
.40
45
4734 Jan 7914 Apr
45 .40
76 Mar 14
*42
44
•42
•4313 45
Chandler Motor Car ___No par 6178 Feb 1
Jan 8958 Sept
60
: 6914 7053 5914 6912 6958 70% 70% 7112 9,700 Chicago Pneumatic Tool 100 8258 Jan 10 9034 Mar 21
70% 711
: 71
701
2,000
8418
8414
84%
8512
8458
1518 Jan 2914 Nov
8413
1
Mar
4
3038
843
8
2
84
843
4
Jan
3
8414
4
83
273
25
8414
2818 9,900 Chile Copper
2818 23
2214 Nov 3338 June
281g 28
2814 23
243$ Jan 29 3178 Mar 2
27% 2833 27% 2814 28
5
Copper
Chino
5,600
Jan 7014 Dee
43
2814 2758 2758 271z 27% 2753 28
2834 28
2838 2832 28
65% Jan 5 7614 Mar 28
1,400 Cluett. Peabody & Co____100
7214 73
Jan 82% Oct
73
41
7218 72% 73
•7313 78
7212 7312 7212 73
No par 74 Jan 16 81 Jan 3
Jan 37 May
24
7614 7614 7714 5,600 Coca ColaFuel & Iron
7712 7618 7718 .76
7714 7713 77
17 313 Feb 15
7634 77
Jan
100
2514
Colorado
400
Jan 11433 Sept
.2714 28
4
633
27
27
15
27
Feb
2814 27
4
17
1133
2713 28
Jan
8
*2733 2814 .27
1037
_100
Columbia Gas AL Electric.
5.300
534 June
109
Jan
10812
114
10812
8
7
107
6
2% Feb
108 10812 103 10834 10734 10858 10712 10814
r
a0
2 Apr 13
Graphophone No 1p0
218 8,300 Columbia
2
5 Feb 21 June
24
2
218 214
218 214
214 2,4
2 1212 Jan 15
218 218
Jan
4
83
pref
Do
1,200
Apr
7958
9
•9
Jan
9
5514
912
9
Apr
*9
913
912
912
10
8312
10
8
.8
958
RecordNo par 69 Jan
8034 821 4 13,700 Computing-Tab1858 Feb 4284 Oct
8178 82
8078 83
8014 8134 81% 8312 8134 83
par 3134 Apr 12 3938 Jan 3
3,600 Consolidated Cigar_ ___No 100 78 Apr 10 83 Feb 17
2
47,4 Feb 871,1
3134 334 3214 34
3312 3333 332
33
*33% 3334 3312 34
Do Prod
300
Fob
Mar
80
*78
79
79
80
54 Feb 20
7814 •78
I4Mar 7
*7814 8012 .7814 8012 78
No par
18
38
300 Consol Distributors,Ino
*14
•I4
14
14
8513 Jan 1453* Sept
%
*14
Jan 26
14
33
14
•13
Consolidated Gas (N Y).... 100 120 Jan 2 137 Feb
Dee
4
Dec
623
1
7
57
7
8
695
2
Jan
60
No par
When Issued
8 -55T2 6614 -4.9:500
9 July 15% Apr
8 6514 141
-6-61
.
-ET., -6114 64l
. 6534 -5514
6.53
1073 Jan 31 144 Feb 9
_No par
1112 1 134 13,300 Consolidated Textile__
4534 Jan 11514 Dee
31
h112 117
1214 1134 1214
Jan
12'& 12
13134
1218 12
2
12
Jan
115
100
Inc
Continental Can.
No par 433* Jan 2 5018 Feb 19
When issued
53-4 -4-61
4 46 .4-6; 457k 46l -45;8 -411-2 171:600
74-71; -463 467 -4.
Jan 933* Aug
25 92 Jan 6 10313 Feb 15' 66
Insurance
Continental
200
•9812 100
.9812 100
1114 Dec 1858 Dee
•981 100
100 100
100 100
•99 100
912 Feb 26 1214 Jan 19
par
24.900 Continental Motors___No 100 12315 Jan 16 13914 Feb 0
Jan 13434 Ott
9114
1114 1034 1113 104 10% 10% 10% 1034 11
1012 1078 11
Refining__
21.000 Corn Products
Jan 12234 Nov
12612 12778 12512 12713 12412 12714 12512 127
12738 12814 12658 128
100 118% Jan 5 12238 Feb 24 111
Do pref
313$ Jan 84 Dee
5034 Jan 4 6314 Feb 17
Vo par
•117 120 .117 120 .117 120 *1177 120 .116 118 .116 11734
5
4
Feb
98% Sept
4
543
55
553
623
3
54
573
8
585
8
5718
63$
Mar
8
5912
843
585
11
*
57% 59
ol of America_ 100 6813 Jan
ee
niciebnied'StC
C°9d
7958 793 82
2° e
50
7;9
Jan 100 Sept
36
0
80
8012 7314 7978 7814 7978 78
8012 79
80
100 8814 Jan 2 944 Mar 2
Do pref
200
91% 91
9114 9114 *9012 9112 .9012 9112 .9012 9112
818 Jan 1954 Mar
.90
13
91
Feb
20
17
Jan
8
125
par
No
1712 15,000 Cuba Cane Sugar
1712 181g
1734 1734 17
1514 Jan 4178 July
100 3718 Jan 17 6114 Mar 15
1613 1678 1738 175* 1712 18
0 culra0.Aprmeferlean
00
70
8214 6014 1317 27
2:7
621z 6114 6214 61
1415 Jan 28 Aug
6214 61
60% 6112 61
Sugar__...10 2313 Jan 16 373* Feb 13
3518
3412
3514
3414
35
341g
3
3
3418
35
Jan 10213 Dee
7813
5
3518
Apr
13
106
Apr
34%
3518
100 9914
3412
597 101
Do pref
300
10038 1003* 9914 9914
2313 Nov
*98 101
655* Apr
.98 101
par 29 Feb 1 384 Mar 6
No
a_
*98 101
t
v
Chemical
311z 3014 3012 3114 3112 3113 3113 1,700 Davison
Jan 2553 Sept
1511
1
Mar
28
3113 3113 31
24
31
Jan
par
23%
31
..No
Cons Mines.
2633 2612 2614 264 2614 264 267 271* 3,000 De Beers
26
100 106 Apr 5 111 Mar 2 10033 Jan 11811 Aug
2618 264 26
Edison
Detroit
1074
.107 10712
200
*10614 10712 1071g
184 Jan 4611 Nov
3934 Feb 1 4418 Jan 4
1
•10612 10712 •10612 10712 10612 10612
4314 434 4314 427 43
4312 43
63:230000
43
70 July 9013 Dec
8934 Jan 2 1153 Apr 3
Co____No pa
ktd
4234 4234 4212 43
od'aL
ne8
niK
aM
Eastman
11213 11234 11153 11238 112 112
4 Apr 13 105 Dec 16934 Nov
1233
17
Jan
10814
_100
Co
&
2/em
1134 11334 11318 11333 1123 11312
de
Pont
12078 12338 121 1243 1243, 12612 12513 1283 20,100 El du
80 June 9013 Sept
Feb 28
120 12112 1204 122
6% cumul preferred__ _100 8112 Apr 12 8812 Mar
1,500
8812 8112 8112 8712 871
40IsJune 58% Dee
21
8914 8878 8914 88
54 Jan 17 6718
pa
6812 89 .83
6258 6312 8312 651 10,500 Electric Storage BatteryNo 50 15 Mar 1 2034 Jan 2
64
6433 63
2418 Dec
1414 Jan
6412 64
6453 64% 64
o
0g
C
i
t
nI
aa
Cro
0fin43
119or
15
15
ELItle,
15
0 E
200
15
1518
60
1.
15
1512
1118 June
1512
1512
28 Jan
1512
20
71:
Feb
26
5
Feb
am ___ _100
hp
r
•1512 16
51
512 .473 512 *47
Ws •47
5
7614 Jan 9478 Dec
6
Apr 3 94' Jan 2
*5
12
71
50
6
*5
-Johnson
Endicott
7234 723
2,200
7278 73
7234 725
3
727
111) Dee
Jan
724
104
3
Jan
73
113
71
Feb
73
112
100
73% 7312
Do nref.
200
112 112 .112 11212 *112 1 1212
115
113 113 •11214 115 .1124
Par value 1110 Per Mare
stock di,.
and rights. i Assessment paid. s Ex-Vial:4c a Itz-div. tEx-900%
•Bid and asked prices; 00 sales on this day. 4 Ex-div.
61:60
New York Stock Record-continued-Page 3
For sales during the week of stock.' usually Inactiv
e, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE,
NOT PER CENT.
outwaole. • Monday.
April 7.
April U.
Tuesday. 'IV eanesaay. Thursday,
April 10. , April 11.
April 12.
Friday,
April 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
1627
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Lowest
Highest
$ per share S per share $ per share 8 per
share S per share $ per share Shoat luaus.
-.27
& Miscell.(Con.) For $ per share
2712 .27
2712 .27
2712 *27
$
2712 *27
per
share
Per
share
.27
per share
2712
2712
Exchang
88
Buffet
e
8912 8812 894 8758 8878 87
par
No
Jan
26
4
31
Jan 10
873
1
2612 Dec 31% Oct
*9712 98 .9712 0758 9618 9712 9634 9634 87 4 8758 8778 8812 14,000 earnous Players-Lasky_No Par 8234 Jan 19 93 Jan 2
7518 Jan 107 Sept
4 .9612 98
9734 973
'400
Do preferred (S%).....__10
*734 10
*734 10
.9
9478 Jan 16 9934 Feb 14
10
.734 10
91% Jan 1073, Sept
*734 12
.912 12
Federal Mining & Smeltin
4958 494 49
494 50
834 Jan 23 1254 Feb 16
51
51
g 100
52
9
*51
Jan
1612 May
5214 5214 53
1,900
Do
878 9
pref
858 878
834 9
10
44 Jan 23 6012 Feb 13
853 84 •858 878
3712 Mar 6284 Sept
834 87
2,000 Fifth Avenue Due
•150 163 *160 175 *160 185 *160 180
No par
738 Jan 17 1038 Jan 2
84 Dec 105s Dec
*160 18412 *160 180
Haler
*99
Body
9912 *99
Corp
9914 .99
•
No pat
9914 99
Feb 1 2124 Jan 11
99
75
Jan 218 Dec
99
99
9878 99
500 Fisher Body Ohio, pref__ _ _ 100 150
1334 14
134 14
1334 1334 1312 1358 1338 1378 1334
9618 Jan 24 101 12 Feb 19
7612 Jan 10314 June
14
4,500 Fisk Rubber
1834 1873 1834 1834 1812 1834 18
140 Par
1818 1734 1778 18
1314 Jan 2 1612 Feb 13
104 Nov
1912 Apr
1833 5,700 Freeport Texas Co
69
6934 6812 6834 684 684 *6612 68
1734 Apr 12 22 Jan 13
No par
1214 Jan 2714 Oct
6634 664 .6034 68
700 Gen Am Tank Car
4914 5012 4914 514 4812 51)
No Par 66 Jan 5 7178 Feb 20
4614 49
4534 Jan 80
4614 48
Oct
4734 484 42,800 General Asphalt
7934 7934 80
8114 .77
100
79
414 Feb 1
7612 7612 78
54 Mar 7
3714 Nov
7339 July
7812 *7812 81
1,400
Do pre/
9138 914 9012 9012 00
90
100 76 Feb 1 83 Mar 7
90
69 Nov 111 July
90
89
8912 8858 9012 1,900 General Cigar,
.107 1091 .107 10912 .107 10912 *107 10912
Inc
815
100
8
Jan
4
943
Mar
14
8
65
Mar
*107 10912 •107 10912
8334 Dec
Debenture prat
18014 18014 18034 181
181 181
100 10412 Jan 2 10912 Feb 24
18058 18334 182 183
Jan 109
94
Oct
181 18212 3,400 General Electric
114 1118 "114 1112 .1118 1114 1118
100 178 Apr 5 19018 Feb 2 136
1118 .1118 1114
Jan 190 Dec
1118 1114
500
1478 15
Special
15
154 1518 1514 154 1512 154
11
Mar 31 • 12 Jan 2
10
1012 Oct 12 Sept
1512
1512
96.900
153
4
General
88
88,4 88
Motors Corp__ No par
8812 8834 8834 *8734 89
1312 Jan 17 1578 Apr 6
8/
1
4 Jan
88,8 884 8812
151 July
900
Do pre/
100 8334 Jan 20 8878 Apr 12
rj 89 90 8914 8958 89 8934 8914 894 89 894 89381 8878
Jan 88 Sept
09
8938 9,770
/ 10314 1041z 10412 10458 104 105
Do Deb stock (6%)
8312
10412 105
Jan
9
90
100
Apr 7
6734 Mar 9614 Oct •
104 105
104 104
8,000
L.45
Do Deb stock (7%) 100
46 .45
46 .45
4512 4512 45,2 •45
9678 Jan 10 105 Apr 10
794 Mar 100 Sept
46
4512 451
200 Gimbel Bros
.10
101
1018 1018
932 tits *912 10
No par 41 Jan 3 4812Mar 15
912 1018
3818 Oct 451s Oct
*914 10
600 4,11delen Co
534 6
618 658
par
No
6
038 Apr 11
618
1238 Feb 9
578 64
934 Nov
1814 Jute
6
618
6
19,700
6'&
3838 383
Goldwy
n Pictures
3818 3814 378 3812 3712
47 Jan 2
77 Mar 9
No Par
434 Dec
813 Oct
3812 3914
39
391
4,500 ("oodrich Co (B F)___.N
.8914 903 .8914 9034 9014 9014 9014 38
o par 34 Jan 4 4014 Mar 15
0034 90
2812 Nov447k M8Y
9012 9012 00'z
800
3112 311
Do
pre!
3058 3058 30
100 84 Jan 3 9212 Mar 6
3014 2914 2912 *2912 3038 2934 30'4
Nov9
7912
1
Apr
1.200
.1258 13
Granby Cons M,
1212 1212 1214 1214 1212 13
1214 1214
22 Nov35 May
1212 12's 1,200 Gray & Davis Sm & Pow100 23 Jan 25 33 Mar 23
2878 2878 "2914 2912 *29
Inc
No par
11 Jan 23 1538 Mar 7
2934 .29
2934 *29
8 Nov1978 May
293 .29
293
4
100
1114 1114 11
Greene
Cananea Copper 100 2318 Feb 1 3418 Mar 6
1114 11
11
11
11
II
22 Nov3458 May
11
1034 iO4 1,800 Guantanamo
9934 10014 98
95 Jan 5 1412 Feb 14
994 9712 99
Sugar__ _ _.No par
9712 9014 0738 99
7 Feb144 Mar
9918 1004 28,700 Gulf States Steel
1
14
1
1
114
tr etfs__ .100 78 Jan 10 10438 Mar 21
1'
138
114
4478 Jan 947s Oct
114
2
1
112 6:400 Harbishaw Elea Cab.
8858 884 8912 904 .8812 90 .8812
%Mar
No
Jan
5
212
12
Par
90
884
34 Jan
378 Mar
8858
*S812
90
600 Hartman Corp
.20
2112 20
20
194 20
19
100 8312 Jan 4 9514 Jan 26
1912 *19
8014 July 103 Mar
20
*19
1978 1.300 Hendee
.68,2 70
*6812 70
70
ManufacturIng-100 1878 Jan 8 2384 Feb 16
70
6814 6812 *68
15
Jan
28%
Sept
691
6812
6812
600 Homestake Mining
6714 67,4 66
6814 6312 6614 62
100 68 Mar 5 797 Jan 2
64
55
Jan
82 Nov
6212 6312 63
64
9,200 Houston
2934 2934 294 294 2914 2934 29
100 62 Apr 11 78 Feb 16
6114 Nov 912.$ Oct
2914 2918 2938 2918 2912 6.700 Hudson Oil of Texas
.2634 27
2634 27
Motor Car____No par 25% Jan 10 3254 Mar 8
27
27
2612 2612 2612 265s 27
1912 Aug 2838 Dee
27
1,000 Hupp Motor Car
338 34
334 378
312 334
10 225* Jan Il 3012 Apr 2
338 312
1078 Jan 2618 Dee
338
312
312 312 6.700 Hydraulic Steel Corp
*1533 1512 15
15
1434 1434 1412 1512 1414 1412 1414 1414
338 Apt ii
No Par
31) yet 141s June
612 Jan 8
712 772
2,600
712 888
Indlahoma Refining
712 712
5 13 Jan 3 19 Mar 19 • 314 Jan
714 714 •714
1534 Deo
712
718 74 5,300 Indian Refining
3814 3814 3712 38
3714 3734 3712 3712 37,
534 Jan 24
10
818 Apr 6
5 Jan
1158 JUne
8 3712 37
3712 4,100 Inspiration Cons Copper
Jan
20
33
18
43
31
Marl
Nov
3
4
45
•7
I
Jure
9
9
*7
*7
9
*7
9
*612 9
*0,4 9
InD
tena
o ap
31
3112 3014 32 .31
t rA
egricul Corp
331 *31
100
7% Jan 4 11 Feb 20
Ps Dec 114 May
332 3118 3138 .31
3111 1,000
41
4112 41
41
4014 41
44334
Apr
5
30
39%
40
Feb
23
2613 ,
4318 Mar
... (1%
4014 4012 40
40
2.700 International Cement_ _No lpij
2612 2612 26
2612 2512 26
34% Jan 2 44 Mar 19
a
2514 2512 2558 2614 2512 26
26
Jan 38114 May
4300 Inter Combus Log
.8912 9034 .89
011
8834 90
24 Feb 3 2718 Apr 6
89
89
2018 Jui,e 30% Sept
.8834 8912
8912
800 Internat Harvester (neteN)..o_
•114 115 *114 115
114 114 *11314 115 • __ 115 .89
5
pl0a0 87 Jan 17 9812 Feb 7
7942 Jan 11572 Aug
113 1134
400
Do peel (new)
978 97
934 94
984 93
113 Apr 13 11614 Jan 4 10511 Feb119 Sept
934 94
934 93
834 914 4.000 Int Mercantile Marine-100
39
4038 40
4014 3918 394 38
8% Jan 131 11% Feb 14
0
39
8$4 Dec 2711 May
38
39
36
39
20,300
Do
1412 1458 1412 1458 1412 13
pref
100
Jan
14
47 Jan 5
1412 14
4188 Dec 874 May
1414 1418 1412 4,900 International
*75
774 .75
7714 *79
Nickel (Tbe) 2
314
713 Jan 29
771 1 *76
2 1612 Feb 16
7714 76
1114 Jan
1934 Apr
76
*75
100
7714
4214 5214 52,4 5214 5018 5134 4712
Preferre
d
1
Jan
0
0
0
693
4 783
4
.Feb 14
5038 48
60
Jan 85
49
Jan
4858 4912 14,20 International
.7112 72
*70
72
694 70
Paper
4712 Apr 11 584 Mar 6
6914 7012
4313 Mar 637
, Oct
80
6912
Do stamped pref
1734 18
1814 1834 1778 1838 1718 174 6912 691 *69
6914
0
160
Apr
0
7518
11
Jan
5
17
59 Mar 8012 Sept
1758 1714 1758 23,700 Invincible
514 54,2 5334 5418 5212 M12 5212 54
011
Corp
1414 Jan 17 1914 Mar 7
1218 July 2014 Apr
5212 54
53
5414 12,800 Iron Products Corp__No par 4112 Jan
I.
38
12
12
as
17 5814 Mar 8
as
as
24
Jan 5318 Oct
as
as
as
as
58 2.100 Island Oil& Transp v t c
.2214 23
2178 2212 2218 2212 22
10
14 Jan 2
2238 22
38 Feb 24
14 Nov
22
3
Jan
.2178 22
2,000
Jewel
.72
75 .72
Tea,
75
Inc
*72
100
0
173
74
Jan
8
24
24
*71
Mar
15
75
10
74
Jan
74
*70
2212 May
74
10
Do pref
6114 6114 61
6134 6012 61
6914 Jan 2
82 Feb 26
6018 61
5934 5934 6014 6012 2,30 Jones Bros
3814 Jan 7638 Dec
10718 10718 .107 10714 10718 10718 107
Tea,
Inc
63% Mar 16
Jan 1
107 *10718 10712 10714 107,2
3412 Feb 577 Sept
700 Jonee & Laughlin St, pref 100 50 Mar
178
178
14 178
100 107
19 109 Feb 23 10712 Dec 10938 Dec
178
178
18
184
i4
18
14
134 1,800 Kansas & Gulf
3912 3912 384 384 3812 3938 3878 384
10
11 Jan
312 Jan 12
112 Dec
"3812 39
.3858 39
712 Jan
800 Kayser (J) Co. (nete)__No par
•101 10212 *101 102 *101 102 .101 102
38 Apr
45% Feb 23
*101 102 .101 102
34 Slay 48% Aug
let
58
583 5878 59
5738 5818 57
5814 5712 6012 604 614 44,700 Kelly preferred (nets)__No par 100 Jan 29 104 Mar 23
94 May 10612 June
-Springf
ield
Tire
464 Jan 4 6218 Mar 22
.100 10512 .100 1054 .
3414 Jan 6334 May
1 100 10512 .100 10512 *104 10512 10518 1051
100
.103 110 .105 109
Temporary 8%
10
105 105 .10312 110 .10312 110 .10312 110
2 10234 Jan 2 108 Jan 18
1 Jan 10758 May
90,
100 Kelsey Wheel, Inc pref
4053 4034 4012 4078 4012 4058 4014
10 101 Jan 23 1148 Feb 20
4058 3978 4014 404 404 24.200 Kennecott
61
Feb 11511 Dec
978 94
978 1018
par
35 Jan 18 444Mar 3
958 978
914 94
938 978 1038 103 16,200 Keystone Copper
25%
Jan 392 May
225 225 .220 22412 *216 22214 220
Tire & Rubber
_o
N
83
Jan
17
8
18
11
Mar
24
220
220
220
48
.216
4
Nov
24118 May
225
400 Kresge (S8) Co
.80
82
.81
82
81
100 177 Mar 2 24712 Feb 16 110
81
8012 8012 .8012 81
Jan 189% Nov
8012 801
600
Laclede
2934 3014 30
Gas
(St
Louis).
304 2938 2934 2914 2912 30
_ .100 8012 Apr 11 87 Feb 21
307
43
8
8
305
Jan
311
9412
Aug
3,600
Lee
Rubber A, Tire._ _ No par 274 Jan 16
.198 209 .198 209 *198 202
194 19734
3134Mar 22
241, Nov 3514 Mar
200 *192 200
200 Liggett & Myers Tobacco.
•112 11412 *11218 11434 11414 11414 *11218 11434 "190
.1(30
194 Apr 11 22234 Feb 9 15314 Feb 235
11438 11438 11412 1141
Oct
400
Do
pref
72
724 7112 73
7012 7134 704 7114 7038 72
100 11134 Apr 4 1184 Jan 8 108
7134 721 17,900 Lima LocoWks
Jan 12312 Nov
19
1914
1918 1918 19
tempctfsNo Par 5838 Jan 17 7478 Mar 20
1918 19
19
19
1918 19
52 Nov 11778 May
19
4,900 Loew's Incorpor
812 812
84 834
ated
814 814
1814 Jan 17 21 Feb 15
814 512
834 834
812 81
1038 Jan 2334 Sept
2,300 Loft Incorporated ._ _ No par
5478 554 55
55
5514 5514 54
No 1pco
ar
8 Mar 15 1134 Jan 5
5434 54
54
*5312 541
Jan
9
1414 May
900 Loose-Whet:Biscuit
*164 166 *163 165
163 164 *162 164 *161 163 *162 1631
5172 Jan 4 8314Mar 2
Jan 6774 Sept
36
80
2
ortilard (11
•112 115 *112 115 .112 115 .112 11314
100 16114 Jan 8 17858 Feb 9 14714 Jan ISO Sept
.11212 113
11218 11218
200 Mackay Companies
*67
6814 .67
684 .67
6814 "67
100
105
68
Jan
"67
22 121 Feb 8
Jan 117 Dec
72
674 *07
68
Do
9118 9214 9114 9338 9058 9258 8914
100 6734 Apr 5 7012 Feb 16
9212 9078 9212 9112 934 27.200 Mack peel
Jan 70 Nov
57
9638 9638 *96
Trucks, Inc
9638 9638 9638 .95
',To par 5818 Jan 2 9312
9612 96
Apr 6
96
*9534 96
254 Jan 6172 Sept
300
.89
Do 1st pref
91
.90
9012 •89
9012 .89
9212 Jan 3 9914 Mar 12
9012 89
89
.88
90
68 Feb9412 Dec
100
Do 2d pre(
664 6714 6638 67
668g 668 66
100 84 Jan 3 92 Mar 5
6638 664 6758 675* 69
Jan 8739 Sept
54
9,300 Macy
3334 3334 3334 3334 3378 3412 .3312 34
No pa
61,
1 Jan 8 7112 Jan 20
3358 334 344 3512 4,500, Mallinson (11
59 Nov62 Dec
704 704 69
9984 71
71
R)
&
Co_
_No pa
69
70
3312 Apr 2 40 Jan 2
6912
7012
685
40 Aug
Jan
1512
8
5.7058
697
8
.84
Manati
87
*8238 86 .8212 86
Sugar
"8217 86
100 434 Jan 17 7514 Mar 14
89
86 '83
87
3014 Jan 62 Mar
100
Preferred
100 82 Feb. 3 90 Feb 26
.59
61
.60
61
734 Apr 844 Sept
.594 5978 53
.59
59
.59
60
5958
400 Manhattan Eloc Supply No
45
45
4534 46
*45
46
4518 4518 4512 4512 *4512 4614
pa
5118 Jan 3 66 Mar 21
41 Mar 6934 Apr
900 Manhattan Shirt
5512 5714 5514 5714 5414 661
5058 54
25 4314 Feb 2 4778 Jan 5
51
5278 5078 5234 263.600 Marland
32 Mar 581g Oct
•10
12
10
10
011
*912 12
934 10
4,912 13
No Pa
2714 Jan 6 5958 Apr 2
.912 12
2238 Janl 4638 June
400
3414 353
Marlin34
3658 3512 363
Rockwel
l
36
93 Feb 1 16 Feb 26
No pa
3714 36
37
354
512 Mar 263, Mar
37
35,800
58
Martin-Parry Corp..- No
58 .57
58
5718 571
5612 57,8 5614 5614 56
2712 Jan 31 3714 Apr 11
2014 Jan 3614 June
56
1,000 Mathieson Alkall Works__ pa
5812 5914 58
5834 5634 583
5634 5812 58
6
4978 Jan 2 6412 Mar 14
5878 584 591
22
Jan 54 Nov
9,700
Maxwell
1934 2014 1912 2038 , 1918 193
Mot Class A
19
20
4334 Feb 2 6314 Mar 8
193* 195
4114 Nov 7434 May
193, 20
15,000 Maxwell Mot Class BNo 10
74
74
7314 7334 72
73
7134 7212 72
1418 Feb 1 21 Apr 5
72% 73
11
Feb 2574 June
4,200 May Department Storee pa
•19
1914 1878 1914 184 19
1918 1912 1914 1938 1918 73
100 6748 Jan 5 7838 Jan 13
1914 3,200 McIntyre Por
6512 Dec 1741., Dec
•250 280 *260 290 "260 280 .250 280
Miner:
288 289
1758 Feb 1 20 Mar 22
1058 Jan
2158
200 Mexican Petroleum
*100 108 .100 108 *100 108 *100 108 .100 110 .260 285
100 265 Mar 2 293 Jan 2 10834 Jan 322 Mar
.100 108
Dec
Preferre
•1812 19
d
1812 1878 18
1812 1712 1818
174 1734 1712 171
100 10014 Feb 28 1054 Mar 16
7914
Jan 108 Dec
4,300
Mexican
.1678 184 .1714 174 1714 1714 1634 1714
Seaboard 011_ _No par 1614 Jan 12 1952 Mar 19
1678 17
15
17
Oct 3412 July
l7is
1,500
Voting
trust
2714 2734 2712 2712 2712 2712 2712 28
cite
294 3014 2978 3014 19,800
1518 Jan 17 1938 Mar 20
12
Oot 3218 July
Miami Copper
1138 1158 1158 1112 1114 114 Ills 1138 11
6 2684 Feb 1 301k Feb 23
1138 1118 114
25 Nov 81ss May
3214 321
: 32
3238 3134 3218 3138 3214 313 3214 3218 325 20,400 Middle Statee 011Corp
10 11 Jan 24 1218 Jan 12
11 Nov
16
Apr
18,600
Midvale
*60
Steel
971:
70
dt
69
Ordnance.. 50 27 Feb 1 3258 Apr 6
69
6834 674 674 *674 68
70
*69
2818 Dec 4514 May
1,200 Montana Power
24
2372 24
2458 24
2412 2334 24
100 8512 Jan 24 75 Mar 8
234 2438 2378 24
83 Jan 76% Sent
12,100 MontWard At Collki
2734 277
2739 275* 2712 275* 27
Corp
2712 2634 2712 27
10 2058 Jan 17 26 Feb 13
2712 5,900
12 Feb 2539 Aug
1134 12
1134 12
No par
115* 1178 1112 1134 113 11% 1114 1112 22,100 Moon Motors
1734 Jan 17 294 Mar 22
1930 Dec
13 Aug
Mother Lode Coolltloo_No
•2658 2714 2712 2712 .2614 2712 .26
11 Jan 2 14 Feb 20
27,2 *2612 27 .26
Par
2614
200 Mullins Body
938 Nov
1214 Dec
108 1094 10778 10838 107 10812 106 106
No par
22 Jan 24 2978 Mar415
106 1067a 107 1074 3,800 Nash
17%
Dec
Mar
34
Motors Co
No pa
7518 Jan 2 11412 Jan112
.98
9812 9838 9838 .98
70 Dec 525 July
981 .98
984 .98
9812 *98
9812
100
Preferre
•1412 15
1412 1412 .1412 15
100 98 Mar 6 1011
1414 141
1418 1414
1414 1414 1.300 National d A
,Jan 17 1014 Aug 108 Dee
Acme
4218 424 4178 424 4112 42
50 11 Jan 311
414 42
4134 4214 42
4238
1818 Feb 19
912 Nov 2114 Apr
1204 1204 12014 1204 12012 1201 *120 1201 •120 12012 •120 12012 8,200 National Biscuit
100 38 Jan 5 4334 Mar 19
3678 Dec 270 Dee
300
Do prof
•59
621 .
100 12014 Apr 9 125 Feb 2 11312 Jan 126
584 6212 .58
621 .5812 621 .58
60
•58
60
Nationa
Oct
l
Cloak
&
Suit
118
.1
11
118 .1
100 5812 Mar 27 67% Feb 21
11
.1
11
1
114 .1%
114 1.900 Nat Conduit &
Jan 6678 Bent
26
69% 70
Cable_ No pa,
6934 6978 684 698
684 69
6858 6914 69
1 Jan 25
112 Feb 24
6958 5,100
1 Deo
418 Apr
•130 132
129 13134 12734 1283 12834 12834 *129 13038 12912 12912 1,700 Nat Enana'a & Stamp'g
100
6514 Jan 9 73 Mar 14
3039 Jan 6812 Oot
National Lead
•111 1113 111 11134 .111 1113 111 111
100 123% Jan 25 136% Mar 20
86
500
Jan 1291., Dec
Do pref
1578 157
1512 1512 1512 151
_100 11034Ma731 114 Jan 4 108
1514 154 %Ilia 11
0 118 112
15
1'2
38"
15
518 2.50 Nevada Consol
Jan 117
Oct
Copper_
__
3834 39 .38
39
37
38
144 Jan 29 1838 Mar 5
3714 3714 3834 39,2 3912 3912 2,700 N Y Air
1312
Nov
191,June
Brake (new)_ _No pa
4978 50
4912 4912 4812 49
2658 Jan 2 3912 Feb 13
4812 49
4912 4912 *4912 4934 1,200
2412 Nov 4138 Sept
Class A
.23
26 .25
No
par
26
.24
26
46 Jan 9 51 12 Feb 13
23
2312 *2312 25 .2314 2434
45% Nov 5118 Oct
300 New York Dock
50
50
10
*4812 51
50
21% Jan 16 2634 Mar 16
50 .4812 51
*4812 50
.482 50
20 Nov
200
46 June
Do pref
11278 116
100 46 Jan 31
51 12 Mar 15
46 Nov 6812 June
1,900 North American Co
.4512 46
.4512 46
.4512 46
50 1001, Jan 16 11912 Feb 24
454 4518 4514 45-1; -45i4 15-3i
4418
Jan
800
10614
Doe
Do
pref
•25
263 .25
2612 "25
50 4412 Jan 17 4812 Feb 14
2612 *____ 2512 2512 2512 .2512 2614
38
200 Nova Scotia Steel dt
Jan 4714 Aug
*9
912 91, ...9
934 .912 94 .
Coal_ _100 2512 Apr 12 2978 Mar 3
932 94 .
058
912 958
2088 Feb 40 Sept
200 Nunnally Co(The)
.7
404
_No pa
71
7
714
7
912 Jan 5 1018 Feb 9
4624
*678 7
634 7
714
8 July
1214 Mar
500 Ohio Body & Blow_ ___No
234 27
par
234 278
24 234
8ls Jan 2 104 Jan 29
258 24
258 234
5 Nov
1414 Apr
258 258 10,600 Oklahoma Prod&
7
Eclat Am 6
7
612 612 "612 634
.6
612
178 Jan 2
318 Feb 8
61.
45s June
Dec
61
.
13
4
1,100
•
612
6%
Ontario
Silver
1958 193 •1914 1934 19
Mining__ 10
1914 1878 1918 1812 1812 19
5 Jan 6
7 Apr 5
412 Jan
1,100 Orpheum Circuit,
1914
985 Mar
•136 141 .136 142
Inc
135 136 .13512 145
I 17% Jan 5 214 Feb 16
13512 137
Oct
1282 Jan 28
138 138
1,100 Otis Elevator
100 135 Apr 13 153 Feb 18 116
Jan 16839 Oct
"El and asked prices; no gales this day. I Less than
100 shares. a Ex-dividend and rights. a Ex-dividen
d. •• Ex-rights.
1628
New York Stock Record-Concluded-Page 4
For sates during the week of stocks usually inactive. see fourth page preceding.
PER SHARE
PER SHARE
Range for Previous
Range since Jan. 11923.
STOCKS
Bales
HIGH AND LOW RALE PRICS-PBR SHARE, NOT PER CENT.
Year 1922.
On basis of 100-share lots
for
NEW YORK STOCK
the
Friday,
EXCHANGE
lestaraa2.
Tuesday. Wednesday. Thursday;
Hondas.
Highest
Lowest
Highest
Lowest
13.
Week.
April
12.
April
11.
April
April
April 7.
10.
9.
April
per sharo
$
share
per
share
Par $ per share
Per
per share $ per share
per share $ per share $ per share $ per share Shares Indus. &Miscall.(Con.)
6 Nov 1618 Apr
778 Jan 4 1434 Mar 21
No par
1234 134 1258 127* 124 1312 11,400 Otis Steel
1314 1312 124 134 1234 13
42%
Sept
Jan
8
247
28
Mar
Jan
5138
3858
2
25
Bottle
4878
13,000
4812
Owens
4858 4914 4712 4834
50
5014 4918 5012 49
50
12 Dec 1418 Apr
214 Mar 5
12 Jan 2
1
14 7.100 Pacific Development
118 118
118
1
118
1
1
118
1
60 Jan 9118 Sept
5
7838
12
Jan
Apr
100
85
Electrio
&
Gas
7812
*7814
Pacific
7812
7812
800
7838
7812
79
*7812 79
79
7834 79
Jan 19 June
11
5 1034 Apr 6 1215 Feb 8
11
100 Pacific, Mall SS
12 •10
*10
12
*10
12
1078 1078 *10
1134 *10
4212 Nov 69% May
3814 April 4878 Jan 4
3934 74.000 Pacific Oil
394 384 3914 3858 3938 39
3858 3912 3878 3912 39
21 Noy
Dec
22
10
Mar
1512
8
10
Jan
104
Car
Motor
1478
15
15
7.600
Packard
1434
1434 144
1478 15
1478 1472 1478 15
4878 Jan 111078 Dee
50 6834 April 9312 Feb 7
7053 714 71,400 Pan-Am Pet & Trans
6834 7112 6958 71
7412 7178 73
73
7312 74
Feb 9534 Dee
4012
11
Apr
88
7
Feb
65
50
B
Class
Do
6814
79.400
67
655
6712
8
8
673
65
6912
6912 70
6918 705s 68
3 Dec 1212 Jan
614 Apr 5
4 Jan 16
5
518 2,300 Panhandle Prod & Ref_No par
54 518
5
5
5
5
5
5
512 534
712 Nov 17 Apr
No par 1158 Jan 25 15'l Mar 13
600 Parish & Bingham
4 1312 1312
13 •I212 12,
*1234 1312 *1212 1312 1212 1212 13
234 Dec 13% May
4
Apr
6
2
Jan
par
212
v
St'l
No
t
-Seaboard
534
57,00
Penn
6
55*
538
54 6
558 578
534 6
534 6
4 Jan 99 Sept
593
944
30
3
Jan
Apr
89
4 1.100 People's G.L & C (Chic)__ 100
1
8912 8912 8978 89/
90
90
90
89
89
89
*8912 90
31% Jan 45% Sept
Mar 15
50
2
Jan
4114
50
(P1ttsb)__
Co
48
Philadelphia
47
4812
48
7,200
4714
8
465
4
473
47 474 4712
47 47
Oct 105% Jan
80
4
3
Apr
7314
Apr
par
No
70
Corp
s
78
*70
80
100 Phillip-Jone
78 •70
80 80 *70
80
•70
75 *70
2814 Jan 5914 June
No par 4712 Jan 2 6958 Apr 5
6218 634 114,200 Phillips Petroleum
64
62
66
65% 6634 684 6712 654 6834 63
July 2458 Apr
14
Jan
8
1514
27
Jan
1118
par
Car__..No
M
13
Pierce-Arrow
134
1258
1258
2,900
1314
1212
1234 1318 1212 1278
13
13
1878 July 49 Apr
100 27% Jan 27 3558 Jan 9
Do pref
3214 3218 3314 2,600
32
32
32
32
3214 3214 3258 324 32
378 Dec 12 Jan
6 Feb 13
4 Jan 25
25
44 44 2,900 Pierce 011 Corporation
414 438
44 414
44 44
438 412
412 4%
82 Sept 71 Jan
Apr 12 45 Jan 4
37
100
374
374
pref
38
Do
*37
37
800
3712
*3712
3812
*3712 3978 *37% 3812
39 Nov 5914 Dee
P188 Wigg Stor Ins"A"No par 5514 Jan 17 124 Mar 20
55 Nov 7238 Sept
100 58 Jan 16 6778 Mar 7
64
64 -1;i155 Pittsburgh Coal of Pa
63 64
-6314
'64 65
-08
Feb 10012 Sept
5
Apr
904
100
7
Feb
98
100
pref
Do
9838
9838
loo
99
*98
99
*98
9812 9812 *98 99
*99 100
14% Feb 41 Dec
15
Feb
4778
1
4Mar
10
91
Pond Creek Coal
65% Apr 120 Oct
par 113 Jan 8 134 Feb 6
No
'11934
Cereal
120
1.800
Postum
;
-1
0
2
1
1.1..9T2
1201
12113
122
3
HiT2
122 122
100 1104 Jan 3 11414 Jan 25 10512 Apr 11218 Oct
8% preferred
100
112 112 *11112 113 *11178 113 •11178 113
O11118 113 •111 113
100 58 Feb 2 8112 Jan 2 83 Jan 95% Sept
68
66
66
300 Pressed Steel Car
6734 6734 *66
68 68 *66 67
*68 69
91 Feb 106 Sept
100 86 Jan 22 9934 Jan 5
pref
Do
*90
95
95
*90
95
90
.
95
.90 95 *90 95 *90
24% Jan 51 Sept
50 4714 Jan 16 5818 Mar 20
Corp_
Refiners
&
52
5318 524 5338 107,900 Producers
4 54
/
534 5518 511
5512 5614 54% 56
66 Jan 100 Nov
9334 Jan 6 104 Afar 21
100
J_
N
of
Corp
Service
101
Public
10214
10112
13,000
101
102
4
1003
10214
4
1003
10258
10112
1014
10034
100 125 Apr 12 134 Mar 8 10512 Jan 13104 Sept
12634 12678 6.300 Pullman Company
12658 12712 1254 12612 125 127
12712 129
12858 129
Jan 5314 June
31
50 43 Jan 18 6878 Mar 19
6738 39,500 Punta Alegre Sugar
6718 6578 674 6638 6738 66
66
6612 6618 67
66
2612 Nov 38% Jan
25 2634 Apr 11 32 Feb 13
011
2712
2712
2758
2758
21,500
Pute
2678
(The)
2634
2778
2718
28
2814
2818 2838
102% Apr
July
94
9
Mar
100
12
Apr
96
100
preferred
96
96
400
96
8%
96
97 97 *97 98
*97 98 .97 98
94 Jan 126% Sept
100 11012 Jan 30 123 Mar 17
118 118
300 Railway Steel Spring
11618 11614 *1164 117
*117 11978 •117 120 •116 118
1912 Jan 36% Sent
Feb 19
3438
27
Mar
3018
par
Ltd
No
Mines
300
*3014
Rand
3134
303
*3014
4
3012
3012
*3138 3112 *3034 3134 3034 3034
1218 Nov 19 May
Consolidated Copper_ 10 1313 Jan 25 1714 Mar 1
1458 1478 1412 1458 144 1412 144 1412 1412 1412 1412 1458 3,500 Ray
24 Jan 42 Mar
43
4312
900 Remington Typewriter v t c100 3312 Jan 11 4318 Mar 6
43 *4112 43
43 *41
43
43
44
43
44
Jan 105 Dec
55
13
Feb
104
5
Mar
100
o
t
100
v
preferred
*97
104
104
1st
*97
104
504 Feb 8024 Dec
*103 104 •100 104 *100 104 *97
100 83 Jan 3 90 Mar 20
98
2d preferred
9814 *90
9514 *90
98 *90
•90 98 *90 98 •90
21 Nov 3812 May
Jan 2 3134 Feb 16
2314
par
No
Steel
264
Replogle
4
263
3,700
254
2614
26
2614
8
263
26
2634 2634 2612 264
43% Nov 7812 Ma)
100 47 Jan 31 6634 Mar 21
6512 49,100 Republic Iron & Steel
65% 6234 6414 64
63
6238 6212 6138 6212 6158 65
74 Feb 05% May
100 89 Jan 9 9878 Mar 21
Do pref
*954 96
300
*9512 96
•95 9534 *9514 9512 9512 9534 96 96
1214 Nov 50% June
No par 1638 Jan 23 2714 Feb 21
24
2512 26.800 Reynolds Spring
2312 24
4 2314 2238 24
1
22/
2334 2378 2312 24
Mar 6334 Nov
43
13
Apr
664
47
10
25
Jan
B__
CI
Tob
(R
Reynolds
6618
s
36,100
635
63
6212 6158 6238 6134 6214 6158
6178 6214 62
Apr 118% Oct
11118
9
Feb
118
19
100 11478 Jan
140 7% preferred
116 116 *11478 116
*11434 116 *115 116 *11434 116 •11514 116
4738 Jan 67 June
16
Feb
55
31
Jan
424
Co
Dutch
(NY
shares).
5112
5112
Royal
52
6,700
504
5138
5034
5118
5134
52
521s 5214 51
Jan 2014 Sept
12%
9
2258Mar
2
Jan
18
10
Lead
2012 204 1,300 St Joseph
20% 20% 2034 2133 2058 204 201z 2012 *2038 21
614 Mar
1% Jan
5 Feb 14
2 Jan 17
800 San Cecilia Sugary t o-No par
338 338
312 312
312 312 *312 334
312 334
334
33
2478 Apr
10
Aug
5
Apr
30
184
3
Jan
100
Corp
Arms
28
Savage
2818
1.900
*2818
8
283
2878 29% 2858 294 2818 2812 *2734 28
94%
Aug
Feb
5938
13
Fee
92%
17
Jan
834
100
86
1,100 Sears, Roebuck & Co
86
8534 86
874 8778 8612 8612 854 86
88 88
Jan 112 Aug
91
100 11014 Mar 23 113% Mar 12
Preferred
200
*11014 11218 *11014 1124 *11014 1124 *11014 11218 *11014 11218 110% 11014
Jan
2314
Oct
6
3
Mar
1212
17
Jan
738
par
No
Copper
10
900 Seneca
10
10
10
4 10
,
978 1014 10
94 9
10
10
612 Nov 12 June
4,81, 9
818 Jan 2 107s Mar 2
500 Shattuck Arizona Capper__ 10
*812 9
9
9
9
9
9
9
*918 934
3412 Dec 4812 May
4114 Mar 7
31
Jan
8
343
.£2
Trading__
dc
Transp
Shell
39
900
4
383
39
*3734
*394 4938 *3958 4014 3914 3912 394 3914
1218 Dec 13% Dee
No par 1238 Jan 8 1378 Apr 9
4 73,600 Shell Union 011
1818 1838 1838 1878 1734 1834 174 1734 174 1734 1718 17,
1834 Jan 3834 June
8 Jan 19 394 Mar 19
3512 3418 3514 3434 3514 227,700 Sinclair Cons Oil Corp_Aro par 317
37 3778 3512 3718 34
3738 38
31
8% Nov 11% Oct
Mar
35
2
Jan
958
10
Co
011
Skelly
304 2912 3014 43,300
4 3438 3258 3372 294 3258 29
1
3358 3412 33/
3412 Mar 9412 May
.5434 5578 5,000 Sloss-Sheffield Steel & Iron 100 42 Jan 3 574 Mar 21
54
54
5312 5414 54 55
54
5412 5312 54
66 Mar 80 Aug
13 90 Mar 16
Jan
68
100
prof
Do
86
300
*8314
86
*8314
85 85
85 85 *83 85
83 87
.
33 Nov 5714 Mar
100 40 Jan 13 644 Mar 19
1,20 So Porto Rico Sugar
594 5912 594 60
60 60
6078 61
60 61
*58 61
15 Nov 24 June
No par 19 Jan 17 2714 Feb 16
224 2118 2238 2158 2212 2318 237s 6,20 Spicer Mfg Co
2258 2234 2212 2234 22
84 Apr 96 Sept
2
Feb
8
975
3
Jan
90
100
Preferred
10
9412 *9218 9312 *9218 9312 944 9412
Dec 141 Sept
*92 95 *92 95 *92
84%
23
Jan
April
904
8012
100
50 Standard Milling
8012 8012 8034 8034 *8014 8412
814 814 *8012 8112 *8012 82
25 5178 April 1234 Jan 2 91% Jan 135 Oct
5318 524 53 42,900 Standard 011 of Cal
514 534 52
5414 5458 53% 5438 5318 54
38% Dec 25012 Oct
25 3812 Apr 11 4414 Mar 3
3958 394 3934 45,10 Standard Oil of N J
404 4058 4018 4012 3934 40% 3812 3978 39
118 Feb 21 113% Jan 11612 Nov
Do pref non voting._... 100 116 Afar 24
Mar 90 May
88
12
Jan
11618 11614 116 11612 11612 11634 1164 1164, 11638 11612 11638 1164 2,60
:
80 Steel dr Tube of Am pref 100 85 Jan 2 1077
97 .96'
9618 97121 *96
98
45% May 63% Dec
•97
9814 98 99 *97
No par 5858 Feb 13 6758 Mar 2
6214 6214 ;234 2.10 Sterling Products
Jan loe Dec
81
5
Jan
6112 6238 6212 6212 .6218 6212 62 624 62
115
2
Jan
.10912
100
20 Stern Bros pref(8%)
23
2412 Jan 79 Dec
*10712 11212 •10712 11212 •10712 11212 *109 11212 11212 11212 112 112
14,50 Stewart-Warn Sp Corp_No par 7914 Jan 2 12312 Mar
116 11714 116 1184 11878 122
Jan 71 Dec
3514
6
Mar
11912 11912 118 11912 11612 118
9414
10
Jan
624
par
Carburetor_No
8814 5.60 Stromberg
8558 854 86
79% Jan 14154 Dee
8614 8614 8512 8512 84 85
8534 86
(The)-100 11218 Jan 16 12512 Mar 19
4 12114 12258 12212 1234 12358 12458 103,80 Studebaker Corp
/
Feb 16 100 Feb 11814 Nov
12314 12414 12312 12428 12134 1231
4
1133
4
Jan
112
11312
878 Nov
34 Jan
*113 11312 •113 1134 *113 11312 *113 11312 *113 11312 •113
7 Jan 3 15 Apr 6
No par
1358 1434 1418 1458 24,900 Submarine Boat
4 Nov 1014 June
14
144 134 1438 1312 14
634 Feb 15
1412 15
458 Apr 7
No par
478 478 2,600 Superior 011
458 458
434 5
434 5
26 Jan 3912 Apr
22
Afar
458 434 *434 5
34
3
Jan
291.4
100
Steel
Superior
32
6 Mar
1% Nov
33 *3112 33 .3112 3212 *3112 3212 *31
33 *30
.31
278 Jan 12
14 Apr 4
10
112 112 8,200 Sweets Cool America
112 134
158 134
112 2
832 Nov 12% May
112 112
153 158
124 Feb 21
1138 2,600 Tenn Copp & C tr ctfs_No par 1058 Jan 2 527
52% Oet
Mar
42
20
114 1114 1118 1138 1118 1114 1114 1114 1118 1118 1118 4914
Mar
8
17
Jan
4738
25
58.500 Texas Company (The)
4834
4838 48
50
3812 Jan 67% Nov
504 4958 5033 48
4 8078 50
50,
10 5712 Apr 12 65 Jan 15
4 6034 21.500 Texas Gulf Sulphur
1811 Nov 32% June
•6058 6138 6078 614 6012 6114 5934 6012 5712 5912 583
10 1912 April 2434 Feb 17
8,900 Texas Pacific Coal .8 Oil
1912 20
20
May 154 Oct
MA
2
2014 2058 2018 2052 1978 2014 1912 194 194 126
Mar
144
2
Jan
100 120
12614 12614 1,500 Tidewater 011
12518
128 128 •125 128
128 12858 128 128
2812 Sept 35 Oct
45 Mar 8
2
Jan
3318
pa
Bearing_No
Roller
23,000
Timken
42
4214
4318
4138
4034 4134
42
Nov 8414 June
4134 4218 4138 424 41
4914
7
Mar
60
17
Jan
5018
100
Corp..
5838 5878 43,100 Tobacco Products
4 5738 5878 574 59
1
7678 Aug 89% Sept
5634 5712 5712 5858 5712 58/
Do CI A (811100 July 15) 100 7934 Feb 2 85 Mar 2
8338 8312 8378 11,600
83
71s mar 2018 May
8312 8378 834 8338 8314 8312 83 84
5
Jan
1412
9
Jan
8
107
par
_NO
Oil__
Transcontinental
1138
1112
12.700
1118
1112 1134 1114 1158 114
1134 1178 1158 12
55 Mar 78 Sept
1,900 Union Bag & Paper Corp 100 6012 Feb 19 7712 Mar 28
74
7334 74
7412 17312 7412 74
7434 754 73
17414 75
Is Dec 25 June
14 Jan 3
4 Jan 4
4
12
No Par
200 Union 011
14
*4
•12
14
4
4
4
*4
14
85 Dec 13434 Dec
515
100 81 Feb 1 994 Mar 19
94
300 Unlon Tank Oar
*92
94
95 95 *92
*95 96 *95 96 •95 96
Feb 113 Sept
102
19
Jan
3
112
Jan
8
1087
100
100
Preferred
10918 10918
•108 112 *108 110 *100 110 *100 110 *109 110
25 Jan 41% May
400 United Alloy Steel
No par 334 Jan • 5 3912Mar 21
4 *3634 37
1
3653 36/
3612 3634 •3614 37
37
3712 37
*37
6072 Mar 85 Oot
23
Feb
85
12
Apr
774
100
Drug
1,400
United
79
7712
7714 7712
78
78
784 79
7912 7912 *7914 80
4118 Feb 5178 Oct
50 4614 Feb 14 48 Mar 1
4714
4712 *45
4712 *46
4712 *46
474 •46
47 *46
•46
15212 Jan 17 183 Mar 2 119% Jan 162 Oct
175 1764 2,300 Unliatted7rfUrifed
17312 17434 173 1734 17378 174
*175 17614 17434 175
4312 Feb 8712 Oct
3
Mar
84
1
Feb
6438
p
1
_No
United
r
Retail
a
W
Storm__
16,900
821
8218 8278 8118 8214 794 8118 794 8032 804 301
82 83
1618 Jan 39 Aug
1,300 U S Cast Iron Pipe & Fdy_100 29 Jan 31 344 Mar 2
3012 294 2978 3014
30
31
*30
31
*30
32
•30
Jan 3 50 Jan 78 Aug
7234
25
Jan
69
pref
100
Do
600
*68
691
70
*68
70 *6812 70
*69 694 *69
24 Feb 1018 Jan
19
6812 69
Mar
64
30
Jan
100
334
Corp
Food
S
U
Products
700
*434 5
434 5
434 434 *434 5
184 Nov 257k May
434 434 •434 6
1912 5,100 USHoffmanMachCorp No par 177 Apr 6 25 Jan 27
19
19
19
1778 1778 1834 1934 1434 1918 *1878 19
37 Jan 7278 Oct
Mar 16
734
22
Jan
6258
Alcohol.
__100
S
U
Industrial
12,600
6938
6734
674 6814
6812 6914 6612 68
7212 Dec 102 Oct
69
69
*69% 70
100 98 Jan 2 101 Mar 28
Do pre:
102
56 Jan 02% Oct
*100 102 *100 102 *100 102 *100 102 *100 102 *100
106 Mar 5
984 9713 9834 994 9912 3,500 U S Realty &Improvement 100 884 Jan 24
Nov 67% Apr
22
46
9934 *9914 994 984 9878 98
99
Mar
e
647
10
Jan
55
TJnited
States
100
Rubber
17,900
60% 614 6118 6212
6018 6114 6014 61
6012 62
91 Sept 107 July
6014 61
100 99 Jan 2 105 Jan 13
Do 1st pref
1,100
10378 10418 103 10414 1031s 10312 104 104
10378 104
33 Feb 4824 Oct
*10314 104
4338 Mar 2
5
Feb
34%
50
M
&
Ref
Smelting,
S
U
2,900
34
4
1
/
33
36
4214 Feb 49 Aug
3714 3738 3634 3634 *354 3612 3212 3512 *334
50 444 Apr 6 4818 Jan 3
Do pref
400
444 4412 *4314 4412 4412 4412 *444 4412
82 Jan 1111100*
444 4418 *444 45
United States Steel Corp 100 104 Jan 31 10958 Mar 21 11338
Feb 123 Sept
10834 1075* 106% 10718 10534 10634 10614 10658 10614 10714 92,200
15
Jan
106% 107
1234
9
Apr
8
1177
100
pref
Do
2.700
118 11838 118 1184 1181a 11814 11838 11812
59 Nov 71% Sept
118 11814 11778 118
10 624 Jan 18 7618 Mar 5
7012 5,500 Utah Copper
70
698 70
7012 71
97s Jan 23% Sept
7034 7112 7024 71% 7012 71
Jan 26 2438 Feb 16
4
153
100
e
t
Securities
v
Utah
2,200
*1812
184
188
17% 174
18
19% 182 19
*1914 1912 19
3014 Jan 5324 Aug
No par 3378 Feb 1 44 Feb 16
3978 4078 8,400 Vanadium Corp
4012 3934 4058 3978 40
404 414 40
404 41
92 Jan 100 Oct
100 92 Mar 22 98 Jan 25
100 Van R.aalte 1st pref
93
*90
93
93
95
*93
95
•93
95
*93
23% Nov 3678 Mar
*93 9812
100 124 Apr 6 2612 Feb 23
Cham
VIrginla-Carolina
8,600
1412
15
15
144
1514
154 144
1514 15
15
58 July 83 Oct
1418 15
100 524 Mar 29 69 Mar 15
Do pref
3,300
46
4653 4415 4578 4412 4412 45
6
4612 4612 46
43 Mar 94% Jan
Mar
68
31
Jan
4614 47
534
100
200 Virginia Iron.0& C
64
64
65
*63
6312 *63 65
63
63
66 Mar 86 Oct
80 Jan 29 84 Mar 16
100
•60 63 *60
Preferred
*83
86
*83
86
85 *83
618 Jan 16 Dee
85 *83
85 *81
*81
No par 1514 Jan 17 23 Mar 22
4 --8;iiiir Vivaudou (V)
1
214 2158 2278 224 2278 2258 22/
10% Oct 17 Apr
4 2114 2134 21
/
2158 211
No Par 1214 Jan 27 1538 Mar 8
1412 1478 1518 2.200 Weber & Heilbroner
6814 Jan 98% Oct
2
Mar
105
10
Apr
1434 1412 1412 1434 1434 1412 1412 1412 46
46
100
Express
*14
Fargo
Wells
200
*46
4612
4612 46
46 •46
4612 46
89 Feb 121% Aug
11912 Feb 20
47 *46
46
.
400 Western Union Telegr4ph_100 109 Jan 22
11134 112
111 111 *11034 112
80 Mar 114 Dec
50 107 Jan 20 120 Feb 17
•I1012 11212 *11112 112 *11112 11134 *116
500 Weetinghou:e Air Brake
116 11612
116 116
118
49% Jan 65% Aug
16
Feb
674
11
50
Jan
584
Mfg_
116 117 *116 111 •I16 118
&
Elec
.
Westinghouse
14,300
8
587
5914
594
5914
58%
59
2
593
5918
4 Nov
1
8
25 May 33/
593
20
Mar
304
2478 Jan 16
No pa
594 5912 5914
2758 2778 2712 2734 2712 2734 3.300 White Eagle Oil
3518 Jan 54 Sept
19
Mar
604
4858
3
Jan
60
2818 2812 2838 2858 274 2812 56
Motor
White
5712 5812 5,600
5634 5634 58
5612
12
5712
Dec
24
53
May
19
5714
Feb
24
Jan
3
s
57
5712
Corporation-No Pa
57%
4
4
378 378 1,240 White 011 Spencer
378 378
44
4
4
84 Nov 2174 May
4
1034 Jan 2 134 Feb 17
44
Steel*4
600 Wickwire
44 Feb 10 May
4 •11.18 1112 1118 1114 *1114 1138 1118 1118
/
5
Jan
2
2
Jan
8
67
814
(The)._
Willys-Overland
*1118 1112 *114 111
712 734
758 734 14,700
712 734
734 84
818
24 Feb 494 July
8
100 421: Jan 2 6978 Apr 8
818
8
Do Preferred (new)
66
6234 66
6714 13,800
654 6112 64
2714 Jan 5012 Sept
3412 Apr 2 4234Mar 7
6712 68% 65 6712 6312
700 Wilson & Co.Ins, v t 0-No Pa
*3514 36 *3514 36
66 Jan 91 Sept
3
Jan
8214
3
Apr
100
87
3512 3558 3514 354 3512 3512 *3514 36 • _- 83
Preferred
100
8212 8212
83
83 *78
83 • 78
100 19918 Jan 24 22412 Jan 5 137 Jan 223 Nov
W)
83 *78
(F
Co
Woolworth
*78
1,100
214
*208%
*208
21512
21534 *211 214
5578 June
2678 No
t 0_100 3038 Jan 30 3934 Feb 17
21414 217 2163* 21634 214
3778 377e 1,000 Worthington p.8 M v._No
3712 371
38 *3712 38
6 Jan 11 Aua
3812 38
94 Mar 23
pa
814 Jan 17
3778 3778 38
912 04 2,400 Wright Aeronalifleal.
912 84
! 978
gr
93
9%
94
9
*94 94
Ex-dividend. 4 Reduced to basis of $25 par.
-dividend and rights.
day. II Less than 100 shares. V Ex-rights. a Ex
•Rid and asked prices; no sales on this
Stores Corp. 5 Ex-div. 01 25% In 00=3011 stook.
k Range since merger (July 15) with United Retail
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
I 18419 the Rich ino• (n-teol or main(' Imads
BONDS.
N. Y.STOCK EXCHANGE
Week ending Ai ell 13
Price
Friday
Apri, 13
erianeee sul Ori,S11
,..!1 Range
g
Since
cc1.2
Jan. 1
-High -. 0.Low High
Week's
Range or
Last Sale
801
Ask Low
• U. S. Government.
first Liberty Loan—
I e
•
of 1932-1947
ID 101% Sale 1101142 101% -67 100 92 101 90
Cony 4% of 1932-1947
J D 971% 98% 972% Apr'23 ---- I 977% 98 90
Conv 43.1% of 1932-1947
JD 9723
98 00 228 HI% 99.08
42 Sale :972,
211 cony 4,q% of 1932-1947
▪ D 97.00 98.00 9721
972%
5 97.00 99 00
leaond Liberty Loan—
d% of 1927-1942
M N 972% Sale 97194 972241
31961% 98.60
98.89
971l,
Cony 4A % of 1927-1942
MN 972% Sale
32031952%
Third Liberty Loan—
£M% of 1928
M
971% Sale 981% 982% 2159 9744 99.18
fourth Liberty LoanII
4(4% of 1933-1938
A0 973142 Sale 972%
98% 5619, 96,7
% 99.18
Victory Liberty Loan45(% Notes of 1922-1923
1011 24211992042 10030
J T1 100.00 Sale
Treasury 4145 1947-1952
99, 1468 98142 100.04
AO 9914 99% 99%
consol registered
41930 Q .1
10212 Apr'22
-Is coneol coupoa
103,4 Mar'22
41930 Q J
--de registered
10212 Dee'221---1925 Q F
48 coupon
1031s Jan'231---- 103e4
1925 Q F
Panama Canal 10-30-yr 2e__11936 Q I
100 July'211---Panama Canal Is gold
95 Feb'231--- -0
1961 QM
595
- -- -liegistered
1 9313 9412
9412 9512 941
: 9412
1961 Q 61
rvu2— a,s taterow•
BONDS
N. Y.STOCK EXCHANGE
Week ending April 13
sn4
:41
37.
Price
Friday
Sprt. 13
1629
arts
Week's
1;
Raiser
Range or
ET,' Since
Lasr Sale , a5rZ
Jan 1
High No, Low High
Bed
Ask Low
Atch Top & S Fc--(ConCltilea)
Cony 4$ Issue of 1910
1960 JD 101 Sale 10012 10112' 59 100 10414
East Okla Div let g 4s
95 1
1 9334 gels
95
192e• S 9-114 95
Rocky Mtn Div let 4e__196: J J 7912
677,2 83
- - 7014
7914
86:4
Trans-Con Short L let 4s 195e 1 J 83
5 e2
83
83
87
Cal-Aries let & ref 445"A" 1962• B 8814 9073 89
17 871: 93
89
Atl & Birm 30-yr let g 4e_e 1933 cc S 6512 Sale 6512
081,
2 85
6512
At Knoxv & Cin Div 4s
8134
2 80,
4 86
1958 ▪ N 81 12 8212 8134
At I Knox & Nor let g Eis
12
9
09
98
01
9,8834 19
23
r:52
8
98
53
24 A p92
9834 102
1946 I
AU & Cheri A L 1st A 4548
J J 8858 904
1944
1st 30-year 58 Ser B
1944 J J 9518 9612 98
tU Coast Line lot gold 43_11951 s4
8458
8533 94 8234 89
8458 86
10-year secured 7e
25 106 10715
:Sale 10012 107
1936 MN 1061
General unified 45es
19
2 8
5:
3
1
72
378 8
8
74
79
7,
1964 JD 8314 Sale 8314
8
L & N coil gold es
8014 46 77
82
:Sale 7818
a1952
781
All & Dan, 151 g 48
7712
1948 ii 75
2d 45
61 113 6514
77
72 6
6
1118
1948 J i 62
All & Tad 1st g guar 43
7714
1949 AO 73 80
A & N W let gu g 5s
9278 ___
11513 Jan'23.----I 9512 9512
1941
ealt & Ohio prior 334s
96 1 88 931s 96
96 Sale 9518
192,
Registered
941s 10 9312 941e
11927• J 94
9434 941s
let 50-year gold 4s
165 74-1 80
79
11948 AO 7612 Sale 7618
Registered
3 741s 8
7414
78
24
7418 82
78
11948 Q
741s
10-year cony &As
52
61 7
0%
2
3
,..2
4 22
7
58
978
7
112
5
8
0
1
2 895378
Sale
783
4
1931
M
Foreign Government.
Refund & gen 5e Series A 1995 J O 8112 Sale
19-year 6s
10134 146 9914 1014
1929 J J 1007s Sale 10014
Argentine (Govt) 75
10214 70 100 1031e
1927 FA 10214 Sale 10134
P June & NI Div 1st g 334e 1026 MN
9268 _
_ 73':9434
Argentine Treasury 58 ol 1909_ _ - MS 781, Sale 7814
7914 30 7712 82
P L E & W Va Sys ref 4s
1941 MN 7334 Sale
Belgium 25-yr ext s1 734s g 1945
101 Sale 99
101 I 160 9114 102
1)
.•
Southw Div let gold 3 As 1925 J J 9414 Sale 95471
_1_6
1'_ 1
1_ 9
73
112 94
794
1
9534: 116 93
9838
5-year 6% notes
Jan 1925 J 2 9512 Sale 95
Tol dr Ctrs Div 1st ref 4s A 1959 J J 6314 Sale 63
32
20-year a f 8s
101 1 154 9414 101,4 Battle Cr & Stur let gu 3s
1941 FA 10034 Sale 9912
5,1s 60
Apr'23
5618 6012
1998 J
Bergen (Norway) sI fie
10818
10812 13 10712 10912 Beech Creek 1st gu g 43
1945 MN 10812 '`‘,1°
8l338 A p63
863
8 671
80
863
r'
3
.23
8
1936 J J 8652 90
611
/
4
/
4
Berne (City cf) s f 88
111 1 28 1101: 11314
1945 hi N 111 Sale 111
Registered
86
tie
8412 8912 86
Feb'23
19313 J
Bolivia (Republic of) Os
9214 159 . 8934 94
9214 Sale 9012
1947 MN
2d guar gold 58
9412
1936
_
.1
7814 Sale 7734
Bordeaux (City of) 16-yr 6e 1934 MN
7812 21116914 7834
Beech Cr Ext 1st g 334s.,
_
51951 AO 6878 _
BritsIL U S external 89
9412 148,1 9134 99
1941 J D 94 Sale 9312
iellev SZ Car let (is
1923 J D 9918
10018 002217e
1952 J D 8112 Sale 8014
82 1 72' 80
86,4 Big Sandy let 4s
8212 86
1944
5 80,2 8311
8212
8212
J
D
1345
10234 77 1 9634 10412 B & le I' Mr Line let 45
1952 AO 10178 Sale 10178
1955
: 7513
6212 721 7512 Mar'23 ____ 751
Canada,(Dominion of) g 58_1926 AO 9978 Sale 0934
10014; 157 9918 10112 Bruns & W let gu gold 48...._1938 J A
J
J
do
do
do
9934 528 99 102
58_1931 AG 9912 Sale 9912
Buffalo R & P gen gold 59_
973
4
10134
Mar'23
____
1937
101
_
18
101
_
MN
10-year bees
08
02
00
18
2 10
1121 16
1921 P A 10138 Sale 10
0234
07
0 4 102
Consol 4 3.48
75
4 10
8878 11 87
1957 MN 88
9214
8834 88
66
1952 MN
Burl C R & Nor 1st be
9844 Bale
14 9911
1934
96
17
99
9614
A0
983
9612
4
I
Chile (Republic) ext s I 88
104181 nr 10212 10412
1941 P A 10318 Sale 103
Paternal b-year e f 8s
10258 57 10118 10278 Canada Sou cone gu A 5s____1962 AC 96 Sale 9534
1926 AO 10214 Sale 10218
7 94 10012
9634
75
9612 107, 9334 97
1942 MN
Canadian North deb 51 7e___1940 J D 114 Sale 114
95,4 Bale 9414
1147s 81 113 1147s
25-year s I 8e
1946 hi N 10318 Sale 10318 10312 29, 10212 10412
25-year s f deb 8348
1946 J J 11134 Sale 11112 11312 el 1103 11312
4812 Sale 4812
Chinese (Hukuang Ry) be of 1911 j
49
19, 48
1234 Canadian Poe Ry deb 45 stock__ ▪ J 78 Sale 7714
7653 282 7012 81
Christiania (City) e I 88
30, 10734 113
1945 A 0 11112 Sale 11114 112
Carb & Shaw let gold 4:
8012 90
1932 M
9212 Sept'22
Colombia (Republic) 61.48_1027 A o 9312 sale 93
9312 42' 8812 9434 Caro Cent let con g
1949 J J 7012
4s
Apr'23
70
68
68
Copenhagen 25-year 81534IL-1944 J J 9014 Sale 8912
9912 80, 8812 9112 Car Clinch & Ohio 1st 3-yr be 193e 212
9012 91
9012
8 6814 92
90
Cuba be
9 9014 9612
98 9512
1944 MS 96
96
(38
1952 JD 915e Sale 89
971
: 124 89
9712
Eater debt of fie 1914 Ser A.1940 F A 8812 8914
Mar'23
93,4 Cart & Ad let gu g 4s
88
1981 J O 7014 8312 8112 Dee'22
-------External loan 4348
1949 F A 8312 84,4 83
812
8 2
1, 8113 87
Cent Br U P ist g 4s
1948 J D 6614 73
-7034 Dee'22
534s
1953 j j 89918 Bale 99
9912
''.nt New Eng let gu 45
9914 ,
99
411
3
55
1961 J J
57
1.518 58
5612 Mar'23
Czechoslovak (Repub 01) 85._1951 A 0 8812 sale 88
90
8912 .09, 75
Central Ohio 45-4s 1930
9334 Dee'22
1030 111 S
Delilah Con Municipal 8s".A"1940 F A 10834 Sale 10812
109
71107 10934 Central of (la let gold 58_4)1945 I'
, A 100 103 1011: Mar'23 ____ 1 10112 102
Series 11
1946 F A 10812 109 10812 10834
3 107 10912
Consol gold 55
9412
9412
1 9258 984
Denmark external e I 88
10914 92 10778 110
1945 A 0 10834 Sale 10814
10-year temp secur es—lune 19
95
9314 Sale 9934
92
49
5 .1
54 D
N 94
100 I 61 99 102
30-year On
9712 Sale 9612
9712 122; 9514 99
1942 j
Chart Div our money g 48-1951 J D 7314 81.1
Jan'23
81
el
81
Dominican Rep Cone Adrn a 1613'58 F A
9712 Sale 97
0712 211 9514 100
Mac & Nor Div let g 59
9458 ____ 9658 Sept 221..,__
1946 j
liees
91
1942 MS 88 Sale 87
88 1 39 84
Mid Ga & Atl Div 55_ _ _ _ _1947
9012 ____
--- -Dutch East Indies ext 6e _i947 j j 9478 Sale 9414
9478' 184 9214 9512 Cent RR & 1* 01 Ga coil g 58_1937
9312 2 9258 -94 9312
MN 93,2 ---- 95A
40-year 6e
9458 239 9214 95
1962 M S 9458 Sale 94
Central of N J gen gold 5s
104 1047s 10334
10334
4 10312 108
1987 J
bees
8912 374 8758 8912
1953M S 8912 sale 8918
Registered
103 10812 103
11987 Q
103 I
2 103 103
Trench Republic 26-yr ext 88-1945 51
Sale
9838
0818
462
985
8
8812
9855 Cent Pac lst ref gu g 48
S
1949 F A 8314 8414 8338
8424 71 7953 8734
20-year external loan 7 As..1941 J I/
9414 dale 937s
95
9412 361 94
Mort guar gold 334s
, 9112 Apr'23
: 90
/1929 J D 9114
911J
Great Brit & Ireland (UK of)Through
St L let gu 4s__1954 A 0 7934 :
1
ss80
11:
98
80
,21,42
18
,
0
012
I 15
, 974
844
813 103
20-year gold bond 5ees
1937 F A 104 Sale 10334
10414 793 10238 10412 Charleston & Savannah 7&.._1938J
111
14
11412
_
__
Oce15
10-year cony bees
115
597 113 116
1929 F A 11458 Sue: 11438
4.:12es /52 ohlo fund & inept 58_1929
3 , 9433 967s
9614
9678
J 96,4
Greater Prague 734s
79
78 Sale 7714
168 65
1942 M N
79
let consol gold 55
Haiti (Republic) 6s
98
9(02 111 95
1952 A 0 9534 Sale 9514
9018 98
Registered
9714 Mar'23 ____:1 9714 9714
1
93
939
9
M
N
Italy (Kingdom of) Ser A 6;481925 F A
0558 Sale 95
9534' 18 91,
8 96411
General gold 4348
8388 175 8078 8634
1992 M
Japanese Govt—£ loan 434w_1925 F A:9234 Sale 921s
9412
93 1 48 92
Registered
4 801* 8012
8012
- 8012 8014
Second series 4148
93e8
9234 &3 92
1925 .1 J 11 0258 Sale 9238
20-year convertible 41-0_1
:Sale 8534
1930
8734 348 85 see
992 NI
F A
S 871
Sterling loan 48
8158 Sale 8114
8134 80 80
8312
1931 J J
30-year cony secured 55_1946 A 0 8812 Sale 1 8738
, 8714 964
136
80
Lyons (City of) 15-year 8o .,1934 M N
7812 Sale 78
7812 35 6914 7914
Craig Valley let g 53
11 9012 95
1940
9058
J 9058 9112 9058
Marseilles (City of) lb-yr 69.1934 M N
7814 Sale 7734
7812 25 6912 79
Potts Creek Branch let 48_1946 J J 7618 7814 70 June'22
Mexican Irrigation 43.48
40
39
3212
40
3878
40 1
1943 el N
6
R& A Div 1s1 con g 4e
773
Apr'23
1989 J J
Mexico—Extent loan £ 54 01 1899 @
sole 233 49
5712
t 5534 Sale 5512
2e) coneol gold 45
7654' 76
7114 703
ec22
77
1'2
Gold debt 45 of 1904
37
3614 20 33
1954 J D / 3614 Sale 3514
Warm Springs V let g 58_ 19jM j
S 8914 9212 8034 Dee'211---- -------Montevideo 78
12
9158 Chic & Alton RR ref g 38.._ _1941
5
1952 J D 8532 Sale 85ie
5158 16 . 5018 5412
_1949 A 0 51': Sale I 5112
Netherlands Os (flat prices)„1972 M S 9934 Sale 99
308 9714 10138
100
Railway 1st lien
8912
,770
75
3
a87le172
758
9570
872 2
8
20
74
71;4
81 1 14
9 2
8, 2
42. s2
1950 J J 2
Norway external e iSa
11214 54 109 11234 Chic Burl & (4—Ill33.4s
1940 A 0 112 Sale 110
Div
3518_1949
.1
Os
.1
98
90 96 100
1952 A 0 9734 Sale 97
Illinois Division 45
8712 15 8512 9034
1940 j
Oriental Dom]Os
9214
1953 M S 92 Sale 92
90 92
92
Nebraska Extension 44
9612 12 9512 9714
A927 M N 9612 Sale 96,2
Porto Alegre (City of) es_1961
96
35 93 100
D 96 Sale 9358
Registered
1927 M N
Queensland (State) ext 51 78_1941 A 0 10612 Sale 10612 10634 21 1051
:10912
General 4s
8512 42 83
-Sig- Sale 8
8912
94
°314
25-year 6s
1947 F A 10058 Sale 10014
10134 43 100 10234
1st & ref be
9812 Sale 1 981
9912 99 963s 1011s
1971
Rio Grande Do SW 85
58 F A
1946 A 0 95 Sale
25 9112 100
95
Chic City & Conn Rye 58
621:
60es 30 47
1927 A 0
Rio de Janeiro 25-year el 8s 1946 A 0 9314 Bale 92
9478 29 90
9753 Chicago & East
105 1061,
11 _6_122
_ 10
Illinois let 68_1934 A o 10
69
65
97" Apr'23
8ti
1947A 0 93 Sale 93
9434 34 9014 9712
& R 111 RR (new co) gen 58_19511M N
7914 Sale 781
: 7912 101 7734 8113
San Paulo (City) eI 85
9838 20 96
1952 M S 98 Sale .98
9914 Chic & Erie let gold
9054
1 8724 971s
8812 91
be
9034
1982 M N
San Paulo (State) ext I 8e 1936 .1 J
9812 Sale 98
9878 30 9512 10014 Chicago Great West let 4s
56
51 1 27 50
19591M S 5034 Sale 50
Seine (France) ext 75
1942 J .1 8634 Sale 86
8712 Chic Ind &
196 75
87
1 1047rt 107
Loulev—Ref 65_1947
Serbs. Croats & Slovenes 8s 1962 M N 69 Sale 69
J 10512 Sale 10512 10512
69 8 169 54
7034
Refunding gold 5e
9412
1, 921s 9712
9418 9514 9412
J
J
Bolesons (City) 68
7912
0612
79
791 791s
28
1936 NI N
7912
7912 8238
Apr'23
Refunding 45 Series C_ _ 1947 J J 80
85
80
Sweden 20-year fle
1939 J D 10514 Sale 10438 10514 78 10312 106
84
3 81
General Is A
817a
817s 8134
1966
N 81
Owlets Contereres 20-yr 18s.._1940
11812 46 11712 119,4
J 11812 Sale 118
8 9412 98
General 68 B
951z.
9512
Sale
9412
.1
.1
Tokyo City 55 loan 01 1912
Sale
7514
73
M S
7512 1361 713s 7514
Ind
Jan'231____1
&
78
78
Louisville
7112
76
78
let
gu 45__c119
98
Uruguay Republic ext 8e___1946 F A 10538 Sale 10412 10578 23 103 107
56
8'.3
Chic Ind &
Apr'23 ____ 8112 8412
50-year 413___1956 J J 7814 8412 84
Mulch (City of) I 85
44 111 1137s Chic L S & Sou
1945 A 0 113 Sale 112
113
Mar'23 ____1 8634 8634
East
8712
8812
lot
4
4349____1969
863
JD
I
68ls
C M & Puget Sd 1st gu 4s__ _1949 J J 6218 6334 621s
I 62
62111
Ch 61 & St I' gen g 4s Ser A ..e1989 J J 7012 7233 7112
7434
7214' 41 70
State and City Securities.
Apr'23 ____I 82 6911
General gold 334e Ser B e1989 J J 62
63
63
General 43.4s Series C
81 1 32 7812 8378
e1989 J J 8034 8212 7918
lif Y City-4As Corp stock__ 1960 M
.100 10012 100,4
2 100 101
101
Gen & ref Series A 43-95
6078 94 56
62,
4
a2014 AC 6034 Sale 60
4(4s Corporate stork
100% 102es
1994
B •10034 10112 10114 Mar'23
Gen ref cone Ser B Ss ,.,.,,a2014 FA 6634 Sale 6634
70
68 1 107 64
434s Corporate stock
10134 10212
1966 AG .10034 10112 101% Mar'23
Convertible 434s
68
63
195
6614
Sale
631
6512
:
1932
JD
il See Corporate stock
108
•105
10714
106
108
Jan'23
1971 212
45
84
83 1 55 76
&As Corporate stock _ _July 1967 J .1 •105 106 105
.1 13 8212 Sale 8238
105 10712
Apr'23
25-year debenture 4s
61 Sale 6034
6234 61 54 6312
-4s Corporate stock
a5
8 ,10518 1071s
1051
1965 JD .105 106 10518
Chic
AL
elo
Sly
9712
9618
961s
97
06
9614:
5
Div
2
3
25
6
4
be_
1
1
9
9
ii
434s Corporate stock
10512 Sale 10512 105t
1 10515 10734 Chlc&
1963 M
N'west Ext 4s__1886-1926 P A 96
9814 9514 Mar'23,.,._ I 94524 96
4% Corporate stock
9712 100,4
9758
1959 MN *9712 9838 9753
Registered
Jan'23
9412
__I
9333
933a
----9334
1886-1926
FA
4% Corporate stock
10312
99
9914
983
,4 Mar'23
3
1958 MN *9712
General told 334a
72 Sale 711t
7253 28 7014 77
N
ii% Corporate stock
9834 10014
1957 MN 49712 9838 0834 Mar'23
Registered
7318 Dee'22 __ e el
y1
198
987 Q F 66,
4
4% Corporate stook reg
97,11
1956 MN '19634 98
9738 20 9715 9912
General 48
83 I
1 8014 87
84
83
1987 MN 82
New 43es
106 1071e
1957 MN •10412 10512 106 Mar'23
Stamped 4s
84
1 504 8714
1987 MN 7618 83
434% Corporate stock
10614 10714
1957 MN *10412 10512 10514 Mar'23
General 5e stamped....._1987 MN 10112 10214 101
101 10512
32
10212
35-e% Corporate stock
8812
9114
8734 8914 8914 Apr'23
1954 MN .
Sinking fund 68
1879-1929 AC 102 105 10314 hlar'23'___ 10315 10614
New York State-4s
1 102 10312
10218
1021
11161
B
Registered
___
10178
Apr'22
10014
1879-1929
1037
8
A0
Canal Improvement 43
10312
10312
10312
Jan'23
196 I .1 .1
Sinking fund 55
1879-1929 A0 105 ____ 9812 Mar'23'____ 9811 99
Highway I mprov't 434e
10912 Apr'22
1903 MS
Registered
1879-1929 A0 97 e ___ 9712 Mar'23:____ 9712 9712
/TIghwav Improv't 4(4e1985 M
_
1041s Apr'22
Sinking fund deb bs
984 9912 99 Mar'23 ____ 99 101
1033 MN
Virginia 2-3-4
-1991
J 7232-------------Registered
- - _9914 9412 May 22
1933 MN 07
10-year secured 7e g
3 10534 110
1930 3D 10712 10812 10712 10712
Railroad,
15-year secured 65-3s g
109
13 10614 11014
1936 MS 10834 Sale 10734
Chic R I & P—Railway gen 48 1988
7678 82
j 78 Sale 78
7
Ala (It Sou let cons A be_ ___1943 JO 9334 99
96
96
Jan'23
96
Registered
Ala hlid let guar gold 55
_ 7878 Jan'23____I 7878 787s
'.3 7414
9953 9978
192e MN
9934
997e Mar'23
Refunding gold 4s
77'2
7658 8312
Bale
Alb dr Buse cony 33.45
1934
79
I
403
78
A0
194C AO 7912 Sale 781s
821s Chic St L & N
28 78
80
0 gold 58
9734 10112
9812 Apr'23
1951 J D 991a 100
Alieg & West let g 4e gu
1998 AC 7614 84
83 83
83 Mar'23
Registered
'211____
Aug
99
Allen Val gen guar g 48
J
1942 MS 8918 Sale 8918
2 8918 90
8918
Gold 3445
7912 Mar'23'___ 7912 7914
1951 .313
An Arbor let g 48
11995 Cl J 6118 6278 63
6558
1 61
63
Joint let ref be Series A
1063 J O 9232 9312 9253
9334' 24 9138 97%
Atoll Top & 8 Fe—Gong 48-1095 A0 85
8614 8512
8612 67 8414 9018
Memph
Div
83
1st
g
Mar'23 ____ 81
45
81
1951
84
81
J
O
Registered
1995 A0 81
3 81
8712 C St L & P let
8334
833
cons g bs
1932 A0
Adjustment gold 48
11991 Nov
78 Sale 78
5 7134 8212 Chic St P el & 0 cons
781
712
-1
105
1930
4
11043
10
105
106
es
212
105
Stamped...
/1995 Nov
7758 Sale 7758
58 763e 824
787
Cons Os reduced to 35-45.. 1930 J D 8834 9212 9212 Mar'23
9212 9212
Cony gold 4. 1909
I95r II) 78
7812 78
781
2 76
8212
Debenture 5s
923
94312
91
Cony 43 1905
3
1'
1930
98,
9612
4
612.
9
VP'S J
78 Sale 7712
78
24 771, 02
.
et ,• --se I- ,.t let s.
wee J o 7632 774 77
7714
9 764 81
•No orlon Friday:latest bid and asked. •Du
Jan 4 DOS April a Dug Ma,. o Due June. hDueJulj, k Due Aug. •Due Oct, jr Due
Nov. Duo D•43. 10900seale.
4
New York Bond Record
1630
BONDS
N. Y. STOCK EXCHANGE
Week ending Anil 13
3,
t
E
Price
Fridag
April 13
West's
Range or
Last Sale
;
A.
Range
Since
Jan. 1
Continued—Page 2
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 13
-8
Pticc
APrio 13
Week's
Range or
Last Sale
Range
Since
Jan. 1
High No Low High
Ask Low
High No, Low HOD
Bid
1111nola Central (Concluded)
Ask tow
Bid
8812 50 8778 92%
-utehaeed Ilnee 3543
7714 79
Chic Un Sta'n 1st gu 4,46A...1963 J 21 8778 Sale 8778
7:."38
1954 J
_ 7752 Mar'23
99
1 98 10012
bs B
7734 7812 8
1953'M N
Collateral trust gold 46
7912 40 7734 83
8 Agg,2
72
1963.9 J - -_ _ 9938 99
11 112%11578
115
1st Set C 6.1. s
Registered
1963'J 1 1134 115 11414
1953M N
Apr'23
10412 105
Chic & West Ind gen g 69_61932 Q M 105 ____ 105
10-61-2 1-151 10018
15-year secured 510
101 --52 100 1(717;
19341.1
7234 143 70
8 10758 111
7578
10718 10778 10738
1952.9 J 7214 Sale 7112
15-year secured 6%e g
10778
1936
Conso150-yeares
10278
20 1014 10278
I 8238 87
1950 .1 171 82
1935 M S 10212 102% 10214
Cairo Bridge gold 48
8512 8212 Mar'23
15-year s I 7 tts
9538 9712 9512 Apr'23
9512 98
6614 72
1952 MN
Litchfield DIY 1st gold 36_1951 3 J
6938 73
Choc Okla & Gulf cons 5s
69 Mar'23
Mar'17,___Loulsv Div & Term g 31a6_1953 J J 74
2 7312 7978
7612
C Find & Ft %V 1st RU 46 g__ _1923 M N ---------88
7612 7613
'
"885; "8634
1937.9 J 8614 8834
1951 F A
Omaha Div let gold 3s_
Cin H & D 2d gold 434s
6855 _ _ _
6834 Mar'23 _. 6834 6938
71
St Louie Div & Terra C 38_ _1951 .1 J 6714 6938 71
/1936 Q F 6612 88 8618 Apr'23 ____ 8618 8634
Feb'23 __. 71
C I St L & C let g 46
Gold 34s
7312 80
1951 I .1 751 ..___ 7334 Apr'23
11936 Q F -------9012 t ,et'22
Registered
8152 ____ 8534 Mar'23
1942 MN
8534 85%
Spring!'Div lst g 3320
1951 J J 83
2
6:23
ly
gu
mua
Cm Leb 35 Nor
7812 J
83
45 g
38
99 Aug'22 -8 100
192S J J 98,
1951 F A
Western Llnes 1st g 4s
Cln S & Cl cons lot g be
963 __ __ 9012 Jan'22 -1913 .9 J
1951 F A ---Registered
92 Nor'()............
Cleanf Mob let go g 58_
79
IS "iti"
Mar'23
1940 A 0
Ind B & W 1st pref 49
Cleve Cln CO & St L gen 43_ _1993 J D 7712 Sale 7712
30 9014 9312
91
904
578 883578
8 -8
374
835
1931 j j 9012 92
-18 11, a3
8318 8518
nd III & Iowa 1st g 4s
20-year deb 44ae
9712
4 961. 100
95112 9814 9558
1993 J D 9712 Sale 9612
9558
1 9558 100
1965.9
Ind Union Ry 5s A
1950
General 58 Series B
1
10014
101
1003
4 39 100 10218
4 10012
443 Sale 8
2 Dec
418
4„
212
5
.
4
4 _17_ 41
1929 .1 J
nt ct Great Nor Adjust68_1952 J
494
Ref & Impt 65 Se:ies A
10114 10114
1941 j j 10014 Sale 101 14 Mar'23
9759
9718 42 97
19523 J 9713 Sale 97
1st Mtge 68
Os C
854 88
1939 j j 7914 8612 8612 Feb'2.1
__
TruetCo eertineatee 3-year 55......
Cairo Div let gold 48
7514 Apr'23 _ __ _ 7514 7838 Iowa Central let gold 5s
70
6812 Apr'23 ___ 68
1991 J 11 7438 76
7312
- 15 68
1938 1
Cln W & M Div let g 4s
7513
763
4 74% 81%
3834 15 3514 40
3534 Sale 3534
Refunding gold 48
6t L Div let coil tr g 4s___ _1990 M N 7514 Sale
2 8212 83
83
53
83
1 8214 87
1940 MS
954 ./
Clear let 4s_..1195
F 8212 8314 83
JR1/188 Frank
M D
Spr & Col Div 1st g 49
_
8512
1940 J .1 8058 ____ 8i32 Nov'22 --!
1938J
Ka A &
R 1st gu g be
W W Val Div 1st g 43
10318
____
i
10312
j
103,
1 10318 10638 ,Ran & M 1st gu g 4s
8
74
1934
OCC&Igeneonsgas
7938
1990 A 0 76 Salo 75 Mar'23
5
95
9914 96
Feb'23
96% 9712
2d 20-year 55
1927 J
Clev Lot & W eon 151 g 58._ _1933 A 0 95 __ _ _ 974 Feb'23
9. Jan 23
14 10012 10234
102
95
95
1936 MN 0112__
1928 M N 102 Sale 102
KCFtS&Stconsg6s
CIA Mar lst RU g 4%
_
j
85
93
_
j
_
_
Mar'23
7612
7358
38
791/
4)4
93
4
753
76
1938
76
1936 A 0
K C Ft8 & M Ry ref g 4s_
Cleve & Mahon Vail g be
91 2oy'21
97
9252 95
1942 j .1 95
1929 A 0 9014 944 9458 Mar'23
KC&MR&B 1st gu bs
Ci & P gen gu 4Y4s Ser A
: 66%
38 63
2 7
1942 A 0 9412 ____ 104 Dec'15
614
68
8
85 6
91
88
Kansas City Sou 1st gold 35_ .1950 A 0 6614 661
Serlee B
Feb'12
9612
___
S'S
1942 A 0 -- -list reduced to 334e
Ref & !rapt 65
Apr 1950 I 2
81
7934 32 765s 834
77 ____ 9018 Dec'12
7812
1948 51 N
Kansas City Term let 48____1960 J J 78114s Sale 84
Series C 33-es
Jan'2I
3 82 8378
82
2
7614 ___. 67
1960 F A
Series D 330
J 82
Kentucky Central gold Is___ _1987
16 7412 92
82
4 90 i;
0114
Keok & Des Moines let 59_11123 A 0 7412 Sale 7412
Cleve Shot Line 1st gu 4148_1961 A 0 9114 Sale 91 14
0034 1015s
101 ____ 10078 Mar'23
1972 A 0 10112 Sale 10112 10258 35 101 106
Olen Union Term 5346
Knoxv &Ohio 1st a 131)
92
2, 914 97
92 Sale 92
83 85
1945 J D 814 8278 8314 Mar'23.,_
Coal River Ry let gu 49
J
,.ake Erie& West 1st g 58.,
9 ▪ j
1037
8 9034 9312
9214
92
86
Colorado & South 1st g 4s,A929 F A 9212 95
2d gold 55
1941 J J 8114 83 82 Mar'23 ____1 82
8334 34 8138 87%
7, 7218 7813
7511
7512 Sale 7512
1935 M N 83 Sale 8278
Refunding & eaten 4)/s
Lake Shore gold 334s
1997 .1 ID
7312
3 7312 7312
1948 A 0 8014 8538
COI& H V lst ext g is
1997 -1 ID 71 18 7512 7312
Registered
avr.'1
853 2.734 1%1
147
947s 19 92
. 5:-_ -.: 8038 SN4
96
1955 F
Col & Tol 1st ext 48
1928 M S 9412 Sale 941 1
Debenture gold 48
1 )837271144
9212 161 1 9038 9312
34 8318
8412
3 82
8534
9314 913
92
Cuba RR 1st 50-year 5s g...._1952
25-Ryearstgeorled04s
8512 July'21 ----I
1936 J D 10434 10534 1044 10424 10 10312 10512
let ref 7%e
91
3 -911-2 -97 1 91
93 I
9234
.eh Val NY Ist gu g 4yas_1119
Day & alien let cone 4546_1931 j j 91 Sale 91
M NNJ 9314 9412 93
71 J
330
994
70014 8
9
112
90
7,..1 Jan78'2738
70
8
5788A
Delaware & iludeot —
Registered
8612 40 8353 90
2(5
N 86 Sale 8473
Sale
1943
9 3j
10119
j
Lehigh Vol (Pa) eons g 48_2
1st & ref 49
MN
9212
9315
921
24
85
27
Sale
8613
0313
8728
87
9914
A0
8612
98
1935
$0-year cony be
General eons 434s
99
38 98 1024
N 9812 Sale 98
1937
O 10014 --- 10012 Apr'23 __I 10078 10114
A N
Leh Term Ry 151 83 g 5s
5346
903 M
1941
2
109
..8
-1
10, 105 11134
4 _1_8
233
0,
0131 1_80_59-11r
Ap
2
2
1930 3D 10834 Sala 10818
13
110
Rev 'end
s
A O
10-year secured 751
.1941 NI
8814
____
87
May'22
i5i3-4
Leb Val RR 10-yr coil 68..22119281
DR RR & Bdgelst gu 45 g_1936 FA
4
7312 20 72 4 78
8512
Den & R Gr—Ist cons g I8 1936 J JI 7312 Sale 7212
Leh ANY 1st cuar ld 48_1945 M S 8512 Sale S4
10 7712 80
78
1 974 9912
99
1936 .93 7712 7812 78
Console) gold 415e
'955 A 0 987s Sale 0873
ex A East 1st 50-yr bs gu
834
7 82
70 Dee'20,--__
88
S018
1928 3D Ws 8414 837
Improvement gold be
62
Little Miami 4s
52% 80 5034 57
10412 ____ 10812
1955 P A 5634 Sale 5034
Long Dock 001,501 g 69
Ist & refunding be
I 4912 Aup.'20
6E "
66do Registered
Long teld let cone gold bs_ _1199931
A
1 9672 ____ 9558 Apr'23,____ -52
SAI N0
Q
47
47 I 11 47
47
5212
Bankers Tr stmp ctfs (Feb'22)
61931 Q J 8914 ____ 8914 _lime 221.-__
Int comic] gold 46
46
56
Mar'23
4
-851;
2
513
831Apr'23
____
48
85
88
4
8312
53,
D
recta
Farmers L&Tr
(Aug'55)
1938 J
General gold 42
......;
45 50 _
814 8112
8112 Mar'23
Bankers Tr etfs
1932 J D 81 18 __
Gold 40
---- - --112
7618 7712 76
51
46
Apr'23:.... 7512 85
1949 M
Unified gold 45
do Stamped
____
Mar'23
94
V)
94
92 Mar'23 __
46
9012 95
46
Debenture gold 5s
Am Na Nat Bk (Feb'22)etfe_ -8312
84
8312 85
0.3 (Aug '22) ctfs
20-year p m deb bs
83
71744 14
74
8
2 77
Apr'23 ___- 42
45
S 7678 7812 7714
I DN
MI
J 4278 4378 43
47 M
111949
1935
Guar refunding gold 4s
Des M & Ft D 1St gu 4s
9012 93
05 Nov'22
934 Sept'22
- _
Nor Sh B let con g go 5s _a1932 Q
Dv/Plaines Val let gu 454s 1947 M 8 8614
95
9418 Mar'23
7515 7513
7518 Feb'23
80
D 65
1927 M S 94
1995
Louisiana & Ark 1st g Ls
Det & Mack—Utile° g 4s
70
7912 77 Mar'23 --- 77• 80
2 65
65 I
70
65
65
Lou & Jeff Bdge Co gu R 4s 1945 M
1995 J D 60
Gold as
85781 17 85
9034
Louisville & Nashville 5s,,,_,. 1937 M N 10012 102 10218 Apr'23 _--- 10134 103
1961 MN 854 8614 854
Det itiv Tun 4528
0018 26 8714 99
89
Sale
8
9012
983
____
-9814
Apr'23
9913
J
9814
1940.9
451
Unified
gold
gin
1941
Miseabe
Nor
J
di
Dul
6s
9012 Jone'22
9858'
994 9852
1 9812 100
Registered
1937 A 0 99
Dul & Iron Range 1st 56
_
i61"
j 0538 983 9878 Mar'23
984 Jan'23‘____ 9812 9812
M N
941 j
Collateral trust gold 5. 1931
1937 A 0
Registered
12 104 10834
1118
77 Mar'23 __ 75
80
77
I930 M N 10712 um,10712
10-year secured 78._
J 76
Dul Sou Shore & Atl g Ea.__ _1937
10314 39
89 Mar'23'
j 10258 10314 10212
2199303j O
90
88
1st ref5)as9A
ft Minn Nor Div let g 4,_ _1948 A 0 88% 90
102
10134 Jan'23
1 9112 9134
9112
8141
10118
1
N 0 & M 1st gold 69
1938 M 8 904 934 9112
E Tenn reorg lien g Si
1014 Feb'23.— 10112 1014
105 __
99
Jan'23
99
99
2 .
2d gold tis
1930 J J
E T Vs & Ga Div g be
8613 84 Mar'23
1 9612 9912
j 84
9712
9712
F A
98
93
16
93
96'96
Paducah & alem Div 48_19
19.56 M N
Cons 1st gold .56
6 59% 63
(13
10014 10 9758 10014
1980 M 8 5914 5978 6014
St Louis 1)Iv 2d gold 3s
Elgin Joliet & East 1st g 56_1941 M N 981s 10014 99
97
96
9012 __. 96 Mar'23
& M 1st g 4%8_1945 M
L& N &
Erie let consoid gold Ts ext 1030 M S 1031 1034 10312 103% 10 10314 10434
4 8034 4
78,4 38 8
75
751s Sale 7518
5512
5618 69 6458 5878
1952 J J
L & N South joint af 4s
1996 J J 55 2 56
let cons g 4s prior
1
7312
7312
7312
7312
_I
_
Mar22
57
RgvegclsigteAredLeg
A1952 Q
1996 J J
Registered
g64 974
454 117, 4312 49,4
gold 414e__1931 MN 9434 9754 9612 1115fr'23
Loui
J 4538 Sale 4538
1st consol gen Ben g 68_1996
__
22
Dec
4
993
____
9752
Aug'22
51
4434
let
RR
Cl
be
Manon
J
1996 J
Registered
70
691, 71)
3 82
84
6418
84
MN
j 66
85$
4j
939
Manila RR (Southern Linee)_1193
Penn coil trust gold 4e 1951 F A 8314 84
9612 12
1
11114
97
▪ -.i1
9753 06
62 4112 52
49
Manitoba Colonization 5s_ _ _1934 3 D 96
1953 A 0 48 Sale 4814
50-year cony 46 Ser A
_
afar"21
70
49
62
48
75'o____
Sale
48
J
.1
1941
52
4214
sis
3
MaxiCIB&NWlst
do Settee B
1953 A 0
Mar'10
77
504 59 4334 544
Mex Internal let cons g 4s_ 1977 M S
Gen cony 4s Series D___ A953 A 0 50 Sale 4934
Oet'22
984 ____ 100
5 86
87,2
8972
%lichigan Central be
J 871z 8812 86
1956
Erie & Jersey let s 168
9734 Feli23
9724 9734
8334 Mar'23
8334 8334
9311 Q
193
Registered
M 161 97 100
194(1.9 J
Erie & Pitts Rug 3)46 B
88
88
88
Feb'23 __-. 88
Apr'23
J 86
82
1940
8314
Se
1940 J J 82 ___ 82
Series C
7414
Apr'21
_
97
Sept'20
88
J
_
1940
Registered
0
1942
lat gen g be
Evans & T
go
7912 80
80
6912 Apr'21 -Feb'23
1951 M S 77
L 35 let gold 3146
1923 A 0
Mt Vernon 1st gold 8e
Apr'23 ____ 78
84
7618 /8
78
6912 Apr'21
_
1952 M N
1930 A 0
let gold 3446
Sul (In Stanch let g 56
61;
18 8988 93
9912 Dec'22
92
1929 A 0 91 18 9158 9138
1924.9 J
20-year debenture 42
Fargo & Sou (is
95 Nov'22
•9912 ___ 9912 Mar'23
91
99'2 100
1940 A 0 86
1823,..1
%-tt,iofNJ 1st ext 5s
tfla Cent & Pen 1st ext 6s
9914 12 -6)fiti -9934
2
.23
1,:2
9952 ____ 9914
942
14 NAL
,
9
93
J 8
1929 F A
Mllw L S & West lmo g 5s
let land grant ext g
91
93
- 10112 Nov'22
1925 M 8 10138
1943,1 J
Ashland Div 1st g 69
Coosol gold 5s
87 Mar'23
83% 87
10012 ---- 10078 Mar'23
8512 89
le/078
- 10073
J
1924 J
Mich Div let gold 68
lelorlda E Coast let
904 Feb'23
79
90
65
8814 93
1934 J D 88
1952 MN 6838 6912 6818 Apr'23
alliw & Nor lst ext 45Z6
Fonda J & Cloy 4yiti
8952 92
79 Mar'23
8958 Mar'23
78'2__
84
91
79
79
Cons extended 4%e
Fort St D Co 1st g 4448_1941 J J
101
8 9934 103
89
B 83
85
8612 83 Mar'23
7 MS
14j
193
1961 J D 100 1014 10018
Mil Spar & N W 1st gu 4s.....1
Ft W & Den C 1st g 5Sas
8782 Feb'23
89
664 Aug'21
85 8758
1941 J J 7434 86
Milw AS List RU 3345
Ft Worth & Rio Or let it 48_1928 .1 1 8412
Apr'23
107 109
- - 101
4
99,
Prim Elk & Mo V 1st as__ _1933 A 0 1074 10912 107 Mar'23
Minn & St LOUIS 1st 76
5 5812 76
6812
6738 6912 6812
9534 ____ 9634 Apr'23 9512 9938
1st coneol gold be
CH&SAM&P 1st bs1931 M N
40
3712 12 37
2, 9313 97
96
9312 96
9312
S 3712 Sale 3718
Mj DN
47 M
111949
1931.9
1st & refunding gold 46
2d exten 58 guar
2 35
38
3934
87
8712 121 8514 8712
1933 A 0 8538 89
Galt,Homo & Bend 1st 5e
Ref & ext 50-yr 5e Ber A_ .1962 Q F 3712 37% 3758
47
90
864
8712
8458
8314
84
84
86
884
87%
8212
J
8
, 9
1957 J
Denessee River let e 163
M St P & 8 M eon g 4s int gu11933
5 98
8112 8012 Mar'23 231 8012 8118
994
99
9912
98
lst eons bs
Gs & Ala Ry let con 58_0_1945 J J
23 1014 106
104
103 10378 10314
904 911.
coil trust 6
1929 J J 88; 8914 91 12
01year
Ga Car & No let gu g be
100
Apr'23
_-__
16512
101
10
61
100
99
61
62
6034 65
46
93
119
./4-1 S
7‘
1946 A 0 60
6s A
Ga Midland let 3s
9212 Dec'22
9934 100
994 Feb'23
9812 9912
& 1k7 1st gu g 5e._1924 M N
011a V
1st Chle.tgo Terre s f 4s_ _1941 MN 8712
964 Mar 23
-1;411-2 961,
1942.9 D 96 - -- - & A let g 42 int itu._1926 J J
M SS
Gouv & Osewgatch 55
9052 Apr'23
_
9018 9058
89 dale 89
1 89
92
Mississippi Central Ist be__ _1949 J J 8814 89
Or R & I ex 1st gu g 43-0_1941 J J 114
94
Jan'23
94
Sale
10
4
9118
1133
94
9212
112
1144
MN
_1942
115
0
A
__
let
56_
Okla
guar
78_1940
deb
Can
of
Trunk
&
Grand
81 K
78
7612
77,4 8014
7912
Sale
2
,
103
10312
10414
43 10214 105
1936 M
azo Neu & Tev—lat geld 46..19903 D
I5-year R f 69
76 Mar'23
_ 10112 Apr'07
7714
7834 80
74
1947.9 D 853s
Columbia Tr Ws of (let)
Grays Point Ter be
_ 7712
7712
1 73
7712
7712
10834 298 10618 11112
1936 J .1 10812 85;1-e 108
do Stamped Dec 1921 Int ------.teat Nor lien 78 ser A
47 87
90
89
89,2 90
9212
gold 4s1991
let & ref 4 Ste Series A_..__1961 .1 J e____
2d
.76
703 75
93
8214 Oct'22
1961 J J
RegIstered
Coo certlfs of deposit
111
99
57012
9858 Sale 9818
8912
89
i6i7;
1,36
2004
1952.9
let & ref 4s Tr certifs
546
n'
c
'
ila
2 JAj
4
41581:4
88798
6
33 9
2222
r7.:92
75 65
65
i ";7
ii 65 76
Feb 60
Green Bay & W Deb ctfe
Lien sinking fund 4y48
8
Mar'23
10:
7212
10
2
72
1018
1012
4
93
___.
4
,
13
deposit__
Feb
of
"B"
eertifs
Trust Co
Debenture etre
8254 Mar'23
.82
8338
69 Apr'21
Greenbrter Ry let gu g 4s____ 1940 M N
5% certfs for notes "ext"_
-2
5 (8i
80 -4
771 -8
78.3;
2
Apr'23
7812 Bale 7758
80
81
79
8412
1 79
Gulf & S I let ref & t g 66_81952
K & T 8p—Pr I 5s Ser A 1962
6514
6614
73,
7212
-ale
Mar'23
s
664
78%
3
,
72
76
J
J
1962
Harlem ft-Pr Ghee lst 46____1954 M N
40-year 49 Series B
9511
8314 24 80
1932 .1 2 9413 Sale 9414
8534
Hocking Val lst cons It 4 413--1999
-year 69 Series C
J 8312 Sale 82
10
517
31 6
10
67::
693
534 6
933
5
5514 Sale 55
5734 132
- - -- 734 June'18
1999 • J
Registered
Cum adjust 58 Series A__ 1967 5 J
1
;
952 975
9552 Mar'23
1937 J J 9712 _ _
Missouri Pacific (reorg
if & T C 1st g 56 int gu
34 9012 9014 Apr'23
84
10 8211 We
8214 8314 8214
8934 92
F A
& refunding 58 Set A _1965 F
1st
Houston Belt & Term let 58_1937 J .1 89
2
9514
9612
9514
9512
Apr'23
9718
94%
95%
9514
192
98
c
N
M
1933
HOUSE&WTI5IR5S
let & refunding bs Sm.
9414 85 9212 99
954 9634 9412 May'22
_
9312 Sale 9312
1933 M N
1st, & refunding 62 Ser D 19411 F A
let guar 58 red
931:
6
2 "
564
o: 951
.
87 Mar'23
87
87
5834
1976 M S 58 Sale 5714
1937 MN 8012 95
General 48
Housatonic ILy cone g 56
76
81
8012
Sale
804
7932 847
. Missouri Pacific1957 F A
Had & Manhat 55 sir A
148 56
7912 8134
58
j 7712 8012 7912 Mar'23
a1 N
65
5j
1,5
193
1957 A 0 .5712 Sale 56
,
%
igerd uagt04g
egord
ett
B
7a
.8
b
d
0
13
Adjust income 53
2 90
90
90
9112 90
7314 Mar'23
8838
9212
1111nole Central 1st gold es__ .1951 .1 .1 •- - 8912 834 Sept'21
72 Mar'23
75
1915 .7 .1 67
1951 J
Mortgage gold 4s
Registered
77)4 83
81 Mar'23
Apr'23 ..---..--_-J_ 110
331744 10
772
4
:
413'
7733
104
5 81
D
J
_.1927
Se_
J
.1
gold
14,51
new
Ohio
Mobile &
let gold 3!'il)
oeC22
10012 10378
76 ____ 80
51927 Q J 10014 102 10314 Apr'23
1951 ./ .1
68
golf!
ext
lot
Registered
A 0 7812 81
83 Feb'23
73
7434 73
83 83
7212
5
81
1038
1951
4D9
gold
334c,,
gold
General
151
Extended
2 9
4
312 9
91
70
85744
74
91 Sale 9012
1951 A 0 76 _
Montgomery Iv let g 51_1947 F A
Registered
9412
1 94
8318 Mar'22
9534
9412
1927 2 D 9412 95
1951 M S ---- 72
St Louis Div Is
let gold 3s sterling
2 802 "gE7-2
82
8114
7512
83
7512
82
4
773
S
M
7512
1938
S
4s
M
tr
coil
„.1952
5
es_
Ohio
&
Mob
Collateral trust gold
_
8 8
9538 Sel)C19
512
723
8
94
73
4
1991 MS 80 ____, 8238 Feb'23
1962 A 0
Mob & Mal Ist gu g 46
Register
Registered
5 82
8414
88%
1955 M N 84 Sale 84
Let refunding 46
OPt1013 gale.
a Due Jan, 2 Due Feb. 5 Due June, 5 Due July. n Due Sept. o Due Oct.
•No price Friday; latest bid and asked this week.
--19
New York Bond Record—Continued—Pan 3
BONDS
N. Y.STOCK EXCHANGE
Week ending April 13
221.7
Price
Friday
Apri: 13
Week's
Range or
Last Sale
0?),2
Rang,
Since
Jan. 1
BO
Ask Low
High No. Low High
Mont C let gu g 6s
1937 J 3 10918 112 114
Jan'23
111 114
Registered_
1937 J J _
_ _ 13614 Mar911
let guar gold 58
1937 J J 9938 10112 10014 Mar'23
i(561-4 10138
M&Eletgu345
2000• D 7412 7638 7512 Mar'23
7512 7814
Nash, Chatt & St L let 55 A928 A 0 99/
1
4 1021
/
4 98% Apr'23
-- 9858 101
Fla
dr El 1st gu g 5s
N
1937 F A 98 __ _
Apr'23 -- -- 98
98
98
Nat Ry of Mex pr lien 445 1957 3 J ---------31 Sept'22 - _
July coupon on
37 28
31
3012 Sale 30
32
do off
29
29
294 3012 29 Mar'23
General 4s (Oct on)
1977 A 0
261
2618 Jan'23'.
/
4 2618
April coupon on
off
do
2538 30
2712 Feb'23
2712 28
Nat of Mex prior lien 448_1926 .1 3
3814 June'22 -July coupon on
39% 4012 3934
39/
1
4
5
off
do
45
1st consol 4s (Oct on)_ __ _1951 AO
27 —le, 258 27
27
April coupon on
Feb'23
26
2412 2614
do
off
5 28
2710
271
2712
/
4 28
2712
Naugatuck RR 1st 4s
/
4_
87 July'14 1954 MN 681
New England Cons be
85
9012 9012 Mar'23 ____ 89
1945 J
90,2
Conso148
1945 J J 73
70 Sept'17 NJ June RR guar let 4e
7614 83
Jan'23 _-1988 FA
82
82
82
NO &N E 1st ref &imp 44e A '52
78 1
7 76
'
3 7614 7812 78
8112
New Orleans Term 1st 4s. _ _ _1953 J J
7412 76
7512 31 73/
73/
1
4
1
4 7934
X 0 Texas & Mexico let 65_ J925 3D 1005* Sale 101312 1005* 71 100 101 18
Non-cum income Os A,..1935 AO 7912 Sale 79
7958 43 7712 83/
1
4
X & C Bdge gen gu 44e
8912 Jan'23 ----1 8914 8913
1945 J J 8938 _
NYB&MBletcong55_1935 AO 90
/
4 Sept'22 --_ _
961
97
__
X Y Cent RR cony deb 6s
10338 138 101 106%
1935 MN 103 Sale 101
Coneol 4s Series A
793g 23 7638 825*
7812 Sale 7838
1998 FA
Ref & impt 448 "A"
86
14 8414 8878
2013 A0 85 Sale 85
Ref dr !rept be
9514 628, 92/
1
4 98/
2013 AD 9434 sate 9412
1
4
X Y Central& Hudson River—
'
I
Mortgage 349
1997 .1 .1 7334 Sale 738
7438 19 72
77/
1
4
Registered
78 Deo'22 -- I - 1997 3 .1
Debenture gold 48
8612 915*
1934 MN 88,4 Sale
Registered
8,922'..22_1
88
9/
4
1 N0,
1934 MN
50-year debenture 45
1942 .1 3 8358 8612 86 Mar'23 --90,4
Lake Shore roll gold 34e_ _1998 P A 7038 Sale 7038
/
4 76
3 681
7114
Registered
711
/
4 72
/
4 Feb'23
79
1 711
1998 P A
Mich Cent coil gold 348_1998 FA
72/
1
4 34 7112 77
7118 723 72
Registered
1998 P A
__ 74
7012 10 7012 75
7012
X Y Chic & St L let g 4e
1937 A0 87 Sale 8678
87
6 8378 9014
Registered
86
8512 Jan'23 --__ 8612 86 2
1937 AD
Debenture 4e
1931 II•1 142 85
8534 23 83% 87/
8614
1
4
2d 6s A
1931 M N 100 Sale 991
/
4 100
1
4 10078
60 98/
943 65 11
100 Mar'23 ---- 100 100
1931 M N
'(Y Connect 1st gu 445 A..1953
A
85% Sale 858
8858
86 1 21 83
N Y & Erie Ist ext g 43
1947 MN
87 July'22 ---____
Ird ext gold 44s
1923 M
99/
1
4 Jan'23 ---- 9914 9912
9th ext gold 53
1930 A 0
911
/
4 Ney'221---5th ext gold 4e
14128 J I) - - - 86
44
3 N
s:0
°5;2
12
5
- 9
N Y & Green L gu g be
75
1946 M N
-_
X Y & Harlem g 31411
73/
1
4 _ __ 7312 Mar'23 ---- 7312 77,2
2000 M N
X Y Lack & Western 55
1923 F A 100 10014 100 Mar'23 ---- 9812 10014
Terminal& Improvel 4s__,A923 MN 10
93
94
5 ____ 9934 Feb'23
9914 99/
1
4
N Y I. E & W 1st 7s eat
1
4
1930 M $
103/
1
4 Jan'23
1
4 103/
103/
Dock & Imp bs
1943 J .1
9818
9612 98 Mar'23 ---- 94
X Y & Jersey let be
9512 99
1932 F A
9434 Mar'23 ---- 9434 98/
1
4
Y & Long Br gen g 43
1941M S 8914 9112 91 July'22 --____
X YNH& Hartford—
I
Non-cony deben 4e
49
1947 MS 4714 49
Apr'23 ---- 49
57
Non-cony deben 346
47
1947
45
S 44
44/
Feb'23 ---- 40
1
4
Non-cony deben 345
1954 AU 43
4534 43
Apr'23 ---- 40
47
461
4814
Non-conv deben 4s
8
19.55 J J
50
Apr'23 ---- 45
5112
Non-oony deben 49
/
4 Sale 4734
477
1956 MN 471
Cony debenture 348
4312 42
1956
'
3 43
Apr23
40
3 3
418
Cony debenture 85
1948 J J 6512 Sale 6514
675
36 6514 7314
4% debentures
1957 MN 41 Sale 4012
4112 12 38
4312
72
Ts European Loan
/
1
4
Sale
AO
1925
73 1 22 7014 8134
73
6612
75 Francs
1925 AO 66,4 67
67 60
67
41 12
1930 ✓ A
Cone ity non-cony 4e
_ 42
Feb'23
4014 42
44
Non-cony 48
1954 Ii
5012
49
44 51ar'23
Non-conv deben 43
1955 33 44
49
49
Non-cony deben 4s
1956 J J 44
48
/
4__
R Y & Northern let g 55
99
1927 AO 981
Ocl'22 -- -64 sale 64
▪ Y O& W ref let g 48_41992 M
6538 12 64
70/
1
4
Registered $5.000 only...41992 MS
59 Nov'20
__
58
General 45
1955 3D 56
5912 Apr'23 ---- 58
705*
_
N Y Prey et Boston 45
1942 AO 74
gs.-NY dr Pu let cons gu g 48_1998 AO 8134 85
8134 Mar'23 - - -- SOIl -f123.
4
NY&RD let gold 5n
1927 MS 95
973 96
Apr'23
95
95
55
Y Susq & W 1st ref 58
1937 33
51 Mar'23 56
51
60
45
90 gold 4 46
1937 FA
48/
1
4 48
48
42
49%
General gold 55
1940 FA 45
46
46
46
49
5 45
841
Terminal 1st gold 55
/
4 _ _ _ 84% Mar'23 --1943 MN
841 935*
Y W'clies& B lstSer I 4148._'46 33 4314 4414 4334
43/
1
4 21 41
5014
Norfolk Sou let & ref A 55.....1961 FA 641
641
24 531 71
/
4
/
4 Sale
65
.forfolk dr Sou 1st gold bs_ ....1941 MN 88,4 9112 905* Apr'23
90% 9312
Non & Wen gen gold 68
1931 MN 10512 - - - 10812 Mar'23
10812 10812
10612
Improvement &(+Mg
1934 FA
110 Mar'23
108/
1
4 110
New River lot gold
1932 AO 10514 108 10634 Mar'23 ---- 10634 10634
N & W fly lot cons g 45.,..1996 AO 8718 Sale 871
/
4
81 8512 9314
88
Registered
1996 AO 81
86
8912 Feb'23 ----1 8812 90
Div'l lot lien & gong 45_1944 ii 8412 92
84
Apr'23 ---- 8238 8634
10-25 year cony 445_ _1938 MS 10714
10714
10714
2 10714 108
1929 /Ai
110% Sole 11014
10-year cony 614
121 10714 1171
111
/
4
/
4 86
Portal C A C joint 4s
1941 Jo 851
1 85
8518
8518
,
13
North Ohio let guar g bs_ _1945 AO 79
8518 83
Jan'23
83
83
Northern Pacific prior lien rail83
1997 Q .1
way & land grant g 48
Sale 8234
8412 78 8134 87
8112
83
Registered
83
21 81
• 1997 Cl J 81
8312
a2047 Q F 5934 Sale 591
General lien gold 3e
88 59
/
4
60
6214
a2047 Q F 585* . _ _ _ 5812 Mar'23
Registered
581
/
4 5934
2047 J .1 10634 Sale 1063s
Ref dr Inlet ile ser B
10712
108 10934
84
8534 45 8234 9012
8512 8458
Ref & imp 44s Sank
29 47 J
96
34 9212 100
151 ---------2047 J .1 95 Sale 9414
94 Sale 9334
95% 439 9212 99/
5s D
20473 J
1
4
89
Feb'23
St Paul-Duluth Div g 45 (996 3 D
89
89
9812 _ _ _ _ 9812 Apr'23
St Paul & Duluth let Le__ _1931 Q F
9815 9812
8414
_
1st consol gold 48
Jan'23
1968 1 D 7918 _
84/
1
4 841
/
4
1 108 110
Nor Pac Term Co 1st g 68_1933 J J 10818 109 109
109
102
Soot Cal gusr g be
Jan'23
1938 A 0 100
4 IC!_
118 Noy'16
North Wisconsin let 65
J
1930
10.24
r1g & I. Cham let gu 498
1948 Jr
Ohio Conn Ry 4s
1943 M S
Ohlo River RR let g Os
1936 .1 1)
General gold be
1937 AO
Oro & Cal let guar g Si
1927 3 .1
Ore RR & Nay con g 48
1946 31.5
Ore non line'—
lot consol g be
1946 J J
Guar con bs
1946 ▪ J
Guar refund 45
1929 J D
Oregon-Wash let & ref 4e._ _1061
Pacific 410aer Co lot it 5s......1946 J 1
Pac RR of Mo let eat g 4s
1938 F A
2d extended gold Os
1938 J 1
Paducah & Ills 1st s 1 434e...1955 3 1
Parle-Lyone-Med RR 65
1958 F A
Pennsylvania RR lot g 45_.1923 MN
Censol gold 4(4
1943 M N
Consolgold 48
1948 M N
Consol 434s
19410 F A
General 4 45
1965 .1 D
(littoral be
1968 J D
10-year secured 78
1930 A 0
15-year secured 645
1936 F A
68
66
801
/
4 Sale
901
/
4 .
93
9434
9912 Sale
8512 8812
66
66
8614
8634
96% Mar'23
9512 Feb'23
9912
9918
8512 Apr'23
10034 101 10034
101 18 10112 100%
/
4
9112 9238 911
7712 gaIe 77
7812 791. 7812
861
/
4
9512
_
1
4
93/
8918 911
/
4 91
7412 Sale 73,4
9934
8812 9314 9014
8818 8978 88
9334 94% 94
9012 Sale 8958
9958 Sale 99
10912 Sale 10812
10812 Sale 111818
1
71
6
5 8%
86/
1
4
9512 981
/
4
9511 95/
1
4
12 9838 100
8434 8712
3 99 10412
10034
10 991
101
/
4 105
9238 71 9058 93/
1
4
7814 93 7512 82
1 78
781
/
4
795*
Mar'23
8812 865*
Mar'23
9512 97
Mar'23
9012 91
741 285 83/
1
4 7412
Dee'2'
"89
Apr'23
9314
3 8714 91
90
7 .921
/
4 9853
941
111
88
91
92/
1
4
993 165 98 10134
GO
110
110/
1
4
1081
/
4 64 10638 11114
BONDS
N. Y.STOCK EXCHANGE
Week ending April 13
1631
F'rlday
April 13
Week's
Range or
Last Sale
rarl
Range
Stoic.
Jan. 1
Pennsylvania Co—
BId
Ask Low
High NO, Loos High
Guar 34e coil trust reg A _1937 al
83 _-- 8412 Nov'22
_
Guar 34s coll trust Ser 8.1941 FA
82 Sale 1 82
82 1
3 -g13483
Guar 334s trust etre C____1942 J
81,2 85
83 July'22Guar 3%s trust etre D____1944 3D 81 -_-- 83/
1
4 Noe'221.—
_
Guar 15-25-year gold 48___1931 AO 90/
1
4 9114 9034
901
/
4
5 9012 93
8512 86
40-year guar 4s etfs der E__1952 MN
8412 Apr'23
8412 87
Peoria & East lot cons 45____1940 AO 721
/
4 7312 72
7218
2 72
78
Income 43
2734 255*
1990 Apr. 26
26 1
9 255* 30
Pere Marquette 1st der A be_ _1956 3
94 Sale 93%
94
23 93
9772
lot Series B 48
1956 J J
7712 7814 79
Apr'23 ---- 76
8212
Plana Balt dr NV 1st g 4s
1943 M N
86,8 ____ 881
/
4 Mar' 11—, 1.81
/
4 9212
Philippine Ry let 30-yr f 4s 1937
4612 47 1 4738
J
47341
7 46% 49/
1
4
PCCdr &Lau 44sA
A0
9418 ___
9434
1940
94341
2 94
9734
Series B 4%s guar
;!6
96 1
1942 A0 9414 951
4 9412 9472
Series C 4)-4s guar
Apr'23
1942 MN
94
94
94
Series D 4s guar
1945 MN
8912
8934 Feb'23
891
/
4 8934
Series E 34s guar gold_
1949 FA
89% .--- 8412
2 8412 8912
8412
Series F guar 45 gold
1953 JO 8912
Feb'23 ---- 89
89
8912
Series G 48 guar
1957 MN 8012
895 Mar'23 --_- 8912 8938
Series 1 eons guar 4%o,,_1963 F A
9212 95
9438 Feb'23 ---- 9412 95
Series J 44s
1984 M N
General 55 Series A
9512 9514
1970 .1 1) 95
95/
1
4
7, 93% 99/
1
4
Pitts & L Erie 205 5s____a 1928 A 0 9514 ____ 99 Nov'221----1____
Pitts McK & Y lot gu 89
1932 I J
_
2d guaranteed 6s
1934 J J 10018
_ 9514 Jene•20,____!
Pitts Sh & L let g be
1940 A 0 100 ____ 100 Mar'23 ----, 9914 100
let comic)! gold 55
Feb'23
1943 J 3 9638 ____ IGO
100 100
Pitts & Ash 1st cons Os_ _ _1927 M N 9814
_
98 June'22
Providence &cur deb 4s
46
38/
1957 M N 35
1
4 Mar'23 ---- 385* 3858
Providence Term 1st 45
_ 31115* Feb
1956 M S 74,4
,
.
Reading Co gen gold 46
835* 36 827s 86
1997 J J 8312 Sale 8318
Registered
8434 8012
8012
I 8012 841
1997 .1 J 77
/
4
Jersey Central coil g 4s____19.51 A 0 8112 Sale 81
8112 12 80
86
1
2,188 Saratoga 20-yr 68
M N 112 114
------1----11—
-Rich & Dan 5s
1927 A 0 9734 98 1 9678 Dec'22
Klch 1. • Pek 151 55
6714
72 Mar'23 --11 72
1948 at N
72
Rich Ter 5s
9718 99
9814 Mar'23
1952 .1
99 100
Or June 1st gu
8734
84
193913 D 8218 __--' 84 Mar'23
410 Or Sou let gold 4e
1940 3
12/8 _
14 18 F
Feebb'2
19403
,
21 ............._ 7
.
2.._3.4 ..._.:s
........4
.410 Or West let gold 45
2 7278 78
73/
7318
1
4
19393 J 72,8 74
Mtge & coil truer 45 A
/
4 6234 6138
6275
7 6138 87,2
1949 A 0 611
R I Ark & Louis lot 448-1934 M
77
77 Sale 7612
31 7618 81
Rut-Canada lat gu g 48
7312 7(1
65
Jan'23 ----11 70
1949 J
70
•tutland 1st con g 445
7614 80
Apr'23 ---,' 80
80
80,2
St Jos & Grand lel let g 45...1194
72
73/
1
4 73
73
8 72
9479j
75%
St Lawr & Adir let g 50
8814 9212 91
Apr'23 --- ,, 91
1996 3
9212
241 gold (3s
1998 A 0 9538 -.-- 9814 Mar'23 -- -11 98,4 9814
St L & Cairo guar g 4s
go
8814 89
8812 10 87
8812
24,, 95
St L Ir M & S gen con g 5s
/
4 Sale 9514
97
121 11 0 951
9912
Gen con stamp gu g be__1931 A 0 85 sale 10
8614 __i :, _7i.i34_ _sie.i.f8
412 July
82
Unified dr ref gold 45___
1929 J
Ric & G Div 1st g 4s
78
S
:L0a4
7
814 Apr'23 ----,1 98
,18BA
rldsleuTte
,rratu(rge0
75
718
2 Sa
A N
99
O 9
le ;
0
19
)
30
3M
5%-e1
99
1
1
Prior lien Ser A 4s
6671; 242 65
1950 J J 6614 Sale 861g
70/
1
4
1980; 1 81 SaletaLe 8
Prior lien Ser B Ss
880,4
1942
P4
riosr lien Ser C 6e
11
r
1241 !
5
78
234
'i );114
1928 J J 99 Sale 9
4 1E71
/
4
8
C
thucm
0m%.10
1 uesrti eAr 6
73/
1
4 133 72
51955 A 0 7212 Bale
A468
80%
44,8
6.
2
2231328 4_12_,
4
32 1890,
Series
58
2534 10
6
842
73384
dt Louis & San Fran gen 68...1931 J9cti -Z118
4 ;
.e.. '
2
f . Mar'23_...
General gold 5e
96
U2
.212 1.0
St L & 8 F RR cons g 4s_ 1996 .1 ,
_7_41 1i
u4
212
3
1 li
Southw Div 1st g 5s_
1947 A 0 8514 - - -- Pe
St L Peo & N W let gu be__1948 3 1 101 102
991
/
4 Apr'23 ---- 99/
1
4 1021
/
4
It Louis Sou lot gu fr 45
1931 M $ 87 - --- 802 Oc, 22 --Stc,L
009
24
.g.
7
4181st g 4s bond ctfs
7434 Sole 7378
1989 M N
75
69
70
Apr'23
---- 69
bond ctfe_p1989 J J 68
7112
7618 98 7312 7734
gin
oe
lo
dm
4e
s
1932 3 D 78 Sale 7514
041Atute
it _74
lrm
& li
75
412 su
inD
als
debuLnify
18 7312 8212
3 76
.1 A
8414.
52
1,
n%5
68._ 194
77
32 7514 8112
it Paul M & Man 43
91
5 9114 94
let corm! g 68
07
112 109
4
1 Mar'23 -- ' 108/
9312 19
01
8/
3 19
3 .1
1
4 109%
193
933 .1
Regletered
4 10612 110
99 Sept'20
Reduced to gold 44s
-iiii-2
3,
95/
9558 9612 9578
1
4
1933 .1
-7
Registered
A118.22 -..._611 _ii5;
1933 J D 9314 ---- 97
Mont ext 1st gold 48
92
1
91,4 92
91
1937 J
XItt
ar7
r:11 Registered
4:i
..i
8 -_____ N 1,
...il..7a1 - _7i54.3_4
841,4
1937 J D ,
Pacific ext guar 45
1940
8 A & A Pass let one 45
7212
71
ii
1
1943 J
Santa Fe Free & Ph 55
Feb'23 --, 99
9612 -.-- 99
99
1942 M S
San Fran Terml let 45
8038 28, 7812 831s
1950 A o 795* Sale 7912
Say Fla & W Gs
1934 A 0 10718 ____ 10812 NoV22 ---- 1 ____ ____
_ _in;
55
2 :744_4
23
Ao
px;:2
06
0 2c
-6
-118
94
9,
14
2 -8
O 8
Ais,
A1 0N
8714
86
S
icelabo
VaA
rd N
AIE
5314 57 ' 68 Mar'23 -. 53
rL
lionLegg
58
o 4%48- - --19
9
95
8
30
4
9
Gold 443 stamped
68
6 62
5512
5314 55 .531
/
4
32
310 22/
Adjustment be
1
4 321
/
4
9
. 31 Sale 31
olM t .
46
/
4 62 39
441
Refunding 4s
/
4 Bale 44
441
1st & eons 65 Settee A
68
65
Sale
65
83 5834 68
1
1 29
5
97%
____
9632
9839
Seaboard & Roan 1st be
1 9384 0639
3 3
Sher Sh & So lot gu g Se
3712
375* 3712
3614 ---- 375* Apr'23
8 & N Ala cons gu g Se
---- 10018 Mar'23 ---- 98 10114
1,
9 ,1 t 2 9612
7078
100
96/
1
4 Apr'23 ---- 9612 99
Gen cons guar 50-yr 5s
1983 A 0 983 sale
Southern Pacific Co—
7578
Gold 45(Cent Pac coil).,.,k1949 J D
8118
124 9014 92%
92
20-year cony 45
)
8 9138 dale 9138
g1929.
111-1 4
1003g 101 1008
20-year cony be
1005* _.7342_
3 100/
12
1
4
_787.735_1:2 102
So PaC 01 Cal—Gu g 58
101 12 -,-- 101 14 Apr'23 ---- 101
1011
/
4
So Pac Coast 1st go 4s g
,' 891
8738 88,4 891
/
4 Jan 23
/
4 _88s0.53:2_
91
988142
5 8
93
238 8
50
8
95
5%2 28
4/
38
e
c 1 9
So Pac RR lst ref 48
8,541,
84
1
4
J
57
5
6j
12
_1
Sale
Southern64elreed
t cons g Os
193
97
43
M NJ
Apr'23
_
928
9014
-,,
901
/
4
93
/
1
4
3
95436
4 JJA 0
19
999
xs.5e
8714 19
.0 Ws 89,3
Develop & gen 48 Ser A
9 A 0
1
,
02
15
062
4 111 100
1,8
7153
54
8 Sale782 179
19
90 10
0
92
7
Temporary 64s
Mem Div let g 4
St Louts div 1st 645
So Car & Oa 1st ext 548
11T, iti 4 9712 99 9
87
312 Feb
97672
13
:
Spokane Internet let g 5e__ _ _1955 J
2 9" 03%
i 7278 ____ 80
Oet'20 ---- 4_4_ _ _ _ _
Staten Island Ry 44e
92 May'22 ---Sunbury & Lew 48
.2
_
_ii.i,
S
Tuelp
95 klay'18 -- __. _ __ _
re
,m
trlc4oormrisu
Short I. 15t 515 g _ _ -81
41311
tf31
113
13
1
4 9414 Apr'23 ---- 92% 9512
gOofld
'
,15Li-cu 448_1939 A 0 9212 93/
iiic,
--
,028 P.1
'
3
aF8 s.... ,,,i2.
Gen refund a f g 45
77
8% 9
r8213
9
78
771
2311 9
4 .10
8/
4 Ma,0
9
8
98
2
9
2 90
7
9
77
Tex & N 0 con gold be
90 Sale 90
Jan'23 --,-L 34
Texas & Okla let gu g Se
34
34
3}
1x1 A
4.
9
43
19
95
Texas & Pn • St gold be
9234
9358 .17 9012 9814
.1 I) 9212 08
)
0
33
1
2(8
94
2d gold Income 55
4012 Jan'23'----, 40,2 401
75
52
/
4
8912 90
La Div B List g be----- 5.1173)(11 3qa7
8912 Apr'23 _-:. 8834 92
.1
Tol & Ohio Cent let go 58
1 91134 9844
9712
1931 J .1 9712 ---- 9712
4 9214 96
9212
Western Div 1st g Os
1935 A 0 9112 __ _ 9212
90I
89% 89
87v,1/42NIOarv.223.,
General gold 58
t8
93
75
4
8 8
97
4:
Toi Peo & West 41
31
26
32
31
Tol St L & W pr Hen g 348_1919
1
5
7 1 Dj
SO-year gold 45
2 -653-4
1950 .34 0 gV12
Tol W V & 0 gu 448 A
------------Series B 44s
------------34 -igr4
3 .
D,.
:trx69;323224 -----------Series C 45
8673
5 658
Tor Ham & Buff let g 4s___k119
l
1914
82 Mar'23 —
VI -80
5
2 JM 0
946
95/
1
4
Ulster & Del let cons g be
3 94
9512
9512
9.512 95
1925 J D
750,4
84 9
86
1st refunding g 4e
70
70 Mar'23 — _1 6
1952 A 0 60
rrnion Pacific let g 48
4
9034 63
89,
1
4 92
8812 Apr'23 --- 89/
Registered
20-year cony 15
33 9414 9512
95
Sale 941
/
4
23°3;8 Sale9
3 1
.11 9
1119
111
21
71
9
,
834
8018 10
let dr refundin 48
48 100
84
811
/
4
92008 M 8 8212
10-year perm secured 68_1928 .1 1 103 Sale 103
10338
U NJ RR & Can gen As
9312 8012 June'21
1944 M 8 88
MAI 1
69 :
• No price Friday; latest bid and asked this week, aDue Jan. 0 Due Feb. 9 Due June. 6
Due July. k Due Aug. o Due 001. pDue Nov. cDuo Doe. a ODt1011:sa5e•
New York Bond Record -continued -Page 4
1632
Zs'
BONDS
N. Y.STOCK EXCHANGE
Week ending April 13
Price
Friday
Aprt 13
Week's
Range or
Last Sale
o
CQ
Runge
Since
Jan. 1
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 13
ft
Price
Prtdag
Ayre 13
itsees
Runge 0F
Lan Sabi
Sing,
l
l
i
li
3e,
Jan. 1
-High No, Low High
92
14 1 90
96
92 .17' 8558 94
Ask Low
eta
Ask Low
High NO. Low High
Bid
1943 F A 91 Sale 1 90
9912 99/
4 Jan'23
1
99/
4 Crown Cork & Seal 68
1
Utah & Nor gold 5,2
1926 J .1, 9818 4
/
9112
911
bale
J
78_1930
cony
sugar
9112
Mar'23
Cane
9112
011ba
911
4
/
let extended 48
1933 J 1 9112 ____
Cony deben stamped 8%1930 1 .7
Apr'22
Vandalla cone g 48 Ser A,
1955 F A 8238 --- 86
5 4 19
97
2 Sale 10
1T154
10
11'4
6
91
0
0
3 112
1
0
8 13
2
2 12
173
5,
7
9(1
71712
98
.1931
88
M
coil
let
Sugar
Nov'22
Am
8514
Cuban
____
4
1
/
82
N
M
Consol 4e Series B
1957
1937 J .7 914 9315 91
374 Cumb T & T let & gen 5s
3712 Mar'23
34
Vera Cruz & P let gu 44e__ _1934 J
_
9712 June 2u -1933 A 0 71,
34
3713 ...Mover Cone Tracey 58
37 Mar'23
2714 39
July coupon on
4 35 8334 90
1
86/
2714
Dent Gas & E L lat & ref af g 55'M MN 8638 &;1e4 8514
July coupon off
12 50
0,
5
77
0
2,
4 5
112
133 10
_1942 M S 68,2 Sale 05
98
08
Dery Corp
78
1926 M S 98 ____ 98 Mar'23
Verdi V 1 & W let g 5s
4 Sale 9,3
/
fib1
tr
ooll
let
J
58_1933
J
Mar'23!__
Edison
Detroit
9814
96
9814
9714
13
M
1926
Virginia Mid Ser E 53
6534 24 9124 98
Sale
al
A
41940
ser
5s
Mar'23
re!
&
let
9612
964
9854
1936 M N 9618 9712
General 53
1 13 10312 41 10
93
1093134
10
81 12
44
05
41940 M
let & tel 65 series B
93
931
2003 J .1 9212 9412 93 Mar'23'
Va & So'w'n et gu 58__
J
11 7518 81
76
Jet United let eons g 4118_1932
1958 A 0 7612 Sale 754
let cans 50-year 58
1U*
4
4
3
,
6:
3
0
8
:
16
1
5
2
2
31'
'
1/0
18
*
le
Sal*
Sti
9
8
6
14
5
9
0
8
3
0
16
12
4
8
MN
98
9012
47
95
Diamond Match 5 deb 710_1936
1962 M N 9312 Sale 9312
Virginian let 58 Series A
5612 16 4913 64
80 9414 99
97
Distill See Cor cony let g 58_1927 A 0 66,2 saat 56
1939 MN 95 Sale 9412
Wabash ist gold 58
5312 --_- 55
deposit____
85
8
855
of
83
certificates
14
9214
8512
Trust
Sale
1939 FA
2d gold 58
8214 17 8014 8514
1943 .1 .1
6814
68141
1 681
4 69
/
Dominion Iron & Steel 5s
1954 .1 .1 6814
114
e 88
let lien 50-yr g term 48
alle
112 8.t
85
9012 39 84
93
1942.7 .1 8
94 Mar'23.____ 94
964 Donner Steel 78
1941.7'
net & Ch Ext let g 58
86,
4
583
I 8734 90
4
4
873
4
873
J
_1936
AFL__
Jan'23
4
8
733
Powder
8
Pont
734 7331, E 1 du
1939'.7 655 79
Dee Moines 1/Iv let i/ 48
108 Sale 111712 10314 57 10718 10878
63 6412 Apr'23
6334 6614 du Pont de Nemours & Co 711e '31 MN 11.1214
1941 *0 60
Om Div lst g 348
7381
04
10
sae: ;11.11.8
4 75
1
72/
774 Jan'23
774 774 Jueueene Lt lot & coil 68.-1949 J J 1%702
1941 M
Tol & Ch Div g 48
0 14 te 11
0
7 10
89
96
114 10
98
834
1936 J J
Debenture 7118
2000 FA 7018 _ _ _ 744 Nov'22
Warren let ref gug 3tie
MS
7481937
g
f
May'22
8
4
1
/
7413
84
15-yr
Sug
79
Cuba
East
QM
1948
48
gold
let
Wan Cent
97
7321 484
8u,8 91 1 871'2 18
9 8
8
61
9
4
/
1
4
r
J
.1
1939
4s
g
con
let
AU2'22
8
4
975
E11111318n
Ed
971
1924 FA
--101 100
W 0 & W let es., gu 4e
Apr'23 ---- 100 101/
4
1
1995.7 J
7812 7938 Ed Elec Ill let cons g 5e
1945 FA 7718 784 7812 Mar'23
9813 99 Mar'23 ---- 99
Wash Term let gu 316e
994
D
1925.7
_
8
845
____
Nov'22
68
8112
cony
Coal
Horn
Elk
FA
1945
let 40-year guar 48
8 9_7_ 93 984
233
93
23 m.
.,1 Sale_ I 9
:
93
mplre Gas & Fuel 7SO__ _1937 M N.0
8314 89
I930 FA 8012 85 874 Mar'23
W Min WAN W let go 58
95
95
6112 124 60 65/
1932 M S
Light 5s
4 Eu
1
1952 AO 6018 Sale 6018
West aryls d let g 49
. 104 1084
4
4 _ _!
106333
s 54.
5!e
00
12 _Sale_ _ _ 17
1.,3
96
17
S
Apr'23
85
4
1941
963
0778
8
f
953
8
let
Rubber
9512
100
Fisk
.7.7
1937
West N Y & Pa 1st g be
7018
7013
81
77 Mar'23 ____ 77
4 Smith Lt & Tr let g 58...1936 M S
/
11
77
_1943 AO 75
Gen gold 4s
8814 38 83,4 91/
4
1
8912 Sale 1 87/
4
1
8012 14 7934 85
80
Frameric Ind & Dev 20-yr 716s '42 J
Western Pac let See A 58____1946 MS 8014 81
103 10212 102
100
8
10212
103
78
7812
14
1942
78
77
MN
Sale
4
1
/
83
Francisco Sugar 7148
2381 .7.7
West Shore let 48 guar
9312 Mar 23 -- -- 9318 9312
94
77
D 92
77
5 75
82
1a0A El of Berg Co Wes g 58 .1948
2361
.7 7534 78
9913
Regletered
1
9912
4
101
12 100 10112 99 2
9712 Mar'23
99
97
General Baking let 25-yr 68..1936
1926 A0 9712 99
Wheeling & L E let g 5e
4 77,
1
76/
8 7834 Apr'23 ---- 78
804
99
9528 99
Feb'23
1942 F A
Gen Electric deb g 3119
Wheeling DM 1st gold 56..1928'.7
1102 10014 26 9912 102/
4
1
94 Sept'22
1952 M S 101 Sale
Debenture 5s
1930 FA 908e
Eaten & Impt gold 58
___ ____ 11./54 Jan 23 ---- 105 11.1518
S01
51
A
4
F
503
14
1940
504
Se
Feb
504
deb
-year
20
62
1966 MS
Refunding 434s Sake A
1
90
II
98
98
9812
98
loi52
6518 Gen Refr 1st s t g Se Ser A-1952 F A
5814 10 87
1949 MS 58 Sale 57
RR let coneol 48
0 9934 102
15
1714, 14
2 ru
14
34,
,e
244te 19
1947 J .1 100
5112
5312 5112
so
Goodrich Co 646
4 50
D 52
1942
Wilk & East let gu g 5e
11434 11712
Jan'23
Goodyear Tire & Rub let I 8.5 '41 M N 18
Ioi 101
1938 JD 9814 ____ lel
Will & S F let gold 5e
_10_4_
190,314
4
3
0
SA:7_
99.8 1118
7712
.1931 F A
7814 7914 7712
10-year e deb g 8e
5 7712 8113
Winston-Salem S B let 48_1960 J
90 ____ 91,2 Jan 23 -- 9112 9112
7512
P
8
A
747
75
6e
N
MBA
M
con
75
Cons
'28
Granby
6
82
74
_1949
_
4e__
.7.7
Wiz Cent 50-yr let gen
92
Feb'23
92
1928 M N
Stamped
4
1
80/
Sup & DM div & term let 46'36 MN 7514 7714 7714 Mar'23 ---- 77
9014 10 9614 100
99
1925 M N 9813 99
65 May'22
4
1
Cone deben Se
1943'.7 54/
W & Con East 1st 44a
9518 9734 984 Apr'23 -- 95 100
A
F
1932
78
Davis
Gray &
INDUSTRIALS
9814 72 97 100
14 80 804
80
80
8012 80
Meat Falls Power let I 58_194( MN 9714 9712 97
1948 M
Adams Express coil tr g 4s
pbe23 ..::____ 8112 82
Ae
64 9513 9918 Hackensack Water 4e
98
1952 j j 21014 82'z 82 F
1936 Jo 9714 Sale 9634
Ajax Rubber 88
8712
A
87
8813
F
4
1
/
87
91
____
678
Mar'23
6
612
1952
dnvaun Ewe eonsol g 58
1925 M
614 8
Alaska Gold M deb Se A
83
14 81
8514
612 74 64
618 11 614 614 Havana E Ry LB,P gen 58 A__'54 m 5 8212 6310 8213
1926 MS
Cone deb 62 series B
9134
57 97 100
984
Sale
98
9712
101
9712
Sale
9712
MN
65
g
1942
lets
9712
Choc
Hershey
9728
1933 A0
Amer Chain 68
9:74, 49 874 92
8
4
1
9712 14 9712 101111 Holland-Amer Line de U/w)_1947 MN 91 Sale 89/
1928 *0 9712 Sale 90
Am Agrle Chem let 58
4 9412
1
4 --- 94 Mar'23 -___ 92/
/
4 10112 230 99 10478 Hudson Co Gas 1st g 55
1
1949 MN 931
1941 FA 101 Sale 100/
let ref e I 7418g
8
4
97,
973
973a 99
Sale
j
,j
64
25
_1932
4
1
/
67
Bale
65
534e
59 8012 Humble Oil& Refining
1931 MN
Am Cot Oil debenture 58
901
88
8 9112 9912
,
194o A 0 90
Illinois Steel deb 4116
1936 J J 10614 --__ 10578 Deo'22
Am Doek & Impt Rues
24 -.-9
2
ewe 81,2 Oer:
2 89
90
1936 M N 76
1937 AO 90 Sale 89
9012 Ind Nat G & 0 58
Amer Republics 65
5
1
100
100
Sale
99
9912
soIl,
244
9.
865,
105
89
1952 M N
Ludlam Steel let 55
Am.Sm & R let 30-yr 5e ser A 1947 *0 89 Sale 8812
Nov'22 _4 103
/
Ingersoll Rand let gold 58_1935 .7 J 95 _--- 94.1
118 10012 104
American Sugar Refining 68 1937.7' 10134 Sale 1011
914
918 33 -4tire 10
92
nverboro Metrop coil 448_1956 A 0
167,i 9078 9234
Am Telep dr Teleg coil tr 4B 1929'.7 9158 Saie 904
918
5, 1U
5
86 Mar'23
88
Certificates of deposit
1936 MS 86
86
90
Convertible 48
70 1 153 6812 7272
6912 Sale 6834
101
4
/
1011
102
4
1
/
99
let
Tran
58_1966
.I14
Rap
Intertoro
MS
2
1933
411e
10014
cone
10312
20-year
63 Si
6812
6814
4
1
/
61,
dale
72
96
4
1
/
97
Sale
964
Stamped
1061 95 101
1946 JD
30-year temp coil tr 58
074 6712 6/12
68,2 93 6672 734
1932 A 0
10-year 6e
1925 FA 116 Sale 11513 11618 32 11412 11718
7-year convertible Se
4 89/
1
9113 205 8914 9434
59/
4
1
314
82
3
1932 M,S 80
8112 Sale 814
85
7e
82
1934 *0 83
Am Wet Wks & Elea 5e
77 , 27 741
77
4
1
/
76
76
4 8113
/
614
8
10 8114
N
Int Aerie Corp let 20-yr 58 1932
1939 .1 J
Am Writ Paper 5 I 7-88
1119 12718
4
963
D
98
.1
Sale
4
963
1926
8s
cone
Cement
PA
Internet
1
639
987
6e
1953
9812
Copper
8
Anaconda
87
4 9084
1
/
84
Sale
8753
10313
102
Sale
1941
0
6s
A
10214
Marines
682 100 10434 Inter Mercan
1938 PA
76
12
88
86
9 8438 8812
32
119 as
85
1947 J .7 83 8318 8433
International Paper 58
&MOW'& CO let real est 414s 1939 J D 8458 Sale 84
85 83/
85
8314 Sale 83,4
4 88/
1
4
1
35
3612
Apr'23
32
1947
.1
.1
B
55
ref
Jo
&
let
32
Fruit
deb
4012
cony
7e A.1934
Atlantic
3412
37
1926 J D IMB2 ____ 95 June'17 ---34
3412 10 29
3918 Jett Clear C & I 528
Trust certificates of deposit____
83 , 383 76 "gi.;
81.18 Sale 8118
14
40
40
3412
Sale
J
J
price)_1947
Oat
Se
Wks
etanmed
Jurgens
29
44
do
7
9512
4 Sale 95
1
9712
1952 M S 94/
Kan G & El 6s
1947 ./ D 9412 ____ 98 Nov'22
Atlanta Gas Light 56
n7.4 sale 8712
8828 69 87
8838
9934 Kansas City Pow & Lt 5s
26 97
98
98 Sale 97
1952 M S
1937 .1 J
Atlantic Refg deb 58
.1035s 107/
24 i 2_7
16
,0
4 ju1
85:2
1_0_51_ 4_ 1_0_5:2_ 104
4
1
101
101
4
4
1003
1003
A
.
4
1942
78
N
Co
M
2
&
1940
10014
58
let
Kayser
Works
103
Baldw Loco
10812
1053
4
Sale
33
108
1004'
110
10114
Sale
4
/
1011
1021
4 271 99/
/
4 10312 Kelly-Springfield Tire 88.......1931 M N
1
Barnsdall Come f cony 8% A.1931 J .7
_
10712 Apr'23 ---- 107 108/
J
1935
I945 A 0
4 Keystone Telep Co let 58
1
Bell Teleph of Pa 8 178 A
98
99
99
247 9514 99i4 Kings Co El LA Pg 5s
1937 A 0
1948.3 .7 98 Sale 9712
tle
A1.4.0
m
8:1:3 8
772
9
0
!
1_2 10
4
1
7
7_/
140
770
0_33
2 _19
1:114,
5
9
.4
1770
i9
4
:1,9
2132
122
50 :
99
3
99
9
41_
086
:
:
:
1997 A 0 l
97;4 1113
1 100
2
:
9796is
9091112
939
Purchase money 6,3
42
1926.7 .1 9858 99
Beth Steel lat ext a f 58
9513 12
5M S
Convertible deb 13e,
1942 M N 9312 Sale 9314
1st dr ref 5s guar A
-ills
fi8914
8812
30
Sale
8914
48
g
1949
A
F
let
1936J J
Kings County E
20-yr p m & Imp 8 f 5s
1949 F A
971/4 108
1948 F A 9712 Sale 97
Stamped guar 46
66*
__ _ _ 804 Feb'23 ---- 804 804
0,
704
23 84
1).
8 m89
1953 F A 9018 Sale 9
Kings County Lighting 58_1954 J J 74
5118
80
J
1954
611s
Booth Fisheries deb 8 f 68__1926 A 0
4
14,
02
4_ 900
778 me
1
92
0
41__ 2_ 1
1213
08
2
809714
l9
2 1900
8a_l_e_ 12
7_ _ Sale
9_1
7897
5 9
4
/
991
0097
5936J D r
4 10
38:2
7990
Kinney Co 75611
Braden Cop M coil tr a f 60_1931 F A 99 Sale 99
837 13814
8
93
47 0
4
1
92
1942 A ,D 9278 Sale 92/
112 6
92
714 Lackawanna Steel let g 58_1923 A 0 9038 Sale 90
Brier Hill Steel let 548
121
5
0
9
0
2
22
22,2
2012
1950 M 8
let cons 5s series A
Irway & 7t12 AV 1st c g 58_1943 J D 64 6812 674 Apr'23
9334 95
95
4
1
4 Sale 85/
1
8534
1941 .1 J 85/
8512 8712 Lao Gas L of St L ref & ext 5s 1934 A 0 8912
Brooklyn City RR 5e
____ 9112 Mar 23 ---- 9112 914
96
98
44 95
1954 J .7
Lehigh CA Navel 448 A
Bklyn Edison Inc gen 5e A 1949 .1 J 9518 9513 9518
99 8 A
2?1____::.
r'
e,
op
2,2 1_0_0__ 8
99
92_ _ 12.1±4
.
10418
.7 8
1933
1930 J .7 10418 Sale 103
4 10012 10434 Lehigh Valley Coal 58
General 6s Belles B
4 196
1
4 106 105/
1
1933.7 J
70 105 10814
1930.8 .1 105/
4e
General 7s series C
44
45
L_._ 44
Feb'23
44
1993 M S
1940.7 D 10712 108 10712 10812 47 los 109
Lex Av & P F lst gu g 58
General 7s series D
20 112 117/
4
1
66 Mar'23
11144 A 0 114 115 11312 115
66
Liggett & Myer8 Tobac 79
Bkln Qu Co & Sub con 10.81 58_1941 MN
95!
20 94/
__'I58
4 9814
1
4 9434
/
951
1951 F A 95
1941.7 1 8058 -- --' 7912 Nov'22
55
let 58
42 1111
4 Sale 1134
1
115
4 116/
/
4
1
76
1944 A 0 114/
51.1 55
1945 A 0 7443 7518 74
79
Lorillard Co (P) 713
Bezentlyn Rapid Tran g 5s
95
754 30
7 j 9334 9712
1951 F A 9412 Sale 9414
7412 7512 7412
58
Trust certificates
10 112 120
6228
4
1
6462/
Magma Cop 10-yr cony g 78..1932J D 115 11612 116 2 116
68
54
let refund cone gold 48____2002 J J 6134 Sale
9214
89 98 102
RIO
I 9012
3710
1942 A 0 99 Sale 1181
S-yr 7% secured notes____k1921 J 1 91
blanati Sugar 745
6013 42 5918 6488
914
4 Sale 5954
/
9134 9012
91
CertIfIcates of deposit
*denial Sty(NY)cone g 48 1990 A 0 591
984
8734 alo , 82
2013
D 5114 16 634 Oer22-..... 8638 Bale 1 8512
3,21 4e
Certte of deposit stamped
98i8 38 -15(isi't
82
82 I 82
5' 80
1942 M N 9712 Saie 9712
87:4
1950 F A 81
8 8
96
Bklyn tin El let g 4-58
951, 1 Manila Elec 75
92
o184 1
_1 g
144
_7
.. 7
94
14244 Ma2
2 -1
2,3
r5
4
1
82/
58._1953 M
'Bantle Eleo Ry & Lt
1910 F A 8014 8312 82
Stamped guar 4-5e
96
4 98
1
96/
6 1 95 100
2,1arket St Sty let cone 58__1924'M S 98 Sale 97.8
Bklyn tin Gas let eons g 58 1945 M N 96
2
47
9812
905
190
4
5120
9
:900
8
2
1483
17371
9
8
4
1
/
113
Sale
1143
4
1143
4
1
9
1924IA
o
0
nf
e
i18
10
0
%
0
112 18
yIr 6
578 me
16
1932 M N
r0
576
4 16134
/
4 158 I 138 1111
/
10
104
81with weente '311A 0 147 Sale 1461
1947 M N 10312 Sale 103
Ist lien& ref 6 Series A
432 19
8
:
0
9341
05
ue 19
kalc
458 S
09
10
4 Apr 23
/
1111
114
attached.._
11112
0
*
warrant
1
19
2
0
N
9
without
1
M
7
814
1
1929
78
15712
1931 P A 145 Bale 145
1932 J D 9134 __ -- 79 Aug'21 748 Ser B
Bull & Sung Iron 8 f re
88
134 100
4
8 10:8
10
7
101. I 103
10034 Sale Iowa
8312 80
6 80
80
87
do without warrants
1952 A 0 80
Bush Terminal let 421
8
852
8312
Sale
15
8312
Mire
711._1942
Etch
&
Merchants
82/
4 8912
1
1955.7 J
C0'28°1518
Bale
89
31 85
1960 A 0 89 Sale 88
Metr Ed lst&ref g OsSer B-1952 4 A
Building 5e guar tax ex
:4, 1288
731121
23
8883
0
18
38
r, 19888
3
4 "
:83
87
8
;
9
0
08d7171751834
ee 1888
alite
4 19498
et
sa
87 7384;
8
0
99
0
9!
8028
9518
7 9412 9
1937 M N 9412 Sale 9412
3154 Mexican Petroleum 6 1 8e____1936 M N 188
98
Cal G & E Corp 513
19 1,163g 6678
100
4
9834 73 954 9834 Mlch State Teleph let 58____1924 F A 9924 sale 9934
camagueySug 1st s t g 7s __ --1942 A 0 982 sale 9612
94
95
9412 '12
Midvale Steel & 0 cony a f 58_1936 M $
Canada SS Lines let collet 78 1942 MN 94 10
112 10223
08
112 12
1936 ____
I 10
Certificates of deposit
90
2'2 10
93
1942 F A 1_0_0_58_ 02
2
7112
Canada Gen Elec Co Se
- 99
-12
Apr'23
-1 97 100
(lbw Elee RY & Lt cons g 58_1926 F A 8558 -1;8
Cent Diet Tel let 30-year 58 1943 J D
91
89
231 ____1I 8
r9
98
Ap9
9 9
11
1:
99
90
90
90
8712
&
J
4368-1931
exten
Refunding
0
A
1931
68
I
8
let
Cent Foundry
4
1
/
98
D
9938
Sale
1951.7
99
1925 A 0
Gen 5s A
Cent Leather 20-year g 5,8
4
8
8
7 83
80
3
:4
3
4
888414
8
9
44 3
1
/
134 8
8814
89
8
18
1961.3 D
145
5921' 139808841
1931 .7 J 144 Sale 1424
let5eB
Cerro de Pa8e0 Cop 8e
1599909111
4 Sale 934
1
9354 2()
1927 M N 93/
95 Mar'23
94
68_1937.7' 89
Milwaukee Gee L let 45
Ch G & Coke let gu g
Sale 94's
1943 J .1
82
Montana Power let 518 A
1927 F A 8158 Sale 8114
Chicago Rye let 5e
88
Sale
9934 Apr'23
-1 9
?
92
1
796
44 IOU's %lontreal Tram let & ref 53._1941 J .1
1923 .1 D 9934 100
Chicago Tel 58
1939
1112 112
29 11112 12118 Morris & Co let ef 4118
8Salee 100
00 Sale
782
9
b97'48 SS 312
Chile Copper 10-yr couV 78_1923 M N 1114
A9,1
8 14
97 78
1_.
41.1_3
_98 8 9881
:
10012 108 9818 10314 Mortgage Bond 4s
1966 A o ---- 1932 A 0
-- 9312 Apr'23 ____ 4911-2 -13ii2
Coll tr & cone 68 ser A
1932 A 0
963
6618
9714
10
4
97
974
0
A
1956
58
ref
&
let
1,5
Mein Gas& Elec
89
93
9313
Mar'23
N
9314 95
M
96
9718
14_1947
97
5 9512 9812 Mu Fuel Gas let ou g
1961 A 0 9614
511eSer B due Jan 1
9338
____ 1014 Sept'171:- .
1941 MN
8714
1943 F A 8714 Sale 8714
Mut Un gtd bds ext5%.
Colo F & I Co gen 6158
2712 _6_3__
ill- 46./4
2 8
13
3
1951 .1 J 62
76
753s
5
76
9
8l2 8
79
1 N628811 Elec guar gold 45.
4
7/
1934 F A 7514 76
Col Indus let & coil 59go....1927.7
-14 Jan
9637
213
63
97
2 __1 97
__-9
9658
.7 96 Sale 9534
Nat Exam & Stampg let 68....1029 .1 D
Columbia G & E let 58
4 --__ 95 Sept'22
1
9612
96 Sale 9512
-year deb 58_1930 J J 93/
20
.7
9518
Starch
1927.7
97
Nat
Stamped
99
4 Sale usi2
1
i12 iiiii
C45
40
15
Apr'23'_._I 14
$ 1212 20
1512 National Tube le. 5ii _ _ _ 1952 MN 98/
COI & 9th Av let gu g 58-1993 M J
31
4
/
98
2 00
92
Feb'23'___-1 92
711.1 9
3,2 New England Tel & Tel 58 1952 J o 9712 Sale 971
75
Columbus Gas let gold 58_1932 .7
6'
71141
2397 Q J 7114 Sale 7114
law ON itS & Lt gen 410_1935 J J
Commercial Cable let g 412
5 100 1044
10134
87 1 37, 84
8928 N Y Air Brake lot cony 60-1928 MN 101 10134 101
Cemmonwealth Power 618.-1947 M N 8612 8714 8534
77
75
711
76 Mar'23...,'
I
1951 F A
N Y Dock 50-yr 1st g 45
109
Compania Azucarera Baroque
80 074 11212
8 9812 10112 N Y Edison let & ref 634s A_1941 A 0 109 Sale 10814
10054
1937.7 J 100 1004 100
9734 13 9512 100
lst 8 f 15-year g 7168
97131 16. 964 9918 NYGEL&Pg 59
1948.7 D 9714 Sale
1941 .7 J 9612 Sale 9612
COmputing-Tab-Rec 8 f (318
8212 11 7918 8338
7912 Sale 80
1949 F A
Feb'231-___1 84
8114 --__ 84
4
1
87/
Purchsse money g 48
_ _ 711
Com)Ry & L 1st & ref g 1148 1951.7 J
76
_I 75
1
Jan'234 Apr'23
/
811
4 8314 111 Y MtinIc Ry let e I 55 A_1965 J .1
/
811
1951 J J 8114 83
stamped guar 41511
99
3 96
96 1
A 9512 osi: 96
40
1930F
85
8812
Sale
4
1
/
85
8412
P
D
948
let
&
L
El
Q
90
58_1950
NY
3814
30
30
Cons Coal of Md let & ref
24
3112
3214
Sale
J
1
1942
1
91
4e
ref
8912
Sale
8912 9812 BUY itys 1st R E &
J 8912
56_1936
Con0Co of Ch 1st gu g
30 Sale 3014
3112 21 3018 36/
4
1
8714. 78 8412 9214
4 Sale 8412
1
Certificates of deposit
1952 M N 86/
5
Consumers Power
9
5
23
4
53
Sale
A
a1942
0
514
4
____I
993
Mar'23
10014
99
30
ad1
-year
Inc 58
9914 9934
1931 MN
434 10 44 64
Corn Pro dRefg s f it le
434
412 5
5 9914 101
9914
Certlficatme of deposit.......
MN 9812 9912 9914
1934
1116
a
98-ven.
lot
aud asked. a Daa Jan. IDu April. epee Mar, a Due May. g Due June, 5 D11811117., 3Doe Aug.•Dui Oct. g Due Dee Option We
•No DOM lerldaydlatagi bid
93is
:
9g Stau rt
-twit;
New York Bond Record --Concluded-Page.5
BONDS
N. Y.STOCK EXCHANGE
Week ending A r11 13
e'V
ttI
Prtee
Friday
API 13
Week's
Range or
Last Sale
1
,,,,
rr.-.
Range
Stews
Jon. 1
MA
High No. Low High
Ask Low
titi
8 93
64
Ii 1( State Rye let cone 4135.1962 M P. 114 Pale 63
98
4 94
9318
Stow, 161.25-yr tia ser A 1047 Si N
931e 9514 9518
A.
1
4 94
927e 35 90/
9212 Sale 5214
N Y Twee 141. & gen s 1 4-3..1939 M N
1041
/
4 45 10314 10826
30-year deben a f Os__ Feb 1949 F A 10478 Sale 10418
1
4 10412 100 10111 10714
20-year refunding gold 66_1941 A 0 10412 Sale 103/
9878 29 9514 101
9814 Sale 9514
Niagara Falls Power let 56_1932 1 J
/
4 106
10312 15 1011
Ref Qs gen 13e
.019314 A 0 10278 Sale 10214
1
4
2 9713 95/
97/
1
4
97
9912 9712
Slag Lock & 0 Poo let 513..1054 MN
96
._1952 III 9 93 Sale 92
9314 77 92
No Amer Ediaon tis.. .
95
Nor Ohlo Trac & Light
.-68.-1947 M E _ _ _ _ 92
92
9314 21 90
1
4
89/
1
4 19 8788 93
Nor States Power 25-yr M A .194i A 0 8958 Sale 88/
10012 28 9812 102
let & ref 25-year 68 Ser F 1941 A 0 100 10014 9912
Northwearn Bell T let 7. 4.1941 F A 10734 Sale 107/
1
4
10734 45 10714 108
/
4 Apr'23 ____ 9138 9138
NorthW Thu fd a 414s atd-1034 J 3 9112 ____ 911
10612
2 101 108
Ohio Public Service 7346-.1946 A 0 10614 107 10612
9412 17 9234 9914
9414 Sale 9224
Ontario Power N F 1st 54_ _1944, F A
96
1 94
94
Ontario Transmission 5s,.194, as N
94
9412 94
Otis Steel Is _ _ ...
5 97/
10018
1
4 10112
__. 1941 F A 9812 Sale 98
30 92
94
9534
let 25-yr eta 71
/
4s SetB...1947
F A 9312 Sale 93
.Pacific 0& El gen & ref M...1942 1 J 00 Sale 8914
84 88
91
9314
1
4 94
/
4
9234 14 89/
911
/
4 Sale 911
Pm Pow & Lt let & ref 20-yr 56'30 F A
6618 41 9514 9956
Pacific Tel de Tel let be.._.
..1937 .1 .1 9618 9688 9534
89/
1
4 49 88
8912 '4O. 8812
66
9211
1952 M N
Packard 15fotor Car 10-yr 8* .1931 A 0 10738 10712 10728
5 107 10812
107/
1
4
10234 31 102 10536
Pan-Amer P & T te 10-yr 78.1930 F 8 10212 sale 10212
94
Jan'23 ____ 94
94
96
Pat & Passaic0& Eleons it Ss 1949 M 8 91
Apr'23 ____ 107 108
Poop Gas & C let cons a 66_1943 A 0 105 108 108
9313
8734 11 87
1
4 8712
Refunding gold 55
1947 M 5 8778 98/
10014 88 9812.102
Philadelphia Co664
1944 F A 10014 Sale 9924
7934 72 76
8234
Pierce-Arrow 88
1943 M 5 79 Sale 78
9518
98
1 94
Pierce 011 e t lis
1931 .1 0 -,..._ 9512 9412
90
Feb'23 ____ 89
Pleasant Val Coal let get 58 11228 3 J 8714 9012 119
94/
1
4
1 91
92
Pocah Con Colliers let 8 f 511 1957 J 1 92 Sale 92
Portland Gen Elec let 5s____ 1035 J .11 0354 ____ 95 Mar'23 ._ 93 9512
861
/
4 Mar'23 __ 8414 88
9334 95
Portland By let & ref ae_ -1930 M N
1
4 87
8212 Sale 8412
8612 13 83/
Portland By Lt& P let ref-8.1942 F A
9412 9412 Apr'23 -- 93
93
961
/
4
1947 MN
Oa B
10414 11 104 10714
Let & refund 738.Ser A-- -10441 Si N 10418 Sale 104
10514 Mar'23 -___ 103 1054
Porto Rican Am Tub 85._. _1931 Si it 105 __
5 123 13312
13312
Prod & Refs f 8a(with warnte)'31 J D 132 13312 13178
without warrants attached_ _ 1 D 10712 Sale 10624 10734 42 106 10834
83/
1
4 32 8118 86
Pub Serv Corp of NJ gen 56.1958 A 0 8314 Sale 83
12314 205 10514 124
Punta Alegre Sugar 71
1937 3 1 12012 Sale 119
727g Sale 72
227 7038 7314
74
Rapid 'I'ran Sec(
/
1
4
1968
1
4 9812
27 90/
93 Sale 92
93
1937 RI N
Remington Arms Cs
90 •
9014 43 89
964
Repub I & El 10-30-yr 156 a f _1041 A 0 8934 93
89
94/
1
4
142
593
4
9078
Sale
90
J
548
1953 1
3 9712 99
9712
Robbins & Myers s f 78
1952 J ID 9712 ---- 9712
1
4
98/
1
4 Jan'23 .... 9536 98/
91
Roeh & Pitts Coal & Iron 193._ 1946 M N
90
90
-24 9012
1 8914 93
9012
Rogers-Brown Iron Co 78.-1942 Si N
&Jos Ry, L,H & P68
1937 MN 7524 ---- 7512 Ekrat'22 ---- ---- --1
4 Dee'22 ---- ..--- __
Ws -- 85/
St Joseph Srls Yds let g 440_1931 1 J
82 Mar'23 ---- 82 85
86
ER L Rock Mt & P 5estmpd_1951 J 1 80
Ili Louis Transit 5a
1924 A 0 --------62 Mar'23 ___ 62 62
11 10012 10214
1
4 Sal 10012 101
Bake Cole .
1942 Si 9 100/
94
5 93
. 94
St Paul City Cable 5,4
1937 J J 92 ___ 93
1 9312 9434
94
San Antonlo Pub Ser 68
1952 J J 94 Sale 9.
9812 12 9714 104
Bharon Steel Hoop int las ser A 1941 IR 5 08 Sale 98
/
4
824 841
/
4 8212 Apr'23 ...-- 8213 871
Werra & San Fran Power 51_1949 F A
1004 166 99 1011
Ellaclair Cons 01115-year 76..1937 1N 8 1001
/
4
/
4 Sale 9978
1
4 10034
9812 83 97/
Sinclair Crude 011 MO_
HIV, A 0 9814 Sale 9814
991
/
4
991
/
4 47 98
68
Feb 1926 F A 99 Sale 99
giuj
86
83
sal.
204
87
Sinclair Pipe Line Se
1942 A 0 86
10034 40 99 102
South Porto Rico Sugar 76.._1941 .1 D 10034 Sale 100
South Yuba Water 138
1923 J 3 - 9114 _ 112 July'04..,..._92 Sale 9124
9212 10 904 95/
1
4
South Bell Tel & T 1st et 5a 1941 1 J
1
4 99/
1
4
18 98/
99
9814 Sale 9814
Stand Las& El cony e I Os__ _1926 J CO
5 9534 97;
9712
9734 9712
Standard Milling let 50
97
1930 M N
10534 29 103 10711
Standard 011ot Cal 76
811931 F A 1054 10512 10518
Sale 10012 10234 33, 100 106
Steel & Tube gen a 178eer 0-1951 1 J 101
9934
9934 79 96
Sugar Estates (Orienti) 75_1942 NI $ 9934 Sale 97
Syracuse Lighting let 5 56_1951 1 D 9058 9078 9112 Jan'23 --1 9112 9118
Apr'23
841
/
4
/
4 862l
__-- 841
1
4 a13
light & Power Co col tr s t 5s'54 J J 84/
2 9812 10111
9812
Tenn Coal IA RR gen 5e_ _ _ _1951 3 .1 9812 9912 9812
71100 10111
10112
Tennessee Cop let cony (36_1925 MN 101.114 __ 101
19, 92 9451
93
9212
Tennessee Else Power 6s___1947 J 0 9218 93
43)
58 621
/
4
1
4
6012
Third Ave let ref 45
5918 Sale 58/
J J
5612 145 5312 6314
/
4
Ad)income 5e
01960 A 0 56 13.11- 541
/
4 954
Third Ave By let g 56
1937 J .1 9014 9212 9212 Apr'23-_I 921
10314 75 102 105
Tide Water 011 614e
1931 F A 10318 Sale 10214
1
4 106
19 102/
104
1
4 10414 10318
Tobacco Products 6 f 71
1931 J D 103/
8 10518 107;
10613
Toledo Edison 76
1941 M 5 10814 10612 10614
9814 34 9712 9911
rol Tree, LA P 64
1925 F A 9734 81110 9712
Frenton GA El let g 56
96
Jan'23 ---- 95
1949 Si 9 91 __ __ 95
Cr! City By & Lt let e f5e_ _ _1923 A 0 --------91124 Feb-23 - _. 9934 10014
Undergr of London 44ee____1933 J 3 9318 __ _ 9314 Mar'23 -- 90/
1
4 931.
Income 65
881
/
4 Mar'23 ____ 8814 8814
194s J 1 8734 89
99
59 98
Union Bag & Paper 13e
98
1942 14 N 9712 Bale 9612
Onion Elm Lt & P let g 643_1933 m a 9512 98
95/
1
4
1 95 97
9538
;
Union Elev (Chic) 58
1945 A 0 --------88 Sept'22.--- -,,- ......
95
1
4 9812 95 Mar'23 ...I 95
Uninu Oil 54
1931 J .7 94/
1
4 10211
10058 25 99/
lie
1042 F A 100 10012 100
/
4 10334 12 10214 104
Union Tank Car equip 76......1930 F A 1031a 10312 1031
United Drug cony 8e
1941 1 I) 11012 Sale 11012
Ill's 27 110 11311
9512
3 95
98
95
9488 95
United Fuel Gae let s 1 Os_ _1936 J J
904 180 8714 984
96 Sale 9518
United Rye Inv lls Pitts lame 1926 SI N
8 5812 6311
5934
United Rye 5t L let g 48._ _1934 J J 5934 Sale 3912
United SS Co Ltd (The) Copen9012
8 8613 91
91
hagen lot rcts 15-yr a f 611_1937 411 N 9012 91
9958 211 9818 10114
1942 A 0 9818 Sale 9818
United Stores(is
5 10014 10311
1
4
1932 1 3 100 10012 10012 100/
0 8 Hoffman Mach 88
100
10012 100
Apr'23 --__ 99 10011
'S Realty & I cony deb p 6..1924 J J
8714 139 85 8911
U 5 Rubber let & ref baser A _1947 1 3 8634 Sale 8512
10714 15 10513 109
10-year 734e
1930 F A 107 Sale 10612
U 8Smelt Ref & M cony 6e.. _1926 F A 10034 Sale 10012 10034 40 100 102
102
Sale
1017
8
250 10034 104
10212
MN
41965
0 8 Steel Corp/coup
41963 MN - -- - - _ _ _ 101 Mar'23 ____I 100 103
s t 10-60-yr &Crag
/
4
/
4 88
821225 811
Utah Light & Traction 18., ,194-4A 0 8212 8312 811
8858 25 8624 92;
8812 Sale 87
Utah Power & Lt let 55
1044 F A
Utica Elea L &Pow 1st at 58 _1950 J 3 95 - ___ 95 Merle ____ _,,_ __.
9113 90 Mar'23
90
111214
1957 .1 J 88
Utica Gas & Elseref 56
56 Nov'22 ..I --__ .....
1953 J J 6018 64
Victor Fuel Co 1st a I 5e
29 100 1114114
100
Va-Caro Chem let 15-yr 58..1923 J R 100 Sale 100
7 9912 10011
99/
1
4
1
4
/
4 -- - 99/
e1924 A 0 991
Cony deb Oa
98
9113 158 88
1
4 Bale 90
1947 I 0 90/
78
1937 3 s 84 Sale 82
96 8034 9814
85
12-year a t 7341
8034
82
29 80
9311
without warrants attached- 3 j 8212 83
1
4
2 9214 95/
9214
9512 9214
Vs Iron Coal & Coke isle 65_19:0 Si 5 92
85/
1
4 8414 Apr'23 -.1 84
87
1934 I 3 8.5
VI By Pow let & ref Fes
9834 163 96
98;
1942 J D 9834 Sale 9812
Vertientes Sugar 75
15 102 106
1941 J D 10234 103 10212 103
Warner Sugar 78
9818
99
2 9818 9911
9812
1939 J 3 08
Wash Wat Powers 156
1
4 9714
/
4 9612 9416 Mar'23 ___,f 94/
Weetchee lig g 5e stmpd gtd-1950 J D 951
13
885
8
90
8912
88/
1
4 94
883
8
8
141
66_1946
Weal Penn Power Ber A
5 10012 102;
101 12
181 40-year 65 Series C_._1958 J D 1004 10112 10138
10
5
105
8
10714
104
106
3
1033
A
9
e1946
serles
II
7e
let
71 96
9612
9812
Mt 97
9911
Western Union coil tr our 58_1938 J J
91 8934 9211
0014
90 Sale 90
Fund & real estate g 4348-1050 Si N
10812 21 106 1111
/
4
1936 F A 108 10812 10734
15-year 634s g
53
10784
107
107
107
Salk
110
Westinghouse E & M 75-....1931 MN
/
4 98
9514 32 931
Wickwire Open Steel let 78_1935 1 J 0514 Sale 9318
9958 61 I 8834 102
Wilma & Co let 25-yr s 188_1941 A 0 99 Sale 9878
1
4
9538 40 9214 97/
9478 Sale 9478
1928 J D
10-year cony s f 66
100
100
100
3
4
A
1003
4 62 9624 105
F
1931
Temporary 73.4a
10112 18 10012 104
Winchester Arms 748-....1941 A 0 101 10112 101
,__,I
*Novell's Friday;latest bid and asked. a Due Jan. 4 Due 4Pr. c Due Mar. •Die
May. •Due JUDO. S Dill July. DUO Atli. 0 0.1111 001. g 046 Dec.I 001100 Sale.
1633
THE CHRONICLE
APRIL 7 1923.1
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked 't.'
Standard Olt Stocks Pat Bid. I Ask, RR. EQUIPIDefita-P6? CI. Barge.
5.701 5.35
A taglo-A merIcan 011 new. CI •1012 1634 Allan Coast Lluel3s
5.45 5.10
A tlant le Refining new _100 125 1130
Equipment 654s
5.60 6.4.0
Preferred
101, 11612 116 Balthnore & Ohio 6s
5 50 5.10
Equip 4518& 56
Borne S,rymser
_ _ _10( 135 140
Buckeye Pipe line Co ___ 50 *89
90 Butt Roch& Pitts equip 6a _ _ 5.45 5.20
/
4a 4s 6s. 5 50 5.00
Chesehrough Mfg new - - 100 228 232 Canadian Pacific 41
5.60 6.30
Preferred new
101 113 116 Central RR of N 365
5.80 5.40
Continental Oil new
44 Cheraw...Ike & Ohlo 65
25 •43
5.50 6.28
Equipment 835s
Creseent Pipe Line Co. 81 51912 2012
6.60 5.25
Equipment ba
Cumberland Pipe Line new. 111 113
Eureka Pipe line Co.,.10)' xi 14 118 Chicago Burl & Quincy 65... 5.60 5.30
13.00 5.50
(ralena Signal 011 com
68
70 Chicago & Eastern Ill 53411
101
5.25 6.00
Preferred old
100 112 114 Chicago & N W 4%8
5.70 5.40
Equipment 6a
Preferred new
109 NS 110
6.60 5.18
Illinois Pipe Line
Equipment 63411
101 165 166
Indiana Pipe Line CO- - 51 1100 102 Chic RI & Pac 434e& 58_. 660 5.15
6.80 6.40
Equipment 86
International Petrol (no par) *20/
1
4 21
5.75 6.40
National Transit Co..12.50 '.6
2512 Colorado & Southern 68
6.86 6.30
New York Transit Co_ 100 130 133 Delaware & Hudson 86
6.50
6.25
Northern Pipe Line Co 100 1.,7 109 Erie 4 35a & 58
6.26 6.75
Ohio (111 new
Equipment Be
25 •7113 7212
5.35
5.65
Penn Mex Fuel
6
.
Northern
_ 21 *17
Great
19
5.80 6.40
Prairie 011 & Gas new..101, 219 222 Backing Valley 65
Prairie Pipe line new
1
4 10912 Illinois Central 4545 & Ea...- 5.40 5.00
1O(, 108/
5.85
Solar Refining
Equipment 6s
100 192 195
6.40 5.15
Southern Pipe line Co .100 111 112
Equipment 7e & 631115.85 5.40
South Penn 011
100 160 183 Kanawha & Michigan 68
5.50 5.10
87
Southwest Pa Pipe lines.100 85
Equipment 41
/
4e
Standard OH (California) 25 *5238 5234 Louisville & Nashville 56- 6.30 6.10
5.65' 5.35
.
13312
Standard Oil (Indiana)
63
/
1
4
Equipment
68
21,
5.401 5.15
Standard 011 (Kan) new 25 •4612 4712
Equipment 6/
1
4s
5.50 5.15
9512 9612 Michigan Central 5s,
Standard 011 (Kentucky) 25 .
5.601
Standard Oil (Nebraska) 1.0., 230 240
/
4e & 58
M 41
Minn St P &
5.75 5.45
Standard 01101 New Jer_ 25 *391
/
4 3912
Equipment
& 78
Preferred
1
4 Missouri Hamm & Texas& 5.65 5.30
100 11614 116/
5.35
6.75
4414 Missouri Pacific 1/
Standard 01101 New Y'k 25 *44
1
4 & 6548..
5,75 0,20
8tandard 011 (Ohio) new.,. 303 306
/
4e. 68
Mobile & Ohio 41
5.20
6.50
•1161
/
4 11712 New York Central 445,68..
Preferred
100
5.70 6.35
Swan & Finch
36
Equipment 13s
100 33
6.55 6.25
94
Union Tank Car Co..._100 92
Equipment 76
- 5.26 4.90
Preferred
100 109 110 Norfolk & Western 4 Hs.
5.45 6.20
Vacuum Oil new
25 *5014 5012 Northern Pacitle 75
28 Pacific Fruit Express 7e.
Washington (2)1........10 *26
6.10
30
6° 6
6
5..50
Other Oil Stocks
PennsylvaniaRR. equip Oa
Atlantic Lobos 011 (no par) 3434 5 Pitts & Lake Erie 61
/
4s
1)1 118 1 25
Preferred
Equipment 13a
Gulf 011 (new)
25 •6312 6334 Reading Co 49s
Humble 011 & Ref new - 25 .3612 3634 St Louis & Ban Francisco Sc.
50
405
6
6649
20
°
6556:7°65 5
Imperial Oil
25 •115 1116 Seaboard 41r 1.Ine 454e& 58_ 8,10
5 16
25 67
6..60
Magnolia Petroleum....l00 150 153 Southern Pacific Co 434e.._ 6
5.40 6.16
10
Merritt 011 Corporation_ 10 *9
Equipment78
.9
10 Southern Ry 434a & 66
Mexican Eagle 011
5.86 6.50
Salt Creek Producers,..,.10 *2214 23
Equipment(
/
1
4
Public Utilities
Toledo & Ohio Central 6e..
6.
310
°
76 6
6
5..35
Amer Gas & Elec new_ .(t) 637 38
Union Pacific 7s
43
Preferred__
511 *x42
94
95
Deb 136 2014
Tobacco Stocks
MAN
Amer Light& Tree,corn -100 122 125
American Cigar couunon.100 83 88
93
Preferred
100 89 92
Preferred
100 90
Amer Power & Lt,com 100 174 176
Amer Machine & Fdry-100 120
85 American Tobacco ecrlp.. _ _ •160 136
Preferred
100 83
2114
*21
95 British-Amer Tobac ord.
Deb 65 2016
31.28 94
21It
28 Brit-Amer Tobae, bearer £1 *21
Amer Public UUL com_100 26
52 Helms(Geo W)Co. new- 25 *58 62
Preferred
100 50
lop 112 116
Preferred
BlackstoneVaIG&E.com 50 16812
19
72 Imperial Tob of G 11 & herd •16
Carolina Pow & Lt,com_100 68
62
Cities Service Co, corn._100 161 163 Int. Cis. Machinery
89
68Ix
Johnson
Tin
Foil
&
Met..100
Preferred
100
Cities Service BankersShares 51612 17 MacAndrews & Forbes_ _100 135 140
100 98 101
Colorado Power, com_ _100 2212 2312
Preferred
34
94
Mengel Co
100 31
Preferred
100 92
34 Porto Rican-Amer Tot). _100 75
Com'w'th Pow,By & Li Inn 33
•go
71
Com'w'th Pow.Corp.pref100 70
Scrip
89
90 Schulte P.et Stores_(no par) *86
Consumers Power peel. 100 87
Elm Bond & Share, pret_iUll 9612 9713
100 115 120
Preferred w 1
115
110
•6112
6312
Federal Light & Trac
Universal Leaf Tob com_100
t
7112
Preferred
Preferred
100 95 105
101.4 70
24
Lehigh Pow Sec_ __(no par) *23
1110 106 116
Young (1 5) CO
26
Missies!DPI Mr Pow,coln100 24
Preferred
'0 106 and pr ice
Preferred
Rubber Stocks
100 80 83
824
91
First Mtge 58, 1951_3&J 89
Firestone Tire & Rub,com.10 *81
13 t g deb 76 1935___M&N 100 102
100 9613 9812
6% preferred
97
9812
53
54
Nat Pow & L, corn_(no par) .
100
7% preferred
84 Gong Tire & Rub,com___50 *180 185
Preferred
(no par) 1582
91
90
Inc 75 1972
Preferred
100 98 100
J&J .7
10 Goodyear Tire& R,com.100 1475 15
Northern Ohio Elm (no par)
61
29
Preferred
Preferred
100 50
100 25
98 Goody'r TAR of Can, pt-100 88 94
North States Pow, com_100 98
98
91
93 Sillier Rubber
100 91
Preferred
10(
73
77
Nor Texas Else Co.con2.10(
100 104 107
Preferred
77 Mohawk Rubber
Preferred
IOU 16 __ -100 74
62 66
Pacific Gas & El, 1st nref 10o 9014 92
Preferred
21
7 Swinehart Tire 4411.com _ 1 of) 15
Power Scour, cam__(no par) .3
15
Second pref
100 40 50
Preferred
(no par) •12
76
Coll trust (Is 1949 __J&D 71
45
Incomes June 1949....F&A f40
Sugar Stocks
22
Puget Sound Fuse & Lt..10u 48
Caracas Sugar
50 .20
•98
77
6% preferred
Cent Aguirre Sugar eom_ 20
100
442 2
7% preferred
100 101 103 Central Sugar Corp.(no par)
4
1
Gen M 754s 1941._ _MAN 10312 105
orrs
ed
100
Republic By & Light_ 100 1614 171g Fajardo Sugar
100 121 124
70
48 Federal Sugar Ref, com.100 87
Preferred
100 46
South Calif Edison,corn. 100 102 103
Preferred
100 90 106
28
Preferred
100 118 122 Godchaux Bug. Inc.(no Par) *24
31
Standard Gas & El (Del) 50 •30
Preferred
100 87 92
860
*85
90
61
Preferred
ea
re
ttI
eVrreed
stern Bug new.. 25
.47
5,4) Grp
44
38
17 Holly Sue Corp,com.(nopar)'
Tennessee Elec Pow (no par) *18
88
211 preferred
100 83
(no par)
United Lt. & Rye. com_ _100 135 140 Juncos Central Sugar_ _ _100 110 125
90 National Sugar Refining _100 99 101
let preferred (6%) ___100 88
15
Western Power Corp.,..100 33
341
:SantaCeelliaSugCorp,pf.100 11
4,53
58
Preferred
100 82 84 Savannah Sue,com _(no par)
83
Short Term Securltles-Pt I' CM
Preferred
100 81
4111
Am Cot 011 6s 1924._M&52
Westcfexed
lturlia Sug Fln,com.100 40
55
9912 19234
00
Amer Tel & Tel 6a 1924..F&A 100
100 48
Preferred
/
4 10136 IndustrIal&Mlecellaneous
A nacondaCop Mmn(Is'2934,1 1011
0234
318 603/
76 1929 Series B
1
1
4
8 American Hardware.._ _100 55 57
'kJ 10
Angle
-Amer 011748'25 A&O
AmeIrTYfounders.com.100 78 85
01
98
5 170
A rm'r&Co7sJul y 15'30.1&315 104/
1
4 1051a
100 16
Preferred
Deb 66 J'ne 1523..f&D15 100100
Atlas Powder
2512
.
12412
Deb 6s J'ne 15'24...1&D15 100
Bliss(EW)Co. new_(no par)
68
Beth St 7% July 15'23344.115 10018 16452
50 860
0014
g 10
00
11
1
3 Borden
Canadian Pac 6s 1924 M&S2 1001
/
4
de
eefnerred
rCompanY.con1
red
-100 117 119
11,8
04
1
0
02
100
Federal Sue Ref 138'24.M&N
Hocking Valley (ie 1924 M&S 10036 19
Company
100
0(1
1 34 Cep
lirte
ilfoeirdred
100
Interboro R T 8a 1922.M&S 98
K C Term By 13.'23 M&N15 10014 10012 Childs Co.common
100 140 143
04
09 110
61
/
4s July 1931
100 1°6
Preferred
Jte..1 10312 105
08
103912 1054
93
94
Lehigh Pow See 6s '27 F&A
Hercules Powder
100 102
Sloss Sheri & I fis'29 F&A 9614 97
100
Preferred
90
100
US Rubber 735e 1930_F&A 1071
/
4 108 InusnatIonal Bait
International Silver, 91..100 108 112
Joint Stk Lead Bk Bonds
82
80
1
4 Lehigh Valley Coal Sales. 50 .
Chic Jt Stk Land Bk 58_1951 10214 103/
100 180 185
10212 10314 Phelps Dodge Corp
ISs 1952 opt 1932
105 10534 Royal Baking Pow,com.100 130 143
534e 1951 opt 1931
100 99 102
10012 1011
/
4
Preferred
434 1952 opt 193
,
Singer Manufacturing__ _100 117 120
• Per share. t No par value. b Base, 4 Purchaser also pays accrued diviExdend. aNew stook. / Flat price. gLadt sale. n Nominal. s Ex-dIT. p
rights. t Ex-stook div. 0E3 cub and gook dividends.
als
5.15
55
80 eo
as
win
ao
-
ao
go
BOSTON STOCK EXCHANGE-Stock Record Seat:It page
1634
HMS AND LOW SALE PRN'a-?RR MARE. NOT PER CENT
5042.r4a2;
April 7.
ht,nagv.
April 9.
?next:nal ,W.dtigsday. Thursday.
April 12.
April 11.
April 10.
4 14414 145 14514 145 145
/
1441
144 14414 144 145
8014 8014
81
7934 7934 8014 8034 804 8012 80
97
97
97
97
97
99 *____ 98
97
99
121 121
120 120
121 121
120 12012.0120 121
10012 101
1004 10034 10012 101
610012 ---- 102 102
1814 1734 1812 1814 1812 1814 1814
•1734 1812 18
.28
30
28
26 •25
•25
2912
29
30 *_ 30
29
28
2812 28
28
42
*41
*4012 42
42
42
41
40
4014 41
38
38
40
40
40
40 ..3812 40
40
55
55 •53
534 5312 53
*53
55
54
53
*15712
.
1574 158 *15712
15712
*3012 31
3012 3112 3012 31
3072 *3012 31
30
70 *__ __ 70
*8812 89
70
*69
70
70
61
81
63
8212 *80
_ 6212 *61
•
44
45
44
44
*43
*43
45
*43
44 45
42
42
*41
4212
4134 41
•40
4112 4112 42
O3712 ____ *3712 384 3712 3712 .3712 38
*3712
4 1914 1838 1834 1832 184
1
1878 194 18/
195
19
ns 80 *75 80 *75 _ _ *75 -__ 79 79
•90
90
90 *9090 90
6
*7514 880
76
76 .
782 78,2
7714 7812 76
;(56"
-56" 16' z.56i2
212 212 .24 3
212 212 *24 3
1812
1814 18
18
1812 18
18
18
122 12214 122 12212 12214 12234
4 122
1
121/
_
O98
97
96
97
97
9712
9712
II
81
81
81
81
_ 81
*81
17
17
1812 1612 016
*18
17
*18
17 .
*18
17
16
17
17 •18
*18
72 Vi"
;56
212 234
Friday
April 13.
145 145
80
8014
97
9712
122 122
10012 101
1814 1812
-561-2 -3169
69
42l
43
19l
1928
e80" 16"
.1
9
91 -1
212 24
U
III
TVerk.
STOCKS
BOSTON STOCK
EXCHANGE
Range Mee Jaw I 1923
Lowest
I
Highest
PER SHARE.
Range for Previous
Year 1922.
Lowest
St. res
Railroads
100 1.43
Apr 3 149
61 BOALUD A Albany
Jan 9 13014 Jan
222 Boston Elevated
100 7934 Mar31 $4
Jano
734 Feb
Do pref
32
100 97
Jan 9 100 Mar fl
9414 Mar
134
10G 118 . Jan 2 122 Mar 7 118 June
Do 1s1 pref
100 9912 Mar22 106 Mar 5' 10112 Nov
Do 2d pref
193
100 184 Jan19 2012 Mar 2
575 Boston & Maine
Jan
14
100 214 Jan 2 27 Feb13
6
Jan
Do prof
20
191
Jan
Do Series A let pref_ 100 274 Jan24 324 Mar 1. 22
100 40
Jant7j 48 Feb 6
Do Berl,, B 1s1 pref
152
ran
36
Jan22 42 Mar22
Do Bodes C 1st pref....100 38
93
fan
30
Do Series D 1st pref...100 5312 Apr 7 59 Feb 7
51
Jan
10
2 Boston & Providence_ _100 1574 Mar211' 1604 Jan25 125
Jan
857 East Mass Street Ry Co..100 13 Feb15 35 Mar22
18 July
2
100 87 Feb24 72
Do . lot pref
86
Jan16
Aug
..100 53 Feb24 85 Mar19
Do pref li
10
51 July
.100 344 Feb13 48 Mar22
28 July
55j Do adjustment
29 July
9051 Fast Mall 8I Ity Dr ct50 100 344 Feb15 45 Mar21
100 3712 Mar 7 43
Jan 2
4 Ian
/
271
5 Maine Central
399 N it PI H & Hartford__ 100 1634 Jan15 224 Jan30
4 Jan
/
l21
Apr 4 84 Feb 3
Jan
89
1 Northern New Flampahlre 100 75
' 58 Jan
Jan 3
11 Norwich & Worcester prof 102) 90 Mar19 100
/0 81
Feb14
IUU 73 Jan.
67
Jan
38 Old Colony
4 Feb20
/
100 32 Mar 9 381
Jen
15
Rutland prof.....
Jan 11
78
90 Aprl0 98
Jan
24 Vermont & Massachusetts 102
440
Miscellaneous
4 Jan 9,1
1
3/
Vs Deo
212 Fe021
AMOI Pneumatic Set,Ice __ 65
Jan101 13 Feb
50 16 Mar 7 20
Do pref..
429
1171 1214 Jan31 12534 Mar14 1 11432 Jan
2.450 Amer felephone & re °ace_ P,
Jan 5 104
Jan
Jan 3 112
:SS
246 Amuskeag Ufa
80 Nov
Jan 5
No par 80 Apr 3 88
Do prof
38
14 Nov
33 Art Metal Construe Inc_ 10 15 Mar 1 1612 Mar14
. 17 Feb 2 2012 Fcb14
Jan
13
Atlai. Tarp Corp._ . „No pa
Jan22 10813 Feb24, 19434 Aug
10 14044./ i Cons :as 1'0, pref. hal 105
Sept
Jan25
Jan14 '30
109 Boston Meg Pet Trim. _No par .10
Jan13 27 Mar19, 1534 Jan
19 20
980 Connor (John T)
Jan
3
Jan 2
4
10
314 Mar 3
mast Boston Land
Dec
74 Jan25 1414 Mar 5
iii Eastern ManuracturIna..._ 5
38. Jan
25 sits ,jaato 12712 Mar22
1,916 e ailells 88 Lints Inc..
Jan 3 15, Mar
839 tgdlson Fleetrie Illion____ 100 165 Feb28 172
3 Mar
4 Jan 2
1
512 Mar 6 10/
85 Elder Corporation_ .ive par
2• nee
Apr 7 21312 Fel, II
5 claiveatoo-Honstot, E1-c_1041 21
Nov
9
3
Mar
254
2
Jan
104
par
No
220 Gardner Motu.
18 Mar13 24 Feb10 I 17 Deo
21
109 Greenfield Tap A Die
Jan 8 8312 Mar13 , 43 Mari
. -_,No per
54
170 Hood Rubber.
Jan
35 Jan 2 44 Mar19 1 26
124 Internet Cement Corp.No par
20 Nov
50 15 Apr12 22 Feb19
rnatp2Catton Mills _.
2 InD
138
teo
60 Aug
100 60 AprIO 794 JanI0
I4 Dec
3 Mar20
2 Jan15
30 International Products_No pa
• Mar15
64 Deo
100
5 Feb27
Do pref
Apr
6
Apr
8
2
Jan
&
McNeill
10
11121224
/
81
Libby,
315
-----25 10 Feb 8 1034 Jan 4
9 July
103 ,°twee Theatres
63 Jan
373 Maseachinietts Ciat. Coo. 100 .2212 Feb15 874 Jan 2
Jan
Jan25 1 52
100 6912 Aorll
73
Do prof
149
Jan 6. 180 Jan
10 Mergetithaler 1.1noty is _ 100 166 Mar19 179
II Dec
1434 Feb19
734 Jan31
10
190 Mexican investment in
Jan
4 Jan31! 18
1
254 Misslinappl River Power_100 23 Mar27 28/
7212 Jan
Jan18 84
Feb14
Ina 80
Do stamped pre.
4
884
612
Feb13
4
83
Dee
3
Am*
Leather.
10
National
822
Jan24
.22 Dec
.25 Feb 3 .70
5 New England 011 Corp
Jan 31 109
Jan
234 New England Telephone 100 118 Feb 1 122
Jan
Feb15.
21
6
13
Inc
Jan
1712
Circuit
200 Orpbeum
Jan 2: 1144 Oct
Jan 3 190
s95
517 Pacific Mills
ills AM'
10 154 Jan 4 18 Mar14
65 seer. RUM° Rill. Lbs Deo
4 Mar15
1
3/
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2
19
355 Recce Fueling 51. oh
.50 Nov
2 Feb20
2 Feb20
5
8103202 Magneto..
18
18
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17
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117 118
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16834 167
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4 Jan 6
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10412
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1017
4
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1043
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/
105
4
105
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10512
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18
26
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47
4634 4714 47
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.
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37 Jan
5534 Mar 8
4834 4912 4914 50
-iiiii -3-dii 8,539 United Shoe Mach Capp_ 25
51
50
5014 4834 50
50
25 Jan
Jan25 28/
4 Janll
1
21
Do prof_ _ .. _ _
275
2612 2812
2812 2812 2612 2812 2612 27
27
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4 Jan
/
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2614 April 30
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10
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92
25
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25
2612 2812 2612
2512 254 *2512 27
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174
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712
5
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14
11
20
Manufacturiiia
542 Walwurtb
164
1834 1834 1812 1834 16,2 1812 1612 1612 18,2 1634 - HiT2 --174 Jan
50 254 Jan31 344 Mar14
3112 3212 32
3214 3.700 s arren Broi._
3312 3314 3334 324 3312 3214 33
33
Mar14
Jan
8012
394
Jan17
33
50
pref
1st
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155
36
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36
37
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36
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31 Feb
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40
42
.40
40
41
41
15
42
42 •40
*40
41
•39
84 Nov
5 114 Feb 8 124 Feb2I
1112 ____ ____
11
1112 .
114 •11
10 Wickwire Spencer Steel1112 1114 1114 *11
O11
Mining
I
1 Feb28
35 .26 Feb16
.50 Jan
Adventure Consolidated
•.50 .80 •.50 .80 •.50 .80 •.50 .80 •.50 .80 •.50 .80
25 58
58 Nov
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Ahmeek_
76
78
7812
7514
77
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77
77
79
299
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25 .30 Feb19 .50 Mar 2
.03 Sept
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25 19 Feb 5 34 Marl
19 Dec
2512 2512 2512 2612 •2812 2712
254 26
27
*25
27
66 Allow_
•25
212 Mar29
4 Mar 6
/
41
2 Mat
24 238 •212 3 1
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234 234
360 A read Ian COliRolltlated-.-- 26
24 24
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73 Jan 6 1412 Mar 2
A
6 Nov
134 134 1314 1334 1314 1314 13
1314 3,050 Arizona Commercial
1414 1314 14
14
10 17 Apr 2 19 Feb 19
13 Jan
171
17
17
17
17 .17
*17
17
120 Bingham Mines
17
1714
*1612 17
25 285 Jan 9 420 Marl 248 Nov
356 368
360 360
350 357 351 355 351 355
329 Calumet & Hecht
358 360
Jani82 98 Feb13
718 j
1 7
24 712 07'2
Vs Nov
712 74 1,210 Carson 11111 Cold ______ -- 25
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74 734
712 8
15 Mar 1
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24 Mar 5
134 11
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4 •134 214 *134 214 •134 214
/
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212
•2
111 Aug
4 Mar 5
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314
314 314 *3
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2712
28
28
274
277
28
4
/
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28
2
2814
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2934 2,755
28
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1 14 Feb20
65 .60 Feb 2
...50 .80
1
•.80
1
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*.60
50 cielvetia.
•.60 1
8112 Jan
1 10112 Jan 4 11512 Apr 7
111 11312 111 112
1124 114
11112 112
3,036 Wand Creek Coal
114 11512 11412 115
Feb
Mar28
10012
88
pref
100 10012 1004 1004
De
*9814 100
*9814 100
29814 100
440
9912.
•z99
18 Nov
95 21
Janll 334 Mar 3
28
27
28
2812 27
28
28
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135 Isle Royale rooper
Feb
2
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3
34
6
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3
4
3
3
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3
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314
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.
4
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3
50
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314
1 Feb
214 Mar 5
28
14
112 112 *112 14 •112 14 •112 14 •112 14
*132 2
50 geweenaw Copper
214 Feb
514 Mar 1
Jan 9
3
2E
4
4
412
•4
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4
412
4
412
•4
4
65 Lake Copper Co
4
1
1 Nov
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2/
314
4
/
11
Jan29
Copper
2
.
212
*2
212
212
2
212 *2
2
20 La Salle
212 *2
.2
14 Jan
24 Mar27
14 Jan 8
5
214
212
214 *2
212
214 234 *2
212 •2
500 Mason Valley Mine
*214 234 .
14 Dec
4 Mar 3
/
41
1
Feb
112
21
_____
Consolidated
314
3%
*3
Mass
314
312
314
*3
275
312
4
,
3
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Feb10
24 Dec
7
312 Jan 2
414 412
434 434
412 44
4%
4
44 412 1.128 Mayflower-Old Colony__ 25
*434 5
4 Mar17
.75 July
Jan 8
2
25
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234 234
212 234
*212 3
'.2,2 3
420 Michigan
•212 3
NON
61
2
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71
I
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5414
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61
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61
603
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395
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244 Mar 2
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1934 20
Neost
2012 2012 20
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2114 2012 21
21
.06 Deo
New ldrla widoludIver___ 5 .05 Mar23 .05 Mar23
• -.05
.05
•____
100 36 Jan 9 384 Jan18 87 Jan
37
New River corupanY
•___ 37
Jan
78
100 77 Mar 5 84 Marla
f in.
80
minpgrem
82
____ ____
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82 •z80
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82
oo
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82 .480
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634 Feb20
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54 Jan 41
5
8
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4
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53
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6
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53
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2
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912
914
9 2 934 1,092 'Wail
9
94 9 4
934 934
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114 Dec
24 Mar 5
14 Janll
25
. - _.
Ojibway Mining.
4 •134 214 *14 214 *134 214 *112 2
1
14 2/
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5
Jan
1
1812
Mar
25
324
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....
16
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27
28
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28
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25 Nov
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38
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3
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1514 1514
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-- .... 25 3212 Jan30 50 Mar 2 "iri- Nov
4112 4212 45
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335 Quincy._
4412 44
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37 Nov
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114 Mar 5
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1
0.50
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Jan 5 .75
Feb20
25 45
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•.50 .75 •.50 .75 •.40 .75 *.50 .75 •.50 .75 •.45 .75
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112 Mar
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Oct
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44 434
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474 5
3
19
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112
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5
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,
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214
214
212
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214
50
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14 Feb27
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112 118 *1
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112
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1
1
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day. rEz rights. 887±-dividend and rights ate die dead. g Ex-stock dividend. a Amassment Md.
SBid ad 2,82,48 pm= paws. on 2/11s
Highest
162 May
8912 Bent
105 Sept
128 Sept
109 Sept
3112 May
37 Apr
4412 Apr
62 MAY
54 May
ME May
log July
265*
77
60
47
47
55
July
July
Nov
Aug
Aug
Oct
3471 May
96 July
10334 Dec
BIN MAY
6272 June
100 Aue
414 Jan
204 Aug
12814 Atm
121 Deo
91
Ault
20's May
22 May
107 Deo
.50 May
4 Deo
1
30/
Apr
4 Feb
/
141
894 Oot
185 Sept
13 May
RU
Aug
4 Ater
/
161
2714 Feb
644 Dee
381* Map
Jan
32
85 Dee
012 Mar
Apr
17
114 June
Jan
18
904 Nov
Oct .
74
Oct
181
2732 June
Atu
84
8512 Oct
114 Jan
Jan
5
125 Sept
28
Oet
192 Deo
16 Ally
Mar
741 Ap,
1104 Sept
814 June
1414 Feb
45 Mar
274 July
834 June
89 Deo
log Apr
49 Apr
Oat
13
8534 86111
8814 Oct
4434 July
21
May
I
Apr
66 May
.50 Apr
8212 Jan
ate May
Ung JIMA
1834 Sept
801 Aug
1834 Mar
1312 Feb
46' May
8,4 Jan
1214 Jan
4 Apr
1
3/
84 Mar
il Apt
1184 June
974 Nov
2634 May
47i Apr
34 Apr
534 May
4 Apr
1
2/
284 May
414 Apr
612 Apr
7 Apr
68 June
204 June
34 Mar
40 Feb
Oct
85
7 Jan
18 May
41.1 Apr
27 Jan
8814 Aug
314 Nov
60 May
432jMay
124 may
Dr
July
484 may
234 Oct
4 Apr
1
8/
.92 May
4 Mar
gla June
212 Apr
De Jan
Ft4 Apr
16 May
APRIL
14 1923.]
THE CHRONICLE
1635
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Stocks (Concl,
ded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 7 to April 13, both inslusive.
Tono-Belmont Devel_.._1
1% 1%
14
Tonopah Mining
1% 2
1
Union Traction
50 39
3831 39
Friday
Sales
United Gas Impt
50 52
52
52%
Last Week's Range for
Range since Jan. 1.
Preferred
$5% 5654
50
Sale.
of Prices.
Week.
Warwick Iron & Steel__ _10
855
834
BondsPrice. Low. High Amount
West Jersey & Sea Shore_50
Low.
High.
37% 37%
York Railways prat
50
36
36
All Gulf & W I SS L 5s 1959
57
58 $10,000 5115 Jan 62
Mar
BondsBoston Elevated 48. _1935
79
79
10,000 79
Apr Amer Gas& Elec 55. 2007
Apr 79
8911
87
Care H gold cv notes 751927
98
98
Jan
2,000 97
Small
Mar 100
2007
87
87
Chic June dr US Y 55_1940
90
90
Mar Bell Tel 1st 5s
1,000 90' Apr 95
1948
98
9834
East Mass St RR A 4345'48
6915 6914 2,000
72
Jan Elec & Peo tr atilt 4w.,1945
65
66
Series 13 5s
1948
73
73
1,100 73
Mar 77% Jan Equit Illum Gas L 55_1928 10254 10254 10234
Hood Rubber 75
1936 101% 101% 102
14,000 100% Jan 1023.4 Jan Inter-State Rye coil 4s 1943
48
48
Mass Gas 4558
1929 93
92
93
Apr 96% Mar Keystone Tel let 5s_ _ _1935
2,000 92
74
745(
4555
1931
89
89
Jan Lehigh Vail Coal 1st
Apr 92
3,000 89
101)
100
Mies River Power 5s_ _1957 89% 8914 90
15.000 89
Apr 95
Jan
Registered 55
1933
9914 99%
Mo Kan & Tex 5s_ _1967
5715 5734 10,000 5715 Apr 5714 Apr Peoples Pass tr ctfs 45_1943 69
69
70
New England Tel 55_ _1932 9834 9635 97
12,000 9834 Mar 9945 Jan Phila Co 1st 58
1949
100% 10034
Swift & Co 5s
1944
92% 93
22,000 91
Cons and stamped_ _1951
Jan
Apr 98
91% 92
Warren Bros 714 _ _ _1937 110
110 112
35,000 105% Feb 115
Mar Phila Electric lst 53._ _1966 9751 97% 99
Western Tel 5s
1932 95
94% 95
1st sink fund U.__ A966
6,000 94
Feb
Mar 98
80
80
5145
1947 10055 100% 10014
Baltimore Stock Exchange.-Record of transactions at
65
1941 103% 103% 104%
Public
Serv
Corp
NJ
_1959
Baltimore Stock Exchangce April 7 to April 13, both in-Reading gen'l
8354 8354
45
1997
8354 8334
clusive, compiled from official lists:
United Rys g tr ctfs 4s1949
5715 5715
United Rye Invest 55.1928
9534
9534
_ .........,
Welsbach Co 55
1930
99
99
Last Week's Range for
Range since Jan. 1.
• No par value.
Sale.
Week.
of Prices.
StocksPar. Price. Low. High. Shares.
Low.
High.
Chicago
2,045
1,095
487
2,031
185
15
5
55
Range since Jan. 1.
High.
1%
1%
38%
50
4411
8
33
35
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Jan
1%
255
40%
5454
5614
9
43
3614
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Jan 90
5,400 85
Feb
Apr 87
Apr
500 87
Apr 99
10,000 93
Jan
61
Mar 7155 Jan
52,00
5.000 101% Mar 102% Feb
Apr 49
Jan
48
3,00
74
Apr so
Jan
5,00
Apr 102% Jan
1,000 99
1,000 99% Apr 9954 Apr
Jan
Apr 73
2,000 69
5,000 10044 Apr 101% Mar
17,000 91% Jan 9315 Mar
Jan
49.600 96
Apr 103
Mar
Ay
82
2,300 80
Feb
Apr 103
56.000 99
36,500 102% mar 106% Jan
1,000 83% Apr 83% Apr
Jan
5,000 8354 Apr 86
Jan
Jan 58
1,000 57
24,000 88
Jan 98% Mar
Jan 99% Jan
100 99
Stock Exchange.-Record of transactions at
Mar I Chicago Stock Exchange April 7 to April 13, both inApr clusive, compiled
from official sales lists:
Feb
44
Mar
Friday
sales
98
Apr
Last Week's Range for
Range since Jan. 1.
Mar
Sale.
of Prices.
Week.
StocksFeb
Par Price. Low. High. Shares.
Low.
High.
64
Apr
.30
Jan Amer Pub Serv, pref---100
88
Feb
180 86
Mar 97
8734 87
110
Mar Amer Shipbuilding_ A00 66
86
Jan
89
Apr 74
255 66
6034
Feb Amer Tel dr Tel Co
12254
12255
Mar
121%
50
Apr
123%
2514
Jan Armour & Co (Del), pf.
-100
9114 9234
1,560 90
Mar 100
Feb
2615
Jan Armour & Co, pref,_ A00 8051 80% 82%
3,999 so% Apr 9135( Jan
Mar Armour Leather
15 - .83.4
844 834
1,041
Jan
84 Apr 10
105
Preferred
Mar
100
853( 85%
110 85% Apr 8715 Mar
Bossick-Ala
Jan
mite Corp.. _* 363.4 3555 37
5,710
27%
3955
Mar
Feb
Jan Booth Fisheries, pref
100
32
32
10 31
Jan 3654 Jan
Jan Borg dr Beck
* 3134 3014 32
3.250 25
Jan
Mar
143
Apr Bridgeport Mach,cora__• 14% 14% 15% 3,890 14% Apr 3234
1554 Apr
Apr Bunte Bros
.
10 10
10
10
85
915 Apr 11
Mar
Mar Case (J I), 2d prof
100
3% 3)5
10
3
Feb
5% Feb
85
Jan Central Pub Ser, pref_ _100
8654 88
265 86
Mar
Jan 90
Jan Chic City & Con Ry25
Partic share common_ •
Jan
54 1
225
41 Apr
1% Feb
Preferred
Jan
•
8
834
8%
195
5
Feb 10
Mar
251
Apr Chic Elev By. pref. ..100
4)4 5
225
35(
Jan
83.1
Mar
Apr Commonwealth Edison 100 129% 1281( 131
1,113 1281( Apr 131
Jan
Feb Continental Motors_ _10 1054
10% 11% 14,450
9%
Feb
12'
Jan
Crane
Co, preferred
Mar
110
10955 110
30 10955 Apr 115
Feb
Mar Cudahy Pack Co. com..100
61%
62
155 61
Apr 64% Jan
38
Apr Daniel Boone Wool Mills 25 4034 40
41
5,760 3154 Jan 6251 Jan
Mar Deere & Co, pref
100 71
70
71
259 70
Apr 74% Jan
Jan Diamond Match
100
116 116%
190 116
Mar 121
Jan
15434
Jan Earl Motors Co
•
1,983
34
Jan
1%
1% Feb
54
Feb Eddy Paper Corp (The)_ _• 2534 25
26
1,900 2245 Jan 3215 Jan
3054
Feb Fair Corn (The)
100 104% 104 10414
170 100
Jan
Jan 106
Godchaux Sugar,com* 22% 22
23
1,770 15
Jan 26% Apr
BondsGossard (H W),prat_ _ _100
333.4 3254 33% 1,145 2454 Feb 35
Apr
Alabama Co gen 65_ _1933
Great
90
91
$2,000 8934 Jan 91
Lakes D D_ _ _ _100 88
Apr
88
89
310 81% Feb 9414 Feb
Augusta Elec Ry 55. _ _1940 84
84
84
1,000 84
Apr 85
Mar HammermIll Pal), nom 10
30
30
400 30
Apr 31
Mar
Consol Gas El Lt & PrHart Schaf dr Marx corn 100
107 107
40 98
Feb
Jan 107
5555 series E
1952
9754 9734 10,000 9755 Apr 100
Jan Hayes Wheel Co
• 3935 39% 4034
780 37
ll Gs Series A
Jan
Jan 43
1949 10134 101
10155 25,00 100% Apr 103% Jan Hupp Motor
10 27
2615 27% 5,880 2134 Jan 2955 Mar
P'7s Series C
1931
10834 10634 12,000 106
Jan 1083.4 Feb Hydros Corp pref
100 323,4 21
32% 11,680 1834 Jan 3255 Apr
Consol Coal refdg 55_ _ 1950 8654 86
8634 8,000 86
Jan Illinois Brick
Apr
90
100
79
80
i4 3.4s
521 78
Jan 9654 Jan
1934 90
90
90
1,000 90
Apr 92
Feb Illinois Nor Milli pref
84
85%
177 84
Davidson Sulphur 6s _ _1927
Apr 86% Mar
97
Inland Steel
9734 6,000 96
Feb
25 46
45
48%
180 43
Elkhorn Coal Corp 65.1925 97% 9734 9734 11,000 9754 Apr 9734 Apr
Jan 50
Mar
Jan Kup'h'mer & Co Inc com.5
9934
30
30
90 26
Macon Dub dr Say 6.3.1947
Mar
Jan 30
4934 49% 2,000 4934 Apr 5134 Feb Libby MeNelll & Libby-10
6% 7% 3,720
651
Md Elec icy 1st 5s_ - - -1931
855 Apr
655 Jan
9434 9434 5,000 9434 Apr 963.4 Mar Lindsay Light
10
3%
4
4
190
Monon Val Trac 53. _ _1942
4% Jan
3% Feb
8155 8115 1,000 81
Preferred
Jan
mar
86
10
8
8
8
North Bait Trac 5s. _ _1942
75
Jan
755 Jan
9
9634 9615 2,000 96% Apr 9834 Jan Lyon & Healy Inc prat ___
99
Penna Wat dr Pr 5s_ _ _1940
99%
60 99
Apr 101% Mar
9534 9534 5,000 9434 Mar 97% Feb McCord Rad Mfg "A" • 99
37
38
Petersburgh Cl B 65-1926
3,025 37
Apr
Mar
39
10134 10134
moo
McQuay
Him
Apr
Norris
10251 Jan
United Ry & El 4s_ _ _1949
2534 2534 26
3,525 2515 Apr 26
Apr
73
73
Mid West Util corn_ ._,.i00 47
9,000 72
Jan 7434 Jan
465( 47
Income 45
520 4534 Jan 53' Feb
1949
5295 53
12,000 523.4 Jan 55
Preferred
Jan
100
Funding 55
8351
85
205
Apr
Jan
8334
1936
8655
7334 744 3,700 7334 Mar 7715 Jan
Prior lien preferred
100
99% 100
85
410 9915 Mar 104
Jan
1927
9755 97% 5,000 9851 Mar 98
Mitchell Motor Co_ _
_•
Jar
1%
I%
145
tni
100
1949 100
14 Apr
Feb
100 10034 23.000 100
National
10255
Jar
Mar
Leather new
7
7
Va Mid 5th series 5s_ _1926
744
930
514 Jan
83.4 Feb
99
99
500
Mar 9954 Fat Philipsborn's Inc corn__ _ _5
24
25
Wash Bait & An 5s_ _1941 7534 7455 7514 5,100 98
270 24
Apr 36s
61ic
Jra
8
7455 Apr 7734 Pet Pick (Albert) & Co
10 2254 22
22%
450
22
Mar
Serv
P ib
of Nor III, corn_
102
102 103%
330 101
Apr
Mar
Philadelphia Stock Exchange.-Record of transactions Pub
Sere of N Ill, corn_ 100
102 103%
690 10091 Mar 2
ap0
nr
9369
3
1% A
2
Ja
1°
0
Preferred
at Philadelphia Stock Exchange April 7 to April 1.3, both Quaker
100
94
99
50 92% Mar
Oats Co
100'
220 220
12 210
Mar
inclusive, compiled from official sales lists:
Preferred
100 9854 9834 99
417 9634 Jan 100
Reo Motor
10 1755
1651 17% 6,690 1154 Jan
Mar
I' 1144.111
Jan174
aairs
Sears Rocbuck. coin_ _100
855( 85%
10 8434 Ma
Feb
9
Last Week's Range for
Standard Gas& Elec. _.50
Range since Jan. 1.
30% 31
3051
1,270
Jan
Mar
1754
3234
Sale.
af Prices.
Week.
Preferred
50
.50
5014
5155
1.160
48
Mar
Stocks-Apr
Par. Price. how. High. Shares.
Stew Warn Speed, com_100 12134 116 121%
Low.
High.
45,150 79
Jan 123
31 51 mar
Swift & Co
100 105
104% 105%
1,520 104% Apr 1209145 JanJan
Alliance Insurance
10
2834 2814
Swift In teraational
40
28%
Apr
15
1851 1915 3,775 18
1814
Amer Elec Pow Co
Feb
50 24
2334 26% 3,949
30
Apr Thompson.J R.corn__ _ _25 47
46% 47
1,275 45
Preferred
Feb 51% Jan
100
74
74
15
78
Apr Union Carbide & Carbon.10 6234 61% 6251 9,030 6154 Apr
American Gas of N J._ _100
67% Jan
79
79
15
United Iron Works v t c_50
82
Jan
1055 11
160
American Stores
6
Feb
Jan
• 18754 18451 19055
997
194
Mar United Lt & Rys.cora_ _100 137
108 140
1,710 71
Brill (J 0)Co
Jan 14
311 Apr
10
100
74
76
First preferred
190
91
Mar
100
88
78
94
5,205 75
Buff & Susq Corp v t c_100 135
ar
Jan 9,%
94
NAip
135 135
50
Part,
lpat
ing
135
Apr
preLlod 98
92% 93
Cambria Iron
885 91
Fe
50
41% 42
275
45
Jan Unit Pap Board, corn...100
18
18
Congoleum Co Inc
110 16
Jan
• 179
176 180
437
U S GYPsum
183
Mar
20 70
70
70%
Como'Traction of N J.100
370 81
Mar
Jan
44
46
192
Preferred
49
Jan
100
105 105
Cramp (Wm) Jr Sons_100
20 104
Jan 10
6
38%
11'4 Mar
9
718
57
59
617
59
Apr United Stores, pref
9855 9835 9854
Eisenlohr (Otto)
300 9834 Apr
Apr
100 75
75
7754
475
Wahl
Co
85
Jan
•
5354 54
Preferred
740 5354 Feb
100
9814 99
63
100
Jan Ward, Monte & Co. pf _100
111 111
60 95% Feb 113802110521 MarMA.1aa
Electric Storage Batt'y-100
pnr
6351 6454
1.080
When issued
Mar
6654
20 24
2315 2455 6,290 2094 Jan
Erie Lighting Co
Feb
•
25
25
41
Class "A"
27
Feb
•
101
102
669
General Asphalt
100
93
Jan
4734 48%
110
5334 Mar Western Knitting Mills. _•
754
7% 834
1,250
General Refractories
7
Feb
• 5354 52
56
5,515
593-4 Mar Wolff Mfg Corp
•
32% 33%
1,150 2834 Feb 35% Mar
Insurance Co of N A....10 4554 4534 45%
1.693
46
Jan Wrigley, Jr, corn
25
113
108%
114
7,710 100
Superior
Jan 219614
r
_100
CorpLake
_
8
855
575
Yellow Cab Mfg,CI "B".10 291
1034
Feb
289 291%
1,189 223
Apr
50 71
Lehigh Navigation
Jan
71
7131
131
75
Jan Yellow Taxi Co
85
853.1
86%
5,200
7054
Lehigh Valley Tran pref.50
Jan
Mar
95
3855 38%
371
40
Feb
MInehill & Schuyi Hay-50
51
Bonds20
5134
53
Feb
Penn Cent Light & Pow.. •
57
57
10
58
Jan Armour & Co 4155
1939
85
85
1.000 85
North Pennsylvania. _50
Apr 96
Jan
7934 793-4
Armour & Co of Del 20-yr
20
8134
Jan
Pennsylvania Salt Mfg_ _50
88
88
15
gold 5158
92
Mar
1943 9034 9055 9051 78.000 88% Mar 96
Feb
Pennsylvania RR
51
45% 4551
2,520
4734 Jan Chicago City icy 55_ _1927
81
81%
4,000
76%
Feb
8355 Mar
Plana Co (Pitts) pf (5%)..50
3455 34%
20
36
Feb Chic City & Con Rya 55.27
60
60
3,000 47
Jan 6541 Mar
Preferred (cumul 6%).S0
44
4414
95
45% Feb Chicago Railways 55.. _1927 8134 81% 8114 11).000 77
Jan 82)4 Mar
Phila Electric of Pa
25 2934 2934 32
4s, Series "B'
5,691
3334
Jan
1927
53
53
54%
12,000 44
Jan .56
Mar
Preferred
25 30% 3055 3154
1,503
33% Jan Commonw Edison 55. _1943
96% 9645 3,00
351
Jan
96% Apr 99
•
Plilla Insulated Wire
4934 4934
5034 Jan Cudahy Pack 181 M g 55'46
86
Apr
86
1,000 86
Apr 88
Phila Rapid Transit _ _ _ _50 3115 3134 3134
594
Mich T & E 1st 6155_ _1938
33
Feb
96
9654 96% 96% 4,00
Mar 9655 Mar
Philadelphia Traction_ 50
6234 63%
217
South
Side
Elev 434 a._1924 9235 92% 9214
67
Jan
1.000 8854 Feb 92% Mar
Phila dr Western
50 1054 10% 1034
5871
1051 Mar Swift As Co lets f g 53_1944
9234 92% 8.000 9255 Aor 07% Jan
Pittratnirsrl. A. Waat Vsn_ _Inn
383.4 39
200
30
Any
• No par value.
Alabama Co
100
1st preferred
100
Amer Wholesale. pref _ _100
Arundel Sand & Gray_ _100
Preferred
100
Balt Electric pref
50
Baltimore Tube
100
Preferred
100
Celestine 011
1
Chas & Pot Tel of Balt_100
Commercial Credit
25
Preferred
_25
Preferred 13
25
Consol Gas E L & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _100
Cosden & Co, pref
5
Fidelity & Deposit
50
Fidelity Trust
100
Finance Co of Amer__ .25
Houston 011 pfd tr ctts.100
Manufacturers' Flnance_25
2d preferred
25
Maryland Casualty Co 25
Mercantile Trust Co_
50
Mar & Min Trans Co_ _100
Monon Val Trac, prof _ _.25
Mt V-W'db'y Mills v t r 100
11•15referred v t r
100
New Amster Cas Co_ _100
Penn Water & Power_ _100
United Ry & Electric._ 50
US Fidelity & Guar_ _ _50
Wash Balt & Annap_ .. _50
Preferred
50
90
64
90
97
44
98
42
24
64
.30
11034
6034
2534
2634
117
10545
1183.4
ssx 89
534
53.4
139 143
330 335
44
44
85
8534
54
5515
25
25
85
8534
25034 251
121 121
1834 1834
16
1855
69
6934
38
3834
107 108
18
1834
15334 15434
10% 10%
30
3015
10
70
5
295
30
10
55
245
850
61
60
163
511
457
59
60
150
40
644
26
10
18
93
130
179
70
85
10
8
91
437
115
369
179
30
70
60
82
95
40
9414
42
1734
48
.26
1083.4
58
253.4
26
108
10434
11534
883.4
5
120
296
3834
85
54
2451
83
233
121
18
1434
54
3514
10534
18
147
1034
29
Mar 68
Jan 90
Apr 98
Jan 4534
Jan 98
Jan 4234
Jan 25
Feb 84
Apr
.50
Jan 11034
Jan 13134
Mar 27
Mar 2734
Jan 118
Apr 108
Feb 120
Apr 98
Jan
534
Jan 143
Jan 335
Jan 4434
Apr 95
Apr 57%
Mar 2634
Jan 90
Jan 251
Apr 121
Feb
1815
Feb1934
Jan 7345
Jan 3834
Mar 10834
Apr 2055
Jan 164
Mar 15
Jan 3134
gittggtOjigtiigg51095ag"
gtiV4t
g tg
X
X
X
.
t...AMMEIM.SOM.00.4W.MNNNut0,
00.4.CON ,
nNNOOCONW
N.C!..C.OVTP.4,
0AO,
AM,041,.07VMVNMVMO
ONV .
0,
14
64
89
97
44
98
42
22
5615
.26
10955
6045
2545
2655
11655
105
11734
FoL. 116.
THE CHRONICLE
1636
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange April 7 to April 13, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
25
100
700
100
8,900
1,200
1,300
2,600
10
100
5,400
700
2,400
500
175
100
600
2.300
1,100
4,400
1,900
6.300
1.700
17,100
49,300
3,500
900
800
20.300
25
91,000
800
6,000
100
200
1,800
50
500
800
200
100
200
2,400
10
8,800
500
100
17.100
200
700
300
7,200
6,300
400
MO
11,300
1,400
6.900
1,000
200
100
1,100
Range ewe Jan. 1.
Low.
Apr
80
Mar
7
Jan
13
Mar
37
14 Mar
454 Apr
1054 Feb
Apr
12
224 Apr
104 Jai.
3,11
54
4g Apr
2% Mar
Jan
28
1084 Mar
Jan
1
Feb
40
Apr
4
14
Feb
Apr
15
Apr
51
Me Feb
Mar
50
34 Jai.
2% Ja,
1314 Feb
Ja,
1
50
Feb
Jan
53
1154 Feb
24o Mar
1024 Apr
454 Mar
4854 Feb
2% Jan
Apr
18
10434 Mar
18
Feb
Jit,
7
Jan
7
1434 Jan
4354 Feb
Jan
10
Apr
850
1,4 1.,
Apr
52
Mar
24
80 Jan
Apr
62
Apr
33
884 Apr
4;I 3111.
80
80
Lehigh Valley Coal Sales.50 80
8% 814
50
Lucey Mfg, Class A
1714 1714 19
Lupton(FM)Pub. Cl A.
3754 37%
McCord Radiator Class A.
•
131 1%
134
• High.
Low.
Mercer Motors
Stocks414 454
44
Class A stock w
1051
104
1014
•
7
Jan
854
Aim
Co
Iron
Ileatibi
74
731
Am Vitrified Prod,com_25
184 1614 20%
Mar Midvale Co
Feb 95
79
85
85
Am Wind Glass Mach_ _100 85
Mar Mississippi Rh'Pr,corn 100 22% 2254 2254
Feb 97
93
944
9454
100
Preferred
1074 Jan 1074 Jan Motor Wheel Corp,oom_10
1074 1074
Am Wind Glass Co, pf_100
6554 6954
Jan NatBunn Co(of Del)corn 50 66
731 Jan 10
84 834
Arkansas Nat Gas. aom_10
411 54
554
Feb New Fiction Pub Corpcom5
6
331 Jan
5
44
Carnegie Lead & Zino__ _5
34 4
Land.'
7
Jan
Ariz
434
&
Feb
Mexico
New
5
6
Consolidated Ice, coin. 50
324 334
4
Jan N Y Canners, Lao,cow_-• 33
Jan
34
4
4
4
_50
corn.
Indep Brewing,
94 Jan N Y Tel 614% pref....10n 1094 109 1094
Apr
8
9
9
50
Preferred
14 14
iosg Mar 1094 Mar Nor Amer Pulp & Paper _
Jones & LauglIn Steel, pre: 1075: 10731 1074
464 47
27
Feb Onyx Hosiery, common...*
24
Jan
2434
2454
244
25
Lone Star Gas
8
4
4
•
Feb
Apr
60
53
Oneida Corp
5354
53
Mfrs Light & Heat_ _100 63
21
2134
Mar 5654 Mar Paige-Het Motor Car_..10
45
5134 5451
5
Mariand Refining
1514
154 15
A__
Tob
Feb
Jan
814
Bros
74
Patterson
8
731
Nat Fireproofing, co..
574
51
Feb Peerless Truck & Motor_50 55
184 Jan 21
60 194 194 194
Preferred
648 77c
70e
314 Apr 364 Mar Prima Radio Corp
Nilo Fuel Supply (new)-25 314 3134 324
51%
5014
WI
new
NJ,
27
Corp.
Jan
194
Jan
Serv
Pub
21
1931
Oklahoma Natural GM_ _ 2
451
4
4
Mar Radio Corp of Amer corn-•
8
64 Apr
634 64
Pittsburgh Brew, pref.. 50
3% al
3,4
6
Mar
Jan
erred
585:
66
Fret
66
6631
100
Pittsburgh Coal, corn..
17,4
1634
1751
10
100
Mar
Car
Jan
Motor
97
Reo
100 984 9814 99
Preferred
14 2
6
22c Jan 280 Jan Repel'. Inc
240
220
MUM & Mt Shasta Cop_ _1 23e
52
51
84 Jan 1014 Feb Rosenb'm (Sr Corp, p1_50 52
834 9
834
Pittsburgh Oil & Gm_ _ _100
93
864
91
Storesomm.*
Jan Schulte Retail
Jan 205
165
170 17031
Pittsburgh Plate Glass_ _10 170
116 116
100
Jan
Feb
10
1631
Preferred
114
1231
Oil
1131
Conant
3alt Creek
45c
38c
40e
_5
Iron__
&
234
Feb
2754
Coal
Mar
Southern
26
2534
Union Natural Gas_ _ _100
Apr Southwest Bell Tel 7% pt._ 102% 10254 102%
28
2431 Mar 28
25
100 28
LT El Glass
494 5151
51
A.__
class
Body
120
Feb
Apr
Springfield
87
88
87
8754
_50
Brake
West'bouse Air
5054 504
Jan 694 Mar Standard Gas& El pref__50
59
594
59
W'bouse El & Mfg,00ra_ I
24 251
Apr Standard Mot Constr.._10
Apr 73
73
73
73
50
Preferred
• 19
18
19
Jan
Car
Apr
804
Motor
77
Sluts
77
77
West Penn Rye, pret.100
1044
1054
100
Apr Swift & Co
Jan 41
30
41
38
WestPennTr&WP.oens 100
19% 1954
16
Apr
Jan
79
International
704
Swift
7314
79
7354
100
Preferred
74 731
74
Technical Products Corp-5
8
8
•
Technicolor Inc
Bonds164
1634
corn-.
Power,
71
Jan
Elec
6614
Apr
Tenn
85
65
Indep Brewing 6s....1958
48%
48
48
•
preferred
Apr
804 Apr 8054
Second
8034 8031
West Penn Trac 5s._ _1.. I
Timken-Detroit Axle__ AO 13% 1134 13%
367 367
Title Guar & Trust Co_100
the
in
transactions
-Official
514 534
554
Market.
Curb
New York
Tob Prod Exports Corp..*
52
53
53
Corp....'
13,
April
Shipyards
inclusive:
to
7
Todd
April
from
Market
Curb
New York
29
29
Torbenson Axle
210 37c
Sales
Friday
Triangle Film Corp v t c_5 350
62
Range since Jan. 1.
62
Union Carbide & Carbon.*
Week enging April 13. Last Week's Range for
37
Week.
33
33
of Prices.
Sale.
United Bakeries Corp
High.
Low.
884 9034
Par. Pries. Lou. High. Shares.
Preferred
Stocks6,4
64
Shar'lLnew.1
Profit
United
6,4 7
654
Co Retail Storm Candy-.•
Indus. & Miscellaneous.
Jan
48% Apr
44c 45c 17,000 400 Mar 85e
1 450
United Shoe Mach emu _ _25 504 48% 5014
Acme Coal Mining
Mar
35e
22
Mar
Jan
me
244
2354
2354
2,000
260
10
..50
25e
250
corn.
US Wit rlb Corp
Acme Packing
Jas.
Feb 1034 Mar US Light & Heat,coin_ _10
1
111 14
1,4
100 100
Aluminum Mfrs, pref. A00 10231 1024 10231
la,
9ne
14 134
114
10
_• 174 164 1734 1,600 144 Mar 194 Jan
Amalgam Leatner. oo
Preferred
Mar
Jan
64
Jan
14
4834
14
24
100
24
190
60
80
Preferred
Wayne Coal
Apr
5
Apr Western Feed Mfrs
5
5
5
134
154 14 11.600 55e Mar 14
Amer Drug Stores clam A.I
74 Jan
834 854
Am G&E,rem, new, WI.' 374 374 374 1,000 324 Feb 4614 Mar
WIllys Corp lat pref___100
58% J.
61
61
900 15% Jan 254 Mar
234
22
American Hawaiian S 8_10
Vale & Towne Mfg new.2.
Feb
Feb Yellow
100
148 150
875:12054 Apr 140
Amer Lt & rac coin_ _ .100:1204 z1204 124
Taxi Corp,N Y___• 150
Apr 193
Mar
100 186
• 188
186 1904
American Stores
RightsApr 98
Feb American
10 82
600 75e 10,200 500 Apr
82
82
Woolen
Amer Type Found corn.100
le Apr
254 Feb
6,400
34 Apr
10 100
300
311
3
Motors
Amer Writ Paper corn. 100
Apr 9911, Feb M error
Armour & Cool Del, pf IOU gig 914 914 1,500 90
Apr 94
Feb
30 83
83
83
Armour & Co of Ill, pf_100
Former Standard 011
114 Jan
254 Feb
254 254 1,700
•
Subsidiaries
Atlantic Fruit Co
Mar 40
Mar Anglo-American 011____/1 1631 164 1654 8,200 1634 Apr
300 31
3654
$634 35
Bassick-Alemite Corp._..
Mar
380 87
Mar Buckeye Pipe Line
100 t334 Mar 68
6534 6531
60 8914 8854 8954
Beth Steel new corn w I 100
Jan
Mar
10 207
110
Jan
122
230 230
290
1174
11434
100 11554
100
Borden Co.coin
Chesebrough Mfg
500 884 Feb
20 10054 Jan 10651 Apr Continental Oil, new. _25 43,4 4154 4314
100 1064 10634 1065:
Preferred
Apr
180 20
20
204
1431 1531 10,400 144 Apr 154 Apr Crescent Pipe L. new stk 25 20
1431
Bridgeport Machine Co_
Jan
140 r85
Apr 9654 Apr Cumberland Pipe Line_ in. 11254 112 1124
600 96
9614
100
96
Preferred
Jan
45 95
1164 117
2131 10,200 1954 Jan 21% Apr Eureka Pipe Line
100
Brit-Amer Tob ord bear./1 2131 21
Jan
57%
270
Apr
194
Jan
2131
694
6754
1.600
2131
2131
El
Ordinary
Galena Signal 011 corn..100 6855 165 168
Mar
100 164
75i Jan 10%
7,100
94 10
10
100
Brooklyn City RR
Illinois Pipe Line
45
Jan
.1,
240
14 Apr
100
10234
14 Feb Indiana
151 14 10,100
131
50
Line
Buddy-Buds. Inc
Pipe
Mar
500 25
700
14 Jan National Transit....12.50
The Mar
25
154
254
131 151
Car Lighting & Power_ __25
Jan
20 129
Feb 100
Feb
131 131
155 90
100 914 914 94
100
Celluloid Co, corn
York Transit
Feb
105
60
10 107% Apr 1104 Mar New
1094
107
1074 10731
100
Preferred
Northern Pipe Line_..100
Apr
234
7
Jan
Mar
700
ig
24
7214 764
14 14 2,700
Cent Teresa Ellug. com-10, 154
011. new
Jan
100 17
Jan 15
Feb Ohio
1,000 10
751 1714 1714
12
Centrifugal Cam I Pipe...•I 1334 134 14
25 7
Penn Islex Fuel
Apr
1,365 1211
__ _ 5834 6031 2,300 ISM Mar 6614 Feb Prairie
211 234
100 220
Checker Cab Mfg,clam A •
GIU3
&
Oil
Apr
1,445 /107
231 Jan
431 54 8,700
534 Apr Prairie Pipe Line
434
100 10954 107 112
Chic Nipple Mfg I A.. Ul
Jan
21: Jan
175 180
600
354 Jan S lar Refining
190 200
10
354
3
Class B
o
Apr
275 160
1% Mar
900
34 Feb South Penn 011
160 167
154 24
154
Chicago Steel Wheel corn 5
Jan
54 Apr
2,900
260 97
954 Feb Southern Pipe Line_ _110
110 112%
6
54 6
lo
20 1593
Preferred
10 66% Jan
Feb South West Pa Pipe L.100
2,152 183
Apr 195
85
85
163 175
100 2166
Cities Service corn
Ja
70
Mar Standard 011 (Indiana)_25 634 61
80
1,600 .51
6931
6434 150.700 60'j Jan
liai 569
Preferred
164
Apr
1931
Feb
41% Jan
2,800
474
4514
1.800
49
164
174
17
ah_•
bankers'
25
Bern,
(Kan)
Oil
Cities
Jan
Apr 3454 Feb Standard
300 29
96 10034 5,800 1180
3051
25 96
(KY)
Cleve Automobile. cont-• 3034 29
Jan Standard 011
Jan
Jan 89
20 42
50 186
221 230
100 7934 7911 7951
25
Preferred
(Neb)
011
Standard
Apr
8o
Jan
Apr
41c
43
12c
Sc
Sc
21,000
43
4434
12,800
4414
Emerald
IOWColombian
Standard Oil of N Y___ _25
Jan
Mar 254 Mar Stand
85 22
224
190 274
3014 310
Colorado Power, eom_ _100 2234 22
com...100
(01ilo),
011
Jan
Apr 374 Mar
434
364 2,500 36
29,900
49%
524
5034
Columbia Gas & El new_ _• 8854 38
25
011
484 3,800 404 Feb 4814 Mar Vacuum
Columbian Carbon v t o_ _• 484 46
Other 011 Stocks.
50 30
Apr
Mar 35
30 Feb
35
4o
4,000
35
3c
Com'w'th PRY& Lcom 100
10
Fuel 011,oom
Mar
5
954 Apr AmerNatural
200
9
754 Jan
9
9
10
84 854 1,400
Brew'y
834
Export
Cosgrave
Gas, oom_11)
Ark
Feb
434 Apr
4
Mar
354
Is
3.4
1,600
700
43-4
a
Oil. oom_ •
cure Cash Stores
Lobos
Atlantic
5
Jan
84 Mar Big Indian Oil & Gas
400
5O4 22.000 150 Jan
8% 84
240
24e 26
'
Curtim Aeropl & M.corn
Jan
21
1
Jan
37
Mar
3,200
200
38
36
1%
1
100
Preferred
Boston-Wyoming 011-1
14 Feb
• 5031 584 61
200
2,000 654 Jan 6434 Feb Brit Controlled 011Fielcis
3
3
Cuyamel Fruit Co
2234 Apr
Jan 354 Jan
100 32
9,000
32
32
244
•
22%
Davies (William) Co
corn..
.25
new
Apr
7
Jan 90
Mar Calif Petrol,
100
560 82
6
6
Del Lack & West Coal_ _50 8614 8634 8854
Cardinal Petroleum
444 Jan
6% 7% 45,800
631
Douglas-Pectin Corp....• 1334 124 134 8,900 1231 Apr 1351 Apr Carib Syndicate
111 Apr
44
Jun
700
Apr
28,500
124
1%
11
1251
114
&
1231
Rad•
Condenser
Petrol
Dubiller
Feb 54
Jan Central Amer
200 850 Jan
760 750
• 5931 564 604 8,700 40
7150
Durant Motors. Inc
Columbia Petroleum
234 Jan
1,500 124 Feb 285E Jan Creole
654 7% 84.800
734
5
Durant Motors of Ind.-10 144 144 16
Syndicate
Jan
lc
Mar
18
Mar
204
1,000
1
1;
4168
20
400
•
20
204
4
4
10
4167
5
Eastern Steel Casting_
Petroleum
1,600 1734 Mar
Mar Cushing
10 9751 Apr 99
1.1751 974
18
Elerriri.• Bo 81 & Ithare_ 100
Cormom•
Ref
&
Oil
Derby
454 Mar
200
Apr
183
194
Mar
195
183
19054
183
100
NY
of
Co
Tr
Equitable
Preferred
4% 72,000 11.0 Apr
11 14
144
Co_l 130
Fay Taxicabs-See Note be low.
5
300 1434 Feb
Feb
Jan Engineers Petroleum
7
554 4,800
5
Federal Tel & Tel_
Equity Petrol Corp pre:Apr
44,000 690 Jan
84
84
Apr
15
920
84
870
84
870
10
Firestone Tire & Rubber
5
011
Federal
Jan
3
Jan
Mar
9,700
460
30 400
5,1
5
440 450
534
•
Ford Motor of Canada_100
Jan
1
Apr 6)
67,500
Apr Gilliland 011, corn
75 58
69
68
•
lo 14 1s4
Foundation Co
Oil
aienrock
Jan
151
5
1
Apr
500
914
Apr
95
1,/
100
934
9334 92
Preferred
011 Corp el A.AO
21,000 55% Jan
65
900 103-4 Jan 1541 Feb GranadaCorp
6031
134
634
• 134 13
25
Pa
of
Gardner Motor Co
Gulf Oil
Mar
870
40,300
64
Apr
Mar
5514
50
54
1ifi
54
24
General Ry Signal com_100
Apr Harris Consol Petrol Corp-1 130
Jan 290
,‘ 63.000 10c Jan
160
1,290 259
3o 3
2814 290
Gillette Safety asser__._• 288
3,400 244 Jan
Jar, 724 Feb Hudson Oil
6831 2,300 56
67
• 68
25 3634 35346
Humble 011 & Ref
Glen Alden Coal
Feb
1,200 80
Mar
Feb
1651
314
3555
04
154
4,300
144
Oil
Goodyear Tire & R com 100 1431
Mar Humphreys (Canada)
1,360 110% Jan
5
44 44
100
334 Jan
1151 1154 119
1/ 13
35
000
Oil
Imperial
Griffith (D W)Inc, el A..•
Mar
13
Mar
7.000
271
Mar
1414
28s
13
40
275
134
272
___•
Y-100
N
Independent 011 & 0
Guar Trust Coot
2
Feb
100
24 211
254 Mar International Petroleum__ _ 2034 20% 214 24.600 2014 Apr
Hall Switch & Sig com_100
Feb
Apr
6
8
100
260 320 54,000 220 Jan
6
6
100
Keystone Ranger Havel_ _1 270
Preferred
Feb
2
Jan
Apr
93
102
200
234 234 3.100
93
1004
91114
• 24
Petroleum
Kirby
Hanna(M A) CO. Pref-100
14 Apr
25 10254 Apr 102% Apr Lafayette Oil Corporation_
134
1% 234 3,500
10234 10234
Hercules Powder prof-.100
Jan
20
Feb
2o
3,000
Jan
24
20
2
1,1
234
2,800
2
•
-1
Royalties
Hayden Chemical
Jan
1 Jail 124 Feb Lance CreekPetroleum
e)
700
14 14 6,400 75e
914 1054
14
Livingston
Bud & Manhat RR oom100 224 2011 234 11,000 20
400 620 Mar
244
Feb
Jan
750
70o
.6
•
Corporation..
011
corn
Lowry
Hydro: Corp.
Mar
Apr
Mar
770
651
534
2,800
500
554
534
810
Petroleum
imperial Tobacco of Can_5
Apr
Jan 1534 Apr Lyons
95 15
270 148
45
4°
15
53
1931 194 1,600 17
Petroleum-100 152
Imperial Tob of0B & 1.Li 1954
Apr
Apr 1051 Jan Magnolia 011, Clam A
5
200
52
13,900 45
64
5
5054 45
634
Mammoth
industrial Fibre Corp....'
Apr
Jan
94
45
Apr
5054
95,900
2,500
464
25 4514 45
Maracaibo 011 Explor___• 2031 1754 21% 2,600
Inland Steel Co
134 Jan
354
1044 10454 1,600 104% Apr 10414 Apr Marland 011
234
34
10454
100
Preferred
Mar
4
70o
4,
Jan
ft
Jan
a
4,400
8,100
631
254
14
154
0.1_10
554
551
Intercontinental Rubb-10U
Jan
Apr Mex e an Paulo:
6,900 684 Apr 72
684 72
14
1% 1% 46.800 80e
10
Corr/
Intermit Telep & Teleg_100 894 240 240
Mar 250
24 Jan
Mar Mexico 011
10 235
100
3
3
Oil& DayJan
Irving Bk-Columbia Tr100
60
14 Jan
434 Apr Mid-Colombian
100
44
21.000
44
260
220
1 240
011
Lake Torpedo B. 1st VIA
Mar Midwest Texas
Jan 25
2314 2334 2354 1,300 18
Lehigh Power SecurIties_.
00
0
;0.0
00
0
•
t4
0 to
0
,NyyWNA,W. A
WN
..001)1tJ004
00vM014,W,
00w0.w..WW000.gwCAAM-44,400
0.-400WOOON0000 0000000000000.000,
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Prim. Low. High. Shares.
Range since Jan. 1.
High.
90 IJan
Jan
20
Jan
22
37% Mar
.lan
4
4% Mar
14 54 Jan
214 Apr
Feb
27
134 Feb
7054 Mar
184 Jan
454 Apr
Mar
34
Jan
112
14 Apr
4 Mar
52,
1104 Jan
224 Mar
154 Apr
Jan
50
1
Jao
5214 Mar
434 Mar
3% Apr
174 Mar
Ian
51% Mar
Apr
93
116% Mar
50e 4 Mar
10234 Apr
5134 Apr
504 Apr
34 (Jan
244 Jan
Feb
109
21 7 Jan
934 Feb
10f Jan
19 • Mar
Feb
53
13% Apr
Mar
377
654 Mar
59% Mar
Apr
29
Apr
38a
6554 Mar
Apr
37
9054 Apr
Apr
7
Mar
8
Mar
56
30% Jan
I% Apr
24 Feb
214 Jan
Apr
5
114 Jan
Mar
84
152% Apr
75e
16o
Apr
Apr
194
94
237
60
264
1614
117
794
171
103
29
138
110
854
25
28)
338
21234
193
1113
884
6914
57
133
285
494
317
554
Jan
Jan
Mar
Feb
Feb
Jan
Apr
Max
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Mar
mar
Feb
Jan
Feb
Jan
Apr
Mar
70 Feb
10 • Mar
7% Jan
300 Mar
14 Feb
24 Apr
Apr
25
84 Mar
7,1 Apr
154 Apr
760 Apr
7% Apr
30 Jan
1834 Apr
494 Mar
250 Jan
Mar
16
Jan
1
7% Mar
2% Jan
Feb
3
NH Mar
21% Apr
180 Jan
414 Mar
394 Mar
123
Feb
1534 Feb
2434 Feb
Jan
40o
4
Jan
254 Apr
40 Feb
2% Mar
14 Feb
14 Jan
Jan
168
86
Feb
214 Apr
334 Feb
Mar
3
2% Mar
4
Jan
30c Jan
1637
THE CHRONICLE
APRIL 14 1923.1
Sales
Friday
Last Week's Range for
Prices.
Week.
of
Sale.
Other 011
Stocks (Concluded) Par Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Go
.41C
300
154
641•
234
134
430
154
50o
264
750
13.
331
3
le
1
20
208
40
Sc
1934
75e
Apr
High.
8o1
154 Mar
43c
Apr
134, Jan
89c Mar
Mar
4
254 Ian
67c
Feb
254 Feb
Apr
880
38% Apr
154 Max
Jan
23"
554 Mar
634 Apr
bc Mar
1% Jan
Jan
60
550 Feb
Apr
280
90 Apr
274 Apr
1% Apr
80 21,000
Se
6c
134 Mar Tarbox Mining Co
14 Jan
1,000
154
14
1
131
Mountain& Gulf 011
13
.4 7,100
1
1
1
reek-Hughes
15,500 1634 Apr 2031 Feb
1634 18
Mar
Mountain Producers... _ 10 1634
400 43e 31,000
Temiskaming Mining
Mar
Apr
1534
II%
91,600
1351
1231
1131
Apr
etre_
trust
Mutual Oil vot
134 6,000
154
Dev___1
Tonopah
Belmont
134
Feb
Mar
2131
100 14
154 154 154
Feb
75,100
New York Oil
830
74c
750
Tonopah Divide
1
3,on
Jar
210 22e 15,000 210 Mar
Apr
18.500
Noble(Chas F)011 & Gas_l 21c
4
231 35
3
Jan
Tonopah Extension
1
700 60c Feb 78c
65e 700
1 700
.1Preferred
5,100
1134 2
Tonopah Mining
1,34
I
ON Mar
Jan
1
134 13,800
134
154
10
Apr
5.000
Omar Oil& Gas
43c 450
Mar
Tuolumne Copper
1 45e
13
Asir
200
631
654
7
654
Jan
Peer MCorp
I% 254 42,700
United
Eastern
Mining
I
131
1434
Mar
Jan
934
124 144 13,800
10
. 1231
Mar
Pennok 011
2,500
880
85c
88e
Imperial
Mines.
_
.1
United
Mar
5
inn
2
351 454 17,400
3%
Jan
Pennsylvania-Beaver ,,ii. I
7,200
3334
35
74 Mar United Verde Extension _50 38
534 Mar
64
654 674 22.600
Feb
Royal Can 011 Syndicate..'
400
89c 90e
6
Consolidated•
64 Mar United Zinc Smelt
Apr
4
4
6
15,000
Mar
Ryan
8,000
19e
16e
170
Feb US Cont Mines
14
Jan
1051
124
1,000
1114
Oil
1134
Consol
Creek
Salt
Jan
554 5,400
5
5
Unity
Gold
Mines
5
Feb
Tan
2534
2054
10,100
24
Feb
Salt Creek Producers.._I0 224 2234
431 6% 10.500
634
614 Mar Utah Apex
551 Mar
534 574 6,200
554
Santa Fe Oil & Refining__5
.1,,
50 10.000
4o
Victory Divide
10c
Mar
434
Jan
2%
4
44
11,100
4
6
Apr
Sapulpa Refining
13
4 12,700
1
114
West End Consolidated...5
374 Jan
234 Apr
200
5
231 254
Feb
Savoy Oil
Sc 33,000
20
2c
Apr West End Extension Min_
4
231 J:ii.
35,200
334 4
6
334
Seaboard Oil& Gas
Jan
2.000
SOc
30a
Western
Utah
_
_1
300
.1...
Copper_
I3c
Mar
4c
49,000
2:
3c
3c
Mar
SoUth Petrol& Refining I
29,800
190
10c
Wettiaufer
Lorrain
Mar
250
Apr
Or
Or
1,000
90
Southern States Cons Corp
Jan
3,000
4o
4c
1
2431 20,300 1334 Jar. 2834 Mar Wilbert Mining
2454 23
Southern States Oil
Mar
1.750
Feb Yukon-Alaska trust certifs. 2734 2434 2754
38e 420 110,000 38: Apr 89e
1 390
'Felon Oil & Land
Jan
5
58.1011
1134
13,4
134
Yukon
Gold
Co
Mar
Mar 12
12
100 10
12
Tidal Osage Oil non-vot_ .
Bonds
134 Apr
154 32,600 86c Mar
154
Ili
Turman Oil
5
7634 Jan
Allied Pack cony deb (Ss '39 6034 60
65 $19,000 60
Feb
Arg 8454 Jan
Jan 30c
28c 280
2,000 230
Western States Oil & Gas_l
APr
7754 15,000 75
88 Series B w 1
1939 7614 75
39,000
64 Jan 104 Jan
834 9
5
831
Feb
Wilcox Oil& Gas
107
14.000 1034 Mar
106
Aluminum
Mfrs
78_1933
10534
10.531
25e
Jan
Jan
250
1,000
25c
250
26e
•
Mar
Woodburn Oil Corp
79
1925 10334 10354 1034 7.000 1024 Mar 106
Jan 200 Mar
12,000
80
130 14c
1
Jan
"It" 011 & Gas
964
Feb
50,000 gb
8854 94
Amer Cotton 0116s. _1924
Mining Stocks.
9834 Mar
9354 Ap
234 Mar Amer CI & E deb 6,..2014 9431 9451 9454 31,000
2
Jan
254 234 3,700
254
Alaska Brit Col. M etals_ _1
64 Mar Amer Lt & Trac 6s.,1925
300
6
234 Jan
.5
Alvarado Min & Mill_ .20
Without warrants
1014 10134 1014 13,000 10034 Mar 10134 Feb
Jan
II,. Jan
Sc
90
Sc
2,000
Amer Comm
Mar 100% J."
99
994 29,000 99
154 Apr Amer Rolling Mill 6s__1938
20
50o Feb
134 14
American Exploration
9654 9834 42,000 954 la, 994 Mar
Apr Am Sumatra Tob 70_1938 98
2c
2c
Apr
2e
1,000
20
20
Amer Tin & Tungsten____
10034 Mar 10131 Jan
58,000
10031
10034
Amer
Tel
St
Tel
10034
6s____1924
Feb
2756
Mar
2654
22
300
2634
Anglo-Amer Corp 13 Afr..£1
1004 10034 10,000 10031 Apr 103% Mar
1928
Feb 85 • Feb Amer Thread Gs
530 590 67,900 lOn
Arizona Globe Coppei_ .1 590
Apr 1043.1 3aD
103 10334 13,000 103
Anaconda Cop Min 75_1929 103
Jan
Sc
Sc
4,000
20 Ma
30
3c
10c
Belcher Extension
APr 10334 Feb
10 4 10134 26,000 101
6%
notes
10131
I
Series
A
1929
40
in.
le
le
20 21,000
Big Ledge Copper Co._ _6
Mar 1034 Jan
1024 10354 45,000 102
1654 Apr Anglo-Amer 01175411..1925 103
100 1634 Apr
1631 163.4
Bingham Mines
Armour & Co of Del 5548'43 90
90
Jan
9031 1033000 884 Apr 96% Jan
150
Jan
10c
9c
100
1,000
Blackhawk Cons Mines_l
10134 1043.4 6,000 10434 Apr 105% Jan
Jan Armour & Co 7% notes_'30
Apr 16c
4c
40
40
4c
2,000
'Booth
Mar
16c
19c
12,000
90 Feb 22c Mar Atl Gulf & WI SS L Sc 1959 5754 574 5834 13.000 5134 Jan 82
Breton & Montana Dev_ 5 170
8134 Mar
Apr Beaver Board 8,3
1933 8054 8034 8134 46,000 6534 Feb
234
2
234 39,200 90c Mar $3
Butte & West Min Co__ 1
Apr
8156
Jan
68
1,000
8136 814
Ctfs of deposit
Mar
4
600
354 34
._ _5
234 d a .
334
Calaveras Copper
Alir
Jan 103
10056 10054 4,000 100
Jan 220 Feb Beaver Products 7345.1942
170 17e
1,000 Ilc
Calumet& Jerome Cop Co.
105%
J55"
10054
1004
4.000
1004
Mar
Bethlehem
Steel 7s___1923
234 Jan
Apr
2
2
24 3,700
1
24
Canarto Copper
Feb
46,00 1(124 J., . 104
Equipment 7s
in
1936 10231 10254 103
Apr 380
180 22e 195.000 18o
1
190
Candalaria Silver
Apr
1074
11054
1
9,000
103
Jan
Jan
Canadian
70_1935
Nat
Rys
0734
13c
Feb
10o
llo
llo
2,000
Cash Boy Consolidated... Ile
Canadian Pacific 68___1924 10034 1004 10054 9.000 100% Mar 10134 Jab
530 55e
550
5,700 500 Mar 75c Mar
Chino Extension
Feb 107% ian
Apr Central Steel Rs
1941 10754 10754 10734 22,000 106
19e
150 200 46,000 150 Mar 200
Comstock Tunnel
Mar
Jan 97
11,000 94
Charcoal Iron of Am 80.'31 944 9434 95
Mar
434
34 Feb
356
34 334 5.900
Consol Copper Mines newb
Jan 96% Al/r
Cities Sexy 75. Set C 1966 934 9354 9554 2,000 91
15o
1•
lle
15c 33,000
So Feb
Consol Nevada Utah Corp 110
Feb
Feb
9334
9134
11,000
9034
9034
Feb
7s
Series
D
1966
554
la',
44
5
3,100
431
5
Continental Mines. Ltd
Jan
Mar 30
22
234 18,000 20
500 550 12.100 45c Feb 660 Mar Columbia G'phone 85_1925
Copper Canyon
Jan
Cons0 E I. & P Balt 65'49 1004 1903410134 7,000 1 1 031 Mar 103% Jan
15e
110
130
2,000 110 Fob
Cork Province Mines_ _1
108%
Feb
10656
10631
22.000
Mar
is
34
1931
10534
Jan
880 91e 45,000
7Io Ma
1 910
Cortex Silver_
Jan
Apr 100
1731 174 9.000 97
Jan
554s Series E
1952
150
Jan
4o
40
4,000
20
Crackerjack Mining
Feb
Jan his
27,000 (..
984 100
354 Apr Cense! Textile Rs
1941 99
2
34 11,300
2
AP
2
Cresson Con Gold M & M.1
Jan
107
4,000
105
Jan
1054
10554
Mar
Cuban
1941
Tel 754s
Feb 63c
8.700 32e
580 61c
1 600
Crown Reserve
1931 10236 10031 10254 62,000 984 Mar 10334 Feb
Deere & Co 74s
130 Jan
100
10e
4,000
90 Feb
Divide Extension
1
101%
34.000
9934
Apr
Jan
9934
1004
Detroit
65_1947
City
Gas
Feb
251
14
3,800
134 2
b
Dolores Esperanza
Jan
9,000 1025,j JJ, 104
10236 103
Detroit Edison 68_ _1952 103
650 740 15,600 60 • Apr 81e Feb
710
Dryden Gold Corporation_
Jan
97
9654 118,000 96
Feb
9551
9634
Feb
DunlopT&Rof
Am75.1949
9%
Apr
856
831
100
834
East Butte
APr
10034
1004
24.000
9974
Mar
Fisher
68..1924
10034
Jan
Body
Corp
40
20
3c
7,000
2e
Ja.,
El Salvador Silver Mines_l
Bs
1925 9931 094 9931 54.000 5,831 Mar 1004 Feb
90 Jan
30
30
3c Feb
1,000
1
Ely Consolidated
Feb
24,000 9734 Mar 100
Jan
6s
1926 9856 934 99
4c
2o
3o
12,000
20 'fart
1
Emma Silver
pp% Feb
97
9754 36.000 965,4 Feb
Jan
6s
1927
150 20e 54,000 150 Apr 37c
1 190
Eureka Croesus
9531 9054 63.000 9431 Mar 98% Feb
8s
964
1928
740
Mar
300
188.300
20.'
200
240
Fortuna Cons Mining
Apr 994 Jar.
30.000 96
720 750
6,100 620 Feb 250 Apr Gair (Robert) Co 70..1937 9634 9636 97
75e
Gold Coin Mines
354 Mar 1,1534 Ms!'
3.000 1,
104% 105
Eke Mar 3alena-Signal Oil 75..1930
45e
410 470 46,000 300 Feb
Golden State Mining
Jan
Apr
105
8.000
103
10434
Jan
Gen
103
Asphalt
Ss
1930
110
Apr
So
9c
60
8,000
Goldfield Consol Mines.10
Jae
19.000 10334 Apr 107
10434 105
80
So
100 39,000
80 Apr 240 Jan Grand Trunk Ry 6545.1936 105
Goldfield Deep Mines Co 5c
97% Jan
Jan
Gull
0110?
9434
95
61.000
Pa
5s
1937
95
934
Mar
340
Jai
40
12e
19,000
90
90
Goldfield Development ___
Mar 100% Jan
10054 10034 6.000 100
Jan 760 Feb Hocking Vail RR 65_1924
42e 47c 28,000 290
1 43e
Goldfield Florence
"
3
.1a1
57e Mar Hood Rubber 7% notes.'38 10131 1014 1014 23,000 i1514 1,i , 102
440 440 11,000 350
440
1
Goldfield Jackpot
i
954
Jan 9154 Mar
Jan
acerb
recta.
98
9954
69,000
It
T
gs
J
PM
Sc
Jan
lc
10,000
20
2c
Goldfield Oro
Jan
10014 10054 4.000 1004 Apr 101
11c Feb Kansas City Term 68.1923
AP
70
7c
3,000
7c
Gold Zone Divide
Jan 105% Jan
Jan
Kennecott Copper 78_1930 10454 10394 1044 14,000 103
130
Jar
60
60 15,000
30
(5c
1
Hard Shell Mining
10234
Libby
993.4
Jan
Jan
McNeill&
Libby
70'31
100
9934
10034
30.000
Mar
10
,
Jar
60
7,000
Sc
Sc
10c
Harmill Divide
102 102
2,000 10154 Mar 103% Jan
7c Mar Liggett-Winchester 75_1942
1,000
3c Ma
Sc
5o
Hasbrouck Divide
1
Jan
914
Mar
9%
Feb
Louisa
Gas
&
8634
15.000
88
Klec
5s
_1962
873,4
Jan
8
5,800
94
931
9
26c
Mania Mining
Apr
Mar 210
Maracaibo 011 Ex,) 76 1925 201
170 210 148,000 lob
22e 24c
3,000 15c Feb 86: Feb
Henrietta Silver
Apr 126% Jan
47.000 99
99 102
1% Feb Morris & Co 7568.____1930 99
14 Ja‘,
1114
194 1114 29,400
Hilltop-Nevada Mining___
Feb
Nat Acme Co 7345_ _ _ _ 1931 9634 96
9654 28.000 9.534 Jan 974 Mar
1,400 114 Feb 14
1234 13
1231
HoUinger Con Gold Mines b
2.000 in 44 in, 10031 Mar
106% 10634
63e 700
8,100 58o Feb 740 Mar Nat Cloak & Suit 8s. _1930
Homestake Ext Mining __I 680
Jan
Mar
Mar 102
National
101
16.000 100
Leather
10056
8s__1925
434
Jan
314
15,400
354
Howe Bound Co
1
231
34,000 8854 Apr 89% Mar
Jan 48: Mar New Orl Pub Sera 5s. _1952 8354 883.4 89
35e 410 68,000 307
Independence Lead Mln .1 36c
N Y Chic & St L RRJa
Jan 380
30e 34c
1 300
15,000 280
Iron Blossom Cons M
Mar 10054 Feb
Series C 65
1931 9934 9934 9974 8,000 98
34 Feb
231
1
274
700
254 Jan
231
Jerome Verde Devel
Jan
134, Apr Ohio Power 5s
854 87
60,000 8(5.4 Apr 42
1952 87
Jib Consol Mining
Me 14 80,200 96.3 Apr
154
Jan Penn Pow & Lt 55 B 1952
Apr 9034 Jan
87
87
3.000 88
6c
Jan
1
Sc
bo
50
3,000
4.3
Jim Butler Tonopah
Jan
10534
3%
Jan
Phlla
Mar
Electrie138
103
103
2,000
10231
1941
200
234 APr
3
331
Kerr Lake
5
Jan
556s
1947 10054 100 10094 13,000 9834 AP 10254 J"
8c
3e
20 Mar
1
50 10.000
Kewanus
Mar
Apr Phillips Petrol 754s
Jan 140
120
7c
1931
20 Jan
5e
30
7o 36,000
Knox Divide
10o
Without warrants
102 102
1,000 1014 Ma 103% Feb
250 25c
Jan 40c Feb
1,000 250
La Rose Consol Mine_ ..5
Apr 104% Jan
Public Sera Corp 78w 1241 10234 10251 10214 38,000 102
Me
40
3o
4o
3c Mar
16,000
Lone Star Consolidated A
Jan Pub Serv El Pow 68..1948 9734 9734 9734 36,000 9734 Apr pm Apr
So
3.3
10 Mar
4o
11,000
MacNamara CrescentDevl
Jan Sears. Roebuck & Co 78223 1004 10034 10034 34,000 10031 AP 101% Jan
7c
30
4c
30 Apr
1
2,000
MacNamara Mining
Ja
Apr
Ma 106
Shawsheen Mills 7.4._ _1931 10454 10454 105
10,000 LA
210
110
21c
21a
70
Mar
Divide
48,000
Mammoth
14,000 994 Apr 100% Jan
Jan Sheffield Farms 64s_ _1942
9934 100
130
12e
lbo
130
6.000
80 Jan
Marsh Mining
9694 97
5,000 98
Feb 084 Feb
254 254 6,400
:31 Mar Sloss-Sheffield S & I 681929
154 la.
5
Mason Valley Mines
1044 10434 9.000 104
Mar 10534 Jai
254 Apr Solvay .4 Cie Ss
24
1927
231
231
200
251 AP
Mining Co of Canada
Apr South Calif Edison 55_1944
12,000 85
894 90
Mar 9731 Jan
590 590
100 59e
Apr 59c
Mohawk
Apr
Apr 107% Jan
Stand
011
of
N
105
10554
45,00
Y
1054
104%
1
6451933
640
ble
050
65e
27,700
0
Jan
Copper
Apr
7% serial gold deb_1925 10451 1033-410434 7,000 10254 Mar 106% Feb
100
10.3
13e
e
Ja
an
2,000 17n
Jan
Montana Tonopah
Jan
1044 10454 13.000 103
Apr 1054 Jan
7% serial gold deb __1926
40
40
60
4c
8,000
Jan
4c
Nabob ConsolM I ning
Apr 1.173( Jan
14.000 103
7% se-ial gold deb__1927 10594 105% 106
150 18c 37,000 15., AP
I
32e
We 17e
National Tin Corp
1
7% serial gold deb__1928 10634 10534 10754 12,000 10654 Jan 107% Mar
18c
160 18e
2 le Mar
8.000 100
Ja.
Nevada Ophlr
Apr 11034 Jan
Jan
7% serial gold deb...1929 10654 10534 10654 17.000 104
2o
20 18.000
20
10
Nevada Silver Horn
Jan
7% serial gold deb__1930 10654 10351 105% 9.000 10154 Feb 1094 Jan
194 • 22
1,000 1631 Jan 24% Mar
New Cornelia
Feb
7% serial gold deb__193I 10354 103 10334 9,000 10634 Apr 110
44 Mar
331
34 454 9,700
New Dominion Conner....
24 Jar
Mar
Mar
Sun
177
176
18014
Co 75
1931 1024 102 1024 14,000 10154 Feb 103
100
17834
205
Zinc
New Jersey
Mar 98% Jan
So
97
1,000 97
37c
370 370
97
1929
1.000 13
New Ray Mines
68
70
4 Apr
; 370 Apr
Feb
Apr Swift & Co Ss. _Oct 15 1932 9034 9034 9034 147,000 8 174 Mar 94
600 660 55.700 300
Jafl 66c
1g Y Porcupine Mining.... 65e
3,500
54 1a
04 Mar Tidal Osage 011 7s. _..1931
10254 103
6,000 1024 Mar 10331 Jan
551 6
6
594
Nipissing Mines,
United 011 Produo 8.1. _1931 103
103 10554 13,000 9631 Jan 1064 Ms/
3c
30
Sc Feb
50 14,000
Jan
Nixon Nevada Mining Co.
30
Jan
28,000 104% Apr 107
810 980 132,700 37n
ILO Mar United Rya ol Hay 754e '36 108
10534 106
.
Ohio Copper...
20e 20ct
10634 107
24,000 10634 Mar 10731 Jan
900
-1
1
1936 107
1,000 20e
Apr 200 Apr Vacuum 011 7,3
Pitts& Mt Shasta Min- _-_- .
73% Jan
Apr
Wayne Coal 65
90
100
62
83
3,000 32
AP
90
62
Apr
1,000
9c
Prince Con M & S
Foreign Government
6
131
254 Mar
154
134 54,000
Feb
1
Ray Hercules, Inc
bo
and Municipalities
5o
8. Apr
8c 67,000
lair
2c
Red Hills Florence
Apr
Jan 1004 Jan
51c
500
68c
Argentine
650
Nation 7s...1923 10034 10054 10034 66,000 100
17,000
Mar
Warrior.
400
Red
Apr
60
Mexico 45
42 248,000 3654 Jan 42
Sc
60 25,000
1945 4154 40
Sr' Feb
se
,i 1\
Rex Consolidated MI111111_1
fis 10-year series A
5954 5754 594 96,000 854 Mar 595' Apr
230
190 24e 27,000 193 Apr 290 Feb
Richmond Coe M & Dev.
Feb
10054
Feb
196,000
9754
Mar
994
_
_
.1
130
12o
180
934
Corp_
140
Apr
Netherlands(Kingd)6513'72 994
16,000 120
Rochester Silver
9951 Mar
Apr Peru(Republic) Sew 1.1932
Feb
670
670 680 10,900 460 Mar 138c
9954 994 14,000 97
St Anthony Gold M
1654 Feb
67o
620 67c
13
974 Jan
13
2,000
le Mar 670 Apr Russian Goat648.___1919
45c
Salida Mines
16% Feb
Jan
Jan
lo
le
Sc
Certificates
124 1254 14,000 9
20 29,Z1
Apr
125.4
Sandstorm Kendall
Feb
16
20
40 Feb Russian Go% t 54s____1921 1351
1,000
931 Jan
1
30 25,000
1334 1351
Apr
20
San Toy Mining
Mae
16
Jan
Apr
12.000 10
3e
lc
3e
Certificates
2,000
1254 124 14
10
Apr
Seven Metals
Jan
lyi
IL% 23
Mar 104
1% Apr Switzerland Goat 5%6.1929 1024 10234 103
1c
16.000 102
54 18
150:0
22 500 Mar
Silver King Cons
Apr
60 Feb 23cs
Sliver King Divide Reorg- 230
O
Ex-100%
WO'
marks.
a
050
"
Dollars
per
ISM
Odd
Feb
value.
4
14
8
c
40:
lots. • No par
4
24
20 18:0
I
int
000
14o
600
SilverMines of AmerAmerica....America.... 22e
the Stock
50o Feb cloud. o Marks. tCorrec ion. m Dollars per 1.000 nre Slat. 1 Lieted onEx-speetal
FJan
Silver Queen Mining Corp. 44c
inn Exchange thLs week, where additions) transactions will be found. S
47o
47e 47e
4,000 3
b 53c
4re
Silversmith Mining
dividend
-special
Ex
New
stock.
tr
1 420
380 50e 32.800 21: Feb 50• Apr dividend ot 226. is Ex-extra dividend 01 820. a
Simon Silver Lead
stock
434 Jak of San and regular dividend of 23. r Ex-100% stock dividend. a 80-50%
34
335 34
Jan
1.400
3
South Amer Gold& Plat_ _1
i E"-"t4eal
dividend,
a
Ex-68
dividend.
s
dividend.
2-3%
neck
110
Jan
Ex-200%
stock
So
13c
13e 219.000
40 Mar
Spearhead
dividend.
Es-etoek
u
P ET-rights
Jan div. 01 40%, a, When Issued. s Ex-dividend
I
60
Sc
50
6c
7,000
Stewart Mining
"wbea
Note.-All sales of Fay Taxicabs, Inc., from Feb. 26 to Mar. 7 1922 on a
Jar,
550 60c
1 560
lat a n 64c
8,30
460
50
&mess Mining
New York Curb
lbe
150 22,000
10
Jan 150 Apr lIsued" basis have been declared void by the governors of the
Sutherland Divide
plan.
financial
Market Association upon notification of abandonment of Use
a%
1638
Sintestutent an
gailiroati intelligtnce.
RAILROAD GROSS EARNINGS
t The following table shows the gross earnings of various STEAM roads from which
regular weekly or monthly returns
Gan be obtained. The first two columns of figures give the gross earnings
for the
two
oolumns the earnings for the period from Jan. 1 to and including the latest week or latest week or month, and the last
month. The returns of electric rai/waya
are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
I
Jan. 1 to Latest Date.
Week or I Current Previous
Month. I Year.
Year.
Current
Year.
Previous
Year.
ROADS.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Week or
Previous
Current 'Previous 1 Curre4i
Month. I Year.
year.
Year. I Year.
1
11
$
$
Mr Can & Youngst February
201.917 159,019
393,460
314,535 Minneap & St Louis 1st wk Apr1 331,0491 231 4291 4.562,359 4,292.966
Alabama & Vlcksb_ February
249.306 230,051
568,217
Minn St P & 88 M_ February 3,291,034 2,427.119, 7.392.937 5.089,248
469,791
American By ExpDecember 13932847 10390310 15251.3171 184896762 Mississippi
Central.. February I 152,325 113,879! 310.541
228,854
Ann Arbor
4th wk1VIar
57,101 137,782 1.046,684 1.141,902 Mo Kan & To,Syst February
4,043,918 3,737,071 8,732,815 7,589,738
Atch Topeka & S Fe February 14170447 12375461 30.619,347 24.774.102
Missouri
To,February 2,441,070 2,116.922
Kan
5.311.111 4.256.292
Gulf Colo & S Fe_ February 1,624,530 1,497.701 3.694,404 3.113,092 Mo K & T Ry &
February
of
Tex
./08. 3,2.38.839 3,003,835
Panhandle S Fe February
517,732 530,142 1.141,040 1,058,626 Mo & North A rkan_ February 11,517,91711,510
1 101.7851Notin OP.' 216,792 Not in op_.
Atlanta IlIrm & A tl_.February
374.665 274.087
777.691
547.839 Missouri
_ February 7,601,442 7,424.424 16,373,470
14,910,408
Atlanta & West Pt- February
223.255 160,008
463,931
Mobile
& Ohm
341.570
1st wk Apr 404,7571 341.532 5,731,137 4,424.612
February
Atlantic City
225,343 215,099
468,729
Colum & Greenv_ February
436.740
105,524
216,852
95,7041 246.089
Atlantic Co 04. Line.. February 7 286 470 6.1.16.209 14.382.2.1i 11,3•:.
I .325 Monongahela t1enn _ January
205.123
94.186
93,186
205.123
Baltimore az Ohio February 18692393 15033672 39,249.363 29,303,432 Montour
February
116,474
90,652
167,434
260,791
B &0 Ch Term February
262,787 209,522
556,518
Nashv
Chatt
410,607
February
&
St
L
1,820.0181.501,
493 3.749.141 2,957,616
Bangor & Aroot•toos February
490.118 698,080
WV
,uo7 1.376,649 Nevada-Cal-Oregon 4th wk Mar
22.2091
6.287
4,088
43,740
60,413
Bellefonte Cen•ral.. February
12.449
6,472
13.573 Nevada Nortiieru_ February
58.621
18.891
36,270
1109.126
Belt Ry of CI icago_ February
552,255 495.621 1.173.070
931.055 Newburgh & Sou Sh
162.020 169,045
268.529
Bessemer & L Erie February
321,843
920,607 579.020 2.101,927 1,138,520 New On Great Nor_ February
February
213,044 194,261
388,484
448,250
Bingham & uarfield February
32.994
9,618
65.183
19,500 NO Texas & Me,... February
258.750 216,868
434,486
533,982
Boston & Maine__ _ February 5.931.100 5,927.074 12.244,159 11.708.447
Beaum S L & W February
191,364 179,959
333,753
375,731
Bklyn B D Term.. February
129,790 127.168
268.fl23
249.078
St 7.Brownsv &M February
393 347 454.112
905,123
826,121
Buff Roch & Pittsb_ 1st wk Apr 354,481 240,241 4,725.866 3,377,273
New York Central February 29284565 25787057 63.749,275
51,655,739
Buffalo & Slug
February
237,179 192.347
509.413
Ind Harbor Belt.. February
364.195
845,510 728,092 1.842.946 1.407.499
Canadian Nat Rys_ lot wk Apr 4.560.5573.691,358 37,553,310
32,653,661
Michigan Central February $6,747,799 5,532,241 14,622,871 10,809,285
Canadian Pacific_ _ _ 1st wk Apr 3,111,000 2,970,000 39,875,000 38.250,000
C & StLouls. February 7.091.1586,478,725 15.466,970 12,516,845
Caro Clinch & Ohm_ February
652,784 583,1321 1,380,368 1,182.212
Cincinnati North_ February
411,6291 299,3891 846,801
547,075
Central of Georgia_ - February 2,157,738 1,647,2071 4,317,485
Pitts
& Lake Erie February 3,324.91311,832.3151 6.861.797 3.608.588
3.154.094
Central RR of N J_ _ Febary
ru
4.055.034 4,045,016 8.419.606 8,014.923 N Y Chic & St Louis February 3.125.989
2,980.006 6,739,164 5.695,997
Cent New England_ February
511.986 615,168 1.032.625 1,143.242 N Y Connecting
February
441,681 250,408
465,599
537,067
Central Vermont
February
603,328
.
1,219.123. . 33 NYNH& Hartf_ - February 9,278,493 8,677,023 19,190,049 17,301,526
Charleston & N5 oar February
306,420 247,6211 617,456
987,914 N Y Ont & Western February
846,129 959.926 1.807,968 1,766,229
Ches & Ohio Lines._ _ February 6.819,7896.980.645 14,462,470 12.870.187
N Y Sum & West February
372,994, 337,200
Chicago & Alton-- February 2.420,878 2,561,4391
760.368
661.640
Norfolk Southern February
696,651 620,240 1.380.288 1,140,105
Chic Burl & Quincy_ February 13126287 12082472 5,363.020 4,988.919
4,616 Norfolk & Western_ February 6.595.565 6,325.621
Chicago & East Ill- February 2,230,408 2,085.9/8128.310.32423,74
13.494.474 12.353,292
4,876,5401
Northern
4,141,553
Pacific
February
6,534..900
504 2.to 5.85019
3
225
9
883
4,, 9
47:6
7 14,422
Chicago Great West February 1,882,970 1,745,349 4,006,188 3,375,837 Northwestern
1.0i.92,4
31 11,9
Pac Ilrebruary
Chic Ind & Louisv__ March
1.611.535 1.397.685 4,374,446 3.748,235 Pennsylv RR & Co_ February 494Al
813 45604997 105125743 91,192,068
Chic Milw & St Paul February 12346682 10402775 26,816,921 21,275,022
Balt
Ches
&
'February
Atl
148,946
Chic & North West- February 11448293 9,897,064 23,978,87319,87
77,682 4.085
Long Island
1.881
February 2,08 . 71 1,863.172
'Chic Peoria & St L.. February
:127 8,784,475
101,1b0 202.9431 261,871
Mary'd Del & Va.. February
394.120
46,921
112,373
Chicago River & Ind February
113.677
55.415
567.09911 1,207.306
Monongatiela_
_ _ _ February
347.0231 436.038
806.668
787.782
Chic R I & Pacific- February 8.563,857.8,532.715 18,930,248 17.100 -.951
rob Poor & West.. February
151,8991,
270,039
Chic R I & Gulf- Feoruary
354,4561 436.801
832.960
W Jersey az Seash February
907.113
839,239 794,765 1,791.246 1.515,097
Chic St P M & Om_ February 2,066,761j1.921.077 4,487,681
3,893.668 Penn RR(entire sys) February 52702591 48562262 111971 909 97.091.171
Cinc Ind & "Western February
794,840
367.9131 349,416
669,495 Peoria & Pekin Un_ February
135.281 172.398
Colo & Southern...-. February
816,766
299.046
906.624 978.52 '2,014.836 1,880,358
Pere Marquette........ February 2,998,522 2.683.836
Ft W & Den City- February
6.509.104 5,122,023
646,819 679.007 1,379,471 1,351.838 Perkiomen
February
83.658
Trin & Brazos Val February
84,419
188.304
172,046
128,329 327,787
293,953
Phila
&
Reading.....'
791.599
February
8,177,517 6,923.568 17,428,565 13,044,326
Wichita Valley_ _ _ February
92.553
92.929
201,655
198.810 Pittsb & Shawmut_ _1February
120,0051 131,342
27.).775
Delaware & Hudson February 2,954,6543.808,103 6,204,170
232,447
Pitts
Shaw
&
North
7,217.716
February
130.973
108.485
Lack
293
202.954
975
&
Western
Del
.
February
,233,585 6,072,949
12,266,540 Plttsb & West Va February
244.155 257.824
Deny az Rio Grande February 2,377.1632,214,113 12.905,042
484.451
509.727
5,027,566 4,546,092 Port Reading
February
255,063 227,242
Denver & Salt Lake February
579,883
405,471
160,045 134.881
303.003
249,450 Pullman Company.. February 5,101,273.4,216.373 10,673,496 9,639.772
Detroit & Mackinac February
121,969
91.953
247,100
Ouincy
Om
& K C February
195.217
80.3631 50,077
214.031
Detroit To!& Iront_ February
152,895
680.955 • 616.586 1.450.626 1.056.022
Rich Fred & Potom_ February
876.991 776,432 1.840,687 1,527,586
Det & Tol Shore L__ February
275,582 361.397
646.136
629,256 Rutland .........February
457,884 422.a ,1
96a 442
834,373
Dul & Iron Range__ February
199,653
93,282
374,805
193,070 St Louis-San Fran 1st wk Apr 1,696,129 1,565,300 22,792,482 20,525,371
Dul Missabe & 1sTor_ February
146.192
98,430
279.105
Ft W & Rio Grand February
224.685
91,101
93,033
21n,198 • 198,277
Dul Sou Shore & Atl 1st wk Apr 111,713
71.067 1,344,382
St L-S F of Texas Februay.
905,233
105,055 119.454
Duluth Winn & Pac February
241.413
258.351
229.884 148,250
443.357
St Louis Southwest_ February 2,227.932 1,760.148 4,890.673
316.427
3,705,468
East St Louis Conn_ February
205,448 131.302
408,413
St L SW of To,.... February
263,115
558,372 526,597 1.274.123 1,150,110
Elgin Joliet &
February 2,016.488 1.644.366 4296.1461 3,112,1/06
Total
1st wk Apr 541,960 473,500 7.904,618 6,303.854
El Paso & Sou West February
939,120 788,2351,975.7371 1,542,104 St Louissystem.....
Transfer February
76.0741 105,000
148,288
212,087
Erie Railroad
February 9,316,309 7,658.078
18,968,634 14,835,328 San Ant & Aran
February
359,7181 388,79J
Chicago & Erie February
773,261
753,599
946,194 842,538, 1,967,666 1,692.916 San Ant UvaldePass
&
G
February
76,2361
NJ&NYER February
66,259
157,264
132.083
117.438 113,553
242.330.507 Seaboard Air Line February 4.542,4763.409,246 9,030,207 6,997,815
Evan Ind & Terre B February
137.179 409.8721 298,838
208,622 Southern Pac Syst_._ February 19208874 17332355 40.449.25635.968,006
Florida East Coast_ February 1,724,118 1,443.1491 3.222.390
Southern Pacific Co February 13245017 11363771 27,475,969 23,795,506
Fonda Johns & Glov February
128,153 120.7171 263,114 2,652.685
Atlantic 88 Lines February 1,078,638 996,091 2,201,663 1,888.314
237,846
Ft Smith & Western February
119,065 107.493
260,861
Arizona Eastern. February
216,844
279,103 200.567
Galveston Wharf_ _ _ February
382,952
578,667
106,263 101.0411 232,597
Galv
Harris & S A February 1.676,989 1,655,847 3.568.315 3.285,439
205.938
Georgia Railroad
February
439.099 336.035
912,028
bus& Tex Cent.,February
680,417
975,807 1.090,348 2,203,194 2,504.229
Georgia & Florida 4th wkMar
44,500
40,590' 444.227
Hous E & W Tex. February
319,054
193,525 212,452
437,816
428,107
Grand Trunk Syst 341 wk Mar 2.222.865 1,930.118 23.244,920
Louisiana WesterniFebruary
326,272 374,439
719,234
Atl & St Lawrence February
759,503
277.746 323.2221 626,676 20.861,357
Morg La & Texas February
600,250
690,845
627,047
ChDetCanG TJet February
1.585,869
1,235,437
252.035 180.6941 478,392
Texas & New Orb. February
382,305
628.789 720.895 1,3 8.393 1.549,639
Dot G H & Milw_ February
429.374 319.848, 862,662
Southern
Railway
wk
645,283
1st
Apr 3,883,824 3.303,068 51,824,606 41.753,077
Grand Trk West, February 1.201,600 ,080,6401 2,691.342
Ala tireat South_ February
2,093,422
814,191. 1100.952 1.701,714 1,329,400
Great North System February 6,781,035 5.703.628 15,655,995
11.599.845
CM N 0& To,P.. February 1,741,934 1,261.953 3,615,943 2,566,559
Green Bay & West.. February
88,245
97,939, 195,202
Georgia Sou & Fla February
203,498
390,093 337.019
Gulf Mobile & Nor.. February
766
5
0
764
48:60
61
:165
420,670 314.1371 905.141
New Orb & Nor B. February
643.964
537,848 473.305 1.14267
Gulf It Ship Island_ February
8
228.915
.650! 487,2181 434,944
Northern Ala.. __ _ February
117.926
82,921
Hocking Valley... February 1,124.374 1.058.9421 2.431.8331
267,703
167,987
1,997,237 Spokane Internat.. February
91.048
170,966
80,137
192.337
Ill Cent(whole sy/)_ February 14748987 12817287 31,344.108 25.425,970
Spok Portl & Seattle February
534.162 486.542 1.1154.844 1,019,295
Illinois
February 13334620 11516003
22,715,101 Staten Island R T.... February
152,889
Yazoo le Miss Val February 1.414.3671,301,284 27.966,479
166,508
330.623
325,194
3,377.629 2,710,869 Tennessee Contra .. February
234,885 1t9 'ii
Internat By of Me February
336,545
474 848
311,959 285,117
646,7221 544,922 Term RR Assn ofStL February
364,416 362,718
Internat & Grt Nor. February 1,025,829 1.001,660 2.253,277
753,931
767.112
St L Mer Bdge T_ February
2,038,020
410.297
615,926
864,571
311,255
Kan City Mex & Or February
706,205 113,317
209.572
220,759 Texas & Pacific_ _ _ _11st wk Apr 578,813 532,671 8,243,905 7.804,676
K C Mex & 0of Tex February
108.630 113.087
233,034
219,718 Toledo St & West_ February
08
6 73i
97
99
1.4
17
8 8
334
m 2,062.3 2 1,40b,468
Kansas City South_ February 1,477,488 1,386,829 3,262,571
2,715,925 Ulster & Delaware- February
170,909
Texark & Ft Sm._ February
204,133
191.593 161.710
412,594
343.832 Union Pacific
February 7.4811.7520.91,7 WA 15.731.789 13.770.287
Total system-....- February 1,669.082 1.548.599 3,675.165
Total system
3.059,757
Feoruary
2,6
135
2
9
8,8
60
9
8
5
9
25,745.267
29,029,695
Kan Okla & Gulf_ .._ February
12853195
227,71 1 189.556
490.869
Oregon Shore Line February
397.836
5.70,097 6,151,500
Lake Slip & Islmam_ February
.
In.3",3
1.088
19,225
Ore-Wash RR &N February
2.987
,933,861 1,944,622 4,3
70
66
2
98
72:8
6 3,4
16:
Lake Terminal Ry.._ February
38
65
08
60
75,379
87,524
157.818
St Jo & Grd Isl'cl. rebruary
169,370
239,327 238.405
Lehigh & Bud River February
2i,8,728 223.984
428.716j
Union
RR
(Penn)._
428,9112
February
770,825 646,296 1,716,075 1,306,995
Lehigh & New Eng.. February
325.109 388.969
781)507'
Utah
February
127,621 140.757
277.948
Lehigh Valley
247.436
February 4,708,2305,401,042 9,831.317
Wicks Shreve & Pac_ February
325,531 279,812
686.173
Los Ang Sr Salt Lake February 1,543,542 1,367,178 3,273.952110,535,127
569,752
2,840,718 Nrimeinlan Railroad_ February
.511.9681.537,1:
3,1211,147
13
2,952,293
Louisiana & Arkan_ February
334,949 237,518
665.292
455.940 Wabash RR
February
.610.494 4.532.121 9.481.732 8,834,612
Louisiana By & Nay February
289,684 249.944
643.649
489,144 Western Maryland_ 4th wk Mar 665,197 499,207 5,439.426 4,485,522
Louisville & Nasbv- February 9,781.490 9,078.606 20.814.617'17.67
8,068 Western Pacific.
February
79.5,070 737.207 1,657.672 1,527,737
Louisv !lend & St L February
254,296 2(19,915
539.58.3
4 13,158 Western Ry of Aja February
228,320 161.678
466,686
343.011
Maine Central
February 1.406,849 1.550,834 2.923,398 3.073,446 Wheel & Lake
Erie_ February
,039,119 1,064,541 2,127.860 2,031.913
Midland Valley.-- February
347.165 323.986
732.214
643,481 Wichita Falls & NW February
84.923 110.0401 182,865
239,610
Mineral Range
1st wk Apr
9,194
4,711
124,797
48 804
1
1
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly
Weekly Summaries.
Current
Year.
Previous
Year.
$
4th week Jan (16 roads)....... 18.741.873 14.988.968
lot week Feb (16 roads)...-- 12,813.150 11.819,434
2d week Feb (15 roads)---- 12,194.740 11.460,961
3d week Feb (18 roads).._.... 12.673,832 12.074.590
4th week Feb (17 roads)._ _ 15,774,740 13.509.329
lot week Mar (19 roads)-..-- 15.904,378 14.177.334
2d week Mar (20 roads)...... 15.578.825 14.729.356
roads).--- 15.491.516 14,719.456
3d week Mar (15 roads)____
22,271,250 20,482,659
4th week Mar (16
1st week Apr (11 roads)...-- 15.583,477 13,436.877
•Grand Rapids & Indiana and Pitts. Cin. Chic. & St
I Increase or
Decrease.
Current
Increase or
Previous
%
Monthly Summaries.
Year.
Decrease.
Year.
$
Mileage.
Curr.Yr. Prev.Yr.
$
I
+3.752,905 25.03 April
234.955 234,338 416.240,237'432,186,647 -15136.410 3.67
+993,723 7.56 May
234.931 234,051 447,299,150 443.229.399 +4.069.751 0.92
+773.779 6.48 June
235.310 234,568 472,383,903 460.007.081 +12.376.822 2.69
+599.242 4.96 July
235.082 234,556 442,736,397 462,696.986 -19,960,589 4.31
+2.265.411 16.76 August235.294
.
.054 6.35
+1.727.044 12.18 September -235,280 235,205 498:702:275
11
-19:14772 0.33
+849.469 5.76 October
233.872 232,882 545,759,206 532.684.914 13.074.292 2.45
+772,161) 5.25 November _235,748 235,679 523,748,48.3 466.130.328 57.618.155 12.35
+1,788,591 8.73 December- _235.290 236.121 512.433.733 434,698.143 87,735,590 20.136
+2.146.600 15.97 January __ --235,678 235.827500.S16.5211395,000,157
70.803.472 21.00
Louis included in Pennsylvania RR z Lake Erie & Western Included in New York Central.
44:191:218
APRIL
14 1923.]
THE CHRONICLE
1639
Latest Gross Earnings by Weeks.-In the table which
Central of Georgia Railway.
follows we sum up separately the earnings for the first week
(28th Annual Report-Year ended Dec. 31 1922.)
of April. The table covers 11 roads and shows 15.97%
The remarks of Chairman Charles H. Markham, together
increase over the same week last year.
with the income account for 1922 and 1921 and comparative
balance sheet as at Dec. 31 1922, will be found under "ReI 1923.
Increase. Decrease. ports and
First Week of April.
1922.
Documents" on a subsequent page.
Buffalo Rochester & Pittsburgh
Canadian National Railways_ -.
Canadian Pacific
Duluth South Shore & Atlantic
Mineral Range RR Co
Minneapolis & St Louis RR CoMobile & Ohio
St Louis-San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific By Co
Total (11 roads)
Net increase (15.97%)
$
354,481
4,560,557
3,111,000
111,713
9,194
331,049
404,757
1.696,129
541,960
3,883,824
578,813
$5
240,241 111240
3,691.358 869,199
2,970.000 141,000
40,646
71.067
4.483
4.711
87,620
243,429
341,532
63,225
1,565,300 130,829
68.460
473.500
3,303,068 580,756
.
532,671
46,142
15,583,477 13,438,877 2,146,600
2,146,600
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1919.
1920.
1921.
1922.
1,918
1.913
Average miles operated_
1,913
1,919
Rev,freight carr d (tons) 6,684,481
5,933,386 7,517,302 6,066,408
Rev,fr't carried 1 mile_ -1264422,162 1112683,441 1283298.476 989,022,920
1.33 cis.
1.21 cts.
Aver.rev.per ton per mi. 1.25 cts.
1.31 cts.
$532
Rev.per freight tr. mile_
$5.20
$5.31
$5.46
Aver, rev, tr. load (tons)
467.19
487.43
468.80
478.26
Passengers carried
3.660,560 4,065.368 6,064,494 6,893.421
Pass.carried one mile---164,053.274 175.065,207 241,047.880 249.976.909
2.60 eta.
Av.rev.per pass. per m. 3.13 cts.
2.82 cts.
3.13 ets.
$1.71
Earns. per pass. tr. mile_
81.75
$1.40
$1.29
$11,310
Op. rev, per mlle of road
$13,107
$11.527
$12,134
The usual comparative income account was published in
In the following we also complete our summary for the V. 116, p. 1523.-V. 116, p. 1523, 175.
fourth week of March.
Chesapeake 8c Ohio Railway Co.
(45th
Annual
Report-Year Ending Dec. 31 1922.)
Fourth Week of March.
Increase. Decrease.
1922.
1923.
The remarks of President W. J. Harahan will be given
5
fully another week.
Previously reported (9 roads)-- 20,488,342 18,911,887 1,578,455
Ann Arbor Railroad Co
Duluth South Shore & Atlantic_
Georgia & Florida
Mineral Range RR.Co
Nevada-California-Oregon RR..
Texas & Pacific Ry. Co
Western Maryland Ry.Co
57.101
160.895
44,500
18,687
6,287
830,241
665,197
137.782
97,204
40,590
5.061
4.088
786.840
499,207
80.681
83,691
3.910
13,628
2,199
43,401
165,990
Operating RevenuesFreight traffic
Passenger traMc
Transportation of mails
Transportation ofexpress
Miscellaneous
x1920.
1921.
1922.
$68.671,907 $67,367,983 $72,433,294
10,586,625 11,739,627 11,814,187
1,096,793
797.740
764,796
684.564 1,026,217
1,110,261
2,377,973 3,098,044 3,820.255
Total operating revenues__
.. _ _$83,511,561 $83,687,958 590,190,745
Operating ExpensesMaintenance of way & structures_ ---$10,558,138 $12,170,021 $12.850.938
Maintenance of equipment
22.530,747 20,023.122 24,579.561
Traffic
690.362
800.618
942,913
Electric Railway and Other Public Utility Net Transportation
22,831,398 31.427.435 37.363,046
Earnings.-The following table gives the returns of Miscellaneous operations
330,381
363,458 % 429,066
General
1.953,360 1,983,073 1.850,383
ELECTRIC railway and other public utility gross and net Transportation for investment
Cr.28,908 er.164.650 0%18.836
earnings with charges and surplus reported this week:
Total operating expenses
$666,118,030 $66.603.077 $77,744,521
-Gross Earnings--Net Earnings
- Net operating revenue
$17.393.531 $17.084,881 $12.446.224
Previous
Railway tax accruals
Current
Current
Previous
2.682.160 2,997,720
3.301.201
Companies.
Year.
Year,
Uncollectible railway revenues
Year.
Year.
2,240
11.203
20,709
$
$
Railway operating income
Amer Pr & Lt Co Subs_Jan 2,765,056 2,546.113 1,125,303 1,082,176
$14.081,127 514.382.012 $9,446.264
12 mos ending Jan 31.....28,914,650 27,572,432 11,852,047 10,978,803 Equipment rents (net)
$1.331,416
$206,053 $2.703,890
Dr.1.002,213 Dr.927.139 Dr.991.827
Kentucky Tr & Term Co_Feb 124,382
a22,397 Jo t facility rents (net)
a23,692
113,556
12 mos ending Feb 28---- 1,641,991 1.587,966 a354,067 0348,221
Net railway operating income
$14.410,330 $13,660,926 $11.158,326
Lexington Utilities Co_ _ -Feb
a27,050
85.727
75,969
a26,483
12 mos ending Feb 28---- 1,109,661 1,078.178 a350.363 a369,100 Corporate net railway oper. income--$14,410,330
513.660.926 $14,259.189
Southwest Pr & Lt Co_--Jan 968,197
Income from Other Sources425,706
463,128
864,982
12 mos ending Jan 31---- 9,967,901 9,839,959 4,766,110 4,544,062 Interest from investments & accounts $1,216.290
$,685.547 $1.759.489
142,095
1,262,213
Western Union Tel Co__Feb 8.366,704 7,357,540 1,687,651 1,186.457 Miscellaneous
435.203
2 mos ending Feb 28
17,518,589 15.224,283 3.810,966 2,516,013
Gross income
$16,888,833 $14,781,677 $16,160,773
Deductions from Gross Incomea Net after taxes.
Interest on debt
$9,995,942 $9,691.402 $9,953,407
98,472
163,069
Gross
Balance, Rentals,leased roads, Joint tracks, &c
133,605
Net after
Fixed
21.101
19,019
Surplus. Loss on C. & 0, grain elevator
Earnings.
19,289
Taxes.
Charges.
Miscellaneous
101.335
187,133
744,780
dividends
(1.625%)204,070
Associated Gas &
Feb '23
31,654 Preferred
244.446
76,718
45,064
(4%)2,511,264 (2)1.255.632(4)2,511,264
Electric Co
28.598 Common dividends
'22
160.832
52,156
23,558
12 mos ending Feb 28 '23 2,661.056
314,708
774,462
459,754
Total
deductions
$13,080.497 $11.844.707 $12,685,578
224.495
'22 1.833,037
480,824
256,329
Fort Worth Power Jan '23
106,079
259,703 *125,200
19,121
Net income
$3,808.336 $2,936.969 $3,475,194
& Light Co
'22
100,807
212.559 *117,508
16,701
12 mos ending Jan 31 '23 2,609,681 *1,340,758
224,994 1.115,764
x In order to show a comparison of the results of operations for 1922 and
'22 2,508,190 *1,261,263
200,647 1.060,616
1920,there is included in the accounts comprising the net ry. oper.
Idaho Power
Jan '23
200,229 *106,657
49,076 1921 with
57,581
for 1920 the results of operations from March 1 to Dec. 31 1920.
Company
'22
47,095 income
189,070 *104,486
57,391
and
the
operating
results of the Director-General for the months of Jan.
12 mos ending Jan 31 '23 2,457,413 *1,375,253
689,762 and Feb.
685,491
1920. The corporate net ry. oper. income shown in above table
'22 2,303.331 *1,404,645
734.592 for 1920
670,053
includes
the
compensation under contract with Director-General
Keystone
Mar '23
18,676 of RRs. for Jan. and Feb.
146.587
62.626
43.9-50
1920, less general expenses and Federal income
Telephone Co
'22
11,477 tax accruals applicable
139,473
51.840
40.363
to those months and net ry. oper. Income of com3 mos ending Mar 31 '23
434,525
57,077 pany from March to Dec. 1920,
131,749
188,826
and also $2,700,000 received from
'22
41.123 the I.-S. C. Commission as aninclusive,
415.810
164.906
123.783
advance under the guaranty provided by
Los Angeles Gas & Feb '23 1,395,572
420,901 Section 209 of Transportation Act 1920.-V. 115, P. 1531. 1048.
113,006
533,907
Electric Corp
'22
363,604
80.814
444.418
12 mos ending Feb 28 '23 11.985.117 4.012,036
1,235,017 2,777,019
'22 10.429.870 2,813.995
801.019 2,012,976
Chicago Great Western RR,
Nebraska Power
Jan '23
342.815 *154,832
99,018
55,814
Company
'22
Balance Sheet as of Dec. 31, 1922.
281,391 *119.066
67.321
51,745
12 mos ending Jan 31 '23 3,565.189 *1,455,294
830,812
624,682
A condensed income account for 1922 was given in V. 118, p. 1531.
'22 3,087,667 *1,167,302
589,964
577,338
Nevada-California Jan '23
Consolidated Balance Sheet December 31.
296,256 *170,345
70,377
99,968
Electric Corp
'22
212.237
-2.910
*95,952
98,862
.
.
1921.
1922.
12 mos ending Jan 31 '23 3.428,466 *1,959,485
Asses748,235
$
1,211.250
$
Liabilities$
8
'22 3.144,493 *1,721,887 1,182,536
539,351 Inv.road &equip 134,151,281 133,670,893 Common stock_ 45,210,513 45,210,613
Misc. phys. prop
Pacific Power &
Jan '23
128,894
251,502 *107,976
128,894 Preferred stock_ 43,928,802 43,926.802
53.789 Inv.
54,187
In aftii. cos.:
'22
Light Co
254,384 *112,538
C.G.W. let 4s_ _ 25,383.000 25,383,000
55,294
57,244
Stocks
1,420.325 1,420,325 Minn. Ter. 314s
12 mos ending Jan 31 '23 3,004,176 *1,419.216
500,000
500,000
753,551
665,665
Bonds
25,063
'22 2,880,576 *1.356,808
24,338 M.C.6iFt.D.4s_ 12,000,000 12,000,000
682,826
673,982
Notes
212,818
218,143
11.000
W.M.&P.
1st
48
8,000
Portland Gas &
Jan '23
299,475 *104.235
68,289
35.946
Advancea_
159,959
53,093 Misc.°Mtg.,&c. 4,679,183 2,866,184
Coke Company
'22
317,607 *100,372
60.308 Other investmls 3,197,198
40,084
1.190,754
Loans
240,000
&
bills
pay
240,000
12 mos ending Jan 31 '23 3.375,139 *1.210.723
771.016 Cash
439,707
2.487,624 Traffic,&c., bal. 1,389,180 1,047,085
'22 3,465.846 *920,878
467,457 Loans& bills rec. 1,921.769
453,421
1,051
1,319 Aud.acets.&wage 1,811,907 2,085,217
Southern California Feb '23 1,371,456
790.942
594,390 Traffic, &c., bal.
196,552
462,118
74,310
844,797 Misc.accts. pay.
185,820
Edison Company
'22 1,252,317
737,644
453,395 Net bal. from
284,249
27,728
Int. mat. unpaid
981.308
12 mos ending Fob 28 '23 17,064.853 9.945,554 3,587.563 6.357,991
agtS.& conduc
198,263
400,562
371,142
Unmat.lnt.accr_
'22 16,920,087 9,854.396 3,968,512 5,885.884 Misc, accts. rec. 1,098,340
134,113
994,870 Unmat.rents seer
143,057
Texas Power &
499,774 *208,060
Jan '23
149,730 Material & supp. 1,519,585 1,813,594 Fed, assets coll.
2,5.57
58,330
1,714
Light Company
430.062 *177,202
'22
53.5,221
59,589 • 48,570 Other eurr. Ilab.
113,572 Int. & divs. rec.
63,630
124,767
Other curr. ass'ts
12 mos ending Jan 31 '23 4,987.860 *2,059,530
54,422
1,298,894
84,284
54,023 Deferred I labll's
760,636
14,107
'22 4,808,711 *1.799,984
accts.
544 8,501,488 Tax liability_ _ _
717,053
753,410 1.046,574 U.S.Govt.
774,916
Work, fd. adv._
17,230
20,982 Depreciation.
Feb '23 1,028,159
United Lt & Ry
1,801,288 1,579,708
324,284
163.698
160,586
def. assets
18,548
18,546 Oth. unad.l. crod.
'22
Co & Subsidiaries
915,898
_- 4,262,513 6.757.801
296,891
135,908 Other
160,983
8,55.5,712
12 mos ending Feb 28 '23 12.029,087 3,895,387 1,913.952 1.981.435 Unad1us. debits 5,717,323 3,250.131 U.B.Govt.accts.
Corp. surplus__ 6,755.301 4,439.958
'22 11,235,195 3,401,296 1,939,729 1,461.567
Total
150.382,320 154,538,368 Total
• After allowing for other Income.
160,382,320 154,538,366
-V. 116, P. 1531,
Total (16 roads)
Net increase (8.73%)
22.271,250 20,482.659,1,869,272
11,788.591
80.681
FINANCIAL REPORTS.
Northern Pacific Railway Co.
(Report for Year ended Dec. 31 1922;)
Financial Reports.-An index to annual reports of steam
railroads, street railway.and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 31, The next will appear in that of April 28.
PASSENGER AND FREIGHT STATISTICS.
1919.
1922.
1921.
1920.
No. of pass. carried_ __ 5.263,440 6.178,296 8,447,966
8.633,586
No. pass. cazried 1 mile_473.992,323 505.701.937 719.445.961 748,635,597
Av.rate per pass, per m. 3.281 eta. 3.365 cts. 2.939 cts. 2.716 cts.
No. tons rev, fr't carried 21,451.028 17,670,162 23,448.182 21,389.131
do
do
1 mile_ -13021158972 5284784354 7852847753 7589036420
Average receipts per ton
Per Tillie, rev.freight__ 1.191 cts.
1.309 cts. 1.033 eta. 0.961 cts.
Revenue per mile of road
514,807
(average mileage)516,474
$14.089
$13,832
THE CHRONICLE
1640
INCOME ACCOUNT FOR CALENDAR YEARS.
Increase (+)
Decrease(),
1921.
1922.
-17.39
6,640
6,658
Average mileage operated
Operating Income$96.076.066 894.538.059 +$1.538,007
Operating revenues
72,654.711 77.630.867 -4.976,156
Operating expenses
$23.421.355 $16,907,192
Net operating revenue
8.430.583 9.014,121
Railway tax accruals
17,896
24.983
Uncollectible railway revenues----
+86.514.163
-583.537
+7.087
814,965,790 $7,875,176
1,445,606
2,566.626
1,918.099
1,523,044
+87,090,614
+1,121.020
+395.055
Railway operating Income
Equipment rents-net
Joint facility rent-net
Net railway operating income-419.450.514 810,843.826 +$8.606,688
Non-operating Income$319,651
+$22,469
$342,120
Income from lease of road
698.165
638.983
---59.183
Miscellaneous rent income
104,545
44,517
--40.028
Misc. non-oper. physical property99,229
94,817
+4.412
Separately oper. properties-profit
8,338,283 21,858.646 --13,520,364
Dividend income
1.048.570 2,346,639 --1.298,069
Income from funded securities
806,463
758,448
---18,014
Income from unfunded sec. & ace'te
48
150
+102
Inc. from sink. & other res. funds
1.429
323.710
--322.280
Miscellaneous income
Total non-operating income_ __ _$11,271,729 $26,552,683 -$15,280.953
$30,722,244 $37,396,509 -$6,674,265
Gross income
Deductions from Gross Income851,321
$51,321
Rent for leasecl roads
9,870
10,328
-458
Miscellaneous rents
14.992.473 14,480.620
+511,794
Interest on funded debt
67,646
10,631
+57.015
Interest on unfunded debt
283,825
304.273
-20.449
Amort. of disct. on funded debt260.180
473,877
-213,696
Miscellaneous Income charges
Total deductions
Net income
Dividend appropriations
$15,665.314 315,331,110
+3334,205
815,056.930 322.065 399 -$7,008.470
(5%)12,400.000(7)17360.000 -4,960,000
$2,656,930 $4.705,399 -$2,048,470
Income balance for year .
GENERAL BALANCE SHEET DEC.31.
1921.
1922.
1922.
1921.
3
LiabilitiesAssets-Capital stock...248,000,000 248,000,000
Inv. In road and
equipment _ _ _536,487,114 529,443,679 Grants In aid of
21,104
construction _
22.501
4,809
9,730
Sinking fur __
Funded debt_ _ _319,282,400 314,539,500
Deposits I lieu
430,705 Traf.& car serv.
788,520
of toted, prop.
bale, payable_
808,987
MIsc.phys.prop_ 7,919,152 7,639,110
807,165
Vouch. & wages
Inv.In aftII. cos.:
payable
144,075,276 144,035,477
8,597.511 6,717,590
Stocks
31,065,698 31,065,698 Misc, meta pay.
606,305
523,209
Bonds
2,388,699 8,489,399 Int. mat.,unpd_ 5,205,611 2,043,551
Notes
Advances_ _ - 3,374,931 3.148.470 Unmatured dive
declared
3,100,000 4,340,000
Other invest'ts:
1 Unmatured int.
1
Stocks
546,418
accrued
10,025,629 9,529.180
Bonds
477,068
Unmatured rents
U. B. Treas'y
6.147
accrued
6,147
ctf. of indebt. 1,000,078 4,133.893
0th.cur. liablis_
'203,958
131,538
U. S. Treas'y
510,000 Due U.S. Govt.
notes
9,077,438
acc't various
Contr. for sale
133,291
transactions..
of I'd gr't Ida 10,316,032 12,085,608
138,976
177,096
10,325,432 17,307,315 0th.def'd Habil.
61.932
Cash
Tax liability__ 6,213,052 6,447.337
Time drafts and
3,184 Oper. reserves._
1,000
deposits
227,103
342,030
Special deposits_ 9,661,167 1,984,428 Accrued depree,
1,073
of equipment_ 37.409,532 39.034,609
1,005
fins & bills rec_
0th. unadJ.cred. 1.646,257 1.318,875
Traf. Az car eery.
bale. receivle 1,980,615 1,640,123 Add'ns to prop.
thru. Income
Net bals. reedy.
970.309 gc surplus_ _ _
293,541
217,802
fr. agts.& con. 1,117,733
Misc. acc'ts rec_ 5,180,779 6,309.976 Fund. d't retired
thru. Income
Material & supp. 13,845,525 15,084,506
& surplus..,15,705,057 15,467,623
Int., diva. and
318,857
263,148 Misc, fund. res_
401,227
rents reeelv'le
330,152
153,441
102,930 Prof. & loss bal_159,554,435 167,114,943
0th. curr. assets
29,127
41,123
Wkg.fund advs.
Due from U. S.
2,361
2,582
Govt. account
25.160
17,578
0th. def'd assets
Other unadJust.
8,955,847 13,825,474
debits
808,139,120 808,069,776
Total
-V. 116, p. 722, 609.
Total
808,139,120 808,069,776
Delaware & Hudson Company.
(93d Annual Report-Year Ended Dec. 31 1922.)
The remarks of President L. F. Loree will be given another
week.
INCOME STATEMENT FOR CALENDAR YEARS.
Corporate- Combined
Federal
1922.
1921.
1920.
1919.
Transportation of mdse_$15,557,222 $14.709.859 817.489.4671829,483,444
Transportation of coal__ 15.276,651 24.876.088 21.674,1761
Passengers
4.729.852
4,723.005
4,747.364
3,255,750
Miscellaneous
2.266,379
1.461,059
1,443,292
2,010,515
Total oper. revenue_ 337.823,256 $45,776,859 845.354.299 834.749.709
Maintenance of way, &c. 85.140.223 85,509,990 35.114,909 34.177.864
Maintenance of equip't_ 11.590.317 12,801.190 12,736,974
9,950.056
493.625
TraMc
526.017
386,448
237.029
Transportation
16.085.687 17,880.423 21,669,667 15.606,759
2,140,301
General, Sic., expenses... 2.199.029
2.218.331
1.885,002
Total oper. expenses_ _$35.615,053 $38,825,529 $42.126.330 831,856.710
Net earnings before taxes 32.208.203 86,951.330 $3,227,969 82.862,999
Other IncomeDr.$65.052
$915.595
Hire of freight cars
225.180
184.243
$201,323
Rent freight equipment_
$135.548
122.804
167.056
136.502
Joint facility rents
132,131
Gross ry.oper. Income 102,490.334 $8,218.225 83.565.793 $3,130.677
$993.974 31.186,054 81.075,803
Railway tax accruals.... $879.053
16,732
11.361
Uncollectible railway rev
939
8.662
76.784
83,912
132.175
Rent for equipment._ _
4,943
356,923
364.489
428,059
Joint facility rents
376,915
Net ry. oper. Income_ $1,166.212 36.759.117 31.818,566 81,664.354
Non-Oper. Income$88,124
888.933
886,764
Income from leased road 3101,832
68.151
49.410
85.198
58,800
Misc. rent income
10.673
12.149
23,468
96.398
Misc. non-op.phys.prop.
1.282.295
1,327,617
1,038.041
Dividend income
934,268
Inc. from fund secs, and
336,559
311.436
358.846
unfund. secs. St accts_
663,318
1,644.050
1.396.801
Miscellaneous income,.... 1.913,680
1,581,313
84.879.404 310.191.904 310,431,017 $10,530,620
Gross income
DeductionsRent for leased roads.... 31.836.949 $1.771.929 $1,944.157 $1.961.124
3,284.580
3,228,948
2,919,237
Int. on funded debt...... 3,427,066
178,272
70,602
303,585
412.907
Int. on unfunded debt._
19.670
20.788
21.164
629.347
Miscellaneous
L0ss$476.000 $4.937,452 $4,933,163 34.605.004
Not Income
Dividends at rate of 9% per annum [83,825,270] have been paid regularly
since 1907.-V. 116, p. 934, 175.
(VoL. 116.
New York New Haven & Hartford RR.
(51st Annual Report-Year ending Dec. 31 1922.)
President E. J. Pearson, New Haven, Conn., March 28,
wrote in substance:
Results.-Operation for 1922 resulted in a deficit after all charges of 84.865.768, and while this represents an improvement over last year of *9.255,855, it Is not a satisfactory result. The principal causes of the unsatisfactory showing are: A 10% decrease in freight rates, due to the orders of
the I.-S. C. Commission on Jan. 1 1922 and July 11922: the increase in the
cost of fuel, owing to the coal strike of April 11922; an increase in operating
expenses, owing to the shop crafts strike of July 11922. and congestion of
traffic following the settlement of the coal strike, aggravated by unusual
winter adversity. But for these causes, it seems certain that company
would have earned a small surplus above all charges.
The rate decreases ordered by the I.-S. C. Commission were made with
the expectation of stimulating business, but it does not appear that In the
territory served by this company the reduced freight rates have exercised
any material influence on business.
New England Divisions Case.-This case has been decided by the unanimous opinion of the U. S. Supreme Court in favor of the New England
lines, and in the opinion the Court emphasized the intention of the Transportation Act to insure adequate transportation service and to secure a fair
return on the capital devoted to such service, to secure which the I.-S. 0.
Commission was vested with new powers and charged with new duties.
This decision fully sustains the claims of the New England lines and Justifies the expectation that the New Haven system will be permitted to earn
a fair return upon the value of its property held and used in the service of
transportation.
Interchangeable Scrip Mileage Book.-In Jan. 1923 the I.-S. C. Commission
ordered an interchangeable scrip mileage book be issued by all of the principal carriers of the country, entitling the holders to $90 worth of travel.
the book to be sold at $72. It is estimated that if the order becomes etfect;ve, it will entail an annual loss of not less than 32.500.000 in company's
passenger revenue. Company has Joined with substantially all of the carriers in the Eastern group in a petition to the Court to set aside and enjoin
the enforcement of the Commission's order.
Increase in Mail Pay Asked.-Company has, together with other New
England railroads, concluded a hearing upon an application to the I.-S. 0.
Commission for an increase in mall pay. From data which were presented
based upon the revenue and expenses of company, it appears that the P.0.
Dept. is falling by at least $1,000,000 annually to adequately compensate
company for the carriage of the mails. The case was argued in behalf of the
New England roads In Nov. 1922 and a decision is awaited.
Express Rates.-Company has also Joined with the carriers throughout
the United States and with the American Railway Express Co. in an application for increases In express rates. Hearings upon this application
are now being conducted and it is expected that a decision will be reached
before the end of the year. In the meantime, the contract with the Amercan Railway Express Co. has been renewed, in the hope and expectation
that the increase in revenue sought, and the decrease in expenses due to
Increased efficiency and economy of operation by the Express Company.
will result ins substantially larger revenue from thissource to your company,
Motor Truck Competition.-The competition of motor trucks still continues
during favorable weather, to the lessening of company's revenue and the
detriment of the highways over which they run. There are signs that public
opinion is coming to realize that if it is to have efficient rail transportation
it must not handicap the railroads by subsidizing the motor trucks. Such
a subsidy is created by maintaining highways free of any charge more than
a nominal one, and by shifting to the taxpayers the expense of keeping UP
these highways, a considerable part of which falls upon the taxpaying railroads, who are thus handicapped by a subsidy which they pay to their
competitors. Common Justice should impose upon the operators of motor
trucks who offer themselves to the public as common carriers the same duties
and liabilities as are imposed upon common carriers by rail. The necessity of their operation In the public interest should be first established by a
State public utility commission. The continuity of operation upon a regular schedule in had weather as well as good should be imposed upon them
as upon the railroads, and they should be made to pay for their use of the
highways. The handling in Connecticut of the problem of Jitney competition with street railways points the way to a similar treatment of motor
trucks.
Increase in Taxes.-In this connection. it is of interest to note during
the past several years the steady increase in our railway taxes. The
amount for the calendar year 1916 was a little over $3,000.000, while the
year 1922 was over $4,500,000, an Increase of more than 50%.
Refunding of European Loan.-The $27,582.692 European loan maturing
April 1 1922 was successfully refunded by a payment of 10% Par value
and an extension of the balance for 3 years at 7%. The U. S. Government
loaned company 12,600,000 with which to make the payment (V. 114.
p. 1180, 1287, 1534. 1766. 2241: V. 115. p..544).
Settlement with Government.-It seems likely that company will before
the end of the present year make a settlement with the Government of the
accounts during the Federal control and guaranty periods. Numerous
conferences have been held with the representatives of the Government,
particularly in connection with questions of maintenance and upkeep
of the property during the Government control, and with the inventory
of the materials and supplies delivered to and received from the Government. The most difficult question involved In maintenance is to translate
labor and material costs during the period of Federal control into the actual performance of upkeep.
Physical Property, etc.-The condition of the physical property Is generally
good with the exception of freight cars and locomotives. At the present
time there is an excess of substantially 80 locomotives in need of repairs
beyond the average of past years. The number of bad order freight cars
at the present time is '7,300 as compared with 8,700 at the end of 1921.
Improvement In both is progressing.
Due to the prospective deficit after fixed charges, the addition and
betterment program for the year was kept at the lowest possible minimum.
Tentative Valuation.-The tentative valuation of company and its leased
lines was formally issued and served by the I.-S. C. Commission in
November 1922. It shows an excess over the investment in road and
equipment and miscellaneous physical property including cash, materials
and supplies, of over 870.000,000. A protest has been filed setting out
that the tentative valuation is understated by over $100,000.000 and a
hearing thereon will be had and probably concluded before the end of the
present year (V. 115. p. 2478, 25)11; V. 116, p. 77).
The stock and indebtedness of company represents not only an Investment in its own property and leased lines, but also its investments in the
Central New England Ry. Boston & Maine ER.-held by the Boston
RR. Holding Co.-the Rutland, the New York, Ontario & Western and
the New York Connecting railroads, the Boston Passenger Terminal,
GrandCentral Terminal Buildings, the New York Westchester & Boston
Ry. and trolleys in Connecticut, Massachusetts and New York. For
this reason it will be Impossible to compare the capitalization with the
valuation until the value of these properties has been found.
of only
Of the foregoing properties to be valued, the tentative values
the Rutland
the Boston & Maine and its leased lines, the Boston Terminal,
A preliminary
and the New York Ontario & Western have been served. I.
report has been made by the Bureau of Valuation of the -S. C. Commission on the Central New England and the Hartford & Connecticut
Western. The total valuation of these properties is very much in excess
the company.
of the amount at which they are carried on the books of the
stock and
Based on present information. It may safely be said that
the physical
by
supported
than
more
are
Haven
New
the
of
Indebtedness
property embraced In the New Haven System and the value of the other
properties In which it has Investments.
Since the passage of the Transportation Act and the interpretation of
property of
that Act by the U. S. Supreme Court, the valuation of the importance.
the New Haven System has become a matter of very great
The Commission as of March 1 1922 fixed mi% as a fair rate of return
upon the value of property held and used in the service of transportation.
it will
If company is permitted to earn such a return upon its property,
have after the payment of all fixed charges a net income available for
its
upon
stock.
dividend
substantial
a
Modification of Segregation Decree.-On May 12 1922 the District Court
for the Southern District of New York modified the Federal decree by
directing the trustees of the Boston Railroad Holding Co.'s stock to 'vote
that company's shares of Boston & Maine stock for a board of directors
of whom 5 out of 19 should be nominees of the New Haven company,
thus giving it a representation somewhat less than Its stockholding interest
At the annual meeting of the Boston & Maine, subsequently
or 28
held, the stock was voted as directed, but the opposition was such WI to
defeat those nominees. The Court in directing the modification of the
decree expressed the opinion that company should have a proportional
APRIL
14 1923.]
THE CHRONICLE
representation upon the board of directors, in which it has so large an
investment. Company has no desire as the owner of the beneficial Interest
in a substantial minority of the stock of the Boston & Maine to dominate
the latter's policy. On the contrary, all it desires is a unity of action
which will benefit both companies and injure neither.
It is the sincere hope of the company that the majority stockholders of the
Boston & Maine will realize the justice in according representation to the
New Haven, and the advantage to the Boston & Maine to be gained by a
unity of plan and purpose of both companies.
Investigation of New England Railroad Situation.-During the year the
Governors of each of the New England States appointed an advisory committee of five to investigate the New England railroad situation and report
upon a plan of consolidation with respect to these railroads. These State
committees have united in a joint New England Committee under the
Chairmanship of James J. Storrow, Boston, and have been making inspections of all the New England lines and conducting hearings to develop all
data pertinent to the proposed report.
The officers of this company have given all the assistance within their
power, and have expressed the desire that before any plan of consolidation
is agreed upon, a reasonable opportunity be given the New England lines
to rehabilitate themselves under normal conditions. This is important
in order that the stockholders of the different New England lines may be
fully protected, which would not be the case if any plan of consolidation
were agreed to based on the operations of the past two years.
Urges Against Further Legislative Regulations.-Notwithstanding the comparatively short time since the passage of the Transportation Act of 1920,
and the subsequent exigencies as a result of which neither the New Haven
Road nor the reads of the country as a whole have received the income
contemplated by the Transportation Act, there are campaigns of misrepresentation and unfair attacks being conducted against the railroads.
Adverse legislation has been introduced and more is contemplated. It is
the opinion of the management, that the active influence of its stockholders should be directed against further restrictive legislation and for a
sound policy towards the railroads.
The management of the road is confident that It can produce better
results with more freedom from legislative and regulatory restraints, and
therefore recommends and strongly urges stockholders to use their influence
to prevent the enactment of either national or State legislation, or action
of any character which will further complicate the railroad situation by
imposing upon the railroads any unnecessary expense or will place them
under more burdensome regulation.
Other Data from Annual Report (Condensed by "Chronicle").
Operating Results.-Operating revenues for the year were $123,246,640,
an increase of $6,841,408, or 5.88% more than a year ago.
Freight.-Freight revenue increased $6337.747, or 11.83%. The number of tons of revenue freight carried one mile was 2.608.412,193. an increase
of 115.347,726 ton miles, or 4.63%. The average amount received from
each ton of freight was $2.487, as compared with $2.447 a year ago. Passenger revenue decreased $1,716,498. or 3.37%. The number of passenger miles decreased 2.14%, but the average revenue per passenger mile was
2.659 cents, as compared with 2.693 cents a year ago.
Expenses.-Duo to decreases in wages, decreasing cost of material and
fuel and closing of repair shops during the early part of the year, also to
increased efficiency,_, operating expenses decreased $6,413.439 as compared
with last year. Maintenance of way and structures charge decreased
$866,999, or 5%;,maintenance of equipment charge decreased $1,020.244,
or 3.72%; traffic expense charge decreased $71,240, or 9.78%
0:transportation expenses charge decreased 83,645,496. or 6.66%; miscellaneous operations charge decreased $155,624, or 7.38%, while general expenses charge
shows a decrease of $656,348, or 16.16%. There was a decrease in salaries
and expenses of general officers of $38,415 and decrease in salaries and
expenses of clerks and attendants of $468,085, due to some decreases in
salaries and to smaller forces due to increased efficiency.
Fay-Rolls.-On Dec.31 1922 the total number of employees was 35.774, or
6,939 more than the previous year, and the total charges for the year for all
classes of labor paid fok directly were $55.959,291, a decrease of $.3,426.532,
or 5.77%. There were 2,657, or 6.91%, less employees on Dec. 31 1922
than Dec. 31 1017, but pay-rolls were $17,801,781 greater, an increase
of 46.65%.
Expenditures this year for fuel and material of all kinds, except new equipment, amounted to approximately $26,390,000. a decrease of $4,010,000.
Taxes.-Railway tax accruals increased $143,049. or 3.22%, due principally to increase In Connecticut gross earnings tax.
Non-Op rating Income.-Dividend income increased $71,272, principally
due to increases in dividends. Income from funded securities increased
$±11,567, principally on account of receipt of prior years' interest on New
York & Stamford Railway Co. bonds. Income from unfunded securities
and accounts decreased $244,165. Miscellaneous rent income increased
$237,766, due largely to inclusion of certain items in this account formerly
Included in operating revenue.
Fixed Charges.-Deductions from gross income increased $1,026,458.
Interest charges increased $907,020 on account of additional loans from the
Secretary of the Treasury of the United States and change in interest rate
on the extended European Loan debentures. Miscellaneous rents increased 2134,696.
Financial.-Company in the past two years has spent for the improvement of its property the following:
1921.
1922.
For road and equipment
$1,566,501 $2,947,356
For initial and instalim't payments on trust equip_ 1,511,900
1,403.100
For add'ns and betterm'ts on leased ry. properties_
332.440
730,687
For advances,to subsid,cos.for add'ias & betterm'ts
574,787
117.481
Total
$3.985,628 $5,198.624
Changes in Debt.-There was a decrease in tho amount of debt in the hands
of the public amounting to $4,688,811.
Maturing Debt.-There will mature between April 1 and Dec. 31 1923 the
following:
6% promissory note favor Keith Car & Mfg. Co., due April 17._ $202,000
• % mortgage note favor Suffolk Savings Bank for Seamen and
others, due May 7
200.000
6% promissory note favor Keith Car & Mfg. Co., due May 15
231,000
6% collateral note favor Secretary of the Treasury of the U. S.,
Oct.
1
2,
due
Series"A" No.
100,000
• first mtge. bonds, Norwich Street Ry., duo Oct. 2
350.000
6 first mtge. bonds, New London Street By., due Oct. 2_
150,000
roe N.Y. N. H.& II. RR. Co., New Haven station, Debenture
"F," due Nov. 1
100.000
Installment payments on trust equipment
817,000
1641
OPERATING AND TRAFFIC STATISTICS.
1920.
1921.
1919.
1922.
Tons of rev.freight carried 24,223,5368 21.999,235
27.551.010
27.873.747
do carried one mile., 2,608,4l2,193 2,493,034.4632.919,685.247 3,169,098,542
Tons of rev,freight carried
1 mile per mile of road_
1,457,834
1,245,784
1,586,451
1,291,735
Av. no. of tons of revenue
freight per rev. tr. mile_
489
483
504
487
Av. no. of tons all freight
per rev, train mile
603
539
508
522
Total freight revenue_ _ _ _ x$60,234.186 $53,833,222 256,731.600 1149.858.746
Av. amt. rec. for each ton
•
of freight
$2.037
$1.771
$2.447
$2.487
Av.rev, per ton per mile.
1.557 eta.
1.943 eta.
2.159 eta.
2.309 cts.
Av.rev. per mile of road.
28.875
25.207
27,476
30,487
No. of interline revenue
2,823,801
2.929,078
passengers carried
2,316,577
2,010,644
No. of local revenue pass.
79,598.437
carried
76.877.232
22.909,853
24,295,902
No. of commutation pass.
21.132.268
24.425.501
carried
65.688,644
59,550.906
Total no. of revenue
Passengers carried. _ _ 85,857,452
90,815,074 106,847.739 100,938,578
Total no. of rev, pass.
carried one mile
1,850,961,160 1,891,343,238 2,153,958,865 2,023,988.204
No. of rev, pass, ear, one
1,063,678
mile per mile of road
1,129.093
996,236
981,916
Total passenger revenue_ $49,217,795 $50.934,294 $52,270,794 $44,774,218
Average amount received
from each passenger_ _
44.36 eta.
48.92 eta.
56.09 eta.
57.33 eta.
Av.rev, per pass, per mile
2.212 eta.
2.427 eta.
2.659 eta.
2.693 cis.
Total passenger service
train revenue
556.752.664 856.589.924 961.351,583 $51,849,448
Net operating revenue per
revenue train mile
65.26 eta.
51.91 eta. def.9.75 ctn.
123.45 eta.
x Includes in 1922 $302,609 revenue from milk handled on freight trains.
INCOME ACCOUNT FOR CALENDAR YEARS.
--Corporate-1921.
1922.
Average miles operated
1,991
2,003
Operating Revenues$
8
Freight
59.931.677 53.593.930
Passenger
49,217.795 50.934.293
Mall, express,
8,648,266 6.608.833
Ineldental
4,431,069 4.139.697
Joint facility
1,017,843 1.128,480
Total
Operating ExpensesMaintenance of way & structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment
Total
Net operating revenue
Tax accruals'
UncollectIble revenues
Combined.
1920.
1,972
2
55,348.919
52,270.794
10,116.178
4;717.842
1,058,577
123,246,641 116,405,233 123,512,310
16,488.932 17.355.931 20,654,480
26.404.332 27,424,576 30,438,181
756.798
657,359
728,599
51,082,709 54.728.204 67.723.026
1.952,509 2,108.133 2,378.279
3,405,297 4.061.645 4.402.602
Cr.6.982
Cr.2.282
Cr.4.794
99.988.856 106.402.295 126,346.384
23.257.785 10.002,938 def2,834,073
4,586,324 4,443.275 4,500.175
45,722
15.687
30.558
18,640,902 5.513,941 der7.349,935
Dr2,436.824 Dr1.100,0551Dr1532.6138
Cr 4.280 Cr.500,6661
Dr4,134,188 Dr4.174,518 Dr3.692,592
Operating Income
Hire of freight cars
Rent for equipment
Joint facility rents
Net railway operating income
Non-Operating IncomeDividend Income
Income from funded securities
Income from unfunded securities
Income from lease of road
Miscellaneous rent income
Miscellaneous
12,074.160
Total non-operating Income
Gross Income
DeductionsRent for leased roads
Interest on funded debt
Interest on unfunded debt
N. Y. W.B. Ry. guar.(bond interest)
Separately operated property
Miscellaneous
6,324,906
18,399.067
740,034 df12,575.136
1,595.613
1,079,040
1.476.450
1,196.906
864.041
4.826
1,666,885
1.120,607
1,232.285
1,197,000
1,101.808
6,322
1,343,457
1,095,047
1,823,996
1,198.262
794,808
8.784
6,216,875 6.264,334
6,956,909 def6,310,802
53,452 5,853,761 5.852,016
5,8
.
15,148,699 13,883.311 10,341,382
649,118 1,007,485 3,184.001
864.000
864.000
864.000
316,879
112,000
loss112,000
550,945
562,986
682,734
Net income
Government guarantee!' x
def4,910.936 d115,326.635dt27,420,025
45,168 1,205.012 22.798,519
Net corporate income
de14,865.768d114,121,623def4,621.6011
The figures shown against this item cover lap-over Items audited during the
year applying to the Federal control or guaranty periods.
BALANCE SHEET DECEMBER 31.
1922.
A ssetsRoad & equiv.-280,620.289
Impts. on leased
rY. Prooerti- 11,120.585
Sinking funds._
16,425
Depos. In lieu of
mtged. prop'y
sold
59.426
M Ise.phys.prop. 2,077,545
Inv. in bldgs. at
G. C. Term'',
N.Y. CIty.__ 5,075.539
Stirs, in hands of
trus., unpl'ged 67,767,400
Stocks pledged_ 25,676,075
UnPledged - - 34.360,295
Bonds pledged 21,340,028
Unpledged... 16,361.810
Notes pledged
15,000,000
UnPledged_ _ 16,944,130
Advs. unpledged 1.916,762
Cash
8.474,551
Special deposits_ 1,010,136
Net bal. due fr'm
agts. & cond's
262,182
kiln°, acc'ts rec. 1,999,914
klat'ls & supprs 12,133,250
Int. de dive. rec.
680,039
Loans& bills rec.
254.176
Rents receivable
116.286
0th. curt'. assets
1,461
U.S. Govt.derd
assets
30,325,398
0th. derd assets
828,290
Work. fd. advs.
179,334
Ins.& oth.
16,236
Rents & insuece
prems. paid in
advance
7,306,813
1921.
1922.
1921.
Liabilities278,955,456 Capital stock. .l76,400.788 176,400,788
Grants in aid of
135,844
135,844
construction _
10,826,713
30.740 Mortgage bonds 56,130,000 56,933.000
Debentures ....153,7l6,352 157,642.262
Equip. oblige s. 10.066,700 9,614,600
9.820 Misc. obilita'ns- 84.006.500 76,938,500
3,620,216 Non-nego. debt
805,652 1.348,670
to Will. cos_ L'as & bills pay_
8,155,000
5,126,188 Traffic & car service bal. pay- 10,556,444 10,834,178
67.767.400 Audited acets &
29,288,176
wages pay_ _ _ 5,116,410 4,101,853
66,000
56.000
30.714,444 Misr acc'ts pay.
21,340,028 Matured divs. &
16,368,519
int. unpaid._ _ 1,280,615 1,524.171
15,000,000 Matured funded
4.000
debt unpaid._
16,798,520
36,083
3,153,287 Unmatured int.
3,548,999 3,299.625
10,306,046
accrued
1,641,866 Unmat'd rents
471,539
471.539
accrued
6,219
562,949
170,583 0th.curr. Bab
3,059,686 U.S.Govt.dard
33,490,500 34,094,213
14.319,089 liabilities
733.035 Equip. & pors'l
9,503,469 9,508,469
prop. leased
25,450
53,667
_
187.610
1,938 Oth.def.I
38,809 Tax liability... 1,761.317 1.652,063
357,462
651,136
Pers'l ml. res've
1,120.898.
1,267,901
30,388,467 Oper. reserves
548,485 Arced depree'n_ 31,567,023 27,908,138
174,014 0th. unacii.cred. 7,037,953 5,839,661
16,236 Corp.surplus:
Add's to prop.
thru. Inc. &
surplus.... 26,250.825 26,147,05i
8,294,803
Prof. & loss def51,582,502c1(45,986.547
Total
$2.150.000
There will also mature on July 1 the following which are not direct obligations, but which your company is interested in refunding:
Boston & Providence RR. Corp.6% Gold Debenture Bonds__ _ _22,170,000
Bridgeport Traction Co.5% First Mortgage Bonds
706.000
Hartford & Connecticut Western RR.43 % First Mtge. Bonds
700.000
New England Investment et Security Co.-Company's guaranty on $112.100
stock remains the same. Company has been unable to earn and pay interest
ea its gold notes oWned by your company.
Boston & Maine RR. Held through the Boston Railroad Holding Co.-The
U. S. District Court has fixed Oct. 1 1923 as the time within which the
trustees of the Boston Railroad Holding Co. stock are required to sell the
boldings of stock of the Boston & Maine RR.
Trolleys.-The general situation is encouraging, especially in Connecticut,
where the regulation of the motor bus, reduction in tax rate and economies
in operation have resulted in a substantial increasec in net income notwithstanding a reduction in the rate of fare of 16 2-3%, effective March 1 1922,
through the sale of three tokens for 25 cents, approximately 90% of the
passengers taking advantage of the reduced rate. Further reduction in
rates became effective April 1 1923, whereby two tokens are to be sold for
15 cents.
Under orders of the P. U. Commission the modification of the flat rate
system of fame in Bridgeport and Norwalk was continued during the year.
While some of the other trolley properties have not shown a similar improvement in final net income, it is In part accounted for by increase In
accident settlements over the previous year, and also to heavy maintenance
Incidental to the repaving of certain streets In Westchester County, N.Y.
Steamship Lincs.-All the stock of the New England Steamship Co. and
the New Bedford Martha's Vineyard & Nantucket Steamboat Co., having
been owned by the Now Haven RR., and there being no reason why the
separate corporate organizations should be continued, the New Bedford
Tot. corp. sur_df25,331,677df19,339,492
sompany sold, as of Sept. 30 1922, all of its property to the New;;England
company for the investment cost as carried on its books and the corporation
Grand total-562.524,375 568,718,064
Grand total-562,524,375 568,718,062
Is being wound up and dissolved.
-V.116. D. 721, ele.
1642
Erie Railroad Company.
(28th Annual Report-Year ended Dec. 31 1922.)
President F. D. Underwood, New York, April 10, wrote
in substance:
Operating Revenues.-Oross operating revenues amounted to $106,874,103.
a decrease of $6,553.972 from 1921.
The merchandise tonnage for the year was 21,679.949 tons, an increase
of 4,596,992 tons, or 26.91%. The increase in revenue from haulage of
merchandise was $5.074,335, or 8.73% more than for 1921.
The total coal and coke tonnage for the year was 14.621,415 tons, a decrease of 2.987,945 tons, or 16.97% less than for 1921. The anthracite
tonnage was 6.079,508 tons, a decrease of 3,894.179 tons. or 39.04%.
The bituminous tonnage was 7.797.689 tons, an increase of 837.945 tons,
or 12.04%. The coke tonnage was 744,218 tons, an increase of 68.289 tons,
or 10.10%. The revenue from haulage of coal and coke decreased $11.861.149, or 35.71%. The coal and coke tonnage was 40.28% of the total
revenue tonnage hauled. The reduction in tonnage of coal transported
during the year was due to the general mining strike during the period
April to September.
The total number of passengers carried during the year was 30,273,963,
a decrease of 1.366.098. or 4.32%. The decrease in gross revenue therefrom
was $1,146,527, or 7.63%. Of the total number of passengers carried,
29,791.815 were local and 482,148 were interline passengers.
Revenue from the transportation of mail was $754,005, a decrease of
$16,463, or 2.14%. Revenue from the transportation of express amounted
to $2,407,424. The American Railway Express Co.. upon the solicitation
of the carriers' auditing committee, made large adjustments in their accounts for 1922, particularly in the amounts which had been charged to the
operating expenses of the Express company,since Sept. 1 1920. the effective
date of the uniform contract, to meet future payments account of loss and
damage claims, casualties. &c. These adjustments resulted in increased
allowances to the various carriers.
Revenue from the transportation of milk was 51.752,638, an increase
of $45,812, or 2.68%. Revenue from miscellaneous sources was $2,152,280.
an increase of $456,792, or 26.94%. Incidental revenues show an increase
of $34,353 as compared with 1921, or 2.53%. Joint facility shows a decrease of $5,363 as compared with 1921.
Operating Expenses.-Operattng expenses amounted to $100,101,523, a
decrease of $6,015,519 as compared with 1921.
The expense of maintenance of way and structures was $12,699,503, a
decrease of $1,421,372. or 10.07%. Maintenance of equipment expenses
were $32,712,642, a decrease of $166,412, or 0.51%. Traffic expenses
increased $73,089. or 4.18%. Transportation expenses were $48,582.288.
a decrease of $4,199,304, equal to 7.96%. Miscellaneous operations expenses show an increase of $3.688, or 0.63%. for 1922 compared with 1921.
enial expenses were $3,817,682. compared with $4,042,656 for 1921, a
decrease of 5.56%.
Railway Tax Accruals.-Railway tax accruals for the year were $3.863.225;
miscellaneous tax accruals were $248.817: total taxes were $4,112,043, as
compared with $3.729,593 for 1921.
Additions and Betterments.-The net road and equipment expenditures
for the year amounted to 51.860,049.
Equipment Obligations.-Equipment obligations amounting to $4,725,000
were made during the year covering 15 steam locomotives and 5,000 box cars.
Equipment obligations outstanding Dec. 31 1922. $17,286,300.
Ist Collateral Notes.-On April 1 1922. $15.000,000 Secured Gold notes
matured and were retired through the issuance of a note to the War Finance
Corp., due on demand after April 1 1923 for 510.000.000 and the sale of
$5.000,000 Erie Ry. tat Consol. Mtge. bonds, heretofore deposited as part
collateral under U. S. Government loan of $8,000.000, which were released
by the substitution of $8,000,000 Ref. & Impt. Mtge. bonds and $600,000
Ofolumbus & Erie RR. 1st Mtge. bonds. (Compare V. 114. p. 1407.)
General Remarks.-The small net railway operating income derived from
operation during 1922 was largely caused by the strike in the anthracite
and bituminous coal mines from April to September, whereby 3,000,000 less
tons of coal were transported than in 1921, and the strike of Railroad Shop
Crafts from July 1 to Sept. 27, involving an increase In the percentage of
maintenance of equipment expenses, which were 30.61% of the gross
operating revenues.
Another factor affecting revenues during the year by order of the I.-S. C.
Commission was a 10% decrease of all freight rates except where decreases
equal to that figure were already in force subsequent to the rate increases
granted in Aug. 1920 under their Ex Parte Decision 74, which gave a decrease of approximately 8% in your company's freight revenue from July
to December.
The company is not receiving its fair share of the through freight rates on
fruit and vegetables from California and North Pacific territorial points,
and in consequence lost money during the year on that traffic. Application
Is before the L-S. 0. Commission for an increased division of the through
freight rate, and an early and favorable decision Is expected.
The Commission from Jan. 30 1922 granted an increase in the divisions
of the various New England Railroads of 15%, penalizing this company
In that amount. This resulted in a substantial loss of revenue. An application is now before the Commission for relief for the Erie and its affiliated
companies.
e With tho prospect of making up in 1923 the loss in coal tonnage during
the year 1922. coupled with the visible revival in general business, it is
estimated that the earnings will be larger than during the past three years.
Government Settlements.-The U. S. RR. Administration has completed
an investigation of all the items in company's claim, in connection with
its operation of the property during the period of Federal control, except
the items of maintenance allowance and material and supplies. The investigation respecting these items should be completed during the year. It is
expected that a settlement with the Government covering amounts due
company under the Government guaranty will shortly be made.
Valuation.-The cost of Federal valuation at the end of 1922 was $1,143,492, of which $745,487 was charged to the operating expenses, the remaining
$398,000 having been assumed by the U. S. RR. Administration during the
period of Federal control. The field work is practically finished. There
have been received from the Bureau of Valuation for informal review the
engineering reports of physical improvements on the Erie and Chicago &
Erie railroads. These reports are being reviewed. Land reports upon the
entire system are expected within the next few months. The entire work
Is about 85% complete.
OPERATING STATISTICS FOR CALENDAR YEARS.
1919.
1920.
1921.
1922.
21,727,842
23,581,835
17,082,957
No.tons mdse.freight car. 21,679,949
19,021,756
22,886.093
17,609,360
14,621,415
No. tons coal & coke car_
40,749,598
Total No.tons all fgt. car. 38,301,364
34.692,317
46,467,928
Total No. tons all freight
carried one mile
8 277.801,171 8,574,212.099 1,137,692,379 10102,280,127
eta.
.065 eta.
.031
Avge. rev, per ton p. mile
.7 c s
.
.
Freight rev, per train mile
36.61785
37.9058933.1379
37.3508
Average No. tons freight
854.86
763.98
773.57
In each train
852.63
33,215,357
31.840,061
No.of passengers carried_ 30,273.963
30,895,291
No. pass. carried 1 mile_ _ 648,420,585 683,421,951 740,128,641 720,624,686
2.073 cts.
2.198 eta.
2.139 eta.
Avge.fare p. pass, per m_
2.028 cts.
52.38281
$2.29162
Pass. fr. rev. p. fr. mile_ _
82.30505
32.56764
$49,115.30
345,247.14
$54,086.14
Gross rev. per mile of road $46.277.38
FOR
STATEMENT
INCOME
CALENDAR YEARS.
Corporate------ Combined,
Federal,
1922.
1921.
Operating Revenues1920.
1919.
563,191,282 358.116,947 $64,924,726 $53,304,929
Merchandise
21,353,924
33,215,074 31,097,038 24,901.486
Coal
13,872,168 15,018.695 15.343.712 14.615,018
Passenger
8,456,729
7,077,360 10.797,623
9,377,473
Mali, express, &o
Gross operating revenuea_S106.874,103 $113,428,076 8122,163,099 3102,198,906
12,699,503
,
11,626,081
NIaint. of way & structures
Maintenance of equipment_ _ 32,712,642 32,879,055 40„252„567 30,382,639
1,749,372
1.822,461
1,651,305
882,987
Traffic
48,582,239
52,781.594 69,152,499 50,270,377
Transportation
589,490
585.802
860,468
610.133
Miscellaneous operations__ _
4,042.656
3,817.683
3,955.883
2,739,414
General
Cr.33,757
Cr.42.312
Cr.40,068
Transportation for investm't Cr.122,546
3,729,593
3,863,226
3,804,226
3,813,088
Railway tax accruals
48,361
49,687
35,156
24,168
Uncollectible railway rev
Over, expenses, taxes, &c_3104.013.110 1109.896,322 $136,853,541 $100,308,819
32,860,993 $3,531,754dt$14,690.442 81,890,086
Operating Income
.[VoL. 116.
THE CHRONICLE
CORPORATE INCOME ACCOUNT, CALENDAR YEARS.
1921.
1922.
1921.
1922.
$
$
$
$
lease
from
113,539,098
Inc.
Ry.oper. rev__ _106,874,103
70,474
xdr.51,829
of road
Ry. open. exp_ _IC0,101,524 105,157,156
146,613
200,828
Miscell. Income_
Net over. rev_ 6,772,580 8,381,942
Tot. non-oper.
Ry. tax accruals 3,863.226 3,738,449
11,209,533 14,682,032
48.361
42,906
Income._
Uncoll.ry.rev__
Gross income_ _ _ 11,854,444 16,815,729
DeductionsRy. open. Inc_ 2,860,993 4,600,588
Rent for leased
Net hlreotequIp.
2,392,894 2,389,000
roads
rents deb. bal. 2,101,212 2,290.579
55,989
493,455
MIscell. rents..
Net joint facility
248,818
176.312 Misc. tax accr
114,871
rents deb. bal.
Separately over.
15,773
13,019
property loss_
644.910 2.133,697
Netry.op.Inc.
11,745,046 11,603,967
Interest
Non-Orer.Inc.Dividend income 11,095.150 9,191,700 Amon., of die65,576
93,981
count, &c._ _ _
Claim under Gov.
guaranty_ __xdr.1,245,953 3,354,225 Appl.to s. f.,&c. 946,047 1,099,171
513,131
506,081
_
Inc_
Misc. rent
680,856
Inc.fr. fund.sec. 379,918
Inc. from lull.
Net
def.4,078,817 aur1.595,254
725.034
325,339
sees. & accts_
x The debit amounts in the accounts "income from lease of road" and "claim under
Government guaranty" are caused by the adjustment of various matters entering
Into the claims against the U. S. Government covering the Federal control and
guaranty periods, such amounts having been credited to these accounts in previous
years.
BALANCE SHEET DEC. 31.
1921.
11922.
1921.
1922.
$
$
Liabilities8
$
AssetsRoad & equip't_319,670,958 319,289,238 Common stock.112,481,900 112,481,900
let Pref. stock__ 47,904,400 47,904,400
Improvem'ts on
leased ry. prop. 29,493,916 24,277,459 2d Pref. stock__ 16.000,000 16,000,000
Sinking fund___ 15.847,922 14,632,223 Mtge. bonds___229,919,900 229,985,900
Collateral bonds 37,699,500 37,699,500
Inv.In allII. 003.94,585,677 94,585.627 Collateral notes_ 19.824,450 34,824,450
Stocks
517,670
574,192
38,820.492 39,332,492 MIscell. oblig's_
Bonds
1,403,202 1,335,702 Equip. oblig'ns_ 17,286,300 15,567,400
Notes
7,245,290 7,404.369 L'ns & bilis pay_ 17,700,788 6,818,500
Advances
Traffic, 3rc.. bal. 5,814,315 7,207,362
Net bal. rec. fr.
865,531 Accts. & wages- 17,081,700 15,426,752
agts.& conduc. 1.316,737
1.534,131 4.143,120 Int.. &c., mater. 2,528,724 2,408,636
Other inv.,&c
10.379,029 10,552,363 Accr. Int., &c__ 2.841.279 2,905.417
Cash
39,533,832
Special deposits_ 7,235,185 2,492,026 U. S. Gov.!lab_ 38.727,902
476,412 1,694,695
Traffic,&c., bal. 4,077,026 3.625,492 Miscellaneous _ _
313,064
499,368
charges
Deferred
5,204,039
6,271,211
Miscellaneous
Accrued deprec_ 22,828,015 21,507,322
Sec. iss. or ass'd6,773,612
6,851.523
credits
Unadjus.
68,668,000
63.187.000
Pledged
Unpledged _ _._ 1.107,900 2,607,900 Add'ns to prop'y
Mat'l & supplies 9,643.635 14,879.947 through Income
7,878,103
7,567,824 and surplus_ _ _ 8.042,191
U.S. Gov.guar. 6,321,871
367,494 Funded debt re520,291
Deferred assets.
2,303,257 2.729,475 tired through
Unadj. debits
income and sunU. S. Govt. un303,824
367,218
126,192 plus
42,877
paid compen_
td. reserves 14.403,022 13.520,949
Skg.
Gov.
S.
Other U.
36,559,893 37,495,875 Profit and loss_ _ 37.781,199 42,889,100
assets
657.634,298 664,162,388
Total
-V. 116, p 1411, 1177.
Total
657,634,298 664,162,388
Bangor & Aroostook RR.
(29th Annual Report-Year Ended Dec. 31 1922.)
President Percy R. Todd, Bangor, Me., Feb. 23, wrote in
substance:
Milectge.-Mileage decreased 13.55 miles to 868.95, the decrease being
the Iron Works Branch
due principally to discontinuing 8.85 miles of
between Brownville Junction and Iron Works on authority of the L-S. C.
Commission, and also to taking up a large number of abandoned side-tracks
that had discontinued
to exhausted ballast pits and a few industrial plants
operations.
amounted to
Results.-Earnings received from transportation of freight
1921 previous year.
$6.252,789. an increase of $125.331, or 2.04%, overhay,
and applies.
The reduction of 10% in freight rates on potatoes, onstraw
all commodities,
effective April 1, and the general reduction of 10%
in freight
loss
a
caused
year
the
of
balance
the
during
effective July 1,
revenue of approximately $325.000.
of
decrease
a
$897,557,
were
traffic
passenger
from
received
Earnings
$58,764, or 6.1'%, from the previous year.
due primarily to less number of
The falling off in passenger revenue wasand
a reduction of 25% in round
passengers carried than the previous year
of patrons. The
trip passenger fares made on May 1 at the urgent request
use of automobiles.
increased
the
by
affected
also
were
revenues
of
Other revenue from transportation amounted 10 5215.691, an increase
amounted
342,819. or 24.7% over the previous year. Incidental revenue loss
being
the
year
last
22.9%
or
from
$21,128,
of
decrease
to $70,931. a
accounted for wholly from the operation a hotels and dining cars.
Operating Expenses.-OperatIng expenses for the year amounted to
35,501,677, a decrease of $336,774, or 5.7%, from the previous year.
Ballasting.-DurIng the year 170 miles of road were ballasted, as compared with 4834 miles last year. The average miles ballasted per year
during the 10 years prior to 1921 was 20 miles. during the year: Box cars,
-The following cars were retired
Equipment.
4 passenger and other cars.
624: flat cars. 44: stock cars, 6; rack cars. 6; and and
15 maintenance of way
The following cars were added: Boxcars,450,
cars.
and other
Depreciation.-There was an accumulated balance on Dee. 31 1922.
credited to reserves for accrued depreciation on all classes of equipment.
of $1,414,882.
Equipment Trusts.-Equipment trust payments made during tho year
amounted to 332,544.
of $16,000.
Funded Debt.-Was reduced during the year by payment
Valuation.-A tentative valuation of the company's properties has been
same,
against
stating the
protest
and
Commission
made by the 1.-S. C.
manner required by the
various errors and omissions, was filed in the in
the protests have been
Valuation Act. Hearings in the matters raised
expected in due course,
completed and final decision of the Commission is the
Court of Claims.
to
which if not satisfactory we propose to appeal
or nearly 30% over
3122,843,
increased
accruals
tax
Taxes.'Railway
been a moderate Increase in Federal
the previous year. While there has have
increased from $81,180 in 1911
and municipal taxes, the State taxes
to $399,116 In 1922, or 391.6%.
employees at Derby struck
General Remarks.-On July 1 90% of the shop Board
ordering a reduction
Labor
against a decision of the U. S. Railroad
the rates of pay. Very little inconvenience was
of 5 to 9 cents per hour inwere
rapidly hired to take their places at the lower
caused, as new employees
all vacancies bad been filled.
rates of pay and at the end of 30 days
year. other proWhile lumber shipments handled increased during thefell
off materially
and pulpwood,
posts
poles,
logs,
as
such
forest,
ducts of
last year.
from the corresponding period
during
the year,
handled
potatoes
of
bushels
17,051,187
were
There
the prices
compared with 15,103,200 bushels in 1921. Unfortunately,
extremely low, in many
received by the farmers throughout the year weresome
cases losses, which
cases not allowing any profit whatever and inthe citizens of
Aroostook
naturally decreased the purchasing power of
off accordingly.
fell
commodities
many
of
shipments
inward
and
County
applicaOwing to the depressed conditions in Aroostook County. manybut
received,
while
tions for reduced freight rates on potatoes have been starch
potatoes,
the
on
those
including
been
reduced,
have
rates
many local
management has resisted all attempts to reduce the through rates on potastrenuously
objected
commodities
of
shippers
other
that
reason
the
for
toes
to reduction in freight rates being made on agricultural products without
corresponding reductions being made no other classes of freight, also feeling
is substantially nil.
that the effect of freight rates upon the market price
that just prior to
This would appear to be substantiated from the fact
these
rates was made,
in
10%
a
of
time
reduction
which
at
1922,
1
April
and 15 days later
bbl.
per
at
$2
Caribou was $1 75 to
the price of potatoes
was $1 25 per bbl. This reduction cost the company many thousands of
dollars but did not benefit the Aroostook farmer, the market price of
APRIL
14 1923.]
THE CHRONICLE
1643
potatoes being governed by factors other than freight rates. The result of
The $883,000 1st Mtge. 5% bonds of the New York & Rockaway Beach
the 10% reduction, made voluntarily by all railroads, was that effective
July 1 1922, the I.-S. O. Commission ordered a reduction of 10% on all Ry., due Sept. 1 1927 together with $1,334 2d Mtge. 5% Income scrip,
are now shown as liabilities of the company.
other classes of freight.
The Long Island RR. Co.'s Ferry 1st Mtge. 4%% bonds, maturing
Business received from Canada ex the Van Buren Bridge, on which the
March 1 1922. were paid off, with the exception of $13,000 outstanding
company received a haul, was very satisfactory for the year, the earnings
accruing to the company amounting to $240,036, as compared with $159,266 on Dec. 31 1922. which are carried in "Funded debt matured unpaid.'
While $980.000 Equip. Trust 6% certificates.
last year.
Series -D. were Issued
during the year, Equip. Trust obligations
me
increased only
irmAITRAFFIC STATISTICS, CALENDAR YEARS.
$392.521, due
to $617,479 certificates redeemed as follows: Series "A,'
$106.000;
1922.
1921.
1920.
1919.
Series "B. $94,000: Series "C,"$138.000: P. RR. Equip. Trust certificates
Tons revenue freight..__ 2,157,019
2,136,483
2,154,229 -covering Govt. allocated equipment assigned to L. I. RR., $279,479.
1,969,225
Ton miles, rev. freight-267,482,345 232,548.773 235,876,903
Of the $719,000 borrowed from the U. S. Government at 6% and for
242,823.083
Passengers carried
503,449
532,451
684,644 which Serial notes were issued, $219,000 was paid in 1921. The balance.
619.471
Pass. miles-revenue.-- 20.580,555 20.866,348 25,079,846
27,345,129 $500,000. was paid in 1922.
Freight revenue
$6.252,789 $6.127,457 $4.063,169 $5,240,928
The $414,960 6% Serial notes due Aug. 1 1923-25, issued in connection
Passenger revenue
$897.557
$956,320
$953,917 $1,117,246 with Equip. Trust Series "C. were reduced by the redemption, during
Av.fgt. rev. p.m.road..
$10,029
$9,791
$6,426
$7,958 the year, of $165,984, leaving $248,976
outstanding.
This company's holdings of the capital
INCOME ACCOUNT CALENDAR YEARS.
stock and Income bonds of the
(Corporate for 1922 and 1921 and Combined Federal and Corporate, 1919 and Prospect Park & Coney Island RR. were sold during the year.
The
$20,000
5%
Interim certificates of the Ocean Electric By., owned
.....A am, 1920. Disregarding Compensation and Guaranty.)
by the company, were paid during the year.
10
"
was
1922.
Thdeiss
1921.
7
,lest
vedJamai L1a9n2d2.Co., Ltd., all the stock of which was owned,
1920.
1919.
Freight revenue
$6.252,789 $6,127,457 $5,240,928 $4,063,169
caNr.21
Passenger revenue
897,557
Growth in 21 Years.-Nearly $62,000,000 has been added to "road and
956.320
953,917
1,117,246
Mall, express, &c
286,623
264.931
160,274 equipment" since 1901. Over $4,000.000 was due to the merger of the
317,306
Revenue other than trans.
Great
Neck & Port Washington, Montauk Extension, New York Bay
109,940
Extension. Jamaica & South Shore, Long Island RR. Co.
North Shore
Railway oper. revenue_$7,436,969 $7,348,708
$5.287,300 Branch, and New York & Rockaway Beach Railroads.
Maint.of way and struc_ -$1,399,771 $1,192,469 $6,675,480
789 passenger train cars have been added and 149 retired, increasing this
$1,445,082 $1,177,240
Maintenance of equIpm't_ 1,620,212
1,768,399
1,506,244 equipment from 621 wooden cars in 1901 to 385 wooden and 876 steel.
1,585,035
Traffic
49,452
52.814
45.872 total of 1,261 cars in 1922.
46,782
Transportation
2,179.791
2,209 freight train cars have been added and 711 retired, increasing
2,538.523
2.649,211
2.040,865
General,miscellaneous,&c 252,452
286,246
336,966
257.745 freight equipment from 1,168 to 2,666 cars. One tug boat and 5 steel
car floats of 20 car capacity were purchased and several wooden car floats
Net operating revenue_$1,935,291 $1,510,256
$259,334 of small capacity retired.
$612,404
Tax accruals & uncollec
92 locomotives were added
537.695
414.475
334,759
301.784
105 retired, there being 13 less in 1922
due to the electrification of and
the lines from Flatbush Ave. to Jamaica.
Railway oper.income_ _$1,397,596 31.095.782
$277,645 def$42,450 Long Island City to Jamaica, Jamaica to Hempstead, Jamaica to Long
Hire of equipment
Cr.254.231 Cr.127,496 Cr.428,107
y67,291 Beach, Valley Stream to Far Rockaway, Whitepot to Far Rockaway,
Other income
61,578
62.983
57,529
24,593 Hammel to Rockaway Park, Winfield to Port Washington and from
Whitestone Jct. to Whitestone about 82 miles of line representing nearly
Gross income
$1,713,406 $1.286,261
$49.433 21 of total mileage.
$763,281
Interest on funded debt--$1.031,335 $1,018,965
The number of passengers carried increased from 14.520,218
$986,144
$984.877
to
Interest on unfunded debt
821
2,405
23,337 656.891; tons of freight handled from 1,642,937 to 6.027,860, while79,
2,251
the
Miscellaneous charges
3,480
16,938
10,032 gross earnings increased from $4,862,347 in 1901 to $30,951.540 in 1922.
8,966
Preferred dividend (7%).. 304,500
While
243.600
the territory and the public has had the advantage of the great
243.600
243,600
Common dividend (4%).. 154.400
154,400
154.400 Improvements in transportation which has resulted
154,400
in accommodating
such a great
in traffic, it results chiefly from the broad-gauged
Balance. sur. or def__sur$218.868 def$150.047 def$630,814df$1,368,080 policy of theincrease
Pennsylvania RR., which advanced the funds for these
purposes, and converted its large holding of Long Island RR. debt into
BALANCE SHEET DECEMBER 31.
capital stock, thereby greatly reducing
the Long Island RR.'s fixed charges
1922.
1921.
and enabling it to use all the
1921.
1922.
earnings for such improvements and to
AWLSLiabilitiesImprove the company's credit. It also further
$
Inv.in road & eq't.30,799,085 30,369,928 Preferred stock... 3,480,000
assisted this imik:ovement
3,480,000 program by giving this company
the use of Pennsylvania Station since
Dep.In lieu of mtg.
Common stock_ __ 3,860,000 3,860,000 1910 at a nominal rental.
property sold_ _ _
13,365
1.863 Fundel debt
21,430,000
21,414,000
Nevertheless
the earnings of this company during this period have not
Inv. In at cos_ _ 250,000
250,000 Equipment trusts. 329,295
361,839 been sufficient to justify the payment
any dividends whatever on the
Cash
428,554
374.588 Traffic & car serv.
capital stock, because the rates, chiefly of
the commutation rates, have been
Special deposits._ _ 228,328
578,225
balances payable
224,509 kept too low, and the taxes, wages
37,303
and
other
Loans & bills rec._ 380,100
costs are too high in com450,000 Acc'ts & wages pay 357,050
323,933 parison with those rates. Company
Traffic & car serv.
in prospect many plans for
Misc.acc'ts parle.
48,159 expansion of its property, extension ofhas
29,240
balances receiv_ 273,774
electrificatio
n, abolition of grade
56,419 Int. mat'd unpaid_ 223,873
224,253 crossings and the increase of its steel cars
Net bal. rec, from
but it
Unmat. divs., &c.,
seems only equitable to point out that unlessand other equipment,
agents & conduc.
the regulatory and municipal
23,464
80,156
accrued
171,580
232,261
authorities
are willing to deal fairly with this company in the matter of
Misc.sects reedy. 129.708
132,784 0th.'urr. lIblL
37,888 rates it may charge for the service rendered,
36,859
Material & supplies 1,076.913 1,240,823 Deferred liabilities
so as to enable it to earn a
182 fair return upon its investment, it cannot carry
5,374
Int.reedy.accrued
out the program it has
4,881
13,406 Tax liability
24.024 in mind, although public convenience
81,594
requires the improvements.
Other curr. assets_
7,660
13,838 Prem.on fund.debt
4.279
Transit
3,958
Conditions
in
New
York
City:-Company has called the attention
Working fund adv.
1,344
305 Accr. dept.,equip_ 1,414,883 1,359,397 of the Transit Commission and the
authorities to the necessity for a
Other defd. assets_
577
1,078 Other unadj. cred .
27,074 4-track rapid transit line which willCity
22,444
afford both local and express service.
Unadjusted debits. 462,155
403,748 Add'ns to property
extending from Jamaica, or some point
east thereof, to and into Man181,647 hattan and under 34th St.,
through surplus. 192,284
or some adjacent street, to the west side of
Approp. surplus
61,371 Manhattan, so as to make possible
with
Profit and loss_ _ _ _ 2,359,172 2,128,822 convenient connections with all up a high-class rapid transit service
lines on Manhattan
Island. It has been demonstrated and down-town
it will be impossible within a
Total
34,079,888 33,946,955
Total
34,079,888 33,946.955 relatively few years to accommodate that
the increasing number of passengers
Note.-The company has a contingent liability for the guarantee of both using Pennsylvania Station, notwithstand
ing the improvements and
principal and interest on $250,000 of Van Buren Bridge
Co. bonds.-V.116. additions that have been made to that Station, which have been the means
p. 1274. 720.
of very greatly expanding the revenues
of
tho
company and the number
of passengers it can handle.
Excluding the passenger traffic handled
for the Pennsylvania RR.,
Long Island Railroad.
and
lines using that station, over 28,000.000
Long Island passengers used other
station in 1922, and this represents a
(41st Annual Report-Year ended Dec. 31 1922.)
12 years' growth during whichthe
the company used the station. It is impossible to make provision sufficient
to accommodate the traffic of the
President Ralph Peters, New York, April 3, wrote in sub- road
and the others in that Station, as
the Long Island passengers have
been increasing at the average
stance:
rate of8% per annum, and it is only proper
to
emphasize the necessity for the City of Greater
Results.-Total operating revenue increased $2,230.630, or 7.8% over
New York to give this
section the increased transit facilities
the preceding year. Passenger revenue increased 6.4%;
so urgently required.
freight revenue
increased 8%; express, mail, other transportation
revenue
incidental
and
TRAFFIC STATISTICS YEARS ENDING DECEMBER 31.
increased 15.1%.
Passenger.-The number of rail passengers carried
1922.
1921.
1920.
was 79.656,891, an Mileage operated
increase of 4,150.846, or 5.5%. 28.060,896
397
398
398
Num
Number
Pennsylof passengers carried
vania Station during the year, an increase passengers used the
79,656,891 75,506.045 72.743,820
No.
8.3%.
of
over
2,145,259,
of
or
passengers
carried
one mile_ _ _1239167160 1152026714 1057939480
1921. Company on account of the increasing use of this station and the Avge.
revenue
from each passenger
consequent increase of the revenues
24.1 eta.
24 eta. 21.93 eta.
rev, per passenger per
a higher rental than that now paid. derived from such use expect to pay Avge.
mile__
1.551 eta. 1.571 eta.
1.508 cts.
Avge, net rev. per passenger per
The number of passengers using the Flatbush
mile_
eta.
.273
eta. loss.081 cts:
.187
Ave. Terminal was 34,094,- Revenue tons carried
580. an increase of 1,200,583, or 3.6%.
6,027.860
.886.969
5,572,674
Revenue
tons
carried
one
mile
The number of tickets sold at the Pennsylvania
134,569,409 129,321.714 122.989,535
Station and the Flatbush Average revenue per ton
Ave. Terminal was 4,096,073 and 4,335,392 respectively.
48
$1
$1 23
$I
48
Average revenue per ton per mile
The total number of commutation tickets sold to
6.626 eta. 6.383 eta. 5.893 eta.
and from western Avge. net revenue per ton per mile
terminals of the road was 642.650, an increase of
1.327
cis.
.865
eta.
loss.578
eta.
55,960, or 9.5%•
The number of tickets sold during February,
lightest month of
OPERATING RESULTS FOR CALENDAR YEARS.
1922. was 43,564, which was only 1,436 less thanthe
August,
the
sales in
•
the heaviest month of 1919.
Federal.
Combined. -Corporate.
Revenues-1919.
Of the total commutation tickets sold, 56.170
1920.
1921.
1922.
to the Pennsylvania Freight
Station. the proportion being slightly less than inwere
$6,280,427
*7.267,266
$8,273,615 $8,937.569
Passenger
Freight-Freight tonnage was 6,027.860, an 1921.
15,607,723 15,956,229 18,086,144 19.250.024
increase
or
455,181,
Mail,
of
express,
&c
8.2%, this notwithstanding the general coal strike between
2,493,824
2.620,254
2.361,152
2,763,948
April and
September.
Total oper. revenues_ _$24,381,974 $25,843,749
Building operations throughout the year continued to be active. There
$28,720,911 $30,951,540
Operating
Expenseswere erected on Long Island during 1922, outside of
Long Island City Mant. of way & struc
and the old City of Brooklyn, 28,762 buildings,
$3,787,158 $3,320,693 $3,317,775
23,336 of which were Maint. of equipment_ _ _ $3,163,138
dwellings, as compared with 19.771 buildings in 1921
4,334,035
5,501,296
4,993,378
5,118,248
and
16,197 in 1920. Traffic expenses
This activity was reflected in the tonnage of building materials,
156,877
226,053
221.478
214,778
which Transportation
12,167,013 14,756.284 13.696,486 13,591,051
increased 348,907 tons. or 34%, over the preceding year.
Miscell.
operations, &c_
173,859
111 new industries located along the lines of the road during the
208,455
215,066
246,783
year. General
of which number 99 located in Long Island City.
591,929
732,591
734,884
685.183
Total fuel tonnage decreased 321,875 tons, or 15.7%. The cauliflower
Operating expenses__ _$20,586.850 $25.211,837
crop of 7,500 tons was larger than the preceding
*23,181.985 $23,173,819
years. Long Island Net earnings
produced more potatoes in 1922 than in any previous
$631,911 $5,538,926 *7,777.721
year of record. Uncollectiole revenues.._ $3,795,124
There were from Long Island points 5.587 carloads,
5,314
5,868
34,361
30.570
or 120.597 tons, an Taxes
increase of 47%.
1.063,277
1,235,628
1.535,276
1,795,861
In accordance with decision of the I.-S. C. Commission, freight rates
Operating income
were reduced 10% generally, effective July 1 1922.
$2.726.533 def$609.584 $3.969.289 $5,951,290
Hire of equipment
Operating Expenses & Taxes -While maintenance of equipment and Joint
$171,450
$542,385
$300,992
$555,100
facilities rents (net)
miscellaneous operations increased $156,588, transportati
133,383
156,856
428,737
357,153
maintenance
on,
Miscellaneous
of way, and other expenses decreased $164,753,
Cr.86.873
decrease
making
in
a
net
operating expenses of $8,165.
Net
railway oper.Income $2,508,572df$1,308,825 $3,311,214 $4,967.454
Taxes amounted to $1,795,861, an increase of $260,584, or nearly
17%• Non-operating income
Taxes in 1922 amounted to 23.3% of the net revenue
1.158,377
585,313
operations
Non-operating Income.-Non-operating income from railway
$573.064.
decreased
Gross income
Merger.-The Long Island RR., North Shore Branch,
$4,469,591 $5.552,767
&
York
and
New
Deduct
-Rents
for
leased
Rockaway Beach Ry., formerly leased, were merged with the Long Island
roads
Miscellaneous rents
RR. during the year.
Miscellaneous tax accruals
Road & Equipment.-Road and equipment investment shows an increase
Interest
on
funded debt
of $3,415,904, as shown by the following items:
2,1
:
184
2 154 2,?1
45
Interest on unfunded debt
Equipment-92steel passenger train cars. 40 of which are to be equipped
Miscellaneous charges
with electric motors, were authorized by
5T:31̀1
37
413111
the board, to be financed through
Equipment Trust certificates, and are under contract for 1923
Net income
delivery.
Eight steel passenger cars equipped with
$599.189 $2,165.888
were also authorized. Profit and Loss debit
The 50 steel passenger cars authorized in 1921motors
$6,779,067 86,323,138
were received during the year. Add-Net debits
during
Financial.-$92,000 Unified Mtge. 4% bonds,
year
402.652
143.260
due March 1 1949,
Additions to property through inc. & surplus
were cancelled, and a like amount of the lief. Mtge. 4%
Cr.348.465 Cr.438,468
bonds were issued
In exchange.
Net corporate deficit
$5,974,673 $4.122,294
SHEET DECEMBER:31.
BALANCE
1921.
1922.
$
AssetsRoad & equipl_ _83,617,408 80,201,505
Imp's, on leased
rail property-- 6,588,143 60551,201
Inv. In affil. cos.:
1,531.790
1,467,071
Stocks
744.296
287.000
Bonds
2,561,622
2,337,790
Notes
2.577.459 2.018.861
Advances
1,522.257
Other investmls_ 838.812
114.281
109,283
Misc. phys. prop_
Dopes. In lieu of
55.197
mtge. prop.sold 398,937
2,838,315 1.725.200
Cash
490.794
400,027
Special deposits
15.837
21.558
Traffic, &c., bal.
868.577
Agents & conduo_ 1.158.058
1,838,378
Materials& supp. 1,934.875
78.605
Int..divs.,&c.,ree. 98,701
807,141
Miscellaneous ___ 640,098
2,512.913
2,368.395
accts.
0th. unadj.
92.530
93,148
Deferred aesets4.122.294 5.974,673
Deficit
Total
1921.
1922.
$
$
LiabilitiesCapital stock_ _ __34,110,250 34.110.250
Funded debt (see
"Ry. & Ind."
48,395.409 49,240,080
Section)
Equip.trust oblIg.6,665.367 6,302.846
54.000
54.000
ratges._
Real est.
Loans & bills pay. 1,810.096 2,458,861
Accts. & wages__ 1,842.071 2,077,651
Traffic, &c., ball_ 3,042,436 2,207,224
Matured Interest_ 3.398,212 3,407.330
Fund, debt ma1,581,100
titre& unpaid_ 1.594.100
Accrued interest
788,489
678,020
and rents
853.927
1,416,369
Miscellaneous
188,859
500,164
Taxes
10,451
10,098
Insur., &c., res..
5,970,289 5,263,406
Accrued deprec
Other unadjusted
1,113,144
1,205,096
accounts
Deferred Babel1,197,377 1,050.231
ties
111,895,352 110,705,658
Total
111.895,353 110,705,658
-v. Ha. v. 1275.296'
Philadelphia Rapid Transit Co.
(Report for Fiscal Year ended Dec. 31 1922.)
Vice-Pres. W. C. Dunbar Feb. 19 wrote in substance:
availResults.-Income account for 1922 shows net income of 81.829.278 stock.
$30.000.000 P. R. T. capital
able for the $1.800.000 div. of 6% on
ago,
than
one
year
service
better
10%
effect
provide
Oar schedules now in
81.000.000 per annum: this in
representing an added cost of approximately of
over
dividend
fare
present
earnings
use
to
policy
the
with
accordance
requirements to increase service.
included in the
R. T. has paid 6% In 4 quarterly diva. for 1922 and hasdiv.
amounting
a 10% co-operative wage
wages paid to P. R. T. emplayees
is well earned and properly paid, as the added
to S1,650.000. This payment
many
car
riders
Philadelphia
saves
employees
T.
R.
P.
of
production
million dollars annually.
is
Reserve Fund.-In addition to cash working capital of 41.410,118 there
for renewals. This reserve fund will
• $3,069,500 of cash in the reserve fund
excess of $2,500.000, to meet cash down paybe drawn on during 1923 inthe
cost of substation equipment, and other proments on the 576 new cars,
jected improvements.
Maintenance, &c.-P. R. T. basis of appropriation from earnings for
maintenance, renewals and depreciation, as now in effect. Is planned to
so that within the five-year
overcome Insufficient upkeep during the war,have
been picked up, thereperiod 1921-1925 deferred maintenance shall
T.
earnings to meet the anticiR.
of
P.
use
fuller
after making possible a
pated deficit resulting from the operation of city-built lines. •
of FrankP. R. T. must now overcome a greater loss from the operation
81,000,000 per annum: this
ford "L" than the city-company estimate of
because of more duplicate service by surface car routes being required th n
was originally thought necessary by city-company engineers. Overcoming
the
this loss of more than 81.000,000 and the payment of $150,000 rental-to
city is made possible only by the 7c.-4 for 25c.-fare and the assured
super-co-operation of the men in still further reducing the cost of operation.
Vo/uation and Fares.-It is now privately admitted, by those connected
with the valuation proceedings, that the value of P. R. T. property Is more
Recent agitation
than ample to justify continuing the present rate of fare.
desire of the car
for a return to the Sc. fare is unimpressive, since the general
subways and
rider, as expressed to P. R. T. men on the cars, is for more
better service which we are now spending our money to secure, but as
Impossible
with a lower
be
would
things
these
knows,
almost every one
rate of fare.
Equip. Try:4.-P. R. T.. through its bankers. Dillon, Read & Co..
accomplished the ails of 37.750,000 equipment trusts as follows: Equipment
Trust Series "F"6% certificates, 1923-1932, 83.000,000; Equipment Trust
Series "Ic' comSeries "0" 5% certificates. 1924-1933. 84.750.000.
the war and covers 210
pletes repayment of Government advances during
war-time IL S. Government cars and 500 nearside cars formerly under
Series "C," which has been retired. Series "G" covers 520 new passenger
a total of 36.500,000. financed by
and 56 utility or work cars, representingthe
renewal fund and by sale of$1,750.000 cash-down payment from
$4,750.000 equipment trusts. The sale basis of 5.20% to 5.50% was made
possible through the improved credit of the company.
iMProremengs.-P. R. T. Improvements and additions for 1923. now in
contemplation or actually under way, represent over $12,000.000, viz:
lines
(1) 520 passenger cars and 56 work or utility cars: (2) three crosstown
representing
between the Germantown-Nicetown and Frankford districts,
track construction in co-operation
over 20 miles of track: (3) 60 miles of(4)
for
New
substation
equipment
repaving.
of
with the city program
.
additional power. (5) New ear terminal in South Philadelphia.
The comparative income account was published in V.
116, p. 823.
SHEET DEC. 31.
BALANCE
1921.
1922.
8
$
AssetsProperty acct.....x54,134,439 52,561,880
756,860
1.410,119
Cash
Reserve fund for
y3,075,179 1,671,679
renewals
Materials and supplies accts., &o. 1,940,617 2,145,728
Deferred assets_ _ _ 2,521,021 2.400,820
Total
[VOL. 116.
THE CHRONICLE
1644
68,081,376 89,536,973
1921.
1922.
Cap.stk. paid In _ z29,991.660
Funded debt
17,502,000
Accts. pay'le. &c. 1,210,555
Accrued rent. Int.
2,983,011
and taxes
Dividend payable. 449,787
Accident reserves_ 444.631
Renewal reserve 4.737.993
Other reserves_ - - 121,075
5,640,664
Surplus
Total
29,991.600
16,432,000
751,571
3,677,237
566,096
2,258,555
110.873
5,748,981
63,081,376 69,536,973
expenditures for leased
x Property account Includes road and equipment
fund for renewals consists
lines, real estate, sinking funds, &c. y Reserve
of cash, 113,069.500, and securities, 85,679. z Capital stock authorized.
830.000.000.-V. 116. p. 823. 616.
Northern States Power Co. of Delaware and Subsids.
(Report for Fiscal Year Ending Dec. 31 1922.)
The remarks of President H. M. Byllesby, together with
the income account and balance sheet, will be found under
"Reports and Documents" on a subsequent page of this issue. CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1921.
1922.
Electric department_ ___812,144,909 $11,184,308 $10,264,734
•
660,594
705,959
671.557
department
Gas
638,993
648.321
639,055
Steam department
75.722
82.254
85,194
Telephone department
362,380
160,735
341,204
Street railway departin't
Total gross earnings813,881,919 $12.963,222 $11,798,779
86.037,793 $5,833,109 $5,610,005
Operating expenses
799.938
437.634
919,788
Maintenance
921,897
984,935
1.143,247
Taxes
$5,781,092 $5,207,544 $4,466,938
Net earnings
82,311,432 82.295.682 82,148.470
interest charges (net)
1,341,374
1,601,165
Preferred dividends._ _ 1,841,534 %)246.800
4
(8%)493,600(
(k)mrnon dividends_ _ -525,000
475000
550,000
Depreciation
1mortizati0n of debt dis250,000
275,000
325,000
count and expenses__ _
Balance, surPlne
Total surplus
-V. 118, P. 1188, 84.
1919.
$8,584.278
523.120
574,125
68,015
126,395
$9,875,931
$4.405,964
642,951
709,706
34.117.313
$1,999,056
1,176,998
450,000
175.000
$318,259
$252,094
$263,897
$259,526
81.843,234 31.583,707 31.319,811 $1,087,717
Grand Trunk Railway Co. of Canada.
(Report for Year ended Dec. 31 1922.)
RESULTS FOR CALENDAR YEARS.
1920.
1921.
1922.
Operating Statistics3.611
3,611
3.611
Mlles oper.(in Canada)_
Passengers carried
Tons freight carriedRevenue freight
Non-revenue
1919.
3.616
10,998,248 11.609.782 12.208.977 11.620.590
23.675,425 21,687,749 26,322.423 23.292.706
x
3,661,618 3,339,690 3,162,686
Tons one mile (000)-
4,561.146 4,052,564 5,028.651 4,580,346
Revenue freight
x
280.968
281,232
304,838
Non-revenue tons
Average per ton mile- _ _ 1.240 cts. 1.338 ets. 1.155 cts. 1.055 cts.
$77.700,019 876,8.58.032 181.442.647 868.744.359
Total earnings
70,317,813 71.179,293 76,213,815 80.374.434
Total expenses
Net earns.. bef. taxes- $7,382,208 $5.678,739 $5.228.832 88,369.925
INCOME ACCOUNT FOR FISCAL YEARS ENDING DEC. 31.
1919.
1920.
1921.
1922.
Railway Oper. Rev.-
$56,581.068 854,239.904 158,102.054 $48,313,551
Freight
15.510,164 16,948,180 15,124.852
. .
Passenger
548.781
590.239
1.133.738
1.212.433
Mali
2,659,572 2,129.706
3,285.111
2,883.700
Express
231.263
289,474
316.725
271,121
Other passenger train
209,984
233,951
242.755
228.541
Milk
591,270
785,347
561.858
679.860
Switching
388.499
349.430
328.046
325.004
Dining and buffet
421,458
578.057
315.802
264.162
Demurrage
251.194
201.217
275,967
284.801
Grain elevator
Rents of buildings and
218.837
135.940
88.862
110.541
other property
314,962
579.185
559.301
536.784
Miscellaneous
Total open revenues_$77,700.019 $78,858,032 $81.442.647 $68,744,359
Railway Oper. ExpensesMaInt. of way & struct- 310.740.706 $12,862,797 $12,005,384 $9,478.288
Ma int. of equipment... 20.792.314 17.809,497 21,103.422 16.537.827
1.001.311
1.583.830 1,304,107
1,815.853
Traffic expenses
Transportation rail line- 34.020.685 35.574.798 38,518.233 30,713,902
392.541
501.381
462.320
414.134
operations
Miscellaneous
2.904.024 2,787,700 2,251.646
2,560.591
General expenses
Cr.1.084
Cr.6.392
Transp'n for investment Cr.26.433 Cr.17.974
Total oper. expenses_ _$70.317,813 871.179.293 $76.213.815 $60,374,431
88.369,927
Net rev. from ry. oper-- 17.342.206 15.678,739 85.228.832
1,280.062 1,165.310
Railway tax accruals._ 1,200.287 1,325,577
5,540
23,005
8.909
33.292
Uncoil, railway revenues
Total oper. income,.- $6,148.627 $4,344,254 $3,925.765 17.199,077
Non-Oper. Income-
Hire of freight cars$271.417
$675,862
$1.525,788 $1,306,972
Credit balance
420,290
653.035
812.908
Rent from equipment_ -- 1,229,560
610,091
871,376
822.764
698,997
rent
income
facility
Joint
10,000
10,000
10.000
56,124
I worn°from lease ofroad
131,686
179.592
262.060
266.930
Miceli. rent Income_ _37,185
90,823
90,049
prop.
100.477
phys.
Mi4c.non-op.
Separately open prop518.595
erty (profit)
698,397
141.988
157.819
359.930
Dividend Income
2,586,784 2.150.914 2,021.168
2,353,061
Inc. t'om funded secur
unfunded
from
Income
1.866.841
672,128
1.464.400
634.016
securities and accounts
11.643
11.950
Inc. from sink.. &c..[dB79,724
1.468.283
1.900,776
1,048,741
_
_
Miscellaneous Income814.613,676 $12,978.355 *11.632,037 $13.345,876
GrOSR income
Deductions from Gross Inc.
$454.108
$638.725
$364.821
Rent far equipment._ _ - $249,419
63,443
101.868
93.763
87,702
rents
facility
Joint
368.956
474,459
477,832
477,918
Rent for leased roads_ _ _
134.178
68.716
65,463
57.263
Miscellaneous rents.__
88,949
Misc, tax accruals
496.256
770.837
189,142 . 613,238
Ia. on unfunded debt._
Amortization of discount
232.934
253.934
275,804
159,975
on funded debt
292,064
942.195
1.802.168
226,757
MIrcell. Income charges_
599.743
990.869
1,881,094
1,398,6e0
New England lines
872,951
1,277.747 4,797,178 1.935,158
Western lines
Ottawa Term. and Can.
178,822
631,167
AU. Tran. Co
Int. on Funded Debt6,555.300
8,988.634
8,988.634
stock
Debenture
313.244
220.264
141 124
Equip. bonds and notes640,004
640.004
640.000
Can. ALI. 1st M. bonds32,500
32,457
30.932
Other underlyinw bonds_
9.468,454
703.995
736,949
Equip trust certificates_
218.750
2,133.491
3,232,010
Deb.
bds.
Gold
Sink. Fd.
1,502.583
657,000
Secured notes
771,451
4,745.783 3,107,421
Dominion Govt. loans
9.350
20.750
2,475
Sundry
1123,025.410 827.012.797 818,231.142 112.982,607
Total deductions
Balance, def. or surp_ df.$8,411,734df$14061,442df .599.105 sr.$363.270
BALANCE SHEET DEC. 31.
1921.
1922.
1921.
1922.
$
bfablIfttesAssessCap'l exp. axt_394,737,012 465,462,955 Capital stoek_....241.237.888 241,237,589
Debenture stk_ -155.378,808 155.373,808
Impts. on leased
442,252 Grants in aid of
railway prop. 3,469.323
congtriet Inn _ 15.158.137 15,142.633
966,671
269,764
Sinking funds__
1,485,038 Fel, debt unmet.. 711.555,752 81,132,899
Miv.phyq.pron. 1,478.739
Inv. In affil. cos. 77,166,158 44,307,782 Dom.Govt.loan 92,527,748 76,965,322
659,492 Non-negot. debt
527,785
Other investm'ts
1,780,683
to affII. eon._ 1,914.528
1.087.311
8,096.645
Cash
442,404
1,151,234
571.653 4,009,721 Loam& bills!XV.
Special deposits
sercar
&
Traffic
Traffic & ear ser4.369,659
vi bal. pay_ 5,524,821
1,643,480
1,203,786
vice bal. rec
7,200 Audited accts.&
7,100
Loan & bill rec.
wages payable 9,801,501 11,596,935
Net bal. reedy.
114,878
136,406
agt & cond. 3,616,035 2,510,299 Mine.accts. pay.
mat. unpaid 1.730,491
1,711,797
Int.
9,823,162
Misc. Sects. ree_ 8.905,203
3,560,421
3,564,155
Material &suML 14.605.959 18.142,348 11 Ws. mat.unpd.
191,009 Fand. debt mat.
247.779
Int. & diva. rec.
47,273
215,620
43,473
lineal 1
55.283
Rents receivable
526.164
500,765
310,674 Unmatrentsaec,
231,128
0th. curr. assets
874,280
684,143
Babb.
durr.
0th.
152,829
105.053
Work,fund adv.
provlIns.& oth. funds 2,648,657 1,537.283 Llabil. for
266,651
221.382
dent funds..._
1,886,344
0th. derd assets 62,128,830
5,597,317
!lab. 6,300.131
deed
Other
Rents and Insur.
Dr.2,007
Tax liability _
prem. paid in
181,254 Ins. & casualty
212,789
advance
1,582,616
1,693,999
reserve
Disc.on fund.di. 1,886,348 2,029,554
18.673
24,1,53
0th. unadj. deb. 4,937,868 35,406,363 Operat's res'ves 2,200,000
.
Acer.deproc.ecl
Scour. Issued or
0th.unadj.(red. 9.771.012 6,300.628
assumed-un.157,055 Profit& loss def. 26,055,866 17.475.496
7,496,539
pledged
7,300,000
do Pledged
602,600,394 591,812,242
Total
-v. 116, p. 720.
Total
602,600,394 591,812,242
Market Street Railway Co.
(Report for Year ended Dec. 31 1922.)
The remarks of President Chas. N. Black, together with
the income account, balance sheet and operating statistics,
will be found under "Reports and Documents" on a'subsequent page of this issue.
1645
THE CHRONICLE
APRIL 14 1923.]
INCOME ACCOUNT.
Year end. 9 Mm.end.
Year end. 9 Mos.end.
Dec.31'22. Dec.31'21.
PeriodDec.31'22. Dec.31'21.
Period8745,893 $581,668
.551
Int.
on
fund.
debt_
_191,924,926141,869
Rev.pass. carr'd
320.000
320.000
Operating revenue $9,583,437 87,089,944 Depreciation
50,277
48,439
Miscellaneous
Maint. of way and
538,223
550,368
structures
Net income_ ___$1,109.660 $487,521
486,807
Maint. of equip't_ 649.487
Previous surplus__ 487,521
Power (incl. dis1,196
puted surcharges) 1.442.410 1.123,284 Misc,adjust. credit
3,394.868 2,694,256
Transp.& tmfflc
470,223
Gross surplus_ _ _$1,598,377
General & miscell. 811,712
44,122
604,200
456,000 Fed. tax, prior yrs.
Taxes
Int. on P. G.& E.
Co. surcharge
Net earnings___$2.130,392 $1,321,151
11,193
power amount__
118,315 Prior Pref. dive._ _ 697.020
93,600
Other Inc. credits_
Gross income_ _ _$2,223,993 $1,439,465 Prof.& loss Burp._ $846,042
BALANCE SFIEBT DEC. 31.
1922.
1922.
1921.
$
LiabilitiesPrior Pt.6% stock 11,617,000
Rita. property and
47,088.637 46,868,333 Pref. 6% stock___ 4,986.700
franchises
161,410
2d Pref.6% stock_ 4,673,400
Sinking funds_ _ _
142,193
Inv.in securities
156,593 Common stork_ _ _10,646,800
510,524 Ist M.5% s. f. bds. 9,560,100
Mans & supplies_ 410,692
894,721
604.130 1st 6% s. f. coll.
Cash
271,669
trust bonds_ _ _ _ 4,326,000
Special deposits_ _ _ 308.800
93,198 Equip. certificates
Notes & accts. rec_
89,567
2,892 Accts., wages,&c.,
1,239
Accrued Intereet
Payable
235,450
18,434
16,450
Insur. premiums
257,050
7,842 Interest accrued_
7.845
Taxes pd. In adv._
226.309
2,307
4.577 Accrued taxes_ .._
Misc. def. Items_ _
PriorPref.dtv.pay.
14.910
62,091
Def. credit Items
Depreciation me
640,000
Other reserves_ _ _ _ 1,037,994
846.042
Surplus
$487,521
1921.
11,603,1/CO
4,985,300
4,670.600
10.641,200
9,730,900
4,500.000
30,000
conditions which resulted in a financial loss. In view of these factors it
was to be anticipated that the operations would show a loss. This loss has
been minimized by improved conditions in the latter part of the year and
by the efforts of the management.
Current assets, which on Dec. 31 1921. stood at $18,367,145 have increased to $19,551.986. Current liabilities for the same period show a
reduction of 33,146,000. Bills payable have been reduced from $11.826,000
to $8,730,000 on Dec. 31 1922. The reserve for depreciation has been
increased from $617,871 to 31.252,633.
Accounts and notes receivable show an increase of from $6,185,048 to
$8,180,212. The decrease in cash on hand may be accounted for largely
by the cotton purchases made during the early fall months of 1922, prior
to the present high price levels. By thus anticipating cotton requirements
and making provision for advance needs, corporation and its affiliated
companies have assured themselves of an ample supply of raw material up
to the time of the new cotton crop, at a cost materially below present prices.
During the year the capital account was increased by the sale of 472,856
shares of the Capital stock, for which company received in excess of 35.250,000, and which has materially increased the working capital. During
the year the outstanding 1st Mtge.8% bonds were reduced by the operation
of the sinking fund from $5,000,000 to 34,750,000.
In Dec. 1922 William M. Wood, Andrew G. Pierce, Jr., George L.
Shepley and Henry P. Binney of the American Woolen Co.; William M.
Butler, Pres. of Butler Mills; Geo. deB. Greene. of K. H. Rollins & Sons,
New York; Chas. T. Main, of Chas. T. Main & Co., engineers, Boston;
Samuel F. Pryor, Chairman Remington Arms & Ammunition Co., New
York; Henry L. Tiffany, Treas. Kilburn Mill, New Bedford, were elected
to the board of directors. William M. Wood was elected director general
and chairman; Andrew G. Pierce, Jr., was elected Pres.; Frederick IC
Ruppreeht was elected chairman of the executive committee.
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1921.
1922.
5923.513 82,310,794
:Profits from operation
$335.119
238.282
150.000
Depreciation
635.000
620,091
1.530.572
Interest on bonds & bills payable,&c_ 1,724.988
61.468 Proportion of bond Meet. written off_
153.004
320,000 B. B.& R. K.Preferred dividend_
200.000} y1,204.367
911,372 Consolidated Textile Corp. dividend_
487,521
Balance
def$2.177,871 def$957,058 sur$248,054
Total
49,129.846 48,696.411
49,129.840 48,696,411
Total
x After deducting adm., selling and gen. expenses (and in 1922, also shut
Nat.-No provision for 1922 Federal income tax has been included in the above
down and strike expenses), and in 1920, after provision for Federal taxes
statement.-V. 116, D. 1533. 1178.
and write down of inventories to market.
y The Consolidated Textile Corp. paid quarterly dividends of 75 cents a
Southern California Edison Co.
share ($3 per annum) from Jan. 1920 to Jan. 1921. both inclusive, none
(Report for Fiscal Year ending Dec. 31 1922.)
since. Quarterly dividends of 2% each on the $2,500.000 8% Cum. lsir
Preferred stock of the B. B. & K. Knight Co.. Inc.. were begun in Jan.
PliThe report of President John B. Miller, together with the 1920 and continued
thereafter at same rate to and including Jan. 3 1922;
none since.
be
found
account
and
balance
1922,
will
sheet
for
income
ACCOUNT DECEMBER 31 1922.
CAPITAL
"Reports
and
Documents"
on
subsequent
pages.
under
The usual comparative income account was published Capital and capital surplus, less operating deficit Dec. 31 1921-125,830,044
Deduct-Discount on bonds and premium on notes retired
in V. 116, P. 1527.
applicable to period prior to Jan. 11922. less sundry adjust__
297.842
Add-Proceeds of sale of 472,856 shares of no par value siock--Cr5.263,4153
BALANCE SHEET DECEMBER 31.
265,535
258,152
228,363
1921.
1922.
1921.
1922.
Assets-Tangible prop's-120,604,312 107,485,008 Capital stock:
1st preferred_ 4,000,000 4,000,000
Intangible values 11,424,853 12.041,459
2d preferred__ 5,456,900 12,029,900
Cash with trust_
336,531
257,676
2,402,171
Corn. stock__ 38,123,172 27,937,872
Inv. In sub. cos- 2,531,891
Subset. corn__ 4,907,400 5,279.600
1,167.377
See. of 0th. corp 1.148,439
Coro. stock subs x5,467,654 4,054,081 Public subscrip.
1,484,441
capital stock_ 3,137,200
1,639.733
Cash
4,414,321
Bonds
74.644,700 65,981,700
Notes & accts.
1.341,074 Debentures.... 5,925,900 6,987.100
receivable.... y1,818,605
Material & supp 4.535,902 3,471.789 Shav.i.ake L.Co.
868,000
621,000
(bds. gtd.)
37,632
U.S. obligations
295.000
750.000
Miscellaneous _ _ 1,455,172
895,385 Stk ret.note pay
4,382.118 2,529.422
Acc'ts payable
Linemen disc.&
984,331
1,300,000
prem.on bds__ 5,201.914 4,421,235 Notes payable
863.493
776.466
277,908 2.691,393 Consum. depos_
Capital stock_
1.317,150
159,696 Interest accrued 1,473,792
Debentures _
107,164
1,200.076
Taxes accrued... z1,411.492
Deprec. res.. 8,418.591 8.903,989
414,216
701,216
Res. for cont_
Cas.& fire Ins.
79,621
81,266
reserve....
721,552
Los Angeles res.
1,224,777
2,786,891
Surplus,
Total
159,619.656 142.065.690
Hotel
159,619.656 142,065,690
. x Due by officials. employees and public on Common stock subscriptions.
y After deducting $89.071 reserve for doubtful accounts.
Accrued taxes, including provision for 1922 Federal taxes.-V: 116.
P. 1527, 947.
Mason Tire & Rubber Co., Kent, 0.
(Results for Year Ended Dec. 31 1922.)
The profit and loss account for the calendar year 1922,
together with the balance sheet as at Dec. 31 1922 (after
giving effect to the issue of $2,000,000 7% 20-year gold
bonds, see offering in V. 115, p. 1059), will be found on advertising pages.
Less-Operating deficit for year ending Dec. 31 1922
Capital and surplus Dec. 31 1922
$30.795.855
2,177,872
928,617,988
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1922.
1922.
Ltabitities$
Assets$
$
Land. bides.,&c.a33,648,458 34,683,701 Can't stockpao por,
see Note 14.-__93,617,933
500,002
Goodwill, &c
500.002
Misc,Investments. 1.716.163 1,669,485 1st M.8% heads_ 4.750.000
9,124,015 8,378,754 2-yr.8% notes,'23 700,000
Inventories
B. B.& R. Knight
Adv. to outside
1st Pref.8% stk. 2,500.000
511.927
mills as Invent'y 185,086
2d Prof.7% stk. 2.325,000
Inv. in stks. of out1st M.7% boads 7.500.000
475.008
side textile cos
475,008
8,730.000
Accts.& notes roc_ 8,180,213 6,185,049 Bills payable
429,921
Cash
1,587,665 2,816,408 Acceptances
Accounts payable_ 1.700.013
Disc. & premiums
unamortized ___ 1,137,896 1,770.959
269,158
Prepd.ins.,int.,&c. 246,437
600,954
Org. exp.& miscell 451,977
Total
57,252.918 57,861,405
Total
1921.
$
25,830,044
5,000,000
700.000
2,500.000
2.325,000
7,500,000
11,826.000
263.420
1,916.940
$7,252,918 57.861.40$
a Land, buildings and dwelling houses, machinery, and equipment, ass..
$34.901,089; less reserve, $1.252.633 for depreciation.
b Authorized capital, 2.000,000 shares of no par value; outstanding,
1.273,895 shares without nominal or par value, representing capital aad
capital surplus (see table above).
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 3375,000.-V. 116, p. 1537, 1056.
Eastman Kodak Company.
(Annual Report-Year Ended Dec. 311922.)
ANNUAL EARNINGS, DIVIDENDS, &C. FOR CERTAIN EARLIER
YEARS, AND TOTAL FOR 103 YEARS ENDED DEC. 31 1922.
This company, organized Oct. 18 1915 in Ohio. manufactures a full line
Net Profits. Pref.Divs. Com.Dirs. Reese Fund Surplus.
$
$
$
of cord tires In all RiZOEI, including also In the 30x334 size, a lighter tire
$
$
468,999
known as the Maxi-Cord. Also manufactures fabric tireslin Ford sizes and 1002 (6 mos.)... 1.488.295 162.3665
2.348:196
1,300,499
Inner tubes in all sizes. Solid tires are manufactured in three styles, plain, 1905
4,013.913..•
tins three manufacturing plants: At Kent, fabric mills 1910
7,806,390
8.975.177 369.942
798,845
sol'd and cushion
where cords and fabric are made from the raw ginned cotton: at Bedford. 1915
15.741.453 369,942 11,719.680
3,651.831
5.861.520
14.542.567 369.942
8.311.105
0., tire plant used exclusively for the manufacture of cord tires: and at 1917
manufacture
of
inner
tubes
and various styles of solid and 1918
8.792.280
14.051,969 369.942
Kent, plant for
4.889.747
7,819.110
pneumatic tires.
10,137.136
1919
18.326.188 369.942
7.865,840
The company, which ranks among the first dozen tire companies In the 1920
18.566.210 369,942
10.330.429
7,9.53,215
United States, produced its first tires In the latter part of 1916. It has, 1921
14.105,861
369,942
5,782,704
however, steadily increased its production and sales until it may now be 1922
17.952.555 369,942 12.574.963
5.007,650
considered one of the important companies in the industry. Net sales
Increased from $2,146,000 in 1918 to $10,244,000 in 1922. Company was Totals. 19% yrs_230,137,240 7,545,003 138.414.466 5.250.000 78.927,772
among the first to go into the manufacture exclusively of cord tires except Deduct
-Reserve required in addition to previous reserves and
on Ford sizes.
appropriations to offset entire book value of good-will & pat'ts 15,798.081
During the past six years it has rapidly built up its own branch organizaand
branches,
during
the
of
25
past
consists
year
has been
tion, which now
Balance, surplus [being amt. of surplus Dec. 311922-Ed _ 63.129.690
unable to satisfy the demand for its tires. No important changes have
The reserve fund, $5,250,000. was accumulated in 1906 to 1909 and
taken place in the management since the company was organized.
1911 to 1913.
Preliminary Results for First Quarter of 1923.
COMBINED BALANCE SHEET DEC.31(INCLUDING SUB. COS.).
Gross sales for the first quarter of 1923 were approximately $2,700,000.
This is an increase of $1,000,000 over 1921 and of $500,000 over 1922 for
1921.
1922.
1921.
1922.
the same quarter.
Assets$
Liabilities$
$
$
Net earnings for the first quarter of 1923, after all interest charges, were Real estate, buildCommon stook_ _ b20.163,500 20,000.000
times
over
1921
and
2
of
times
increase
an
23.
over
the
sales,
on
about 8%
ings, &c
a34,669,241 34,706,183 Preferred stock__ _ 6,165,700 6,165,700
same period of 1922.
Supplies, &c
22,150.104 23,742,803 Acc'te psyle, inel.
Owing to the lower prices of tires during the year 1923 as compared with Accounts and bills
pow.for Federal
the years 1921 and 1022, the number of units produced and sold in the
receivable
(net).
7,203,293 6.303,580
8,900,653 6,430,691
taxes
first quarter of 1923 exceeds by 100% the same period of 1922.
Call loans
92.486
3,000,000
92,486
Pref. dia. Jas. I__
The tire plants at Kent and Bedford are running at full capacity, and the Bonds and stocks_ 3,273,175 3,633,245 Corn. div. Jan. L. 2,520,438
498,765
full
running
capacity-all
three plants operating U.S. obligations_
textile mills at Kent are also
1,498.295
_28,396
.165
2,918,850
16,059.730
Extra
24 hours per day.-V. 116, p. 1059.
Cash
8,733,772 12,283,182 Conting. reserve__ 4.614,172 4,386.540
Prepaid int., &c
774,738
483,793 Surplus
63,129,690 58,122,040
Consolidated Textile Corporation.
(3d Annual Report-Year Ended Dec. 31 1922.)
Secretary Henry B. Stimson, April 7, reports in substance:
The Southern mills, directly owned, the Windsor Print Works, Converse
Be Co. and Terry Textile Corp., earned a profit. However, the net results
of the year's operations were unfavorably affected by a 9 months strike
In practically all of the mills of B. B.& It. Knight, Inc.. and general trade
•
Total
107.605,489 97,192,517
Total
107,605,489 97,192,517
a Includes real estate, buildings, plant, machinery and capital investments at cost less depreciation reserve. b 2.000.000 shares of no par value
issued in 1922 in exchange for 200,000 shares of $100 eacn, and 16.350
shares issued for cash at 810 per share; there remains to be issued 41,210
shares of Common stock of no par under plan for sale to employees, as
approved by stockholders April 6 1920.-V. 116. p. 1437.
1646
THIll CHRONICLE
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news n brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Wheeling & Lake Erie RR. Advances Wages of Shopmen.-Increase of
7 cents per hour affects several thousand men. Phila."N.B." Apr. 9, P.3.
Delaware do Hudson Co. Has Filled Places of Shopmen Out on Strike.-L.F.
Loree, President, declares strike is over as far as the road is concerned, as
places of strikers have been filled. "Times" April 7, p. 20.
Transcontinental Lines Plan Further Rate Reductions as Step in Panama
Canal Competition.-Reductions effective April 17, varying from 8% to
40% on commodities between Chicago and West coast, are not expected to
attract much business because they are still too high. Now aim to compete
with equal rates as well as quicker service. "Wall St. J." Apr. 10, p. 1.
I.-S. C. C. Denies Higher Rate an Newsprint.-Proposed increase in rates
from Canada to Tennessee, amounting to 10 cents per 100 lbs., held unjustified. "Evening Post" April 12, p. 11.
I.-S. C. C. Upholds Mileage Books.-Reconsideration of ruling denied
and books will be sold beginning May 15 on nearly all Class 1 roans (except
In the East) unless court intervenes. "Times" April 11, p. 31.
I.-S. C. C. Orders Texas Roads to Reduce Rates on Oil.-Roads serving
Houston, San Antonio, Dallas and Sherman, Tex., to reduce rates on peanut
and cottonseed oil in varying amounts according to point of shipment.
"Evening Post" April 10. p. 11.
I.-S. C. C. Will Investigate Pullman Co. Surcharge.-E.F. Cary, President
of Pullman Co., says investigation will be welcomed as a chance to give
public the facts concerning its rate schedules. "Times" April 10. p. 6.
Representatives of Western Utilities and Railroad Commissions Protest
Against Demand of American Ry. Express Co. for Higher Rates -Declare
express rates in central territory were now nearly twice the standard return
level permitted by present laws. "Almes" April 10, p. 34.
Pittsburgh Ry. Co. Receivers Are Asked for 32% Increase in Wages by
Motormen and Condurtors.-3.000 men want new scale beginning May 1.
Boston "Financial News" April 7, p. 6.
Car Shortage.-Shortage in all classes of freight car equipment amounted
to 68.986 cars on March 31. a decrease of 2.457 since March 22, according
to reports made public to-day by the Car Service Division of the American
Railways Association.
The shortage in box cars totaled 30,849, a reduction of 2.841 in slightly
more than a week; in coal cars totaling 29,281 a reduction witnin the same
period of 634. Reports showed an increase of 821 in the shortage in stock
cars, which brougnt the total to 1,401, and in refrigerator cars of 297, which
totaled 2.310 cars.
Car Surplus.-Surplus freight cars in good repair totaled 14,196 on
March 31. This was an increase of 1,455 in slightly, more than a week.
Surplus box cars in good repair totaled 3.266, an increase of 656 since
March 22, while surplus coal cars totaled 3,785. or a decrease of 326 in the
same period. Reports also showed 4,767 surplus stock cars in good repair,
which was an increase of S91 since Marcrt 22, while 1,917surplus refrigerator
cars were reported. which was an Increase of 166 in a little more than a week.
Car Loaaings.-The Car Service Division of the American Railway
Association issued the following statement:
"Unprecedented loadings of revenue freight for this time of year was
reported for the week ended Marca 31, wnen the total was 938,725 cars,
exceeding week last year by 116.917 cars and the same week in 1921 by
275,554. This also exceeded by a wide margin the corresponding weeks in
1920, 1919 and 1918.
"The total for the week exceeded the preceding week this year by 21.689
cars. A total of 938,725 cars for any one week last year was not reached
until September, while in 1921 it was October, and in 1920 that figure was
not reached until July. Increases over the week before were reported in
loading of all commodities other than coal.
"Principal changes compared with week ended March 24 were: Merchandise and miscellaneous freight, 575,190 cars, increase 15,851; grain and
grain products, 41,842 cars, increase 2,459; livestock, 31,726 cars, increase
1,377: coal, 182.668 cars, decrease 2,394; forest products, 76,124 cars (only
7 cars less than the higaest loading in history for that commodity,
which was
during the week ended March 3 last); ore, 15.435 cars, increase 735; coke,
15,740 cars, increase 901."
Matters Covered in "Chronicle" April 7.-(a) New drive at the railroads,
p. 1469. (b) Further record-breaking railroad freight movement. p.1472.
(c) Brotherhood of Railway Clerks National Bank of Cincinnati, p. 1483.
(d) Comprehensive program of railroads to meet expected record volume
of traffic-expenditure of billion and a half dollars planned, p. 1490. (e)
Eastern roads seeks injunction against issuance of mileage books, p. 1491.
(f) Arthur T. Hadley's suggestion for regulation of railroad rates and wages
by one body. p. 1491.
Atchison Topeka & Santa Fe Ry.-Conversion of Bonds.
Controller Gallup recently called attention to the fact that the 50-Year
4% Cony, bonds of 1910 cannot be converted after May 31 1923. This
time limit on the conversion into Common stock was fixed by the indeoture
under which the bonds were issued.-V. 116. p. 1531.
Atlantic Ave. RR. Co. of Brooklyn.-Reorganization.
See Under Brooklyn Rapid Transit Co., below.-V.66, p. 183.
Baltimore & Ohio RR.-New Grain Elevator.-
The company has started at its Locust Point terminals, Baltimore, the
construction of a new grain elevator with total capacity of 3,800.000 bu ,
the storage tanks holding 3.000.000 bushels and the workhouse bins 800,000
bushels. The shipping capacity wall be 150,000 bushels an hour to six
berths alongside present and proposed piers. In addition to the initial
storage capacity as statedr provision is made for the construction of more
storage tanks for 6,000,000 laushels, which will insure a future capacity of
9,000.000 bushels, independent of the workhouse. The new elevator will
cost approximately $5,500,000. These new facilities will replace the two
former grain elevators, B and C, destroyed by fire July 2 1922, caused by
a thunderbolt.-V. 116, p. 1273, 615.
Boston Elevated Ry.-New Issue.The company has applied to the Massachusetts Department of Public
Utilities for authority to issue $2,300,000 30-Year 6% bonds or notes to
fund floating debt, &c.-V. 116. p. 1409.
Boston & Providence RR.-To Issue Debenture Bonds.-
The company has applied to the I.-S. C. Commission for authority to
issue $2,170,000 of 5% 15-Year Debenture bonds with which to refund
a like amount of 6% bonds maturing July 1 1923. The Massachusetts
Department of Public Utilities has approved the issuance of the debentures.
-V.108, p. 1274.
Brooklyn Bath & West End RR.- Reorganization Plan.-
See under Brooklyn Rapid Transit Co., below.-V.66, P. 183.
Brooklyn City RR.-Reorganization Plan.See under Brooklyn Rapid Transit Co., below.-V. 116, p. 719.
Brooklyn Heights RR.-Reorganization Plan.-
See under Brooklyn Rapid Transit Co., below.-V. 116. p. 719,
Brooklyn Queens County & Suburban RR.-Reorg.
See under Brooklyn Rapid Transit Co., below.-V. 116, p. 719.
Brooklyn Rapid Transit Co.-Reorganization Plan.The plan of reorganization for the B.R.T. System tentatively
outlined in V. 116, p. 719, and referred to briefly in last
week's "Chronicle," is given fully below. The names of
the protective committees for the several securities involved
in the plan, together with the names of the different depositaries were given in the advertising pages of the "Chronicle"
of March 24, p. xxviii to xxid.
[Vox,. 116.
Holders of any of the bonds or notes entitled to participate
in the plan who have not heretofere deposited their bonds
or notes may do so before April 23 with the proper depositary_
Holders of bonds or notes not represented by any committee
may deposit the same with Chase National Bank, N. Y.
The plan has been formally adopted and approved by thecommittees representing the several classes of securities,
except the committee representing the 1st Consol. Mtge.
50-Year 4s of the Coney Island & Brooklyn RR.
What the Reorganization Is Intended to Accomplish.-(1) Termination or
receivership as soon as reorganization can be consummated. (2) Funding
Into long-term 6% bonds of over $60,000,000 of short-term obligations,
most of which now carry 7% interest.
(3) Payment in part, and the adjustment of the balance, of the accumulated arrears of interest, amounting to over $27,000,000, on the bonded
debt of the system so as to permit the resumption of the payment of current.
Interest,
(4) Payment in cash of the principal amount of the tort claims for personal injuries, as allowed, estimated at approximately $2,200,000. (5)
Adjustment of claims of the general contract creditors, as allowed, estimated'
at approximately $1,600,000. (6) Payment of receiver's certificates and,
other claims gainst the properties aggregating over $12,000,000.
(7) Provision of $26,000,000 of new money by stockholders or underwriters for the purposes of the reorganization. These include, in addition
to the above cash requirements, the immediate provision of a fund of
85,000,000 for the capital requirements of the rapid transit lines, among
which are additional cars and the equipment of the lines still to be completed by the city under the existing contract, and the provision of working
capital.
Brief History of Property of System, Contracts, &c.
Brooklyn Rapid Transit System.-From standpoint of both operation and
financial structure. is roughly divided into three parts: (1) the subway and
elevated rapid transit lines; (2) the street surface railway lines; and (3) the
power plants and other common facilities.
The Brooklyn Rapid Transit Co. owns directly the power plants of the
system and controls through ownership of stocks, bonds and certificates of'
indebtedness the companies operating the subway and elevated rapid transit lines and the street surface railways of the system. The properties have
been in the hands of Lindley M. Garrison, as receiver, since Dec. 311918,
and the principal companies operating the surface lines (not including
Brooklyn City RR.) have been in the hands of the same receiver since
July 14 1919.
Rapid Transit Lines.-The rapid transit subsidiaries are New York MuniMpal Railway Corp. and New York Consolidated RR., which together own
most of the elevated lines and operate all of the elevated and subway lines.
The remainder of the elevated lines, and all of the subway lines, are owned
by,the City of New York.
By contract(called Contract No.4),dated March 19 1913, with New York
City, New York Municipal Railway Corp. agreed to contribute certain
funds towards the construction of subway and elevated lines to be built and
owned by the city, to equip those lines, to reconstruct and extend the then
existing elevated lines and to operate as a single system all of the then.
existing elevated lines and the subway and elevated lines to be constructed.
On the same date the P. S. Commission granted to New York Municipal
Railway Corp.two certificates authorizing, respectively,the construction of
certain additional tracks upon and certain extensions to the elevated lines
then existing.
Tno in
the obligations under Contract No. 4 and allied certificates,
B. R. T. Co. Issued $60.000,000 6-Year Notes, with the proceeds of which
and other funds it acquired a like amount of long-term bonds of its rapid
transit subsidiaries, the bonds so acquired being pledged, together with
$10,000,000 First Ref. Mtge. Bonds, as security for the 6-Year Notes.
Holders of $2,265,000 of these Notes subsequently exchanged their Notes
for a like amount of the pledged long-term bonds of the rapid transit subsidiaries. The 6-Year Notes matured in 1918. but all but $475,000 thereof
were refunded by the issue of 3-Year 7% Notes of B. It, T. Co., approximately 30% of which were acquired by the War Finance Corp. These
3-Year Notes were secured by the above collateral, and in addition by the
pledge of approximately $29,000,000 B. R. T. Co. Consol. & Ref. Mtge.
Bonds.
At the time of the issue of the 6-Year Notes it was estimated that their
proceeds would be sufficient to meet all of the company's obligations for
construction, reconstruction and equipment under Contract No.4 and allied
certificates. However, costs of construction were tremendously increased
as a result of the World War. For various reasons the city's part of the
work under Contract No. 4 was delayed: and at the time of the receiver's
appointment, the subway and elevated lines had only three of the six entrances into Manhattan, all of which it was contemplated under the contract would be completed by Jan. 11917, and lines in Manhattan intended
as parts of a through system were being temporarily operated as detached
local lines without proper connection with other parts of the system. This
condition necessarily delayed the attainment of the gross earnings in reliance
upon which the company entered into Contract No.4 and allied certificates
and at the same time, in conjunction with the abnormal conditions brought
about by the war, greatly increased both construction costs and operating
expenses during the period of construction. While additional lines have
been placed in operation during the course of the receivership, the construction of the system of new subway and elevated lines required to bebullt
by the city under Contract No. 4 is still far from complete. Certain important lines, including the Nassau St. loop and a large part of the Fourteenth St.-Eastern line, have not even been begun by the city. It is estimated by the operating officials that the net revenues are still suffering
from this cause to the extent of fully $1,000,000 a year.
There has been expended to date in performing the company's obligations
under Contract No. 4 and allied certificates, in addition to the proceeds of
the $60,000.000 Notes of 1913. approximately $25,000,000 and additional
amounts will be needed in the future.
Surface Lines -When the receivership began the B. R. T. System of
surface lines comprised a total of 245 miles (exclusive of trackage rights on
bridges across the East River), of which approximately 138 miles were
owned and operated by the following subsidiaries: Nassau Electric RR.;
Coney Island & Brooklyn RR. (Incl. De Kalb Ave. & North Beach RR.):
Brooklyn Queens County & Suburban RR.; South Brooklyn Ry. Co. and
subsidiary lessor companies; Coney Island & Gravesend Ry. Co.; Brooklyn
Heights RR.(operating tracks across Williamsburg Bridge leased to Bridge
Operating Co.); Brooklyn & North River RR. (operating tracks across
Manhattan Bridge).
The remaining 107 miles were operated under a 999-year lease from
Brooklyn City RR.,the rental payable under which included interest on the
bonds and a dividend rental of 10% on its outstanding $12,000,000 capita/
stock. In the summer of 1919 the receiver reported that he was unable to
meet the installment of dividend rental due in October of that year, and
during that month, on the demand of Brooklyn City RR., the Court
ordered the properties returned to that company. Since that date these
lines have been operated independently by Brooklyn City RR.
Under the terms of the lease Brooklyn City RR, obligated itself upon
termination to pay to the lessee the amount of certain improvements,
additions and betterments to its lines, the amount so payable, according to
the books of the B. R. T. System, being approximately $10,000,000.
exclusive of interest and also exclusive of the cost of a large number of cars
upon which rental is now being paid by Brooklyn City RR. Brooklyn
City RR. denies liability and the claim Is being litigated in a suit pending
In the U. S. District Court for the Southern District of New York.
The Brooklyn City RR. also asserts that upon the return of the formerly
leased lines the stock of Brooklyn Queens County & Suburban RR., owning
about 30 miles of lines (held by B. R. T. Co. under the terms of a certain
escrow agreement) was forfeited to Brooklyn City RR. Brooklyn Rapid
Transit Co. holds approximately $2,640,000 of demand certificates of indebtedness of Brooklyn Queens County & Suburban RR., purporting to
create liens upon its property upon which obligations there is an accumulation of unpaid interest of over $700,000.
Power Plants and Other Common Facilities.-The power plants, repair
shops, car barns, &c., common to the use of both the surface lines and the
subway and elevated lines, were operated by B. R. T. Co. Itself, and the
principal power plants are also owned by that company. This arrangement
was continued during the receivership except that the rapid transit lines
have taken over their own maintenance and repair work. Many of the
common facilities are owned by the rapid transit companies and many by
the surface companies.
By contract, approved by the P. S. Conunission, Transit Development
Co.(a subsidiary merged in 1918 into Brooklyn Rapid Transit Co.) in order
•
APRIL 14 1923.]
THE CHRONICLE
to suspend the obligation of the rapid transit companies to construct a
power plant in accordance with the provisions of Contract No. 4 and allied
certificates, agreed to furnish power for the use of the rapid transit lines in
Brooklyn and Queens for a period of ten years. The power for the operation
of the rapid transit lines in Manhattan is provided for by a similar contract
with Interborough Rapid Transit Co.
The power plants existing at the time of the receivership were inadequate
for the needs of the system and work on the extension and enlargement of
the principal plant (the Williamsburg plant) had been commenced prior to
receivership. This work was carried to completion during the receivership
at an aggregate cost of about $4,000,000. As a result B. R. T. Co. owns
a modern and efficient power production system able to meet all the immediate requirements of both the rapid transit and surface lines, including those
of Brooklyn City RR., with which the receiver shortly before the return of
the leased lines made a contract for the supply of power in connection with
the acquisition of certain property of Brooklyn City RR. needed for the
proposed power plant enlargement.
Receiver's Certificates—Completion of Contract.—Early in 1919 it was apparent that a large sum of money must be immediately raised in order to avoid
a default under Contract No. 4 and the ancillary power agreement, with
the attendant risk that the city might exercise one or the other of the rights
given it by Contract No. 4. To insure against such a default, it became
necessary to provide presently for the raising of $20.000,000. To that end
Federal Judge Mayer authorized an issue of $20,000,000 receiver's certificates, secured (through the pledge of certificates issued by the receiver of
the rapid transit companies) by a lien upon the subway and elevated lines
prior to the lien of New York Municipal Ry. Corp. 1st Mtge. 5% Bonds
and secured also by a lien on all the property of B. R.T. Co. in the custody
of the Court or subject to its administration. Of the receiver's certificates
so authorized, $18,000,000 were issued in Aug. 1919. and were successfully
marketed. Since then the receiver has been able to pay or repurchase
$6,000,000 thereof so that there are now outstanding only $12,000,000.
These matured on Feb. 1 1923. but were extended to Aug. 1 1923. As a
result of this financing, the receiver has been able to perform all of the
obligations of the company as they have accrued under the contract with
the city, and to put in operation many Mike of additional rapid transit
facilities.
Plans of the Public Authorities.—On Sept. 29 1921 the Transit Commission
made public an outline ofa plan ofreadjustment ofthe New York City street
railways (V. 113, p. 1431, 1541). The City Administration has also had
Under consideration plans for the extension of the transit facilities of the
city. Neither body, however, has as yet finally determined upon or formally promulgated a definitive plan. Nothing in the present plan is intended to conflict with the ultimate consummation of the plans finally
adopted by the public authorities charged with responsibility for transit
matters.
Foreclosure Proceedings and Decrees and Proposed Purchase by Committee.—
Suits for the foreclosure of the mortgages securing respectively the 50-Year
58. the First Ref. Mtge. 45 and the Consol. & Ref. Mtge. 65, and also a
general creditors' marshaling suit, have been brought and are now pending
in the U. S. District Court A decree of foreclosure and sale is about to
be entered in the suits so pending and the properties of B. R. T. Co. are
expected shortly to be sold under the decree. In addition a decree of foreclosure and sale is about to be entered in the suit brought to foreclose the
mortgages securing the First Mtge.55 of New York Municipal Railway Corp.
and also in the general creditors' suit, to which New York Municipal Railway Corp. and Now York Consolidated RR., as well as Brooklyn Rapid
Transit Co.. are parties. Steps are also being taken through sale or otherwise to realize upon the collateral pledged to secure the 3-Year 7% Notes
and 6-Year 5% Notes.
The B. H,T. Co. stockholders' committee desires to purchase the properties and to vest in a new corporation to be formed, the ownership and
control of the properties to be sold, as the same may be acquired, and to
vest in the new company all the rights, privileges and franchises which
belong to or are vested in B. R. T. Co. or its receiver.
[The sale at foreclosure of the B. R. T. properties will be held at the
Kings County Court House, Brooklyn. N. Y., on May 11 next. The sale
will be conducted by E. Henry Incoinbe. special master, and the property
will be offered as an entirety in one block.)
Digest of Reorganization Plan, Dated March 15 1923.
Estimated Application of Cash, Total $31.048,015.
To pay receiver's certificates and car lease warrants
$12,397,044
To pay or acquire tort claims, without interest
2.200,000
To pay on account of B.R.T. bank loans secured by its 1st Ref.4s 1.991,468
To pay or acquire coupons or int. claims in arrears as at July I
1923 on underlying bonds held by public
1.359.055
To pay on account of bonds and notes to be readjusted by issuance of new securities under the plan
4,616,329
To make provision for additional cars and other capital requirements of rapid transit lines
5,000,000
To pay or adjust claims against the companies and liabilities of
the receivership not otherwise provided for; to provide for
past-due taxes in litigation; to pay expenses of foreclosures
and sales and cash expenses of reorganization, including compensation and expenses of committees. &c.. and balance to
new company for working capital and improvements (say)._ 6,484,119
The cash required for the purposes of the plan will, it is estimated, be
provided as follows:
IProm sale of bonds and Pref. and Common stock of new company to stockholders or to underwriter;
$26,048,015
Cash estimated to be available as of July,1 1923 in hands of receiver or in treasury of sub. co's not in receivership
8,000,000
The item of $8.000,000 is subject to change, dependent upon the actual
additions from earnings realized prior to the date when reorg. is effected.
Method of Reorganization.—The reorganization is to embrace, except so
far as the committee shall otherwise determine, all the properties, including
bonds, stocks and other securities and claims, belonging to B.R.T. Co. or
its receiver. It is intended that these properties shall be sold under foreclosure and that the new company shall acquire title to such properties.
It is further intended that the properties of N. Y. Municipal Ry. Corp.
and N. Y. Consolidated RR. shall be sold on foreclosure and purchased
by the committee, which will vest the property so acquired in a new subsidiary company (herein called the New Rapid Transit Subsidiary) organized
in New York as the successor of the two companies above mentioned. The
now subsidiary company so formed will thereupon be waited with the rights
and obligations existing under contract No. 4 and allied certificates, including the leasehold interest in the city-owned lines, as well as with title
to the company-owned elevated lines and other properties now embraced
In the rapid transit lines, subject, however, to the 1st Mtge. bonds of Kings
County Elevated RR. and of Brooklyn Union Elevated RR.
It is also intended to include the power plant properties of B.R.T. Co.
.19 a part of the equipment under contract No. 4 and(or) the allied certificates and to transfer title of those properties accordingly to the Now Rapid
Transit subsidiary or the City of New York. Pending the consummation
of such arrangements and the transfer of the properties, the power plant
properties may, as the committee shall determine, either remain in the new
company itself or be vested in a power plant subsidiary organized for the
purpose, all the stock and obligations issued by such subsidiary against
the acquisition of the properties to be owned either by the New Rapid Transit subsidiary or by ,the new company itself: or title to the power plant
properties may be vested in the New Rapid Transit subsidiary, notwithstanding that they shall not at the time have been included under contract
No. 4 and(or) the allied certificates, if the committee shall so determine.
The committee may also acquire on behalf of the new company, either
directly or through a subsidiary company, the outstanding capital stock of
Brooklyn City RU., in whole or in part, but not less than 51%, and the
committee or the new company shall be empowered to effect such adjustments of the controversies with or claims against Brooklyn City RR.arising
out of or in connection with the lease of the railroad properties of that company to Brooklyn Heights RR. or otherwise existing, as the committee or
the new company, may deem advisable. The acquisition of the stock of
Brooklyn City RR. and the adjustment of existing controversies with that
company are in no way essential features of the plan, and the committee
may, in its discretion, declare the plan operative without acquiring any of
the stock of or effecting any adjustments with Brooklyn City RR.
The committee shall also be empowered to effect such mergers or consolidations of subsidiary companies as it may deem advisable and to organize
or utilize one or more subsidiaries for the purpose of acquiring or holding
any of the properties or securities subject to the reorganization or acquired
under the plan.
Securities to be Issued by New Company.
(1) Rapid Transit Security Sinking Fund Gold Bonds.—New company is
to authorize an issue of bonds to be known as its Rapid Transit Security
S. F. gold bonds. These bonds are to be issuable in series in such amounts,
1647
with such maturities, rates of interest, sinking fund, redemption, conversion
and other provisions as may be determined from time to time at the time
of the creation of any series (subsequent to Series A). These bonds are to
be issued under a trust indenture under which it is intended that there shall
ultimately be pledged new Rapid Transit Ref. Mtge.5% bonds (see below)
at the rate of $6.000 of said bonds pledged for each $5,000 of Rapid Transit
Security S. F. gold bonds issued.
Pending the completion of such arrangements with the public authorities
as may be necessary to consummate the inclusion of the power plant properties as part of the equipment under contract No. 4 and(or) the allied
certificates and the transfer of those proparties accordingly, there may be
pledged under the trust indenture sycuring the Rapid Transit Security S. F.
gold bonds, in lieu of the collateral above provided for, for each $5.000 of
Rapid Transit Security S. F. gold bonds authenticated and delivered by
the trustee. $5.000 of Rapid Transit Ref. Mtge. 5% bonds and $1,000 of
Power Plant Gen. Mtge.5% bonds(see below). There shall also be pledged
under the indenture all other obligations and stocks acquired by the new
company in the reorganization and representing its investment in the rapid
transit lines and power plant properties. Pending the consummation of
the foreclosure proceedings and the creation of the underlying bonds, there
may be substituted as temporary sacurity the entire investment of the new
company in the rapid transit lines and power plant properties, represented
by all the then outstanding receiver's certificates, bonds, certificates of
indebtedness, stocks and other securities acquired by the new company
resting upon the rapid transit lin.ns and power plant properties.
The indenture will also provide that bonds (in addition to those issued
under reorganization) may be issued to acquire additional Rapid Transit
Ref. Mtge, bonds, the bonds so acquired to be pledged under this indenture
at the rate of $6.000 of bonds pledged for each $5,000 of bonds issued.
Pending the transfer of the power plant properties to the New Rapid Transit
subsidiary or the City of New York. if the committee shall so determine,
the indenture may provide that Rapid Transit Security S. F. gold bonds
may be issued to acquire, and upon the pledge of. Power Plant Gen. Mtge.
bonds as well as Rapid Transit Ref. Mtge. bonds; provided that the aggregate amount of additional Rapid Transit
Ref. Mtge. bonds pledged shalt
be at least win-,l to the aggregate amount of additional beads issued.
Under the indenture, there is to be authorized for issuance in reorganization $92.697.207 (see below) Rapid Transit Security 6% Sinking Fund
Gold bonds, Series "A," of this issue, dated as of July 1 1923: payable
July 1 1968: redeemable all or part at 105 and interest: a cum. sink.
fund of 2-3% per annum on the maximutn amount of bonds at any time
outstanding, payable semi-annually, first payment to be made Jan. 1
1927. to be applied to the purchase or redemption (at above redemption
price) of the bonds of this series, the company to have the right to tender
bonds for purchase by the sinking fund at current market prices. If
any divided be paid on the Preferred or Common stock of the new company
prior to Jan. 1 1927, then the sinking fund payments shall commence
not later than the date of the payment of such dividend.
(2) Preferred Stock.—Authorized 350,000 sharos, no par value, or if
the committee shall so determine, of $100 par. Issuable in series, each
series (subsequent to series "A") to carry dividends at.such rate and
cumulative from such date, and to be redeemable on such terms, as directors
may determine at the time of the creation thereof. Preferred as to assets
on distribution to tne amount of $100 per share and dividends. Preferred
stock shall have the same voting rights as holders of Common stock (one
vote for each share held).
There is to be authorized for issuance in reorganization $23.955.407
Preferred Stock, Series "A" (see below) entitled to dividends at the rate of'
$6 per share per annum, but no more, cumulative without interest from
and after July 1 1926 and redeemable, all or part, at $100 and dividends.
(3) Common Stick.—Common stock will be authorized to an amount
not exceeding 850.00CI shares, no par value, or, if the committee shall se
determine, of such par value as it may fix. Holders of Common stock
shall be entitled to one vote for each share held but shall not be entitled
to subscribe as a matter of right to any additional or unissued stock,
whether Preferred or Common. or to securities convertible into stock.
Common stock amounting to 766,530 shares will be issued as below.
The Common and (or) Preferred stock of the new company may also
be issued in reorganization in exchange for the Common and Preferred
stock of New York Consolidated RR., the Preferred stock of Nassau
Electric RR., and the stock of Coney Island & Brooklyn RR. now outstanding, or for any part thereof, on such basis as the committee may
determine. Such Common and (or) Preferred stock may also be used
in effecting such other readjustments as the committee may approve.
Voting Trust.—The committee shall have power to create a voting trust
for all or any part of the Common and Preferred stock for the purpose
of providing for representation of the public authorities or of holders of'
any class of securities, on the board of directors, such voting trust to be
for such period, not less than five years, and to contain such provisionsas the committee may prescribe.
Authorized Bond Issues of Subsidiary Companies.
(l) Rapid Tranist 1st & Ref. Mtge. Bonds.—The New Rapid Transit
subsidiary may authorize an issue of 1st & Ref. Mtge. bonds limited to
$50,000,000 at any one time outstanding in addition to any bonds that
may be issued to refund any of the existing underlying elevated railroad
bonds. These bonds will constitute a lien (ahead of the Rapid Transit
Refunding Mortgage and subject only to the existing underlying elevated
railroad bonds on certain of the properties) on the rights existing under
Contract No. 4 and allied certificates and on all the other properties of
the New Rapid Transit subsidiary. The bonds are to be issued only
for the purpose of providing (after the exhaustion of the moneys provided
in the reorganization for such purpose) for the cost of additional equipment and additions and betterments for the rapid transit lines or power
house properties, provided after July 1 1923 under Contract No. 4 and
the allied certificates, and also for the purpose of refunding any bonds.
previously issued and outstanding under this mortgage and any of the
existing underlying elevated railroad bonds. None of these bonds will
be issued in reorganization.
Pending the consununation of the proposed inclusion of the power plant
properties under Contract No. 4 and(or) the allied certificates and the
transfer of those properties accordingly, the committee may authorize
the creation of a Power Plant 1st Mtge.
of the Power Plant Gen.
Mtge.) of substantially the same character as the Rapid Transit 1st &
Ref. Mtge. above. Such mortgage may be created and the bonds thereunder issued either by the new company, itself, if the title to the power
plant is permitted to remain therein, or by, a subsidiary company, if titleto the power plants be vested in a subsidiary. None of these bonds will
be issued in reorganization.
(2) Rapid Transit Refunding Mortgage Bonds.—The New Rapid Transit
subsidiary will authorize an issue of bonds known as Ref. Mtge• bondslimited to such total authorized amount at any one time outstanding as
the committee may determine. The bonds are to be issued in series under
a mortgage which will constitute a lien (subject to the existing underlying
elevated railroad bonds on certain of the properties, and to the lien of
the 1st & Ref. Mtge. above) on the rights existing under Contract No. 4
and allied certificates, and on all the other properties of the New Rapid
Transit subsidiary, Under this mortgage there are to be authorized
Series"A" bonds, nearing interest at rate of 5% per annum,in such amount
and with such maturity, redemption and sinking fund provisions as thecommittee may determine. Series "A" bonds are to be issued in exchange
for bonds of New York Municipal Railway Corp. now outstanding, and(or)
for the purpose of acquiring the rapid transit and power house properties
to be acquired by such subsidiary company. Additional bonds are to be
issuable for the purpose of providing (after the exhaustion of the moneys
provided in the reorganization for such purpose) for the cost of additional.
equipment and additions and betterments for the rapid transit lines or
power-house properties, provided after July 1 1923 Under Contract No. 4
and(or) the allied certificates, and also for the purpose of refunding any
bonds previously issued and outstanding under this mortgage, or under
the 1st & Ref. Mtge. (above), and any of the existing underlying elevated
railroad bonds.
All bonds issued under this mortgage in reorganization are to be acquired
by the new company and are to be pledged by the new company as security
for its Rapid Transit Security S. F. Gold bonds.
Power Plant Gen. Mtge.—Pending the consummation of the proposed
inclusion of the power plant properties under Contract No. 4 and(or)
the allied certificates and the transfer of those properties accordingly.•
the committee may authorize the creation of a Power Plant General Mortgage
of substantially the same character as the Rapid Transit Refunding Mortgage above provided for, which shall be a lien upon the power plant
properties subject only to the First Mortgage thereon if created as above
provided. Such mortgage may be created and the bonds thereunder
issued either by the new company itself, if the title to the power plant
is permitted to remain therein, or by a subsidiary company.
if etietnletire
the power plants be vested in a subsidiary. In either event th
THE CHRONICLE
1648
amount of such bonds issued in reorganization shall be pledged under the
Rapid Transit Security Sinking Fund Gold bonds.
(3) Surface Railway Refunding & Improvement Bonds.-The committee
may provide for the authorization by each of the surface railway operating
subsidiary companies of a refunding and improvement mortgage for the
mortgages
purposes of refunding bonds issued and outstanding under of
funding
constituting liens upon the surface railway properties and
to the surface
advances made by the new company (or its predecessor)
other proper
railway subsidiary companies for capital improvement or by
the comcorporate purposes ,and also (miles.% otherwise determined
of indebtedness of the
mittee) for the purpose of funding the certificates
fundable
properly
extent
the
to
companies
subsidiary
surface railway
into long term obligations. None of these bonds will be issued in
reorganization.
Stock of or Effecting
Provisions for Surface Rattan!, Financing and Acquiring
Adjustments With the Brooklyn City Railroad.
to the lien of the Rapid Transit
The plan requires that there be subjected
new company's investments in the
Security Sinking Fund Gold bonds theproperties.
All other stocks, bonds.
rapid transit lines and the power housesecurities
and properties acquired be
certificates of indebtedness and other for use in such
manner and upon such
available
be
to
are
the new company,
of the new company may determine,
terms as the committee or the directors
the
of
surface railway Lines.
requirements
the
financing
of
purpose
for the
as the committee may deterfor the purpose of effecting such adjustments
the plan and for any
mine to be necessary or advisable in consummating
Such stocks, bonds, certificates of
other purpose of the reorganization. properties
shall also be available for
indebtedness and other securities and
and upon such terms as it may
manner
such
in
committee
the
by
use
stock
of Brooklyn City BR.,in
the
acquiring
of
purpose
determine, for the
with
whole or in part, and for the purpose of effecting any adjustments
company.
that
of
issue
an
of
the
creation
for
may
provide
To this end the committee
may determine.
bonds of the new company to such amount as the committee
and
int.
rat;
of
amounts,
such
series,
in
in
time
to
time
from
issuable
of
other provisions as directors of new company may determine at time
under
creation of any series. The bonds may be issued under a mortgagesurface
company's
new
the
part
of
any
or
all
pledged
be
may
which there
time under
railway investment. The bonds may be 'minable from time to
certain restrictions for the purpose of providing for the capital requirements
of
the
acquisition
for
properties,
other
and
of the surface railway lines
additional stocks, bonds. &c., or claims against companies owning or
previously
bonds
any
of
refunding
the
for
and
properties,
railroad
operating
Issued and outstanding under this mortgage or under any mortgage of any
subsidiary company and for other proper corporate purposes. It is not
presently contemplated to issue any bonds under this mortgage for the
purposes of reorganization unless and to the extent that the committee
may determine to offer bonds issued under this mortgage to stockholders
and
of Brooklyn City RR. in exchange for the stock of such company,
(or)to sell such bonds to provide cash for the purchase of such stock; but to
or
with
deal
to
broad
powers
new
company
to
and
committee
give to the
provide for the refunding of the existing and future debts of the surface
railway lines and for the development and improvement of the surface
railway system.
Table of Readjustments of Old Securities and Claims for New Securities.
Will Receive
Com.Stk.
Unpaid
Cash
Held bp Interest to New 6% 6% Pre/. No Par
Shares. Received.
Stock.
Existing Securities Piddle Jule 1 '23. Bonds.
5
8
$
and Claims348,150
870,375 11,315
B.R.T .50-yr .5s.. 8,963.000 1,653.712 0,266,700
50
125 1.625
900
237.50
1.000
Per 51,000 bds.
137,320
343,300 10,986
617,940 2,471,760
B.R.T.Ist Ref.45 3,433,000
40
3.2
100
720
180
1,
er ,
s.
_ _ _ _ 4,007,759
B.11.T.7%Ns.,'21.57,253,700 20,038,795 62,979.070 10,305,666
570
180
.100
1,000
Per$1,000notes
23,250
46,500
511,500
116,250
B.R.T.5%nta.,*18 485,000
50
100
1,100
250
1,000
Pert1.000notes
N.Y.M.Ry.Corp.
99,850
199,700
2,196,700
499,250
5s__
1,997,000
Mtge.
1st
50
100
1,100
250
1,000
Per 51.000 hds.
Bklyn. Hats. RR.
300,000
53.125
1st Mtge. 5s__ 250.000
1,200
212.50
1,000
Per Si,000 bets.
1,991,488
254,230
937,166 1,991.468
B.11.T.bk loans _y3,300,000
(47%)
(6%)
(47%)
2,200,000
*Tortclaims(est.) 2,200,000
General contract
See note z
creditors (cat.). 1,600,000
Receiver's ctts.
12,397,044
x
car lease warr's12.397.044
B. R. T.stork on
payment of $35
16,280,009 9,768,003 744,229
74,422,959
per share
100
2,187.50 1,312.50
Per 100 shares_
Total
164,281,703 23,916,238 92,597,207 22,087,777 756,530 21,204,841
a Subject to deduction of the amounts advanced (with int.) to holders
of certificates of deposit In respect of Jan. 1 1919 int, and noted on certificates of deposit (so-called stamped certificates). x Interest on these
obligations is paid currently by the receiver. y Secured by B. R. T. 4%
Refunding bonds. z For provision for general creditors and for adjustment
of other securities and claims (see below). No specific readjustment of
these claims is proposed in the plan, but it is intended to make an offer of
adjustment to the holders thereof as soon as the establishment of the claims
shall have proceeded to a point making it practicable to do so. * See note
(*) under Brooklyn Queens County & Suburban RR. below.
Underlying Bonds Undisturbed (Int. on which has not been defaultedTotal $29,382,000).
$6,980,000
Kings County El. RR. 1st Mtge. 45
15.956,000
Brooklyn Union El. RR. 1st Mtge. 5s
2.241.000
Atlantic Avenue RR. of Brooklyn Gen. Consol. Mtge. 5s
1.986.000
Coney Island & Brookly.n Rt. 1st Consol. 50-year 4s
1,988.000
Brooklyn City & Newtown RR. 1st Mtge. 5s
231,000
58
RR.
Brooklyn
Jamaica &
$17,130,000 Underlying Bonds to be Reinstated with Adjustment of Unpaid
July
if
1
to
Date;
an
1923,
Int.
Computed
is
Interest (Unpaid Interest
Otherwise to Nearest Date Preceding Said Date).
$118,000
aBrooklyn Bath & West End RR. Gen. Mtge. 5s
215,0C°
bAtlantic Avenue RR. of Brooklyn 40-year Impt. 5s
660,000
cNassau Elec. KR. 1st Mtge. On
10.337.000
xNassau Elec. RR. Consol. Mtge. 4s
1,500.......
dConey Island & Brooklyn RR. Consol. 50-year 4s
•1,497,000
eBrooklyn Queens County & Suburban RR. 1st Mtge.
yBrooklyn Queens County & Suburban RR. 1st Cons. Mtge. 5s *2,803,000
Note.-Defaulted Interest amounting: a $23.600 ($200 per $1,000
bond); b $43,000 ($200 per $1,000 bond); c $132,000 ($200 per $1,000
bond): d 3270,000 ($180 per $1,000 bond and subject to the inclusion in
the plan of the securities of,and claims against Brooklyn Queens County
& Suburban Ry.).: e $336,825 ($225 per $1,000 bond), will be paid in casts.
x Defaulted interest amounting to $1,860,660 ($180 per $1,000 bond) will
be paid at rate of $140 in 6% Pref. stock and $40 in cash per $1,000 bond.
y Defaulted interest amounts to $560,600 ($200 per $1,000 bond) will be
paid $150 in 6% Prof. stock and $50 cash per $1,000 bond.
* In addition to Its general powers the committee expressly reserves the
right to exclude from treatment under the plan or to postpone the readjustment of any bonds or other securities of or claims against Brooklyn Queens
County & Suburban RR. in case an adjustment of existing controversies
affecting the stock or bonds of that company satisfactory to the committee
City RR.
Is not reached with the Brooklyn in
Bank Loans.-Holders ofclaims respect of bank loans made to Brooklyn
Rapid Transit Co. secured by its let Ref. Mtge. 4% Gold bonds entitled
to participate in the plan may before April 23 deposit their claims, together
all collateral held as security therefor
with all notes evidencing the same and New
York, the depositary, and upon
with Bank of America. 44 Wall St.,
completion of plan they will be entitled to securities and cash, as stated
above.
In table
of tort claims for personal
Tort Claims for Personal Injuries.-Holders
in and avail themselves of the provisions of the
injuries who shall come
to be 'published by the
notice
by
fixed
be
may
that
period
the
plan within
Bank, New York, the deposicommittee and deposit with Chase National
claims
such
and any and all judgof
assignment
an
purpose.
such
tary
entitled on completion of the rements representing the same will be
[VOL. 116.
organization to receive cash to an amount equal to the principal amount
of the claims (as allowed but without interest).
9 set of Brooklyn Rapid Transit Co.-Holders of certificates of deposit
hinted for stock of B. R. T. Co. by Seabocrd National Bank. New York
(,uccessor to Mercantile Trust Co.) under the deposit agreement dated
Jan. 2 1919. may become entitled to"..tain the issue of Participation
Warrants by depositing their cortificatdeposit with Chase National
'al Bank, New York, before
Bank, New York, or with Seaboard
°Sit the first instillment. viz.,
April 23. and by paying at the time of
$15 per share. tuned for by the Participation Warrants. Holders of stock
not heretofore deposited may become entitled to obtain the issue of Participation Warrants -by depasiting their certificates of stock with either of the
depositaries on or before above date, and by /raying at the time of such
deposit the first installment. viz.. $15 pen share (in New York funds). _
called for by the Participation Warrants,
Participation Warrants will csll for the payment on every share of the
dcpasited stock of the sum of $35, payable $15 per share at the time of
deposit and $20 per share payable on or after June 22 1923, In one or more
installments on 10 days' prior notice; provided that of the amount not more
than $10 per share shall be payable before July 23 1923.
The amount of bonds and Preferred and Common stet* of the new company to be specified in the Participation Warrants will be at the rate for
each share ($100 par value) of stock deposited, of: 321.875 new 6% bonds:
313.125 new 8% Preferred stock: 1 share of new Common stock.
Provision for General Creditors and for Adjustment of Other Securities and
Claims.-There are additional creditors and claimants whose claims against
B. R. T. Co.' or its subsidiary companies may not be paid by the receiver
and the treatment of which is not specifically set forth in the plan, including the holders of claims for materials supplied and other 'general unsecured
claims. It is intended to make adiustments with holders of unsecured
debt of B. R.T.Co. and (or) its subsidiary companies when in the judgment
of the committee the establishment of claims In the creditors' marshalling
suit now pending shall have proceeded to a point making it practicable to
do so. The committee may in its discretion, at such time or times as it
may determine, make adjustments of or acquire any indebtedness of or
claims against B. R. T. Co. or its receiver, or against any of its subsidiary
companies, or the receiver of any such comnany, and for such purpose, as
well as for any other purpose of the reorganization, the committee may use
any available cash and (or) any of the securities presently issuable in the
reorganization and not required for delivery to depositors, or in its discretion may procure the present issue of and may use any additional securities
of any class or character contemplated by the plan. All statements of
capitalization in the plan omit consideration of any additional securities
which may be issued or used for this purpose.
Holders of claims for materials and supplies, and ether general unsecured
claims against B. R. T. Co. or any of its subsidiary companies in receivership, who shall come in and avail themselves of toe provisions of any offer
that may be made by the committee to adjust any class or classes of such
claims within the period that may be fixed by notice to be published by the
committee as provided in the plan and deposit such claims with Chase National Bank, New York, depositary for such purpose, together with an assignment of such claims, shall be entitled, on completion of the reorganization, to receive cash and (or) securities to the amount specified.
Non-Assenting Security Holders.-The plan makes no provision for payment in cash under the terms of any bid at foreclosure or other sale to any
holders of bonds or notes foreclosed (or not foreclosed) who do not participate in the plan. Any securities which would be deliverable under the plan
to such holders had they participated may remain unissued or be disposed of
by tile committee for the purposes of the reorganization.
Syndicates.-Chase Securities Corp., Hayden, Stone & Co. and J. & W.
Seligman & Co. have agreed with the committee to form a syndicate, of
which they will be managers, to underwrite the exercise by the stockholders
of Brooklyn Rapid Transit Co. of toe rignt to purchase the stocks and bonds
of the new company offered to them under toe plan, and subject to the exercise of sucn right, to subscribe for and purchase such bonds and stocks as
shall not have been purchased and paid for by such stockholders.
Mho plan has been submitted to the New York Tr.Insit Commission by
the stockholders' committee for its consideration and approva1J-V. 116.
p. 1273.
Chicago Railways Company.-Annual Report.-
1919-20.
1920-21.
1921-22.
1922-23g
Jon 31 Years(1) All Chicago Surface Lines$56,103,062 $60.343,733 $55.327.385 843,963.438
Gross earnings
44,416,070 46.516.150 43.300,393 33.254.015
Operating expenses
$11,686,992 313.827.583 $12,028,992 $10,709,423
Residue receipts
Chicago Railways(6Co) 37,012,195 38.296,549 37,216.195 36,425.654
4.283,769
4,810,797
South Side Lines (40%)..4,674,797 5,531,033
(2) Statement of Chic. Rys.Co.Chicago Railways(60%) 37,012.195 18,296.549 87,216.195 36.425.654
56,371
84.834
290,000
360.000
Jt. accts. exp. Sc adjust..
$6,652,195 $8,006,549 $7,131,361 $6,369,283
Balance
Deduct--Int. at 5% on
4,580.658 4,541,539
4,615,862
4,630.943
valuation
31.827.744
$2,550,703
93,300,687
52,021.253
Net income
$822,485
Chicago Railways(45%) $909,564 31,525,809 $1,147.816
4,541.539
4,580.658
4.615,862
4,630.943
investment
5 on
119,080
145.653
195,451
249,958
iscellaneous interest....
$5,790,462 56,337,124 55,874,127 55,483.104
Gross income
Deductbonds_
on
$4,716,680 34,725,386 $4,742,259 $4,744.888
interest
Total
115.839
126,171
123.232
94,785
Interest on loans
250.000
250.000
250,000
250,000
Sink,fund reserve accr- _
107,437
Loss on securities
42,000
42,000
42,000
42.000
Fed.inc. tax on int. coup
147,916
142,761
131.100
131,712
Corp. expend.& adj..
$182.481
3463,587
Net inc. for int., &c_ - $555,285 31.065.405
37.126
44,588
508,174
1.473,580
Previous surplus
DeductInt, on adj. inc. bds. for
100.000
previous years
100.000
Proper. of percentages
allowed on additions
175,000
to property
$44,588
$508,175
Total prof. & loss sue_ 31,928,865 31.473,580
provision for interest
Note.-The surplus shown above is before making
income
Federal
for
providing
before
and
bonds
on the Adjustment Income
Federal
and excess profits taxes for the year 1922 or for any additional
taxes for prior years.-V,116. p. 1410. 1275.
Chicago Rock Island & Pacific Ry.-Vice-President.-
of constructions, mainL. C. Fritch, formerly Vice-President In charge
elected Vice-President and
tenance and capital expenditures, has been
-V. 116, p. 1405.
General Manager, succeeding Thomas II. Beacon.
Coney Island & Brooklyn RR.-Reorganization Plan.-
p. 720.
See under Brooklyn Rapid Transit Co.. above.-V. 116,
Delaware & Hudson Co.- Valuation.-
valuation of $95,8134,979,
The I.-S. C. Commission has placed a tentative
on the company's railway properties as of June 30 1916.
Regarding this valuation, Pres. L. F. Lore°, says:
a 'tentative valuation'
"The statement by the I.-S. C. Conunission that
, properties does not indiof $95,834,979. has been placed upon the railway
value' which the Commission
cate tnat that figure has been fixed at the 'final
of Marcn 1 1913. The
Is required to ascertain under the Act of Congressof
the Commission, and
'tentative valuations' are estimated by a bureau
of the law, the
requirements
fixed
the
under
become
recorded
being
upon
adduced by the railvalue
of
subject of formal hearings in which proof
determination of value
ways must be received and considered. The finaltotal Just announced.
the
of these properties should be much higher than
that (1)
"Considering the figure of $95,834,979 it should be understood
on the actual area and
estimated
is
lands
other
and
way
of
right
of
value
the
farmlands,
&c.,
adjacent
of
value
acre
per
at prices supposed to represent the
uses or for the cost of
with no allowance for special adaptability to railway
located in Canada
railways
represent
is
to
nothing
included
(2)
acquisition:
to represent anthracite..
which are part of the system;(3) nothing is included
(4) nothing is included to
bearing lands owned or interests in coal properties;
Del. & Hudson Co.
the
of
interests
extensive
the
represent any other of
is a substantial vrith
in other than railway undertakings, and (5) there
APRIL 14 1923.]
THE CHRONICLE
drawal of value by the misapplication of the theory of 'straight line' depreciation. The first of the excluded items the Supreme Court expressly
ordered the Commission to ascertain in tne suit of Kansas City Southern
By. Co., the I.-S. C. Commission. 252 U. S. 178. holding that its refusal
to do so was in violation of the law, but later, at the request of the Commission, this requirement was repealed by special Act of Congress. This
legislation did not, however, deprive the company of its constitutional
protection.
"Moreover, the figure of $95,834,979, which is to be contrasted with that
of $123,081,363 reported by the company, is stated as of June 30 1916,
but the prices applied are those estimated for June 30 1914.
"The Commission has made no finding as to changes and additions to
the property since 1916. The records of the company show additional
investments since June 30 1916, and.to Feb. 28 1923, in railway property,
of $16,413.680, which, added to the II"'WM= of $95,834,979 would give
$112,248,659 for railway property alone. Toe Supreme Court nas repeatedly and recently held that the valuations used under regulative statutes
must be in accordance with current costs of construction. Not less than
60% would have to be added for enhanced reproduction cost under existing
conditions, thus indicating totals in excess of $150,000,000 or $200,000,000
as the contrasting estimates are considered. These data show that the
capitalization of the company is very low in comparison with its assets,
even if regarded only from the point of view of the Commission's bureau.
"These matters, and the effect of the application of economic principles,
will be brought to the attention of the Commission upon the 'tearing required by the statute and may later be made the subject of review in the
proper Federal court."-V. 116. p. 934, 175.
Eastern Massachusets St. Ry.-Payment on Undep.Bds.
Notice has been given to holders of Boston & Northern First Mortgage
Ref. 50-Year 4% Gold bonds and Old Colony First Mortgage Ref. 50-Year
4% Gold bonds not deposited under the plan of reorganization of Bay
State Street By. and Massachusetts Electric Companies, dated March 6
1919, to present bonds at the office of Eastern Massachusetts Street Ry.
Co., 1 Beacon St., Boston, Mass. on April 18 1923 for payment of the
distributive share of the mortgaged property to which such bonds are
entitled under the provisions of an interlocutory decree entered by the
U. S. District Court on April 2 1923. Bonds not so presented for Payment on April 18 1923 shall not be entitled to payment of any interest
thereon after said date out of the proceeds of sale.-V. 116, p. 1177.
Eastern Wisconsin Electric Co.-Annual Report.Results for Year Ended December 31 1922.
1922.
Gross income
31,675.812
Total expenses, $1,131,105: int. on funded debt, $287.970
1,419,075
General int. & amortization of bond discount and of property97,746
7% Preferred dividends
94.033
1649
Dated April 1 1923. payable $8,000 semi-annually Oct. 1 1923 to April 1
1933, both inclusive. Denom. $1.000 and $500. Dividends payable
A. & 0. in Lexington. Ky., or New York City. Kentucky 4 mills tax
refunded. Security Trust Co., Lexington. Ky. trustee.
Guaranty.-Principal and dividends guaranteed by Kentucky Securities
Corporation through suretyship on lease.
Security.-Secured on new street railway and interurban car equipment
to be constructed at a cost of not less than $216,000, consisting of 27 single
truck cars, 2 double truck interurban cars, 2 double truck freight cars.
Company.-Operates 65.87 miles of interurban lines connecting Lexington
with Versailles, P'rankfort, Georgetown, Paris and Nicholasville. City
lines in Lexington, Frankfort and Paris, including spurs and sidings, bring
the total miles of track up to 91.33.
Earnings.-Net earnings, before bond interest, for the past 534 Years
have averaged $195,760. This sum is over 20 times the amount necessary
to pay the maximum annual dividend charge on this issue and over 7.8
tthimisesisstuhee-mvaxim. 114.mpann79u. al payment of both principal and dividend on
Lake Superior District Power Co.-Annual Report.Results for Year Ended Dec. 31 1922.
Gross earnings, including merchandise sales
Operating expenses,
en
including taxes
Interest, $161,288: amortiz, of bond discount &exp.,$17,348 _ _ $1"6
17
68
27",63
03493
67
Preferred dividend, $44,694; Commagi dividend, $83,333
128,027
Balance. surplus
$28.583
Sale of Water Works.-Negotiations carried on during the year resulted
in an agreement whereby the city of Hurley, Wis.,is purchasing company's
water distribution system in Hurley and will take over its operation early
in 1923. The agreement is mutually satisfactory in that the city desires
to control its water supply and the company sells at a fair price a property
which has been operated without profit.
The company issued $925,000 Common stock and $944,600 Preferred
stock in payment for the properties of Ashland Light, Power & Street By.
and the Ironwood & Bessemer By. & Light Co. It also issued and sold
during the year $2,025,000 1st Mtge. & Ref. 63,
i% Gold bonds, series
"A." Proceeds of bonds were in roart applied to the purchase of $791,000
1st Mtge. bonds of Ironwood & Bessemer By. & Light Co. and $159,000
let Mtge. bonds of Ashland Light, Power & Street By. which are pledged
to secure the first mortgage and refunding bonds of Lake Superior District
Power Co.
During the year the following securities were retired: $390,000 Ironwood
& Bessemer By. & Light Co. 7% notes: $96,700 Ashland Light. Power &
Street By. 7% notes, also under the provisions of their respective sinking
funds, there were retired $29,000 Ironwood & Bessemer By. & Light Co.
1st Mtge. bonds and $11.000 Ashland Light. Power St Street Rs.. 1st
Mtge. bonds. V. 114. p. 2476, 2365, 2020, 1890; V. 115. p. 1837.
Balance, surplus
$64,958
Lehigh Traction Co., Hazleton, Pa.-Extension.Company purchased on Dec. 1 1922 the entire outstanding Capital stock
The $500,000 jet Mtg.5% Bonds,due June 1 1923,are being extended for
of Oakfield Light & Power Co.
a period of ten years at the same rate of interest, but the bondholders on
During 1922 company sold through its employees to customers $40,000 June 1 1923 will receive a bonus of $744 upon each $100 of bonds. The
Preferred stock. On Jan. 26 1923 company sold $1,917,000 1st Lien & payment of the bonus will reduce the amount of the principal invested, and,
Ref. Mtge. Gold bonds,the proceeds of which were used to retire $1,200,000 by receiving this sum ten years in advance of the extended maturity date.
Gen. Mtge. bonds; $101.500 Sheboygan Ry. & Electric Co. Ref. & Impt. the investor will in fact realize 6% on his investment, instead of 5%, as at
Gold Coupon bonds, due 1926, and $133,500 of 1st Mtge. bonds of Fond du present.-V. 99. p. 1673.
Lac Street By. & Light Co. of Fond du Lac, Wis., due 1924, and for the
Mason City & Fort Dodge RR.-Exchange of Bonds for
company's corporate purposes. See V. 116, p. 515. 410.
Elmira Water, Light & RR.-Earn'ings.-
The earnings for the year ended Dec. 31 1922 show: Gross earnings.
$1,839,323; operating expenses, maintenance and taxes. $1,164.985; net
earnings, $674,338; interest on $4,741,000 bonds, $237,050; balance, $437,288.-V. 112, p. 1024.
Ephrata & Lebanon (Pa.) St. Ry.-Sale.-
It is stated that this road has been ordered sold under foreclosure proceedings. The Conestoga Traction Co.of Lancaster,it is said, will purchase
the property.-V. 114, p. 197.
Erie RR.-Tenders.
-
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
April 30, receive bids for the sale to it of Erie & Jersey RR.50-yr.6% oinking fund gold bonds, duo 1955, to anhmount sufficient to exhaust $38,055
at a price not exceeding 115 and int.-V. 116, P. 1411.
•
Fort Smith & Western Ry.-Securities Authorized.-
The I.-S. C. Commission on March 29 authorized the company to assume
obligation and liability in remect of the payment of the principal and intertat of not exceeding $587,862 of securities issued by Arthur L. Mills and
Charles T. O'Neal, receivers of the Fort Smith & Western Railroad.
Tho securities proposed to be assumed were issued by the receivers.
Those securities were issued pursuant to authorization by the court, in
respect of the acquisition of equipment, a loan from the United States,
payment of taxes, and other indebtedness necessary to the operation of the
property of the old company. The securities bear interest at the rate of
6%,are past due,and none of them have been renewed. Soo V. 116, p.934.
Genesee River RR.-Tenders.-
The Guaranty Trust Co„ trustee, 140 Broadway, N. Y. City, will until
April 30, receive bids for the sale to it of 50-yr. 69 gold bonds, dated June
11907. to an amount sufficient to exhaust $30,684, at a Price not
exceeding
115 and int.-V. 100. p. 982.
Chicago Great Western RR. Securities.-
The bondholders' committee for the 1st Mtge. 4% 50-Year Gold bonds.
Mortimer N. Buckner, Chairman, has notifed the holders of certificates
of deposit that in effectuation of the agreement of sale entered into between
the committee and the Chicago Great Western RR., the committee has
made delivery of $10,162,000 Mason City bonds with June 1 1921 and all
subsequent coupons attached, and has received in exchange and payment
therefor: (a) $8,642.781 1st Mtge. 50-Year 4% Gold bonds of the Chicago
Great Western RR. with Sept. 1 1924 and all subsequent coupons attached;
and (b) provision for the delivery as may be directed from time to time by
the committee of 27,437 shares of the Prof. stock of Chicago Great Western RR.
On and after Apr.9 1923 New York Trust Co., as depositary, will be prepared to made distribution of the bonds and coupons and shares of Preferred stock of the Chicago Great Western, to which the holders of certificates of deposit are respectively entitled, upon surrender of the certificates
of deposit and the payment to the depositary for account of the committee
of14 for each Mason City bond.
Holders of certificates of deposit will be entitled in respect of each Mason
City bond represented by such surrendered certificates of deposit to $850 50
of Great Western bonds with Sept. 1 1924 and all subsequent coupons attached and 2 7-10 shares of the Preferred stock of the Chicago Great Western RR. Co.
The committee has also received from the Chicago Great Western RR.
3.400 shares of Prof. stock which will be applied on account of the compen
sation and expenses of the committee.
Scrip will be issued for fractional interests in bonds and arrangements
have been made by the committee whereby those desiring to round out their
holdings of bonds may do so. Depositors will receive cash for fractional
parts of shares unless they exercise the option entitling them to a full share.
(See V. 116. p. 76.)
Memphis Street Ry.-Payment on Notes.-
The holders of certificates of deposit issued under the deposit agreement
dated March 12 1919, for the protection of holders of 2-year 6% Coll.
Gold
notes, are notified that under the terms of the plan for the reorganizaC. Commission has placed a tentative valuation of $395.353.655 on the company's railway properties as of June 30 1915. It is tion of the company, dated April8 1922. all holders of certificates of deposit
stated that the officials of the company will begin immediately to prepare should present their certificates of deposit to the depositary, New York
a formal protest to the Commission against the valuation. The valuation, Trust Co., 100 Broadway, New York, on or after April 10, for the payment
it is said, does not include valuable properties in Canada which are an of the unpaid balance(60%) of the principal amount of their notes deposited
important part of the system's assets and with the Burlington and other under and deposit agreement, together with interest on such balance at
properties in this country most be taken into consideration in relation the rate of 734% per annum from Nov. 1 1922,to the date of presentation
and for cancellation thereof by the depositary. Interest shall cease to be
to the capitalization.-V. 116, p. 1177.
payable on such balance from and after May 1 1923.-V. 115, p. 1631.
Great Northern Ry.-Tentative Valuation.The I.-S.
Illinois Central RR.-Joint Bonds Authorized.-
The I.-S. C. Commission on March 31 authorized the Chicago St. Louis
& New Orleans RR. and the Illinois Central RR. to issue not exceeoing
$3.168,900 Joint First !Wending Mtge. 8% Series A; said bonds, when
authenticated, to be delivered by the trustee to the Chicago St. Louir &
Now Orlsans itlt. to be by it deify* red to the Illinois Central RR. in reimbursement of advances mane by it to the Chicago company. and to be
pledged and repledged, from time to time, by the Illinois Central until
otherwise ordered. 88 collateral security for certain notes which may be
issued.
The Canton Aberdeen & Nashville RR. has also been authorized to
assume obligation and liability in respect of the aforesaid bonds.-V. 116,
p. 1532. 1411.
Interborough Rapid Transit Co.-Improved Service.-
Missouri-Kansas-Texas RR.-New Directors-Interest.-
The board of directors now consists of Hemy Ruhlender, Chairman:
Edward R. Tinker. De Witt Millhauser, A. C. Rearick, R. P. Phillips.
C. I. Stralem, Willis D. Wood, Harry S. Black, all of New York; C.-E.
Schaff, W.Frank Carter, Frank 0. Watts, all of St. Louis, and A. F. Adams
of Kansas City.
The executive committee consists of Henry Ruhlender, Chairman, and
Messrs. Schaff, Rearick. Wood, MilLhauser, Phillips and Stralem.
It was also announced that the company would pay, on or after April 13.
interest due Dec. 1 last on the 1st Mtge. 4% bonds of 1990: interest due
Nov. 1 last on the Missouri Kansas & Oklahoma 1st Mtge. 6% bonds; on
the Booneville RR.4% Mtge. bonds, and the Dallas & Waco 1st 5% bonds.
The company will also pay coupons due Feb. 1 last on the Kansas City Sz
Pacific Rv. 1st Mtge. 47 bonds. Payments will be made at the company's office in New York.
Stuvvesant Fish, formerly a director of the Missouri Kansas & Texas
Ry., died in N. Y. City April 10.-V. 116. p. 1533.
The company has announced that it will shortly put into operation
improved service on the Manhattan Ry. elevated lines by the addition of
428 more trains daily. The cost of this improved service is estimated
at $2,000,000.
Montgomery Transit Co.-Sale.The Guaranty Trust Co., 140 Broadway, N. Y. is prepared to exchange
The Norristown (Pa.) Trust Co.. trustee, will sell at public sale in tile
the outstanding temporary 10-year 6% gold notes, due Oct. 1 1932, for
court house at Norristown on April 30, under foreclosure proceedings, all
definitive notes.-V. 116, p. 1532.
the railways, leases, corporate rights,franchises, premises,rollhag stock and
property, real, personal and mixed, as well as estates, interest and rights
Inter-State Railways.-Listing, &c.The Phila. Stock Exchange on Apr 7 listed $22,500 addit'l Penn. Prof. therein. covered by a certain mortgage given and executed by the company
stock, reported issued in exchange for a like amount of Redeemable Prof. to the Norristown Trust Co., trustee.-V. 115. p.2267.
stock, canceled, making the total amount of Permanent Pref. stock listed
El^ctric RR.-Reoraanization Plan $990.800, and reducing the amount of Redeemable Prof. stock listed to
See under Brooklyn Rapid Transit Co., above.-V. 116. p. 721.
$9,200.
The Exchange on April 6 struck off the regular list $75.0000 Coll. Tr.
New Bedford & Onset Street Ry.-Report Cal. Yr. 1922.
Certificates, 4s, due 1943, reported acquired and canceled, leaving the
amount of said Trust Certificates listed $10,195,000.-V. 116, p.176.
Gross earnings
36,543
$277,204 Taxes
Operating
expenses
11.000
236,459 Dividends (2%)
Kentucky Securities Corporation.-Guaranty.Misc. income (interest) _ _ _ Cr.154
See Kentucky Traction & Terminal Co. below.-V. 116, p. 1533.
Interest
$5,805
Balancv, surplus
17,551
P. & L. surp. Dee. 31 1922_ $66,389
Kentucky Traction & Terminal Co.-Eg tipment Trusts 1 -V. 113, p. 2819.
Sold.-Security Trust Co., Lexington Ky., has sold at 100 I
and dividend, $160,000 6% Equip. Trust Gold Certificates)
Series "A," 'issued under Philadelphia plan.
New York Central RR.-Would Enjoin Purchase.-
Suit was filed April 10 in the U. S. District Court at Chicago by Walters.
Burchmore & Helm)), representing the B. & 0., Monon. Chicago & Erie.
Grand Trunk Western, Pennsylvania. Pittsburgh Cincinnati Chicago Ar
1650
THE CHRONICLE
St. Louis and Wabash railway companies, petitioning the issuance of an
order restraining the Federal Government, New York Central, Chicago
River & Indiana. Chicago Junction, Chicago Junction Rys. & Union Stock
Yards Co.and Richard Fitzgerald from enforcing the execution of the order
handed down by the I.-S. C. Commission on May 16 1922(V. 114. p. 2241)
authorizing purchase of Chicago River & Indiana RR. by New York Central, through purchase of its capital stock and the acquisition of control, by
lease, of the Chicago Junction Rys. by the Chicago River & Indiana RR.
-V. 116, p. 1412, 176.
Fox,. 116.
Public Service Corp. of N. J.-Guaranty-Listing.-
See Public Service Electric Power Co. below.
The New York Stock Exchange has authorized the listing of (1) 600,000
shares (auth. 2.000,000 shs.) Common stock of no par value on or after
April 11 1923. on official notice of Issuance, in exchange for 300.000 shs.
ofCommon stock now outstanding, par $100 each;(2) $4,085.500 additional
8% Cumul. Pref. stock (auth. $25,000,000) par $100, on official notice of
issuance and payment in full ,• (3) $7,262,200 7% Cumul. Pref. stock (auth.
$50,000,000) par $100, on offioial notice of issuance and payment in full,
making the total amounts applied for: 600,000 shs. of Common stock,
New York Chicago & St. Louis RR.-Incorporated.- 522,500.0008%
Cumul. Prof. stock and $7,262,200 7% Cumul. Pref. stock.
Incorporation papers for this road were filed with the Secretary of State
The $7,262,200 7% Cumul. Prof. has been authorized to be sold for cash
of Ohio April 12. The railroads which under the merger are New York ($100
share).
To date applications from 16,837 customers and stockper
Line
State
Chicago
RR.,
&
Lake Erie & Western
Chicago lc St. Louis RR.,
for 67,809 shs. have been received and 40,414 shs. have been fully
RR. 'Tort Wayne Chacinnati & Louisville RR. and Toledo St. Louis & holders
paid for and issued. The balance have been subscribed for on the partial
Western RR.
plan and Initial payments of at least $10 per share made.
Notice has been filed with the Secretary of State of New York of the payment
In May 1922 employees of Public Service Corp. of New Jersey and its
above consolidation. (See plan in V. 116, p. 721.)-V. 116, p. 1533, 1412. subsidiary
companies were offered the right to subscribe to the 8% Cumul.
stock at par; payments to be made at the rate of 75 cents per share
New York Consolidated RR.-Reorganization Plan.- Pref.
per week, or $3 per share per month. At the present time some 5.628
See under Brooklyn Rapid Transit Co., above.-V. 116. p. 721.
employees are paying for 10.719 shs, of the 8% Cumul. Prof. stock. The
proceeds of the sale of the 8% Pref. stock and the 7% Pref. stock are being
New York Municipal Ry. Corp.-Reorganization Plan.- used
by the corporation to partially cover the cost of additions and bettersee under Brooklyn Rapid Transit Co., above.-V. 116, p. 721.
ments to the properties of its operating subsidiary companies. The annual
budget for construction for the year 1923 for Public Service Electric Co. is
Northern Ohio Traction & Light Co.-Report.
approximately $11,500.000: for Public Service Gas Co. $3,100,000; for
The annual report for the year ended Dec. 31 1922 says in part:
By. 52.400.000.-V. 116, p. 1533, 1405, 1276.
In Oct. 1922 company purchased the electric distribution system of Kent Public Service
Water & Light Co., prior to which company supplied power on a wholesale
Republic
Railway & Light Co.-Annual Report.company.
basis to the Kent
Income Account, Including Subsidiary Cos., for Calendar Years.
Company recently completed arrangements with Cleveland Electric
1922
Illuminating Co. for the purchase on a favorable basis of a large supply of
1921.
1920.
Gross earnings
$8.125,792 $7,321,680 $8.420,387
electric current.
5.726,102
During the year $10.588,000 Gen. & Ref. Mtge. 6% bonds, Series A, Operating expenses and taxes
5,391.370 6,556,394
were
sold
and
1947,
the
proceeds
used
1
to
March
due
pay $1.145,000 1st
Net earnings
$2.399.689 $1,930.310 $1.863,993
Mtge.55 of Canton-Akron Ry., which matured on March 1 1922; to redeem
S
280,091
ecured 7% notes, due June 1 1925, Other income
372,378
the $2.454.200 outstanding 6-year
156,219
Car
Trust
000.000 Serial
89 notes and $60,471 Serial Car Trust 6%
Gross income
$2,679,780 32,302,688 $2,020,212
notes; to retire by purchase $2.809,700 7-year Secured 6% notes, due June 1
$1,502,936 $1,419,249 $1,076,295
1926; to provide for payment at maturity of $564,000 Canton-New Phila- Deduct-Interest
Discount on bonds
128,592
101,112
delphia Ry. 1st Mtge. bonds, due Feb. 11923; to pay floating debt and to
152.682
Contingent reserve
135,211
reimburse treasury for the cost of additions and improvements.
Divs. on pref. stock of subsidiary
Company during the year sold $698,400 7% Preferred stock to customers.
cos. In hands of public
490,889
434,335
The management has not as yet been able to agree with the Akron
310,064
authorities as to the form and substance of a new street railway franchise
Bal. for depr., diva. & surplus
$422,151
$347,992
to take the place of franchise expiring in Feb. 1924. By agreement, com$481,172
pany is allowed to continue charging a 5-cent fare in the city of Akron in lieu -V. 116, p. 1533.
of the old franchise agreement providing for a fare of 6 tickets for 25 cents
St. Louis-San Francisco Ry.-Securities, &c.
and 25 tickets for $1. This increase in the rate of fare while helpful has not
The I.-S. C. Commission on April 2 (I) authorized the company to issue
been sufficient to enable company to earn a proper compensatory rate of
In
temporary
or definitive form $2,548,900 Prior Lien Mtge. bonds, Series
Akron
city
property.
on
return
There can be no doubt as to an ultimate agreement being reached, satis- B, and $3,095,800 Prior Lien Mtge. bonds, Series D; said bonds, or any
art thereof, to be pledged and repledged,from time to time, until otherwise
factory to the city and to the company as well.
orderea, as collateral security for any note or notes which may be issued;
-Revenue Pass. Carried(2) authorized the subsidiaries of the St. Louis-San Francisco Ry. to issue
City
their promissory notes ill the respective amounts stated, namely St. Louis
Interurban Electric Sales Electric
Cal. YearsSystems.
San Francisco & Texas Ry., $31,957: Fort Worth & Rio Grande By.,
Systems. in IC.W.H. Customers
1918
$51.984; Kansas City Fort Scott & Memphis By.. $1,127,128; Kansas City
45.217,915 16,835,927 113,716,277 24,990
1919
Memphis & Birmingham
61,289,852 17.755,171 138,679,216 32,007
1112,685; said notes to be delivered to the
1920
St. Louis-San Francisco By.
68,903.885 20,876,115 148,081.253 38,438
RR..
in respect of expenditures for certain additions
1921
and betterments made by it to the property of the subsidiaries.
47,799.437 16,820,442 102,681.834 40.103
1922
The Commission, however, deferred action on the request of the company
50,632,248 17,117.064 135,397,186 45.496
for authority to issue $1,047,900 adjustment mortgage bonds, series A.
Earnings Years Ended Dec. 31.
and to sell the Prior Lien bonds above authorized.
1922.
1921.
The report of the Commission says in part:
1920.
1919.
Gross earnings:
"We have the following comparison of capitalizable assets and capital
Railway Department- $5.640.132 $5,376.819 $7,280,396 $6,133,442 liabilities as of Dec. 31 1922:
Electric Department_ 3,623.020 3,214,476
3,629.234 3,094,397 Capitalizable Assets-Net book Investment In road dc equip_ _ 3349,226,342
Deposits in lieu of mortgaged property sold
53,041
Total
$9,263,152 $8,591.295 $10,909,630 $9,227,840
Investment in affiliated companies
435.113
Operating expenses
6,168,531
5,941.702
Working capital
7,894,649 6,178,515
10,000.000
Taxes
668.000
544,250.
636,000
499,610
Int., &c. fixed charges_ 1,356,239
1.325,673
Total
1,027,639
893,826
$359.714.497
Pref. stock_ _ _ _
Divs. on'
374,592
336.893
327,074
318,720 Less Actual Capitalization-Stock
$58,288,226
Funded debt
297,770,454
Balance
$695,790
$442,778 $1,024,269 $1,337,169
-V. 116, p. 1050, 410.
Excess of book value of capitalizable assets over capital'''. $3.655,816
"Inasmuch as we have not yet established the final valuation of the
Northern Pacific Ry.-Improvements-Equipment, &c.- Frisco's
properties, it is impracticable to compare its capitalization with the
The Company has announced that improvement work totaling S5,000,000 underlying
value; therefore, nothing contained herein is to be taken as an
authorized
been
for 1923. In addition, orders for new equipment
has
placed in 1922, representing an investment of $14,500.000, will be delivered expression of opinion with respect to, or as a determination of. such value.
"The Frisco has shown no present necessity for the issue of adjustment.
this year.
Equipment purchases include expenditures in 1923 for: 3,000 box cars mortgage bonds. Action on the application in so far as authority is rewith a capacity of 80,000 lbs.; 70 express refrigerator cars; 250 Hart con- quested to issue those bonds will, therefore, be deferred. As it appears
vertible cars of 100.000 lbs. capacity; 250 steel gondolas of the same that no arrangements for the sale of the bonds have been made, disposition
capacity; 1,000 automobile and lumber box cars of 100,000 lbs. capacity: of that part of the application which requests authority to sell the priorlien bonds will also be deferred."
250 stock cars, and 49 locomotives (including 20 Pacific type engines,
25
(The stockholders will vote May 8 on purchasing the property of the
Mikados and 4 Mallets). The additional refrigerator cars will give the
Northern Pacific a total of over 5,000 refrigerators for year-round service, Birmingham Belt RR.I-V. 116. p. 1276.
and another 1,000 which are leased for the season of heaviest fruit moveSt. Louis Southwestern Ry.-Equip. Trusts Sold.ment.
With the completion of the signal construction of 1923, the Northern Bankers Trust Co., Brown Brothers & Co., Evans, Stillman
Pacific will have automatic block signal protection for Its main line for the & Co. and the Union
Trust Co. of Pittsburgh have sold, at
entire distance across the continent from St. Paul-Minneapolis to the
prices ranging from 100.24 and div. to 100.51 and div.,to
North Pacific Coast.-V. 116, p. 722. 609.
Northern Pacific Terminal Co.-Increases Facilities.- yield 5.45% for all maturities, $2,700,000 5% Equip.
The company has made a number of Important improvements and has Trust Gold certificates, Series "H"(see advertising pages).
Dated Apr. 2 1923. Due $90,000 semi-annually Oct. 1 1923 to Apr. 1 '
developed plans contemplating the eventual reconstruction of a considerable part of the present plant. The initial improvement, now practically 1938, both inclusive. Divs. payable A. & 0. Denom. $1,000c5. HankTrust Co.• New York, trustee. Issued under the Philadelphia Plan.
completed, includes the addition of two more station tracks at the passenger
Security.-Certificates are to be issued for approximately 75% of the cost
terminal and the construction of a new terminal at Guilds Lake, two miles ers'
of
the
following standard new railway equipment: 15 consolidation freight
north of the old facilities, where the first units of a new freight classification
yard and an engine terminal have been provided. (See "Railway Age" of locomotives, 500 40-ton double-sheathed steel underframe automobile
40-ton double-sheathed steel underframe box cars. 200 Hart concars,
500
April 7.)-V. 116, p. 410.
vertible ballast cars. The equipment is to cost approximately $3.530.635,
which
about
25% is to be paid in cash by the company.
of
Pere Marquette Ry.-Bonds Authorized.Guaranty.-Unconditionally guaranteed by endorsement by the company.
The I.-S. C. Commission on March 31 authorized the company (1) to
Earnings.-During recent months company has been handling the largest
sell $12,826,000 1st Mtge. 5% Gold bonds, series A. due July 1 1956, at business in its history. Current gross and net earnings show important
any time up to and Incl. Sept. 1 1923, at not less than 91 and int., and (2) increases over the figures for the corresponding period in 1922. and it is
to pledge and repledge not exceeding 0,595,000 of said bonds from time to believed that this
maintained throughout 1923.time, until otherwise ordered, as collateral security for any note or notes V. 116. p. 1178. good showing will be
which may be issued.
Terminals
San Francisco-Oakland
Rys.-Earning8
It is represented by the company that It is necessary to sell or pledge the
bonds,for which authority Is granted to reimburse its treasury for expendi- Calendar Year
tures for additions and betterments and retirement of certain bonds, made Railway operating1922.
railway
operating
ex$6,922,348;
revenues,
or to be made.
penses (incl. depreciation). 55.202,236
$1,720,112
The company has made no arrangement to sell the bonds at present. Auxiliary
5333.504
exp.,
oper.
129.867
auxiliary
oper.
$463,371;
rev.,
-Ir. 116, p. 1412, 1276.
$1,849,979
Net operating revenue
Pittsb. Youngstown & Ashtabula Ry.-Bonds Auth.- Taxes
412.791
The I.-S. C. Commission has authorized the company to issue $3,789.000
1st Gen. Mtge. 5% bonds. Series B, to be delivered at par to the PennsylOperating
$1.437.188
income
construction
vania RR. in settlement of certain
expenditures. The Penn23,322
sylvania RR. has also been authorized to assume obligation and liability Non-operating income
in respect of the payment of the interest on, and principal of, such bonds.
$1,460,510
income
Gross
-V. 115, p. 2159.
Int. on funded debt $766,582; Int, on unfunded debt, $282,754;
$1,054,617
miscellaneous debits, $5,271
Porto Rico Rys. Co., Ltd.-Annual Report.-
1921.
1922.
1920.
$405,893
1919.
Income for year
$1,330,446 $1,332,486 $1,402,736 $1,129.782 -V.116. p. 516.
813,607
866,770
839,668
693.843
Authorized.
Southern Railway.-Equipment Trust
$516.839
$465,715
3563,070
Net earnings
$435.940
The I.-S. 0. Commission on April 2 authorized the company to assume
42.877
13,905
54.484
Other revenue
23,603 obligation and liability in respect of 0,750,000 equipment trust certificates, Series X. (See offering In V.116, p. 936.)-V. 116, p. 1178, 1051.
$508.592
$530,744
$617.554
Net income
$459.543
Tennessee Alabama & Georgia Ry.-Notes Authorized.
$188,921
$186,275
$191,462
$193,883
Bond interest
100,000
150.000
The I.-S. C. C mmission on March 29 authorized the company to issue
100,000
Depreciation reserve_ _ _
100,000
than $30,414, in procurement of
70.000
70,000
70,000
Preferred dlvs. (7%)--70,000 24 promissory notes, aggregating not more
(4%)120,000 (3%)90.000
certain equipment, provided that no Interest included In face amount of
Common dividends
such notes shall be charged to capital account.
$29,672
5124.468
The company proposes to purchase one locomotive and one gas motor
$166,092
$95,660
Balance, surplus
coach. The locomotive will be purchased from the Baldwin Locomotive
-v. 115. P. 183.
F Calendar YearsGross earnings
Operating expenses
k
APRIL 14 1923.]
THE CHRONICLE
1651
buyers are covered so well ahead that the question of paying to-day's high
level prices on any considerable amount of steel does not have to be faced.
"Interest in the sheet and tin plate market centres in the prices the Steel
Corporation will soon name for the second half of the year. It is expected
these will be nearer to the independent level, now commonly 35 75 for tin
plate, than has been the case for some months.
"Not only has the Steel Corporation had little semi-finished steel to sell,
but it has been a buyer in the Pittsburgh district of 100,000 tons of slabs
and 75,000 tons of pipe rounds. In part the deal involves delivering plates
to car works connected with the steel plant selling the slabs.
"Two large bar mills are sold up into the fall months. For early delivery
bars 2.75c., Pittsburgh, has been paid on considerable shipments.
"Besides buying upward of 2,300 cars and inquiries for 1,000 cars and
110 locomotives, a round lot of car repair orders was a feature.
I: Union Pacific RR.-New Director."Fabricated
steel awards at 15,000 tons represent a drop from the average
Wm.
G.
r Heber J. Grant has been elected a director to succeed the late
of over 30,000 tons in the preceding four weeks. Fresh inquiries, including
Rockefeller.-V. 116. p. 1179.
5,000 tons for the Ford Motor Co.'s new steel plant at Dearborn, totaled
25,000 tons, or not much below the recent average.
Union Street Ry., New Bedford, Mass.-Report Cal. Yr. over
"Rapid increase in pig iron output, softening of coke prices and inability
Report for 12 Months ending Dec. 31 1922.
of foundries to increase their output, owing to labor shortage, have made
$195,000 melters of foundry pig iron conservative about buying. With the excepGross earnings
$1,608,760 Dividend(8%)
$94,126 tion of 15.000 tons of iron bought by a sanitary company, very little has
Operating expenses
1,173,138 Balance, surplus
iron
Misc.income (interest)... Cr.3,164 Credit bal. Dec.31 1921... 454,517 been done for third quarter and the spot market is inactive. Charcoal
Dr. 77 is up 50c. a ton, but coke irons are at a stand. Stocks on Alabama furnace
Interest
18,197 Adjustment of accounts__
Taxes
131,462 P.& L.surp. Dec. 31 '22- $548,566 yards declined to 40,000 tons during the past month, and the situation of
Southern companies is strong.
-V.112, p. 2750.
"The coke market has declined sharply, largely because export shipment
was cut off by congestion at the seaboard. Production exceeds contract
United Rys. & Elec. Co. (of Balt.).-Annual Report. requirements
and furnace coke has sold as low as $6 25, against $7 last
1919.
Calendar Years1922.
1920.
1921.
week. The demand for coal is so light that some mines are on the verge
Total oper. revenues-316,122,592 $16,332,866 $17313.598 $14,794,233 of
suspension
in view of the low prices.
Exp.,taxes, deprec.,&c_ 12,169,635 12,492,084 13,170,262 11 34,1,211
"Steel rails are expected to show well in the export trade, with German
shipments
cut
off. Brazil is buying 160 miles of 50-1b. and 65-1b. rails.
Net oper. income ---_ $3,952.957 $3,840,782 $4,143,336 $3,453,022
40,117 Germany lately sought 15,000 tons of ship plates here for early delivery,
Other income
120,740
104,179
156,246
after placing 20,000 tons in Czechoslovakia. The 20,000 tons went at
per in. delivered at Kiel. For Japan nearly 20,000 boxes of tin
Total income
$4,109,203 $3,944,961 $4,264,076 $33,493,139 2.50c.
3.246,715 plate have just been bought in New York.
3,220,477
Interest, rents, &c
3,309,730
3,309,934
"German
buying is causing resumptions in both Hungary and Austria.
920
Preferred dividend (4%)
383
(1)204,612 On higher sheet and tin plate prices in Great Britain, export sales there
Corn. divs. ($1 share)_..
409,224
have
diminished.
86,228
War taxes
"Unchanged for three weeks, 'The Iron Age' pig iron composite price
at $30 86 per gross ton, compared with $25 96 at the first of the
Balance, surplus
$390,045
$635,231 $1,043.218 def$45,32 remains
year,
and $19 14 one year ago.
-V. 115, p. 2906.
'The Iron Age' composite price for finished steel continues at 2.810c.
per lb., compared with 2.446c. the first of the year and 2.084c. one year
United Railways Investment Co.-Plan Operative.ago."
A notice has been sent to the stockholders under date of April 11 advising
Coal Production, Prices, &c.
dethem that the plan dated March 14 1923 (V. 116, p. 1179) has been
The United States Geological Survey Apr. 7 1423 estimated production
clared operative.
The company offers the stockholders of record April 10 an opportunity as follows:
"The anticipated decrease in production on account of the pre-Easter
to subscribe at $10 per share for shares of the 7% Cumui. Pref. stock of
Pittsburgh Utilities Corp. (par 310), equivalent in par value to 9% of the holidays in the week ended Mar. 31 did not occur, and for the third successive
week production was in the neighborhood of 10,400,000 tons. The
holdings
in
Right
to
par value of the
United Railways Investment Co.
present estimate of the total soft coal output in the last week of March is
subscribe will terminate April 30.
The Preferred stock of the Pittsburgh Utilities Corp. will be entitled to 10,414,000 net tons, including coal shipped, mine fuel, local sales, and coal
cumulative dividends at the rate of 7% per annum, and the Common stock coked, which is a decrease of only 10, 00 tons from the revised estimate
of that company will be entitled to dividends, when declared by the board of' of the week preceding.
"Preliminary reports of cars loaded in the present week. Apr. 2-7. showed
directors, at the rate of $2 per share per annum, the dividends on the
Preferred stock being payable semi-annually, and it being contemplated 17,953 cars on Monday. Thus production on that day, which was a double
that the dividends on the Common stock shall be payable semi-annually. holiday-Eight Hour Day and Easter Monday-was equal to 45% of the
After $1 shall have been paid in any half year on the outstanding Common average for recent Mondays. Loadings on Tuesday were approximately
stock,all remaining dividends than declared shall be divided equally between 33,000 cars and did not show the usual recovery following holidays. The
the Preferred stock and the Common stock, each being considered as a class. loadings during the first four days of the week were 14% less than in the
week before, and the total output for the week will be around 9,500,000 tons.
Compare V. 116, p. 1179, 1277, 1533.
"The trend of output for the last 6 weeks is shown in the following stateDec. 31
June 30
Dec. 31
June 30
ment of carsloaded daily:
Earns. Years ending1919-20.
1922.
1921.
1920-21.
Divs. on stocks owned_ _ _31,471,938 $1,468,500 $1,468,500 $1,466,100
Feb. 26- Mar. 5- far. 12- Mar. 19- far. 26- April 2Int. on bonds,loans, &c__
264,618
290,860
288,078
284.184
Mar. 3. far. 10. far. 17. Mar. 24. Mar. 31. April 7.
Monday
41,669 41,516 36,626 38.560 40,720 17,953
Total income
$1.762,798 S1.756,578 $1,752,684 31,730.718 Tuesday
33.331 33,080 32.565 31,394 31,801 32.999
DeductionsWednesday
32,372 30,604 31,253 30,753 29.978 30,775
Directors'fees, taxes, &c_ $113,449
$92,578 Thursday
$111.658
$180.306
28,156 28,700 28,025 28.900 27.985 30,813
Interest on bonds
907,500 Friday
907,500
907.500
907.500
30.117 28,634 28,554 29,572 27,441
Interest on notes
50,000 Saturday
22,417
42,710
51,298
28,446 26,481 25,503 27,004 27,190
Int. on div. certificates
80,241
80,190
80,164
80,190
"Preliminary estimates indicate that the total output of soft coal during
Interest on loans, &c_
28,184 the
5.610
7.871
11,499
coal year ended March 31 1923 was 419,710,000 net tons. The producProvision for losses on securities owned
572.216 tion-during the four coal years preceding was as follows (in net tons):
596,428
534,373
524,208.000
1918-1919
552,679,00011920-1921
Total
31,730.718 1919-1920
434,754,000
484,196,00011921-1922
31.131,401 81,75gtm,
Net income for year
None
$631,397
"Thus it is seen that from the viewpoint of soft coal production, the coal
V. 116. p. 1533, 1277.
year 1922-1923 was 3.5% behind 1921-22. 19.9% behind 1920-21. 13.3%
1919-20 and 24.1% behind 1918-19.
- behind
Washington Baltimore & Annapolis Electric RR.
"Contrary to expectation, production of anthracite in the week ended
New Terminal in Baltimore.Mar. 31 was not seriously curtailed by observance of Easter holidays.
The company recently installed in Baltimore a model interurban terminal Daily reports of cars loaded, furnished by the American Railway Associafor freight and passenger service. (See "Electric Railway Journal" of tion,indicate that production on Good Friday amounted to about65% of the
output on other recent Fridays and production on Saturday compared favorMarch 31).-V. 116, p. 1412.
ably with preceding Saturdays. The total production for the week is esti(The) West Penn Co.-Listing.mated, on the basis of 38,397 cars loaded, at 2,008.000 net tons, including
The N. Y. Stock Exchange has authorized the listing of $8,054,700 mine fuel, local sales and dredge and washery output.
"Early returns for the current week. April 2-7, indicate a general observ8% Cumul. Pref. stock. Par $100 and 322.500,000 Common stock, par
3100.-V. 116, p. 722.
ance of Eight Hour Day, April 2, as a holiday, and little If any anthracite
was produced. Production was approximately 705" of normal on TuesWisconsin & Northern RR.-Tentative Valuation.day and further but not full recovery was made by Wednesday. In view
The I.-S C. Commission has placed a tentative value of $1,887,112 on of the uncertainty as to the rate of production maintained in the second half
the property as of June 30 1917.-V. 113, p. 185.
of the week, it is impossible to forecast the total output.
Estimated United States Production in Net Tons.
Wyoming & Missouri River Ry.-Successor Company, &c.
19221923
The I.-S. C. Commission on March 31 authorized the company to opBituminous-Cal. Yr.to Date. Week. Cal. Yr.to Dale.
Week.
erate a lino of railroad which extends from Aladdin, Crook County, Wyo.,
107.34.1,000
10.843,000
118,288,000
10,428.000
to a point of connection with the Chicago & North Western RR.at Belle March 17
118,801,000
11,448.000
128,712,000
10.424,000
Fourche, Butte County, So. flak., a distance of approximately 18 miles. March 24
129,27-.000
10.469,000
lu,414,000
139.126,000
The line was constructed several years ago and has been owned and operated March 31
Anthraciteby the Wyoming & Missouri River Railroad. The property and assets of
1,907.000
18,774.000
21,922.000
2,057,000
the old company were recently sold. The purchaser at the executiori sale March 17
20,869,000
2,095.000
24,048,000
2,126,000
has contracted to sell the property and assets to the company for $50,000, March 24
1,896,000
22.765.000
36.056,000
March
31
2,008,000
the sum which he paid therefor. The company proposes to pay the purchase
Beehive Cokeprice by issuing 500 shares of capital stock, Par $100.-V. 113, p. 1575.
1.443.000
149,000
March 17
3,953.000
410,000
175,000
1.618.000
March 24
4,321,000
384,000
191,000
1,809,000
March 31
4,709,000
388,000
INDUSTRIAL AND MISCELLANEOUS.
The "Coal Trade Journal" reviewed market conditions as follows:
ruling
"Bituminous
marked
those
trade
conditions
are
in
contrast
with
The following brief items touch the most important devel- in the domestic division of the anthracite market at the present time.
In
opments in the industrial worls during the past week, to- the latter
there is an insistent demand for fuel for next winter and spring
have caused no important abatement in the flood of orders reaching
gether with a summary of similar news published in full days
the retail dealers. Announcement of company prices showed only minor
detail in last wek's "Chronicle" either under "Editorial variations from
those in effect last sesson and were in line with expectations.
Independent quotations, too, were at about the level of spot quotations
Comment" or "Current Events and Discuss ons."
during the past few weeks.
Steel and Iron Production, Prices, dtc.
"For the most part, Eastern bituminous fields are waiting for the opening of the Lake season, delayed by ice conditions In the upper lakes. Until
The "Iron Age," April 12, said:
"The advance of 11% in steel plant wages generally announced this this movement is under way in volume, it is felt that there will be no solidiweek and effective April 16, marks the appearance of competition from fication to the price situation. The export boom as a trade factor has exhausted itself, and unless foreign buying should take on new and larger
outdoor projects for the available supply of unskilled workers.
"On the basis of 40c. an hour for common labor, instead of 36c., steel- proportions it is not expected that the effects of overseas bustness will be of
making costs are increased about $1 75 a ton. Prices have advanced much great moment in the home markets.
"A year ago the anthracite mines and the operations In the organized
more than this since Sept. 1, when steel works wages last went up, but the
great bulk of mill shipments, especially in the case of the Steel Corporation, bitumthous coal fields of the country were closed down by general strikes.
To-day there are only the sporadic local strikes to contend with in the hard
are still at the lower prices of last fall.
"Steel output for March, in line with that of pig iron, was heavy. Thirty coal regions. In the bituminous fields, labor troubles have been renewed
reporting companies, representing 86% of the capacity, made 3.402,000 in certain sections of the Kanawha and western Kentucky areas, and the
tons of ingots. or a new high record for these companies. At 146,500 tons union appears to be renewing its efforts to flame the embers of its dying
a day as the estimated March output for the country, steel production was cause in Somerset County. None of these labor disturbances, however,
taken seriously outside of the districts directly affected by them.
at a yearly rate of 45.500,000 tons, whereas the greatest year's record was Is "Spot
prices during the first week of the new coal year registered further
43,619,200 tons in 1917.
"The high rate at which steel is going from the mills is reflected in the declines. Of the changes in bituminous open market quotations, 81.9%
Steel Corporation's unfilled tonnage statement with a gain of 119,000 tons represented reductions in prices revailing the past week in March and only
during the week
ed
ta
escaped change. The ructions
In March as against 373.000 tons in February. From present indications 47.1% of the quotations
ranged from 10 cents to $1 0 per ton and averaged 33.7 cents: advances
April will show a loss.
straight average
ranged
from
cents.
The
is
more
ten
33.8
buying
marked
this
cents
$1
and
averaged
week.
Consumers,
to
new
in
-"The
subsidence
10.
as a rule, are better supplied with steel than in some time, but there are minimum price on the coals shown below was $2 56, a drop of 9 cents; the
manufacturing plants which are not receiving material as fast as model, average maximum,$3 02, was 27 cents under the maximum for the precedand with these jobbers are doing a larger business. However, important ing week."
Works at a cost of $21,575, $5,339 of which will be paid in cash and the
balance covered by 12 promissory notes aggregating $17,753. Each note
will be in the sum of $1,479, which includes int. at rate of 6% per annum,
and the notes will mature successively at quarterly intervals from Jan. 29
1923 to Oct. 29 1925, inclusive.
The gas motor coach will be purchased from the Service Motor Truck Co..
Wabash, Ind., at a cost of $16,350, of which $4,088 will be paid in cash and
the balance covered by 12 promissory notes which will be dated Sept. 5
1922. and originally were to mature one in each month for a period of
12 months. The notes include interest at the rate of 6%. The dates of
maturity of the proposed first six notes having passed, these notes shall be
payable on demand.-V. 116, p. 823.
$1.75gat
1652
THE CHRONICLE
[VoL. 116.
Oil Production, Prices, &c.
Ajax Rubber Co., Inc.-Annual Report.The American Petroleum Institute estimates the daily average gross
Calendar Years1922.
crude oil production in the United States for the week ended April 7 as fol1919.
1920.
1921.
Profits
4665,824df$1,626,295 def$177,921 842,951,267
lows:
(In Barrels.)
56,447
750,000
Apr. 7 '23. Mar.31 '23. Mar. 24'23. Apr. 8 '22. Federal taxes
let
Mtge.
Int.
bonds_
217,864
Oklahoma
433,750 , 421,400
418,450
365,000 Int.on
on borrowed money
59,840
Kansas
452,103
81.600
81,350
81,750
81,500 Depreciation
361,583
North Texas
60,050
63.000
60,700
52,100 Dividends
(11)1100,000(12)1032.627
Central Texas
122,250
130,600
121,900
168,150
North Louisiana
69.200
69.850
72.350
105,100
surp.
Balance,
or
def_
sur.$26.537df$5.205,577df$1,333.368 sr$1,168,640
Arkansas
118.650
113,750
106.550
36,100
x After deducting 511.832.650 cost of sales, incl. selling, general and
Gulf Coast
101,300
101,350
102.350
114.100 administration
expenses from gross sales of $12,189,938 and adding other
Eastern
106,000
106,000
107.000
115,000 income of 5108,536.-V.
115,p. 1635.
Wyoming & Montana
123.200
122,300
110,550
70,900
720.000
California
705.000
665.000
325,000
American Chain Co.,Inc.-Listing.1,942,150
Total
1,908,450
1,846,600
The New York Stock Exchange has authorized the listing of (1) $8.1,432,950
Crude Oil Price.-Ohio 011 Co. cut Lima, Indiana, Illinois, Princeton. 750,000 8% Cumul. Particip. Class "A" stock, par $25 (auth., 500,000
Plymouth and Waterloo crude oil 10c. a bol., effective at once. "Wall shares); (2) $7.500,000 10-Year 6% Sinking Fund Debenture bonds, due
Street Journal," April 12, p. 1.
April 1 1933.
Pennsylvania crude oil has been reduced 25c. a bbl. According to grade. Gross Sales Calendar Years (Incl. Subsidiaries before
& after Acquisition).
prices now range from $4 to $3 75 a bbl. "Times" April 12, p. 28.
1916
$14,018,32611919
$33,389.974 1 1922
$19,178A52
Corning crude was reduced 15c. to $2 15; CabeII.
Va.. 35c. to $2 41:
28,638,726 1920
37,968.412 1923(est.).. 26,000,000
Somerset light, 35c. to $2 45; Somerset medium. 35c.
W.to $2 20. Ragland 1917
33,542,353 1921
1918
13.344.606
remains the same at $1 10. "Wall Street Journal" April 11, p. 1.
Consolidated Statement of Earnings Year ended December 31 1922.
Standard Oil Co. of California reduced crude from 1 to 41 cents a bbl.,
according to gravity. "Wall Street Journal" April 10, p. 1.
Earnings from operations
$1.960.453
Standard 011 Co. of Louisiana reduced price of Smackover crude 10c. per Depreciation. $775,998; other miscel. charges, $184,081
$960,078
bbl. "Financial America" April 14.
Dividends paid
629,534
Canadian Crude Oil Price Reduced.-Cut of 10c. a bbl., effective April 17.
makes present price $2 88 per bbl. "Financial America" April 13, p. 1.
Balance
$370,841
Bunker Fuel Oil Price Advanced.-Astatic Petroleum Co.. Ltd. (sub. co. Miscellaneous surplus additions
33,815
of Royal Dutch-Shell) advanced price 5c. a bbl. to 51 81 K, Including Surplus at beginning of period
9,714,588
lighterage. "Wall Street Journal" April 10, p. 1.
Export Refined Oil Price Adranced.-Up Mc, a bbl., standard white now Surplus before capital reorganization
$13 '75, and water white $14 75 a bbl. "Financial America" April 13, p. 1. Deduct-Transfer from surp. acct. to capital acct , $3,125,000:810.119.243
Gasoline Price Cut.-Standard 011 Co. of California cut price lc. to 16c.
Prem. of 7% on $4,648,800 of 7% Pref. stock, $325,416:
a gallon. "Boston News Bureau" April 11. p. 5.
premium of 10% on $2,720,000 of Class"A"stock,$272,000_ _ 3,722,416
Oil Operators Involved in Mail-Fraud Cases.-Post Office Department
estimates $100,000,000 filched from public in last five years by oil stock Surplus as per balance sheet (after capital reorganization)
$6,396,828
promoters in Texas. "Times" Apr! 7. p. 15.
Compare V. 116. p 938, 1180, 1279.
United States Supreme Court Upholds Oil Companies' Right to Lease Pumps
and Tanks under Certain Limitations.-Federal Trade Commission had orAmerican Cotton Oil Co.-Denies Merger Rumor.dered 30 oil companies to cease leasing underground tanks and pumps for
The company April 11 Issued a statement in connection with the report
the use of oil supplied exclusively by each company in question. Supreme that the company would merge
several other organizations. The
Court overrules the Board, holding that the practice is not unfair competi- company's statement said "The with
statement in the morning press that
tion. "Times" April 10, p. 21.
the American Cotton Oil Co. is to merge with certain other cotton oil
Mexican Oil Production Increases -Produced 2,610,000 bbls, in week companies lain no way warranted
by the facts. If any plan of consolidation
ended April 7, an increase of 64,000 bbls. over preceding week. The gain, or merger with other interests is effected,
the management will give authenhowever, was wholly in Panuco heavy crude oil, which aggregated 1.342,000 tic information concerning it."
bbls., 71.000 more than in week ended March 31. Production of licht oil
The press reports stated that the merger of the American Cotton Oil
In the Southern fields totaled 1,268.000 toils., a reduction of 7,000.
Co., Portsmouth Cotton Oil Refining Co. and Gulf & Valley Cotton
Production from Toteco pool showed little change from the previous Oil Co. was
to be announced shortly and would call for $10,000,000
week, totaling 295.000 bats. compared with 293,000 in week ended March new capital.expected
-V. 116, p. 617.
31. Gulf 011 obtained 133.000 bbls., Mexican Petroleum 103.001, and
Mexican Seaboard 59.000. "Wall Street Journal" April 12, p. 9.
American District Telegraph Co.-Annual Report.Petroleum Statistics for Calendar Year 1922.-The American Petroleum
Calendar Years1922.
1921,
1920.
1919.
Institute has issued a compilation of statistics concerning the petroleum Gross revenues
industry, covering production, exports, imports. consumption, stocks on Oper. exp.. deprec., &c_ $5,925,059 $6,548,136 $4,645,515 $3.894,090
4,475,230
4.548,911
4.213,312
3.380,390
nand of refined and crude products for the calendar year 1922.
Special adjustment, &c_ Dr.39,396
Cr.3,864 Cr.137,525 Dr.69,384
Prices, Wages and Other Trade Matters.
Bond interest
19,762
21,105
24.685
25,779
Sugar Prices.-On April 6 American advanced 25 points to 9.25c. a Dividends paid
(6%)597,858 (5)498,215(331)323.840(1%)149,464
pound; Arbuckle Bros., 25 points to 9c. and again 15 points to 9.15c.:
Federal, 10 points to 8.90c. and again 10 points to 9c.; National withdrew
Balance. surplus
$792,813
$4481,769
$269,073
$221,203
temporarily; Pennsylvania, Revere and Warner all advanced 25 points -V. 116, p. 298.
to 9.25c.
On April 7 Federal advanced 10 points to 9.10c.
American Fuel Oil & Transportation Co., Inc.On April 10 Federal advanced 10 points to 9.20c.: Arbuckle to 9.20c.: Receivership.
Pennsylvania 15 points to. 9.40c. (highest since March 13) and
Warner
Judge Mack in the U. S. District Court has appointed Percy N. Surber
withdrew. Cuban raw reached 53.lc. f.o.b., or 6e. c.&.f., a new high
and Lawrence Denison receivers in equity on the complaint of Donald
record for the year.
On April 11 Federal advanced 10 points to 9.30e.; Warner re-entered McCready. a stockholder and creditor. Company was organized in
Delaware In 1918 with a capitalization of $30,000,000. McCready's
market at 9.40c. and National withdrew.
On April 12 National re-entered at 9.40c. and American, Revere and complaint alleges the company is indebted to the Government for $8.000.000
for ships purchased -V. 114, p. 309.
Warner advanced 15 points to 9.40c.
Tariff Commission Report on Sugar Shows Prices Have Fluctuated Without
American International Corp.-New Director.R,Nard to Import Duties.-"Times' April 8. sec. 1, p. 2.
Gordon H. Balch has been elected a director.-V. 116, p. 1414.
Motor Prices.-Continental Motor Car Co. announces slight advance
on one or two engine models because of advancing costs. A general inAmerican Linseed Co.-Annual Report-Director.crease is not contemplated. "Wall St. Journal" April 12, p. 1.
The annual report for the calendar year 1922 shows addition to surplus
Ruggles Motor Truck Co. (Saginaw, Mich.) advanced prices $100 and
two
models.
and a profit and loss surplus at Dec. 31 1922 of $5,654,618.
$791,119
on
$200
of
"Boston Financial News" April 10, p. 2.
B. H. Thurman has been elected a director.-V. 114, p. 1289.
Standard Motor Truck Co. (Detroit. Mich.) advances prices from $95
to $495 on all models. "Boston Financial News" April 10, p. 2.
American Railway Express Co.-Dividend-Earnings.
Increases in Wages.-House wreckers win new wage agreement granting
The directors have declared a dividend of $1 50 a share for the first
85 cents an hour. Laborers to get 75 'cents an hour, increase of 10c.
quarter of this year. payable April 13 to holders of record April 12. This
per hour. "Wall St. Journal" April 12, p. 3.
Waiworth Mfg. Co. (South Boston) grants 10% wage increase to 1,200 rate is the same as that paid last year, when four quarterly payments of
employees. "Wall St. Journal" April 12, p 5.
$1 50 were made, the last having been on Dec. 29.
Building trades in New York demand Increase of $I a day in some
1922.
Calendar Years1921.
1920.
1919.
trades and $2 in others. Will strike if increases are not granted May 1. Chgs. for transporta- --5291.349,315$294,663,5875333.890,0265285,505,404
"Times" April 8, sec. 1, p. 1.
142.323,022 113.490,662 141,829,491 143.429,820
Express Privileges
Underwear manufacturing workers get 123 % wage increase. "Boston.
News Bureau" April 12, p. 3.
Rev. fr. tran.sporta_ _5149,026,2945181,172,9255192,060,5355142,475,585
International Paper Co. announces wage increase effective April 16, Other revenue
3,476,877
3.723,836
3,604.509 8,560,310
amount not known. "Times" April 12, p. 28.
Tennessee Coal, Iron & RR. raises wages of common labor to 31 cents
Total operating rev_ .5152,603,171$184,896,7615195,665,0445151,035,895
an hour effective April 16, affecting 9,000 employees. "Wall St. Journal" Operating expenses
149,142,021 182,285,283 234.809,640 174,081.557
April 11, p. 8.
Uncollectible revenue-- 39,834
28,253
37,1011 2,060,284
Steel workers' wages increased 11%. General increase throughout indus- Express taxes
2,213,936
2,095,481
2,182,4621
try led by U.S. Steel,followed by Bethlehem and independent companies.
See those companies below and also under "Current Events" in this issue.
Operating Income- - - - $1,107,579
$507,743 df$41364058 df$25105946
Telephone Operators' Department of International Brotherhood of Other income
2,073,846
1,956.038
1,092,705
2,075.796
Electrical Workers calls conference for wage increase demands. "Times"
April 7, p. 17.
Grass income
$3.063.617 $2,581,588 df$39288262 df$24013241
Textile Industry.-Mills continue to announce wage increases averaging Deductions
289,897
547,625
272,368
196,055
1231%. so that now practically all the cotton mills as well as the woolen Dividends
($6)2,078,520a($.1 3)i558890
mills have announced increases. Union leaders declare they will aocept
Increase temporarily, but announce their intention to fight for higher perNet income
5750,330 df$39835887 df$24209297
5695,199
centage as well as 48-hour week, throughout the whole New 'England
Section.
a In April 1921 the company also paid a dividend of $2 per share on its
Wage Increases Reach High Record of 218 in One Month.-The following $34,642,000 capital stock for the last 4 months of 1920.-V. 115, p.
2382.
table gives a summary of the data compiled by. the Labor Bureau, Inc.:
Wage Scale Changes, March 1922,
American Safety Razor Corp.-Earnings.-IndustryIncrease. IndustryIncrease.
Profits before taxes and depreciation for the first quarter of 1923 amounted
Woolen and worsted
59 MLscellaneous textiles
6 to approximately $350,000, against $332.000 for the corresponding period
Building construction & materials_44 Silk
4 in 1922. The company in March last, it is stated, sold 8,500,000 blades
Printing
7n;Leather
3 and 225,000 razes sets.-V. 116, p. 1535.
Cotton
39Pa'
er
2
Metals, mining and machinery__ _
Rubber
2
American Water Works & Electric Co., Inc.-Listing.
Clothing
&Miscellaneous (one each)
7
The Now York Stock Exchange has authorized the listing of additional
extended Voting Trust certificates for $2,400,000 7% Cumul. 1st Pref.
Total
218 stock, par, $100, making the total amount applied for $9,050,000 (extended
"Times" April 9, p. 10.
v. t. c.) Prof. stock. Proceeds will provide additional working capital
Matters Covered in "Chronicle" April 7.-(a) Course of retail food prices and
reimburse company in connection with the acquisition of
representativecities
p.
1472.
(b)
Irgh
costs
26
lead to a slowing down through stock ownership of Commonwealth Water Co., Keystonecontrol
in
Power
of building in New York City. p. 1472. (c) New high monthly record in Corp and Cumberland Edison Power Co.
production of gasoline, p. 1473.
just
company
issued
pamphlet
has
its
complete
report
The
for
1922.
advances
of 123i% granted in Fall River and New Bedford
(d) Wage
condensed statement of earnings was given In V. 116, IL 724.-V. 116.
cotton mills, p. 1474. (a) Lowell mills increase wages; other mills announce A
1279.
increases. p. 1475. (0 Wages advanced 10% in Passaic woolen mills, ro• p. 1414,
1475. (r) Wage increases granted to New York longshoremen, p. 1475.
American Woolen Co.-310,000,000 Preferred Stork
(h) Offering of 55,000,000 5% bonds of Dallas Joint Stock Land Bank,
p. 1479. (1) Offering of 51,000.000 5% bonds of First Joint Stock Land Offered to Siockholdera.-The Preferred and Common stockBank of Minneapolis, p. 1479. (i) Offering of $500,000 5% bonds of Shen- holders of record April 20 are given the right to
subscribe
andoah Valley Joint Stock Land Bank of Staunton, Va.,
1479. (k) Offering of g1.000,000 5% bonds of First Kansas-Oklahoma p.
Joint Stock Land for $10,000,000 7% Cumulative Preferred stock at par
Bank, p. 1479. (1) Call for redemption of Farm Loan Bonds of 1918. p. ($100), in the proportion of one new Preferred share for each
1484.
(
Repayments received by War Finance Corp., p. 1482. (n)Advances 8 shares (whether Common or Preferred) held. The right
by War Finance Corp. account of agricultural and live stock purposes. to subscribe will expire May 10. The offering has been
p. 1482. (o) Amalgamated (Clothing Workers') Bank of New York, underwritten [by a syndicate
said to consists of the banking
p. 1483.
Acme Cement Plaster Co.-New Control.-
See Certain-Teed Products Corp. below.-V. 116, p. 70,
firms of Brown Bros. & Co., Chase Securities Co. and
Hayden, Stone & Cod.
THE CHRONICLE
APRIL 11 1923.]
Subscriptions may be made either (a) in installments, $50 per share on
or before May 10 and $50 per share on or before June 11, or (b) in full
$100 per share on or before May 10. Payment must be made either at
the Old Colony Trust Co., Boston, in Boston funds, or Chase National
Bank, New York, in New York funds. Stock subscribed for will carry
all dividends accruing from and after July 15 1923.
Interest at the rate of 7% per annum will be allowed on the first installment ($50 per share) from May 10 to July 15, and on the second installment ($50) from June 11 to July 15. In the case of subscribers who elect
to pay in full on or before May 10, interest at the rate of 7% per annum
will be allowed on the full payment ($100 per share) from May 10 to
July 15.
Application will be made to list the new stock upon the New York and
Boston Stock Exchanges.
William M.Wood, President, in a letter to the stockholders,further says:
"Company is now operating at a greater capacity than ever before
in its history, and in order that it may be in a position to take full advantage of the large expansion of its business and the greatly increased
demands for its products, directors consider it advisable that the company
be supplied at this time with additional working capital through the
issuance of additional Preferred stock."-V.116, P. 1181. 1045.
on the Class "A" stock and 50 cents per share on the Class "B" Common
stock, all payable May 15 to holders of record May 1. Like amounts were
paid Feb. 15 last.
The date of the annual meeting has been changed from the fourth
Thursday in May to the second Thursday in June.-V. 116. p. 940.
Anglo-American Oil Co., Ltd.-Tenders.-
Appalachian Power Co.-To Increase 1st Pref. Stock.-
The stockholders will vote on April 19 on increasing the authorized 1st
Preferred stock from $3,500,000 to $7,500.000, par $100. If the stockholders approve the increase 25.000 shares of 1st Pref. stock will be reserved
for exchange for the 15-year 75, due Aug. 1 1936, or may be sold and proceeds
applied to the purchase of said bonds. No change Is to be made in 7%
Cumul. Pref. or the Common stocks.
Calendar Years1921.
1920.
1922.
Operating revenue
$2,949,602 $2,487,607 $2,265,611
Operating expenses
1.266,227
1,381,896
1,556,128
$1,393,474 $1.105,710
24,363
20,342
Calumet & Hecla Mining Co.-Dividend of $10.-
The directors have declared a dividend of $10 per share on the outstanding
$2.500,000 capital stock, par $25, payable June 15 to holders of record
April 14. This compares with a dividend of $7 per share paid March 15
last and dividends of $5 per share each paid Aug. 3 and -Dec. 15 1922.
-V. 116. p. 1416, 414.
J. P. Morgan & Co., trustee, 23 Wall St., N. Y. City, will until June 20,
receive bids for the sale to It of 5-yr. 7 % sinking fund gold notes, dated
April 1 1920, to an amount sufficient to exhaust $1,250,000 at a price not
exceeding 102 and int.-V. 116, p. 518.
Operating income
Other income (interest)
Central Foundry Co.-Merger Plan.See Iron Products Corp. below.-V. 115, p. 2050.
Total income
$1.417,837 $1,126,052 $1,004,802
$656,332
Interest
$638.624
$675,556
Amortization of discount and expense_
55,102
61,760
57,960
Depreciation reserve
168,000
250,000
250,000
Commissions, &c., First Pref. Stock
32,054
3,750
First Preferred Stock dividends
15,205
70,938
33,867
Dividends Preferred Stock
64,855
$331,710
259,768
$104,869
154,898
$78,108
76,790
Total profit and loss surplus
_v. 115. p. 2161.
$591,478
$259,768
$154,899
Arizona Commercial Mining Co.-Copper Output.-
Month ofMar. 1923. Feb. 1923. Jan. 1923. Dec. 1922.
Copper output (lbs.)___
825,750
681,000
745,000,
775.000
-V. 116. p. 1054.
Bayuk Brothers. Inc.--Erchange Privilege Terminated.-
The privilege to exchange 8% 1st Pref. stock for the new 7% let Pref.
stock terminated at the close a business, April 4, and the privilege to exchange the 8% Pref. stock for Common stock terminated at the close of
business April 6. The 8% let Prof. stock not exchanged under the above
offers is called for redemption at the Guaranty Trust Co. of N. Y., on and
after April 16 at 110 and divs.-V. 116. p. 1279.
Beacon Oil Co., Boston.-Stock Offered.-Kidder, Peabody & Co. New York and Boston are offering at 105 and
diva. $500,000 additional 7M% Preferred stock.
Proceeds will be used for general corporate purposes. Before new
financing the company had authorized and outstanding $2,500,000 7%%
Preferred stock, par $100, and 140,000 shares of Common stock, of no
par value.
The company recently purchased from the U. S. Shipping Board two
tankers of 10,000 deadweight tons each, the Devoiente and the Richconcal.
One has already been delivered and is operating under the Beacon flag.
-V. 116, p. 299.
Bethlehem Steel Corp.-Wage Increase.Following the action of the United States Steel Corp.. this company announced that it would increase wages approximately 11% in its various
plants, effective April 16. Increases will apply particularly to common
labor. Employees of the Bethlehem Shipbuilding Corp., Ltd., will not be
affected.-V. 116, p. 1536.
Booth Mfg. Co., New Bedford, Mass.-Bal. Sheet Dec. 31.
Assets1922.
1921.
Lia6flities1922.
Real est.& mach..41,753,122 $1,739,228 Preferred stock_ _ _ $466,900
Merchandise
386,960
309,284 Common stock... 852,800
Cash acc'ta receivBonds
59,000
able & Investments 487,525
432,693 Accounts payable.
49,494
Depreciation rei've 537,799
Reserve for bonds_
59,000
Premium account
(common stock).
88,200
Total(each side)S2,627,607 $2,481,205 Profit and loss_ _ _ 514,414
-v. 108. p. 271.
1921.
$527,400
852,800
59,000
25,341
474,225
59,000
88,200
395,238
Borg & Beck Co. of Illinois.-Earnings.Net earnings for the first quarter of 1923 before taxes but after all other
charges were $158,853. compared with $55.265 in the same quarter last
year. Earnings for March last totaled $61,167, as against $30,848 in
March 1922. It is announced that the business already scheduled for
April is about 33 1-3% greater than the March business.-V. 116. p.
6, 519.
Boston & Ely Consolidated Mining Co.-To Decrease
Number of Shares and Change Par Value.The stockholders will vote April 25 on changing the authorized Capital
stock from 1,000,000 shares (897,210 shares outstanding), par $1, to
300.000 shares, par $5. If the foregoing is approved, it is proposed to
exchange the present stock, par $1, for new stock, par $5, on the basis of
five shares of old stock for one share of new stock.
Officers of the company are: L. E. Whither, Pres.; It. M. Atwater. Jr.,
Vice-Pros.; S. L. Sherman, Sec.-Treas.
Boston Manufacturing Co. (1901).-Stock Retired.The company has notified the Mass. Commissioner of Corporations of the
cancellation of 7,184 shares of Preferred stock, par $100. This reduces
the authorized capital stock from $2,818,400 to $2,100.000, represented by
13,000 shares of 6 % Preferred stock and 8.000 shares of Common stock.
See also offering of 634% Preferred stock in V. 115, p. 2584, 2689.
Bridgeport Machine Co., Wichita, Kan.-Pref. Stock
Sold.-Tobey & Kirk, New York, announce that they have
sold $500 000 7% Cumul. Sinking Fund Preferred stock
pt. $100; at 96 and diva. to yiel over 7%%. Compare
V. 116, p. 1536.
Brown Shoe Co., Inc.-Sales, &c.-
Shoe shipments in March totaled approximately $2,697.000, against
$2,105,682 in March 1922, a gain of about $591,317, or 287,,. For NovenaberAdlecember, January and February shipments showed an increase of
more than 15% over the corresponding period a year ago. The company
is reported to be manufacturing over 40.0130 pairs of shoes a day and is completing a new factory at Union City, Tenn.-V.116. p. 180.
Burns Brothers (Coal).-Extra Dividend, &c.-
An extra dividend of50 cents per share has been declared on the Class"A"
Common stock in addition to the regular quarterly payment of $2 per share
Century Ribbon Mills, Inc.-Quarterly Report.-
Net profits, after reserves for taxes, depreciation and all other deductions
for the quarter ended March 31 1923 were $175.428. The volume of sales
for the first three months of 1923 amounted to $1,285,843, compared with
$1,221.091 in the same period of 1922. President Levy is of the opinion
that earning results in 1923 will be satisfactory and substantially larger than
last year.
Condensed Balance Sheet as of March 31 1923.
LiabilitiesAssets$1,957,500
$253,493 Preferred stock,7%
Cash
22,576 Common stock
Salable securities, &c
6:0
86
14
4
53
60
Accounts & notes receiv'le 1,161,195 Notes & acceptances pay'le 2'6
45,865
2,371.223 Accounts payable
Inventories
86,886
Real estate, &c.,less depr_ 2,427,204 Federal taxes reserve
42,934
Deferred charges
55,141 Accrued commissions
960,769
$6,290,832 Surplus
Total (each side)
-V. 116, p. 1416.
$999,384
5.418
Balance, surplus
Previous surplus
1653
Cerro de Pasco Copper Corp.-Dividends Resumed.A dividend of $1 per share has been declared on the outstanding capital
stock, no par value, payable May 1 to holders of record April 20. A dividend of 50 cents per share was paid on March 1 1921; none since.-V.
115, p. 2050.
Certain-Teed Products Corp., New York.-Bonds
Offered.-S. W. Strauss & Co., Inc., are offering at par and
int., $8,000,000 1st Mtge. 6%% Serial Coupon bonds
(safeguarded under the Straus plan). (See adv. pages).
Dated April 30 1923; due serially May 1 1925 to 1943 incl. Bonds and
coupons(M.& N.) payable at offices of S. W.Straus & Co., Inc. Callable
at 105 and interest within 5 3rears from date of issue; 104 and interest for
next 7 years; and 103 and interest for remaining 8 years. 2% Federal
income tax paid. Pennsylvania and Connecticut 4-mills taxes refunded.
CapitalizationOutstanding.
Authorized.
1st M. 634% Serial Coupon bonds (this
Issue)
$8.000,000
$8,000,000
3,540,000
1st Pref. 7% Cum.stock (par $100)
15,000,000
2,675,000
2d Pref. 7% Cum. Cony. stock (par $100)- 5,000,000
)shs.
Common (no par value)
500,000 shs.
real92,00(
estate
Security -Secured by a direct closed first mortgage on all
and other fixed assets of the corporation, and including those heretofore
acquired or to be acquired on or prior to April 30 1923. Acme Cement
Plaster Co. Cook's -Linoleum Co. and Thomas Potter Sons &
Inc..
appraised at $17,092.327.
_pose.-To acquire the plants and properties of Cook's Linoleum
Co.,
ul;rrenton, N. J., and the Acme Cement Plaster Co., St. Louis, Mo..
and to retire certain notes of the corporation which were given in 1920
to cover a portion of the purchase price of all of the capital stock of Thomas
Potter SOILS & Co., Inc., Philadelphia, which was acquired at that time.
Company.-Is already the largest roofing manufacturer in the world.
The acquisition of the above companies will place it in the fore-rank of
linoleum manufacturers and gypsum and plaster producers. With the
acquisition of these properties, the corporation will handle lines which
are to a large extent allied, tIrcugh an extensive sales organization which
thoroughly covers the United States and is being extended abroad. The
plants of the company will be as follows: (1) Roofing and paid products:
York, Pa.; Niagara Falls, N. Y.; Marseilles, Ill.; East St. Louis, Ill.;
Richmond, Calif.; St. Louis, Mo. (2) Linoleum plants: Philadelphia.
Pa., and Trenton, N. J. (3) Gypsum plants: Acme, Texas; Acme.
Okla.; Acme. N. Mex.; Grand Rapids. Mich.; Laramee, Wyo.; Cement.
Okla.; Gypsum, Ore.
Assets.-George W. Goethals & Co. and Ford, Bacon & Davis appraise
the fixed assets at $17.092,327. The fixed assets per $1,000 bond amount
to $2,135. Net tangible assets, according to the consolidated balance
sheet, amounted to $22,124,045. or $2,765 per $1,000 bond.
Sales.,--The average net sales of the company and the companies now
being acquired for the last five years were $19.896A75.
Earnings.-Avorage net earnings of these companies, after depreciation,
for the last five years, were $1,555,244, equivalent to 2.9 times the maximum annual bond interest. For 1922 the combined net earnings, after
depreciation, were $2,046.116, or 4.6 times the maximum annual bond
interest. The five-year average shows earnings of more than twice the
combined principal and interest charges, and the 1922 earnings show 3.1
times the combined annual principal and interest charges.
Balance Sheet Dec. 31 1922 (After Present Financing).
AssetsLiabilitiesCash
$15.591
$521,700 Notes payable
U. S. Govt. securities.-.-..
858,879
51,254 Accounts payable
Accts. & notes rec., leas
238,537
Accrued liabilities
reserves
1,504,218 Accounts with officers &
Inventories
14,017
employees
4.392,767
Env!. stk. pur. accts._ _
108.762
646,178 Res. for divs. payable
Accts. of officers & empl _
300,000
7,347 Res. for contingencies
Prepaid expenses
8,000,000
123.349 1st M. bds. (this issue)
Invests.-Stk. in oth. cos
5,040,000
90,218 1st Prof. 7% stock
Fixed assets
2,675,000
17,092,327 2d Prof. 7% stock
O'dwill. copyrights, &c..
x7,178,574
1 Common stock
Total
Total
$24,429,362
717.$24.429,362
x 92,000 sharesof no nominal or par value.-V. 116. ri
Chelsea Fibre Mills, New York.-Capital Decreased.-
The company has filed a certificate at Albany. N. Y. showing a decrease
in the authorized Capital stock from $2.606,000 to $2,600,000.-V. 115. P.
2585.
Chesapeake & Potom. Tel. Co. of W. Va.-Acquisition.
Tho 1.-$. C. Commission on March 27 authorized the company to purchase the telephone property of Claude Wyant, formerly owned and op.
erated by Wellsburg Home Telephone Co. but purchased at receiver,.
sale on Oct. 15 1921. The Chesapeake company agrees to pay $6,500 la
cash for the Wyant property, free from all liens and encumbrances.
V. 106. p. 1038.
City National Building Co., Long Beach, Calif.Bonds Offered.First Securities Co.. Los Angeles is offering at prices to yield about 63.5%
$450.000 let Mtge. 7% Serial Gold'bonds. Dated July 11922, due $30,000
annually July 1 1925 to July 1 1939, incl. Bonds are not callable prior to
their respective maturities. Denom. $1,000. Title Insurance & Trust Co.
Los Angeles, trustee.
Bonds are secured by a first closed mortgage on the land and 12-story
office building, now nearing completion, located at American Ave. and
Broadway. Long Beach, Calif. The building is now known as the PacificSouthwest Bank Building.
Columbia Gas 8t Electric Co.-Capital Changes, &c.-
The stockholders on April 10 voted to change the authorized Capital
stock from 500,000 shares par $100, to 1,500.000 shares of no par value.
Present stockholders will receive 3 shares of new no par stock for each $100
share held.
W. M.Edwards has been elected a director succeeding A. B. Leach.-V.
116, p. 1280.
Consol. Mining & Smelting Co. of Can., Ltd.-Bonds.
The stockholders will vote April 17 (1) on approving the issuance of
$7.500,000 20-Year 7% Cony, debentures previously authorized; (2) on
1654
THE CHRONICLE
approving the guaranty principal and interest of $2,000,000 West Kootenay
Power & Light Co. debentures.-V.115, p. 2797.
General Asphalt Co.-Annual Report (Incl. Sub. Cos.
Copper Range Co.-Dividend of $1 Per Share.-
The directors have declared a dividend of $1 per share, payable May 10
to holders of record April 10. Dividends of 50 cents per share were paid
quarterly from June 1919 to Sept. 1920, incl., while in March 1922 a dividend of $1 per share was paid: none since.-V. 116, p. 301.
Cosgrave Export Brewery Co. Ltd.-Dividend.A quarterly dividend of 134% has been declared on the capital stock,
payable May 15 to holders of record April 30.-V. 115, P. 1434.
County Gas Co. (of Dallas), Tex.-Bonds Offered.Arthur Perry & Co., Boston, and Paine, Webber & Co.,
New York, are offering, at 96 and int., yielding 6/
38%,
$600,000 1st Mtge. 6% Goldl Bonds due 1941.
Dated Oct. 11921. Due Oct. 1 1941. Int. payable A.& 0.in New York
without deduction of normal Federal income tax up to 2%. Penn. 4 mills
tax and Mass,income tax up to 6% refunded. Denom.81,000 and $500 Cs.
Callable, all or part, on the first day of any month on 30 days' notice at
105 and interest through Oct. 1 1926; thereafter at 104 and int. through
Oct. 1 1931, and thereafter at 103 and interest. American Trust Co.,
New York, trustee.
Data from Letter of H.C. Morris, Vice-President, Dallas, Tex., Apr. 6.
Company.-The County Gas Co. and the Dallas Gas Co., subsidiaries of
the Dallas Gas Corp., do the entire gas business in Dallas, Tex., and
environs. Estimated population, 210,000. County Gas Co., incorp. in
1912, serves without competition all the nearby territory outside the city
limits of Dallas as such lits existed March 30 1912, having a total estimated population of 57,000. Company supplies gas to more than 9,600
consumers through a distributing system of 163 miles of high and low
pressure mains.
,Security.-Secured by a first mortgage upon all the property (except
securities), rights and franchisse ofthe company. Further secured by pledge
with the trustee of over 99% of the common stock of Dallas Gas Co.
Guaranty.-Guaranteed unconditionally, principal, interest and sinking
fund, by Dallas Gas Corporation.
Earnings and Expenses Calendar Year 1922.
Gross earnings
$659,339
Operating expenses. maintenance and taxes
520,904
Net earnings
$138,434
Annual interest on $600,000 First Mortgage 6s
36,000
Purpose.-Proceeds will be used to pay off floating debt and for other
corporate purposes.
Capitalization Outstanding upon Completion of Present Financing.
Capital stock
$472,900
First Mortgage 6s (this issue)
600,000
Cuban Telephone Co.-Control-Earnings, &c.
-
See International 'rel. & Tel. Corp. below.-V. 113, p. 2726.
VOL. 116.
Total income
Totalexpenses
1922.
1921.
1920.
1919.
$12,059,946 $9,915,790 $15,014,470 $14,755,610
10,869,542
9,302,500 12,169,373 12,444,240
Net trading profits_ _- $1,190,403
Rents, interest, &c
502,431
Total net income
Deductions
Net profits
Exc. cost of maint. pave
Res.for deb.red. of New
Trin. Asph. Co., Ltd_
Dividends on Pref.(5%)
Reserved for pensions
$1,692,834
1,081,708
$613,290 $2,845,097 $2,311,370
53,523
78,133
99.749
$666,812 $2,923,230 $2,411,119
1,407,755
1,457,841
1.098,723
$611.126 loss$740.942 $1,465,389 $1,312,396
28,678
31.734
40,153
36,419
132,706
370,804
117,719
374,430
104,653
379,956
25.000
84,662
a578,949
25,000
Balance, surplus
$78.938df$1,273.244
$924,046
$587.367
a After deducting amounts received by subsidiary companies.-V.
115, p. 2691.
General Electric Co.-Listing.The Boston Stock Exchange has authorized for the llst 47,000 additional
shares Common capital stock par $100).-V. 116. p. 1527. 1418.
General Motors Corp.-Analysis of Senior SecuritiesEarningsfor First Quarter of 1923, &c.Dominick & Dominick of N. Y. and Laird, Bissell & Meeks of N. Y. and
Wilmington, members of the New York Stock Exchange, have issued a
booklet giving an analysis of the Debenture and Preferred stocks of the
above corporation. The booklet says In substance:
"Earnings for the first quarter of 1923 are estimated to exceed $18,500.000 of 1134 times the quarterly dividend on the Debenture and Preferred
stocks which amounts to a little over $1,600,000.
"The corporation has 90,000 employees on its pay-rolls and its products
are sold by 14,000 dealers and distributers.
"Since 1909 the corporation has turned out more than 2,600,000 passenger and commercial cars.'
Commenting on the present position of the company, President Pierre
S. du Pont is quoted as fellows: "The present position of the corporation
Is one of great strength. The plants are, with few exceptions, modern,
and the greater part new. Machinery is quite up to date. Each of the
six car-manufacturing divisions has sufficient capacity to operate at lowest
cost and the sales organizations are in strong position. The corporation
owns complete plants for manufacturing essential accessories and has a
research and development division extraordinarily well equipped, both as
to apparatus and personnel. Working capital is sufficient for present
production."
Sales in March,it is stated, amounted to 69,441 cars and trucks. (Compare V. 116. p. 1538.)
Gillette Safety Razor Co.-Usual Cash Dividend.-
The directors have declared the regular quarterly cash dividend of 2.3
per share on the outstanding Capital stock, no par value, payable June 1
The stockholders have increased the authorized Capital stock from to holders of record May 1. A % stock dividend, declared last
$5,000,000 (consisting of $4,000,000 Common and $1,000,000 Preferred) (see V. 116, R. 183), is also payable June 1 to holders of record Jarman'
May 1.
to $7,000,000, par $100, to consist of $4,000,000 Common, $2,000,000 -V. 116, D. / 16.
1st Preferred and $1,000,000 2d Preferred stock. For offering of $2,000,000
1st Pref. stock see V. 116, p. 1280.
Goodyear Tire & Rubber Co.-Officers-Production.In connection with several changes in the executive management of the
(Jacob) Dold Packing Co.-Definitive Bonds.company,
an official statement said: "The board has approved a plan
The Farmers' Loan & Trust Co. are now prepared to deliver definitive
proposed by W. G. Wilmer for the executive management of the company.
First Mtge.20-year sinking fund gold bonds in exchange for outstanding Mr.
Wilmer becomes Chairman both of the board of directors and the
temporary certificates. For offering, see V. 115, p. 1946, 2483.
executive committee. He will permanently locate in New York. continuing
to assume and carry full personal responsibility for the supervision and guidDominion Coal Co., Ltd.-Bonds Called.Certain 1st Mtge 5% sinking fund gold bonds, aggregating $184,!00, ance of Goodyear management. He will retain the Presidency of the
Companies. G. M. Stadelman has been elected
maturing May 11940. have been called for redemption May 1 at 105 and California and Canadian
parent company at Akron. P. W. Litchfield assumes the
int, at the Royal Trust Co., 105 St. James St., Montreal, Que.-V. 115. President of the
and F. K. Espenhaln, who will continue as
Vice-President,
First
title
of
p. 1638.
Mr. Wilmer's personal assistant, was also named a Vice-President."
President E. G. Wilmer states that on Mar. 21 last the company built
Drummond Investment Co., Ltd., Montreal.-Bonds 30,490
in Akron, while the total number of men employed was 13.305Offered.-The bankers named below are offering at 99 and a recordtires
of 2 1-3 tires per man. This compares with Akron's record proApril 14 1920, of 35.780 tires when the average number of men
int. to yield over 6.60%, $2,000,000 66% 1st (Closed) duction onthat
month was 33,257-a production of about one tire per man.
employed
Mtge. 15-Year Sinking Fund Gold bonds.
-V. 118. p. 1418.
Date May 1 1923. Due May 1 1938. Interest payable M. & N. at
Molsons Bank. Montreal, Toronto. Winnipeg and Vancouver. Denom.
Guanajuato Reduction & Mines Co.-Protective Comm.
$1,000 and $5000. Redeemable all or part on any interest date on 30
The company having defaulted on the July, 1 and subsequent coupons
days' notice, at 105 and interest. Montreal Trust Co., trustee.
on the 1st Mtge.6% 20-Year Gold bonds dated July 1 1924 (auth.. $3,000,CapitalizationAuthorized.
Issued.
000), the following protective committee has been formed: William G.
Common stock
$1,700,000 $1,700,000 Moore, John B. Lord, Frank S. Krug, William D. Sherrerd, Henry H.
7% Cumul. (non-voting red.) Preferred stock
300,000
300,000 Bowman, Thomas W. Synnott, W. C. Pope, with Empire Trust Co.,
(Closed)
1st
M.S. F. Gold bonds (this issue).. 2,000,000
%
2,000.000 depositary. 120 Broadway. New York,
Data from Letter of Pres. P. R. Du Tremblay, K.C., Montreal, April 9.
Hanover Fire Insurance Co.-Stock Dividend.'Company.-W111 acquire the Drummond Apartment Buildings, Monrteal,
and also 36,540 sq.ft. of land immediately adjoining, on which the company
The capital stock has been increased from $1,000,000, consisting of 20,000
will proceed at once to erect a modern apartment building, containing shares, to 51,500.000, consisting of 30,000 shares, and 11500,000, transapproximately 123 apartments, to be completed not later than April 1 1924. ferred from surplus to capital account. The additional 10.000 shares
Purpose.-Proceeds will be used in part to retire $570,000 13%% it of capital stock will be distributed pro rata to stockholders of record April
Mtge. Serial bonds of Drummond Apartment Buildings now outstanding,
9, one share of the additional capital stock for every two shares of the old
and to provide a portion of the cost of the new building.
stock held.
Earnings.-Net revenue of Drummond Apartment Buildings, three
years, 1920 to 1922 incl., averaged $72,180, or 55% of interest on new
Hayes Wheel Co.-Output-Earnings.laond issue. Net revenue of present building for current year estimated
The company's present output of automobile wheels of 6,000.000 annually
at $92,000, equal to 70% of new bond interest. Combined net revenue compares with 3,585,784 wheels produced in 1922.
of Drununond Apartment Buildings and the new building for first full
Calendar Years1922.
1919.
1920.
1921.
year of operation is estimated at $311,500, as against bond interest of Production (No. wheels) 3,585.784
3,781,248 3,827,964
2,298,364
$130,000 per annum.
Net profit after all chges.
Sinking Fund.-Sinking fund of $50,000 per annum from May 1 1925.
but before taxes
$624,746 $1.501,565
$502,708
$1,346,001
to May 1 1927 incl., and $60,000 per annum from May 1 1928 to May -V. 116, p. 1419, 1282,
1 1937 incl.. will provide for redemption of $714,000 of the total bonds
issued by maturity.
Heidenkamp Plate Glass Corp.-Bonds Sold.-RedBankers Making Offering.-Royal Securities Corp., Ltd. R. A. Daly
& Co., reenshilds & Co., Hanson Bros., McLeod, Young, Weir & Co.. mond & Co. have sold at 100 and int. $1,000,000 1st
Ltd., Montreal.
Devoe & Raynolds, Inc., N. Y. City.-Capital Increased.
(closed) Mtge. 20-Year 06% S. F. Gold bonds.
Dated April 11923. Due April 11943. Int. payable A. & 0. without
deduction for normal Federal income tax, not in excess of 2%. Penn.4-mill
Appointment of a receiver for the company is asked in a suit filed in Su- tax refunded. Denom.
Red., all or part, on any
$1,000 and
perior Court at Indianapolis April 11 by Peter A. Pfister, a stockholder, int. date on 30 days' notice
int. Principal and int. payable at
at 105 and55000*'
who alleges that the company is insolvent and has been mismanaged. the office of Chase National Bank, New York, trustee, and Redmond
L. M. Rankin. Vice-Pres., denied the charges, declaring the financial con- & Co., Pitthburgh.
dition of the company was unimpaired.-V. 116, p. 301.
Data from Letter of Joseph Heidenkamp, Chairman, April 2.
Company.-Incorp. In March 1923. Predecessors have been successfully
Fairbanks Morse & Co., Chicago.-New Director.- engaged
in the glass manufacturing industry since 1900. Since 1903 busiMelvin A. Taylor, President of the First Trust & Savings Bank of Chi- ness has been confined entirely to the manufacture of polished plate glass,
cago, has been elected a director.-V. 116, p. 1183.
the quality and demand for which is evidenced by the fact that in no year,
since the inception of the business, has the company failed to report a profit.
Fay Taxicabs, Inc.-Stock Transactions Void.Plant situated at Springdale. Pa.; has an annual capacity,of approximately
The New York Curb Market, having been notified that Fay Taxicabs, 2,500,000 sq. ft. of plate glass. Proposed additions will increase capacity
Inc., had abandoned its recent plan to sell new stock through McClure, by approximately 50%.
Jones & Reed, the Curb Market authorities on April 10 ruled that all tranEarnings.-Average annual net earnings during the 4 post-war years
sactions made in this stock on a "when issued" basis from Feb.26 to March ended Dec. 31 1922. after depreciation and before Federal income taxes,
8, incl., were void.-V.116, p. 1057.
applicable to interest charges were $475,245, or more than 7 times annual
interest requirements of $65,000 on this issue of bonds. In the 10-year
Fisher Body Corp.-Hearing in $2,000,000 Suit.period ending Dec. 31 1922 company reports annual average earnings, after
Hearings in a suit for an accounting and $2,000,000 damages were begun depreciation and before Federal income taxes, of $264,544, or more than
April 10 in the New York Supreme Court in the case of Perfect Window 4 times interest requirements on these bonds. In first 2 months of 1923
Regulator Co. against Fisher Body Corp., Ternstedt Mfg. Co., and others. net earnings applicable to interest charges wore at the annual rate of more
The suit involves ownership of the patents of A. K. Ternstedt.-V. 116, than 8 times such charges.
p. 1418, 1281.
Sinking Fund.-Beginning Aug. 1 1923 a semi-annual sinking fund of
$25,000 will retire bonds either through purchase up to or call by lot at
Ford Motor Co. Detroit.-March Sales.the redemption price.
Capitalization Outstanding After This Financing.
The company last week announced that retail deliveries of Ford passenger
cars and trucks for March reached a total of 179,764. The March sales 1st (closed) Mtge. 20-Year
% Sinking Fund Gold bonds- 31,000.000
record exceeds by 50,000 the highest previous month, which was Juno 7% Cumulative Pref. stock (par $100)
2,000.000
2.000 shs.
1922. when 129.338 cars and trucks were sold at retail, and exceeds by 50% Common stock (no par value)
the February sales of 116,080 cars and trucks.-V. 116. P. 1418.
Duesenberg Automobile & Motors Co.-Receivership.
Fruit Growers' Express Co.-Capital Increased.The company has increased it authorized capital stock from $2,500,000
-V. 116, p. 1057.
to $4,000,000.
Hudson Motor Car Co.-Shipments-Earnings.-
Shipments for the first quarter ended Feb. 28 1923. were 18,773 cars as
compared with 8,994 for the same quarter one year ago. Net profits for
the first quarter of 1923 were $1,689,268.-V. 116.p. 1058.
APRIL 14 1923.]
THE CHRONICLE
Hupp Motor Car Co.-Sales for Quarter.-
Sales for the first quarter of 1923 totaled 12,034 cars, against 6,309
in the corresponding period of 1922 and 11.290 for the second quarter
of 1922. March sales were 5,034, an increase of 1,000 over former monthly
record of June 1922.-V. 116, p. 1184.
1655
For the same three months ending March 31 1922, the net to surplus
was $183.244.-Compare V. 116, p. 943, 1539.
Invincible Oil Corp.-Oil Contracts.-
The corporation has made a contract to deliver to the Standard Oil Co.
of Louisiana 400,000 barrels of crude oil at $2 1135 a barrel. The een2Pany
also has a contract to deliver 100 000 barrels of crude to Atlantic Refining
Hydraulic Steel Co.-Tenders.
Co. at $2 20 a barrel and an additional contract, with the same company,
The Guardian Savings & Trust Co., trustee, Cleveland, Ohio, will until for 200,000 barrels at posted market price, plus 20 cents a barrel premium.
April 26,receive bids for the sale to it of 10-yr. 8% sinking fund gold notes, -V.115, P. 2692.
dated Nov. 1 1920, to an amount sufficient to exhaust $87,562 at a price
not exceeding 1073i and int.-V. 116, p. 522.
Iron Cap Copper Co.-Resumes Dividends.A dividend of 1;4% has been declared on the outstanding capital stock.
Inland Steel Co.-Refinancing Plan Approved.Par
$10, payable May I to holders of record April 16. A dividend of2)%
The stockholders on April 12 approved the refinancffig plan outlined in was paid in Sept., 1920; none since.-V.116. p. 622.
V. 116, p. 1538.
Consolidation
Iron Products Corp.-Recapitalization and
Inspiration Consol. Copper Co.-Annual Report.
1919.
1922.
1921.
1920.
-The committee named below has been appointed to
Plan.
Sales of copper
$10,236,894 $8,636,498 $10,033,706 $11,045,222 carry out the proposed plan with respect to the business and
DeductionsMining exp. & develop't $3,025,064
$728,919 $3,701,140 $3.222,261 properties of Iron Products Corp. and its subsidiaries.
3,615,690
Ore transportation, &c
3,377,612
850,720 4,385.209
approves the plan
348,633 The board of directors has considered and
Depreciation
648,718
314,254
166,593
2,777.416 and recommends it to the stockholders for adoption.
Trans.of metals,refin.,&c 1,548.751
492,628 2,151,796
272,523
809,189
Adm.& Federal taxes--166.224
399.941
The stockholders who formulated the plan, and the directors, have felt
Copper on hand (not inc)Dr1278,540 Dr6,947,456 Cr3,628,145. Cr3,140.233 for some time past that it would be to the advantage of the business of
Interest, &c
Cr1,769 Cr237,698 the companies (named below) if the companies were amalgamated into.
97,415
37,795
Income from investment
0-309 Cr112,101 Cr326,708
and their business conducted by. a single corporation. Accordingly, the
Suspension expenditures
229,081
1,089,066
caused a new corporation, the Universal Pipe & Radiator Co..
7,091,802 committee
Dividends paid
4,136,884
to be organized in Maryland. The name adopted will be in itself an advertisement of the corporation's principal products.
Balance, deficit
$26,166 df1,790,421 df1,842,608 df2,905.173
9,879,259
Total surplus
8.036.651
6,272,395 6,246,230
Plan of Recapitalization, Dated April 9 1923.
-V. 116, p. 1058, 943.
Objects of Plan.-(a) Change from a holding company to an operating
Rescinded.
and
a consolidation of the businesses and properties of certain
company,
-Increase
International General Electric Co.
Co.:
The stockholders on April 12 voted to rescind a resolution adopted of the corporation's principal subsidiaries, including Central Foundry
nature
April 13 1922, authorizing an increase in the authorized capital stock from (to) a change of name to one which will more nearly express the real
of the business to be done; (c) a recapitalization not possible under the
$20.000,000 to $25,000,000. (See V. 114, p. 1413.)
present charter and which will permit the issue to all present stockholders
M. A. Audin has been elected a director-V. 116, p. 1419.
of Iron Products Corp. and of Central Foundry Co. of both preferred and
common stock of a kind and in an amount entirely justified by the assets
International Paper Co.-Annual Report.and the greatly increased earning power of Iron Products Corp. and its
1919.
1920.
Calendar Years1922.
1921.
subsidiaries;
(d) an advantageous change of corporation domicile from
Total revenue
Loss $1,794,204 $1,542,652 $21,936,237 $7,833,274 Delaware toand
Maryland.
2,238,433
2,267,714
Depreciation
1,962,289
2,379,967
New
Corporation.
-To accomplish the above purposes, the Universal
908,166
Reserve for taxes
7,015,280
367,380 Pipe & Radiator Co., has been organized in Maryland.
347.340
Interest on bonded debt
328,958
959,304
Capitalization
of
New
Company.-Authorized capital stock, 90,000 shares
Res've for doubtful acc'ts
250,000
1,500.000 of 7% Cumulative Pref. Stock, par $100, and 180,000 shares of Common
Reg.div. on Pf. stk.(6%) 1,50,000
1,500,000
1,500,000
Stock of no par value.
Consolidation of Companies.-It is proposed in ev&it the plan shall be
Sur. year end. Dec.31.xdf$6,215,797df$2,666,2f33 $16,555,902 $2,819,295
into effect, that the new corporation shall acquire at once either
Prof.& loss sur. Dec.31-$14.393,733423,875,180 $32,818,069 $22,262,167 carried
the capital stocks of, or direct ownership of the properties and businesses of:
(1)
Central
Co., Central Iron & Coal Co., and Central Radiator
x After charging $2,846,691 inventory adjustment in 1922 and $6,276,607 Co.; and (2)Foundry
the capital stocks of Essex Foundry, Chattanooga Iron & Coal
inventory adjustment in 1921.-V. 115, p. 2274.
Co., Molby Bolter Co. and Central Foundry Co. of N. J. Of these latter
it will be the holding company, but of the properties and businesses of the
International Telephone & Telegraph Corp.-Stock former,
it is proposed that it will, in due time, be thq operating company,
Sold.-Edward B. Smith & Co. and Dominick & Dominick and if it presently acquires the capital stocks of the latter companies through
the operation of the plan, it will be with the idea of acquiring direct ownerhave sold at $68 50 per share 50,000 shares capital stock ship
of the properties and businesses of these companies as soon as this can
(par $100). (See advertising pages).
be conveniently accomplished through dissolution or otherwise.
Authorized. $25,00b.000. To be presently outstanding (including the Terms of Exchange of Stock of Iron Products Corp. and Central Foundry Co.
stock now offered), $16,845,100. Present dividend rate. 6%, payable
Exchange for Stock of Iron Products Corporation.-(1) Preferred stock of
Q.-J. National City Bank, New York, transfer agent; Guaranty Trust
Iron Products Corp. 1$987.300 outstanding] will be exchangeable for stock
Co., New York, registrar.
the new company on the basis of 1 share of pref. stock of Iron Products
of
Exch.
Listing.-Application will be made to list stock on New York Stock
Corp. for 5-6 of a share of Pref. Stock and 1 2-3 shares of Common Stock
Data From Letter of President Sosthenes Rahn, New York, April 9. of the new company, with a cash adjustment of accrued dividends to the
of exchange.
Company.-Incorp. June 16 1920 in Maryland. Owns appro,rima.;ely date
(2) Common stock of Iron Products Corp.[132,854 shares of no par value
92% of the Common stock of Cuban Telephone Co. and approximately
outstanding]
will be exchangeable for stock of the new company on the
these
91% of the Common stock of Porto Rico Telephone Co. Through
companies, the International Corporation serves practically the entire basis of 1 share of common stock of Iron Products Corp. for 1 share of Com4,465,000 population of Cuba and Porto Rico. In addition, the Interna- mon Stock plus 34 share of Prof. Stock of the new company. of Central
Exchange for Stock of Central Foundm Co.-(1) First pref. stock
tional owns, jointly with the American Telephone & Telegraph Co., all Foundry
Co. [$574.000 issued, of which $381,800 owned by Iron Products
the stock of the Cuban-American Telephone & Telegraph Co., forming the
Corp.]
will be exchangeable for stock of the new company on the basis of
entire
connecting link by telephone cable between the Island ofCuba and the
share
of
first pref. stack of Central Foundry Co.for 5-6 of a share of Pref.
1
Bell System.
The telephone plants are thoroughly modern. The principal exchanges Stock and 1 2-3 shares of Common Stock of the new company, with a cash
adjustment
of accrued dividends to the date of exchange.
throughout the islands are equipped either with automatic switching or
(2) Ordinary Pref. stock of Central Foundry Co. ($1,600,000 issued, of
modern common battery apparatus, and toll lines of the most modern type
which
$4,235,176
owned by Iron Products Corp.) will be exchangeable for
The
300.
reach all the principal cities and towns, of which there are over
of the new company on the basis of 1 share of ordinary pref. stock for
number of telephones in operation has steadily increased each year from stock
1 share of Common Stock, plus 34 share of Prof. Stock of the new company.
28,070 in 1916 to over 50,000 at present.
(3) Common stock of Central Foundry Co.[$3,600,000 issued, of which
The Cuoan-American Telephone & Telegraph Co. operates three substock
marine cables between Havana and Key West. Traffic over these cables $3,434,641 owned by Iron Products Corp.] will be exchangeable for
the new company on the basis of 1 share of common stock of Central
of
increased
has
approximately 100% in the past year.
The operating policy of the company follows closely that of the American Foundry Co.for Yi share of Common Stock plus 34 share of Prof. Stock of
Tel. & Tel. Co. and in co-operation with the International Western Elec- the new company.
tric Co., a subsidiary of the 'Western Electric Co., company is now negoPreferred Stock of the Universal Pipe & Radiator Co.
tiating with certain of the leading European and South American counto cumulative dividends at rate of V7 p. a. Preferred both a?
tries for the reconstruction and, in certain eases, the operation of their ex- t Entitled
assets
o
and
dividends. Redeemable on any dividend date on 60 days'
isting telephone plants. The financial program, necessary to permit a
at 110. The Pref. stock will have equal voting rights with the
steady growth of the business, will closely follow the methods so successfully notice
shall
be
Common
stock
stock,
Pref.
but
two-thirds
of
the
the
consent
of
employed by the Bell System.
necessary for any of the following: (a) to increase the authorized Pref. stock
Earnings of Cuban-American Tel. Co. and Porto Rican Tel. Co. (Cal. Years). or to create or issue any stock, debt or obligation convertible into any stock.
having any priority superior or equal to the Pref. stock; (b) to dissolve the
-Gross Earnings- -*Net Earnings- -Sur. aft. Corn. Divs. corporation;
(c) to consolidate or merge the corporation with any other
Year. Cub.-Am. Porto Rican Cu.-Am. Porto Rican Cu.-Am. Por.Rien company,
sell all or substantially all of its assets; (d) to distribute
$14,529 any capitalortotothe
1916 ___$1,634,761 $267,283 $318.305 $38,529 $168,305
Common stockholders; or (e) to amend, alter or repeal
314,652
34,284
657,220
221,215
1918 ---- 2,087,332
58,284
of the provisions having reference to the Preferred Stock.
438,110
851.827
41.097 any
1920____2,714,258
77,097
277,280
Method
of
Participation
in Plan.-Stockholders of Iron Products Corp. and
497,131
650.673
21,280 of Central Foundry Co. may
69.280
67,242
1921 ---- 3,150,159
become parties to this plan by signing copies
546,720
717,032
27,255 of the agreement
75.255
247,081
1922____ 3,510,534
and
depositing
their stock with Central Union Trust Co..
interest,
depreciation, taxes and Pref. diva.
* After providing for bond
depositary,
prior
to
May
15
1923.
The consolidated earnings statement of the International Corporation
Earnings.-The annual report for 1922 states that the company earned
full
first
year
of
earnthe
net
1921,
operation,
showed
subsidiaries
for
and its
$202,737 net in Jan. 1923. which is normally the dullest month of the year
ings applicaole to dividends on International Corporation stock of $7 per for this corporation.
It is understood that current monthly net earnings
share. The corresponding figures for 1922 were $7 11 per share. Esti- are running between $250,000
and $275,000. See income statement for
are
borne
first
which
out
by
the
of
the
result
dated net earnings for 1923,
1922
in
V.
116,
p.
1539.
three months' operations, indicate earnings in excess of 10% on International Corporation stock previously issued (or 9.50% on stock to be presIsland Creek Coal Co.-To Retire Preferred Stock.ently outstanding, without regard to increased earnings as a result of the
The stockholders on April 11 authorized the retirement of Preferred
investment of the proceeds of the present financing).
shares by purchase of the same from time to time as and when authorized
by the board of directors or executive committee, at a price not exceeding
Consolidated Balance Sheet as of Dec.31 1922.
$105 per share.-Compare V. 116, p. 1419.
Liabilities.
Assets.
stock
Common
$15,072,800
-$22,439,769
Plant & prop. ofsub. cos
Pref. stock of subsidiaries 2,257,300
Jones Bros. Tea Co.-New Director:Franchises, concessions,
x4,622,587 Minority stockh'rs' int- 1,156,559
Maurice B. Dean has been elected a director.-V.116. IL 1419.
good-will, &c
Adv.to & inv. in affil.int. y1,135,564 Cuban Telep. Co. bonds_ 8,497,283
123.358 Porto Rico Tel. Co.bonds 1,023,000
pedal deposits
(u
G
a
en)
ding. Kinneyxiar 3
Ciet,
es Inc.-Sal for Quarter.164,332
1,278,462 Notes payable
Deferred charges
Quarter
Increase.
1922.
March
1923.
369.842 Store sales
664,589 Acc'ts & wages payable.._
Cash
3494,374
$2,682,276 $2,187,902
200,024
1,339,102 Subscribers' deposits
Notes receivable
See also V. 116, p. 1420.
Dividends
&
int.
payable
188,186
403,289
Accounts receivable
117,409
476,815 Accrued interest
Materials and supplies
(S. H.) Kress & Co.-March Sales.287,556
Accrued taxes
Deposits (coupons and
Increase.
1923-March-1922.
Increase.' 1923-3 Mos.-1922.
90,469
252,599 Other current liaollities_
dividends payable)
56
1.
13
6
4,0p. 11)
6
.
2
5,8
$522.6911$6.718.381 $5,600,486 31.117.895.
133.649
159.766 Reserve for depreciation_ 2,845,029 _Pi/
Other current assets.. _ _ _
626,110
Surplus
$32.895,899
Total
Kennecott Copper Corp.-Listing-Earnings,
$32,895,899
Total
The New York Stock Exchange has authorized the listing of 1.763,976
The item of franchises, concessions, good-will. &c., is largely offset additional shares
of stock of no par value, on official notice of issuance
companies'
physical
subsidiary
of
the
values
by appraisals in excess of book
in exchange for outstanding capital stock of the Utah Copper Co., making
Plant, which appraisals have only in part been written into the books.
the total amount applied for 4,763,976 shares.
stock.
Tel.
Co.
Tel.
&
Cuban-Amer.
in
investment
Y Including $977,500
The stockholders on April 9 1923 increased the authorized stock from
3,000,000 to 5.000,000 shares and approved the offer to exchange shares
Intertype Corp., Brooklyn, N. Y.-Earnings.of stock of the Kennecott Copper Corp. for shares of capital stock of the
PP:r
f sCteoc.koonf
of 1% shares of stock of the Kennecott
Consolidation Statement of Operations for the Quarter ending March 311923. Utah Copper
$432,277 for
Utah.
Gross profits before depreciation
The
acquisition by the Kennecott Corp. of
155,464
plan
of
the
expenses
rettires
selling
exchange
office
branch
Less-Head and
the
73,424 an amount of stock of the Utah Co. sufficient to make the holdings of
Depreciation, $53,423; reserve for taxes, $20,000; total
stock by the Kennecot Corp. at least a majority of the stock of the Utah
company.
$203,389
Net to surplus
1656
THE CHRONICLE
Resultsfor Calendar Years.
1922
1921.
1920.
Copper prod.& sold(lbs.) 63,608,194 32,404.985 45,487,855
Avge. sell, price per lb_ - 13.605 eta. 12.102 cts. 17.415 eta.
Silver prod. & sold (oz.)..
413.003
390.012
507.726
Avge. sell price per oz-- 99.515 eta. 99.438 cts. 101.48 cts.
Income AccountCopper revenues
$8.653.921 $4,245,687 $7,921,928
Silver revenues
411,091
387.817
515.262
FoL. 116.
McCrory Stores Corp.-March Sales.-
Month of March1919.
26.756,463 Sales
18.818 eta. -V. 116, p. 1186. 1059.
520,660
McQuay, Norris
109.285 cts.
1923.
1922.
$1,722,284 81.205,238
Increase.
8567,046
Mfg. Corp. of Del.-Stock Offered.Farnum, Winter & Co. and John Burnham & Co., Inc.,
Chicago are offering at $25 per share 33,333 shares of Comstock of no par value. A circular shows:
$9.065,011 84.633.504 88,437,190 85,603,910 mon
Listing.-Stock listed on Chicago Stock Exchange.
$5,034,906
569.004
Total revenues
ExpensesMining and milling
$2,583.725 $1,545.813 $2,373,425 $1,316,898
Freight to smelter
2,880.737
1,481.603 2.320,5351
710,412
Smelting and refining--f
1
689.975
Selling and delivery......
327,204
211,937
320,163
194,759
Marine insurance
36,544
Mineral separ'n royalty.
16,962
General expense
121,780
119,719
171,577
125,966
$5,913,447 $3,359.072 45.185.700 $3,091,515
Total expenses
$3.151.564 81.274.432 $3,251.490 $2,512,394
Net earnings
Inc. rec. fr. secs owned_ x2,141.604
143.125
1.030,890
882.929
Interest, discount, &c-- 2.123.495 2,342,534 2,186.742
514,344
Income from mines
loss5.907
19.302
7,897
28.713
Gross income
$7,410,755 $3,779,392 $6.477,019 $3,938.381
DeductionsInt.&comm.on notespay
$120,000
$653,333
Accrued taxes
$122,885
$131,010
151,770
167.531
Bond interest
1,050,000
1,050,000
939,167
Depredation
222,747
223,178
222,104
382.853
Denletion account
5,135,947
2.690,062 3.505,833 2.287.793
* Dividends
2,787,081
2,787,073
Per share divs. paid_
($1.00)
($1 00)
Arnort. of disc. on bonds
75,000
75.000
68.750
Balance. sur, or def_sur$804,178 def$389,858df$1,317.686df$2,340,202
P. & L. surplus
815,304.985 $15,733,818 $16,094,693 $7,511,404
z In addition to $1,233,008 capital distributions received from Utah
Corner Co.
This does
cre
;
i
toit
teling)ileve
:ap
tniTanit'
da?ibuttion amounting in 1920 to $2,86.081 and in 1919 to $2,787'.072..-V. 116. p. 1058: V. 115,
p. 2800.
Lexington Motor Co., Connersville, Ind.-Receiv. Suit.
Capitalization.-Authorized and outstanding, 100,000 shares Capital
stock (no par). No funded debt. No Preferred stock.
Company.-Business established in 1910 for purpose of manufacturing a
patented piston ring to be sold under the trade name of "Leak-Proof."
Other patented rings developed later are known as "Superoyl" and "JiffyApproximately 90% of business is in the replacement field where
Grip.
the position of the eompany is pre-eminent. The various products which
Include piston rings, piston pins, pistons and bearings are distributed through
the 60,000 dealers in the -United States and Canada. Owns 16 patents
licensed in the United States, covering piston ring construction and 7
United States patents covering processes and equipment for the manufacture
of piston rings, all of which are protected in the important foreign countries.
Plants located at St. Louis, Mo.: Connersville, Ind.: Indianapolis, Ind.,
and also at Toronto. Ont., Can.,from which the Canadian trade is served.
Earnings.-Earnings available for diva, on the Common stock in the past
5 years computing taxes at.F
the 1922 rate,
e averaged $380.571, or
i,3
1!
afra
(r
a
share. ft is anticipated
i922ra
1923 willf be
alla record
eteswee
year.
Balance Sheet as of Dec. 31 1922 (After New Capitalization),
AssetsLiabilitiesGovt. securities owned__ _ 889,325 Notes dr accts. ptayable_ _ _ $92,401
Cash
65,810 Dividends payable
7,781
Notes & accts. receivable_ 230,034 Quantity discts. payable_ _
26,815
Inventories
512,608 Federal, &c., taxes
57,239
Advances to salesmen_ _ _
7,045 Wages and bonuses
7,864
Other assets
22,437 Reserve doubtful accts_7,177
Deferred debits
10,919 Capital-7% Prof. stocks
Land, buildings, &c
1.070,621
of subsidiary cos_ ___
222,300
Patents & copyrights
205,288
Corn. stk. (10(1,000 shs) 1,809,572
Investments
17.060
Total (each side)
$2,231,149
Dividends.-DIvidends at the rate of $2 per share, payable quarterly,
will be immediately declared according to the statement of the directors.
Magnolia Petroleum Co.-Balance Sheet Dec.
31.A suit asking for the appointment of a receiver was filed in Federal Court
1922.
1921.
1922.
at Indianapolis, Ind., April 11 by the Jacques Manufacturing
1921.
Co. of WitAssetsLiabilitiesmington. Del. Judge A. B. Anderson set April 28 for hearing the
$
Property, plant,
Capital stock..J80,000.000 120,000,000 •
The plaintiff places the assets of the company at $1,794.000 andpetition.
the
liaoil
wells,
&c_x137,385,980
113,673,349
Notes payable__
bilities at $3.470,000. Judgment of $59,342 alleged to be due on a contract
678,070 3,094,320
Inv. In sub. cos_ 7,851,366 7,849,454 Ants payable.. 3,616,686 4,596,917
is asked in the petition.
(Louis S. Caswed was appointed receiver for the Lexington Motor Car Inventories _ _ 28,783,050 35,607,298 Accr. Int. & gen.
Notts & acc'ts
taxes
Co. of New York. Inc., by Judge Mack. Liabilities placed at
893,725
779,614
$150,000
receivable_
8,049,251 9,212,454 Deferred credits
and assets. $40,000. It is believed that the company is the New
310,662
393,661
York
U.
S. Govt. seagent of the Lexington Motor Co.1-V. 114. p. 2247.
6% gold bonds. 8,538,000 8,675,000
cur's (at cost) 11,594,025 12,070,056 Capital surplus.
36,236,338
Other securities_
167,750
Undivided prof_ 12,468.011 17,082.471
Libby, McNeill"& Libby.-Annual Report.
Cash
2,265.683
701.863
St'kh'ers' notes
President Edward G. McDougall reports in substance:
receivable_ _ _ _ 2,802,140 3,962,413
We have added to surplus $182.868. The six months beginning March 4
Adv.to sub. cos. 6,929,337 7,179,443
1922 were unprofitable. However, business for the last six months has
been
good and production close to capacity. Officers feel that good progress has Defd & unacifd
debits
728,572
been made in the affairs of the company, and expect a continuation of good
601,992 Tot.(each side)_206,555,154 190,858,321
business conditions through 1923.
Note.-Flzed assets reflect appreciation due to appraisal of certain propthe
erties,
being
increase
transferred to capital account by stock dividend
Consolidated Balance Sheet (Including All Interests. Domestic and Foreign).
x Includes producing property, leaseholds at appraised values, oil wells
Mar.3'23. Mar.4'22.
Mar.3 23, Mar.4'22' and equipment, pipe lines. refineries, floating equipment, tank cars,
marAssets$
Liabilities$
$
keting stations and other property, $224,779,752, less depletion and depret
Plant
x18,013,447 18,377,019 7% Pref. stock _18.000.000 18,000.000
ciation reserve, $87,393.772.
Cash
1,828.288 1,628,615 Common stock_ _ _y6,750,000 6,750.000
The
usual
income
account
appeared
in V. 116. p. 1420.
Accounts reeelvle. 6,119,148 5,803.844 Purch. money mtg. 485,000
535,000
Inventories
23,723,901 20,889,320 1st M.7% 10-year
Mahoning Investment Co.-Annual Report.Marketable secure. 212,540
288,611
bonds
10,060,000 10,000,000
Calendar Years1922.
1921.
1920.
Investments461,442 1.291.459 Notes & acc'ts pay.14,014,331 11,887.968
Previous surplus
8111,332
8110.738
Bond disc.& exp__ 815,384
$116,365
915.384 Reserves-Pension
Dividends
249,751
249,630
408;670
fund, &c
855,427 1,134,750 Interest
12,339
12,305
12,365
Surplus
1,069,401
886,533
Total income
3373.422
Total
$372.672
51,174.160 49,194.251
$537,400
Total
51,174.160 49,194,251 Taxes and expenses
81.754
31.768
32.042
Interest
12.000
12,000
x Plant, $25,336,923. less depredation reserve, $7,323,475. y Conunon Dividends
12,000
(6%)247,572 (6)247,572 (10)412,620
stock represented by 675,000 shares, $10 par.-V.
116, p. 944.
Profit and loss, surplus
$112,096
$111,332
$110,738
Liberty Motor Car Co.-Sale Postponed.-V. 116, p. 623.
The sale has again been postponed to April 24.-V. 116. p. 1539.
Loew's, Incorporated.-Earnings.-
Marland Oil Co.-Bal. Sheet Dec. 31 (Incl. Subsid.).-
1922.
1921.
Assets$
$
Leases, I'd, bides.,
tank cars, &c _ _ x50,269.672 53.409,716
Inv.In and adv. to
MM.. &c., cos_ _ 4,908,021 2,612,654
Stk.of Marland Oil
owned by subS _. 748,610
970,425
Cash
891,705
330,625
Acets& bills ree__ 3,042,264 1,215,056
Crude oil & red
products
3,379,081 3,197,164
Material & supplies 1,014,343 1,165,328
Int., prepaid ins.,
dre
232,083
196,832
8% sk. fd. partie.
bonds purchased 104,000
Off. & empl. notes
& acets receiv_ _ 120,428
97,589
Dwell, house debtors
256,004
329,614
Specific funds...
-7,733
Unadjust. debits _ 1,071,848
784,750
1922.
1921.
LiabilitiesS
t
Capital & surplus
equity
y51,859,426 48,471,105
Stock of subs. (at
par) held by mlnorlty interests. 315,300
4,508
10-yr.7ii% sk.fd.
bonds
2,844,000
10-yr. 8% s.f.bds_ 3,464,000 3,785,000
Fur. mon.lease ob. 3,350,974 2,251,910
Marland tank line
8% equipments, 871,000 1,046,000
Other eq. tr. ctts.
and notes
180,591
360.069
Due Cons. Oil Cos.
75,000
(Mexico)
Bills & wets pay_ 2,574,023 1,615,536
Int. on bets, & def.
lease obi,. &c-----83,468
113,817
Accr. taxes. Ins. &
miscell.Interest_ 142,391
84,067
Miscellaneous ____
7,733
Res. for conting„
37,000
37,000
Deprec.. deple. &
drilling costs....
Loft, Inc. (Candy), N. Y.-Sales for Quarter.- - - - - - 6,503.852
Total(ea h id.).66.038,061 64.317,534 Sundry def. oblig's
40,888
Quarter Ending March 3138,338
1923.
1922.
1921.
Includes
active
$4,307.966;
leases,
x
inactive
Sales
leases, $5,375,533: farm
$1.772.504 81.441,561 81,643,487
-V, 116, p. 1283. 1186.
Investment. 38,597,626,• refineries, and casingbead plants, $7,270,139;
oil and gas pipe lines and equip.,$3,189,894:land and buildings.$1,639.946;
tank cars, $2,493,131; other fixed assets, $3,005,656; total, 335.879.892;
(W. J.) McCahan Sugar Refining & Molasses Co.
- less deprec., deple. and drilling costs, reserve, $9,385,387: leaving
Preferred Stock Offered.-West & Co., Redmond & Co. and 505, plus appraised value of leaseholds as of July 1 1920 in excess$26,494,of cost,
including discovery, lea' extinguishment by depletion to Dec. 31 1922,
Edward B. Smith & Co. are offering at 101% and divs., $23,775,168;
total. $50,269,673.
$1,750,000 7% Cumul. Pref. (a. & d.) stock (par $100).
equity
represented
by 928,766 19-20 shares of no par value stock
y Net
issued and outstanding.
(See advertising pagrs.)
The usual income account was published in V. 116, p. 1420; V'. 116, p.
Dividends payable Q.-M. Callable all or part on any div. date prior 1539.
to Dec. 1 1035 on 60 days' notice at 105 and diva, and thereafter at par.
Transfer office, office of the company; registrar, Land Title & Trust
Massachusetts Gas Companies.-Earnings.-Co.,
Philadelphia.
1922.
Calendar Years1921.
1020.
1919.
Capitalization$22,997
on bonds, notes, &c.
Int
$41,182
$33,914
Authorized. Outstanding,.
$75,737
Preferred stock, 7% Cumulative (par $100)
2,924,987 2,929.085 3,441,032
83,500,000 $3,500.000 Dividends received
3.336.497
rommon stock (par $100)
6,500.000 3,500,000
income
Company.-Incorporated Nov. 18 1920 in Delaware. Purchased
Total
$2.947.983 $2,970,267 $3,474,946 $3,412,234
the
properties of the W. J. McCahan Sugar Refining Co., which was incorp.
Deduct$176,265
Oct. 13 1892 in Penn. to engage in the business of sugar refining. Plants General expenses
$204,455
$188.285
$1.63,115
Philadelphia.
Bond, Stc., interest
465,390
located at
487,320
432,181
402,061
Assets.-Net tangible assets as of Dec. 31 1922 were $8,180,022, or Divs. on Prof. sits.(4%) 1,000,000
1,000,000
1,000,000
1,000.000
dividends
upon
share
the
per
outstanding
Common
Preferred
$234
1.250.000
1,750,000
stock. Net current
equal to
1,541,666
1.750,000
assets as of that date were in excess of the entire Prof. stock issue.
Balance, surplus
Earnings.-For each of the years 1921 and 1922 net earning* before
856,329 def$263,175
3104.480
897.059
depreciation, but after ail taxes, including Federal income taxes, available
The company purchased as of May 1 1922, the property and
for Pref.stock diva, have been approximatelr4 times the amount iequired. of the Newton & Watertown Gas Light Co. andy East Bostonfranchises
Gas
B.
Rionda (V.-Pres.), Horace The stock of these companies was exchanged for an equal amount of Co.
Directors.-M. B. Monda (Pm.). B.
ths
Havemeyer, W. J. McCahall, Jr. W. E. Ogilvie, L. J. Blonde, It. B. Common stock of the Boston Consolidated Gas Co., thereby
Increasing
W.
J.
Craig
H
.
(gee.).
Johnson.
(Times.).
C.
-V. 111, p. 2234.
Young
the Common stock of the latter from 151,246 shares to 162,596 shares.
PeriodSept.1'22 to -Years ended Aug. 31Gross IncomeMar. 11 '23. 1921-22.
1920-21.
Theatre receipts, rentals & sales of
films, &c
89.495.754 316,801.424 S16,473,747
Rentals of stores and offices
977,452
1,250,106
Booking fees and commissions
251.203
606.437
667,217
Divs.rec.fr.cos.less than 100% owned
356.604
696,081
534,221
Miscellaneous income
121,316
254,254
420,916
$11,202,329 $19.608,302 818.096,102
Expensesoper. of theatres & office bldgs
$5,055.425
$8.474,262
Operation of film distribution offices.. 1,257,850 89.874,405
2,010,870 2,030,257
Amon. offilms produced and released 1,256,966 3.521,339
3,964,224
Cost offilm advertising accessories sold
145,427
226,673
245,075
Sharing of film rentals distributed for
co-operative producers, authors, &c 1.479.049
1,512,894
1.367,059
Depreciation of buildings & equip_ __ _
239.303
194.250
214,676
Federal and State taxes (estimated)
211.756
Total expenses
$9,645.775 $17,340,431 $16,295,551
Operating profits
$1,556,554 82,267.871 81.800.550
-V. 115. p. 2801.
APRIL 14 1923.]
1657
THE CHRONICLE
During the year. company sold 56,000,000 6 ti% Cumul. Prof. stock at
1103 75 per share. Proceeds were applied in liquidation of the indebtedness of the company.
During the year, work was started on the erection of a 10.000,000-cu. ft.
gas holder at the Commercial Point works. This holder when completed
will add materially to the storage capacity.
The total output of gas to consumers of all companies for the year ending
Dec. 3? 1922 was 8,814,926,000 Cu. ft., an increase of 5.69% as cona0area
with the previous year. The net gain in metres set was 4,750, an the
net addition in street mains 16 miles, 1,894 ft.-V. 115, p. 1949.
New Bedford Martha's Vineyard & Nantucket Steamboat Co.-Dissolved.above.
See New York New Haven & Hartford RR. under "Reports"
V. 110. p. 2197.
Newmarket Mfg. Co., Boston.-To Increase Capital.-
The directors have recommended that the capital stock be increased from
$1,800,000 (all outstanding) to $2.700,000, par $100. The new stock will
be offered to stockholders at par.
assoThe company, it Is stated, has purchased of 3. Murray Howe and
Bigelowciates
a plant at Lowell. Mass., formerly known as No. 2 of$350,000.
is
Maverick Mills, Boston.-To Create Bond Issue, etc.said,
is
it
property,
value
Hartford group. The assessed
The stockholders will vote April 18 (a) on authorizing a $1.500,000 1st -V. 116, p. 524, 185.
Mtge. 7% bond issue and (b) on authorizing the retirement of the 1950,000
Preferred stock,from time to time, at a price not exceeding par ($100) and
Niagara Falls Power Co.-Quarterly Report.dividends.-V. 114. p. 1897.
Combined Quarterly Income Account (Incl. Canadian Niagara Power Co.)
.1920
Quarter end. Mar.31.
192
Maxwell Motor Corp.-Shipments-Earnings.$1,734,564 $1,567:866 81.482:517 $1.429,925
Shipments in the first quarter of 1923 were 13.950 cars (of which 1,390 Operating revenue
286.138
299,249
250,265
Operating
275,534
expenses
1,297
which
of
1922,
were Chalmers). against 9,448 in the first quarter of
114.000
151,500
148,403
190,034
Amortization
were Cnalmers.
188.426
180,474
192,073
221,150
Net earnings in the first quarter of this year, it is stated, approximated Operating taxes
corresponding
$1,000.000. This compares with a loss of over $600,000 in the
8841.361
$851.294
$977,125
ne_o
NoN
tpredo
$1,047.846
operating
period in 1922.-V. 116, p. 1539.
53.941
77.374
87,186
revenue
90,088
Metropolitan Edison Co.-Listing.-
The Philadelphia Stock Exchange on April 7 listed 6,866 additional
shares of 7% Cumul. Prof. stock, of no par value, being part of 36.321
shares appli
d for listing in company's application dated Jan. 20 1923, to
e
be listed upon official notice of issuance full paid, making a total of 46,302
shares of said stock listed.-V. 116, p. 1186.
Middlesex Water Co. (New Jersey).-Earnings.1921.
1921.
Cal. YearsCal. Years- • 1922.
1921.
$17,179 $15,515
Total income_ _ - _$265.822 $286,547 7% Prof. divs_ _
Wat.oper.deduct'n 177.646 198,717 8% Conunon divs 27,200 27,200
Int. & amortiVn__ 43,586 44,359
$754
$210
Surplus far 1922
Net corp. inc__ $44,590 $43.469
follows:
The dividend record of the company during recent years is as
Dividends of 7% per annum have been paid regularly on the Prof. stock.
On the Common stock of which there are $340,000 outstanding, there has
been paid 9% in 1913:6% each in 1914 and 1915:8% in 1916: 7% in 1917:
8% each in 1918. 1919. 1920, 1921 and 1922.-V. 116. p. 623.
Midwest Sugar Refining Corp.-Buys Sugar Refinery.-
The corporation, a new Illinois corporation, has purchased from the trustees of the Charles Pope Estate, for an undisclosed consideration, the widely
known beet sugar plant at Riverdale,southwest corner Indiana Ave. and the
Calumet River. Theodore W. Bunts. President of Bunte Bros., Chicago,
heads the purchasing company; Arthur E. Dike, President of Fox & Dike
Co., being Vice-PrWdent, and besides Messrs. Bunte and Dike the directorate includes Paul F. Belch, President of Paul F. Belch Co., and Harry
M.Muller,President of Muller Brokerage Co. The company is capitalized
at $1,000,000.
Miss. River Power Co., Keokuk, Ia.-Report.--
1919.
1921.
1920.
1922.
Calendar YearsLight and power earnIngs.$2.876,761 82.716.296 $2,795,887 $2.313.175
8,778
32,076
26,325
Miscellaneous revenues__
39,906
Total
$2,906,667 52.742,621 82,827,963 82.321,954
$279.434
$347,037
$415,933
$361.788
Expetu3es-Operation
89,057
97,375
104.491
Maintenance
99,258
53,842
56,437
55,142
Depreciation
53,013
100.296
137,773
198,697
Taxes
193,411
1,230,734
1,208.255
Int.& amort. charges__ _ _ 1,230.474
1,240.517
459,777
Preferred divs. cash)_ _ _ _ 494,359
*2,217,263
Preferred diva. stock)
Net credits and debits to
Deb.927
reserves and surplus_ __Deb.51,902 Deb.25,745 Cr.119,E13
1.183,131
1,750,794
Prior surplus
930.594 2,851,393
$930,594 $2,851.393 $1.750,794
Current surplus
$1,298,912
Net income
$1,137,934 81,064,311
431.755
Interest on funded debt_
428,710
112,609
Miscellaneous
100,038
$928,668
423,430
60,842
5895.302
339,362
18.687
$519,947
$444,396
$537,253
Balance, surplus
$609.185
Plan.- •
North Atlantic Oyster Farms, Inc.-Reorg.
capitalization, dated
A plan for readjustment of indebtedness and
Mar. 11923. has been approved by the directors and by a majority of each
class of securities outstanding. The plan is under the direction of the following committee: Henry Hornblower (Hornblower & Weeks, Boston).
T. Jefferson Coolidge (V.-Pres. Old Colony Trust Co.. Boston) and Olaf
Olsen (V.-Pres. First Nat. Bank, Boston), with S. Perlman Shaw Jr.,
Secretary, 17 Court St., Boston, and Herrick, Smith, Donald & Farley.
counsel, Boston, and Old Colony Trust Co., Boston, Depositary.
Digest of Plan for Readjustment of Debt, Dated March 1 1923.
Present Capitalization.-Company has at present outstanding approximately the following bonds, debentures and stock:
$1,200,000
First Lien Collateral Trust 5% bonds, 1924
5% Gold Income debentures, 1924
shs.
"
30u,
1..000
13
Common stock (no par value)
Proposed Capitalization.--Company (or a new company which acquires
the property) shall authorize a new issue of 1st Lien 10-Year 7% Sinking
conFund Gold bonds and create a new class of stock called Class A stock,
sisting of approximately 32,500 shares (par $40), and Increase the Common
stock to 50,000 shares, so that upon the retirement of the present outstandng bboonnds
ized
dsaanndd debentures
dsetobeken:
will have substantially the following authorstock:
First Lien 10-Year Sinking Fund 7% Gold bon
bonds
501S.,000843000.shs01
Class A stock-32,500 shares (par $40)
Common stock (no par value)
Securities.
Exchange of Present
First Lien Collateral Trust Bonds.-Holders of the outstanding 1st Lien
Coll. Trust 5% bonds due July 1 1924 shall be entitled to exchange the same
for (a) accrue(' int. to date of adjustment and (b) 30% of their face value
in cash and (c) 70% of their face value in new First Lien 10-Year 7%,
Sinking Fund Gold bonds-i, e., each holder of $1,000 of present outstanding bonds shall be entitled to receive interest to date of adjustment, $300
In cash and $700 of new bonds.
Holders of registered 1st Lien Coll. Trust 5s of the face value of $600 or
less each, which bonds were in their names on Mar. 11923. will be paid the
full face value of such bonds in cash and accrued interest.
Income Debentures.-Holders of present income debentures shall be entiftltegeto
o
lese
civ
wco
nere
r ea
efoA
chek
eto
$.
100 of debentures 214 shares (1. e.,$100 par value)
Common Stock.-Common stockholders shall retain their present holdmp
fa
r leo
neow
e,
ir
ewy.
non
company is organized, an equivalent amount of stock in
Pres. W. H. Raye in a letter to committee says in subst.:
The company during the first few years following reorganization in 1914
not only sustained losses through operation, but in addition it suffered Capital losses by reason of depletion of oyster beds and through disposing of
Montana Power Co.-Tenders.-oyster holdings which had proved unprofitable to operate and which
The United States Mtge.& Trust Co., trustee. 55 Cedar St., N.Y. City, various
were an expense rather than a source of earning power. From its reorganwill until April 20 receive bids for the sale to it of let Mtge. bonds of the ization
through
the fiscal year ending June 30 1919. the total losses from
$25,804,
exhaust
to
sufficient
amount
Madison River Power Co., to an
these sources amounted to $983.402. Furthermore, company was at that
at a price not exceeding 105 and int.-V. 116. p. 1187.
e tenitn o
t
dfefa
inxgteete
plptro
eu
relst charges on its outstanding 1st Lien bonds to the
•$37.50 per share stock dividend.-V. 115, P 854•
Mother Lode Coalition Mines Co.-Production.-
Month ofCopper production (lbs.)
-V. 116, p. 1061.
March 1923.
2,576,219
Feb. 1923.
2,109.144
Jan. 1923.
2.058,097
Nash Motors Co.-Preferred Dividend-Earnings,
The directors have declared the regular quarterly dividend of 15.i%
on the Preferred "A" stock, payable May 1 to holders of record April 20.
An official statement says in substance: "The question of a dividend
on the Common stock was not taken up, as it has always been the policy
of the company to bring up the question of the Common dividend semiannually. As the last Common dividend of 52 50 was paid Feb. 1. consideration of a second Common dividend will come before directors at
their July meeting.
"The fiscal year of the Nash Co. begins Dec. 1. Net income for the
three months ended Feb.28 1923 after deducting expenses of manufacturing,
including depreciation, selling, administrative, and local and Federal
taxes, amounted to $1,573,242. The factories of the company are running
zt capacity and, in fact, are unable at the present time to fill orders by a
wide mamiri. Profits for March are not reported but it is _probable they
will exceed the average for the preceding three months."-V. 116, p. 945.
, National Biscuit Co.-Earnings-Dividends.-
Net earnings for the quarter ending March 31 1923, after taxes, operating
expenses, and other charges, amounted to $2.813.700. After allowing
for the regular quarterly dividend on the Preferred stock, there remained
a balance of $2,379.621 available for the Common stock, equal to 8110
a share.
The directors have declared the regular quarterly dividend of 75 cents
a share on the now Common stock payable July 14 to holders of record
Juno 30. The regular quarterly dividend of 1U% on the Preferred stock
was also declared payable May 31 to holders of record May 17.-V. 116,
p.945.
National Breweries, Ltd.-Annual Report.1922.
1921.
$1,254,674 81,243.220
82.800
87,600
189,902
183,361
194,250
194,250
360,688
360,688
Since that date compa
70ade very substantial earnings, but such
yny
9a2em
$1h
earnings have not yet equaled the previous losses, and therefore no income
has been available for interest on the Income debentures.
The improvement in the earnings and prospects of the company began in
alion
flscciat
eepre
dh
t
nrges
yearga
ding Jeuhnoew3
ring which year the company, after
ut
dn
919p.ro
0 lo
ed
,
al:taxes but before interest charges and depreciaolleorwo
eelrfed
ter
o
l
e ,be
gs
tioE
,rn
na
inv
ha
June 30 YearsEarnings. x Depreciation,&c.
561
000
1920
$242,987
25,020
1921
171,171
$665:936
40,
1922
211,804
1923 (5 months estimated)
250,000
Yearly average
x Depreciation. depletion and liquidation 8ch21a8rges.99°.
29
t:ere
39
.
$
Company has now disposed of most of its unprofitable holdings
has been a marked improvement in the condition of the waters, and unless
the company encounters unforeseen difficulties or abnormal condition!,
earnings after Federal taxes and normal depreciation of at least 5200.000
teeaoreeavaanitliaei
meerny
p
ted
ef
blpo
or!merest charges, sinking fund and dividend require.
Consolidated
Balance Sheet Dec. 31 1922.
Boor
After
Before
Alter
A sects- loans Readjust. Readjust. LiabilitiesReadjust.
4
Cash
REad1$1603
15546.043 $188,638 Acc'ts payable_ _ __ R
513
0
Short-time
%
840
9,513
Res. for Fed. taxes
(secured)
180,000 First Lien 10-Year
160,000
Acc'ts & noise rec.. 238,580
238,580 Coll. Trust 7s.._
Oysters on beds__
703,685 Class A stock (par
703,685
1.300,000
Oyster beds
1,190,661 1,190,661
540)
Equipment
. I:301981:336005
.5s
ebs
5;11.dTr
iC
leri.
Lea
sty
8 11.0..
10
4 16
11
34
8
2160
1:4
U14
Stocks other cos_.
943.805
Treas. (co.) stock_
Capital & surplus_ x943,548
Adv. PaYments_ .. _
11,1811
11.181
Good-will
263.000 Total (each side)_ _33.488,829 $3.109,424
263,000
x Represented by 13,000 shares of no-par value Common stock.-V.113.
1920.
$976,609
92.400
90,971
16
C
r.t
0
7en
No
dahrey
nrsrea
Ontario Light & Power Co., Ltd.-Earnings194,250 P.:
360,688
.
.
9,126
1915
$8
Gross inc. (all sources)_ _ $886,522
$909;428
$778,119
$427,034
$417,321
$238,300 Operating expenses, incl.
Surplus
d
aiin
otteeestce, taxes,&c
$2,462.594 $2.035.559 $1,618,238
282,677
maintenance,
303,487
285,709
261,724
P. & L. surplus
27151:291901
Bond
275,190
271,113
270,390
-V. 116, p. 1187.
Exchange charges, &c_ _
32.465
41.561
13,325
National Cash Register Co.-Business.
$286.920
Profit for year
$298,286
$182,769
8317.098
President Frederick B. Patterson states that American business of
636.427
654,576
564,768
569,383
this company in 1922 totaled about $26,000,000. Figures for the first Previoussurplus(adj.)
of
corresponding
period
previous
any
the
over
increase
large
quarter show a
$
Total
$952,862
surplus
$747,537
$886.481
Year.-V. 114. p. 2124.
8
67
2.'84
43
12
9
Preferred dividends
215042:090068
175.000
300.000
125.000
Transferred to reserves
National Department Stores, Inc.-Initial Divs.The directors have declared an initial quarterly dividend of 1U% on
$635.379
$559,894
Profit & loss surplus_ _ $586,481
$572,537
the 1st Prof. stock, payable May 1 to holders of record April 20. (For -V.
115, p. 2913.
altering of let Prof. stock see V. 116, p. 523).
The directors also declared an initial dividend of 2 1-3% on the 2nd
O'Gara Coal Co.-To Create New Preferred Issue.Pref. stock, (covering the 4 months period to June 1, being at the rate of
Tae stockholders will vote April 23 on creating a new hone of 310.000,000
7% per annum), payable June 1 to holders of record May 20. Dividends
Prof. stock, which will be subordinate to the present Prof. issue. Present
be
1640.
p.
quarterly.
hereafter,
116.
payable
-V.
7%
will,
Preferred
the
es
2nd
Calendar YearsProfits
Bend interest
Depreciation
Preferred dividends (7%)
Common dividends(16%)
1658
THE CHRONICLE
[VoL. 116.
Issue of 5,000.000 Common and $10,000,000 Pref will remain unchanged.
The new stock is for the future requirements of the company -V. 115.
1061) showing gross operating revenue of $39,204,605, an increase of $1,694,898. Surplus available for dividends after all charges and Federal
taxes and after setting aside $3,602,199 for depreciation, was placed at
$6,587,159. This is $1,617,929 greater than the surplus of the previous
year. The balance for the Common stock after payment of Preferred
This company, a subsidiary of Ohio Fuel Supply Co., was incorporated in dividends, is equivalent to 1134%•
Sales of electric energy for the first two months of 1923 increased 17.533
Ohio on Dec. 15 1922. Physical property consists of a production system,
Including gas leaseholds, a transmission system, and distribution system. kw. hrs. or 11.15% over the same months of 1922. at the same time gas
Leaseholds in Ohio consist of 140,653 acres operated and 627,750 acres sales increased 245,383,060 cu. ft., which is a 10 Si% advance over the year
unoperated. Gas wells owned total 1,735. Pipe lines consist of gathering before. In January and February of this year the number of new customlines running from the transmission system lines to the wells extending ers served was 7,305 bringing the total number of customers served by the
throughout the counties, as follows: 6.14 miles of 6-in.: 3.15 miles of 5-in.; company on Feb. 28 1923 up to 652,569.-V. 116, p. 1061.
213.83 miles of 4-in.; 144.24 miles of3-in.; and 172.13 miles of 2-in. or under.
Company conducts a drilling tool department of 40 strings, used for the
Pacific Tel. & Tel.Co.-Acquisition Authorized.drilling of their wells and for the drilling of wells for Ohio Fuel Supply Co.
The I.-S.C. Commission on March 27 authorized the Pacific Telephone
Transmission system comprises a total of 2,289.90 miles of pipe lines of & Telegraph Co. to acquire the property of the Angeles Telephone & Televarious sizes. •
graph Co.for $185,000 cash. The Angeles Co.owns and operates exchanges
Distribution system includes 803.06 miles of various size pipe lines with at Port Angeles. Sequin and Lake Crescent. with connecting toll lines, all
meters, regulators and other equipment for supplying natural gas to 69,206 In Callam County. Wash.-V. 116, p. 832.
consumers in various cities and towns in Ohio. Natural gas is wholesaled
by this company for distribution by other companies in Ohio.
Capital Stock.-Authorized and outstanding, $25,000 (par $100). All
Package Machinery Co.-Dividend Rate Increased.owned by Ohio Fuel Supply Co., except directors' qualifying shares. Has
A quarterly dividend of $2 per share has been declared on the Common
no funded debt.
stock par $50, payable June 1 to holders of record May 19. On March 1
last, it is stated, a quarterly dividend of 50 cents per share and an extra
Statement of Earnings and Expenses. Month of January 1923.
of $3 per share were paid.-V. 116. p. 1188.
Gas, $1,268,933: miscellaneous, $300; gross income
31.269,233
Expenses.$403,692;taxes,$155,899; depreciation. $76,139;amorPaige-Detroit Motor Car Co.-Sales, &c.tization, $53,068
688,800
Sales in March last totaled 4,762 cars, an increase of 20% over any
Net income
$580,432 previous month. Of the 4,762 ,about 75% were Jewett cars.
It is stated that the company has discontinued the manufacture of trucks
Balance Sheet January 31 1923.
and has devoted the former truck plant to the manufacture of Jewett engines.
LiabilitiesAssetsSufficient parts will be made and kept on hand to take care of all present
$23,699,849 Capital stock
Physical properties
$25,000,000 owners.-V. 116. p. 1188.
993,991 Accounts payable
Material and supplies. __
591,802
27,589 Accrued interest & taxes_
Cash
171,593
Peerless Truck & Motor Corporation.--Annual Report.
1.739.020 Reserve for depreciation..
Accounts receivable
75,940
Calendar Years1922.
1921.
1920.
1919.
12,387 Reserve for amortization_
Prepaid accounts
53,068 Net
income,after depr__ $878,866 def.347,732 $1,232,768
$845,152
$26.472,838 Surplus from operations_
Total each side)
580,432 Other
income
273,665
334.284
219,732
291,631
p1639.
Ohio Fuel Gas Co.-Status,
Ohio Fuel Supply Co.-Listing.The New York Stock Exchange has authorized the listing of $19,813,000
'Common stock (par $25) on official notice of issuance, as a 100% stock div.,
payable to holders of record March 17, making the total amount applied
for $39,626,000.
The Pittsburgh Stock Exchange has also authorized the listing of
785.040 dditional shares of Capital Stock (par $25).
Results for Calendar Years.
1922.
1921,
1920.
1919.
Earnings
$10,560,428 $8,538.289 $10.716.944 $8.419,420
Interest
169.905
197.517
171,683
102,188
Dividends received
1,690.791
2,778,189 2,744,230 2.874.447
Gress income
$12,431.125 $11,513,996 $13,632,857 $11.395,726
Expenses
8,453,590 7,338,821
8,203,095 6.679,355
Dividends
3,550,716 3,125,389 3,159.647 2,773,820
Additions to surplus_ _
375,538
$1.213,159
$225,933 $1.452,500 $1.136,783
Total income
$92,062
$132,359
$149,807
Int.on 6% cony. notes
$166,018
Inventory adjustment..
100,915
200,000
Federal taxes
101,500
122,403
113,308
Depr.ofinvest.,&c.(net)
Cr.1,408
41,715
Dividends
(6%)624,140 (4)400,000(814)850,000 (2)200,000
Preferred diva, of Peer1,526
1,526
1,526
less Motor Car Co..... _
1,526
Disc't on 10-Year notes
Cr.16,983 Cr.10,045
Cr.65,506
Loss on sale of real estate
14,476
of subsidiary
Balance, surplus
-V. 116, p. 1540, 1285.
$379,447 def$505,191
$262,620
$670,627
Pennsylvania Coal 8c Coke Corp.-Earnings.Consolidated Statement of Earnings and Income Account, Calendar Years.
(Including Watkins Coal Co. and subsidiaries, Dowler Coal Co., and the
proportionate share of the net earnings of subsidiary companies operated
under lease from Clearfield Bituminous Coal Corp.]
1922.
1921.
1920.
1919.
1,733,721
Mined tonnage sold (net) 1,416,504
3,152,841
2,795,293
Net sales coal & coke__ $5.384,826 $6,534,574 $12,213,736 $8,172,853
214,203
Selling & shipping exps_
239,530
279,326
180,435
4,533,710 5,354,077 9,020,844 7,049,017
Cost and expenses
Total surplus
$792,357 $1,049,785 $2,270.115 $1,942,550
Balance Sheet January 31 1923(Ohio Fuel Supply Co.).
AssetsLiabilitiesPhysical properties
$2,278,395 Capital stock
$19,813,000
Stocks in other cos
x35,042,947 Accounts payable
329,702
U.S. Treasury bonds..___ 2,702,958 Accrued taxes
726.918
Other bonds
639,556 Reserve for depreciation..
283,281
Material and supplies_
43,528 Reserve for amortization_
81.410
Net coal & coke earns_ $636,913
$940.967 $2,913,567
$943,400
'Cash
1,327,661 Surplus from operations_ 21,865,497
Miscell. oper. Income....38,047
58,321
32,750
37,304
Accounts receivable
780,623
Prepaid accounts
284,139 Total (each side)
$43.099,809
$674,960
Total
$999,288 $2,946,317
$980,705
58,671
69,335
73.340
74,819
x As follows: Ohio Fuel Gas Co., $25,000,000: N. W. Ohio Natural Gas Depreciation
,Co. $5,550.050; United Fuel Gas Co., $4,410,000; Centennial Valley Oil &
$929,953 $2,872.977
Net colliery earnings_ $616,288
$905.886
Gas' Co., $56,656; Point Pleasant Natural Gas Co., $20,000; Depositors
Realty Co., $4,734; East Ohio Glass Co., $1,000; Columbus Exposition Purchased coal & coke,
4,023
27,254
90,281
net earnings
31,832
Building Co. $400; Woodsfield Tool Co.. $100; Guysville Telep.
Co., $7,
45,775
44,865
79,222
41,351
For data regarding Ohio Fuel Gas Co., see that company above.-V.116, Real estate oper.(netloss)
1285.
p.
$889,111 $2,884,035
Total oper. income_ _ _ $597,768
$896,366
198,656
141,236
145,249
157,778
x Miscell. income, net....
Oklahoma Gas & Electric Co.-Acquisition.-The town of Muldrow, Okla., has voted to sell its municipal electric disTotal income
$796,424 $1,030,347 $3,029,284 $1,054.144
tributing system to this company. The latter was also given a franchise Amortization
of leases
104.514
127,289
222,616
225.969
and will supply the town over a new transmission line from Muskogee. For
72,279
82,334
707,673
66,229
the last 10 years Muldrow has purchased its electricity and distributed it Federal taxes
royalties
98,768
162.449
Advanced
90,448
122,866
municipally-owned
thorugh a
system.-V. 116, p. 305.
$510,808
$668,330 $2,008,548
Net income
$639,081
Old Dominion Co. (Maine).-Copper Production.Less undiv.earns, ofsub.
Month ofMar. 1923. Feb. 1923. Jan. 1923. Dec. 1922.
13,878
companies, &c
'Copper output (lbs.)
493,560
2,530,000 2,098.000 2,395,000 2,180.000 Dividends paid (8%) -493,560
493,560
493,560
-V. 116, p. 1061.
$3,369
$174,770 $1,514,988
Balance, surplus
$145,521
Oriental Development Co., Ltd.-Bonds Sold.x Including proportionate earnings of subsidiary companies operated
The National City Co. has announced that books have been closed on under lease from Clearfield Bituminous Coal Corp.
the offering of
@FedFRASER